Emerging Markets: Finance eJournal最新文献

{"title":"Consistency of Pecking Order Theory: Evidence from Indonesia Capital Market","authors":"Ruswiati Suryasaputra Indahwati","doi":"10.2139/ssrn.3801506","DOIUrl":"https://doi.org/10.2139/ssrn.3801506","url":null,"abstract":"Financial crisis in some developing country have affected Indonesia as a developing country as well. It changes business climate that force firms finds additional funding sources. Improper capital structure policy will give negative signal to investors about firm’s financial performance and future prospect, which in turn affects stock price of the firm. Pecking Order Theory states that firms has defined yet the target debt ratio and that companies prefer to use internal financing first, then debt, and finally new equity. This research aims to test consistency of pecking order theory in term of flexibility of capital structure policy of listed companies in Indonesian Capital Market in the crisis circumstances. And analyze testing the influence on the value of the firm. Research population is taken from public listed company in Indonesia capital market since 2015-2018 with assets worth 1 thousand million. Data analyzing technique to answer the research question and analyze the research hypothesis uses factor analysis and simple linear regression. The result shows that is proved that there is consistency of influence POT/pecking order theory policy on the value of the firm in Indonesian Capital Market since 2015 to 2018.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"164 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115688033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Literature Survey and Research Agenda of Risk Determinants in Indian Equities and Machine Learning","authors":"Pradeep Kumar Rangi, P. Aithal","doi":"10.2139/ssrn.3805394","DOIUrl":"https://doi.org/10.2139/ssrn.3805394","url":null,"abstract":"Notwithstanding the financial slowdown and severity of the Coronavirus pandemic during 2020, several retail investors ventures directly to the secondary equities market, setting off gigantic purchasing. A review of SEBI data indicates that over 6 million new dematerialization accounts between April and September 2020 are about 125 percent growth on year on year basis. At the same time, data reported by AMFI shows net outflows from equity funds by retail investors. These data points indicate that retail investors may have opted to invest using direct stock investments instead of relying on the equity mutual fund manager. Equity Investment is a dynamic process requiring and require considering different variables in selecting and, more importantly, avoiding stocks. The cornerstone of wealth creation is to invest in stores at a price considerably smaller than their intrinsic value. The very foundation of creating long-term wealth using equities is deeply embedded. One is buying businesses at a price substantially below its intrinsic value (intrinsic value indicates the entity's future cash flows after estimating the number of accounting risk, macro-economic, managerial, and behavioral risk determinants). This Literature review, therefore, is organized to cover Behavioral, Accounting, Macro-economic, Volatility, and Management theories and Forecasting and ML techniques for clustering, predictions, and classification to support risk decisions using different models, e.g., ARIMA, LSTM, VAR, Facebook Prophet, ARCH and GARCH family models, etc. The literature review also establishes that the concept of risk is highly subjective and is perceived by different investors differently; it is not always entirely objective and outside the beliefs, cognitive and socio-cultural considerations requiring careful assessment before making investment decisions. However, examining the critical risk indicators would allow investors to make a more informed decision. The research gap and identified agenda for further review were defined and assessed using valuable ABCD and SWOT management frameworks. Consequently, the literature investigation findings are analyzed by offering recommendations for creating a comprehensive research agenda pertinent to long-term equity investors in the Indian Equity market.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121696389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of OJK Regulation No. 48/POJK.03/2020 on the Quality of Credit and Risk Management of Banking Credit","authors":"Christanto Arief Wahyudi, Evi Aryati Arbay","doi":"10.31014/AIOR.1992.04.01.332","DOIUrl":"https://doi.org/10.31014/AIOR.1992.04.01.332","url":null,"abstract":"The COVID-19 pandemic, which is spreading rapidly throughout the world, has seriously harmed many countries, including Indonesia. Many things have been detrimental due to COVID-19, one of which is the economic aspect. This pandemic made it difficult for many debtors to fulfil their credit obligations that led the government to issue a countercyclical policy to provide a stimulus to the national economy. This study aims to determine the impact of OJK Regulation No.48 of 2020 on credit quality and control of banking credit risk in Indonesia. The research method used is descriptive qualitative with a literature approach using secondary data. This OJK regulation regulates economic stimulus through credit restructuring and regulates the implementation of credit risk management in banks. The existence of this regulation can maintain the stability of banking performance by keeping the Non-Performing Loan (NPL) number below 5% and providing a reference for banks in risk management with a model that is relevant to economic conditions during the COVID-19 pandemic.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129964534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adoption of Internet Banking in Bosnia and Herzegovina","authors":"Admel Husejinovic, Mirela Husejinović","doi":"10.2139/ssrn.3501455","DOIUrl":"https://doi.org/10.2139/ssrn.3501455","url":null,"abstract":"In this study we investigate the level of adoption of internet banking in Bosnia and Herzegovina across gender, age group and education levels. Data is collected true the google forms questioner. We use descriptive statistics and inferential statistics to test out hypothesis in SPSS 22. We find out that some of the main reasons of not adopting internet in providing some of the banking services are security issue and that clients do not find reason for use of internet banking. Study suggests that significantly lower transaction cost and faster transaction process are important reason for increase in internet banking adoption by clients in Bosnia and Herzegovina. Also, we find out that null hypothesis regarding distribution of internet banking adoption across gender, age group and education level cannot be rejected.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116712995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Debt to Asset Ratio, Return on Equity, and Current Ratio on Stock Prices of Pharmaceutical Companies Listed on the Indonesia Stock Exchange 2016-2019 Period","authors":"Ade Onny Siagian, H. Wijoyo, Y. Cahyono","doi":"10.29138/prd.v3i2.366","DOIUrl":"https://doi.org/10.29138/prd.v3i2.366","url":null,"abstract":"This research aims to determine: The influence of Current Ratio (CR), Debt to Asset Ratio (DAR), and Return on Equity (ROE) either partially or simultaneously on Stock Price of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) 2016-2019 period. Data were taken from the Indonesia Stock Exchange (IDX) website. Analysis prerequisite test including normality test, multicollinearity, heteroscedasticity, and autocorrelation. Data analysis  technique used is multiple linear regression analysis. Statistical results also show that the current ratio (X1) and return on equity (X3) partially have a positive and significant effect on stock prices (Y). Debt to asset ratio (X2) partially does not have a significant effect on stock prices (Y). Simultaneously current ratio (X1), debt to asset ratio (X2), and return on equity (X3) have a positive and significant effect on stock prices (Y).","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"006 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130851337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Auditing the Fair Value","authors":"Tim Sovaniski, Badruldeen Mohd Ali, Alisha Kumar","doi":"10.2139/ssrn.3794430","DOIUrl":"https://doi.org/10.2139/ssrn.3794430","url":null,"abstract":"This paper introduces the private notions of accounting at fair value in terms of concepts, measurement and disclosure, and highlights the most important challenges facing the external auditor in auditing accounting estimates for the fair value according to the International Accounting Standards (IAS).<br><br>The tools of analyzing had been applied in order to identify priority challenges facing the external auditor through the analysis of the views of the external auditors for a number of offices and Iraqi audit firms mathematically by using the methodology of specific steps.<br><br>The paper aims through using statics to identify the most important challenges impact on the external auditor for the purpose of directing attention to them and not to direct the attention to the dispersion of other challenges may not have direct and influence strongly.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130860877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of Financial Structural Factors in Retail Rate Adjustment: Evidence From Sri Lanka","authors":"A. Fernando","doi":"10.2139/ssrn.3791076","DOIUrl":"https://doi.org/10.2139/ssrn.3791076","url":null,"abstract":"This paper examines the interest rate channel of monetary policy transmission. It assesses the impact of banking structural factors on commercial bank pricing decisions and their pass-through in Sri Lanka. The empirical analysis uses aggregate monthly interest rates data from January 2008 to December 2018, a total of 132 observations. The findings suggest that the interest rate pass-through is significant overall, but incomplete. The credit quality, operational efficiency and excess liquidity play essential roles in explaining the adjustments of the bank lending and deposit rates. Non-performing loans increase the lending rate, and this result is robust to different combinations of the control variables. This suggests that banks with higher proportions of non-performing loans attempt to pass their credit losses on to customers. Further, bank inefficiency is passed on to customers in the form of lower deposit rates and excess liquidity in the banking system, both of which have a negative effect on the interest rate adjustments of both lending and deposit rates. A puzzling negative relationship is observed between the lending rate and operational inefficiency. The findings of this paper support the claim that banks in Sri Lanka take into consideration their structural factors as well as the monetary policy rates when setting the lending and deposit rates.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117178326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Segmentation of the Chinese Stock Market: A Review","authors":"Zhe Peng, Kainan Xiong, Yahui Yang","doi":"10.2139/ssrn.3788878","DOIUrl":"https://doi.org/10.2139/ssrn.3788878","url":null,"abstract":"The Chinese stock market is segmented in threefold. First, firms may have multiple issues that are denominated in different currencies. Due to difficulties in arbitrage, stocks listed on the domestic segment usually trade at a premium over those on the foreign segment. Second, stocks are traded on different market segments. Each segment imposes different listing requirements on firms and varying entry restrictions on investors. Third, a predominant portion of shares used to be nontradable. This split-share structure, while largely dismantled by the 2005 reform, is not yet fully eliminated. In this paper, we provide a detailed account of the literature on the three aspects and emphasize how market segmentation affects the stock pricing of Chinese firms. We also offer critical comments on the caveats of the extant studies and propose some topics for future research.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126491236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"IPO Suspensions and Venture Capital Activity","authors":"Jo‐Ann Suchard, M. Humphery‐Jenner, Zhiyi Qiu","doi":"10.2139/ssrn.3788720","DOIUrl":"https://doi.org/10.2139/ssrn.3788720","url":null,"abstract":"The potential to exit companies through Initial Public Offerings (IPOs) is argued to be critical to the existence of an active venture capital (VC) market. However, this can be difficult to test due to endogeneity concerns. We use the suspension of China’s IPO market as an exogenous shock. We analyse the impact of IPO suspensions on VC investment, exit mechanisms and fundraising. We find that contemporaneous VC investment decreases. VCs are more likely to invest in high tech and less likely to invest in late stage and syndicated deals. Companies that received investment during an IPO suspension are less likely to be exited and take longer to exit. IPO suspensions significantly increase the likelihood of an exit via takeover and international IPO markets. Further, both the number of new funds raising capital and fund target amounts decrease. The results suggest that lack of access to public markets dampens VC activity.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134067809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insignificance of Stock Market Investment Among College Teachers Working in the Jurisdiction of Mangalore University","authors":"Yathish Kumar, Abhinandan","doi":"10.29121/GRANTHAALAYAH.V9.I2.2021.3242","DOIUrl":"https://doi.org/10.29121/GRANTHAALAYAH.V9.I2.2021.3242","url":null,"abstract":"The competency of a teacher is a major determinant of the quality of the education. Teacher’s professional advancement is decided by many factors. One of the main factors which strongly influence the efficiency of teacher is his quality of life. The quality of one’s life is closely related to the level consumption, savings and investment. Investments in stock market indicate high quality of life. But many research found that most of the teachers not investing in stock market. Much research done related to investment pattern of teaching faculty and investment behaviour of teaching faculty. These researches found out that teachers preferred to invest in banking investment avenues. But a less number of researches did to identify the reason for not investing in stock market avenues. Therefore this paper tries to identify the reasons for insignificance of stock market among teaching faculty. To this paper both primary data and secondary data were used. Primary data were collected through structured questionnaire and for secondary data referred various online journals and websites.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124530528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}