-
How Does Abrupt Economic Shock Impact Exchange Rate Movement: Empirical Evidences from Bangladesh
Kazi Rashedul Hasan,
Ariful Malek
Issue:
Volume 4, Issue 6, November 2016
Pages:
310-320
Received:
17 September 2016
Accepted:
28 September 2016
Published:
19 October 2016
Abstract: The primary focus of this research is to study the impact of Foreign Exchange Reserve changes on key economic indicators, namely Inflation and the Exchange Rate of Bangladesh. In addition, the article seeks to illustrate the effects of recent theft from Bangladesh Bank’s reserve on Bangladeshi economy and exchange rate movement, based on multiple hypotheses: whether or not the changes in foreign exchange reserve can solely dictate the trend of the exchange rate; whether or not the changes in foreign exchange reserve can solely dictate the trend on inflation rate; whether or not the foreign exchange reserve kept increasing because of exports and increased inward remittance; and finally, how effective was Bangladesh Bank’s policy intervention tools to keep the economy in balance.
Abstract: The primary focus of this research is to study the impact of Foreign Exchange Reserve changes on key economic indicators, namely Inflation and the Exchange Rate of Bangladesh. In addition, the article seeks to illustrate the effects of recent theft from Bangladesh Bank’s reserve on Bangladeshi economy and exchange rate movement, based on multiple h...
Show More
-
Impact of Stock Market on Economic Growth Evidence: Dar-es Salaam Stock Exchange - Tanzania
Ali Othman Abbas,
Yu Xin Pei,
Zhang Rui
Issue:
Volume 4, Issue 6, November 2016
Pages:
321-327
Received:
19 September 2016
Accepted:
5 October 2016
Published:
17 November 2016
Abstract: The objective of the study was to establish relationship between the stock market measures and economic growth in Tanzania. In order to achieve the objective, we need to examine the impact of stock market capitalization, total value of share traded and turnover on Tanzanian economy based on the time series data from 2000 - 2011. The unit root test and wnteestq (Portmanteau) tests were carried out. The findings suggest that Dar-es Salam Stock Exchange (DSE) has no effect on economic growth of Tanzania. We recommended that Tanzania government should establish financial policies, in order to encourage companies develop financial stock market culture, and enhance to push companies to initiate Initial Public Offering (IPO) instead of bank loans when money is needed to increase their investment.
Abstract: The objective of the study was to establish relationship between the stock market measures and economic growth in Tanzania. In order to achieve the objective, we need to examine the impact of stock market capitalization, total value of share traded and turnover on Tanzanian economy based on the time series data from 2000 - 2011. The unit root test ...
Show More
-
Treasury Single Account: A Tool for Effective Cash Management in Nigeria
Issue:
Volume 4, Issue 6, November 2016
Pages:
328-335
Received:
23 September 2016
Accepted:
7 October 2016
Published:
1 November 2016
Abstract: The Treasury Single Account is a financial tool that unifies all government accounts in a single pool for effective cash management. It ensures that all tax and non-tax revenues are collected from all sources and payments due are made correctly in a timely manner and that government’s cash balances are optimally managed to reduce borrowing costs.TSA was introduced to bring an end to the fragmented multiple accounts kept by all Ministries, Departments and Agencies. The objective of this paper is to examine the effectiveness of the TSA as a tool for effective cash management. The research examines the objectives and benefits of TSA as a catalyst for public financial management in Nigeria. It highlights the emerging issues in TSA implementation, its operational guidelines and essential requirements of the TSA in federating states and the stakeholders responsibilities in the operation of the policy .The paper also discusses the various operational challenges facing the implementation of TSA in Nigeria and concluded that TSA as a financial tool can only achieve its desired objectives in blocking loopholes of wastages and leakages ,curbing corruption and financial recklessness in ranks and file of government functionaries and enthroning transparency and probity, if government put in place enabling environment and adequate legislative supports for the smooth implementation of the policy with minimum infrastructural and technological facilities needed by the MDAs for meaningful compliance. Only gradual implementation of TSA policy can serve as a catalyst and a tool for effective cash management in Nigeria.
Abstract: The Treasury Single Account is a financial tool that unifies all government accounts in a single pool for effective cash management. It ensures that all tax and non-tax revenues are collected from all sources and payments due are made correctly in a timely manner and that government’s cash balances are optimally managed to reduce borrowing costs.TS...
Show More
-
Analysis on Real Estate Enterprise Cost Accounting Problem
Issue:
Volume 4, Issue 6, November 2016
Pages:
336-341
Received:
19 September 2016
Accepted:
18 October 2016
Published:
15 November 2016
Abstract: With the rapid and sustained development of China socialist market economy, the real estate industry has become the industry part that plays a dominant role in national economy. But the related accounting system of real estate enterprise is not perfect in China, and fails to have a full range of coverage, so part of the real estate enterprises will take advantage of the system vulnerabilities to do some illegal behaviors, including the manipulation of profits, the whitewash of statements and other violations, especially in the case of cost accounting. In this paper, by analyzing the reasons and current situation emerges in the cost accounting of the real estate industry in our country, will put forward corresponding countermeasures on the accounting of real estate enterprise accounting cost. In order to ensure the normal operation of the real estate business management, to ensure that the interests of investors, and then stabilize the socialist market economy to ensure that the formulation of state macro-control policy.
Abstract: With the rapid and sustained development of China socialist market economy, the real estate industry has become the industry part that plays a dominant role in national economy. But the related accounting system of real estate enterprise is not perfect in China, and fails to have a full range of coverage, so part of the real estate enterprises will...
Show More
-
The Impact of Cash Conversion Cycle on Firm Profitability: Evidence from Nigerian Listed Telecommunication Companies
Murtala Zakari,
Sani Saidu
Issue:
Volume 4, Issue 6, November 2016
Pages:
342-350
Received:
25 August 2016
Accepted:
22 September 2016
Published:
17 November 2016
Abstract: The objective of this study is to empirically find the effect of cash conversion cycle on corporate profitability of the ICT firms listed on the floor of the Nigerian Stock Exchange. Data are collected from all the listed firms from 2010 to 2014. The data are analyzed using multiple linear regression analysis and the robustness check shows that the data are normal. The findings indicate significant positive relationship between cash conversion cycle and corporate profitability.
Abstract: The objective of this study is to empirically find the effect of cash conversion cycle on corporate profitability of the ICT firms listed on the floor of the Nigerian Stock Exchange. Data are collected from all the listed firms from 2010 to 2014. The data are analyzed using multiple linear regression analysis and the robustness check shows that the...
Show More
-
Total Shareholder Returns from Petroleum Companies and Oilfield Services (2004-2014): Capital Gains and Speculation Dissected to Aid Corporate Strategy and Investor Decisions
Anita Bressan Bocardo,
Ruud Weijermars
Issue:
Volume 4, Issue 6, November 2016
Pages:
351-366
Received:
17 September 2016
Accepted:
25 October 2016
Published:
17 November 2016
Abstract: This study compares the long-term shareholder returns of diversified oil and gas majors, Canadian oil sands producers, US shale oil and gas producers and oilfield services companies during a decade of volatile oil and gas prices (2004-2014). Total shareholder returns (TSR) are analyzed for individual companies, for each peer group, and for the petroleum sector as a whole. We attempt to identify the factors that contributed to TSR growth and decline over the performance period 2004-2014. We specifically compare the performance of each peer group during two relatively stable periods, namely 2004-2007 (Period 1), and 2009-2013 (Period 2). In Period 1, the average TSR for all peer groups was higher than in Period 2. The increase or loss of TSR is in our study broken down into capital gains and dividends. The observed decline of TSR during Period 2 was mainly influenced by stock prices that reflected a slower growth in retained earnings that supports the capital gains. All peer groups had slower increases in retained earnings in 2009-2013 as compared to 2004-2007. Remarkably, during the two oil price crises of 2008 and 2014 all companies maintained an increase in retained earnings. For the 20 companies evaluated, further in-depth analyses of speculative investor valuations are included in our study, as well as implications for future corporate strategies and investor decisions.
Abstract: This study compares the long-term shareholder returns of diversified oil and gas majors, Canadian oil sands producers, US shale oil and gas producers and oilfield services companies during a decade of volatile oil and gas prices (2004-2014). Total shareholder returns (TSR) are analyzed for individual companies, for each peer group, and for the petr...
Show More
-
Shareholder Valuations of Petroleum Companies and Oilfield Services During the 2008 and 2014 Oil Price Shocks
Ruud Weijermars,
Anita Bressan Bocardo
Issue:
Volume 4, Issue 6, November 2016
Pages:
367-377
Received:
10 October 2016
Accepted:
25 October 2016
Published:
2 December 2016
Abstract: This study analyzes the impact of the 2008 and 2014 oil price falls on the shareholder returns of diversified oil and gas majors, Canadian oil sands producers, US shale oil and gas producers and oilfield service companies. The 2008 an 2014 oil price shocks lead to capital book losses for investor TSR at year end. In both years, the TSR losses were disproportionately large as compared to the actual slow down (which was very modest) in retained earnings growth. Our recommendation is that investors should not only use P/E ratios to identify value growth stock investment opportunities. An alternative methodology quantifies the degree of speculative valuation involved in the TSR component of capital gains (losses). When negative speculative valuations are large, future TSR growth is most likely. Companies that want to mitigate unwarranted erosion of their market capitalization due to stock price declines should ramp up advertorial efforts and point out value growth opportunities to attract investors, especially in times of depressed stock prices.
Abstract: This study analyzes the impact of the 2008 and 2014 oil price falls on the shareholder returns of diversified oil and gas majors, Canadian oil sands producers, US shale oil and gas producers and oilfield service companies. The 2008 an 2014 oil price shocks lead to capital book losses for investor TSR at year end. In both years, the TSR losses were ...
Show More
-
The Effect of Financial Variables on Bank Performance Pre and Post Financial Crisis
Asima Saddique,
Mahmood Ahmad,
Raheel Mumtaz,
Muhammad Arif
Issue:
Volume 4, Issue 6, November 2016
Pages:
378-382
Received:
7 December 2016
Accepted:
19 December 2016
Published:
5 January 2017
Abstract: This study endeavored to find out the effect of financial variables on bank performance pre and post financial crisis of 2008 in Pakistan. Using regression analysis the study revealed that financial crises of 2008 posed a significant influence on the performance of conventional and Islamic banks in Pakistan and pronounced a negative relationship between financial crises and bank performance. The Capital adequacy, assets quality, management quality, liquidity quality, earning quality and bank size posed a negative influence on bank performance during crises while NIM / NNIM showed no effect. Furthermore, Islamic banks affected far less as compared to conventional banks.
Abstract: This study endeavored to find out the effect of financial variables on bank performance pre and post financial crisis of 2008 in Pakistan. Using regression analysis the study revealed that financial crises of 2008 posed a significant influence on the performance of conventional and Islamic banks in Pakistan and pronounced a negative relationship be...
Show More
