{"title":"The Nexus between Buyback, Business Cycle, and Stock Market Volatility","authors":"F. Hamouda, R. Riahi, Tarek Sadraoui","doi":"10.12691/IJEFM-8-2-3","DOIUrl":"https://doi.org/10.12691/IJEFM-8-2-3","url":null,"abstract":"Financial crisis shows significant uncertainties in corporate financing conditions. This study draws on economic conditions toask if buyback programs are related to the business cycle and the stock market volatility. The results show both unidirectional and bidirectional causality between buyback, business cycle and stock market volatility. It also shows that financial crisis plays an important role, suggesting that firms increase their buyback depending on their economic condition.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125444621","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":"Cascade Artificial Neural Networks for Modeling Economic Performance: A New Perspective","authors":"A. Mohamed","doi":"10.12691/IJEFM-8-2-2","DOIUrl":"https://doi.org/10.12691/IJEFM-8-2-2","url":null,"abstract":"This paper discusses a new representation for efficiency frontier method through a proposed algorithm for augmented feed forward back propagation neural network models, to estimate the economic performance, and the effectiveness of macroeconomic policies in Egyptian economy, using a quarter time series data from 1990Q1 to 2019Q2. In this study I develop artificial neural network models - ANN - in line with the conditions of the Egyptian economy, by building an optimal efficiency frontier and then comparing the actual performance of the Egyptian economy with that limit, which includes the lowest possible variations for both inflation and output. As for the new contribution to this study, it is to calculate the optimal inflation rate and the optimal output level in the Egyptian economy through a model that combines the higher predictive power of feed forward neural network models, and the high explanatory power of a stationary or random walk stochastic models, in order to obtain the fitted values of the optimal output level, and the optimal inflation rate. It is clear from the results of the study, the extent of the essential congruence between the actual Egyptian economic performance during the study period and the economic performance index that was built through the new contribution of this study.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124670427","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}
C. Arfa, Hervé Leleu, H. Romdhane, C. V. Mosseveld, Tarek Sadraoui
{"title":"Measuring the Efficiency of Hospital’s Cardiology Wards Using the Free Disposal Hull Approach","authors":"C. Arfa, Hervé Leleu, H. Romdhane, C. V. Mosseveld, Tarek Sadraoui","doi":"10.12691/IJEFM-8-2-1","DOIUrl":"https://doi.org/10.12691/IJEFM-8-2-1","url":null,"abstract":"The assessment of efficiency of public hospitals in Tunisia is almost missing. Actually, the efficient utilization of existing resources becomes crucial for strengthening the healthcare delivery. The objective of this study was to measure technical efficiency of five cardiology wards, using an innovative nonparametric approach through an aggregated efficiency at patient level. It can assist practitioners to understand the underlying causes of clinical practice inefficiency. Linearized Free Disposal Hull using the non-radial input directional distance function provide a efficiency scores at the patient level and aggregate scores at ward’s level. The cardiology wards operate at high inefficiency. Through the 217-treated diagnosis' disease, 50 are the greatest sources of inefficiency. Each ward could save more than 50% of inputs used. The decision makers can ensure the optimum utilization of the available resources through a new design of the management and clinical practices of these wards. High inefficiency is due to the lack evaluation, accountability and effective management of public hospitals.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131277881","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":"World Oil Fluctuation and Vietnamese Stock Market Index","authors":"Khanh Nguyen Thi Van","doi":"10.12691/IJEFM-8-1-5","DOIUrl":"https://doi.org/10.12691/IJEFM-8-1-5","url":null,"abstract":"The purpose of this paper is to investigate the effects of world oil price on Vietnamese stock market index. Using an Autoregressive Distributed Lag model (ARDL model) on the monthly data during the period over Jul 2000- Jun 2019, collected from Stock markets and Finance News and Vndirect joint stock company news. Evidence from the study shows that world oil price does not only impact on Vietnamese stock market index in short run but world oil price on Vietnamese stock market index also have a long-run equilibrium relationship. In short run, world oil price shows sometimes a negative, sometimes a positive influence on Vietnamese stock market index. While in long run, the nexus of world oil price on Vietnamese stock market index is steadily positive.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130682537","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":"Political Risk Factors on Perfomance of Public Private Partnership Renewable Energy Projects: The Case of Geothermal Renewable Enrgy Projects in Kenya","authors":"K. Odhiambo, C. Rambo, Stephen Lucas Okello","doi":"10.12691/IJEFM-8-1-4","DOIUrl":"https://doi.org/10.12691/IJEFM-8-1-4","url":null,"abstract":"To solve the problem of limited fiscal funds and demand for energy, PPP has been touted as an effective approach. However political risks have been blamed for failure to attract private investments in equally measure as their developed partners. This article looked at political risks influencing the performance of PPP renewable energy projects in Kenya. The study adopted a pragmatic paradigm and employed a mixed methods approach, correlational and descriptive survey design. Quantitative data was collected by use of a self-administered questionnaire and an interview guide was used to collect qualitative data. A sample size of 263 respondents was drawn from a target population of 769 using the Yamane formula. For descriptive statistics the study used the mean and standard deviation. For inferential statistics the study used Pearson’s Product Moment Correlation (r) and Multiple Regression while the F-tests were used in hypothesis testing. The study established a significant influence of political risks r = 0.572, F (1,205) = 99.771, R2 = 0.327 at p<.05 H0 was rejected. The study concluded that there was a significant influence of political risks on the performance of PPP renewable energy projects in Kenya. Based on this finding the study recommends sustainable political stability.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134052166","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}
Bright Obuobi, Xiaoqing Li, Emmanuel Nketiah, Faustina Awuah, E. Boateng, A. Sampene, J. Wiredu, J. Ashun, Gibbson Adu-Gyamfi, M. Adjei
{"title":"Relationship between Capital Structure and Banks’ Performance; an Evidence of Banks Listed on the Ghana Stock Exchange","authors":"Bright Obuobi, Xiaoqing Li, Emmanuel Nketiah, Faustina Awuah, E. Boateng, A. Sampene, J. Wiredu, J. Ashun, Gibbson Adu-Gyamfi, M. Adjei","doi":"10.12691/IJEFM-8-1-3","DOIUrl":"https://doi.org/10.12691/IJEFM-8-1-3","url":null,"abstract":"The capital structure of an organization is potentially one of its most important choices. The success of every organization depends on its capital mix or structure. This places a greater responsibility on financial managers to decide the best capital combination that will maximize shareholders’ wealth. Due to the abstract nature of capital structure in an organization, this paper attempts to examine the influence of capital structure on the financial performance of banks in Ghana. The study uses debt ratio (DR) as proxy for banks capital structure and uses return on assets (ROA), return on equity (ROE) and earning per share (EPS) as proxies for banks performance measurement in the country understudy. The study sampled 7 banks out of the 11 banks listed on the Ghana stock exchange (as at 2017) over a seven-year period from 2008 to 2014 and data from their respective annual financial statements were extracted. It was concluded that capital structure has a negative effect on banks performance as the results confirms various studies reviewed.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115526659","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 Behavioral Portfolio Decision Model with Triangular Fuzzy Number Return and Investor’s Sentiment","authors":"Qiansheng Zhang","doi":"10.12691/IJEFM-8-1-2","DOIUrl":"https://doi.org/10.12691/IJEFM-8-1-2","url":null,"abstract":"This paper deals with a behavioral portfolio decision problem with triangular fuzzy number return. A fuzzy sentimental mean model for behavioral portfolio decision is proposed by taking into account investor’s sentiment and multiple mental accounts. The presented behavioral portfolio decision model maximizes the fuzzy sentimental mean value of portfolio return and ensures the portfolio return of each mental account exceeding the given minimum triangular fuzzy number level with a given possibility degree. Then, multiple programming models are designed to solve the optimal behavioral portfolio strategy. Finally, a numerical example is given to illustrate the validity of the proposed approach.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"200 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115274563","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 Determinants of the Credit Risk in Developing Countries: An Empirical Study on Vietnamese Listed Banking Sector","authors":"P. Ha","doi":"10.12691/IJEFM-8-1-1","DOIUrl":"https://doi.org/10.12691/IJEFM-8-1-1","url":null,"abstract":"The research study is focusing on the determinants of credit risk in developing countries, Vietnam is one the most fastest growing economies in the world with the rate of roughtly 7 percent during the period of1986 – 2018. The bank system in the country has widely been expanded both quantity and quality. Using the secondary data in the period of 2009 – 2018 retrieving from Ho Chi Minh City Stock Exchange (HOSE), Hanoi Stock Exchange (HNX), and General Statistics Office with the theoretical framework of bank’s non-performance loans (so-called credit risk), the results demonstrate that that real GDP growth rate is significantly and negatively correlated with the credit risk in the bank system. Loan growth in the current year and a previous year can negatively generate non-performing loans in this year. In addition, a larger bank can perfectly have a lower level of bankruptcy cost and a higher level of growth rate related to a lower level of credit risk. Further, the bad debt, inflation, and net interest margin can positively generate credit risk.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126369283","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":"Estimating Health Production Function for the South Asian Countries","authors":"Istihak Rayhan, R. Hasan, M. Akter","doi":"10.12691/IJEFM-7-1-2","DOIUrl":"https://doi.org/10.12691/IJEFM-7-1-2","url":null,"abstract":"The aim of this study is to estimate the health production function for the south Asian countries. The health production function expresses the functional relationship between health status and health care inputs, while life expectancy at birth has been widely used as an indicator of population health status of a country and health care inputs can be categorized into three broader categories named economic factors, social factors and environmental factors. It is a prior work to estimate health production function for the south Asian countries. A balanced panel data of seven South Asian countries are taken for the period of 1995-2015 from World Development Indicator 2017. Breusch-Pagan, Honda, King-Wu, Standardized Honda and Standardized King-Wu Lagrange Multiplier test are used to test the random effects on pooled OLS model. Hausman test is used to select the appropriate model between fixed effect and random effect model. Breusch-Pagan LM, Pesaran LM and Baltagi, Kao and Feng bias corrected scaled test are performed to check the cross-sectional dependence of the residuals. Panel Corrected Standard Error (PCSE) model has been used to deal with contemporaneous correlation in residuals. In this study health expenditure per capita and food production index are used as economic factors, education and access to improved water facilities are used as social factors and urbanization is used environmental factors. Empirical results reveal that health expenditure per capita, education, access to improved water sources and urbanization have statistical significant positive impact on life expectancy, but the impact of food production index is found statistically significantly negative in the south Asian countries. The findings of this study help the policy makers to take a suitable policy for extending life expectancy in the South Asian countries.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130492003","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":"Impact of Financial Liberalization on Income Inequality: A PVAR Approach","authors":"Chokri Zehri, H. Abid","doi":"10.12691/IJEFM-7-1-1","DOIUrl":"https://doi.org/10.12691/IJEFM-7-1-1","url":null,"abstract":"We estimate a panel vector autoregressive model (PVAR) to study the impact of financial liberalization on income inequality. The analysis is carried out for 162 countries over the period 1980-2015. The results show that capital account liberalization and financial development increase inequality. However, it change according to the category of income countries (low, middle and high-income) and according to the period of study used (before and after 1990). The shocks caused by the indicators of financial liberalization on income inequality are very low but persistent in time.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125972886","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}