Financial markets, institutions and risks最新文献

{"title":"Convergence and Disparities in Higher Education Fiscal Expenditures in China: A Regional Perspective","authors":"Yang Yu, Li Ruoxi, Yin Tingting, Wang Xinxin","doi":"10.61093/fmir.7(3).31-47.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).31-47.2023","url":null,"abstract":"This research investigates the disparities and convergence in higher education fiscal expenditures across different regions in China. The study utilises Gini coefficient analysis and σ-convergence/β-convergence tests to quantify the extent of disparities and explore convergence trends over a twelve-year investigation period (2007–2018). The results shed light on the imbalances in resource allocation and provide valuable insights into the efforts required to achieve a more equitable distribution of fiscal resources for higher education. The findings reveal significant disparities in higher education fiscal expenditures between the Eastern, Central, Western, and Northeastern regions, with the Eastern region exhibiting the largest gap compared to others. Remarkably, the disparity between the Eastern and Central regions is even greater than that between the Eastern and Western regions, emphasising the need for targeted interventions to address regional imbalances. Over the study period, the gap between the Eastern and Central regions remained consistently higher than other regional disparities. Moreover, the research shows a general trend towards narrowing regional fiscal expenditure disparities, with the most pronounced convergence observed between the Central and Northeastern regions. The Western region exhibits slightly larger disparities than the Central and Northeastern regions, possibly attributed to greater fiscal policy support and lower student enrollments. Nevertheless, the fiscal expenditure gap between the Western and Central regions has shown a trend towards reduction. The study also explores absolute and conditional β-convergence, revealing notable convergence patterns in the Eastern and Central regions. However, the Western and Northeastern regions exhibit varying degrees of convergence, indicating the necessity for region-specific convergence mechanisms. To achieve a balanced allocation of financial resources for higher education across regions, the study recommends targeted fiscal policies, additional funding, and improved transparency and accountability. Policymakers should focus on enhancing convergence mechanisms to ensure a more equitable distribution of resources and foster the sustainable development of higher education throughout the country. While this research provides valuable insights, it is essential to consider other potential factors influencing fiscal expenditure disparities, such as policy orientation, economic disparities, and demographic structures, for a more comprehensive understanding. Future research may benefit from qualitative investigations to further explore the complexities of higher education fiscal expenditure imbalances and identify effective policy interventions.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039326","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":"Exploring Financial Fraud, Tax Tools, and Economic Security Research: Comprehensive Bibliometric Analysis","authors":"Kofi Nyantakyi Asare, Yaryna Samusevych","doi":"10.61093/fmir.7(3).136-146.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).136-146.2023","url":null,"abstract":"This study presents a comprehensive bibliometric analysis of research on financial fraud, tax tools, and economic security. Using a dataset of articles published between 2016 and 2022, we analyzed keyword co-occurrence, journal impact, citations, and geographical and Institutional patterns. Our results identify the most productive authors and institutions, influential sources, major research themes, and potential future research directions. We find that the research on financial fraud, tax tools, and economic security is a multidisciplinary and international field, with a focus on fraud detection, and national security among others. It was also discovered that the number of publications has significantly increased year after year. Our study provides valuable insights into the current state of research on this topic and identifies opportunities for future research and innovation. The findings of this study have important implications for researchers, practitioners, and policymakers working in the field of financial fraud, tax tools, and economic security.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039951","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":"Quantum Entanglement of the Brain, Dynamics of Information, and Intelligent Finance","authors":"Ana Njegovanović","doi":"10.61093/fmir.7(3).12-30.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).12-30.2023","url":null,"abstract":"Our research forms two directions, the first considers two approaches to the brain, one based on classical mechanics, the second using quantum physics, the second direction of research refers to the dynamics of0 information as an interaction between differential geometry, mathematical statistics, probability theory. and quantum mechanics which led to the construction of classical and quantum information geometry. Financial entanglement is multidimensiona in time and space, dynamic, less understood and interesting because it functions in real life, like the brain. Neuroscientists who focus on mathematical frameworks for how the brain’s shape affects its activity—an area of mathematical neuroscience called neural field theory  will begin to understand the relationship between brain shape, structure, and function in yet another way. Analysis of research into the geometry of the brain’s contours, that is, the way in which brain activity resonates over and through its architecture, is perhaps more significant than the connections between neurons. Research by scientists from the University of Sydney and Monash University showed that the overall shape and geometry of the human brain – its contours and curvature – has a greater influence on brain dynamics than the internal connectivity of brain cells (Our brain shape influences how it works, 2023) in short, Australian scientists indicate the possibility of predicting brain function directly from its shape. “We have long thought that specific thoughts or sensations elicit activity in specific parts of the brain, but this study reveals that structured patterns of activity are excited across nearly the entire brain, just like the way in which a musical note arises from vibrations occurring along the entire length of a violin string, and not just an isolated segment,” (Dr J. Pang,2023).”We found that eigenmodes defined by brain geometry – its contours and curvature – represented the strongest anatomical constraint on brain function, much like the shape of a drum influences the sounds it can make” (A. Fornito, 2023). “Using mathematical models, we confirmed theoretical predictions that the close link between geometry and function is driven by wave-like activity propagating throughout the brain, just as the shape of a pond influences the wave ripples that are formed by a falling pebble” (A. Fornito, 2023).","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039803","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 Corporate Governance Practices on Financial Performance of Listed Companies in Papua New Guinea","authors":"Sivanathan Sivaruban","doi":"10.61093/fmir.7(3).48-56.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).48-56.2023","url":null,"abstract":"The main purpose of this research is to examine the impact of corporate governance practices on the financial performance of listed companies in Papua New Guinea from 2018 to 2022. The corporate governance practices are established to monitor and evaluate the conduct of the management of the public listed companies. The Corporate governance charter is established in Papua New Guinea as part of the best practice to assist decision-making on the board of directors. The attributes of corporate governance practices of this study are at the board size, board diversity and the frequency of board meetings. The literature review of the study covers the theoretical framework and research attributes. This study has selected a list of 7 companies out of the twelve companies in Papua New Guinea, where the capital market has very limited growth in the country. A quantitative research approach was employed to conduct this study and using the secondary data for this research. The secondary data were collected from the respective listed companies’ websites and those data are error-free since the financial statements of the listed companies were audited by external auditors. A total of 35 annual reports of the listed company were collected for the research and a convenient sample method is employed for the study. The overall findings of this research have established positive relationships between the board size and the board diversity with the return of equity. The negative relationship was established between board size, board diversity with the return of assets and the Tobin-Q respectively. Furthermore, the negative relationships were identified between the frequency of board meetings with return of assets, equity and the Tobin-Q respectively. The study has indicated that the frequency of board meetings had increased substantially during COVID-19 to mitigate contingency risk. The findings of this study can be used by the regulatory body and listed companies to enhance the effectiveness and efficiency of corporate governance practices so that the overall corporate governance practices could be improved in the future.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"506 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039807","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":"Bank- specific determinants of liquidity risk for commercial banks in Algeria: Panel data analysis during 2005-2020","authors":"Fatma Benchenna","doi":"10.61093/fmir.7(3).57-67.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).57-67.2023","url":null,"abstract":"This study aims to monitor a group of factors that cause liquidity risks and contribute to the occurrence of liquidity problems by testing the determinants of liquidity risk and the explanatory factors of the liquidity problem in Algerian commercial banks. This study seeks to highlight the importance of commercial banks’ liquidity in financing investments to generate profits and the need to maintain appropriate levels to meet liquidity needs. Using panel data for a sample of nine Algerian banks during the period 2005–2020, the study found that the explanatory variables of the liquidity risks that cause liquidity problems in Algerian commercial banks by using the liquid assets to total assets index ratio are: return on assets, return on equity, and capital adequacy ratio, with an explanatory capacity of 59.44%. Analysis of the results of the fixed effect model showed an inverse correlation between the return on assets and liquidity risks. There was a statistically significant positive relationship between the return on equity, capital adequacy ratio, and liquidity risk. There was a negative, but not statistically significant, relationship between bank size, the loan loss provisions to total loans ratio, and liquidity risk. The study recommends that to increase the volume of assets, there should be a corresponding increase in liquid assets as a precaution against liquidity risks in Algerian banks. Also, other determinants are not addressed in the study, which requires further research into the determinants of liquidity risk in Algerian banks.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039676","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":"Defining and Measuring Overall Performance In Emerging Countries: A Comprehensive Financial Perspective Review","authors":"Fadwa El Fallahi, Abdelmajid Ibenrissoul, Adil El Amri","doi":"10.61093/fmir.7(3).81-93.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).81-93.2023","url":null,"abstract":"In the ever-evolving business landscape post-COVID, companies face intense competitive pressure and must integrate performance and responsibility through sustainable practices. In this regards, financial performance alone is no longer sufficient to gauge success. Overall performance has become the primary objective for firms, especially in emerging economies, as it ensures holistic development and effective results. Embracing sustainability and measuring success across various dimensions are crucial for achieving long-term growth and resilience in the face of uncertainty. However, defining and measuring the multidisciplinary concept of “overall performance” remains extremely challenging and continues to be the subject of several academic controversies. The aim of this article is to delve deeply into the complex and multidimensional concept of overall business performance in emerging economies and aims to provide researchers, practitioners, and policymakers with a robust conceptual framework to define and measure overall performance in a changing economic landscape. In doing so, it contributes to shedding light on ongoing debates about evaluating business success in emerging economies while promoting a more integrated approach that considers both financial outcomes and social responsibility. Ultimately, this article aspires to stimulate deeper reflection on how businesses can thrive and positively impact society in a rapidly evolving world.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039801","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":"Analysis of financial services and recent turbulence in the USA banking system","authors":"Gazi Farok","doi":"10.61093/fmir.7(3).113-121.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).113-121.2023","url":null,"abstract":"Very recently, the three USA banks that failed this year 2023, Silicon Valley Bank (SVB), First Republic Bank (FRB) and Signature Bank, accounted for 2.4% of all assets in the banking sector. Still, most economists expect a recession in the second half of this year. They estimate the USA Fed’s high interest rates eventually will be felt more profoundly by consumers and businesses. A significant number of steps have been taken by the federal government to boost confidence in the U.S. financial system appears to have contained a potential banking crisis after the collapse of Silicon Valley Bank and Signature Bank. However, turbulence remains over possible spillover effects. It forecasts global finance from increased scrutiny by U.S. regulators and raises questions about the fitness of banks, financial markets around the world (Graeme. Sipa, March 15, 2023). Risk factors imposed on regulators, politicians and the media for confusing the public, supply chain disruptions about the safety of the USA banks and carried out that conditions might have worsened (Hugh. Son, May 06, 2023). The purpose of this paper is to get a better understanding of the turmoil that has affected the U.S. banking system for this year. While the main objective is to analyze the crisis as a whole, which affected several banks as stated previously, an emphasis will be placed on the Silicon Valley Bank (SVB).","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039949","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 affecting the exchange rate in Sudan during the period from 1992 – 2022","authors":"Mohamed Abdalla Mohamed Ahmed","doi":"10.61093/fmir.7(3).122-135.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).122-135.2023","url":null,"abstract":"The paper aimed to study the factors affecting the exchange rate in Sudan during the period from 1992-2022, and to what extent these factors are considered determinants of the exchange rate in Sudan. Statistically significant between the gross domestic product, the monetary reserve, the value of exports and imports, and the exchange rate. The paper reached results, the most important of which is that the direct relationship between the volume of exports and the decline in the exchange rate of the Sudanese pound did not lead to an increase in the volume of exports and a decrease in the volume of imports, and thus did not contribute to a decrease in the deficit in the trade balance and the balance of payments. The most important recommendations of the paper are: the need to build and diversify foreign exchange reserves to increase the effectiveness of implementing exchange rate policies, and this can only be done through increasing real gross product, reducing imports and increasing exports.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039679","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 Automation Bias and Status Quo Bias on Capital Market Investment Decisions of Indian Investors: An Explanatory Research","authors":"Shivam Shukla, Sudhir Kumar Shukla","doi":"10.61093/fmir.7(3).1-11.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).1-11.2023","url":null,"abstract":"The present study explores the presence and impact of automation bias and status quo bias on the capital market investment decisions of Indian retail investors. In behavioral economics the term automation bias is known as the excessive dependency of investors on automated or computer generated information for stock selection decisions. On the other hand, status quo bias is the inherent tendency of an investor to keep his portfolio unaltered irrespective of the changing dynamics of capital market for a variety of reasons. In this study an attempt has been made to figure out the extent of presence and degree of impact of both the biases in the investment decisions of investors. The study is based on data collected through a five point Likert scale questionnaire framed to figure out answers to the research questions. The questionnaire was distributed among 496 retail investors of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The outcome of this study clearly point out that there is a definite presence of automation bias and status quo bias in investment decisions of the capital market investors of India and there is a considerable and statistically significant (p<0.05) magnitude of impact of both the biases on the investment decisions of Indian investors. The research also concludes that certain steps must be taken by investors to keep away from behavioral biases in investment decisions and shield their portfolio from unwarranted and potentially damaging behavioral mistakes or pitfalls. The researchers have a strong belief that this research is a maiden attempt to study automation bias and status quo bias among retail investors and will bring about some significant revelations in the study of behavioral economics particularly in the analysis of behavioral biases from the standpoint of capital market investors.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039950","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":"Relation Between Inflation and Capital Market in India","authors":"Debesh Bhowmik","doi":"10.61093/fmir.7(3).94-112.2023","DOIUrl":"https://doi.org/10.61093/fmir.7(3).94-112.2023","url":null,"abstract":"Capital market has significant influence on the inflationary situation in an economy both in the short run and in the long run. The general determinants which affect capital market are share indices, stock prices, prices of gold and silver, interest rate, exchange rate and even money supply can be treated as influencing variable when money is treated as capital. In this paper the author examined the impact of capital market on inflation in India during 1980-2022 taking CPI and WPI as the indicators of inflation and gold price, silver price, BSE index, BSE market capitalization, money supply and rupee dollar nominal exchange rate are considered as the indicators of capital market. Augmented Dickey-Fuller test was applied to verify unit root for all variables including break unit roots and the author calculated growth rates during 1980 – 2022 using the simple semi-log linear trend model. Author applied Johansen cointegration test and vector error correction models among the variables in both the cases of CPI and WPI and calculated short run causality through Wald test and long run causality through cointegrating equation. In VECM, the paper found one significant cointegrating equation in case of CPI and found three significant cointegrating equations in WPI. The paper found that CPI has long run causal relationships with BSE index, BSE market capitalisation, money supply and rupee dollar exchange rate and WPI has long run cointegrating relationships with BSE market capitalisation, money supply and rupee dollar exchange rate respectively. Rupee dollar exchange rate has short run causal relationships with CPI and again CPI and BSE index has bidirectional short run causality. According to impulse response functions, the responses of CPI to gold price, BSE market capitalization and money supply have been approaching towards equilibrium but finally diverged away from equilibrium. There are significant short run causalities from BSE index and money supply to WPI. The impulse response of WPI to gold price, silver price, BSE index, BSE market capitalisation and exchange rate of rupee have been converging towards equilibrium many times although diverged finally. The model can be modified by including interest rate, share prices, bond prices under monthly data analysis.","PeriodicalId":479463,"journal":{"name":"Financial markets, institutions and risks","volume":"170 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135039948","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}