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Financial Liberalization Index of Tunisia: Factorial Method Approach
Bouzid AMAIRA,
Radhia AMAIRIA
Issue:
Volume 2, Issue 3, June 2014
Pages:
206-211
Received:
14 April 2014
Accepted:
22 April 2014
Published:
20 May 2014
Abstract: The objective of this paper is to construct an index of financial liberalization for Tunisia using the Principal Component Analysis method over a period of 33 years from 1980 to 2012. The index indicates the degree of financial liberalization at any given time. This index is especially useful to control the pace of liberalization and evaluation of the effect of this policy on economic aggregates. This paper also includes partial measures of liberalization index. The constructed index shows that the process of financial liberalization in Tunisia is accelerated with the introduction of the structural adjustment program, during the period 1987 to 1994.
Abstract: The objective of this paper is to construct an index of financial liberalization for Tunisia using the Principal Component Analysis method over a period of 33 years from 1980 to 2012. The index indicates the degree of financial liberalization at any given time. This index is especially useful to control the pace of liberalization and evaluation of ...
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The Relationship between Working Capital Management Policy and Financial Performance of Companies Quoted at Nairobi Securities Exchange, Kenya
Winnie Mokeira Nyabuti,
Ondiek Benedict Alala
Issue:
Volume 2, Issue 3, June 2014
Pages:
212-219
Received:
9 May 2014
Accepted:
29 May 2014
Published:
30 May 2014
Abstract: Working capital management and profitability relationship has been explored by many researchers. The study’s research objectives include: To find out the relationship between working capital management policy and financial performance of companies quoted at NSE, to find out if efficient Aggressive Investment Policy has any effect on the ROA of companies quoted at NSE, to establish if Aggressive Financing Policy influences ROA of the firm at NSE, to establish the influence of working capital management policy on financial performance. The population of the study includes ten companies listed at the NSE for five years from 2008 to 2012. From the Nairobi Securities Exchange hand book (2012) sixty two firms are listed, drawn from the agriculture sector, Commercial and services, Financial and Investments, Industrial and allied Sector, Alternative Investment Market Segment. Firms quoted at NSE are preferred due to the availability and reliability of the financial statements in that they are subject to mandatory audits by recognised audit firms. The study utilised secondary data obtained from the published financial statements which were readily available at the NSE and the CMA libraries. The data collected included information on assets, liabilities and revenue levels for the period 2008 to 2012, using the annual reports published by the above mentioned companies which have been listed by NSE. Further the data was obtained from the annual handbook published by NSE.The study concludes that there is an existing relationship between working capital management policy and financial performance of companies quoted at NSE. The dependent variable which was ROA is influenced by the independent variables which are AIP and AFP by 17.2%. This means that 17.2% of the changes in depended variable (ROA) can be explained by explanatory variables while 82.8% cannot be explained by explanatory variables hence error term.
Abstract: Working capital management and profitability relationship has been explored by many researchers. The study’s research objectives include: To find out the relationship between working capital management policy and financial performance of companies quoted at NSE, to find out if efficient Aggressive Investment Policy has any effect on the ROA of comp...
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Stock Market Development and Economic Growth: Evidence from India, Pakistan, China, Malaysia and Singapore
Muhammad Aamir Ali,
Nazish Aamir
Issue:
Volume 2, Issue 3, June 2014
Pages:
220-226
Received:
30 April 2014
Accepted:
29 May 2014
Published:
10 June 2014
Abstract: Stock market is the only source through which we can come to know about the volume of interest showed by investors by buying and selling the shares of listed companies. This paper is written to empirically show the GLS regression analysis based on panel data (1991-2011) that unto how significantly economic growth is influenced by stock markets. The econometric models are made by considering GDP per capita as dependent variable and stock markets’ variables, FDI, Investments, EXP and GDS as explanatory variables. The models are made to study by taking stock market size and liquidity separately and then collectively. Results show that GDP per capita is significantly explained by independent variables.
Abstract: Stock market is the only source through which we can come to know about the volume of interest showed by investors by buying and selling the shares of listed companies. This paper is written to empirically show the GLS regression analysis based on panel data (1991-2011) that unto how significantly economic growth is influenced by stock markets. The...
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New Combined Method for Solving the Single Level Capacitated Production Planning Model with Set up Cost, Finite Horizon and Discrete Stochastic Demand
Seyed Saeid Hashemin,
Elham Mohammadi
Issue:
Volume 2, Issue 3, June 2014
Pages:
227-230
Received:
25 May 2014
Accepted:
20 June 2014
Published:
30 June 2014
Abstract: This paper studies the single level capacitated production planning problem with finite horizon (N periods). In each period, Set-up cost, variable cost and inventory cost exist. Also, it is assumed that the demand in each period is a discrete random variable with known probability function. In each period, if demand is bigger than inventory then we will have lost sales. In this case, we have to pay the cost of lost sales otherwise at the end of the period we will have extra products for the next period. At the end of horizon we have to sale the surplus products. In this case, price of one unit of products will be less than variable cost of production. An analytical method is proposed for solving this problem. This method can optimize the expected value of costs. In this method, expected value of costs is estimated by Monte Carlo simulation. Two examples have solved by using the proposed method. Comparison of the answers with solutions of other heuristic methods indicates the advantage of the proposed method.
Abstract: This paper studies the single level capacitated production planning problem with finite horizon (N periods). In each period, Set-up cost, variable cost and inventory cost exist. Also, it is assumed that the demand in each period is a discrete random variable with known probability function. In each period, if demand is bigger than inventory then we...
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