Template-Type: ReDIF-Paper 1.0 Author-Name: MODIBBO ABUBAKAR Author-Name-First: MODIBBO Author-Name-Last: ABUBAKAR Author-Email: modibbo.abubakar@fubk.edu.ng Author-Workplace-Name: FEDERAL UNIVERSITY BIRNIN KEBBI Title: EFFECT OF AUDIT QUALITY AND CORPORATE GOVERNANCE ON REAL ACTIVITIES MANIPULATION IN NIGERIAN BANKS Abstract: Nigerian banking industry has in recent times suffered different degrees of financial malfeasances which rendered many banks distress and bankrupt. This is in spite of the regulatory mechanisms put in place to monitor and control the operations of the banks. Investigations by regulators and researchers to determine the possible causes of the problem are still going on. One of the factors identified is managerial unethical practices which affect the quality of corporate reporting adversely. However, despite an extensive studies on accrual-based earnings management in the banking industry, there has been none or limited research examining whether the audit quality and corporate governance mechanisms constraint real earnings management of banks in Nigeria. This paper examined the effect of audit quality and corporate governance on real earnings management of banks in Nigeria. The paper examined two real earnings management activities; revenue manipulation to alter cash flows from operations and manipulation of discretionary expenses to smooth earnings. Correlation research design was adopted using a cross-section of 15 banks for a period of 10 years (2004-2013). Generalized Least Squares (GLS) technique of analysis was used and the study found an insignificant negative relationship between Big4 auditor and real earnings management (revenue and discretionary expenses manipulation); and positive relationship between joint audit and real earnings management. The results show that governance mechanisms (board independence and board size) have significant positive effect on cash flows manipulation, while audit committee (size, independence and financial knowledge) has a significant negative effect on cash flows manipulations during the period. Overall, the results indicate a significant relationship between aggregate real earnings management and the audit quality measures and governance mechanisms. The study recommends among others that regulators and policy makers in the Nigerian banking industry should consider real and accrual earnings management when making policy to mitigate unethical practices. Length: 26 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 1-26 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=001&rid=6739 File-Function: First version, 2016 Number: 4206739 Classification-JEL: Keywords: Earnings Quality; Earnings Management; Corporate Governance; Financial Reporting Quality Handle: RePEc:sek:iefpro:4206739 Template-Type: ReDIF-Paper 1.0 Author-Name: Philippe Adair Author-Name-First: Philippe Author-Name-Last: Adair Author-Email: adair@u-pec.fr Author-Workplace-Name: University Paris-Est Créteil (UPEC) Author-Name: Oksana Nezhyvenko Author-Name-First: Oksana Author-Name-Last: Nezhyvenko Author-Email: oksana.nezhyvenko@gmail.com Author-Workplace-Name: National University of Kyiv-Mohyla Academy (NaUKMA). Title: SEX WORK VS. SEXUAL EXPLOITATION: ASSESSING GUESSTIMATES FOR PROSTITUTION IN THE EUROPEAN UNION Abstract: Prostitution regimes in the EU-28 include prohibition, regulation and abolition; economics literature tackles this typology from the perspective of both free sex work and forced labour trafficking. We review the data sources on the demand-side and the supply-side in order to gauge how large is the sex market and informal employment for sex workers. We calculate Estimates 1A and 1B from miscellaneous sources, whereas HIV prevalence among sex workers from World Health Organisation provides Estimates 2A and 2B. We calculate Estimate 3 from victims of sexual exploitation trafficking according to data collected by the UNODC and Eurostat. We design an OLS model to test the five Estimates of prostitution in EU-28 according to GDP per capita, legislation, supply-side and demand-side variables. Last, we assess which might be the most likely Estimates as regards GDP enhancement in 2010, with respect to National Accounts adjustment for illegal production and consumption expenditure. Hence, we come up with a lower bound Estimate that may be used as a benchmark for macroeconomic policy. Length: 24 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 27-50 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=002&rid=6791 File-Function: First version, 2016 Number: 4206791 Classification-JEL: E26, J46, O17 Keywords: EU-28; informal employment; National Accounts; Non Observed Economy; prostitution; sex work; sexual exploitation trafficking. Handle: RePEc:sek:iefpro:4206791 Template-Type: ReDIF-Paper 1.0 Author-Name: MARYAM AHMED JIBRIL Author-Name-First: MARYAM Author-Name-Last: AHMED JIBRIL Author-Email: maryamjibril13@gmail.com Author-Workplace-Name: KADUNA STATE UNIVERSITY Author-Name: MODIBBO ABUBAKAR Author-Name-First: MODIBBO Author-Name-Last: ABUBAKAR Author-Email: modibbo.abubakar@fubk.edu.ng Author-Workplace-Name: FEDERAL UNIVERSITY BIRNIN KEBBI Title: EFFECT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ON CORPORATE FINANCING IN NIGERIAN BANKING INDUSTRY Abstract: National accounting differences has been responsible for increasing information asymmetry, increasing cost of investments, reducing understandability as a results of incomparable information, which are sum up as investor home bias. IFRS is aimed at improving reporting quality, increasing financial statement comparability within and across countries, which is expected to reduce information asymmetry among capital market participants, and facilitate cross-border cash flows, especially in terms of foreign equity investments. However, the opponents of accounting harmonization maintain that the characteristics of accounting problems, history, culture and institutional frameworks in a country determine the form and content of accounting standards, and thus, uniform standards could not lead to any positive benefits. This argument has led to different empirical researches on the economic consequences of uniform accounting standards. This study examined how the adoption of IFRS affects corporate financing in the deposit money banks in Nigeria during the period (2009-2014). The purpose is to investigate whether or not firm?s financing decisions in Nigeria have significantly improved after the adoption of IFRS. The study employed expiremental/correlational research design in a sample of 15 banks. Panel regression technique of data analysis was adopted and the study found that IFRSs have significantly improved financing in terms of equity and debt financing during the period. We conclude that there are possibilities that the adoption of IFRS in Nigeria potentially minimized information asymmetry and that corporate financing could be improved if IFRSs are carefully implemented. We recommend among others that, accounting regulators in Nigeria should increase efforts towards educating firms and investors about IFRSs, so as to enhancing corporate financing in Nigeria. Length: 17 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 51-67 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=003&rid=6880 File-Function: First version, 2016 Number: 4206880 Classification-JEL: Keywords: Debt; Leverage; Equity; Returns; Financing Handle: RePEc:sek:iefpro:4206880 Template-Type: ReDIF-Paper 1.0 Author-Name: Sarah Boateng Author-Name-First: Sarah Author-Name-Last: Boateng Author-Email: ssboateng@gimpa.edu.gh Author-Workplace-Name: Ghana Institute of Management and Public Administration Title: INFORMATION DISCLOSURE AND BANK STABILITY; EVIDENCE FROM SUB-SAHARAN AFRICA Abstract: The heavily dependence of virtually all economies on banks for their financial intermediation cannot be overemphasize. The soundness of the banking sectors has positive association with the development of the financial markets and the economy. The banking sector and its governance reforms has gain prominence given the global financial crisis and the adverse impact on most economies. In view of this, there is an ongoing debate among policy makers, regulators, academia pursuing appropriate measures to foster banking sector stability. The aftermath of the financial crises identify inadequate information disclosure as one of the other factors resulting in the market failure. Hence, the surging debate on appropriate measures for disclosure of banking information to enhance corporate transparency and financial stability.The banking sector needs effective corporate governance at the firm level to mitigate agency problems and promote managerial discipline via improving disclosure of corporate information. The complexity of the banking sector makes it unique in terms of its corporate governance framework and information disclosure measures appropriate for its soundness and development hence the relevance of this study. The study explores bank scope data of Sub- Saharan Africa banks spanning for 2007 ? 2012.This study aims to contribute to the debate by focusing of quality corporate governance measures and financial disclosure effect on bank stability. The paper examines the uniqueness of the banking sector in term of corporate governance and financial disclosures with the aim to establish the appropriate governance measures to enhance disclosure and bank stability for policy direction. Length: 20 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 68-87 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=004&rid=6600 File-Function: First version, 2016 Number: 4206600 Classification-JEL: Keywords: Corporate governance, Information Disclosure, Bank Stability, Sub-Saharan Africa Handle: RePEc:sek:iefpro:4206600 Template-Type: ReDIF-Paper 1.0 Author-Name: Soohyun Choi Author-Name-First: Soohyun Author-Name-Last: Choi Author-Email: soohyun.choi77@gmail.com Author-Workplace-Name: Seoul National University Title: Health Perception Impact on Happiness : in gender relative perspective Abstract: The paper attempts to identify the relationship between health perception and happiness in gender relative perspective. Even there are large volume of research, devoted to analyze gender happiness disparity, most of them neglected health aspect. Moreover, although it sounds quite obvious that happiness and health perception are correlated, it?s rather clear that happiness disparity can be explained by health disparity. The results, based on World Value Survey panel data and IV regression, verifies that health perception gender ratio has positive impact on gender happiness ratio, which implies that relatively better health perception can improve corresponding gender?s relative happiness. It can be interpreted as balanced health perception between gender will lessen the gender happiness disparity. Length: 20 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 88-107 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=005&rid=6734 File-Function: First version, 2016 Number: 4106734 Classification-JEL: I14, I31, J16 Keywords: happiness; health perception; gender happiness disparity Handle: RePEc:sek:iefpro:4106734 Template-Type: ReDIF-Paper 1.0 Author-Name: Hana Florianová Author-Name-First: Hana Author-Name-Last: Florianová Author-Email: hanaflorianovaa@gmail.com Author-Workplace-Name: Masaryk University Title: Trading Strategies for Warrants Abstract: In this paper we examine key strategies for trading warrants which are commonly used by traders on European Stock Exchanges. When trading warrants investor can find himself in three situations - cash extraction, hedging or speculation. For each of them different trading strategy is appropriate. Every strategy has different advantages and disadvantages. Some of them are risky, others are expensive in transaction costs and others need long period of time to perform. For the purpose of this paper we test the convenience of strategies on historical data of real warrants traded on Frankfurt Stock Exchange. We evaluate performance of each strategy and recommend their use for everyday trading. Length: 7 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 108-114 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=006&rid=6760 File-Function: First version, 2016 Number: 4206760 Classification-JEL: Keywords: trading strategies, warrants, investing Handle: RePEc:sek:iefpro:4206760 Template-Type: ReDIF-Paper 1.0 Author-Name: Po-Hsin Ho Author-Name-First: Po-Hsin Author-Name-Last: Ho Author-Email: phho@mail.ntpu.edu.tw Author-Workplace-Name: National Taipei University Title: Overconfident CEOs, product market competition, and corporate investment decisions Abstract: This study further investigates the corporate investment decisions made by overconfident CEOs. The effect of overconfident CEOs on corporate investment decisions is widely examined in recent literature (Malmendier and Tate, 2005, 2008; Hirshleifer, Low, and Teoh, 2012; Chen, Ho and Ho, 2014; Ferris, Jayaraman, and Sabberwa, 2013; Kolasinski and Li, 2013). The literature indicates that overconfident CEOs overinvest. In a recent article, Kolasinski and Li (2013) find well governed firms could mitigate the overinvestment problem caused by overconfident CEOs. However, the literature ignores the role of product market competition in corporate investment decisions. Giround and Mueller (2010, 2011) find that competitive industries can substitute corporate governance to force managers to work hard. This study thus examines the influence of market competition on managerial overconfidence and reexamines the investment-cash sensitivity and merger activities of overconfident CEOs. We propose two competing hypotheses to study whether the investment behavior of overconfident CEOs differs under different competition structures. Our findings suggest that intense market competition mitigates the overinvestment and merger tendency of overconfident CEOs. Length: 15 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 115-129 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=007&rid=6397 File-Function: First version, 2016 Number: 4206397 Classification-JEL: Keywords: Product market competition; Overconfident CEOs; Investment decision Handle: RePEc:sek:iefpro:4206397 Template-Type: ReDIF-Paper 1.0 Author-Name: Seedwell Hove Author-Name-First: Seedwell Author-Name-Last: Hove Author-Email: seedieh@yahoo.co.uk Author-Workplace-Name: Quantum Global Research Lab Title: Sovereign Wealth Funds and Infrastructure Development in Africa Abstract: Sovereign wealth funds (SWFs) are increasingly becoming major sources of finance in many African countries. This paper analyses the potential role that SWFs could play in financing infrastructure development in Africa. The paper documents the state of infrastructure and its financing needs in Africa, dissects the anatomy of sovereign wealth funds on the continent, and assesses the extent to which sovereign wealth funds can bridge the infrastructure financing gap. The analysis shows that Africa?s infrastructure needs new sources of finance to cover the existing financing requirements. Although African SWFs are still small compared to those in other countries of the world, they have the potential to contribute meaningfully towards financing infrastructure development and fostering economic development in Africa. Putting in place favorable conditions for business and ensuring stable political and governance conditions can also attract global sovereign wealth funds to invest their massive resources in Africa. The paper also highlights some risks and opportunities for infrastructure investments on the continent. Length: 27 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 130-156 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=008&rid=6708 File-Function: First version, 2016 Number: 4206708 Classification-JEL: E69, G15 Keywords: Sovereign wealth funds, Infrastructure development, asset allocation Handle: RePEc:sek:iefpro:4206708 Template-Type: ReDIF-Paper 1.0 Author-Name: Mei-Hung Huang Author-Name-First: Mei-Hung Author-Name-Last: Huang Author-Email: tiffanyhuang428@gmail.com Author-Workplace-Name: Over Seas Chinese University ; National Sun Yat-sen University, Taiwan Author-Name: Yih Jeng Author-Name-First: Yih Author-Name-Last: Jeng Author-Email: yihjeng2@gmail.com Author-Workplace-Name: National Sun Yat-Sen University, Taiwan. Author-Name: So-De Shyu Author-Name-First: So-De Author-Name-Last: Shyu Author-Email: dshyu@takming.edu.tw Author-Workplace-Name: Department of Banking and Finance, Takming University of Science and Technology, Taipei, Taiwan Title: Corporate Governance, Shareholder Proposal, and Corporate Performance ?Evidence from Taiwan Abstract: In this research, through taking Tobin?s q and ROE as the performance proxy variables and using panel data model for the empirical research, we mainly studied the relationship between the corporate governance and the corporate performance of the listed companies in Taiwan stock market from year 2010 to 2012 with the shareholders exercising the proposal rights. The results revealed that the shareholding proportion of the institutional investors and the salary of the board members are in the significant negative correlation with the corporate performance of the listed companies at the stock market. The corporate governance index and the corporate performance are in significant negative correlation for the listed companies at the over-the-counter market. No matter if the listed company is at the stock market or at the over-the-counter market, the board size and the corporate performance are in significant negative correlation. Length: 18 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 157-174 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=009&rid=6750 File-Function: First version, 2016 Number: 4206750 Classification-JEL: G30, G34 Keywords: Shareholder Proposal, Corporate Governance, Corporate Performance, Panel Data, Taiwan Stock Market Handle: RePEc:sek:iefpro:4206750 Template-Type: ReDIF-Paper 1.0 Author-Name: Omri imen Author-Name-First: Omri Author-Name-Last: imen Author-Email: imen19_omri@yahoo.fr Author-Workplace-Name: Laboratory of Economics and Applied Finance, IHEC, University of Carthage Title: Financial impact of certifications to management system standards: Evidence from Tunisian listed companies Abstract: Certifications to management system standards (ISO 9000, ISO 9001, ISO 14001, etc.) are a widespread benchmark for thousands of organizations around the world. A number of studies have been carried out in order to analyze the impact of these certifications over companies? performance. However, conclusions reached so far have been of a contradictory nature. The real benefits of these certifications continue to raise the debates and the different results show that the effect of certifications to management system standards on firms? performance remains to be explored specially in terms of financial improvement. The purpose of this research is to investigate the association between certifications to management system standards and Tunisian companies? financial performance covering the period 2010-2014. Such a study is likely to provide a useful insight to managers since the process of achieving and maintaining these certifications involves costs and time. The results find that there is no evidence that improvements in performance follow certifications and certified firms do not present higher performance than those that are not certified. Length: 18 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 175-192 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=010&rid=6838 File-Function: First version, 2016 Number: 4206838 Classification-JEL: C19, G39, L25 Keywords: Financial Performance, Operating Performance, Certifications, ISO, Propensity Score Matching Handle: RePEc:sek:iefpro:4206838 Template-Type: ReDIF-Paper 1.0 Author-Name: Youngsoo Jang Author-Name-First: Youngsoo Author-Name-Last: Jang Author-Email: jang.201@osu.edu Author-Workplace-Name: the Ohio state university Title: Income Inequality, Medical Conditions, and Household Bankruptcy Abstract: I study disparities in emergency and non-emergency medical conditions between high and low income individuals and their implications on consumption, savings, and bankruptcy. In the Medical Expenditure Panel Survey (MEPS), two patterns emerge. First, low income individuals are more likely to visit emergency rooms than high income individuals, and this gap is disproportionately larger for working age individuals. Second, although the differences between high and low income individuals in non-emergency medical conditions are little in early life, the gap in non-emergency medical conditions is substantial in middle and late life. To explain these facts, I build an overlapping generations general equilibrium model that features (i) endogenous decisions on default and health insurance, (ii) endogenous health that determines labor productivity, (iii) the existence of emergency (non-discretionary) medical expenditures and non-emergency (discretionary) medical expenditures, and (iv) the endogenous distribution of emergency and non-emergency health shocks. I find that low income individuals spend less on their health in early life, leading to their contacting more severe and more frequent health conditions (emergency and non-emergency) following their middle life onwards. This enforces low income individuals to be sicker and to visit emergency rooms more often, while spending more on health cares from their middle life. Moreover, this model shows that this endogenous distribution of health shocks causes low income individuals to have more precautionary savings and less consumption due to their highly volatile earnings from severe health shocks. The poor default more often due to their lower earnings and more frequent emergency (non-discretionary) medical treatments, which arises from their bad health status. Length: 56 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 193-248 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=011&rid=6835 File-Function: First version, 2016 Number: 4206835 Classification-JEL: E21, K35, I13 Keywords: Income Inequality, Household Bankruptcy. Health Handle: RePEc:sek:iefpro:4206835 Template-Type: ReDIF-Paper 1.0 Author-Name: Minju Jeong Author-Name-First: Minju Author-Name-Last: Jeong Author-Email: minju.sophia.jeong@gmail.com Author-Workplace-Name: Seoul National University Title: Effects of Government Consumption shocks in China, Japan, and Korea Abstract: This paper investigates the effects of government consumption shocks on various key macro variables for China, Korea and Japan, by using a structural VAR model. The main empirical findings are as follows. First, government spending multipliers of all three countries are far larger than 1 in recent years. The government spending multiplier is larger in China than in Korea and Japan. The effectiveness of fiscal expansion has not been changed in China, but substantially changed in Korea (after Asian financial crisis) and Japan. Second, the effects on exchange rate and trade balance are different across countries. Interestingly, real exchange rate depreciates and trade balance improve more under more flexible exchange rate regime. Some empirical findings are consistent with the standard theory but others are not. Length: 13 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 249-261 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=012&rid=6742 File-Function: First version, 2016 Number: 4206742 Classification-JEL: C32, E62, F41 Keywords: Structural VAR, government consumption shocks, Fiscal Multiplier, Real Exchange Rate, Current Account, China, Japan, Korea Handle: RePEc:sek:iefpro:4206742 Template-Type: ReDIF-Paper 1.0 Author-Name: John Liu Author-Name-First: John Author-Name-Last: Liu Author-Email: johnliu@mail.ntust.edu.tw Author-Workplace-Name: National Taiwan University of Science and Technology Title: Bitcoin Literature: A Co-word Analysis Abstract: A technical article in 2008 and the follow-up open-source software in 2009 released by Satoshi Nakamoto have modified the concept of currency and seem to continue affecting our economic and financial thinking. In less than 8 years, bitcoin, a digital currency, is not only accepted as a mean of payment but also traded in numerous ?bitcoin exchanges?, which have accumulated a market capitalization of around 10.7 billion U.S. dollar. The phenomenon raised the interest of scholars across wide disciplines including finance, economics, law, and computer science. Research articles regarding bitcoin has gradually formed a growing body of literature, which reflects the state of the art of bitcoin research. However, there is no systematic survey of this literature up to now. The purpose of this study is to fill the gap by systematically surveying the bitcoin literature in the hope to uncover the main discussion topics and made suggestions for future research. We collect a total of 253 articles directly related to bitcoin from the Scopus database. In addition to providing basic descriptive statistics of this dataset, we apply co-word analysis to separate the literature into groups. This is done by establishing a network in which articles are nodes and co-usage of the key terms links these articles. The network is then separated into groups based on nodes? similarity in their connectivity. The result is a division of the articles into three groups each contain distinct discussion topics. The first group is a pool of technological articles which elaborates on improving various aspects of bitcoin technology. The second group focuses on bitcoin?s impacts to existing financial system and real economy. The discussions in the third group call for a legal framework to regulate bitcoin and other digital currency. In the end, we model the bitcoin research in a PEST (political, economic, social, and technological) analysis structure and suggest that the influence of bitcoin and the associated technology on society as a whole is a big gap waiting to be filled in future research. Length: 11 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 262-272 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=013&rid=6769 File-Function: First version, 2016 Number: 4206769 Classification-JEL: G00, E50, K40 Keywords: bitcoin, digital currency, cryptocurrency, literature survey, co-word analysis Handle: RePEc:sek:iefpro:4206769 Template-Type: ReDIF-Paper 1.0 Author-Name: Jacek Liwinski Author-Name-First: Jacek Author-Name-Last: Liwinski Author-Email: jacek.liwinski@wp.pl Author-Workplace-Name: University of Warsaw Title: Does it pay to study abroad? Evidence from Poland Abstract: Tertiary education has been perceived in Poland as a key determinant of success in the labour market, as clearly shown by the increase of the net enrolment ratio in tertiary education from 9.8% in 1990 up to 40.9% in 2009. However, as tertiary education becomes more and more popular, it does not signal skills as well as before. It seems that employers may treat students' participation in international exchange programs as a new signaling tool since according to them international students? skills ? both cognitive and non-cognitive ? are well above the average. On the other hand, students participating in exchange programs underline a positive impact of studying abroad on their personal development, i.e. on their general skills. Thus, from a theoretical point of view we may expect a positive correlation between studying abroad and wages, which follows from both signaling theory and human capital theory. On the average, 16% of European students report a positive impact of participation in Erasmus exchange program on their incomes, but interestingly, those from the CEE countries, including Polish students, report it much more often. The aim of this paper is to determine whether studying abroad for at least one semester has an impact on wages of higher education graduates in Poland. To answer this question, an extended Mincer wage equation was estimated using OLS on the basis of data from the nationwide tracer survey of Polish graduates conducted in 2007 (Graduate Tracer Study 2007). The hourly net wage rate in the first job after graduating from a higher education institution was the dependent variable in the wage equation. In order to reduce the selection bias, three groups of variables depicting students? abilities and skills were included in the model. The results of the analysis show that Polish students who completed at least one semester of studies abroad, enjoy a wage premium of 35% in their first workplace after graduation. Moreover, the wage premium is higher in case of graduates holding Bachelor?s degree (48%) than those with Master?s degree (26%). Length: 12 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 273-284 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=014&rid=6786 File-Function: First version, 2016 Number: 4206786 Classification-JEL: J24, J31, I29 Keywords: investment in human capital, studying abroad, international exchange programs, wage premium, wage equation Handle: RePEc:sek:iefpro:4206786 Template-Type: ReDIF-Paper 1.0 Author-Name: Andrew Maredza Author-Name-First: Andrew Author-Name-Last: Maredza Author-Email: Andrew.Maredza@nwu.ac.za Author-Workplace-Name: North-West University Author-Name: Zvikomborero Nyamazunzu Author-Name-First: Zvikomborero Author-Name-Last: Nyamazunzu Author-Email: znyamazunzu@iie.ac.za Author-Workplace-Name: The Independent Institute of Education Title: Business Confidence in South Africa: Identifying Key Domestic Drivers and The Nature Of Their Impact. Abstract: The primary objective of this paper is to empirically assess the magnitude, direction and significance of the impact of selected domestic macroeconomic fundamentals on business confidence index for the South African economy. This particular focus of the paper comes at a time in the history of the South African economy when the business climate and investor confidence is at its lowest. According to South African Chamber of Commerce and Industry (SACCI, 2016), the business confidence index reached a 22-year low record of 79.6 in December 2015 before slipping further down to its all-time low of 79.3 in May this year. The auto-regressive distributive lag (ARDL) model proposed by Pesaran et al (2001) is employed on quarterly data spanning the period 1975 ? 2015 and 2002 ? 2015 for two models; total business confidence and financial services business confidence respectively. We attempt to explore the relationship between business confidence and selected domestic macroeconomic indicators. Empirical results showed that real economic growth, interest rate, exchange rate, inflation outlook and stock market performance have significant impacts on business confidence. Hence, our study empirically supports the notion that macroeconomic stability drives business confidence. The results stress the need by the government to ensure that the business environment is conducive for doing business in order to boost business confidence. By instilling and preserving the needed business confidence in the financial sector and the larger economy, growth prospects and aspirations of a country improve. Length: 12 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 285-296 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=015&rid=6138 File-Function: First version, 2016 Number: 4206138 Classification-JEL: C22, E32, O11 Keywords: business confidence, bounds testing, investor perception, investor sentiment, investor confidence, ARDL model. Handle: RePEc:sek:iefpro:4206138 Template-Type: ReDIF-Paper 1.0 Author-Name: Oguzhan Ozcelebi Author-Name-First: Oguzhan Author-Name-Last: Ozcelebi Author-Email: ogozc@istanbul.edu.tr Author-Workplace-Name: Istanbul University Author-Name: Metin Duyar Author-Name-First: Metin Author-Name-Last: Duyar Author-Email: metinduyar@gmail.com Author-Workplace-Name: Nevsehir Hac? Bektas Veli University Title: Effects of Gold Reserve Policy of Major Central Banks on Gold Prices Changes Abstract: Central banks which are responsible for minting and monetary policy implementations are the institutions carry out sensitive policies for the healthy functioning of the economy. Policies implemented by central banks and its existing institutional structures cannot be dissociated from the political and social development of the country they live in, and the whole of economic policy. In recent years, with increasing pace of globalization, the mobility of international financial markets increased and this effect has extended the decisions of the central bank from national markets to international markets. In this study, we studied the possible impacts of changes in the share of gold in central banks? reserves on gold prices proving empirical evidence from the USA, the Euro area, China and Russia. According to Causality and Forecast Error Variance Decomposition analysis deriving from VEC model, reserve polices of central banks of these countries has considerable effects on variations in gold price in the long-term. Empirical findings reveal the importance of the size of balance sheet of central banks, while it is also stressed that growth potential of economies and investment opportunities are crucial issues in terms storing reserves in terms of gold. Length: 13 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 297-309 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=016&rid=6516 File-Function: First version, 2016 Number: 4206516 Classification-JEL: E44, E58, F30 Keywords: Dynamics of Gold Prices, Central Banks, the USA, the Euro area, China and Russia Handle: RePEc:sek:iefpro:4206516 Template-Type: ReDIF-Paper 1.0 Author-Name: Mariana Pova?anová Author-Name-First: Mariana Author-Name-Last: Pova?anová Author-Email: mariana.povazanova@umb.sk Author-Workplace-Name: Faculty of Economics Matej Bel University Author-Name: Anna Vallu?ová Author-Name-First: Anna Author-Name-Last: Vallu?ová Author-Email: anna.vallusova@umb.sk Author-Workplace-Name: Faculty of Economics Matej Bel University Author-Name: Gabriela Nedelová Author-Name-First: Gabriela Author-Name-Last: Nedelová Author-Email: gabriela.nedelova@umb.sk Author-Workplace-Name: Faculty of Economics Matej Bel University Title: OUTSOURCING DOMESTIC CHORES IN SLOVAK HOUSEHOLDS ? PRECONDITIONS AND BARRIERS Abstract: The article deals with the outsourcing of 11 types of domestic chores in order to better understand consumer behavior of Slovak households in a group of market services which could replace the unpaid work done in households. On the basis of data obtained by a primary research in Slovakia on the sample of 1,142 households, we have identified that Slovak households outsource mainly catering the food, vehicle maintenance services, services connected with reconstruction and repairs of dwelling and catering and preparing fuels for heating. On the other hand, activities such as cleaning and ironing are outsourced rarely. We have also investigated what factors households perceive as important for making decisions about outsourcing domestic chores for each category of housework. The outsourcing of certain domestic chores could be partially explained by household resource argument and also by demand capability argument. The barriers to outsourcing domestic chores are in categories catering the food, cleaning and laundry and ironing affordability and in all categories strong orientation of Slovak households toward self-service economy. Length: 15 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 310-324 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=017&rid=6700 File-Function: First version, 2016 Number: 4206700 Classification-JEL: D13, D12 Keywords: outsourcing, domestic chores, household economics, barriers to outsourcing, consumer behaviour Handle: RePEc:sek:iefpro:4206700 Template-Type: ReDIF-Paper 1.0 Author-Name: Anna Wi?niewska-Sa?ek Author-Name-First: Anna Author-Name-Last: Wi?niewska-Sa?ek Author-Email: anna.wisniewska.salek@gmail.com Author-Workplace-Name: Czestochowa University of Technology Author-Name: Sylwia ??gowik-?wi?cik Author-Name-First: Sylwia Author-Name-Last: ??gowik-?wi?cik Author-Email: sylwialegowik@op.pl Author-Workplace-Name: Czestochowa University of Technology Author-Name: Katarzyna Grondys Author-Name-First: Katarzyna Author-Name-Last: Grondys Author-Email: kgrondys@zim.pcz.pl Author-Workplace-Name: Czestochowa University of Technology Author-Name: Marcin St?pie? Author-Name-First: Marcin Author-Name-Last: St?pie? Author-Email: mstepien@zim.pcz.pl Author-Workplace-Name: Czestochowa University of Technology Title: The Financial and Economic Analysis of the Situation of Business Entities using Quantitative Methods Abstract: Examination of economic reality requires a broad spectrum of methods for the analysis of economic operators situation. Economic entities operating in the financial sector such as other economic sectors have distinct individual - specialized methods of "market recognition". Striving for the globalization and internationalization trends requires from the enterprises to undertake continuous processes, analysis and situation control, which mostly affects the financial and innovative sphere. The steps taken in this direction by the management staff, must have a basis in real performance results, which is achieved through all kinds of analysis. Quantitative methods, regardless of business sector, relatively enable to determine precisely the company condition and estimate their expected outcome. Additionally the use of non-standard economic methods for financial data, allow you to look at the situation with new "fresh" angle. The author in the article presents some mixed methods under which the managers will be able to interpret financial data based on the use of mathematical and statistical methods. Length: 11 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 325-335 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=018&rid=6765 File-Function: First version, 2016 Number: 4206765 Classification-JEL: C10, M21 Keywords: analysis, finance, economics, quantitative methods Handle: RePEc:sek:iefpro:4206765 Template-Type: ReDIF-Paper 1.0 Author-Name: El?bieta Wro?ska-Bukalska Author-Name-First: El?bieta Author-Name-Last: Wro?ska-Bukalska Author-Email: elzbieta.bukalska@umcs.lublin.pl Author-Workplace-Name: Maria Curie-Sk?odowska University Title: Overconfidence of Students and Managers - Comparative Analysis Abstract: Overconfidence is one of the biases and fallacies that affect cognitive process. But overconfidence is one that is most pervasive. The concept of overconfidence comes from cognitive psychology and is widely applied in behavioral finances. But so far the adoption of overconfidence effect is present when explaining the investors? decisions. There are still few attempts that aim to explain managers? behavior with cognitive biases and fallacies. Existing research show that there is relation between manager?s overconfidence and financial decisions. The main problem of all these research is that each one of them applies different overconfidence measures. This paper is to identify the overconfidence phenomena and compare it between the group of managers and the group of managers-to-be (students of finance and accounting). To conduct it, the original tool and measure is proposed and later on verified in order to make it possible for common use of it (not only in psychology or only in finance). The main research hypothesis assumes that the frequency and the level of managers? overconfidence is the same as frequency and the level of students? (managers-to-be) overconfidence. The main method applied was to construct the tool to identify and measure the overconfidence. After having identified overconfidence, the U Mann Whitney significance test was applied to compare the overconfidence between the two groups. The result shows that there is statistically significant difference between overconfidence of the managers and students. But the main reason of this difference is the structure of the groups that were the subject of the analysis. Among the students the majority are women, while among the managers the majority are men. This supports the results of previous research showing that the men?s overconfidence is higher than women?s. At the same time it proves that the applied tool and measure of overconfidence is proper and might be used for different groups. After verifying the tool of overconfidence and identifying the overconfidence it might be reasonable to try to find relation between overconfidence and results of human activity (learning results or financial results of running business). Understanding the relation between managers? overconfidence and financial results allows to apply proper methods of recruitments and supervising.Originality of the paper lies in the applied tool of identifying and measuring overconfidence. The subject and the findings of this paper are important for theory and practice: it helps to shed light on financial management by understanding the managers? behavior. Length: 13 pages Creation-Date: 2016-10 Publication-Status: Published in Proceedings of the Proceedings of the 6th Economic & Finance Conference, OECD Headquarters, Paris, Oct 2016, pages 336-348 File-URL: https://iises.net/proceedings/6th-economics-finance-conference-oecd-headquarters-paris/table-of-content/detail?cid=42&iid=019&rid=6528 File-Function: First version, 2016 Number: 4206528 Classification-JEL: G02, G39, L26 Keywords: behavioral finance, overconfidence, Handle: RePEc:sek:iefpro:4206528