{"title":"How Important are Financial Shocks for the Canadian Business Cycle","authors":"Shin’ichi Nishiyama","doi":"10.4172/2168-9458.1000137","DOIUrl":"https://doi.org/10.4172/2168-9458.1000137","url":null,"abstract":"In this paper, we investigate the importance of financial shocks for the Canadian business cycle employing the financial friction DSGE framework following Bernanke, Gertler, and Gilchrist (1999) with an extension of a small-open economy feature. In particular, we explored the importance of an external finance premium shock and an aggregate net worth shock. In order to identify financial shocks in the model, we utilized financial data in estimating our model. Our variance decomposition results showed that the external finance premium shock to account about 7.5% and the aggregate net worth shock to account about 5.6% of the variance of the business fixed investment in Canada. Also, our historical decomposition results and smoothing of the various financial variables showed that data on corporate leverage ratio to be particularly useful in identifying the financial shocks in the model. Finally, when the financial shocks were present in the model, relative importance of the investment- specific technology shock was substantially subdued that it accounted for only 17% of the variance of the business fixed investment - much lower than the results reported in the former empirical studies.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126865331","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":"Capital-Skill Complementarity and Jobless Recovery","authors":"Yong-gook Jung","doi":"10.4172/2168-9458.1000104","DOIUrl":"https://doi.org/10.4172/2168-9458.1000104","url":null,"abstract":"In this study, we focus on the structural change in production technology and show that the capital-skill complementarity explains the phenomenon of jobless recovery better without any assumption of nominal rigidity. In particular, we show that the job creation for unskilled worker becomes more sluggish as capital-skill complementarity intensifies. The result implies that we did not observe jobless recovery three or four decades ago because the capitalskill complementarity was not strong enough then. Sluggish job creation in recent decades could be due to the facts that skilled labor has become more complementary to capital.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115518796","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":"Evaluating the Risk and Risk-Adjusted Performance of Micro-Cap Mutual Funds","authors":"B. Lavelle","doi":"10.4172/2168-9458.1000180","DOIUrl":"https://doi.org/10.4172/2168-9458.1000180","url":null,"abstract":"Few studies explore the micro-cap market of stocks and mutual funds. As a result, little is known about these securities’ characteristics, risks and performance. This study analyzes the risk and risk-adjusted performance of microcap mutual funds with mid-cap and large-cap mutual funds. The study finds that micro-cap mutual funds are riskier and produce a lower Jensen’s alpha than those of mid-cap and large-cap mutual funds. In addition, the author provides a comprehensive literature review and suggests potential explanations for the growing evidence that micro-cap mutual funds are poor investments.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130317392","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":"Agriculture Production Pattern, Disposal of Products and Ethnology: An Empirical Study in a Village of Himachal Pradesh","authors":"Vishal Dagar","doi":"10.4172/2168-9458.1000110","DOIUrl":"https://doi.org/10.4172/2168-9458.1000110","url":null,"abstract":"The study conducted in a rural area of Himachal Pradesh state in India to measure the development aspect along with consumption pattern and socio-economic concern. The study provides the exhaustive data of rural labor, which proves the Malthusian Theory of population: “population increases geometrically and the resources increases arithmetically.” It is a difficult task to compare a socio economic study to the core economic theories. In this study it is clear that the resources are very few and the demand of the population increases rapidly likewise education consumption occupation employment.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133350405","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 Calculation of Illicit Profit in US Insider Trading Cases","authors":"Ping-yen Lai","doi":"10.4172/2168-9458.1000105","DOIUrl":"https://doi.org/10.4172/2168-9458.1000105","url":null,"abstract":"In the US, there are currently three different approaches, the net profit, the notional profit/market absorption, and the event studies approach, taken by the circuit courts and district courts in calculating illicit profit in insider trading cases. Such non-uniform approach has created opportunities for defendants to argue for the approach that is best to their advantage, thereby reducing sentencing. This paper evaluates the three different approaches from their legal interpretation and justification, expected harshness and standard deviation on sentencing, as well as transaction cost. The net profit approach, which is favored by government agency, has many drawbacks as it suffers from inconsistency, harsh and uncertain expected sentence. A jurisdiction is better off if it decides between market absorption and event studies approach.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133421167","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 Consequence of Volatility Index on Stock Market Returns","authors":"N. Gopal, S. Mahalakshmi, S. Thiyagarajan","doi":"10.4172/2168-9458.1000185","DOIUrl":"https://doi.org/10.4172/2168-9458.1000185","url":null,"abstract":"Globally investors purchase or sell in the financial exchange with ravenousness and dread during the times of vulnerability or high instability. Subsequently, markets over the world and India have dispatched the Volatility Index (VIX) to gauge instability. Unpredictability likewise decides the Futures value, Open Interest, and Turnover which will be reflected in the hidden Spot cost. Our investigation looks at the different market pointers and their impact on the development of the market. We give direct proof on how changes in chosen pointers influence the estimation of the Market record. Our outcomes show that VIX straightforwardly impacts Futures cost (decidedly) more than its backhanded impact with Open Interest and Turnover however VIX by implication with Open Interest, Futures and Turnover impacts Spot costs (contrarily) which is considerably less than its immediate impact. \u0000 \u0000 \u0000 \u0000INTRODUCTION \u0000 \u0000 \u0000 \u0000 \u0000A financial specialist who puts resources into the securities exchange, by and large, meets with the stock records for any adjustments in the general market whereby they take suitable speculation choices. The records are utilized to gage the speculators' abundance as well as the current situation of the economy. In the market, utilization of prospects have gotten mainstream among the financial specialists to support against any unfriendly future value developments simultaneously examiners are the other significant recipients of these agreements. Obviously, speculators screen the market with the exchanging volume as institutional financial specialists' mass and square exchanging can overpower the value development showed by these lists. All around the world financial specialists purchase or sell in the securities exchange with avarice and dread during the times of vulnerability or high instability. Occurrences like Lehman Brothers breakdown in 2008, drove speculators to dump their stocks in alarm which caused the worldwide budgetary Crisis. This emergency made financial specialists worry on deciding the venture techniques dependent on the hidden and fates lists. Post-emergency speculators zeroed in on expanding their ventures with evolving volatilities. Thus, markets over the world and India have dispatched the Volatility Index (VIX) to quantify instability. VIX is developed to quantify the market hazard and furthermore considered as a financial specialists dread measure as it tracks the market responses. Instability Index is figured dependent on the cost of different alternatives and infers a total estimation of unpredictability. A high VIX worth would imply that the market expects significant changes in the market record, while a low VIX esteem expects just a negligible change accordingly negative relationship exists between the two. Our investigation will analyze the different market pointers and their impact on the development of the market. This examination has suggestions for the two scholastics and professionals. We give direct proof ","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129645686","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":"Distribution of Medicinal Products in Poland - Light of Legislative Regulations","authors":"Aleks, ra Czerw, Magdalena BiliÅska","doi":"10.4172/2168-9458.1000111","DOIUrl":"https://doi.org/10.4172/2168-9458.1000111","url":null,"abstract":"The main aim of creating legislation relating to the pharmaceutical industry is ensuring protection of life and health for the society, which uses the services of pharmaceutical companies. The basic legislative act regulating distribution operations on the pharmaceutical market is the Pharmaceutical Law Act (Journal of Laws 2001 No. 126 item 1381). The distribution of medications is also regulated by Good Distribution Practice (GDP). This paper presents and analyses legal regulations from the aspect of specific entities taking part in the distribution process on the pharmaceutical market. The following distribution chain links were analysed and characterised: producers of medicinal products, marketing authorisation holders, importers of medicinal products, pharmaceutical market intermediaries: wholesalers, pharmacies, physicians, non-pharmacy retail outlets. Hypothesis of the following manuscript is that the distribution of medicinal products must be regulated by legislative acts, because it has an influence on the health and life of the population.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128779552","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}
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