International Journal of Financial Research最新文献

Are The Sudanese Banks Financially Sound? 苏丹银行财务健全吗？

International Journal of Financial Research Pub Date : 2024-02-03 DOI: 10.5430/ijfr.v15n1p19

N. Elhussein, Ahmed Ali Eldawaha

{"title":"Are The Sudanese Banks Financially Sound?","authors":"N. Elhussein, Ahmed Ali Eldawaha","doi":"10.5430/ijfr.v15n1p19","DOIUrl":"https://doi.org/10.5430/ijfr.v15n1p19","url":null,"abstract":"This study attempts to investigate whether the banks operating in Sudan are solvent and financially sound as well as to examine whether there are roots for a banking panic. The research is also intended to determine whether there are candidate bankrupt banks. The study employs quantitative and qualitative research methods and utilizes both secondary and primary data and covers the eight-year period 2013-2020. The annual audited financial reports of banks published for the period under study represent the source of the secondary data and the primary data is collected through questionnaires distributed to depositors. The sample comprises 30 banks out of a total population of 37 banks. Also, responses from 416 participants in the questionnaire are considered for constructing the depositors’ confidence index. To test the hypotheses a number of quantitative models, namely, univariate financial ratios models, Ahmed (2003) Z-score model, Altman (2002) emergent markets Z-score model, and depositor’s confidence index (DCI) model are utilized. The statistical results of three out of the four models, namely, the univariate financial ratios model, Ahmed (2003) Z-score model, and depositor’s confidence index, document that banks operating in Sudan are financially unsound and financially distressed and none of those banks is thoroughly healthy. However, the results of EM Z-score model show that banks operating in Sudan can be categorized as healthy and financially sound and that there are no roots for a banking panic in the country.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"381 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139807844","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}

引用次数: 0

Are The Sudanese Banks Financially Sound? 苏丹银行财务健全吗？

International Journal of Financial Research Pub Date : 2024-02-03 DOI: 10.5430/ijfr.v15n1p19

N. Elhussein, Ahmed Ali Eldawaha

{"title":"Are The Sudanese Banks Financially Sound?","authors":"N. Elhussein, Ahmed Ali Eldawaha","doi":"10.5430/ijfr.v15n1p19","DOIUrl":"https://doi.org/10.5430/ijfr.v15n1p19","url":null,"abstract":"This study attempts to investigate whether the banks operating in Sudan are solvent and financially sound as well as to examine whether there are roots for a banking panic. The research is also intended to determine whether there are candidate bankrupt banks. The study employs quantitative and qualitative research methods and utilizes both secondary and primary data and covers the eight-year period 2013-2020. The annual audited financial reports of banks published for the period under study represent the source of the secondary data and the primary data is collected through questionnaires distributed to depositors. The sample comprises 30 banks out of a total population of 37 banks. Also, responses from 416 participants in the questionnaire are considered for constructing the depositors’ confidence index. To test the hypotheses a number of quantitative models, namely, univariate financial ratios models, Ahmed (2003) Z-score model, Altman (2002) emergent markets Z-score model, and depositor’s confidence index (DCI) model are utilized. The statistical results of three out of the four models, namely, the univariate financial ratios model, Ahmed (2003) Z-score model, and depositor’s confidence index, document that banks operating in Sudan are financially unsound and financially distressed and none of those banks is thoroughly healthy. However, the results of EM Z-score model show that banks operating in Sudan can be categorized as healthy and financially sound and that there are no roots for a banking panic in the country.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139867706","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}

引用次数: 0

Characteristics and Implications of the Current International Situation 当前国际形势的特点和影响

International Journal of Financial Research Pub Date : 2023-10-21 DOI: 10.5430/ijfr.v14n4p1

Lixing Zou, Xinyue Zou

{"title":"Characteristics and Implications of the Current International Situation","authors":"Lixing Zou, Xinyue Zou","doi":"10.5430/ijfr.v14n4p1","DOIUrl":"https://doi.org/10.5430/ijfr.v14n4p1","url":null,"abstract":"This article delves into the characteristics of the current international situation and the implications for us. The escalation of the Russia-Ukraine war, as well as war in Israel and Gaza, is intensifying global changes, exacerbating geopolitical and global supply chain adjustments. The U.S. \"Indo-Pacific strategy\" is accelerating its shift towards the East, rallying traditional allies and some forces near China, increasing containment against China, fostering the expansion of extreme nationalism, and adding to global uncertainty and confrontational sentiments. The U.S. and Europe are aiming to establish new trade rules, attempting to exclude China from strategic supply chains, and increasing risks to the global economic system. Influenced by the laws of development, China and the world are inseparable. The instinct for survival and development sparks China's strong sense of independence and autonomy, leading to the development of new systems, markets, and supply chains. The world is likely to trend towards a stable state of \"dual polarity.\" China and the United States are mutually interdependent and cooperative, and they have an irreplaceable impact on the global socio-economic and political order. Both of them need to enhance strategic insight, uphold constructive dialogue, and attach great importance to strategic artistry in order to steadily progress.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"15 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135512772","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}

引用次数: 0

Financial Deregulation, Monetary Tightening, Oil Crises and Transnational Capital Flows: The United States and the Origins of Neoliberal Financial Policies 放松金融监管、货币紧缩、石油危机和跨国资本流动：美国与新自由主义金融政策的起源

International Journal of Financial Research Pub Date : 2023-10-21 DOI: 10.5430/ijfr.v14n4p10

Simone Selva

{"title":"Financial Deregulation, Monetary Tightening, Oil Crises and Transnational Capital Flows: The United States and the Origins of Neoliberal Financial Policies","authors":"Simone Selva","doi":"10.5430/ijfr.v14n4p10","DOIUrl":"https://doi.org/10.5430/ijfr.v14n4p10","url":null,"abstract":"This article pinpoints the anti inflationary measures and financial deregulation policies passed by the Congress and the White House since early 1980 to establish a linkage between such soaring cost of financing the U.S. economy, a declining competitive edge of U.S. manufacturing during the 1970s, and the deregulation of the financial system by the turn-of-the-decade. It is suggested that such deregulation was an instrument to recast the competitive position of American manufacturing and trading companies. Furthermore, unlike the literature on financialisation of corporate America, this study argues that deregulating the American banking and financial system was not only a way to compensate the shortfall in profits caused by highs in interest rates through the promotion of unregulated financial activities by corporations and other non-banking companies. Rather, the Reagan administration deregulated the financial system to favour the outflow of money from the United States: by unleashing the American banking system the White House promoted an increase in the foreign investments of U.S. banks as an instrument to compensate the decline in banks’ profits caused by rising interest rates and the effect it had in terms of decreasing domestic borrowing by companies and consumers. Such decrease also hit hard the domestic profits of U.S. banks. The Reagan administration-turn to introduce a legislation to deregulate the financial sector was intended to let the American financial system increase their overseas investments in European money markets to restructure its banking profits.At the same time Reagan advanced deregulation policies to restore domestic money stock in combination with a foreign economic policy aimed at favouring capital-seeking strategies for U.S. corporations.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139315757","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}

引用次数: 0

Does Working Capital Management Impact How Well a Company Performs? Panel Data Analysis on the Textile Industries of Bangladesh 营运资金管理会影响公司的表现吗?孟加拉国纺织工业面板数据分析

International Journal of Financial Research Pub Date : 2023-05-18 DOI: 10.5430/ijfr.v14n3p22

Manjurul Alam Mazumder

引用次数: 0

Application of Machine Learning With News Sentiment in Stock Trading Strategies 带有新闻情绪的机器学习在股票交易策略中的应用

International Journal of Financial Research Pub Date : 2023-05-18 DOI: 10.5430/ijfr.v14n3p1

Tse-Mao Lin, J. Yu, Jhih-Wei Chen, Chin-Sheng Huang

{"title":"Application of Machine Learning With News Sentiment in Stock Trading Strategies","authors":"Tse-Mao Lin, J. Yu, Jhih-Wei Chen, Chin-Sheng Huang","doi":"10.5430/ijfr.v14n3p1","DOIUrl":"https://doi.org/10.5430/ijfr.v14n3p1","url":null,"abstract":"This study empirically tested the feasibility of machine learning in trading strategies using technical indicators and news information as the feature variables for machine learning. Six indicators were adopted in this study, including moving average (MA), moving average convergence/divergence (MACD), relative strength index (RSI), stochastic oscillator (KD), and on-balance volume (OBV), and news sentiment ratio (SR) developed in this study via text mining. Selected machine learning models, including support vector machine (SVM), eXtreme Gradient Boosting (XGBoost), recurrent neural network (RNN), and long short-term memory (LSTM), were also employed for investigation. This study backtested the daily historical data of the constituent stocks in the Taiwan Top 50 ETF from January 1, 2003, to December 31, 2018, using three categories of trading strategies along with conventional and countertrend operations. The following conclusions were drawn after analyzing the performance of these trading strategies via various means: 1. Technical indicators such as MA, MACD, and RSI performed poorly in most cases. 2. Specific parameters were of relative importance to several technical indicators, including MA, MACD, RSI, and OBV. 3. OBV was a technical indicator with a positive impact on trading strategies. 4. The machine learning-based XGBoost models were able to outperform trading strategies with technical indicators under specific scenarios. 5. SR, the news sentiment ratio developed in this study, could not significantly improve the performance of machine learning models. The empirical results of this study suggest that these machine-learning models are capable of analyzing long-term stock price movements to some extent.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116720203","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}

引用次数: 0

Corporate Governance Mechanisms and Stock Price Volatility: The Mediating Role of Dividend Policy: Evidence From Emerging Markets 公司治理机制与股价波动:股利政策的中介作用:来自新兴市场的证据

International Journal of Financial Research Pub Date : 2023-05-17 DOI: 10.5430/ijfr.v14n3p30

Hassan M. Hafez

{"title":"Corporate Governance Mechanisms and Stock Price Volatility: The Mediating Role of Dividend Policy: Evidence From Emerging Markets","authors":"Hassan M. Hafez","doi":"10.5430/ijfr.v14n3p30","DOIUrl":"https://doi.org/10.5430/ijfr.v14n3p30","url":null,"abstract":"This study is novel research aims to investigate the impact of corporate governance mechanisms on stock price volatility in the Egyptian stock exchange through the role of the dividend policy as a mediating variable. The study examines certain corporate governance mechanisms such as: board independence, board size, number of board meetings, CEO duality, and audit committee. The study used quarterly data on EGX 30 for the period 2012-2021. It was based on a sample of 25 stocks traded in the Egyptian stock exchange, not including the stocks of the financial sector. Leverage and size used as a controllable variables. Results revealed that corporate governance has an impact on stock price volatility and dividend policy. Board independence, board size, board meetings and audit committee have a significant negative impact on stock price volatility of listed Egyptian companies. A good corporate governance practices is a good sign to reduce the fluctuations in stock prices. However, CEO duality and size has no impact on stock price volatility. Leverage has a positive significant impact on stock price volatility. Accordingly, CEO duality and leverage is a sign of poor corporate governance. Egyptian investors need to consider the issue of corporate governance practices alongside with the risk associated with expected return when taking investment decisions. A new dimension which added to investigate the interrelationship between corporate governance mechanisms and stock price volatility is dividend policy as mediator factor. Dividend policy is the outcome of good corporate governance practices and has an impact on stock price volatility. Corporate governance is important for stimulating the dividend payments which in turn affect stock price volatility.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129975117","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}

引用次数: 0

External Financing of Budget on Sustainable Economic Growth in Nigeria 尼日利亚可持续经济增长预算的外部融资

International Journal of Financial Research Pub Date : 2023-05-17 DOI: 10.5430/ijfr.v14n3p43

A. F. Okunlola, O. Ogunniyi, R. A. Aregbeshola, Michael A. Alatise

{"title":"External Financing of Budget on Sustainable Economic Growth in Nigeria","authors":"A. F. Okunlola, O. Ogunniyi, R. A. Aregbeshola, Michael A. Alatise","doi":"10.5430/ijfr.v14n3p43","DOIUrl":"https://doi.org/10.5430/ijfr.v14n3p43","url":null,"abstract":"The papers attempt to validate/invalidate economic growth sustainability vis-à-vis external financing of budget in Nigeria. The external financing channels - multilateral, Paris Club, London Club, promissory notes, bilateral, Euro bond, diaspora debts, and others - were tracked in relation to economic growth sustainability. The data is accessed from Emission Database for Global Atmospheric Research [EDGAR], the World Bank Development Indicator (WDI), and the Central Bank of Nigeria (CBN) statistical bulletin, for forty years (1981 to 2020). The study analysis follows plotting the visual trend of the series to ascertain its movement over time. Likewise, descriptive inference – skewness (sk), Kurtosis (k) & Jacque-Bera (JB) statistics were inferred for series normality. Also, Augmented Dickey-Fuller (ADF) unit root test, cointegration, vector autoregression (VAR), and the impulse response function (IRF) technique formed the basis of the estimation tools. Finding validates that there is no significant long-run relationship between external financing of the budget and sustainable economic growth in Nigeria. As a result, a reduction, and or a stop to further contracting external financing for budget purposes, and ensuring a funding-project-tied, is strongly recommended.","PeriodicalId":298965,"journal":{"name":"International Journal of Financial Research","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129070610","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}

引用次数: 0

A Model of Uniformity in a Preference Function 偏好函数的一致性模型

International Journal of Financial Research Pub Date : 2023-05-17 DOI: 10.5430/ijfr.v14n3p58

P. Dube

引用次数: 0

Abnormal Returns From Hedging, Firm Size, and the Fama and French Multifactor Models 套期保值的异常收益、公司规模与Fama和French多因素模型

International Journal of Financial Research Pub Date : 2023-03-26 DOI: 10.5430/ijfr.v14n2p71

J. Nelson

引用次数: 0