Current Issue : January - March Volume : 2015 Issue Number : 1 Articles : 5 Articles
This paper analyzes the impact of demutualization on stock market liquidity using annual data available from 24\ndemutualized and 26 mutual stock exchanges for the period 1990 to 2011. We use a panel data regression model to\nexamine the nature and significance of the relationship between stock exchange demutualization and two measures\nof stock market liquidity (turnover rate and the value of volume traded relative to Gross Domestic Product (GDP).\nThe findings indicate that demutualized exchanges exhibit significantly greater liquidity compared to mutual\nexchanges after controlling for age, size, trading technology, and level of economic development. We also observe\nthat, world-wide, the trend has been that automation of trading precedes demutualization, and that the time between\nautomation and demutualization has a positive but statistically insignificant effect on liquidity. The study is a\nremarkable departure from the traditional focus on the exchange governance effects of demutualization.\nFurthermore, it contributes to the literature on financial market development by documenting some of the key drivers\nof stock market liquidity, which in itself is a widely acknowledged driver of economic growth....
This paper investigates the model estimation and data forecasting of exchange rate using\nartificial neural network. Recent studies have shown the classification and prediction power of\nthe neural networks. It has been demonstrated that a neural network can approximate any\ncontinuous function. Here, in a technical approach, it has been used ARIMA and neural\nnetwork for a short-term forecast of daily USD to Rial exchange rate. ANN is employed in\ntraining and learning processes and thereafter the forecast performance measured making use\nof two common loss functions. The comparison demonstrates that neural network is far better\nthan ARIMA, the error is about the half.\nThereafter, in a fundamental approach via another neural network the effects of some of the\nmost important economic variables on exchange rate prediction in a long-term sense are\nstudied. By sensitivity analysis, the importance and the weight of each economic variable on\nexchange rate has determined. The results show that it is possible to estimate a model to\nforecast the value of exchange rate even by having access to a limited subset of data....
This research examines the relationship between participation in decision making and employee productivity among staff in Naara Rural Bank and Builsa Community Bank. The mixed method research design was used for the study due to its peculiar nature. Thus qualitative and quantitative data collection approaches were employed. The simple and purposive sampling techniques were used to obtain a sample of 80 respondents for the study. Two sets of instruments were used in the study: a questionnaire consisting of 40 items of both open-ended and closed questions on the various employee participation scenarios and an interview guide consisting of ten items. The data analysis was done using The Statistical Product for Service Solutions (SPSS) and the Statistical Analysis System (SAS). The quantitative analysis indicated a significant association between productivity and the various forms of participation, using chi-square test of independence at 95% significance level. Findings from the study indicated that when employees participate in decision making in the various forms, decision implementation becomes easy, creates a good working environment, increases commitment and satisfaction on decisions taken and also increases employees moral since they feel recognized and as part of the team in the organization and the direct consequence of all this improved productivity....
Prediction of various market indicators is an important issue in finance. This can be accomplished through computer models and related applications. It turned out that artificial models have both great advantages and some limitations for learning the data patterns and predicting future values of the financial phenomenon under analysis. In this paper we analyze the particular financial market called Forex and the way computing models are used to automate trading strategies by making affordable predictions on the evolution of exchange rates between currencies....
The accounting standards pervasiveness, in coexistence with the earliest civilizations, argues the accounting\nsocial dimension as a rule that governs relations between individuals. Therefore, accounting techniques as social\nnorms and kind reflection vector describe the society conventions and principles. This societal reflects made it more\ncomplex and esoteric. Accounting seems a buildings assortment, historically dated and generating economic effects\nas a mechanism for tracking and remote monitoring the economic activity evolution. Accounting science is rooted, it\nis no longer neutral. In this sense, it would be more a gradually building steeped in cultural influences, social conflict\nand political issues and choices. Given the economic activities complexity and the interest deregulation, accounting\nsciences remain as an analysis tool for major conflicts, differences, and each party opportunistic concerns. A\nmanagement tool for vertical relationships, guided by personal preferences and attitudes which each consider\nmeditation to increase its profit margin and its timeliness. In this environment, information has become the success\nsecret and a profit source....
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