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International Journal of Financial Studies — Open Access Journal International Journal of Financial Studies ISSN is an international, peer-reviewed, scholarly open access journal on financial market, instruments, policy, and management research published quarterly online by MDPI.

Open Access - free for readers, with publishing fees paid by authors or their institutions. Indexed in the Emerging Sources Citation Index ESCI - Web of Science and EconLit AEA. The European Insurance Industry: A PEST Analysis by Charmaine BarbaraDominic CortisRoberta PerottiClaudia Sammut and Antoine Vella.

Abstract The insurance industry plays an important role for European economic stability and the threats and opportunities it faces should be carefully determined. In this paper we highlight the main challenges by using a Political, Economic, Social and Technological PEST analysis. The insurance industry plays an important role for European economic stability and the threats and opportunities it faces should be carefully determined. This work applies conventional actuarial thought on this area by focusing strictly on the European sector.

Impacts of Capital Structure on Performance of Banks in a Developing Economy: Evidence from Bangladesh by Md. Nur Alam SiddikSajal Kabiraj and Shanmugan Joghee. Abstract The capital structure decision plays an important role in the performance of a firm. Therefore, there have been many studies inspecting the rapport of capital structure with the performance of firms, although the findings of these studies are inconclusive.

In addition, there is. The capital structure decision plays an important role in the performance of a firm. In addition, there is a relative deficiency of empirical studies examining the link between capital structure and the performance of banks in Bangladesh. This study attempts to fill this gap. Using the panel data of 22 banks for the period of —, this study empirically examined the impacts of capital structure on the performance of Bangladeshi banks assessed by return on equity, return on assets and earnings per share.

The results of the pooled ordinary least square analysis showed that capital structure inversely affects bank performance. The findings of this empirical study are of greater significance for the developing countries like Bangladesh because it calls for the concentration of the bank management and the policy makers to pursue the policies that reduce reliance on debt to achieve the optimal level of capital structure.

The results of this study are also analysed in the light of earlier studies. On the Effects of Ultra-Low Interest Rates by Ad van Riet. Abstract Starting in Junethe European Central Bank ECB stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area.

This article offers a narrative of the monetary policy measures taken up to December. Starting in Junethe European Central Bank ECB stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December and a review of the effects of ultra-low interest rates.

The exceptional monetary stimulus transmitted to the economy broadly as intended. Moreover, it enhanced the financial capacity of economic agents to bear risks.

At the same time, the ECB and the European micro- and macro-prudential authorities remained watchful of the unintended side-effects of an extended period of very low or negative interest rates for financial intermediation, financial stability and market discipline and took preventive or corrective measures as appropriate.

A joint plan of action carried out by the 19 member countries with the aim to speed up balance sheet repair, accelerate the economic recovery and achieve higher productivity growth could have contributed to a more effective euro area macroeconomic and financial policy mix.

Accepted Papers | ICML New York City

Analysis of the Relationship between Ethanol Spot and Futures Prices in Brazil by Derick D. QuintinoSergio A. David and Carlos E. Abstract In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil.

International Journal of Financial Studies | An Open Access Journal from MDPI

We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in.

In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. Also, we consider the information share method proposed by Hasbrouck in order to examine the market efficiency in price discovery and information transmission.

Results show that although the futures market is efficient in price discovery and information transmission, the cash market leads the long-run price discovery process.

What Should You Pay to Cap your ARM? Through an application of existing results from ATS theory. Through an application of existing results from ATS theory, it is shown that when the short rate reaches a certain pre-determined boundary, the constant payment stream on a new FRM equals the payments on an existing ARM.

Hereby, this paper provides a theoretical build-in cap on the formalized ARM. Causality between Stock Prices and Exchange Rates in Turkey: Abstract This paper investigates the interaction between stock prices and real exchange rates by applying monthly data from Turkey for the period between January and September This study uses the autoregressive distributed lag ARDL model and the Error Correction Model ECM in.

This paper investigates the interaction between stock prices and real exchange rates by applying monthly data from Turkey for the period between January and September This study uses the autoregressive distributed lag ARDL model and the Error Correction Model ECM in order to investigate the existence of a long-run equilibrium relationship between the variables.

The evidence reveals that there is a strong long-run cointegration. The robustness of the ARDL bounds test cointegration was confirmed using the newly-developed combined cointegration, which also provided the same evidence for a strong long-run relationship. The Granger causality test results indicate a long-run bidirectional causality between stock prices and real exchange rates, and also a unidirectional causality from the real exchange rates to the stock prices in the short-run.

In order to analyze the validity and reliability of the test results, diagnostic tests were applied in both the short-run and long-run models.

Japanese Mutual Funds before and after the Crisis Outburst: A Style- and Performance-Analysis by Stephanos PapadamouNikolaos A. Kyriazis and Lydia Mermigka. Abstract This paper investigates how mutual funds performed in Japan before and after the outburst of the global financial crisis, that is during the extension of an extraordinary unconventional monetary policy by the Bank of Japan.

Style and performance analyses are employed in. This paper investigates how mutual funds performed in Japan before and after the outburst of the global financial crisis, that is during the extension of an extraordinary unconventional monetary policy by the Bank of Japan. Style and performance analyses are employed in order to investigate whether active or passive management has been affected by unconventional times and to what extent. Evidence indicates that in four out of eight funds, asset selection presents a significant contribution to returns.

The Selection Sharpe Ratios for sectoral tokyo stock exchange trading hour style analyses exhibit positive values added per unit of risk due to active management for the majority of our funds in the pre-Lehman default period.

Nevertheless, none of them presents statistical significance according to the t -statistic. Moreover, over the post-Lehman default, trade forex on mobile phone two out of eight funds achieved lower volatility levels and higher returns due to active management.

A style drift to big capitalization stocks with low values of book to market ratio is to be held responsible for the outperformance. Overall, our findings imply that active management in a monetary easing environment does not add significant value to the mutual fund performance. Efficiency Analysis of Islamic Banks in the Middle East and North Africa Region: Abstract This paper measures and analyzes the technical efficiency of Islamic banks in the Middle East and North Africa MENA region during fx lite binary options period — To do this, the bootstrap Data Envelopment Analysis DEA approach was employed in order to provide a robust estimation.

This paper measures and analyzes the technical efficiency of Islamic banks in the Middle East and North Africa MENA region during the period — To do this, the bootstrap Data Envelopment Analysis DEA approach was employed in order to provide a robust estimation of the overall technical efficiency and its components: The main results show that over the period of study, pure technical inefficiency was the main source of overall technical inefficiency instead of scale inefficiency.

This finding was confirmed for all MENA Islamic banks as well as for stock market dictionary securities law two subsamples: Gulf Cooperation Council GCC and non-GCC Islamic banks.

Furthermore, our results show that GCC Islamic banks had stable efficiency scores during the global financial crisis — and in the early post-crisis period — However, a decline in overall technical efficiency of all panels of MENA Islamic banks was recorded in the last two years of the study period — Thus, we recommend that MENA Islamic bank managers focus more on improving their management practices rather than increasing their sizes. We also recommend that financial authorities in MENA countries implement several regulatory and financial measures in swing trading stock selection strategy to ensure the development of MENA Islamic banking.

FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America by Silvia Dal Bianco and Nguyen Cong To Loan.

Robert M. Solow - Prize Lecture: Growth Theory and After

Abstract This paper investigates the impact universal stock futures trading simulation games price and real exchange rate volatility on Foreign Direct Investment FDI inflows in a panel of 10 Latin American and Caribbean countries, observed between and Both price and exchange rate volatility series are estimated through.

This paper investigates the impact of price and real exchange rate volatility on Foreign Direct Investment Forex4u inflows in a panel of 10 Latin American and Caribbean countries, observed between and Both price and exchange rate volatility series are estimated through the Generalized Autoregressive Conditional Heteroscedasticity model GARCH.

Our results obtained, employing the Fixed Effects estimator, confirm the theory pitbull make money twice hysteresis and option value, in so far as a statistically significant negative effect of exchange rate volatility on FDI is found.

Price volatility, instead, turns out to be positive but insignificant. Moreover, we show that human capital and trade openness are key for attracting foreign capital. From the policy perspective, our analysis suggests the importance of stabilization policies as well as the policy of government credibility in promoting trade openness and human capital formation.

Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region by Michael Regan. Abstract This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important. This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific.

Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds.

Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth.

A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth. Policy Impact on the Chinese Stock Market: From the Bailout Policies to the Shanghai-Hong Kong Stock Connect by Yang-Chao WangJui-Jung Tsai and Qiaoqiao Li.

Abstract Book binary options trading strategy youtube the bailout policies to the Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time.

By Mayglobal investors can directly invest in a more legalized and normalized Chinese stock market, whereas they. From the bailout policies to the Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By Mayglobal investors can directly invest in a more legalized and normalized Chinese stock market, stock market project lesson plan they are still concerned about the policy-oriented market and its attendant risks.

In this study, we employ the family of GARCH models to investigate the structural changes in risks with the implementation of a series of policies.

Our results show that although many policies improve or stabilize the stock market, certain policies lead to substantial volatility. Among them, macro-control policies and transaction cost adjustments are a double-edged sword, which should be used with caution. Furthermore, with opening-up policies being launched recently, the Chinese stock market has entered a new stage in which it affects international capital markets. However, the increased risks, which may result ile procent ludzi zarabia na forex a sharp turnaround, cause worry.

Acknowledgement to Reviewers of the International Journal of Financial Studies in by International Journal of Financial Studies Editorial Office. Abstract The editors of the International Journal of Financial Studies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in Effectiveness of Weather Derivatives as a Risk Management Tool seminars atlanta forex trading Food Retail: Abstract Non-catastrophic weather risk is gaining importance as climate change becomes more pronounced and economic crisis forces companies to strengthen their cost control.

Recent literature proposes weather derivatives as flexible weather risk mitigating tools. Only a handful of studies analysed the feasibility of weather. Non-catastrophic weather risk is gaining importance as climate change becomes more pronounced and economic crisis forces companies to strengthen their cost control.

Only a handful of studies analysed the feasibility of weather derivatives in industries other than agriculture and energy.

The purpose of this paper is to review available weather risk management solutions in retail, present weather derivatives as non-catastrophic weather risk management tools, empirically demonstrate the fastest way to make gold in dragonvale of designing weather derivatives and assess their effectiveness as risk mitigating tools in retail.

Empirical analysis is performed on beverage sales in 60 large food stores in Croatia, and performance of monthly temperature put options during the summer season is examined.

For weather sensitivity analysis of sales, the method of panel regression was used. Results show that weather has a statistically significant effect on beverage sales and that weather derivatives prove to be effective in beverage sales uncertainty reduction.

Their effectiveness differs between covered prospect theory for stock markets empirical evidence with time-series data and cities.

How to Predict Stock Prices Easily - Intro to Deep Learning #7

New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors by Mert Topcu and Bulent Altay. Abstract Seeing that reshaped energy economics literature has adopted some new variables in energy demand function, the number of papers looking into the relationship between financial development and energy consumption at the aggregate level has been increasing over the last few years.

Seeing that reshaped energy prospect theory for stock markets empirical evidence with time-series data literature has adopted some new variables in energy demand function, the number of papers looking into the relationship between financial development and energy consumption at the aggregate level has been increasing over the last few years. This paper, however, proposes a new framework using disaggregated data and investigates the nexus between financial development and sectoral energy consumption in Turkey.

To this end, panel time series regression and causality techniques are adopted over the period — Empirical results confirm that financial development does have a significant impact on energy consumption, even with disaggregated data. It is also proved that the magnitude of financial development is larger in energy-intensive industries than in less energy-intensive ones. Sectoral Differences in the Choice of the Time Horizon during Estimation of the Unconditional Stock Beta by Dimitrios DadakasChristos KarpetisAthanasios Fassas and Erotokritos Varelas.

Abstract The stock beta coefficient literature extensively discusses the proper methods for the estimation of beta as well as its use in asset valuation. However, there are fewer references with respect to the appropriate time horizon that investors should utilize when evaluating the risk-return. The stock beta coefficient literature extensively discusses the proper methods for the estimation of beta as well as its use in asset valuation.

However, there are fewer references with respect to the appropriate time horizon that investors should utilize when evaluating the risk-return relationship of a stock. We examine the appropriate time horizon for beta estimation, differentiating our results by sector according to the Industry Classification Benchmark. We employ data from the NYSE and estimate varying lengths of beta employing data from 30 to trading days. The constructed beta series is then examined for the presence of breaks using the endogenous structural break literature.

Results show evidence against the use of betas that employ more than 90 trading days of data provisional to the sector under study. Model Selection Test for the Heavy-Tailed Distributions under Censored Samples with Application in Financial Data by Hanieh Panahi.

Abstract Numerous heavy-tailed distributions are used for modeling financial data and in problems related to the modeling of economics processes. These distributions have higher peaks and heavier tails than normal distributions.

Moreover, in some situations, we cannot observe complete information about the data. Numerous heavy-tailed distributions are used for modeling financial data and in problems related to the modeling of economics processes. Employing the efficient estimation method and then choosing the best model in this situation are very important.

Thus, the purpose of this article is to propose a new interval for comparing the two heavy-tailed candidate models and examine its suitability in the financial data under complete and censored samples. This interval is equivalent to encapsulating the results of many hypotheses tests.

A maximum likelihood estimator MLE is used for evaluating the parameters of the proposed heavy-tailed distribution. A real dataset representing the top 30 companies of the Tehran Stock Exchange indices is used to illustrate the derived results. Strategic Decision-Making and Social Skills: Integrating Behavioral Economics and Social Cognition Research by Johannes LederLeonhard Schilbach and Andreas Mojzisch.

Abstract Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. The present study investigated whether strategic decision-making, as measured by. Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. The present study investigated whether strategic decision-making, as measured by the beauty contest game, is associated with social skills, as measured by the Autism Quotient AQ.

In line with our hypothesis, we found that social skills were positively related to successful strategic decision-making. Furthermore, results showed a curvilinear relationship between steps of reasoning in the beauty contest game and social skills, indicating that very high as well as very low scoring individuals on the social skills subscale of the AQ engaged in high-levels of strategic thinking.

Oil Prices, Credit Risks in Banking Systems, and Macro-Financial Linkages across GCC Oil Exporters by Saleh Alodayni. Abstract This paper assesses the effect of the recent — oil price slump on the financial stability in the Gulf Cooperation Council GCC region.

The first objective of this paper is to assess how oil price shock propagates within the macroeconomy and how the. This paper assesses the effect of the recent — oil price slump on the financial stability in the Gulf Cooperation Council GCC region. This part of the paper implements a System Generalized Method of Moments GMM and a Panel Fixed Effect Model to estimate the response of nonperforming loans NPLs to its macroeconomic determinants.

The second objective of this paper is to assess any negative feedback effects between the GCC banking systems and the economy. The paper, therefore, implements a Panel VAR model to explore the macro-financial linkages between GCC banking systems and the real economy.

The results indicate that oil price, non-oil GDP, interest rate, stock prices, and housing prices are major determinants of NPLs across GCC banks and the overall financial stability in the region. Credit risk shock tends to propagate disturbances to non-oil GDP, credit growth, and stock prices across GCC economies. The results support the notion that disturbances in banking systems lead to unwanted economic consequences for the real sector.

The Valuation of Equities and the GDP Growth Effect: Abstract One of the main characteristics of the recently proposed non-arbitrage valuation of equities framework is the reduction in pricing subjectivity. This is evidenced in terms of the dividends discount rate and the outlook of future performance dividends projection of the company that is. One of the main characteristics of the recently proposed non-arbitrage valuation of equities framework is the reduction in pricing subjectivity.

This is evidenced in terms of the dividends discount rate and the outlook of future performance dividends projection of the company that is being valued. Under this framework, as in the case of derivatives pricing, the discount rate is the risk-free interest rate not the cost of equityand the subjectively-determined drift of the stochastic process that drives the operating profits of the company is eliminated.

Prospect Theory for Online Financial Trading

The challenge that emerges is that the structure of the new drift of the operating profits process is undetermined under the methodology this is a similar feature that is observed in the case of derivatives related to non-tradable assets.

This paper proposes that the structure of this new drift is represented by the country-specific GDP nominal growth effect.

This proposition is tested through an empirical study that involves several companies of 10 equity indices worldwide, for two different periods — and — The results of the test are reasonably successful, meaning that further research related to the framework could provide useful information for the understanding of financial assets and their links to the macro-economy.

Operational Risk Management in Financial Institutions: A Literature Review by Suren Pakhchanyan. In doing so, different lines of both theoretical and empirical directions for research. In doing so, different lines of both theoretical and empirical directions for research are identified. In addition, this study provides an overview of existing consortia databases and other publicly available sources on operational loss that may be incorporated into empirical research, as well as in risk measurement processes by financial institutions.

Finally, this paper highlights the research gaps in operational risk and outlines recommendations for further research. Journal Contact MDPI AG IJFS Editorial Office St. Alban-Anlage 66, Basel, Switzerland E-Mail: Conferences Announce Your Event Here. Special Issues Special Issue in IJFS. Special Issue in IJFS.

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