Template-Type: ReDIF-Paper 1.0 Author-Name: Sarah Abdul Rahim Author-Name-First: Sarah Author-Name-Last: Abdul Rahim Author-Email: sarahim@iba.edu.pk Author-Workplace-Name: Institute of Business Administration Author-Name: Asma Hyder Author-Name-First: Asma Author-Name-Last: Hyder Author-Email: ahyder@iba.edu.pk Author-Workplace-Name: Institute of Business Administration Author-Name: Qazi Masood Ahmed Author-Name-First: Qazi Author-Name-Last: Masood Ahmed Author-Email: qmasood@iba.edu.pk Author-Workplace-Name: Institute of Business Administartion Title: Governance and Happiness: Evidence From Citizens? Perception in Pakistan Abstract: This paper examines the impact of governance on happiness of residents in a developing society. Two major aspects of governance, i.e., democratic and technical governance are used for this analysis. Governance and happiness are measured on the basis of citizen?s perceptions through a survey from all over the country. We find a significant relationship between self perceived governance and happiness. Our estimates suggest that improvement in democratic and technical governance will increase happiness of its citizens. Results carry important implications for a developing country like Pakistan to improve the government institutions and their functioning in order to increase their effectiveness. Length: 21 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 1-21 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=001&rid=7773 File-Function: First version, 2017 Number: 4807773 Classification-JEL: D02, D00 Keywords: Governance, Happiness, Democratic, Technical Handle: RePEc:sek:iefpro:4807773 Template-Type: ReDIF-Paper 1.0 Author-Name: Bruce Budd Author-Name-First: Bruce Author-Name-Last: Budd Author-Email: bbudd@dah.edu.sa Author-Workplace-Name: Dar Al-Hekma University Title: Canaries in the coal mine. The tale of two signals: the VIX and the MOVE Indexes. Abstract: The purpose of this paper is to explore derived signals of the historical implied volatility measures between the U.S. equities market and the U.S. bond market using the VIX and MOVE Indices 2010-2015 respectively. This paper further examines the co-movement and dynamics (i.e. changes) within and between these markets. This empirical analysis finds implied volatility of the treasury market MOVE Index can forecast the implied volatility of the equities market (VIX), though not always reliably. The signals between the VIX and MOVE Indexes in the last ten years has changed and the gap between these markets has widened. A relationship not witnessed since the early days before the 2008 Global Financial Crisis. The contributing factor to this widening gap is the greater volatility experienced by the MOVE Index compared to its VIX counterpart heightened by the record-low global interest rates and lack of liquidity in the bond market. The implications of this research are important for strategic forecasting policy decision-makers and analysts alike. Length: 11 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 22-32 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=002&rid=7778 File-Function: First version, 2017 Number: 4807778 Classification-JEL: G10, E44 Keywords: VIX Index, MOVE Index, Implied Volatility. Handle: RePEc:sek:iefpro:4807778 Template-Type: ReDIF-Paper 1.0 Author-Name: Cesar Escalante Author-Name-First: Cesar Author-Name-Last: Escalante Author-Email: cescalan@uga.edu Author-Workplace-Name: University of Georgia Author-Name: Minrong Song Author-Name-First: Minrong Author-Name-Last: Song Author-Email: songminr@uga.edu Author-Workplace-Name: University of Georgia Title: Pre and Post Recession Input Allocation Decisions of Farm Credit System Lending Units Abstract: This article estimates and analyzes the technical efficiencies and input allocation decisions of lending associations and their own banks under the U.S. Farm Credit System (FCS) during the period 2005-2011. The sample time period allows for the analysis of the operating decisions of FCS lending units under pre- and post-economic recession conditions. Results indicate that even while FCS lending units were plagued with higher funding costs during the recession, their input allocation decisions revealed fund sourcing strategies that leaned towards using more of the cheaper inputs. Moreover, smaller lending associations were found to have maintained relatively higher levels of technical efficiency. Length: 12 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 33-44 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=003&rid=7110 File-Function: First version, 2017 Number: 4807110 Classification-JEL: G20, E39, Q14 Keywords: Farm Credit System, allocative efficiency, input allocation, technical efficiency, financial inputs, deposits Handle: RePEc:sek:iefpro:4807110 Template-Type: ReDIF-Paper 1.0 Author-Name: Bogna Ka?mierska-Jó?wiak Author-Name-First: Bogna Author-Name-Last: Ka?mierska-Jó?wiak Author-Email: bognakaj@uni.lodz.pl Author-Workplace-Name: University of Lodz, Faculty of Management Author-Name: Elzbieta Wro?ska-Bukalska Author-Name-First: Elzbieta Author-Name-Last: Wro?ska-Bukalska Author-Email: elzbieta.bukalska@umcs.lublin.pl Author-Workplace-Name: Maria Curie-Sklodowska University Lublin Title: EFFECT OF REPURCHASE ANNOUNCEMENT ON THE POLISH ALTERNATIVE STOCK MARKET Abstract: In recent years open-market share repurchase programs have become an important payout policy not only for U.S. firms, but also European. Vast literature has examined the effect of share repurchase announcement on developed countries, especially the U.S. Relatively little research has yet been published examining the emerging markets reaction on share repurchase programs. This study attempts to extend the knowledge with the information content of buy back announcements in Poland. The main aim of the study is to test the informational con-tent of share repurchase announcements on the Polish alternative stock market us-ing event study methodology. Our sample was formed by identifying share repur-chase announcements reported by companies listed on the NewConnect Stock Ex-change over the period 2007-2016. Due to the results of prior studies which give support for positive market reaction on share repurchase announcements (i.a. Ikenberry, Lakonishok and Vermaelen, 1995; Grullon and Michaely, 2002; Chan, Ikenberry, Lee, Wang, 2010) we hypothesize that firms announcing share repurchases on NewConnect experience positive valuation effects. Length: 13 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 45-57 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=004&rid=7891 File-Function: First version, 2017 Number: 4807891 Classification-JEL: G35 Keywords: share repurchase, payout policy, event study, abnormal returns, NewConnect, Poland Handle: RePEc:sek:iefpro:4807891 Template-Type: ReDIF-Paper 1.0 Author-Name: Anna Iwona Piotrowska Author-Name-First: Anna Iwona Author-Name-Last: Piotrowska Author-Email: anna.piotrowska@wsb.torun.pl Author-Workplace-Name: WSB University in Toru? Author-Name: Dariusz Piotrowski Author-Name-First: Dariusz Author-Name-Last: Piotrowski Author-Email: darius@umk.pl Author-Workplace-Name: Nicolaus Copernicus University in Toru? Title: Barriers to the functioning of the bitcoin system ? user assessment Abstract: Bitcoin is a system created to service micro-payments in e-commerce, as well as the digital unit of value functioning in the system's environment. When analysed, the behaviour of market participants indicates that the introduction of investment applications of the cryptocurrency, in parallel with its original payment application, had a tremendous impact on the larger-scale functioning of the system. This was aided by the functioning of many trading platforms allowing for exchange into traditional currencies and a high volatility of quotations. Without doubt, bitcoin may be branded a ground-breaking financial innovation or a work of genius. However, the growing, and even global use of bitcoin has brought some of the system's imperfections to light. As the system developed, bitcoin users started to have a better view of the threats to the correct functioning of the system arising from its construction. The paper aims to indicate the main barriers limiting the functioning of the bitcoin system, and its use in payments in particular. The work has adopted the following research hypothesis: In the early stages of bitcoin functioning, users had little awareness of the technological flaws of the system. The study analyses the literature on the subject and the results of a survey carried out among Polish bitcoin users. The analysis confirms of the research hypothesis, as it shows that in the system?s first several years, users identified the following threats to the system?s functioning: the speculative nature of bitcoin, the lack of adequate awareness in society which would allow for a widespread use of the innovation, potential too strict regulation of the cryptocurrencies market or its banning. The authors also present threats to the functioning of the system which in their opinion are of greatest importance at the moment. These relate to the existence of intermediaries, the lack of systemic incentives addressed to bitcoin merchants, growing costs and payment processing time. The authors intend to indicate those aspects of bitcoin's functioning in order to make the use of cryptocurrencies more conscious and contribute to limiting financial risk of system users. Length: 11 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 58-68 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=005&rid=7736 File-Function: First version, 2017 Number: 4807736 Classification-JEL: F65, G20, O31 Keywords: Cryptocurrency, bitcoin, financial innovation, operational risk Handle: RePEc:sek:iefpro:4807736 Template-Type: ReDIF-Paper 1.0 Author-Name: Dariusz Piotrowski Author-Name-First: Dariusz Author-Name-Last: Piotrowski Author-Email: darius@umk.pl Author-Workplace-Name: Nicolaus Copernicus University in Toru? Title: Challenges and barriers to the development of sukuk in the European capital market Abstract: Sukuk are instruments of the capital market whose construction is based on the sharia rules. Over the last two decades, the sukuk market has become global. However, the main centres of trade are still located in South-Eastern Asia, with Malaysia at the forefront, and countries in the Persian Gulf region. Sukuk are present in the European financial market, mainly through companies' issues and the functioning of centres of trade in London, Luxembourg and Dublin. Despite that, the Islamic certificates have not yet gained significant interest. The paper will indicate the types of challenges and barriers related to issuing and trading sukuk in the European market. The research applies an analysis of literature on the subject, reasoning based on statistical data regarding the European market and a case study of a 2014 sukuk offering transacted by the government of the United Kingdom. The paper indicates that the specific characteristics of sukuk lead to the conclusion that they should be treated as a separate category of capital market instruments. In consequence, trading in these instruments on the European financial market requires an adjustment of the applicable legal norms. What is more, the fact that sukuk's structure is more complicated than that of traditional financial instruments increases risks and costs of the issuers. The distinctness and variety of sukuk forms hinder financial risk assessment, and thus have a negative impact on the scale of investors' interest in sukuk. Length: 15 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 69-83 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=006&rid=7695 File-Function: First version, 2017 Number: 4807695 Classification-JEL: G18, O16, Z12 Keywords: Sukuk, Islamic finance, European financial market, development barriers Handle: RePEc:sek:iefpro:4807695 Template-Type: ReDIF-Paper 1.0 Author-Name: EPHREM HABTEMICHAEL REDDA Author-Name-First: EPHREM HABTEMICHAEL Author-Name-Last: REDDA Author-Email: Ephrem.Redda@nwu.ac.za Author-Workplace-Name: North-West University Author-Name: Paul-Francious Muzindusti Author-Name-First: Paul-Francious Author-Name-Last: Muzindusti Author-Email: MuzindutsiP@ukzn.ac.za Author-Workplace-Name: University of Kwazulu Natal Title: Does SADC constitute an optimum currency area? Evidence from generalised purchasing power parity Abstract: The Southern African Development Community (SADC) has ambitious plans of economic integration for the region. It is planning to introduce a common currency and a regional central bank by the year 2018. As advocated by the optimal currency area (OCA) theory, lower transaction costs, stable prices, efficient resource allocation and improved access to goods, labour and financial markets are some of the benefits accrued from monetary unions. Relinquishing monetary and exchange rate policies are cited as the main costs of joining such a union. It is argued that sufficient and sound economic bases should be in place for a monetary union to be effective and yield the desired result. The primary objective of this paper was to determine whether SADC constitute an OCA. The study employs the generalised purchasing power parity (GPPP) framework consistent with OCA theory on price (inflation rate) and exchange rate. The method included Johansen cointegration test, vector error correction model and Pedron`s panel cointegration test. The findings of the study suggest that GPPP holds in SADC. This can be interpreted as existence of similarities of fundamental macroeconomic factors that drive real exchange rates in the region. This evidence suggests that bilateral real exchange rates in the SADC region share a common stochastic trend in the long-run. However, the differences in the size of coefficients of normalised long-run cointegrating equation suggest that the aggregate demand patterns in the region are dissimilar and indicate asymmetries in exchange rate adjustment process to disequilibrium in the region. Other economic concerns such as business cycle synchronisation, and convergence of key macroeconomic variables including budget deficit, government debt and foreign reserves cover should be thoroughly investigated before the said economic union is implemented. Length: 15 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 84-98 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=007&rid=7771 File-Function: First version, 2017 Number: 4807771 Classification-JEL: F33, F40, C23 Keywords: Optimum currency area, generalised purchasing power parity, monetary union, single currency, SADC Handle: RePEc:sek:iefpro:4807771 Template-Type: ReDIF-Paper 1.0 Author-Name: Mohsin Sadaqat Author-Name-First: Mohsin Author-Name-Last: Sadaqat Author-Email: mohsin.sadaqat@nbs.nust.edu.pk Author-Workplace-Name: National University of Sciences and Technology Author-Name: Hilal Anwar Butt Author-Name-First: Hilal Anwar Author-Name-Last: Butt Author-Email: habutt@iba.edu.pk Author-Workplace-Name: Institute of Business Administration Title: Anomalous Returns, Risk Premiums and Diversification: Evidence from Emerging Market Abstract: A simple size and volatility based zero-investment strategies yield 30% to 50% annual returns in Pakistan stock exchange (PSX), Pakistan. These returns are quite higher in comparison to comparable evidence for the most efficient market of the US. This study indicates that higher returns are not a vindication of market inefficiency rather, a compensation to investors for being exposed to market and illiquidity related local risks. Further, we find that PSX provides significant portfolio diversification opportunities to the international investors. These results are also manifested for other two relatively bigger emerging markets of India and Brazil with lesser diversification benefits. Length: 25 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 99-123 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=008&rid=7461 File-Function: First version, 2017 Number: 4807461 Classification-JEL: G10, G12, G15 Keywords: Zero-Investment Strategy, Annual Returns, Market Risk, Illiquidity Risk, Diversification. Handle: RePEc:sek:iefpro:4807461 Template-Type: ReDIF-Paper 1.0 Author-Name: Boopen SEETANAH Author-Name-First: Boopen Author-Name-Last: SEETANAH Author-Email: b.seetanah13@gmail.com Author-Workplace-Name: University of Mauritius Author-Name: viraiyan teeroovengadum Author-Name-First: viraiyan Author-Name-Last: teeroovengadum Author-Email: v.teeroovengadum@uom.ac.mu Author-Workplace-Name: uni of mauritius Title: Higher Education and Economic Growth: Evidence from Africa Abstract: This paper assesses the economic contribution of tertiary education for a sample of 13 African economies over the time period 1990-2013. Using a Panel VAR framework to account for the dynamic and endogeneous relationship between tertiary education(TER) and growth, our findings show that TER is positively and significantly related to the economic growth of the sample of African countries under study. It is noteworthy that the magnitude of the TER coefficient remains relatively smaller as those obtained for developed country cases and samples. Interestingly the study also found the presence of a reverse causation as output appears to be also a determinant of TER. In other words, output level which proxies for the earning capacity of the economy play an important role in TER, which is mostly financed by the government in the countries under study. In addition to the national income, domestic investment, education attainment, foreign direct investment and openness level being other determinants of such TER for these countries. Moreover, there is evidence that TER encourages private investment suggesting some indirect effects of TER on output via the private capital channel. As such similar indirect effect through the FDI channel is observed. Length: 19 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 124-142 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=009&rid=7254 File-Function: First version, 2017 Number: 4807254 Classification-JEL: A23 Keywords: Higher Education, Africa, Economic Growth Handle: RePEc:sek:iefpro:4807254 Template-Type: ReDIF-Paper 1.0 Author-Name: Falik shear Author-Name-First: Falik Author-Name-Last: shear Author-Email: falik.shear@nbs.nust.edu.pk Author-Workplace-Name: NUST Business School Author-Name: Hilal Anwar Butt Author-Name-First: Hilal Anwar Author-Name-Last: Butt Author-Email: habutt@iba.edu.pk Author-Workplace-Name: IBA Author-Name: Imtiaz Badshah Author-Name-First: Imtiaz Author-Name-Last: Badshah Author-Email: imtiaz.badshah@nbs.nust.edu.pk Author-Workplace-Name: NUST Business School Title: An analysis of the relationship between the sovereign credit default swaps and the stock market of Pakistan through handling outliers Abstract: This study examines the relationship between the Sovereign Credit Default Swap (SCDS) market and Karachi Stock Exchange (KSE). Previous literature in this lieu rarely handles the effect of outliers? presence in data. This study applies Split Sample Skewness Based Boxplot (SSSBB) technique for outlier detection and proposes SSSBB-Winsorization for handling outliers. The results depict a significant role of outliers in the determination of the correlation and causal relationship between these markets. Findings suggest a negative and statistically significant correlation between SCDS and KSE, which is increasing gradually. Moreover, by using Granger causality test, this study finds bidirectional causality between both the markets, which implies informational efficiency of both markets in the prediction of each other. Length: 17 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 143-159 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=010&rid=7486 File-Function: First version, 2017 Number: 4807486 Classification-JEL: Keywords: Granger causality, KSE, Outliers, Sovereign CDS, Winsorization Handle: RePEc:sek:iefpro:4807486 Template-Type: ReDIF-Paper 1.0 Author-Name: Izabela Sta?czyk Author-Name-First: Izabela Author-Name-Last: Sta?czyk Author-Email: izabela.stanczyk@uj.edu.pl Author-Workplace-Name: Uniwersytet Jagiello?ski Title: Perception of organizational support by employees - results of research Abstract: The objective of this elaboration was to present the issue of the perception of organizational support amongst the specialists representing various organizations. A survey research upon the basis of the Survey of Perceived Organizational Support (SPOS) was conducted. The results present the opinions of the respondents relevant to such factors as job satisfaction, satisfaction with the level of completing tasks, regulating completed tasks, the direct perception of organizational support, and also the direct perception of the support provided by a superior. They describe the image of the organization as well. The presented results of research constitute a part of a more extensive survey research, and the research was conducted as a pilot study. The inventories were completed by 40 employees. The respondents were individuals employed in specialist capacities in the following industries: financial and insurances, banks, services, and also in commerce. These organizations, in the majority of them, employ more than 1,000 staff members each, and, as a principle, are the branches of overseas companies. Their organizational-legal form is either a limited liability company, or a joint-stock company. Length: 7 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 160-166 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=011&rid=7876 File-Function: First version, 2017 Number: 4807876 Classification-JEL: J24 Keywords: Organizational support, human resources management, commitment, job satisfaction, support of a superior Handle: RePEc:sek:iefpro:4807876 Template-Type: ReDIF-Paper 1.0 Author-Name: Jack Strauss Author-Name-First: Jack Author-Name-Last: Strauss Author-Email: Jack.Strauss@DU.edu Author-Workplace-Name: University of Denver Title: Do High Speed Railways Lead to Urban Economic Growth in China? Abstract: This paper investigates the impact of high-speed railroads (HSR) on city-level economic activity using a new dataset for approximately 200 cities in China from 2007-2014. We apply panel Granger causality methods to assess whether increases in a city?s accessibility increases GDP growth, GDP per capita growth and wage growth. Or does causality run the opposite way ? does rising economic growth boost accessibility? Results document that increases in accessibility lead to significant and relatively large increases in GDP growth on the city-level; further, the benefits substantially out-weigh HSR?s fixed costs, depreciation and subsidies. Out-of-sample methods document the importance of increases in HSR in forecasting GDP growth. Monte Carlo simulations document the usefulness of OLS and out-of-sample tests in assessing panel Granger Causality tests. Length: 33 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 167-199 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=012&rid=7677 File-Function: First version, 2017 Number: 4807677 Classification-JEL: Keywords: China Infrastructure, Granger Causality, High Speed Railroads Handle: RePEc:sek:iefpro:4807677 Template-Type: ReDIF-Paper 1.0 Author-Name: Magdalena Stuss Author-Name-First: Magdalena Author-Name-Last: Stuss Author-Email: magdalena.stuss@uj.edu.pl Author-Workplace-Name: Uniwersytet Jagiello?ski, Instytut Ekonomii, Finansów i Zarz?dzania Author-Name: Agnieszka Herdan Author-Name-First: Agnieszka Author-Name-Last: Herdan Author-Email: A.Herdan@greenwich.ac.uk Author-Workplace-Name: University of Greenwich Title: External Employer branding tools used for attracting graduates by energy companies listed at Warsaw stock exchange Abstract: As business environment face many challenges employer branding became an important part of long term strategy. It is expected that companies will try manage the awareness and perceptions of current and potential employees, and related. Companies try to develop their image as an employer of choice the one who employee wants to work for and associate with. Many researchers emphasise that such approach should allow to recruit and retain the best workforce. Thus the company should use various channels and tools to demonstrate attractiveness and benefits to prospective employees'. It should show the uniqueness of the firm and distinguish from competitors and draw employees to that company. Employer branding is very often divided into external branding and internal branding. Internal employer branding is concentrates on creating a friendly work atmosphere, building opportunities for development and growth for employees inside the organization. On the other hand external employer branding focus on building company image that increase candidates' and market awareness of the brand(company) and the advantages of working for it..This paper will look at which external employer branding tools are mostly used by energy sector companies' listed at Warsaw Stock Exchange. It will also investigate similarities and differences within this sector. The content analysis reveals that in energy sector companies use similar external employer branding tools to attract talents such as social media, job fairs, companies websites. However the collaboration with universities still use old fashion approach of mainly guest lectures. More interactive approaches such as brand ambassadors, on Campus designates events or open days are still rather rare practise Length: 14 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 200-213 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=013&rid=7874 File-Function: First version, 2017 Number: 4807874 Classification-JEL: J24 Keywords: Employer branding, human resource management, HR marketing Handle: RePEc:sek:iefpro:4807874 Template-Type: ReDIF-Paper 1.0 Author-Name: Anam Tasawar Author-Name-First: Anam Author-Name-Last: Tasawar Author-Email: anam.tasawar@uog.edu.pk Author-Workplace-Name: University of Gujrat Title: Corporate monitoring mechanism and corporate governance influence CEO compensation level: Evidence from non-financial firms of Pakistan Abstract: Managerial compensation is strategically pivotal and practically interesting to manage as it has long-lasting ties with firm?s performance. It is regarded as most crucial tool to attract and retain the top-notched professionals to achieve the firm?s strategic and long term objectives. The executives tends to support their comparatively higher level of compensation sometimes, may be at the cost of priority to firm?s value and interest of principles. In corporate finance literature, this phenomenon of opportunistic behavior has been controlled by various monitoring mechanisms. The new spectacle is apposite in Pakistani financial institutions that have no more strict application of compensation regulation. The current study empirically evaluates the impact of different corporate governance attributes such as institutional shareholders? activism, independence of audit committee and board structure and block holding on the level of compensation paid to CEO of Pakistani listed firms for a period of 2007-2013. All these personas worked as monitoring mechanism for CEOs is scrutiny through stepwise regression. The results found that independent audit committee and board of director along with dual CEO structure and greater family ownership are helpful in mitigating the higher level of CEO compensation with is in align with the agency cost hypothesis. Moreover, higher financial institutional ownership found positively related to CEO compensation which is in accordance with the strategic alliance hypothesis. However, the role of institutions in deciding CEO compensation becomes negative in case of family firms as compared to non-family firms. Length: 14 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 214-227 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=014&rid=7442 File-Function: First version, 2017 Number: 4807442 Classification-JEL: G30, G39 Keywords: Managerial Compensation, Corporate Governance, monitoring mechanism Handle: RePEc:sek:iefpro:4807442 Template-Type: ReDIF-Paper 1.0 Author-Name: Sana Tauseef Author-Name-First: Sana Author-Name-Last: Tauseef Author-Email: sasghar@iba.edu.pk Author-Workplace-Name: Institute of Business Administration (IBA), Karachi Title: Cross-Sectional Variation in Stock Returns: Evidence from an Emerging Market Abstract: Fama and French (1992) reported that the two fundamental factors, size and book-to-market (BM) explains the cross-sectional variation in stock returns and the relationship between beta and average returns is flat. This study reports the market risk as the most significantly priced factor for Pakistan?s stocks. Investors in Pakistan?s equity market are compensated for the size, BM and momentum factors, but the relationship between risk and return as given by Capital Asset Pricing Model (CAPM) is strong and remains powerful even with the addition of size, BM and momentum factors. The significant role of beta reported for Pakistan?s stocks justifies the use of CAPM in stock valuation. Length: 30 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 228-257 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=015&rid=7087 File-Function: First version, 2017 Number: 4807087 Classification-JEL: G11, G12, G14 Keywords: Market Beta, Size, BM Ratio, Momentum, Pakistan Stock Exchange. Handle: RePEc:sek:iefpro:4807087 Template-Type: ReDIF-Paper 1.0 Author-Name: Adela Zubikova Author-Name-First: Adela Author-Name-Last: Zubikova Author-Email: adela.zubikova@gmail.com Author-Workplace-Name: University of Economics in Prague, Faculty of Economics Title: Resource curse: Case study of Nigeria Abstract: The aim of the article is to verify the validity of resource curse in the case of Nigeria at the beginning of the new millennium. The theoretical part defines the role of natural resources as a form of capital, the symptoms of the alleged curse and transmission channels of resource curse. The practical part verifies several hypotheses established by comparing research papers on impacts of natural resources. The validity of the Prebisch-Singer hypothesis, Dutch disease symptoms and a negative impact on political institutions (inclination toward authoritarianism, high level of corruption, high government spending and low efficiency of economic and political decision-making) are verified. Results confirm most of the manifestations of the resource curse. Length: 12 pages Creation-Date: 2017-07 Publication-Status: Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 258-269 File-URL: https://iises.net/proceedings/8th-economics-finance-conference-london/table-of-content/detail?cid=48&iid=016&rid=7411 File-Function: First version, 2017 Number: 4507411 Classification-JEL: O13, Q00, Q33 Keywords: resource curse, natural capital, economic growth, Prebisch-Singer hypothesis, Dutch disease Handle: RePEc:sek:iefpro:4507411