The Effect of Market Anomalies on the Inefficiency of Stock Returns
Mehran Ansari,
Hojat Jafari
Issue:
Volume 6, Issue 3, September 2020
Pages:
23-27
Received:
2 July 2020
Accepted:
18 August 2020
Published:
16 September 2020
Abstract: This paper serves the purpose to analyses market anomalies and their agents on returns in the Iranian indexes between 2017 and 2020. Principled patterns in financial market are incompatible to the efficient market hypothesis, as stock market returns can be done applying these systematic models. Real investors may not be able to achieve the return and profitability due to the scarcity of their financial resources. Accordingly, the study of the role of real investors in the volatility of stock returns is very important. Well timed actions of investors prices of stocks directly adapt to the new information, and give thought to all the available information. So no investor can chastise the market by generating abnormal returns. The model period is 2017 to 2020 to represent the continuity of the monthly result. This scholarship put upon the advantageous sampling procedure, also known as the judgmental sampling technique, of weekly returns from Iranian indexes and major world indexes based on specific criteria. The demodulations offer an abnormal month of the year outcome stand in some Iranian indexes during the research duration. The vehemence of month of the year anomalies lessens with time. The investigation also illustrate that month of the year factors are more unremitting between indexes with smaller market capitalization.
Abstract: This paper serves the purpose to analyses market anomalies and their agents on returns in the Iranian indexes between 2017 and 2020. Principled patterns in financial market are incompatible to the efficient market hypothesis, as stock market returns can be done applying these systematic models. Real investors may not be able to achieve the return a...
Show More
Determinants of Turnover Tax (ToT) Tax Collection Effectives in Ethiopia: The Case Hosanna Town
Dereje Lemma Lalisho,
Muluget Abuye
Issue:
Volume 6, Issue 3, September 2020
Pages:
28-36
Received:
22 June 2020
Accepted:
24 July 2020
Published:
19 September 2020
Abstract: This paper aims to explore that factor influencing the effectiveness of Turnover tax collection in Hosanna Town. The study organized factors into four categories: Tax- administration related, Tax officers-related, Taxpayers-related and Tax systems related factors. The study used an explanatory approach, whereby data from 276 taxpayers’ for three sub-cities in Hosanna Town were collected using administers the questions. The questionnaire had 38 statements representing factors and12 statements representing the Turnover tax revenue collection effectiveness. The collected data were analyzed using both descriptive and inferential statistics. In the case of descriptive statistics, the study used frequency, percentage, mean and standard deviation. For the inferential statistics, the study used multiple regression analysis. The study findings showed that there were eight main critical factors turnover tax effectiveness. The results showed that turnover tax rate, mode of payment, Government policy formulation and services to taxpayers, Taxpayers knowledge of obligations and rights are factors that positively significantly effective on turnover tax revenue. However, punishment by tax office, detection capabilities of tax offices, education and advice from tax office were not significantly at 5% significance effective on turnover tax revenue. Despite the contributions of this study, there are some limitations which need to be acknowledged. First, data were collected from taxpayers only. Secondly, only 12 statements for factor were used. Thirdly, the study has used only primary data. Last, perceptual measures of turnover tax collection effectiveness. The authors consider that if other approaches were used, they could have reached different conclusions. From a practical perspective, revenue authority may be relying heaviling on taxpayers, as well as regulations, directives and proclamation, for turnover tax collection effectives. The study shows that mode of payment, taxpayer right and obligations on proclamation and tax policy on turnover tax are critical factors too. However, the study also has practical implications for local (Town) governments, revenue authority, turnover tax collection and taxpayers at large. This paper extends prior research in the area of turnover tax collection and is the first paper to use four categories of factors to analyze the influencing of turnover tax collection effectiveness, taking into consideration both tax authorities and taxpayers. It is used the model, which helped to generate variables with multiple prior theories (i.e. theoretical triangulation). Hence, new theories were combined with old theories to produce findings which take into consideration the context of the country.
Abstract: This paper aims to explore that factor influencing the effectiveness of Turnover tax collection in Hosanna Town. The study organized factors into four categories: Tax- administration related, Tax officers-related, Taxpayers-related and Tax systems related factors. The study used an explanatory approach, whereby data from 276 taxpayers’ for three su...
Show More
Monetary Policy and Inflation Targeting in Nigeria: The Need for Monetary-Fiscal Coordination
Christopher Nyong Ekong,
Ubong Edem Effiong
Issue:
Volume 6, Issue 3, September 2020
Pages:
37-46
Received:
27 September 2020
Accepted:
12 October 2020
Published:
21 October 2020
Abstract: This paper examined the effectiveness of a monetary-fiscal coordination in inflation targeting in Nigeria for the period 1985 to 2019. The study got its inspiration from the monetarist assertion that inflation is strictly a monetary phenomenon. Data were obtained from the Central Bank of Nigeria statistical bulletin and the World Bank database on World Development Indicators. The study employed the Augmented Dickey-Fuller unit root test, ARDL bounds test for cointegration, and the Error Correction Mechanism (ECM). The unit root test revealed that the variables were stationary at mixed order of level I(0) and first difference I(1). This mixed order made us to employ the ARDL Bounds test for cointegration and the result indicated that there is a long run relationship. The Error Correction Mechanism revealed that 55.4% of the short run disequilibrium is corrected annually. Meanwhile, the study revealed that both monetary policy channels and fiscal policy significantly influence inflation both in the long run and in the short run. The paper concludes by stating that there is a need for a sound monetary-fiscal coordination in the Nigerian economy if the fight against inflation is to be won hence, inflation should not only be viewed as a monetary phenomenon.
Abstract: This paper examined the effectiveness of a monetary-fiscal coordination in inflation targeting in Nigeria for the period 1985 to 2019. The study got its inspiration from the monetarist assertion that inflation is strictly a monetary phenomenon. Data were obtained from the Central Bank of Nigeria statistical bulletin and the World Bank database on W...
Show More
