International Journal of Economics and Finance最新文献_第5页

Flexible R&D Promotion Instruments as a Way to Develop the Space Industry in Brazil 灵活的研发促进工具是发展巴西航天工业的一种途径

International Journal of Economics and Finance Pub Date : 2023-12-20 DOI: 10.5539/ijef.v16n2p25

Szimanski, D. P., Melo, M. C. S., Cabello, A. F., Freitas, L. H. M.

{"title":"Flexible R&D Promotion Instruments as a Way to Develop the Space Industry in Brazil","authors":"Szimanski, D. P., Melo, M. C. S., Cabello, A. F., Freitas, L. H. M.","doi":"10.5539/ijef.v16n2p25","DOIUrl":"https://doi.org/10.5539/ijef.v16n2p25","url":null,"abstract":"The space sector is technology-intensive with high-cost, risky and long-term projects. Encouraging technological development in the sector therefore requires specific policies capable of overcoming the sector’s characteristics. Due to budgetary issues or rules that imposed greater accountability on the public manager in case of failure of technological development projects, the Brazilian space sector could not use the existing instruments for financing R&D. However, with the change in the National Innovation Law and the introduction of the technological ordering instrument (ETEC), this type of instrument began to be used by the Brazilian Space Agency in the contracting of technological projects. ETEC is a milestone, as it allows the public sector to accept that the development project may not be successful, without the public manager being held responsible for the failure. And the release of budgetary resources from the National Fund for Scientific and Technological Development allowed the adoption of subsidy notices to encourage innovation directly by private companies, a drastic historical change, since space investments were carried out through the use of public research institutes. The use of new instruments opens up new possibilities for direct incentives for the Brazilian space industry.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"62 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139168141","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

On the Interest Rate Derivatives Pricing with Discrete Probability Distribution and Calibration with Genetic Algorithm 论离散概率分布的利率衍生品定价及遗传算法校准

International Journal of Economics and Finance Pub Date : 2023-12-15 DOI: 10.5539/ijef.v16n1p42

Allan Jonathan da Silva, Leonardo Fagundes de Mello

{"title":"On the Interest Rate Derivatives Pricing with Discrete Probability Distribution and Calibration with Genetic Algorithm","authors":"Allan Jonathan da Silva, Leonardo Fagundes de Mello","doi":"10.5539/ijef.v16n1p42","DOIUrl":"https://doi.org/10.5539/ijef.v16n1p42","url":null,"abstract":"Bond prices and fixed-income derivatives intricately depend on the ever-evolving landscape of interest rates. This study introduces an exceptionally efficient semi-analytical pricing methodology designed for discretely updated path-dependent interest rate options. Our approach involves the derivation of an analytical solution for the characteristic function of the logarithm of the discretely discounted strike price, enabling the computation of coefficients for the Fourier-cosine series governing the path-dependent option pricing. The distinctive feature of our pricing method lies in the utilization of a modified Skellam probability distribution to model interest rate increments, resulting in a remarkably swift and precise calculation process. Unlike existing solutions for similar pricing challenges, our proposed formula considerably enhances computational efficiency. Moreover, we delve into the influence of central bank monetary decision probabilities on option prices via a comprehensive series of numerical experiments. In an effort to further fine-tune the calibration parameter values for the yield curve, we employ a genetic algorithm, thus contributing to the heightened precision of our pricing model. This research, with its innovative approach, not only refines pricing procedures but also offers valuable insights into the dynamic interplay between monetary policies and fixed-income derivatives.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"89 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139178763","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

Corruption in Brazil: Perceptions, Causes and Consequences 巴西的腐败：看法、原因和后果

International Journal of Economics and Finance Pub Date : 2023-12-10 DOI: 10.5539/ijef.v16n1p33

P. R. Loureiro, Mario Jorge Mendonça, Tito Belchior S. Moreira

{"title":"Corruption in Brazil: Perceptions, Causes and Consequences","authors":"P. R. Loureiro, Mario Jorge Mendonça, Tito Belchior S. Moreira","doi":"10.5539/ijef.v16n1p33","DOIUrl":"https://doi.org/10.5539/ijef.v16n1p33","url":null,"abstract":"This article conducts a thorough examination of corruption in Brazil, spanning its infiltration into everyday scenarios to its profound impact on the country’s political, economic, and social spheres. It investigates prevalent instances of fraudulent practices in daily life, particularly in dining establishments, underscoring the challenge of combating this deeply ingrained culture of dishonesty due to underreporting. The piece highlights the extensive investigations into alleged criminal activities involving a significant proportion of Brazilian lawmakers and emphasizes the judiciary’s slow response in prosecuting accused officials. Moreover, it delves into the adverse effects of corruption on the economy, citing its deterrent effect on foreign investments, exacerbation of income disparities, and contribution to economic instability. Criticisms of the government’s handling of the COVID-19 pandemic are discussed, including the intervention of the Federal Supreme Court to scrutinize government actions. Proposing a mathematical model to comprehend and prevent crimes, it explores the intricate connections between various crime types, public security policies, and corruption. Finally, the article concludes by advocating empirical testing of this model and suggesting methodologies to construct comprehensive indices for diverse crime categories, offering an exhaustive analysis of corruption’s multifaceted impact on Brazilian society, economy, and political framework.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"20 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139184586","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

The Role of the Management Control System in Supporting ESG-Focused Transformation in Financial Intermediaries: A Case Study of an Italian Bank 管理控制系统在支持金融中介机构以环境、社会和公司治理为重点的转型中的作用：意大利银行案例研究

International Journal of Economics and Finance Pub Date : 2023-12-10 DOI: 10.5539/ijef.v16n1p22

Valeria Vannoni, F. Palazzi, Annalisa Sentuti, F. Sgrò

{"title":"The Role of the Management Control System in Supporting ESG-Focused Transformation in Financial Intermediaries: A Case Study of an Italian Bank","authors":"Valeria Vannoni, F. Palazzi, Annalisa Sentuti, F. Sgrò","doi":"10.5539/ijef.v16n1p22","DOIUrl":"https://doi.org/10.5539/ijef.v16n1p22","url":null,"abstract":"This paper investigates how environmental, social and governance (ESG) issues are declined within the management control system (MCS), focusing on an Italian bank. Deepening the role that management control tools can play in supporting banks in facing the challenges posed by the ESG-focused transformation is pivotal. This is even more important if considering that national and international supervisors are engaged in disseminating a series of initiatives to promote the adoption of practices focused on sustainability issues among intermediaries: on this topic, for example, in April 2022, the Bank of Italy issued a first document of Supervisory Expectations on Climate and Environmental Risks, containing non-binding indications regarding the integration of climate and environmental risks into governance and control systems, business model and corporate strategy, organizational system and operational processes, in the risk management system and in the market disclosure of supervised banking and financial intermediaries. Due to the explorative nature of this research, the work is based on the qualitative analysis of an in-depth case study (Eisenhardt & Graebner, 2007; Miles et al., 2014). The selected case is an Italian bank with many recognitions over time about its engagement on ESG-focused transformation. Our investigation aims to deepen the role of MC tools in promoting sustainable development and realizing economic, social, and environmental purposes. This study can be considered original for two reasons. First, it contributes to extending the literature regarding the role of MCS in supporting the implementation of sustainable strategies, with a focus on banks. Second, it unveils the benefits and critical areas of the MCS in sustainable-oriented management.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"21 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139184580","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

Exploring Fallacies and Environmental Responsibilities in the Socio-Environmental Reports of the Brazilian Company Vale S.A.: A Case Study on the Dam Disasters in Mariana and Brumadinho 探究巴西淡水河谷公司社会环境报告中的谬误和环境责任：关于马里亚纳和布鲁马迪尼奥大坝灾难的案例研究

International Journal of Economics and Finance Pub Date : 2023-11-30 DOI: 10.5539/ijef.v16n1p1

Lavoisiene R. Lima, Fátima S. Freire, Nilton O. Silva

{"title":"Exploring Fallacies and Environmental Responsibilities in the Socio-Environmental Reports of the Brazilian Company Vale S.A.: A Case Study on the Dam Disasters in Mariana and Brumadinho","authors":"Lavoisiene R. Lima, Fátima S. Freire, Nilton O. Silva","doi":"10.5539/ijef.v16n1p1","DOIUrl":"https://doi.org/10.5539/ijef.v16n1p1","url":null,"abstract":"The objective of this study was to analyze the level of fallacies present in the socio-environmental reports of Vale S.A., the third-largest mining company in the world, with a focus on the incidents in Mariana (2015) and Brumadinho (2019) in Brazil. We also examined the potential relationship between socio-environmental investments, fallacies, and environmental liabilities during the period of 2010-2022. Fallacies of appeal to motives were extracted from sustainability reports using NVivo®. Data on socio-environmental investments, environmental liabilities, and company disclosures were obtained from Economatica®. Non-parametric statistical analysis using Stata® revealed that socio-environmental investment trends suggested a reduction in environmental liabilities and contingencies. However, this relationship lacked statistical significance. The variable “accident” showed a significant association with investments (p<0.02), indicating a connection between accidents and the company’s investments, impacting environmental liabilities except those related to pre-disaster events. Notably, the company implemented changes in the dam model only after the second accident in 2019, approximately four years after the initial incident. This aligns with the fallacy of appeal to motives, showing a positive and statistically significant association, suggesting an increase in this fallacy after the accidents. In summary, this research analyzed fallacies in the socio-environmental reports of Vale S.A. in the context of the dam failures in Mariana and Brumadinho. It explored the relationship between socio-environmental investments, fallacies, and environmental liabilities, revealing a significant link between accidents and the persistence of certain fallacies despite serious environmental incidents.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139197718","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

Micro and Macro Determinants of Non-Performing Loan (NPL) in Banking Sector of Bangladesh 孟加拉国银行业不良贷款（NPL）的微观和宏观决定因素

International Journal of Economics and Finance Pub Date : 2023-11-30 DOI: 10.5539/ijef.v16n1p15

Mobasshir Anjum

引用次数: 0

Financial Determinants of Pharmaceutical Supply for SIS Insured in Pasco Region 2019-2021 2019-2021 年帕斯科地区 SIS 被保险人药品供应的财务决定因素

International Journal of Economics and Finance Pub Date : 2023-11-30 DOI: 10.5539/ijef.v15n12p171

Raúl Lopez Seclén, Fernando Burgos Zavaleta

{"title":"Financial Determinants of Pharmaceutical Supply for SIS Insured in Pasco Region 2019-2021","authors":"Raúl Lopez Seclén, Fernando Burgos Zavaleta","doi":"10.5539/ijef.v15n12p171","DOIUrl":"https://doi.org/10.5539/ijef.v15n12p171","url":null,"abstract":"One of the most significant concerns in Peru’s public health system, given the lack of medicines provided in state health establishments, is that patients make use of their own resources to procure medicines. In this sense, the Integral Health Care Insurance (SIS by its acronym in Spanish for Seguro Integral de Salud) is especially relevant becuase it is the largest public insurance institution in Peru. The SIS’s objective is to providepriority coverage to Peru’s most vulnerable through monetary transfers to each regional healthcare Expenditure Entity (UE by its acronym in Spanish for Unidad Ejecutora) through signed agreements. Therefore, the author selected Pasco Region to use as a case study because it is one of the poorest regions of the country. This study was conducted with the objective of discovering the financial factors that determine the level of pharmaceutical supply in SIS insured people by use of the correlational method. Because the SIS is in charge of carrying out the budget coverage, their principle ability to positively affect pharmaceutical supplies is through financial means. However, the administration of the logistical processes for the acquisition of medicines for SIS insured people is managed by Expenditure Entities that received the financing –at the beginning of every year- And the UEs are expected to provide the health products and medicines demanded by the insured. The paper concludes with a discussion of results and recommendations to better the pharmaceutical supply of SIS Hospitals in Peru through financial means.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"65 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139205477","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

Real Options Analysis for Investment Decisions in Geothermal Energy 地热能源投资决策的实际选择分析

International Journal of Economics and Finance Pub Date : 2023-11-30 DOI: 10.5539/ijef.v15n12p160

Michel Becker, Marcus Vinicius Andrade de Lima, Juliana Baldessar Weber

引用次数: 0

Economic Freedom, Fiscal Rules on FDI Inflows: An Analysis of 24 Developing Countries 经济自由、财政规则对外国直接投资流入的影响：对 24 个发展中国家的分析

International Journal of Economics and Finance Pub Date : 2023-11-22 DOI: 10.5539/ijef.v15n12p106

Dimitra Mitsi

{"title":"Economic Freedom, Fiscal Rules on FDI Inflows: An Analysis of 24 Developing Countries","authors":"Dimitra Mitsi","doi":"10.5539/ijef.v15n12p106","DOIUrl":"https://doi.org/10.5539/ijef.v15n12p106","url":null,"abstract":"Foreign Direct Investment (FDI) plays a crucial role in enhancing economic growth and development. It brings capital, technology, managerial skills, and employment opportunities to host countries. However, attracting FDI requires a conducive business environment characterized by economic freedom and effective fiscal institutions. This paper aims to explore the relationship between economic freedom, a new type of fiscal institutions named fiscal rules, and FDI inflows. It provides a comparative analysis of different countries and investigates the mechanisms through which economic freedom and fiscal institutions influence FDI. The panel data analysis employed in this study utilizes two estimation methods, namely the Random Effects Model (determined through the Hausman test) and the Two Stage Least Squares Method (to address endogeneity concerns). The empirical findings reveal several noteworthy insights. Firstly, GDP, trade openness, and gross fixed capital formation exhibit a positive relationship with FDI inflows, while inflation does not have a significant impact. Additionally, our research indicates that specific economic freedom sub-indicators, such as tax burden, monetary freedom, trade freedom, and financial freedom, positively influence FDI inflows. Conversely, the presence of expenditure rules is found to have a negative impact on FDI inflows. Furthermore, we explore the interactive effects of fiscal rules and economic sub-indicators on FDI inflows, providing further insights into the relationship between these factors.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"29 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139247928","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

Systematic Risk and Corporate Business Performance 系统性风险与企业经营业绩

International Journal of Economics and Finance Pub Date : 2023-11-22 DOI: 10.5539/ijef.v15n12p118

Marco A. Paganini

{"title":"Systematic Risk and Corporate Business Performance","authors":"Marco A. Paganini","doi":"10.5539/ijef.v15n12p118","DOIUrl":"https://doi.org/10.5539/ijef.v15n12p118","url":null,"abstract":"The paper investigates the link between systematic risk and corporate business performance, represented mainly by the degree of operative and financial leverage. Although theoretical contributions link the value of the common stock to corporate performance, CAPM does not identify a satisfactory relation between the latter and b, setting aside the relation to the corporate capital structure. A detailed analysis of CAPM highlights two relevant anomalies: short sales and R2 low values explaining the fundamental relation between stock and stock market excess return. Using an alternative approach, we highlight how CAPM, on one side, can be an incomplete theory to explain the stock returns and, on the other side, that the portfolio risk could be equivalent to the underlying corporate businesses portfolio, filtered by the feedback effect of the stock market. The empirical evidence descending from the analysis of several portfolios with an increasing number of stocks belonging to the S&P 500 Index reveals that the optimisation process leads to progressively higher b paired with a simultaneous R2 deterioration; furthermore, b appears subject to sudden oscillations. Overall, b does not adequately represent the relation between stock risk and return. The integration of the joint performance of the stock market and corporate business in an MLR relation leads to a clear improvement in R2 thanks to the surfacing of the correlation between these two explanatory variables, a condition entirely ignored by CAPM.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139246756","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