Template-Type: ReDIF-Paper 1.0
Author-Name: Cenk Gokce ADAS
Author-Name-First: Cenk Gokce
Author-Name-Last: ADAS
Author-Email: adascg@istanbul.edu.tr
Author-Workplace-Name: Istanbul University, Faculty of Economics
Author-Name: Bibigul Tussupova
Author-Name-First: Bibigul
Author-Name-Last: Tussupova
Author-Email: adascg@istanbul.edu.tr
Author-Workplace-Name: Ministry of National Economy,
Title: IMPACT OF THE GLOBAL FINANCIAL CRISES  ON THE MAJOR ASIAN COUNTRIES AND USA STOCK MARKETS AND INTER-LINKAGES AMONG THEM
Abstract: This study set out to examine impact of the global financial crisis on the stock markets returns of China, Japan, India, and USA through E-GARCH model and further it investigates the nature of volatility spillovers between stock indices during the global financial meltdown using Granger Causality test. Daily stock prices are used for the period from 6th of January, 2006 to 22nd of April 2011. The main findings are as follows; in all stock markets high volatility and setback on the daily returns exist due to the financial crisis. Further the global financial crisis less affected China?s stock exchange than the other stock markets whereas it influenced USA stock markets in large extent. Also stock returns volatility get moderated in the major Asian Countries stock markets after post crisis period but it has been remained in USA stock exchanges. Granger causality test shows that after the onset of the financial crisis, the USA stock markets have bidirectional influences on each other, but didn?t receive any volatility spillover from major Asian Countries stock markets. Indian stock market receives volatility spillover from all the stock markets. Japanese stock market receives volatility spillover only from USA stock markets. Chinese stock exchange doesn?t receive any volatility spillover from stock exchanges which examined in this paper.
Length: 2 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 1-2
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=001&rid=5838
File-Function: First version, 2016
Number: 3205838
Classification-JEL: C58, F65, G01
Keywords: Volatility Spillover; Financial crisis; China, Japan, India and USA Stock Markets; E-GARCH; Granger Causality.
Handle: RePEc:sek:iefpro:3205838
Template-Type: ReDIF-Paper 1.0
Author-Name: Tariq  Aziz
Author-Name-First: Tariq 
Author-Name-Last: Aziz
Author-Email: tariqazizmba@gmail.com
Author-Workplace-Name: Department of Business Administration, Aligarh Muslim University
Author-Name: Valeed Ahmad Ansari
Author-Name-First: Valeed Ahmad
Author-Name-Last: Ansari
Author-Email: valeedin@yahoo.com
Author-Workplace-Name: Department of Business Administration, Aligarh Muslim University
Title: Idiosyncratic risk and stock returns: a quantile regression approach
Abstract: The relation between idiosyncratic risk and stock returns is currently a topic of debate in the academic literature. So far the evidence regarding the relation is mixed. This study aims to investigate the cross-sectional relation between idiosyncratic risk and stock returns in the Indian stock market employing quantile regressions. Using quantile regressions, this study demonstrates that idiosyncratic volatility and stock returns relation is quantile dependent. The relation between idiosyncratic volatility and stock returns is parabolic. The high idiosyncratic risk is associated with high (low) excess returns at the upper (lower) quantile of the conditional distribution. This partially explains the inconclusive evidence on the idiosyncratic volatility and the stock returns relation in the literature.
Length: 9 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 3-11
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=002&rid=5769
File-Function: First version, 2016
Number: 3205769
Classification-JEL: G12, C14, C21
Keywords: idiosyncratic volatility; quantile regression; asset pricing; emerging markets; India, 
Handle: RePEc:sek:iefpro:3205769
Template-Type: ReDIF-Paper 1.0
Author-Name: Percin Batum
Author-Name-First: Percin
Author-Name-Last: Batum
Author-Email: tpbatum@anadolu.edu.tr
Author-Workplace-Name: Anadolu University
Title: MANAGEMENT AND MARKETING SCIENCES? REACTION TO THE NETWORKED WORLD
Abstract: The purpose of the exploratory study is to compare the perspectives of management and marketing sciences on networks and reveal out why and how firms become connected and interdependent, and how the relationships affect their ability to compete according to these perspectives. For this purpose, network theory has been taken as a common ground. The management theories which form the network theory and relationship marketing have been discussed. In this paper, the difference between the perception of management and marketing sciences on networks have been expressed in terms of the components of ARA Model. It is possible to notice that some issues have been reverted under different components. This paper aims to put emphasize on that the two arm in arm sciences are in the opposite edges and explain why by presenting the attitude of two different sciences to networks through a model which explains the network theory. It is hoped that this paper helps decision takers to be enlightened if they act as a manager or marketer.
Length: 14 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 12-25
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=003&rid=5699
File-Function: First version, 2016
Number: 3205699
Classification-JEL: M31, L19, M19
Keywords: Relationship marketing, The network approach, ARA model, Interaction approach, Resource dependence theory, Social exchange theory, Institutional theory
Handle: RePEc:sek:iefpro:3205699
Template-Type: ReDIF-Paper 1.0
Author-Name: Nuri Calik
Author-Name-First: Nuri
Author-Name-Last: Calik
Author-Email: ncalik@turgutozal.edu.tr
Author-Workplace-Name: Turgut Ozal University
Author-Name: Celil Koparal
Author-Name-First: Celil
Author-Name-Last: Koparal
Author-Email: ckoparal@anadolu.edu.tr
Author-Workplace-Name: Anadolu University
Title: THE PERCEPTIOS AND EXPECTATIONS OF THE CUSTOMERS IN TERMS OF SERVICE QUALITY WHERE SERVICE COMPANIES AND RETAI
Abstract: This survey intends to find out consumers? expectations and perceptions about the service quality offered by service companies and retail outlets. A survey is applied to 470 respondents selected via stratified sampling from Ankara, the capital of Turkey with 4.5 million inhabitants. The respondents are required to answer 35 questions of which last five are related to demographic characteristics of these respondents. The rest 30 are statements which are designed to reflect the service quality perceptions of these people. The study consists of five parts. The first part is an introduction where the scope and the purpose of the study are concisely stated. The second part relates to the theoretical background of the subject matter and the prior researches carried out so far. The third part deals with research methodology, basic premises and hypotheses attached to these premises. Research model and analyses take place in this section. Theoretical framework is built and a variable name is assigned to each of the question asked or proposition forwarded to the respondents of this survey. 30 statements or propositions given to the respondents are placed on a five-point Likert scale where 1 represents strongly disagree; 2 disagree; 3 neither agree nor disagree; 4 agree and 5 strongly agree. The last five questions about demographic traits as age, gender, occupation, educational level and monthly income are placed either on a nominal or ratio scale with respect to the nature of the trait.  Fiveresearch hypotheses are formulated in this section. The fourth part mainly deals with the results of the hypothesis tests and a factor analysis is applied to the data on hand. Here exploratory factor analysis reduces 30 variables to five basic components. KMO test of sampling adequacy and scale reliability test proved high scores as 0.855 and 0.806 respectively. In addition non-parametric biraviate analysis in terms of Chi-Square test is applied to test the hypotheses formulated in this respect. The fifth part is the conclusion where findings of this survey is listed.  
Length: 23 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 26-48
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=004&rid=5846
File-Function: First version, 2016
Number: 3205846
Classification-JEL: M31
Keywords: Perceived service quality, customers' trust, customers' ambiguity, servicequality assurance, service reiability
Handle: RePEc:sek:iefpro:3205846
Template-Type: ReDIF-Paper 1.0
Author-Name: Chia-Chien Chang
Author-Name-First: Chia-Chien
Author-Name-Last: Chang
Author-Email: cchiac@kuas.edu.tw
Author-Workplace-Name: Department of finance
Author-Name: Yung -Jen Chung
Author-Name-First: Yung -Jen
Author-Name-Last: Chung
Author-Email: sexy80724@gmail.com
Author-Workplace-Name: Department of finance
Title: CAN BASEL III LIQUIDITY RISK MEASURES EXPLAIN TAIWAN BANK FAILURES
Abstract: In December 2010, the BCBS (2010a) strengthened its liquidity framework by proposing two quantitative indicators for liquidity risk in Basel III: the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). Whether the new liquidity risk indicators are effective to measure the liquidity risk of bank thereby reducing bank failures is an issue of concern. Thus, this study uses a quarterly data of Taiwan banks from 2006 to 2013 and uses the panel multiple regression model to investigate the effectiveness of LCR and NSFR in Taiwan banks. We also study the effectiveness of spread and several liquidity risk indictors used in Taiwan based on Principles for Sound Liquidity Risk Management and Supervision (PSLRMS). Moreover, we test the liquidity risk majored from systematic or non-systematic risk, and consider the size effect and time effect to compare the result. The result shows that all liquidity risk indicators can explain empirical default point (EDD) significantly, for big banks, LCR is more important than NSFR, but for small banks, NSFR is more important. In crisis period, spread and LCR are significant in big banks, but no indicators are significant in small banks. After crisis, both big and small banks are affected by spread, and NSFR and LCR is significant in small bank and in big bank, respectively.
Length: 36 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 49-84
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=005&rid=5450
File-Function: First version, 2016
Number: 3205450
Classification-JEL: 
Keywords: Subprime mortgage crisis, Basel III, The Liquidity Coverage Ratio, The Net Stable Funding Ratio, Size effect
Handle: RePEc:sek:iefpro:3205450
Template-Type: ReDIF-Paper 1.0
Author-Name: Figen Ersoy
Author-Name-First: Figen
Author-Name-Last: Ersoy
Author-Email: nfersoy@anadolu.edu.tr
Author-Workplace-Name: Anadolu University
Author-Name: Nuri Calik
Author-Name-First: Nuri
Author-Name-Last: Calik
Author-Email: ncalik@turgutozal.edu.tr
Author-Workplace-Name: Turgut Ozal University, Turkey
Title: CONSUMER INNOVATIVENESS AND INFORMATION SEEKING BEHAVIOR AS OPPOSED TO RISK PERCEPTIONS ON PURCHASES OF HI-TEC
Abstract: This study intends to find out the consumer innovativeness and information seeking behavior which are assumed to be negatively correlated with consumer risk perceptions. A survey on 880 respondents who are selected via stratified sampling of which 863 are found eligible to be analyzed. The respondents are required to answer 50 questions of which five are related to demographic characteristics of these respondents. The rest 45 are statements which are designed to reflect the innovativeness and risk perception of the consumers which are two controversial issues... The study consists of five parts. The first part is an introduction where the scope and the purpose of the study are concisely stated. The second part relates to the theoretical background of the subject matter and the prior researches carried out so far. The third part deals with research methodology, basic premises and hypotheses attached to these premises. Research model and analyses take place in this section. Theoretical framework is built and a variable name is assigned to each of the question asked or proposition forwarded to the respondents of this survey. 45 statements or propositions given to the respondents are placed on a five-point Likert scale. The remaining five questions about demographic traits as age, gender, occupation, educational level and monthly income are placed either on a nominal or ratio scale with respect to the nature of the trait.   Five research hypotheses are formulated in this section. The fourth part mainly deals with the results of the hypothesis tests and a factor analysis is applied to the data on hand. Here exploratory factor analysis reduces 45 variables to eight basic components as "Online shopping risks, technology readiness, risk avoidance, physical risk perception, consumer innovativeness, functional risk perception, information seeking behavior, and social risk perception. Cronbach's Alpha for scale reliability is (? = 0.731) and  the sample adequacy ratio (KMO ) is  0.835. In addition non-parametric bivariate analysis in terms of Chi-Square is applied to test the hypotheses formulated in this respect. The fifth part is the conclusion where findings of this survey are listed.  
Length: 28 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 85-112
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=006&rid=5891
File-Function: First version, 2016
Number: 3205891
Classification-JEL: M31
Keywords: Consumer innovativeness, information seeking behavior, risk perception and risk avoidance, technology-proneness, functional and physical risks.
Handle: RePEc:sek:iefpro:3205891
Template-Type: ReDIF-Paper 1.0
Author-Name: George  Ike
Author-Name-First: George 
Author-Name-Last: Ike
Author-Email: ike_george@yahoo.com
Author-Workplace-Name: Eastern Mediterranean University.
Author-Name: Henry  Okodua
Author-Name-First: Henry 
Author-Name-Last: Okodua
Author-Email: eco.george@yahoo.com
Author-Workplace-Name: Covenant University
Author-Name: Kemal Bagzibagli
Author-Name-First: Kemal
Author-Name-Last: Bagzibagli
Author-Email: shiponhill@yahoo.com
Author-Workplace-Name: Eastern Mediterranean University
Title: Crude oil dependence, deindustrialization and economic growth in Nigeria.
Abstract: Crude oil is a commodity of very great value. Its utility in almost all the sectors of 21st century economies is not substitutable as of yet. That is why its demand is relatively inelastic. Crude oil as a natural resource is supposed to stir economic growth and propagate overall development for countries that are lucky enough to be endowed with this commodity. However recent and past empirical research in this area has shown that resource rich countries develop slower than resource poor countries and that resource dependence has a negative relationship with economic growth. One of the mechanism of transmission is through the crowding out of the manufacturing and agricultural sectors through the process of direct and indirect de-industralization. In light of these developments this research primarily aims to capture the relationship between oil dependence the manufacturing sector and economic growth in Nigeria. Utilizing the Autoregressive distributed lag bounds testing cointegration techniques a model was constructed, oil dependence was proxied as the ratio of oil rents to GDP and it was discovered that oil dependence had a significant negative relationship with GDP which is robust to the 2 specified models . Also the manufacturing sector had no significant relationship with GDP in the long run but had a positive significant relationship with GDP in the short run. This gives ample evidence to the existence of the dutch disease in Nigeria. The study recommended the sterilization of oil revenues abroad and the development of Foreign Direct Investment through the fostering of Incentives to multinationals in order to reduce the negative impacts of crude oil instigated capital inflow and oil price shocks in the Nigerian economy.
Length: 12 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 113-124
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=007&rid=5779
File-Function: First version, 2016
Number: 3205779
Classification-JEL: O13, O40, Q33
Keywords: Bounds Testing,Co-integration,Crude Oil, De-industrialization , Dutch disease, Economic growth.
Handle: RePEc:sek:iefpro:3205779
Template-Type: ReDIF-Paper 1.0
Author-Name: Bo?ena Kade?ábková
Author-Name-First: Bo?ena
Author-Name-Last: Kade?ábková
Author-Email: b.kaderabkova@centrum.cz
Author-Workplace-Name: Faculty of Civil Engineering, Czech Technical University
Author-Name: Ond?ej  Ptá?ek 
Author-Name-First: Ond?ej 
Author-Name-Last: Ptá?ek 
Author-Email: Ondrej.ptacek@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics in Prague
Title: Barriers of FDI inflow in venture capital and private equity in the Czech Republic
Abstract: The barriers that negatively affect the PE and VC investment activity in the Czech Republic include the following aspects. Few sources for funds from traditional fund raisers such as pension funds or insurance companies, which is caused mainly by legislative restrictions. Insufficient project quality causes high proportion of transaction cost to investment amount ratio. Insufficient project quality, lack of projects due to little interest from the potential investee  companies caused by imperfect information all mean higher risk for investors causing their risk aversion to concentrate mainly on larger projects. Insufficient fundraising conditions lead also to few opportunities for exits. These are the main reasons of the Czech Republic?s little PE and VC market activity, which is limited to 10-20 investments per year in total. 
Length: 13 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 125-137
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=008&rid=5873
File-Function: First version, 2016
Number: 3205873
Classification-JEL: G24
Keywords: venture capital, asset management, private equity, financial markets, market failure, government failure
Handle: RePEc:sek:iefpro:3205873
Template-Type: ReDIF-Paper 1.0
Author-Name: KRYSTYNA KIETLI?SKA
Author-Name-First: KRYSTYNA
Author-Name-Last: KIETLI?SKA
Author-Email: krystyna.kietlinska@uni.lodz.pl
Author-Workplace-Name: Social Academy of Science
Title: Institutional Forms of Action against social exclusion in Poland
Abstract: Negative social phenomena such as poverty, unemployment disabilities and social pathologies have been building up. Governments in many countries search for the new methods of governing in order to confine the processes or at least, to reduce their growth.Solutions based on the establishment of non ? governmental organizations as institutions compensating for the weaknesses of the public and private sector have turned out insufficient. It has become necessary to create jobs for persons exposed to discrimination and unequal treatment in labour market. Extention of the non-profit sector to include business organizations that can create jobs for the disadvantaged with State?s suport in one of the implemented measures. Theory has labeled this enlarged sector as a social economy. In addition to clasic nonprofit institutions, other components of the sector are social enterprises, social cooperatives and Social Integration Centers.The paper aims to value such organizations activity in the Polish circumstances. They were formaly set up in Poland in 2003-2006.The analysis takes advantage of relevant law and statistical data concerning the activity of the established and operating organizations.The analysis will show the tendencies of development of these institutions in Poland. Besides it allows to limit their weak points and to asses their usefulness to the economy.
Length: 12 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 138-149
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=009&rid=5744
File-Function: First version, 2016
Number: 3205744
Classification-JEL: L31, L33
Keywords:  social enterprise, cooperatves, disability, unemployment, social exclusion.
Handle: RePEc:sek:iefpro:3205744
Template-Type: ReDIF-Paper 1.0
Author-Name: Dana Kloudová
Author-Name-First: Dana
Author-Name-Last: Kloudová
Author-Email: dana.kloudova@vse.cz
Author-Workplace-Name: University of Economics,  Faculty of Economics and Public Administration
Title: CALCULATION OF CAPITAL-TO-OUTPUT RATIO IN A PRODUCTION FUNCTION BY ESTIMATING POTENTIAL OUTPUT AND OUTPUT GAP: THE CASE FOR THE CZECH REPUBLIC AND SLOVAKIA
Abstract: One of the most used methods of estimation of potential output and output gap, used by many national and international organisations, is a production function. The aim of this paper is to study the impact of method of computation capital-to-output ratio on results of estimation of output gap and potential output, which are very important, but not measurable. We used two methods of computation. The first one was simple: we set it up constant. The second one was calculated according to a sophisticated model. The results of this paper have shown that using variable capital-to-output ratio will bring not very different results from using a constant one. These results were confirmed both for Czech economy and Slovak economy.
Length: 15 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 150-164
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=010&rid=6128
File-Function: First version, 2016
Number: 3206128
Classification-JEL: E22, E24, E32
Keywords: production function, capital-to-output ratio, potential output, HP filter
Handle: RePEc:sek:iefpro:3206128
Template-Type: ReDIF-Paper 1.0
Author-Name: Marcel Kordos
Author-Name-First: Marcel
Author-Name-Last: Kordos
Author-Email: marcel.kordos@tnuni.sk
Author-Workplace-Name: Alexander Dubcek University in Trencin
Author-Name: Sergej Vojtovic
Author-Name-First: Sergej
Author-Name-Last: Vojtovic
Author-Email: sergej.vojtovic@tnuni.sk
Author-Workplace-Name: Alexander Dubcek University in Trencin
Title: EU Regional and Cluster policies within their synergic effects
Abstract: EU Regional policy appears to be one of the most important current programs and agenda at EU level which support clusters in emerging industries in EU. Based on the comparative analysis of European cluster policy and EU Regional policy mutual interaction the object of the paper is to assess the impact of the EU Cluster policy effects on the EU Regional policy regarding the EU competitiveness enhancement in the international economics system. Technological advance, knowledge based production, innovation implemented into new technologies are the outputs of effective synergy how the EU cluster policy can be involved in the EU Regional policy. Those are the tools leading to increasing economic growth, sustainable social and economic development and higher quality of life of European Communities inhabitants. The EU position analysis in international economic relations will also be the object of study with regards to its competitiveness enhancement possibilities within the global economic environment while using the latest science and technology achievements as a synergic output of the EU Regional and Cluster policy interaction.
Length: 10 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 165-174
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=011&rid=5813
File-Function: First version, 2016
Number: 3205813
Classification-JEL: F63, F68, O52
Keywords: social and economic development, technology and innovation, international economics, EU competitiveness enhancement
Handle: RePEc:sek:iefpro:3205813
Template-Type: ReDIF-Paper 1.0
Author-Name: BRAJESH KUMAR
Author-Name-First: BRAJESH
Author-Name-Last: KUMAR
Author-Email: bkumar@jgu.edu.in
Author-Workplace-Name: Jindal, Global Business School, O P Jindal Gobal University
Title: Asymmetric Volatility of Net Convenience Yield: Evidence from Indian Commodity Futures Markets 
Abstract: (NCY). It asserts that the positive NCY should have higher volatility as compared to negative NCY. This paper investigates asymmetric volatility behavior of NCY in Indian commodity futures markets. We model NCY as EGARCH process which captures the asymmetry in volatility of the series. The mean equation of NCY is modeled as autoregressive process with month and period dummies. We also include volatility of the spot prices as explanatory variable. Our results of the asymmetric behavior of NCY indicate that the theory of storage is not valid in Indian commodities market. In most of the agricultural commodities, we do not find asymmetric behavior; the negative shock to NCY increases the volatility of NCY rather than decreasing it. This result contradicts the implications of the theory of storage. In other words, when the spot prices are higher than the futures prices (backwardation), the volatility of spread is higher than volatility of spread when spot prices are lower than the futures prices. Only in case of crude oil, positive NCY has higher volatility than negative NCY. 
Length: 17 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 175-191
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=012&rid=5752
File-Function: First version, 2016
Number: 3205752
Classification-JEL: C22, G13
Keywords: Convenience yield, Asymmetric volatility, EGARCH, The theory of storage, Indian Commodity Futures Markets
Handle: RePEc:sek:iefpro:3205752
Template-Type: ReDIF-Paper 1.0
Author-Name: Dilip Kumar
Author-Name-First: Dilip
Author-Name-Last: Kumar
Author-Email: dksic212@gmail.com
Author-Workplace-Name: Indian Institute of Management Kashipur
Title: Estimating and forecasting value-at-risk using the unbiased extreme value volatility estimator
Abstract: We provide a framework based on the unbiased extreme value volatility estimator (Namely, the AddRS estimator) to compute and predict the long position and a short position VaR, henceforth referred to as the ARFIMA-AddRS-SKST model. We evaluate its VaR forecasting performance using the unconditional coverage test and the conditional coverage test for long and short positions on four global indices (S&P 500, CAC 40, IBOVESPA and S&P CNX Nifty) and compare the results with that of a bunch of alternative models. Our findings indicate that the ARFIMA-AddRS-SKST model outperforms the alternative models in predicting the long and short position VaR. Finally, we examine the economic significance of the proposed framework in estimating and predicting VaR using Lopez loss function approach so as to identify the best model that provides the least monetary loss. Our findings indicate that the VaR forecasts based on the ARFIMA-AddRS-SKST model provides the least total loss for various x% long and short positions VaR and this supports the superior properties of the proposed framework in forecasting VaR more accurately.
Length: 17 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 192-208
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=013&rid=5528
File-Function: First version, 2016
Number: 3205528
Classification-JEL: C22, C53
Keywords: Extreme value volatility estimator; Value-at-risk; Skewed Student t distribution; Risk management.
Handle: RePEc:sek:iefpro:3205528
Template-Type: ReDIF-Paper 1.0
Author-Name: Dagmar Lesakova
Author-Name-First: Dagmar
Author-Name-Last: Lesakova
Author-Email: lesakova@euba.sk
Author-Workplace-Name: University of Economics in Bratislava
Title: Determinants of Customer Relationship Development
Abstract: Customer relationship development is the focus of any business. It is increasingly found to be at the top of organisations´ agendas, aiming at creating and enhancing relationships with customers in order to improve both business profitability and satisfaction of customers. Measuring customer focus can be helpful in understanding this effort by providing a valuable framework for customer relations assessment.  In this context our research offers an integrated approach for understanding the customer relationships.  The aim of our article is threefold: we aim to indicate and explore the determinants for improving customer relationship development in tourist sector, to propose measures for assessing customer focus in tourist organisations in Slovakia and to explain relationship between customer relationship level and business performance. This will be achieved by determining the subcategories of the customer management processes and by identifying determinants affecting business performance. In order to translate customer focus into specific activities designed to increase business performance, the determinants were made operational applying quantitative analysis. Results of the research reveal that tourist companies in Slovakia adopt customer oriented approach and try to optimize their relationships with customers. However, there is a space towards continual improvement. In our article, factors with insufficient performance have been discussed and solutions proposed to improve the results. Finally, a framework for determining the strength of the relationship between business performance and customer focus variables is introduced. 
Length: 12 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 209-220
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=014&rid=5839
File-Function: First version, 2016
Number: 3205839
Classification-JEL: M20
Keywords: Customer focus, customer relations, business performance, external environment, internal environment.
Handle: RePEc:sek:iefpro:3205839
Template-Type: ReDIF-Paper 1.0
Author-Name: Chun Wei R. Lin
Author-Name-First: Chun Wei R.
Author-Name-Last: Lin
Author-Email: lincwr@yuntech.edu.tw
Author-Workplace-Name: YunTech, Taiwan, R.O.C.
Author-Name: Yun-Jiuan Melody Parng
Author-Name-First: Yun-Jiuan Melody
Author-Name-Last: Parng
Author-Email: melodyparng@gmail.com
Author-Workplace-Name: Tayeh University
Author-Name: Hong-Yi Chen
Author-Name-First: Hong-Yi
Author-Name-Last: Chen
Author-Email: hychen39@cyut.edu.tw
Author-Workplace-Name: Chaoyang University of Technology
Title: A Fuzzy-Neural Performance Evaluation Approach of Selecting Outsource International Logistic Company
Abstract: Owing to lack of confidence, the usage of domestic logistics services in the Asian region, e.g. Taiwanese companies, is comparatively lower than the use of international logistics companies. This paper develops an integrated fuzzy neural network performance evaluation model which is able to consider five key factors to evaluate their performance in the internationalization competence, namely, flexibility in organization structure, competitiveness in the global environment, versatility in service contents, sophistication in information technology application, and compliance in administrative regulations. The model successfully provides a transparent and systematic evaluation tool for industries to select appropriate logistic companies for international logistics services.
Length: 18 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 221-238
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=015&rid=5849
File-Function: First version, 2016
Number: 3205849
Classification-JEL: C00, C45, F23
Keywords: Performance Evalution, International Logistics, Outsourcing, Fuzzy Neural Network
Handle: RePEc:sek:iefpro:3205849
Template-Type: ReDIF-Paper 1.0
Author-Name: Lukas Maslo
Author-Name-First: Lukas
Author-Name-Last: Maslo
Author-Email: xmasl14@vse.cz
Author-Workplace-Name: Department of Economics, Faculty of Economics, University of Economics, Prague
Author-Name: Zdenek Chytil
Author-Name-First: Zdenek
Author-Name-Last: Chytil
Author-Email: chytil@vse.cz
Author-Workplace-Name: Department of Economics, Faculty of Economics, University of Economics, Prague
Title: Some Reflections on Methodology of Critical Realism
Abstract: The subject matter of this paper is the controversy about realism of assumptions from the perspective of critical realism. The authors apply the notional apparatus of philosophical logic to clarify the essence of this controversy. By means of translating the often ambivalent and sometimes mysterious terms of Jespersen (2009) into the straightforward language of classical philosophy, they authors make an effort to tear down some of the barriers of the inter-paradigmatic controversies about methodology. The conclusion is drawn that as long as the assumptions of a model affect but the accidentia logica of the model?s constituting notions, the formalist stand can be taken and Friedman?s instrumentalist approach will be justifiable; as soon as the assumptions of a model affect the differentiae specificae of the model?s constituting notions, the substantivist stand must be taken and Friedman?s instrumentalist approach fails. Finally, the authors assert that the Post-Keynesian notion of critical realism is much more compatible with the perception thereof as a genus that the perception thereof as a species. 
Length: 14 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 239-252
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=016&rid=5937
File-Function: First version, 2016
Number: 3205937
Classification-JEL: A14, B41, E02
Keywords: critical realism, differentia specifica, essentia generica, accidens logicum, ontology, epistemology
Handle: RePEc:sek:iefpro:3205937
Template-Type: ReDIF-Paper 1.0
Author-Name: Lord Mensah
Author-Name-First: Lord
Author-Name-Last: Mensah
Author-Email: lordmensah@ug.edu.gh
Author-Workplace-Name: University of Ghana Business School
Title: Asset Allocation Brewed Accross African Stock Markets
Abstract: Using data from eleven African stock markets between the years 2000-214 and adopting the Markowitz optimization technique, we construct the optimum portfolio and the minimum variance portfolio across eleven African stock markets. We find that, efficient allocation of assets across the African continents can offer better risk-return trade off than an investment that is country specific. The result is robust, as the bootstrap technique adopted did not significantly vary the results. Finally, comparing the risk and return of the optimum portfolio to the Standard and Poor Dow Jones index shows there is a reward for bearing extra risk to invest in Africa.
Length: 23 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 253-275
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=017&rid=5757
File-Function: First version, 2016
Number: 3205757
Classification-JEL: G10, G11, G00
Keywords: Asset Allocation, African Stock Markets, investments, portfolio theory, optimal portfolio, bootstrapping
Handle: RePEc:sek:iefpro:3205757
Template-Type: ReDIF-Paper 1.0
Author-Name: BO?ENA MIKO?AJCZYK
Author-Name-First: BO?ENA
Author-Name-Last: MIKO?AJCZYK
Author-Email: bomik@op.pl
Author-Workplace-Name: UNIVERSITY OF LODZ
Title: THE ROLE OF EU FUNDS IN THE FINANCING OF INNOVATION OF POLISH ENTERPRISES
Abstract: The analysis of the functioning of Poland within the European Union allows to conclude that the economy of our country effectively adapts to the structures of the European Union. The visible positive effects include a.o. an increase of the financial credibility and of the investment attractiveness.The current economic growth is a result of entrepreneurship, cheap labor force, the catch-up effect resulting from the import of technologies from developed countries. The growth is mainly due to an increase in the total factor productivity. This means innovation and its ability to be implemented. Poland's shift in the innovation ranking of the EU countries up from the group of modest innovators in 2012 to moderate innovators in 2013 is not very satisfactory. The goal of this paper is to present the role of EU funds in improving innovation both within the "Innovative Economy" program 2007-2013 and the "Smart Growth" program 2014-2020.Special attention was paid to small and medium-sized enterprises, which are the driving force of economic development, and to balancing the levels of development of Polish regions. A new strategy for the financing of small and medium-sized enterprises in both analyzed periods was also presented. Particular attention was paid to the promotion of research and its links with business, the development of innovative technologies and actions improving the competitiveness of enterprises.The paper is also focused on the evolution of financial instruments allowing the change from the business innovation model based on buying innovative solutions to the creation of the firm's own innovations. The creation of a viable model of knowledge-based economy linking science with business is the most important task for improving innovation.The new perspective and new aid programs 2014-2020 will provide strong support for future beneficiaries of the EU budget grants. Smart use of EU support for innovative economy is the biggest challenge faced not only by Poland but the whole Central and Eastern Europe. 
Length: 11 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 276-286
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=018&rid=5743
File-Function: First version, 2016
Number: 3205743
Classification-JEL: O31, M13, D92
Keywords: EU funds, SMEs, financing innovation
Handle: RePEc:sek:iefpro:3205743
Template-Type: ReDIF-Paper 1.0
Author-Name: Ofentse Mokwena
Author-Name-First: Ofentse
Author-Name-Last: Mokwena
Author-Email: ofentse.mokwena@nwu.ac.za
Author-Workplace-Name: North West University
Title: PARATRANSIT MESOECONOMY: CONTROL MEASURES FROM THE SUPPLY SIDE?
Abstract: The South African Minibus Taxi industry has had to various degrees been affected by government intervention, in micro, and macroeconomic forms. Transporting on average 11.9% and 15% of education trips and 26.88% and 26.18% of working trips between 2003 and 2013 respectively, the minibus sector dominates the market second to walking (Statistics South Africa, 2014; 2003). Recent transport policies seem to discourage the dominance of private cars and minibus vehicles. Meanwhile, the Department of Trade and Industry has developed an incentive package for the production of minibus vehicles. In the microeconomy, transportation policy makers tend to focus on the travel market, whilst manufacturers focus on the demand for minibus vehicles. This study proposes and tests a framework to explore the extent to which travel and production microeconomic indicators relate to dynamic macroeconomic activity over time. This paper is an experimental exploration of statistical relationships between selected macroeconomic indicators (SMIs) and the national minibus economy measured in vehicle sales and prices. Sales data is sourced from the National Association of Automobile Manufacturers of South Africa (NAAMSA) and price data from a manufacture dominating the market. Firstly, are there statistically significant macroeconomic forces at play in the minibus economy? Secondly, do these SMIs relate to minibus sales data including sales price per seat, registered vehicle population, vehicle sales, market ejections per year and cumulative forms of this data? We investigate this through correlation (a) analysis of price data, (b) sales data, (c) vehicle population in the travel market and (d) SMI data between 2002 and 2011. This is a mesoeconomic study, bridging the policy gap between macroeconomics (i.e. CPI) and microeconomics (i.e. vehicle population in the travel market). Statistically significant relationships and path dependencies are revealed within the framework developed. Therefore mesoeconomic research in the transport economic sphere is significantly viable. One shortfall of the paper is that the microeconomic analysis is narrow because travel data and vehicle utilisation data is not included. Further quantitative research is required to inform a policy agenda that enables an understanding of macroeconomic forces (national and regional level) that filter through transport economic policy. This study lays a unique avenue to equip transit and automotive decision makers, industries and planners to better forge through changes in the macroeconomy in microeconomic contexts. 
Length: 28 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 287-314
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=019&rid=5591
File-Function: First version, 2016
Number: 3205591
Classification-JEL: E20, L50, L62
Keywords: paratransit, mesoeconomics, public transport production, industrial policy, minibus taxi
Handle: RePEc:sek:iefpro:3205591
Template-Type: ReDIF-Paper 1.0
Author-Name: Yasuyuki Nishigaki
Author-Name-First: Yasuyuki
Author-Name-Last: Nishigaki
Author-Email: nisigaki@econ.ryukoku.ac.jp
Author-Workplace-Name: Ryukoku University
Author-Name: Hideya Kato
Author-Name-First: Hideya
Author-Name-Last: Kato
Author-Email: hideyakato@econ.ryukoku.ac.jp
Author-Workplace-Name: Ryukoku University
Title: Yardstick Competition and Tax Competition -Intergovernmental Relations and Efficiency of Public Goods-
Abstract: Several branches of the literature focus on the advantages of the provision of public goods by a local government. Tiebout (1956) indicated that ?voting with feet? leads to the optimal provision of local public goods if residents can emigrate from one municipality to another to maximize utility. Due to the free mobility of residents, local governments exhibit an inter-related performance in a competitive environment and are disciplined to achieve efficient provision of public goods, although rather unrealistic conditions, including perfect information and ?free mobility? of residents, are pre-requested.The theory of local yardstick competition, in the principal?agent setting with asymmetric information, states that the comparison of the public service level and tax rates of a government with that of nearby localities can provide a useful instrument to assess a government?s performance. By comparing the performance of similar jurisdictions, voters can elect good politicians and send non-performers packing. Due to such a yardstick comparison of residents, local governors are disciplined to exert maximum efforts toward supplying public goods (Besley and Case 1996, Besley and Smart 2007), although they fail in the optimal provision of public goods (Nishigaki et al. 2015).Furthermore, a political inter-relation among neighboring jurisdictions causes interdependence in policy decisions and mimicking of policy variables or tax rates in the yardstick competition. This interdependence of policy or tax rates caused by informational externality is frequently used as evidence of yardstick competition in empirical studies (Besley and Case 1996, Revelli 2006, Nishigaki et al. 2014).Tax competition among local governments, on the other hand, addresses interaction due to inter-jurisdictional mobility of the tax base. By using a competitive two-region model, studies have indicated that an unfavorable externality of loss in the tax base causes strategic behavior in tax setting and an undersupply of public goods arises as a result of intergovernmental competition (Wildersin 1988, Brueckner and Saavedra 2001). These studies have also indicated that even competition among benevolent governments with full information leads to unfavorable results.By introducing the production of private and public goods using the inter-regionally mobile factor of capital stock, this paper investigates tax competition in a yardstick competition model. The harmful effects of under-provision of public goods caused by tax competition and political competition are synthesized in the yardstick equilibrium. Furthermore, it is indicated that the externality caused by the loss in capital stock is internalized through the informational externality of the yardstick comparison.
Length: 17 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 315-331
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=020&rid=5732
File-Function: First version, 2016
Number: 3205732
Classification-JEL: D72, H41, H71
Keywords: Local Public Goods; Asymmetric Information; Intergovernmental Externality; Yardstick Competition; Tax Competition
Handle: RePEc:sek:iefpro:3205732
Template-Type: ReDIF-Paper 1.0
Author-Name: Gyanendra Prasad Paudel
Author-Name-First: Gyanendra Prasad
Author-Name-Last: Paudel
Author-Email: pgyanendrag@yahoo.com
Author-Workplace-Name: Nepal merchant Cooperative Ltd.
Author-Name: Suvash  Khanal
Author-Name-First: Suvash 
Author-Name-Last: Khanal
Author-Email: suvash2003@hotmail.com
Author-Workplace-Name: Kist College
Title: Determinants of Capital Adequacy Ratio (CAR) in Nepalese Cooperative Societies
Abstract: Due to a poor capital standard some depository institutions (DIs) failed recently. Therefore,stakeholders such as regulators, managers, researchers, etc. are concerned to fix a precise level of long-term sources of fund in their capital structure. DIs are highly levered firm because major portion of their capital structure consists of debt collected from deposits. Thus, capital adequacy ratio is a significant measure to evaluate efficiency and stability which affects the likelihood of insolvency for those institutions. Nepalese banks are applying Basel framework in order to maintaining a precise level capital standard. But, Nepalese cooperatives such as saving and credit cooperatives, multipurpose cooperatives, etc. are not regulated by the central bank, and thus, are not subjected to follow the Basel. In this regard, we evaluated the determinants of the capital adequacy ratio of Nepalese cooperative societies through descriptive, correlation, and regression analysis using an unbalance panel data of 126 co-operatives from 2009 to 2013. The core determinants of capital adequacy ratio for the Nepalese cooperatives are credit to deposit ratio, net interest margin and types of cooperative in positive direction, whereas assets utilization ratio, size and return on equity in negative direction. Though, the big sized cooperatives have poor strategic capital, the resulted mean and standard deviation suggest cooperatives? capital adequacy ratio is higher but inconsistent than commercial banks.
Length: 19 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 332-350
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=021&rid=5910
File-Function: First version, 2016
Number: 3205910
Classification-JEL: C30, G21
Keywords:  Capital Adequacy Ratio; Nepalese Cooperative Societies; Financial Ratios; Microfinance Governance and Regulation.
Handle: RePEc:sek:iefpro:3205910
Template-Type: ReDIF-Paper 1.0
Author-Name: Hanh Pham
Author-Name-First: Hanh
Author-Name-Last: Pham
Author-Email: pt23@gre.ac.uk
Author-Workplace-Name: University of Greenwich
Title: FOREIGN DIRECT INVESTMENT, PRODUCTIVITY AND CROWDING-OUT: DYNAMIC PANEL EVIDENCE ON VIETNAMESE FIRMS
Abstract: This paper investigates whether firms with foreign capital participation are more productive than domestically-owned firms in Vietnam; and whether the presence of firms with foreign capital has a crowding-out effect on domestically-owned firms. We utilize a rich dataset compiled by the Vietnamese General Statistical Office (GSO) from 2001?2010 and a dynamic panel data approach proposed by Arellano and Bond (1991) and Blundell and Bond (1998) to address the issue of endogeneity. We report that the share of foreign capital in firm equity has a positive and significant effect on productivity of foreign-owned firms in Vietnam. With respect to crowding-out effects, we identify opposing dynamics at work. On the one hand, we observe a firm-level crowding-out effect due to higher shares in turnover as the level of foreign capital increases. On the other hand, we observe an industry-level crowding-in effect as the share of both domestic and foreign-owned firms in turnover is higher when the industry-level of foreign capital intensity increases. Finally, we report that the crowding-in and crowding-out effects do not differ as the level of foreign capital share differs between firms and industries. The findings indicate that domestically-owned Vietnamese firms tend to lose market share to their foreign-owned competitors when they compete head to head; but they also tend to benefit from higher levels of foreign capital invested in their industry.
Length: 27 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 351-377
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=022&rid=5904
File-Function: First version, 2016
Number: 3205904
Classification-JEL: A10, C13, D20
Keywords: dynamic panel, foreign direct investment, market-stealing effect, productivity, Vietnamese enterprises
Handle: RePEc:sek:iefpro:3205904
Template-Type: ReDIF-Paper 1.0
Author-Name: Zhi Qiao
Author-Name-First: Zhi
Author-Name-Last: Qiao
Author-Email: qiaozhi@u.nus.edu
Author-Workplace-Name: National University of Singapore
Title: Comparison of two entropy approaches in understanding stock market dynamics
Abstract: Stock market is a typical complex system with a great number of agents interacting with each other. Recent global financial crisis has shown the importance of understanding the dynamics of the stock market in details with a close look at its complexity. In the complexity science, two entropy approaches have been widely used, i.e. maximum entropy principle and multiscale entropy, and in this paper I define the generalized entropy of the market with fully consideration of the complex interactions among various agents. Following the first approach, the whole market, as an open system, always has an optimization process so that the generalized entropy of the whole stock market is maximal under the given constraints. And I have derived the nonlinear dynamic equation for the stock market is accordingly. Following the second approach, I have been able to identify certain market patterns in different scales for different financial quantities. Using empirical data from both Chinese and US stock markets, simulations, profound discussions and comparison are provided. Thus, a new framework for studying the dynamics of stock market is obtained, which will be very useful for the market investors, analysts and regulators.
Length: 11 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 378-388
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=023&rid=5789
File-Function: First version, 2016
Number: 3205789
Classification-JEL: 
Keywords: stock market, dynamics, complex system, entropy, maximum entropy principle, multiscale entropy
Handle: RePEc:sek:iefpro:3205789
Template-Type: ReDIF-Paper 1.0
Author-Name: Craig Richardson
Author-Name-First: Craig
Author-Name-Last: Richardson
Author-Email: richardsoncr@wssu.edu
Author-Workplace-Name: Winston-Salem State University
Title: What the Law of Comparative Advantage Misses in Africa: A New Measure of Economic Complexity
Abstract: Africa is often referred to as if it were a country. This perspective flattens the understanding of a complex and highly varied set of 54 countries with widely different GDP growth rates and underlying economic complexities.  More economically complex countries are able to sustain external commodity price shocks, a factor Ricardo did not consider in his famous law. A method is developed in this paper to better assess a country's economic complexity, modeled after the Herfindahl Index which is widely used in measures of market structure. Data from the MIT/Harvard Atlas of Economic Complexity is used to construct a new economic complexity index that can better track a country's move towards improved business environments. This paper argues that high GDP growth, particularly in African countries, may mask exports of a single crude commodity which is subject to volatile price changes, and hence rocky macroeconomic output. 
Length: 20 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 389-408
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=024&rid=5763
File-Function: First version, 2016
Number: 3205763
Classification-JEL: D49, F18, F62
Keywords: Africa, Comparative Advantage, GDP growth, Economic Complexity
Handle: RePEc:sek:iefpro:3205763
Template-Type: ReDIF-Paper 1.0
Author-Name: Andrew  Sokolov
Author-Name-First: Andrew 
Author-Name-Last: Sokolov
Author-Email: elsukova.tatyana@gmail.com
Author-Workplace-Name: Kazan Federal University
Author-Name: Tatyana Elsukova
Author-Name-First: Tatyana
Author-Name-Last: Elsukova
Author-Email: telsukova@mail.ru
Author-Workplace-Name: Kazan Federal University
Author-Name: Albina Sadykova
Author-Name-First: Albina
Author-Name-Last: Sadykova
Author-Email: tvelsukova@yandex.ru
Author-Workplace-Name: Kazan Federal University
Title: Management of financial results of the organization by using management accounting techniques
Abstract: The purpose of this article is to analyze methods of management accounting and their impact on the financial results of the company. In flexible manufacturing systems, the information required for management must be obtained in a short time and with minimal costs. We studied in more detail both in theoretical and practical terms, method of management accounting on the basis of the theory of constraints (throughput accounting, TA),shows its historical aspects, principles and methods, methods of calculation of financial results of the company based on it. The main difference of TA method from traditional methods of management accounting is the direction offset from a focus on costs to assessing the value of generating money (throughput). Throughput accounting  is designed to solve wide range of problems, through the use of information about the inputs and outputs of the system. Clearly defined information system will enable managers to make informed management decisions in the areas of production, promotion of products (works, services), pricing and others. The article outlines the problem of determining the Throughput rate of the product and the company as a whole and their solutions.
Length: 12 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 409-420
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=025&rid=5778
File-Function: First version, 2016
Number: 3205778
Classification-JEL: M41, M40, M49
Keywords: financial results, management accounting, costs, throughput accounting, theory of constraints
Handle: RePEc:sek:iefpro:3205778
Template-Type: ReDIF-Paper 1.0
Author-Name: Mukti Nath Subedi
Author-Name-First: Mukti Nath
Author-Name-Last: Subedi
Author-Email: muktinsubedi@gmail.com
Author-Workplace-Name: Australian National University
Title: Effects of macroeconomic policy shock on the labour market dynamics in Australia
Abstract: Fiscal and monetary policy have played an important role in defending the economy from the ravages of global financial crisis (GFC) of 2007-08. Inspired by Australian fiscal and monetary policy performance during GFC, this study investigates the effects of macroeconomic policy shocks on the labour market dynamics in Australia using a vector auto-regression (VAR) method. It examines the dynamic response of output, unit labour cost, total hours worked and employment to changes in government spending and cash rate for 1985:3-2015:1. The results suggest that in response to positive cash rate shock total hours worked and employment react negatively, whereas unit labour cost reacts positively. On the other hand, in response to positive government spending shock, total hours worked and employment response positively, whereas, unit labour cost responds negatively.
Length: 2 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 421-422
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=026&rid=5612
File-Function: First version, 2016
Number: 3205612
Classification-JEL: C32, E24, E69
Keywords: Labour market, Vector Autoregression, Macroeconomic policy
Handle: RePEc:sek:iefpro:3205612
Template-Type: ReDIF-Paper 1.0
Author-Name: Nurcan Turan
Author-Name-First: Nurcan
Author-Name-Last: Turan
Author-Email: nturan@anadolu.edu.tr
Author-Workplace-Name: Anadolu University
Author-Name: Nuri Calik
Author-Name-First: Nuri
Author-Name-Last: Calik
Author-Email: ncalik@turgutozal.edu.tr
Author-Workplace-Name: Turgut Ozal University
Title: CONSUMERS' POST-PURCHASE BEHAVIOR IN TERMS OF COMPLAINING, ASSERTIVENESS AND DISCONTENT; A FIELD STUDY FROM ESKISEHIR, TURKEY
Abstract: This survey intends to find out the consumers? post-purchase behavior in terms of complaining, assertiveness, discontent and alienation. In May, 2014, a survey is applied to 537espondents selected via stratified sampling from Eski?ehir, a city of Turkey with 700.000 inhabitants where 500 of the responses are found eligible... The respondents are required to answer 35 questions of which five are related to demographic characteristics of these respondents. The rest 30 are statements which are designed to reflect the behavior of these people. The study consists of five parts. The first part is an introduction where the scope and the purpose of the study are concisely stated. The second part relates to the theoretical background of the subject matter and the prior researches carried out so far. The third part deals with research methodology, basic premises and hypotheses attached to these premises. Research model and analyses take place in this section. Theoretical framework is built and a variable name is assigned to each of the question asked or proposition forwarded to the respondents of this survey. 30 statements or propositions given to the respondents are placed on a five-point Likert scale. The remaining five questions about demographic traits as age, gender, occupation, educational level and monthly income are placed either on a nominal or ratio scale with respect to the nature of the trait.  Four research hypotheses are formulated in this section. The fourth part mainly deals with the results of the hypothesis tests and a factor analysis is applied to the data on hand. Here exploratory factor analysis reduces 30 variables to six basic components as:  as: " Consumer discontent, ad disapproval, consumer alienation, consumer assertiveness and redress, propensity to complain, claim for apology or refund" Cronbach's Alpha for scale reliability is quite high (a = 0.788) and so is the sample adequacy ratio (KMO = 0.883) In addition non-parametric bivariate analysis in terms of Chi-Square is applied to test the hypotheses formulated in this respect. The fifth part is the conclusion where findings of this survey are listed.
Length: 23 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 423-445
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=027&rid=5696
File-Function: First version, 2016
Number: 3205696
Classification-JEL: M31
Keywords: Consumer discontent, ad disapproval, alienation, assertiveness, complaint, claims for refund.
Handle: RePEc:sek:iefpro:3205696
Template-Type: ReDIF-Paper 1.0
Author-Name: Sergej Vojtovic
Author-Name-First: Sergej
Author-Name-Last: Vojtovic
Author-Email: sergej.vojtovic@tnuni.sk
Author-Workplace-Name: Alexander Dubcek University in Trencin
Author-Name: Marcel Kordos
Author-Name-First: Marcel
Author-Name-Last: Kordos
Author-Email: marcel.kordos@tnuni.sk
Author-Workplace-Name: Alexander Dubcek University in Trencin
Title: Trends in unemployment and emigration of labor force
Abstract: The situation on the labour market can be influenced by other factors apart from economic development. Equally as important are political decisions, qualification of labor force, its values and attitudes, flexibility of labour jurisdiction and flexible forms of employment, demographic swings in population, employee relations and social aspects within their implementation. The study explores trends in economic development, unemployment and in the migration flow of labor force abroad during the period of economic growth before the onset of global financial crisis. Geographically it covers countries of Central Europe. We look into causal dependence between economic growth, decrease in unemployment rate and migration flows of labor force. Moreover we argue that a significant drop of unemployment rate during the studied period was not predominantly the result of economic growth but it was caused by emigration of labor force. 
Length: 10 pages
Creation-Date: 2016-03
Publication-Status: Published in Proceedings of the Proceedings of the 5th Economic & Finance Conference, Miami, Mar 2016, pages 446-455
File-URL: https://iises.net/proceedings/5th-economics-finance-conference-miami/table-of-content/detail?cid=32&iid=028&rid=5864
File-Function: First version, 2016
Number: 3205864
Classification-JEL: F22, J61, J62
Keywords: economic growth, investments, employment, unemployment, emigration, labor force.
Handle: RePEc:sek:iefpro:3205864