Template-Type: ReDIF-Paper 1.0
Author-Name: Bochun Zhu
Author-Name-First: Bochun
Author-Name-Last: Zhu
Author-Email: zhu_bochun@sp.edu.sg
Author-Workplace-Name: University of Economics, Prague
Author-Name: Bo?ena Kade?ábková
Author-Name-First: Bo?ena
Author-Name-Last: Kade?ábková
Author-Email: kaderabb@vse.cz
Author-Workplace-Name: University of Economics, Prague
Title: Remarks on financial crisis, speculative bubles and some specifics in the Czech Economy
Abstract: This paper deals with financial crisis and bubbles on financial markets. Authors first compare theoretical approaches to the crisis, then identify common characteristics of past financial crisis and the recent crises, then analyze price bubbles as a possible source of the crisis, ways of their estimation and possible responses of economic policies. The analytical part is focused on the case of the Czech Republic, as the paper finds some specific features in the bubble performance in the Czech Republic, as the Czech economy was characterized by the low cost of labour and very low price of properties, a heritage of the transformation era.
Length: 10 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 61-70
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=001&rid=9710
File-Function: First version, 2018
Number: 7109710
Classification-JEL: E32, G01
Keywords: Financial crises, Speculative bubbles, Specifics features in the Czech economy
Handle: RePEc:sek:iefpro:7109710
Template-Type: ReDIF-Paper 1.0
Author-Name: Ryta Dziemianowicz
Author-Name-First: Ryta
Author-Name-Last: Dziemianowicz
Author-Email: r.dziemianowicz@uwb.edu.pl
Author-Workplace-Name: University of Bialystok, Faculty of Economics and Management
Author-Name: Aneta Kargol-Wasiluk
Author-Name-First: Aneta
Author-Name-Last: Kargol-Wasiluk
Author-Email: a.kargol@uwb.edu.pl
Author-Workplace-Name: University of Bialystok, Faculty of Economics and Management
Author-Name: Anna Wildowicz-Giegiel
Author-Name-First: Anna
Author-Name-Last: Wildowicz-Giegiel
Author-Email: a.wildowicz@uwb.edu.pl
Author-Workplace-Name: University of Bialystok, Faculty of Economics and Management
Title: New fiscal policy? Lesson from the crisis
Abstract: The article aims to rethinking the role of fiscal policy in the process of macroeconomic stabilization which over 30 years has been strongly negated by neoliberal doctrine. The study is based on the analysis of premises for expansionary fiscal policy implementation both from theoretical and empirical perspective. In the face of strong economic shocks, such as the recent crisis, the special attention is paid on its size, instruments and time horizon. The content analysis of the literature supported by empirical evidence devoted to fiscal policy in context of its impact on the course of business cycles was conducted. The authors used Ameco and IMF data referring to the public finance with special focus on countries belonging to euro area and the US. It was claimed that the attempts to reduce increasing public debt via fiscal consolidation in early years of the crisis 2009-2011 have very likely resulted in a higher debt to GDP as euro area entered its second recession. At the same time, only countries with large fiscal space like the US could afford the bigger fiscal stimulus, and as a result registered output losses in these economies were smaller compared to Europe. In conclusion it should be emphasized that contractionary fiscal policy in a depressed economy had not only a negative short-term impact on GDP, but through hysteresis effects permanently affected the expected path of future growth. Despite this, the costs of expansionary fiscal policy are also worth to be taken into account and even in a depressed economy such policy surely should be timely, targeted and contemporary as sustainability of public finance in the long-term is recommended.
Length: 21 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 11-31
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=002&rid=9428
File-Function: First version, 2018
Number: 7109428
Classification-JEL: E62, E63
Keywords: fiscal policy, austerity, fiscal consolidation, hysteresis
Handle: RePEc:sek:iefpro:7109428
Template-Type: ReDIF-Paper 1.0
Author-Name: Leana Esterhuyse
Author-Name-First: Leana
Author-Name-Last: Esterhuyse
Author-Email: esterl@unisa.ac.za
Author-Workplace-Name: University of South Africa
Title: Investor relations - are natural resources companies better? Evidence from South Africa.
Abstract: This paper aims to determine whether natural resources companies have better investor relations practices than companies in other industries, and secondly, whether classification as a natural resources company is a significant predictor of the quality of companies? investor relations practices. The companies under investigation are listed on the Johannesburg Stock Exchange (JSE) of South Africa. Output from natural resources companies is a significant contributor of GDP in South Africa, an emerging and developing economy. In order to attract foreign investors, improve stock pricing and trading liquidity, South African companies need to signal to the capital market at the level that they are used to from companies in developed economies. Communications with the capital market is proxied by investor relations activities on the companies? websites. I find that on average, natural resources companies have significantly better IR practices than companies in other industries. However, in the multivariate model, being a natural resource company is a weak and insignificant predictor of online investor relations quality. Results indicate that larger companies that were listed more recently, had a Big 4 Auditor and were listed on multiple exchanges had significantly better online investor relations practices. From a policy point of view, investor relations officers at natural resources companies can still do more to improve their capital market communication practices to reap the full benefits from increased transparency, especially in the face of political uncertainty and declining or stagnant commodity prices. This study contributes to the theories on signalling and legitimacy by testing its application to natural resource companies in a sub-Saharan country.
Length: 19 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 32-50
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=003&rid=8483
File-Function: First version, 2018
Number: 7108483
Classification-JEL: D82, O16, Q32
Keywords: Natural resources, South Africa, investor relations, transparency
Handle: RePEc:sek:iefpro:7108483
Template-Type: ReDIF-Paper 1.0
Author-Name: Abdul Haque
Author-Name-First: Abdul
Author-Name-Last: Haque
Author-Email: ahaque@ciitlahore.edu.pk
Author-Workplace-Name: COMSAT Institute of Information Technology, Lahore
Author-Name: Adeel Nasir
Author-Name-First: Adeel
Author-Name-Last: Nasir
Author-Email: adeelnasir486@yahoo.com
Author-Workplace-Name: University of the Punjab, Jhelum Campus
Title: The application of Value at Risk and Expected Shortfall as Controlling Mechanism of Systematic Risk of Pakistani Stock Market
Abstract: Fama and French (1992) three factor and Fama and French (2014) five-factor Model estimated relevant idiosyncratic factors and CAPM beta as the systematic risk factor for stock returns? variations. Application of Value at Risk (VaR) and Expected Shortfall (ES) modified the risk management criteria. This study applies traditional one factor, three factor and five factor model on Pakistan?s manufacturing companies. Compares and modifies the stated models while using VaR and ES as systematic risk factor and check the robustness of the significant extent of worst expected loss provided by VaR and ES by measuring 95% and 99% confidence levels and their impact on the stock returns. In comparison with traditional market risk factor, our findings are in favor of VaR and ES factor as it significantly affects the cross-sectional of excess stock returns and fulfills the criteria of risk aversion.
Length: 12 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 51-62
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=004&rid=8551
File-Function: First version, 2018
Number: 7108551
Classification-JEL: G10, G11, G14
Keywords: Value at Risk, Expected Shortfall, Fama and French Three Factor Model, Five Factor Model, Systematic Risk, Idiosyncratic Risk 
Handle: RePEc:sek:iefpro:7108551
Template-Type: ReDIF-Paper 1.0
Author-Name: Pavlína Hejduková
Author-Name-First: Pavlína
Author-Name-Last: Hejduková
Author-Email: pahejdu@kfu.zcu.cz
Author-Workplace-Name: University of West Bohemia, Faculty of Economics
Author-Name: Michaela Krechovská
Author-Name-First: Michaela
Author-Name-Last: Krechovská
Author-Email: mhorova@fek.zcu.cz
Author-Workplace-Name: University of West Bohemia, Faculty of Economics
Title: DEVELOPMENT OF ALTERNATIVE FINANCE MODELS AND THE POSITION OF CROWDFUNDING IN ALTERNATIVE FORMS OF FINANCE
Abstract: Considering recent developments in IT and the wake of the global economic crisis, crowdfunding has become an increasingly significant alternative form of finance. The aim of this paper is to analyse and discuss the current state and development of alternative finance markets focusing on crowdfunding. Firstly, we define the terms ?alternative finance?, ?alternative funding?, and ?crowdfunding?. The paper continues with the theoretical framework of crowdfunding and discusses different models of this type of financing. Development of alternative forms of financing is analysed based on data from previous surveys carried out in the field of alternative finance markets and individual crowdfunding platforms functioning around the world. Crowdfunding is growing worldwide, and the Asia-Pacific region, headed by China, is the world?s largest alternative finance market, followed by the Americas. In Europe, the UK is the market leader in alternative finance. As individual models of financing are concerned, the most common forms of alternative finance activities are peer-to-peer consumer lending, reward-based crowdfunding, and peer-to-peer business lending. At the end of the paper, we provide a conclusion of the presented aspects of crowdfunding and development of alternative finance. Finally, we mention potentially problematic areas of this type of financing that could be elaborated upon in the future.
Length: 12 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 63-74
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=005&rid=9736
File-Function: First version, 2018
Number: 7109736
Classification-JEL: G24, G32, M13
Keywords: alternative finance; capital; crowdfunding; innovation; SMEs
Handle: RePEc:sek:iefpro:7109736
Template-Type: ReDIF-Paper 1.0
Author-Name: SHAHID  HUSSAIN
Author-Name-First: SHAHID 
Author-Name-Last: HUSSAIN
Author-Email: shahid.hussain@nbs.nust.edu.pk
Author-Workplace-Name: National University of Sciences and Technology (NUST), NUST Business School
Author-Name: nabeel safdar
Author-Name-First: nabeel
Author-Name-Last: safdar
Author-Email: nabeel.safdar@nbs.nust.edu.pk
Author-Workplace-Name: National University of Sciences and Technology (NUST), NUST Business School
Title: Ownership structure of family business groups of Pakistan
Abstract: This study analysis the family business groups ownership structure in the framework of corporate legal system, regulatory institutions and codes of corporate governance of Pakistan. The study uses unique handpicked data comprising a sample of 326 non-financial firms listed on Pakistan Stock Exchange for a period of 2009-13. The results reveal that Pakistani corporations have high degree of concentration of ownership. The controlling shareholders own about 87 % of firms with 10 % or more shareholding and 60 % of firms with 20 % or more shareholding. Most of the businesses are controlled by families. In 63 % of business group firms, families own 20 % or more top shareholdings. The novel contribution of the study is to develop the ownership structure of family businesses and measure the cash flow leverage, cash flow and voting rights of ultimate owners in family business groups. The study finds the considerable difference in voting and cash flow rights in family business group firms. This has strong implications for regulators, minority shareholders and dispersed investors. 
Length: 15 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 75-89
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=006&rid=8626
File-Function: First version, 2018
Number: 7108626
Classification-JEL: G32, G34, G38
Keywords: ownership structure, business group, corporate governance, cash-flow rights, minority shareholders, voting rights, family business
Handle: RePEc:sek:iefpro:7108626
Template-Type: ReDIF-Paper 1.0
Author-Name: Jacek Jaworski
Author-Name-First: Jacek
Author-Name-Last: Jaworski
Author-Email: jjaworski@wsb.gda.pl
Author-Workplace-Name: WSB University in Gda?sk
Author-Name: Leszek Czerwonka
Author-Name-First: Leszek
Author-Name-Last: Czerwonka
Author-Email: leszek.czerwonka@ug.edu.pl
Author-Workplace-Name: University of Gda?sk, Faculty of Economics
Title: Impact of Capital Structure on Enterprise?s Profitability: Evidence from Warsaw Stock Exchange
Abstract: The aim of the paper is to diagnose the impact of the capital structure of companies listed on the Warsaw Stock Exchange on their profitability. The ratios used in the profitability measurement are Return on Sales (ROS), Return on Assets (ROA) and Return on Equity (ROE). The capital structure is characterised by the total debt ratio (DR) and long-term debt ratio (LDR). The method of the empirical study is panel analysis of data from financial statements of 372 companies listed in Warsaw in the years 1998 - 2016. As control variables, the size of the company and the rate of its growth were assumed.The results of the study indicate that the impact of the total debt share in the capital structure on profitability is negative. On the other hand, the dependence between profitability and long-term debt is positive. In addition, it has been found out that a greater size of a company results in higher profitability. A similar relationship is observed for the company growth rate.The limitations of the research are: a time-limited and number-limited research sample and lack of consideration in the study of external conditions (e.g. the general economic situation, the industry, internationalisation etc.).
Length: 11 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 90-100
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=007&rid=9137
File-Function: First version, 2018
Number: 7109137
Classification-JEL: G32, C23
Keywords: profitability, return on sales, return on assets, return on equity, leverage, sources of finance, capital structure
Handle: RePEc:sek:iefpro:7109137
Template-Type: ReDIF-Paper 1.0
Author-Name: Nattawoot Koowattanatianchai
Author-Name-First: Nattawoot
Author-Name-Last: Koowattanatianchai
Author-Email: fbusnwk@ku.ac.th
Author-Workplace-Name: Kasetsart University
Title: The extent to which earnings are manipulated in the construction sector of the Stock Exchange of Thailand and its exogenous macroeconomic factors
Abstract: This study aims to investigate the earnings manipulation phenomena in the construction sector of the Stock Exchange of Thailand. Our examination is divided into two stages. In the first stage, we use the M-score model developed by Beneish (1999) to calculate the extent to which earnings are manipulated by Thai construction companies listed in the SET during the past ten years. This will allow us to ascertain the level of earnings management engaged by these firms during several critical periods, e.g., the period before the US subprime mortgage crisis arose, during the crisis period, and the post-crisis period, and in addition, the period before the political crisis leading to an establishment of the military government and the period after. The second stage of our examination deals with potential macroeconomic factors that affect the probability of earnings manipulation revealed by construction companies. These variables include cement materials price index, steel material price index, fixed capital formation, gross domestic product. Our control variables include total accruals to total assets ratio, debt to equity ratio, market capitalization, and return on assets.Our preliminary results reveal that reveals that the level of earnings management in the construction sector of the SET exceeds the benchmark M-score value of -2.22 in the second and third quarters of 2009 (during the subprime crisis). This phenomenon is encouraging especially for the Securities and Exchange Commission (SEC) of Thailand. It implies that the SEC?s strict reporting regulations have resulted in the level of earnings manipulation in the construction sector of Thailand being low recently. Nevertheless, Thai construction firms have shown an incentive to conduct earnings manipulation activities during the global financial crisis period. Further analysis shows that debt to equity ratio, market capitalization, and steel materials price index are negatively related to the manipulation index at the 95% confidence level. Only the total accruals to total assets ratio is positively related to the manipulation index at the 95% confidence level. On the other hand, return on assets, cement materials price index, gross domestic product, gross domestic fixed capital formation, and the SET index are found to exert no significant influence over the manipulation index.
Length: 17 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 101-117
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=008&rid=8468
File-Function: First version, 2018
Number: 7208468
Classification-JEL: 
Keywords: earnings manipulation, M-score model, construction sector of the Stock Exchange of Thailand
Handle: RePEc:sek:iefpro:7208468
Template-Type: ReDIF-Paper 1.0
Author-Name: Lucie Kureková
Author-Name-First: Lucie
Author-Name-Last: Kureková
Author-Email: Lucie.Kurekova@seznam.cz
Author-Workplace-Name: University of Economics, Prague
Title: Regional disparities and migration in member states EU
Abstract: Certainly, the spatial distribution of economic activities is far from uniform in many countries European Union and significant differences at national and at regional level are still persistent. The aim of this study is to investigate and compare regional disparities in member states of European Union and estimate the effect of regional migration flows on convergence of regions. This study focuses on income and employment, these two factors are considered as major determinants of migration and on the contrary, migration can contribute to reducing income and employment disparity between regions. The econometric analysis uses panel data primarily from Eurostat Database.
Length: 10 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 118-127
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=009&rid=9900
File-Function: First version, 2018
Number: 7109900
Classification-JEL: C20, F20, J60
Keywords: disparity, convergence, European Union, regions, migration, income, unemployment rate
Handle: RePEc:sek:iefpro:7109900
Template-Type: ReDIF-Paper 1.0
Author-Name: Lontum Nchadze
Author-Name-First: Lontum
Author-Name-Last: Nchadze
Author-Email: sheylontum@gmail.com
Author-Workplace-Name: Cameroon Ministry of Finance
Title: Scope Economies in Cameroon's Telecommunications Sector.
Abstract: This study examines whether the simultaneous provision of multiple services leads to a reduction in the operating costs for concession holding firms in Cameroon?s telecommunications industry. With the use of financial accounting information and output statistics from 2005 to 2012, I estimate a Seemingly Unrelated Regression Equation (SURE) model for 4 linear cost functions. The use of SURE permits us to account for cross-equation contemporaneous correlation which may arise due to correlated shocks to technological changes in the industry or from spillovers from industry wide or economy wide shocks. The results establish that simultaneous provision of domestic and international calls, and of telephone and internet lines are all cost increasing, while enhancing the use of existing network capacity is cost reducing. Hence, I recommend that when firms choose to enhance the capacity utilisation of their existing infrastructure by adding to their service mix, authorities should always check the cost implications in order to avoid predatory behaviour. Instituting separate accounting procedures for defined categories of services could greatly aid this effort.
Length: 20 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 128-147
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=010&rid=8420
File-Function: First version, 2018
Number: 7108420
Classification-JEL: D22, D43, L25
Keywords: Scope Economies, Concession Holding Firm, Sub-Additivity, Seemingly Unrelated Regression.
Handle: RePEc:sek:iefpro:7108420
Template-Type: ReDIF-Paper 1.0
Author-Name: JOHN ADEBAYO OLOYEDE
Author-Name-First: JOHN ADEBAYO
Author-Name-Last: OLOYEDE
Author-Email: drjaoloyede@yahoo.com
Author-Workplace-Name: EKITI STATE UNIVERSITY, ADO EKITI, NIGERIA
Author-Name: OLADAPO FAPETU
Author-Name-First: OLADAPO
Author-Name-Last: FAPETU
Author-Email: drfapetu@gmail.com
Author-Workplace-Name: EKITI STATE UNIVERSITY, ADO EKITI, NIGERIA
Title: EFFECT OF EXCHANGE RATE VOLATILITY ON ECONOMIC GROWTH IN NIGERIA (1986-2014)  
Abstract: This study evaluates the effect of exchange rate volatility on economic growth in Nigeria from 1986 to 2014. It determines the extent and manner to which economic growth responds to exchange rate volatility in Nigeria. The empirical analysis of this study is to determine the degree of volatility of real effective exchange rate using the Generalised Autoregressive Heteroskedasticity (GARCH) model and the Generalized Method of Moments is used to determine the effect of real exchange rate volatility on economic growth. The study finds that there is high volatility of real effective exchange rate. It also reveals that real effective exchange rate is negatively and significantly related to economic growth. This finding suggests that exchange rate volatility is harmful to the growth of the Nigerian economy. This study recommends that government should constantly seek to maintain a stable exchange rate, increase its expenditure, particularly capital expenditure and implement sustainable reforms to increase the depth of the financial sector.
Length: 10 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 148-157
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=011&rid=9608
File-Function: First version, 2018
Number: 7109608
Classification-JEL: E44
Keywords:  exchange rate, volatility, economic growth and GARCH
Handle: RePEc:sek:iefpro:7109608
Template-Type: ReDIF-Paper 1.0
Author-Name: Tanapol Rattanasamakarn
Author-Name-First: Tanapol
Author-Name-Last: Rattanasamakarn
Author-Email: roengchaitan@gmail.com
Author-Workplace-Name: Faculty of Economics, Chiang Mai University
Author-Name: Roengchai Tansuchat
Author-Name-First: Roengchai
Author-Name-Last: Tansuchat
Author-Email: roengchaitan@gmail.com
Author-Workplace-Name: Faculty of Economics, Chiang Mai University
Title: Realized Volatility in Agricultural Commodities Futures
Abstract: The objectives of this paper are to construct the efficient frontier and optimum portfolio of agricultural commodity futures, and to evaluate financial risk by Value at Risk. We evaluated alternative volatility forecasting and computed daily Value at Risk (VaR) based on Realized Volatility approach and ARFIMA ? FIGARCH model. The intraday trade data of three agricultural commodity futures prices, namely corn, wheat and soybean traded in the Chicago Board of Trade (CBOT) with three different frequencies namely 1 minute, 5 minutes and 15 minutes, were collected from Bloomberg database. The complete data set covered the period from November 2015 to December 2016. The empirical results showed that the calculated realized volatility from Realized Covariance Measure (Andersen et al. 2003) of corn, wheat and soybean futures returns have the long memory feature for every frequency based on R/S test and GPH test. The simulated returns from ARFIMA ? FIGARCH are applied to construct the efficient frontier and optimum portfolio. The optimum portfolio suggested investing more than half in corn followed by soybean and wheat, respectively.
Length: 12 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 158-169
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=012&rid=9342
File-Function: First version, 2018
Number: 7109342
Classification-JEL: C58, G11, G32
Keywords: Realized Volatility, Agriculture futures, Long-memory, Portfolio Optimization  
Handle: RePEc:sek:iefpro:7109342
Template-Type: ReDIF-Paper 1.0
Author-Name: Jiri Rotschedl
Author-Name-First: Jiri
Author-Name-Last: Rotschedl
Author-Email: jiri@rotschedl.com
Author-Workplace-Name: University of Economics, Prague
Title: Economics of obesity ? case studies
Abstract: The paper deals with the economics of obesity and consumer decision-making. This paper aims to suggest measures to reduce obesity. The author links economics and some other scientific disciplines, for example, physiology, endocrinology, genetics, etc. Three economic case studies show how all these disciplines play a crucial role in the causes of obesity. Based on the economic case studies, the author suggests the "treatment" of obesity. It includes 1) the tax on unhealthy food (artificial sugar or fructose syrup); 2) sports subsidies or support of sport by public health insurance; and 3) restriction on the use of antibiotics. A secondary result of the paper is that individual preferences are not stable due to the changeable set of body and processes inside.
Length: 9 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 170-178
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=013&rid=9891
File-Function: First version, 2018
Number: 7109891
Classification-JEL: D11, I19, L66
Keywords: Economic theory, obesity, fructose syrup, Ghrelin, Leptin, economic approach
Handle: RePEc:sek:iefpro:7109891
Template-Type: ReDIF-Paper 1.0
Author-Name: Klara Cermakova-Kaderabkova
Author-Name-First: Klara
Author-Name-Last: Cermakova-Kaderabkova
Author-Email: klara.cermakova@vse.cz
Author-Workplace-Name: University of Economics, Prague
Author-Name: Emilie Jasova
Author-Name-First: Emilie
Author-Name-Last: Jasova
Author-Email: entropa@seznam.cz
Author-Workplace-Name: University of Economics, Prague
Title: Analysis of the Negative and Positive Impact of Institutional Factors on Unemployment in Visegrad Countries
Abstract: The objective of our analysis is to associate V4 Member States indicators with the selected institutional factors of the labour market. In addition, it aims at extending the Sekhon?s standard model for inflation with institutional factors. For the purposes of estimating the NAIRU in V4 countries, we intend to use the Kalman filter method with a higher than common smoothing coefficient. The model?s data will produce a specific period in which the institutional factors actually have a negative effect or positive effect onto the unemployment rate in individual countries. Finally, the analysis of the character and intensity of the impact of institutional factors onto the unemployment rate in individual V4 countries should indicate space for a wider application of institutional characters by economic policymakers. They should be warned about the threat of overusing the institutional factors having a negative effect onto the development of both structural and cyclical unemployment.
Length: 19 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 179-197
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=014&rid=9967
File-Function: First version, 2018
Number: 7109967
Classification-JEL: 
Keywords: unemployment, NAIRU, institutional factors, labor market, V4
Handle: RePEc:sek:iefpro:7109967
Template-Type: ReDIF-Paper 1.0
Author-Name: Shagufta Shabbar
Author-Name-First: Shagufta
Author-Name-Last: Shabbar
Author-Email: sshabbar@iba.edu.pk
Author-Workplace-Name: Institute of Business Administration
Author-Name: Qazi Masood Ahmed
Author-Name-First: Qazi Masood
Author-Name-Last: Ahmed
Author-Email: qmasood@iba.edu.pk
Author-Workplace-Name: IBA
Author-Name: Farooq Pasha
Author-Name-First: Farooq
Author-Name-Last: Pasha
Author-Email: farooq.pasha.bc@gmail.com
Author-Workplace-Name: State Bank of Pakistan
Title: A JUXTAPOSITION OF TAX EXPENDITURES AND DIRECT EXPENDITURES: CASE STUDY OF THE MANUFACTURING SECTOR OF PAKISTAN
Abstract: Augmentation of investment is a primary goal for any government. To attain that objective it can resort to either tax or direct expenditures. In order to analyze which is a more efficient method in the case of Pakistan, the current study uses data from the country?s Manufacturing Sector. The time series data set since 1972 to 2013 is used. Bounds testing approach to cointegration used in the structure of Autoregressive Distributed Lag is employed for understanding the behavior of the different variables, applying Neo-Classical Investment theory. The results show the importance of tax expenditure policy, in the short run, through the cost of capital, as a determinant to boost private investment in the economy, under circumstances of low inflation. On the other hand, in high inflation periods, the direct expenditure is found to be more potent. The empirical evidence shows a strong role of direct expenditure in influencing both the short-run and the long-run behavior of investment in the economy.  
Length: 19 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 198-216
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=015&rid=8450
File-Function: First version, 2018
Number: 7108450
Classification-JEL: H25, H54, E22
Keywords: Investment, cost of capital, tax expenditure, ARDL, manufacturing sector, Pakistan.
Handle: RePEc:sek:iefpro:7108450
Template-Type: ReDIF-Paper 1.0
Author-Name: DIPALI PRAVIN CHHAGANLAL  PATEL 
Author-Name-First: DIPALI PRAVIN CHHAGANLAL 
Author-Name-Last: PATEL 
Author-Email: Dipas2427@gmail.com
Author-Workplace-Name: North west University
Author-Name: Ireen Choga
Author-Name-First: Ireen
Author-Name-Last: Choga
Author-Email: ireen.choga@nwu.ac.za
Author-Workplace-Name: North west University
Title: DETERMINANTS OF YOUTH UNEMPLOYMENT IN SOUTH AFRICA
Abstract: The study empirically investigates the determinants of youth unemployment in South Africa using quarterly time series data from the period of 2008 to 2015. The main objective of this study is to investigate the main determinants of youth unemployment in South Africa. The study used or employed Vector Error Correction Model (VECM). The variables used in this study are Youth unemployment, education, Gross Domestic Product (GDP), inflation and Foreign Direct Investment (FDI), all these variables affect youth unemployment directly and indirectly. The data for this study was obtained from International Monetary Fund (IMF), World Bank and South Africa reserve bank (SARB). The results showed that education has a negative relationship and statistically significant to youth unemployment. Diagnostic and stability tests revealed that the model is good and stable in determining the impact of the determinants of youth unemployment. 
Length: 13 pages
Creation-Date: 2018-06
Publication-Status: Published in Proceedings of the Proceedings of the 9th Economics & Finance Conference, London, Jun 2018, pages 217-229
File-URL: https://iises.net/proceedings/9th-economics-finance-conference-london-uk/table-of-content/detail?cid=71&iid=016&rid=8913
File-Function: First version, 2018
Number: 7108913
Classification-JEL: E24
Keywords: youth unemployment, determinants, vector error correction model (VECM), South Africa
Handle: RePEc:sek:iefpro:7108913