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The Effect of Capital Structure on Profitability of Basic Materials Saudi Arabia Firms 资本结构对沙特基础材料企业盈利能力的影响
Journal of Mathematical Finance Pub Date : 2020-10-10 DOI: 10.4236/jmf.2020.104037
Alwalid Mohammad Saleh A. Hajisaaid
{"title":"The Effect of Capital Structure on Profitability of Basic Materials Saudi Arabia Firms","authors":"Alwalid Mohammad Saleh A. Hajisaaid","doi":"10.4236/jmf.2020.104037","DOIUrl":"https://doi.org/10.4236/jmf.2020.104037","url":null,"abstract":"This research investigated the relationship between \u0000capital structure and profitability \u0000of eight companies working in the basic material sector in Saudi Arabia during the period \u00002009 to 2018. The statistical techniques used are regression analysis, fixed effect \u0000model, random effect model, and Hausman test. The dependent variable is the return on equity (ROE). \u0000In contrast, independent variables \u0000are a short-term debt to total assets ratio (SDA), long-term debt to total assets ratio \u0000(LDA), and total debt to total assets ratio (DA). The results illustrate a negative relationship between short-term \u0000debt to total assets ratio \u0000(SDA) and profitability and this complement with studies like Hamid and others (2015) [1] and \u0000Abeywardhana (2015) [2], a negative relationship between long-term debt (LDA) and profitability which \u0000complement with studies \u0000like El-Sayed Ebaid (2009) [3], and positive relationship between total debt (DA) and profitability \u0000which complement with studies like Abor (2005) [4], Hamid and others (2015).","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121976626","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: 6
The Impact of Corporate Social Network on Innovation: A Mediation Analysis of Agency Costs and Financial Constraints 企业社会网络对创新的影响:代理成本和财务约束的中介分析
Journal of Mathematical Finance Pub Date : 2020-10-10 DOI: 10.4236/jmf.2020.104033
Gejian Feng, Jianqiong Wang
{"title":"The Impact of Corporate Social Network on Innovation: A Mediation Analysis of Agency Costs and Financial Constraints","authors":"Gejian Feng, Jianqiong Wang","doi":"10.4236/jmf.2020.104033","DOIUrl":"https://doi.org/10.4236/jmf.2020.104033","url":null,"abstract":"This paper examines the impacts of corporate social network on innovation activities (both R&D inputs and patent outputs) and explores the potential influence path of social networks driving corporate innovation. Using Chinese share markets’ listed companies in the period from 2009 to 2016 as the sample, we establish a new type of social network based on the connections of the core management team (including directors, supervisors and executives) and find that a corporate social network based on the core management team has a positive causal effect on enhancing R&D investments and patent performance. Empirical results are robust after controlling for endogeneity and the causal relationship between social networks and corporate innovation is robustly monotonic. We perform a mediation analysis following the bootstrapping procedures, and find that alleviating financial constraints plays a mediating role in the process of a social network of this new type improving corporate innovation, while mitigating agency conflicts does not. Our conclusions demonstrate that, in the promotion of corporate innovation by the corporate social network, financial constraints have a more profound impact than agency costs.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133341958","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: 2
A Unified Stochastic Volatility—Stochastic Correlation Model 统一的随机波动率-随机相关模型
Journal of Mathematical Finance Pub Date : 2020-10-10 DOI: 10.4236/jmf.2020.104039
Xianggang Lu, G. Meissner, Hong Sherwin
{"title":"A Unified Stochastic Volatility—Stochastic Correlation Model","authors":"Xianggang Lu, G. Meissner, Hong Sherwin","doi":"10.4236/jmf.2020.104039","DOIUrl":"https://doi.org/10.4236/jmf.2020.104039","url":null,"abstract":"This paper has two main contributions. First, we build a simple but rigorous stochastic volatility—stochastic correlation model. Mean-reverting and locally stochastic with dependent Brownian motions, our model proves to fit both marginal and joint distributions of the option market implied volatility and correlation. Second, asset correlations are currently modeled exogenously and then ad hoc assigned to an asset price process such as the Geometric Brownian Motion (GBM). This is conceptually and mathematically unsatisfying. We apply our approach to build a unified asset price—asset correlation model, which outperforms the standard GBM significantly.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123602200","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: 1
The Comparative History and Development of E-Commerce in China and the United States 中美电子商务的历史与发展比较
Journal of Mathematical Finance Pub Date : 2020-08-11 DOI: 10.2991/isemss-19.2019.3
Ruofan Shen
{"title":"The Comparative History and Development of E-Commerce in China and the United States","authors":"Ruofan Shen","doi":"10.2991/isemss-19.2019.3","DOIUrl":"https://doi.org/10.2991/isemss-19.2019.3","url":null,"abstract":"This research aims to investigate the differences between e-commerce in two countries, the origins of those differences, and comments on the future of E-commerce of China and US. While China is among the developing countries in Asia, the US has the greatest power to affect global market. By analyzing previous research on E-Commerce, we have concluded the main differences between logistics and payment, legalization and technology, and cultural contents. Also, we predicted that B2C will become the dominating force and ultimately surpass C2C in China.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129829495","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: 4
Mathematical Modelling of Growth Dynamics of Infant Financial Markets 新兴金融市场增长动态的数学建模
Journal of Mathematical Finance Pub Date : 2020-08-11 DOI: 10.4236/jmf.2020.103023
R. Katende
{"title":"Mathematical Modelling of Growth Dynamics of Infant Financial Markets","authors":"R. Katende","doi":"10.4236/jmf.2020.103023","DOIUrl":"https://doi.org/10.4236/jmf.2020.103023","url":null,"abstract":"Developing financial markets are sensitive in many ways. Even some seemingly insignificant factors can impact their growth or failure. In this paper, we examine the major compartments of an infant financial market and the major contributors to the market’s growth using a simple deterministic mathematical model. We find that the impact of single investor on the market is dependent on the rate at which people choose to invest and the rate at which people leave the market due to non investment-related issues","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127612791","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
Evaluating Energy Forward Dynamics Modeled as a Subordinated Hilbert-Space Linear Functional 评价以从属hilbert空间线性泛函为模型的能量前向动力学
Journal of Mathematical Finance Pub Date : 2020-08-11 DOI: 10.4236/jmf.2020.103025
Victor A. Okhuese, J. Aduda, J. Mung'atu
{"title":"Evaluating Energy Forward Dynamics Modeled as a Subordinated Hilbert-Space Linear Functional","authors":"Victor A. Okhuese, J. Aduda, J. Mung'atu","doi":"10.4236/jmf.2020.103025","DOIUrl":"https://doi.org/10.4236/jmf.2020.103025","url":null,"abstract":"In this study, we evaluate energy forward dynamics modeled as time-change Hilbert-space of linear functional. The energy forward is represented as an element of Hilbert-space of function. Representing energy forward and futures contracts as a time-changing stochastic process in a Hilbert-space of functions shows clearly, that an arbitrage-free forward price can be derived from the buy-and hold strategy in the energy market thereby enabling investors in the market willing to be salvage from the market uncertainties as well as Arrow-Debreu situations to execute a spot or forward contracts depending on the time and place the market becomes favorable. With a clock measuring speed of evolution or data frequency for the energy stock market, the distribution of the increments of the Levy process with the subordinator is subordinated to the distribution of increments of the Levy process and the results are utilized to price forward contracts of a sample electricity commodity.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123382217","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: 1
The Contrastive Empirical Study of Social Financing Scale Increment and Stock 社会融资规模增量与存量的对比实证研究
Journal of Mathematical Finance Pub Date : 2020-08-11 DOI: 10.4236/jmf.2020.103022
Shichang Shen
{"title":"The Contrastive Empirical Study of Social Financing Scale Increment and Stock","authors":"Shichang Shen","doi":"10.4236/jmf.2020.103022","DOIUrl":"https://doi.org/10.4236/jmf.2020.103022","url":null,"abstract":"This article takes the scale \u0000of social financing as the research object, and establishes a VAR model. \u0000Through its impulse response function and variance decomposition, it compares \u0000the interaction between the increase in the size and stock of social financing \u0000under different economic conditions and China’s economic growth.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131247540","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: 1
On Spatial Spillover and Industrial Agglomeration of Financial Crises to Real Economy 金融危机对实体经济的空间溢出与产业集聚
Journal of Mathematical Finance Pub Date : 2020-08-11 DOI: 10.4236/jmf.2020.103028
W. Tian, Yi-Hao Tian
{"title":"On Spatial Spillover and Industrial Agglomeration of Financial Crises to Real Economy","authors":"W. Tian, Yi-Hao Tian","doi":"10.4236/jmf.2020.103028","DOIUrl":"https://doi.org/10.4236/jmf.2020.103028","url":null,"abstract":"The finance sector now shows an accelerating trend of virtualization. It is rather pressing for us to enhance coordinated development of the finance market and the real economy. This paper analyzes the mixed conduction mechanism for the finance field and the real economy, and it has been a hot topic in the finance sector to capture the spatial effect and enhance the estimation precision. This paper introduces the regional spatial gravitational effects, which, together with the indicators of the financial market and the real economy, defines the broad economic metric distance and Gravitational effects Spatial Weights Matrix, constructs broad multi-dimensional economic space, and builds multi-variate Spatial-FIAPARCH-DCC models and Spatial SUR contagion models, to explore the impact of the financial crisis on different regions and different real economy sectors. Our research shows that the broad multi-dimensional space has remarkable advantages in the spatial effect between the financial market and the real economy, and there is asymmetric relation between the extent to which the real economy suffers and the degree to which the financial market suffers. The effects of the financial crisis on the real economy show remarkable sectoral industrial agglomeration and hierarchy.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131348206","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
An Ambiguity Measure under EUUP and Its Application to a Portfolio Problem EUUP下的模糊度量及其在投资组合问题中的应用
Journal of Mathematical Finance Pub Date : 2020-05-21 DOI: 10.4236/jmf.2020.102018
Hideki Iwaki
{"title":"An Ambiguity Measure under EUUP and Its Application to a Portfolio Problem","authors":"Hideki Iwaki","doi":"10.4236/jmf.2020.102018","DOIUrl":"https://doi.org/10.4236/jmf.2020.102018","url":null,"abstract":"This paper derives a measure that quantifies the degree of ambiguity under expected utility with uncertain probability (EUUP) by [1]. Here, ambiguity means a situation in which the first-order probabilities, i.e., the probabilities of the states of nature, are not given uniquely, but as random variables. Because EUUP can completely distinguish attitudes toward both risk and ambiguity from beliefs and risk from ambiguity, the derived ambiguity measure is independent of risk and attitudes toward both risk and ambiguity. We show that the degree of ambiguity can be measured by the variance of the first-order probabilities. Although [2] also derives an ambiguity measure based on the variance of the first-order probabilities, our measure is more flexible, and it discriminates between ambiguity in favorable outcomes and in unfavorable ones. Based on the measure, we also discuss effects of ambiguity on a problem of portfolio selection through comparative statics.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124879156","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
Capital Market Liberalization: Effect of Foreign Investors on Saudi Stock Market Performance 资本市场自由化:外国投资者对沙特股市表现的影响
Journal of Mathematical Finance Pub Date : 2020-05-07 DOI: 10.4236/jmf.2020.102017
Abeer Faleh H. Almutiri
{"title":"Capital Market Liberalization: Effect of Foreign Investors on Saudi Stock Market Performance","authors":"Abeer Faleh H. Almutiri","doi":"10.4236/jmf.2020.102017","DOIUrl":"https://doi.org/10.4236/jmf.2020.102017","url":null,"abstract":"This study aims to determine if a cause exists between foreign investors BUY and SELL and the Saudi stock market performance. The dependent variable is Saudi stock index represented by INDEX while the independent variables are buying for foreign investors, selling for foreign investors namely BUY and SELL. The research period starts from January 2008 to December 2018. Unit root tests with structural breaks based on Augmented Dickey-Fuller unit root test and Zivot Andrew unit root test, Co-integration analysis, and Granger causality tests were used to test 4 hypotheses stating no effect on Saudi stock market of foreign buy and sell. Results indicate the importance of foreign investors BUY and SELL to explain stock market movements. The study will guide Saudi policymakers, analysts, and financial institutions to benefit from the clear link between investors selling and buying and Saudi stock performance paving the way for Wise policies.","PeriodicalId":299894,"journal":{"name":"Journal of Mathematical Finance","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116723356","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: 1
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