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This paper presents an analysis of the investment process of venture capital and obtained investment results. The aim of this paper is to characterize the changing trends in the behaviour of returns in the venture capital and private equity in the period 1998-2012, which includes their full investment cycle. The analysis covers Polish, the U.S. and the EU markets.
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This paper investigates the concept of ‘capitals’, as used in the IIRC conceptual framework, and their application in practice. We discuss the various concepts and definitions presented by the IASB, IPSASB, and IIRC conceptual frameworks. Afterwards, we undertake a case study approach, by analysing some published ‘integrated reports’ against a standard checklist. The paper is exploratory, as it analyzes the capitals from the viewpoint of four front-running companies from the IIRC database. The findings show that the requirements of the Framework are inherently followed in the reporting practice by the entities, but the level of real information disclosure is questionable. The analyzed entities prioritize the capitals (as a fundamental concept of integrated reporting), but they sometimes have different interpretations. Therefore, another doubt is if the framework is sufficiently explicit.
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Since the emergence of the efficiency frontier techniques, a series of comparisons between the methods that led to the resultant efficiency has been presented. In this paper, data from 99 Japanese banks are used in order to prove the applicability of efficiency frontier analysis on the East-Asian financial system and to reveal the differences between inter and intra-regional banks, showing the effect of the present financial crisis on the efficiency of the studied banks. DEA and FDH are used to determine the technical and scale efficiency of the analyzed banks and also it compares fully efficient banks by ranking them through the super-efficiency notion.
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Taking advantage of applications of marketing in the Islamic banking is a great opportunity for this area to gain competitive advantage in the today’s turbulent business and market. Specialized field of Islamic banking marketing is a subset of marketing management has received less attention and consideration. Islamic banking (IB) is one of the growing fields in the today's economy. To achieve more advancement in the IB it is necessary that recent findings of the other research and practical areas to be used and implemented. Scholars and experts believe that the market for Islamic banking has grown rapidly over the past few years, and this robust growth is expected to continue for the foreseeable future. In many markets, Islamic banking has evolved from being a niche offering into being part of the mainstream financial services landscape. Marketing capabilities can provide the convenient and required ground for the continued growth of Islamic banking. This study aimed at present a conceptual model to explain the determining factors to achieve the IB marketing from managerial perspective. Using a descriptive method this study tried to identify and present the main factors from managerial perspective that affected on the IB marketing. Proposed model and appropriated explanations have been provided in the paper.
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Share return is one of those complicated abstraction which is interested by investors and decision makers the share return prediction is a vital issue which has involved the financial analyzers mind to itself. Various theories include capital assets pricing model (CAPM), factorial models (FM), Arbitrage model, Technical model (TM), and fundamental analyses (FA) for purpose of share return prediction and recognition have been discussed. The share return fundamental analyze is a function of massive economical condition, Industry position, and particular conditions of the firm. The particular conditions of the firm are consist of financial position and performance which presented in the essential financial statement from. The accounting science acclaims it prepares useful information for decision makers, so one of the information usefulness criteria of accounting and economical information usefulness through return share choice for prediction. Communication creation between economical and accounting criteria is the other goal, thus in the case of this result obtaining it can use of economical and accounting analyses for economical return and value extraction. The research location zone includes of accepted firms in Tehran exchange market, the temporality zone is the gap between 1386 and 1390, too. The research is consist of two independent varieties (economical criteria and accounting criteria), dependent variety (share return). This research is consisting of a direct hypothesis and 6 indirect ones. in the consideration of presented statistical analyses and total summery of research hypothesis assessment, stood over research independent varieties meaningful relation with share return prediction in existing firm performance measurement in Tehran capital exchange market during 2007 and 2011 is existed, between this research proportion is return of assets, earning per share, economical add value ratio, retained earning ratio with positive quantity market add value with negative quantity which statistically shows a meaningful relation with active firms share return in Tehran market. The economical add value ratio has the biggest relation with the share return prediction. So the first hypothesis in this research is (return of assets ratio), secondly (earning per share), thirdly (economical add value), fourthly (market add value) and sixthly (retained earnings) being emphasized.
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The publication presents the use of artificial neural networks as a tool expert that supports the process of decision-making for the quarterly period to invest in selected stock exchanges. It proposes a set of 10 features of exchanges, which is of enough universal character that the approach presented in the publication may be useful for any chosen stock exchange. The conducted study was based on actual data.
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Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.
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Straipsnyje pateikiama draudimo premijos nustatymo, taikant logistinio kapitalo valdymo principus, analizė, siekiant įvertinti logistinio kapitalo valdymo teorijos pritaikymo galimybes draudimo įmonių mokumui valdyti. Article presents the analysis of insurance premium determination using the logistic capital management principles. The aim is to assess the potential to adapt the logistic capital management theory for the insurance companies’ solvency management.
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The aim of this paper is to investigate the gregarious behavior of investors in ten Central and East European (CEE) stock markets during January 2, 2003 to December 31, 2013 and to assess the impact of the recent global financial crisis (GFC) on the degree of mimicry based on the intuitive assumption that gregarious behavior is more intensive during extreme market movements. We find weak evidence of gregarious behavior over the analyzed period and confirm that the GFC affected the gregarious behavior on CEE markets.
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Many empirical studies don’t confirm, or, put in the second plan, the positive impact of the increase in the exchange rate (direct notation – European convention) on the balance of trade of the developing countries. Therefore, this paper examines the effect of the national currency depreciation on exports, imports and, in general, the balance of trade of the Republic of Serbia. This excludes the impact of inflation, which more or less cancels out the positive effect of the national currency depreciation. The methodology applied in the study highlights the correlation analysis and analysis of the elasticity of imports and exports in the context of the MarshallLerner condition. The research results show that the increase in the real effective exchange rate has a small positive effect on the trade balance, thanks to the relatively high elasticity of the domestic demand on imports. On the other hand, a distinct lack in the elasticity of exports to the stimulus through a reduction in the value of the national currency is noticeable, which is a problem of a structural nature, as well as the high import dependence on the largest export sectors of the Republic of Serbia.
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In this paper we investigate the explanatory power of the market beta, firm size, and the book-to-market ratio, as well as Value-at-Risk regarding the cross-sectional expected stock returns in a less developed stock market – Taiwan's stock market. The main purpose is to examine whether the Value-at-Risk factor has marginal explanatory power related to the Fama-French three-factor model. The empirical results show that Value-at-Risk can account for the average stock returns at both 1% and 5% significance levels based on cross-sectional regression analysis. Moreover, from the perspective of the time series regression, the Value-at-Risk factor can also demonstrate the variation of the stock market, especially for the larger companies in the Taiwan stock market.
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The aim of this study is to provide the sovereign bond fund investor with a guide to finding the most profitable and sustainable investment strategy. For this purpose, a Global Sustainable Competitiveness Index is applied to a sample of 48 funds.We have conducted a best-in-class analysis, and our evidence supports the idea that the best strategy consists of investing in funds representing high GDP-per-capita countries, and registering the best-in-class sustainable performance scores.Additionally, other useful findings are that the screening of the funds is beneficial with respect to sustainable performance, and that there is no strong relationship between sustainability and GDP per capita.
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The decision of the Swiss National Bank of giving up the fixed rate of 1,2 Euro/CHF on the 15th of Janu-ary 2015, a rate established at its admission to the Monetary Economic Union, had consequences on Central and Eastern European countries because a great part of the credits granted were in Swiss francs. In all these countries, the national currencies depreciated and the financial market rates were reduced. Regional banks started to face difficulties regarding the management of the situation and were under the necessity of finding solutions to avoid the risk of not recovering the granted credits. The issue of the Swiss franc appreciation was treated differently by the analyzed countries and took into consideration the particularities characteristic to the credits granted in this currency. The present paper aims at emphasizing the impact of the Swiss franc appreciation on the Romanian banking system but also the approach of other countries in Central and Eastern Europe in this respect.
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The main aim of this work is finding and measuring the Quantitative Easing (QE) impact Lithuanian stock prices. In the first half of this article there are described the main instruments of monetary policy with biggest attention on newest and most unexplored of them - QE. For the reason that this research investigates relationships of QE and stock markets, there are described QE programs made in Japan, USA and UK. Rapidly rising trends in stock markets were noticed in these countries during the QE. So, the same dynamic were expected in European stock markets when European Central Bank launched similar monetary instrument on 2015 January 1st. In the second half of this work are made researches and shown the trends of Eurozone’s and Lithuania’s stock prices. For reasons that Lithuania is new Eurozone member (since 2015) and economy is not strong like German, France or Italy, Lithuanian stock market increased by 11 % in the first five month of QE. While German companies gained 30 % and European overall stock index increased by 26,5 %. All work based on literature analysis of different authors from different countries and information from stock exchange markets.
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The massive amount of financial time series data that originates from the stock markets generates huge quantity of complex data that is of interest to a large number of market participants. In order to gain a comprehensive understanding of the market mechanism investors require adequate solutions that can effectively handle the information. In this paper the concept of a minimum spanning tree (MST) is used to study patterns of comovements for a set of stocks from the South-East European emerging markets. It is presented how the MST and its related hierarchical tree evolve over time and describe the development of securities linkages. Over the sample period, 2007–2014, linkages between securities have changed, especially during the period of global financial crisis, what can have significant implications for investment decision-making.
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Sovereign Wealth Funds (SWFs) have attracted attentions of global financial markets only since 2006. This paper is one of the earliest to study the performance of firms controlled by SWFs and how their performance relates to shareholding. My empirical evidence suggests that the SWF-controlled firms outperform other types of government firms and even perform better than non-government firms. The positive relation between SWF ownership and firm performance becomes negative as the shareholding reaches a high level. These findings are consistent with the characteristics and operating behavior of SWFs in financial markets. My findings contribute to the understanding and debates surrounding SWFs.
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In the present study, we attempt to shed light on potential factors affecting how investors react to target price announcements made by security analysts. More specifically, the study focuses on cross-sectional differences between the magnitude of reactions for stocks whose prices have increased and reactions for stockswhose prices decreased immediately prior to such announcements. Employing a sample of target priceannouncements classified as "buy" (positive) recommendations for Israeli stocks, we document their significantlypositive effect on stock prices both on the day of the announcement and during a short period following the announcemen. The effect of target price releases is also found to be significantly stronger for smaller stocks.Moreover, we document that those stocks that have experienced positive cumulative abnormal returns prior totarget price releases yield significantly higher abnormal returns on average, both on the event day and during ashort subsequent period. We explain this finding by the effect of the availability heuristic on investors' perceptionsand decisions. Namely, we suggest that investors may expect target price releases to have a stronger effect on stock prices if these releases are preceded by stock returns of the same sign as the recommendation itself (makingthe recommendation more available, or in other words, subjectively more informative).
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Monetary policymakers want to know how much influence they can exert over market interest rates. Looking at how far and when benchmark market interest rates are deviating from policy rates provide them with a perspective of how thedegree of influence of the central bank’s policy rate over market interest rates changes over time, and help them understand what factors are causing the divergence. The focus and main contribution of this study is that for four small, open emerging market economies of the Association of Southeast Asian Nations (ASEAN), the gap between policy rates and market interestrates follows a Markov-type regime-switching process. In addition, the study finds that some domestic financial market characteristics—particularly the degree of foreign ownership of the relevant money markets, and global factors that drive foreign risk-taking and search for yield—particularly indicators of global risk perception are the significant determinants of the transition probabilities.
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