Journal of Applied Finance & Banking最新文献

{"title":"Credit Resource Availability and Innovation Output: Evidence from Chinese Industrial\u0000Enterprises","authors":"Yuqiao Liu","doi":"10.47260/jafb/1211","DOIUrl":"https://doi.org/10.47260/jafb/1211","url":null,"abstract":"Abstract\u0000\u0000This paper investigates the effect of credit availability on the number of industrial\u0000enterprises' patents from the perspective of financial geography, using the number\u0000of bank branches in the vicinity of industrial enterprises in China as a proxy variable.\u0000The number of patents is a proxy for the innovation output of an enterprise. The\u0000study finds that the higher availability of credit resources, represented by the\u0000number of bank branches in the vicinity, inhibits the innovation output of enterprises,\u0000and this inhibitory effect is more obvious in state-owned enterprises and large\u0000enterprises. Higher availability of credit resources leads industrial firms to fall more\u0000easily into the resource curse trap and thus fail to gain more innovative capabilities.\u0000This paper also provides a theoretical and data base for China's inability to complete\u0000industrial upgrading; it provides new evidence for the phenomenon of insufficient\u0000innovation capacity of industrial enterprises under China's rapid economic\u0000development in recent years; and it also provides a policy reference for financial\u0000supply reform.\u0000\u0000Keywords: Availability of credit resources, Innovation output, Financial geography.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124383336","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":"Factors Shaping Consumers Intention in Purchasing Life Insurance Policy in Bangladesh:\u0000A Binary Logistic Analysis","authors":"Golam Ramij","doi":"10.47260/jafb/1162","DOIUrl":"https://doi.org/10.47260/jafb/1162","url":null,"abstract":"Abstract\u0000\u0000This paper investigates the demographic and socio-economic influential factors that\u0000work as a motivational tool for purchasing life insurance policies by the eligible\u0000consumers of Bangladesh. Using convenience sampling technique, responses of\u0000three hundred seventy-eight persons have been analyzed using this study's binary\u0000logistic regression model. This study found that demographic variables like age,\u0000education, and gender have no significant impact on life insurance policy buying\u0000decisions. On the contrary, the number of dependents in a family, nature of work,\u0000and monthly income positively impact the policy purchase decision. This study also\u0000reveals that insurance literacy has a positive influence, but acquired information\u0000about insurance policy negatively impacts consumers' purchasing decisions. In\u0000addition to that, the study's findings also show that people usually purchase a life\u0000insurance policy for tax benefit purposes instead of investment purposes. The\u0000outcomes of the study will be helpful to the insurers and policymakers to find out\u0000the major areas of improvement to bring more people under life insurance coverage,\u0000and for prospective consumers, it will guide them to understand the benefits of\u0000having a life insurance policy.\u0000\u0000JEL classification numbers: C83, C93, H55, I13.\u0000Keywords: Life insurance, Logistic model, Forecasting, Tax benefits, Agent.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"3 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123741241","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":"Value Analysis and Value Engineering on the Sustainability of Global Sourcing Competitiveness","authors":"Cheng-Wen Lee, Chi-Hsi Wang","doi":"10.47260/jafb/1161","DOIUrl":"https://doi.org/10.47260/jafb/1161","url":null,"abstract":"Abstract\u0000\u0000In this research, the sustainability and global sourcing competitiveness of\u0000international cruise ships is studied. The sustainability and competitiveness is just\u0000like two sides of a coin. On one hand, reducing the pollution and raw material waste\u0000is not only to protect our precious nature resources, but also to bring the cost down.\u0000On the other hand, a good global sourcing decision could deliver the cost saving\u0000and also keep the cruise ship industry towards the sustainable way. Therefore, in\u0000order to reach the goals of sustainability and competitiveness, the cruise ships may\u0000apply the current common practice of value analysis and value engineering to identify the possible global sourcing opportunity. This short exploratory paper outlines\u0000some of the characteristics of value analysis and value engineering, as illustrated by\u0000sustainability of global sourcing competitiveness. Eventually, the discussion of this\u0000paper provides some implications for international cruise ship companies.\u0000\u0000JEL classification numbers: F16, F60, Q23.\u0000Keywords: Value Analysis, Value Engineering, Sustainability, Global Sourcing.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116265233","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":"Monetary Policy Rules vs Discretion: Social Cost and Benefits","authors":"Ioannis N. Kallianiotis","doi":"10.47260/jafb/1156","DOIUrl":"https://doi.org/10.47260/jafb/1156","url":null,"abstract":"Abstract\u0000\u0000In this article it is discussed the new monetary policy, the new instruments (monetary policy tools) that the Fed introduced after 2008 and 2020, the different monetary policy rules, and the social cost and benefits of this policy is measured. The first major Fed’s changes were on 12/20/2008 by altering the fed funds market in a number of different ways: (1) Zero fed funds rate. (2) The Fed started paying interest on reserves held by the bank or on behalf of depository institutions at Reserve Banks, subject to regulations of the Board of Governors, effective October 1, 2011 and interest on the overnight reverse repurchase agreement in 2014. (3) The close to zero deposit rates. (4) The Fed abolished the required reserves by making them since March 26, 2020 zero. The social cost is very high with these “innovated” policies. This zero federal funds target rate monetary policy is against depositors (bail in cost) and taxpayers (bail out cost); it is an unfair public policy and an anti-social monetary policy; and at the same time it is a risky one because it has created enormous bubbles in the stock market and a creeping high inflation. The different monetary policy rules reveal the unjustifiable low policy target rates. The latest monetary policy combined with the loss of self-sufficiency, the outsourcing, the unfair international trade, the recent peculiar coronavirus pandemic, and the current divisions inside the country are generating many challenges and risks for the future, which will cause the social cost to exceed the social benefits.\u0000\u0000JEL classification numbers: E52, E58, E4, E44, E23, D6.\u0000Keywords: Monetary Policy, Central Banks and Their Policies, Money and\u0000Interest Rates, Financial Markets and the Macro-economy, Production, Social Welfare.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130997046","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":"Market Trends and Options Trading: Viewpoint, Probability and Implications","authors":"Monica Guling Wu, Hsinan Hsu, J. Wang","doi":"10.47260/jafb/1155","DOIUrl":"https://doi.org/10.47260/jafb/1155","url":null,"abstract":"Abstract\u0000In Dow theory, market trends are classified as secular trends for long-term frames, primary trends for medium-term frames, and secondary trends for short-term frames. For the long and medium terms, they can consist of major bull (bear) markets and minor bear (bull) markets; for the short terms, they may have corrections and bear rallies. These definitions of market trends are not very helpful to options traders because in practice, options trading is often done on a short-term time frame and options have a unique property of time value. Even in a bull market, there is a possibility of losing all money for buying call options; in a bear market, there is a probability of earning money for buying call options. This inconsistency often troubles options traders deeply. From the viewpoint of options trading, we introduce a new concept of analyzing the market trends and propose new methods for estimating the probabilities of the market trends since at any time the future prices are unknown. By simplifying the market trends into three concepts of uptrend, downtrend, and neutral trend, it will have consistent implications for options trading.\u0000\u0000JEL classification numbers: C13, G10, G13.\u0000\u0000Keywords: Market trends, Options trading, Trend probability, Estimation methods, Trading implications.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"151 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131851893","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":"Does Industry Specialist Auditor Provide More Insights in Their audit report? An Empirical Study of Key Audit Matters Section","authors":"Li-Jen He","doi":"10.47260/jafb/1154","DOIUrl":"https://doi.org/10.47260/jafb/1154","url":null,"abstract":"Abstract\u0000\u0000In 2015, International Auditing and Assurance Standards Board (IAASB) released new International Standards on Auditing 701 and required auditors to disclose key audit matters (KAM) in the audit report. Similar standards were also released in the United States in 2017 and the United Kingdom and Ireland Financial Reporting Council (FRC) in 2014. As KAM are expected to inform on matters of the greatest significance during an audit, before exploring the question regarding whether investors will obtain useful information from additional matter disclosures, the anterior consideration may be in regard to how audit quality affects the disclosure quality of KAM. This study use hand-collected data of the KAM disclosed in the audit reports of Taiwanese listed companies in 2016 to explore the association between auditor industry specialization and audit quality by the disclosure of KAM in new audit reports. The empirical results show that the association between the industrial specialist audit partner and the measurement of KAM quality is significantly positively related. The findings support our hypothesis that specialist auditors’ KAM are more informative than those issued by non-specialist auditors, and provide new evidence supporting prior studies about the superior auditing ability and disclosure quality of auditor industry specialist.\u0000\u0000Keywords: Key Audit Matters, KAM, International Standards on Auditing 701,\u0000International Auditing and Assurance Standards Board.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129440471","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":"Role of Digital Financial Services in Confronting Covid-19 Crisis in Bangladesh","authors":"Johir Rayhan, Jahir Uddin","doi":"10.47260/jafb/1153","DOIUrl":"https://doi.org/10.47260/jafb/1153","url":null,"abstract":"Abstract\u0000\u0000This study examines the impact of Digital Financial Services (DFSs) in confronting COVID-19 crisis in Bangladesh. It attempts to explore the magnitude of using DFSs along with the efficacy and difficulties of DFSs in coping with humanitarian emergency during COVID-19 pandemic. For analyzing the role of DFSs, the study collects primary data by carrying out a computerized questionnaire survey among 100 respondents. According to the field survey outcomes, DFSs are found useful as transactions can be done efficiently while maintaining social distance. Therefore, an increasing number of people are using DFSs for financial transactions during the pandemic. However, the survey outcomes also report that preferring DFSs over physical cash have many challenges such as data privacy concern, digital fraud, transaction limit problem, difficulty in cashing out and others. If these challenges are addressed properly, DFSs can play an important role in strengthening the resilience of populations during the crisis. \u0000\u0000JEL classification numbers: G01.\u0000Keywords: Digital Financial Services, COVID-19 Crisis, Humanitarian Emergency, Bangladesh.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129985065","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":"A Study of Project Financing on the Defense Industry in Systems Thinking Perspective","authors":"Day-Yang Liu, Chia-Kan Wang, Chung-Yi Fang, Pei-Leen Liu","doi":"10.47260/JAFB/1126","DOIUrl":"https://doi.org/10.47260/JAFB/1126","url":null,"abstract":"Abstract\u0000Taiwan has long faced the threat of force from mainland China. Since Taiwan has\u0000limited defense industry autonomy, it has insufficient self-produced weapons and\u0000must rely on foreign weapon procurement for defense preparation. As a result,\u0000Taiwan ranks among the top 10 U.S. arms sales and exports destination due to the\u0000large quantity of armaments purchased. An autonomous defense industry capability\u0000covers three aspects: independent R&D, production, and formation of the weapon\u0000industry chain. Due to the high complexity, strong integration, large capital\u0000investment, high technology threshold, and long payback period characteristics of\u0000the defense industry; promoting exchanges between the defense industry and private\u0000enterprises can effectively bolster economic development and enhance the\u0000country’s industrial competitiveness in addition to upgrading its advanced\u0000technologies. In addition to the overall government planning and policy promotion,\u0000the defense industry also requires private sector participation. However, private\u0000manufacturers generally have insufficient financial resources and often need to\u0000obtain the necessary funds via project financing. So project financing plays a critical\u0000role to the defense industry development. There are numerous consideration factors\u0000for project financing and the defense industry. Such factors influence each other,\u0000and are correlated and interlinked. All aspects must be considered from a holistic\u0000and structural system perspective. But there is a dearth of literature focusing on the\u0000research of the defense industry and project financing from a systematic perspective.\u0000Therefore, the researcher of this study employed the system dynamics methodology\u0000and used system thinking to construct a qualitative system dynamic analysis model\u0000for Taiwan's defense industry and project financing system. The goal is to provide\u0000reference for countries that desire to develop their own national defense industry.\u0000Keywords: Defense industry, Project financing, System dynamics, System thinking.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122230778","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 Evolution of the Lead-lag Markets in the Price Discovery Process of the Sovereign Credit Risk: the Case of Italy","authors":"Michele Anelli, Michele Patané, M. Toscano, Gioia Alessio","doi":"10.47260/JAFB/1127","DOIUrl":"https://doi.org/10.47260/JAFB/1127","url":null,"abstract":"Abstract\u0000Hedging and speculative strategies play a key role in periods of financial market\u0000volatility particularly during economic crises. In such contexts, liquidity problems\u0000tend to evolve into potential credit risk events that amplifies the volatility of several\u0000markets such as the CDS and the government bond markets. The former, however,\u0000generally embodies a higher sensitivity to volatility due to the operators’ uncertainty\u0000about unstable and countercyclical counterparty risk.\u0000The aim of this paper is to analyze the long-lasting dynamic relationship between\u0000credit default swap (CDS) premia and government bond yield spreads (GBS), by\u0000focusing particularly on sovereign credit risk, in order to evaluate the lead-lag\u0000markets in the price discovery process against the backdrop of a deep financial crisis.\u0000The focus of this study concerns the country of Italy, one of the major European\u0000countries that suffers from both weak GDP growth and high public debt, which\u0000subjects it to volatility and speculation during periods of financial stress.\u0000JEL classification numbers: G01, G12, G14, G20.\u0000Keywords: CDS spreads, Government bond spreads, Credit risk, Cointegration,\u0000Vector error correction model, Granger-causality.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129092109","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 Analysis of COVID-19 Prevention Experience Using DEMATEL-Based ANP","authors":"Cheng-Wen Lee, Yilin Hu","doi":"10.47260/jafb/1123","DOIUrl":"https://doi.org/10.47260/jafb/1123","url":null,"abstract":"This research uses the Decision Making Trial and Evaluation Laboratory and Analytic Network Process (DEMATEL-Based ANP) analysis to examine the Taiwan’s experience for preventing COVID-19. We use the eight factors to fight COVID-19 as listed by Taiwan’s Ministry of Health and Welfare such as SARS experience, Central Epidemic Command Center, Information Transparency, Good resource allocation, Timely border control, Smart community transmission prevention, Advanced medical technology, Good etiquette of a citizen. The result findings present the key factors for success and their interrelationships with each other. This study would be expected as a reference for suggesting other countries those are working together to fight COVID-19.\u0000JEL classification numbers: A10, D71, H51.\u0000Keywords: Key success factors, COVID-19, DEMATEL-based ANP.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116898789","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}