Articoli di riviste: "Produits structurés (finances)"

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Guo, Zhengyan. "Derivatives and Personal Finance: Structured Financial Products". Frontiers in Business, Economics and Management 5, n. 2 (26 settembre 2022): 188–91. http://dx.doi.org/10.54097/fbem.v5i2.1764.

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In recent years, with the gradual development of interest rate liberalization, our country gradually entered the era of low interest rate. The income of all kinds of financial products can not meet investors' expectations gradually. And structured financial products as a new financial product, relies on its structural model by combining the basic financial instruments and derivative financial instruments, with its characteristics of both fixed income securities relatively safe and financial derivatives to hedge risk, the benefits of asymmetric characteristics, has become popular with investors in our financial markets products. This paper introduces the background and concept of structured financial products, in-depth analysis of the internal structure of structured financial products and product applications, and the future development prospects of this kind of financial products.

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Suták, Péter. "Structured commodity finance". Applied Studies in Agribusiness and Commerce 6, n. 5 (31 dicembre 2012): 77–83. http://dx.doi.org/10.19041/apstract/2012/5/13.

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Over the past years, the financial stock market – providing the capital demand that is the result of stockpiling and the characteristic strong seasonality observed in the agricultural sector – has increasingly grown and become more “used” by market participants. Its size had reached an annual value of 200 billion HUF, of which agricultural products had received the largest proportion through the various market participants (producers, integrators, traders, feed producers, mills). In the meantime, this market had become part of the competition between the commercial banks that are the largest financers of the sector, due to which the financing credit institutions had undertaken increasing risk levels, with respect to both degree of financing and the VAT financing related to stockholding. The practice of commodity financing by banks display a rather varied picture at present. Considering the exceptional degree of fall in prices and the actions of companies totally disregarding business ethics in 2008, it seems necessary to reveal the full scope of risks inherent in commodity financing. The primary aim of such an exercise is to ensure the prudent operation of refinancing activities for commercial banks. The inherent risks in trade financing – as has been proven by the experiences of previous years – are not found primarily in the goods themselves, but rather at the actual storage facility and also emerge in relation to clients, as well as the inadequate and ineffective risk management of price volatility by the financers. Therefore, the establishment of banking risk management and risk prevention techniques, including the development of new financing procedures become indispensable, minimizing all types of risks that had emerged in previous years.

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Rainey, Michael, e Omar Salah. "Why Does Categorisation of Sukuk Structures Matter?" ISRA International Journal of Islamic Finance 3, n. 2 (15 dicembre 2011): 113–31. http://dx.doi.org/10.55188/ijif.v3i2.129.

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The Islamic finance market has developed and expanded with the increased global demand for ethical investment products and the introduction of a variety of financial instruments. Within the Islamic finance market, sukuk has proven to be an important financial instrument. In the literature sukuk has been categorised into four major types: asset-backed, asset-based, debt-based and projectbased. There is a need to understand the differences between these categories in order to ensure their Shari'ah-compliance. The research question dealt with in this paper is: Why does the categorisation of sukuk structures matter and what are the differences between the various categories of sukuk? This paper describes such differences through an analytical case study of the General Electric Capital Sukuk Ltd. (GE Capital Sukuk) which issued sukuk in November 2009. The AAOIFI Resolution (2008) is taken as the starting point of discussion on the mechanisms used in practice in sukuk structures. By pointing out the differences between asset-based and project-based sukuk and by defining the structural features of the GE Capital Sukuk, this paper illustrates that depending on the category in which sukuk is categorised, Islamic finance practitioners may have to consider different structural and legal mechanisms when issuing sukuk. By categorising sukuk the industry is not merely giving the structures a name. Rather, the sukuk categories carry background information on the structures; the distinctions also clarify what legal and structural features are permissible for each structure.

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Avdiu, Kujtim, e Stephan Unger. "Implicit Hedging and Liquidity Costs of Structured Products". Journal of Risk and Financial Management 16, n. 9 (7 settembre 2023): 401. http://dx.doi.org/10.3390/jrfm16090401.

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This article analyzes the implicit hedging and liquidity costs of structured equity products offered by various financial institutions. We replicate several payoffs of structured products, compare the calculated fair values based on the Heston model as well as geometric Brownian motion, using various optimization techniques, and compare their fair values with the historic prices traded in the market. We find that implicit hedging costs range between 0.9% and 2.9% markup on the fair value, where we find the underlying market volatility to be the relevant driver of this range for complex structures, while market liquidity can be extracted as the only driver of markups for simple structures with no hedging requirements.

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Helberger, Dominik. "Why Do Investors Buy Structured Products?A Behavioral Finance Explanation". Journal of Wealth Management 14, n. 4 (31 gennaio 2012): 51–60. http://dx.doi.org/10.3905/jwm.2012.14.4.051.

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Komari, Ana. "Product quality as a mediating variable in repurchase decisions: The case of Indonesian skincare products". Innovative Marketing 19, n. 3 (7 settembre 2023): 123–33. http://dx.doi.org/10.21511/im.19(3).2023.11.

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When buying skincare products, consumers are more concerned with comfort and safety and seek for high-quality items. Indonesian-made skincare products must be of the highest caliber and adhere to all applicable health regulations. This study aims to determine whether product quality can effectively mediate the effects of brand image, customer value, digital marketing, and product quality on repurchase decisions. The study surveyed people using skincare products in the Indonesian city of Surabaya, utilizing a targeted sample of 385 female responders at least 18 years old. According to descriptive statistics, background status significantly affects the decision to repurchase skincare products. Structural equation modeling was then used to examine the data. The results show that product quality mediates the association between brand image and consumer value on decisions to repurchase. However, it does not mediate the relationship between digital marketing and such decisions. Another finding shows that in contrast to digital marketing, brand image and customer value positively influence product quality. According to the study’s findings, product quality is a strong mediator and one of the factors influencing consumers’ decisions to repurchase. Additionally, the brand image of skincare products, which differ in each product’s features, enhances the consumer’s decision to repurchase.

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Coval, Joshua, Jakub Jurek e Erik Stafford. "The Economics of Structured Finance". Journal of Economic Perspectives 23, n. 1 (1 gennaio 2009): 3–25. http://dx.doi.org/10.1257/jep.23.1.3.

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This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known as tranches, against these collateral pools. As a result of the prioritization scheme used in structuring claims, many of the manufactured tranches are far safer than the average asset in the underlying pool. This ability of structured finance to repackage risks and to create “safe” assets from otherwise risky collateral led to a dramatic expansion in the issuance of structured securities, most of which were viewed by investors to be virtually risk-free and certified as such by the rating agencies. At the core of the recent financial market crisis has been the discovery that these securities are actually far riskier than originally advertised. We examine how the process of securitization allowed trillions of dollars of risky assets to be transformed into securities that were widely considered to be safe. We highlight two features of structured finance products—the extreme fragility of their ratings to modest imprecision in evaluating underlying risks, and their exposure to systematic risks—that go a long way in explaining the spectacular rise and fall of structured finance. We conclude with an assessment of what went wrong and the relative importance of rating agency errors, investor credulity, and perverse incentives and suspect behavior on the part of issuers, rating agencies, and borrowers.

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Meder, Anthony, Steven T. Schwartz, Eric E. Spires e Richard A. Young. "Structured Finance and Mark-to-Model Accounting: A Few Simple Illustrations". Accounting Horizons 25, n. 3 (1 settembre 2011): 559–76. http://dx.doi.org/10.2308/acch-50009.

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SYNOPSIS We review the development of structured financial products, discuss their accounting treatment, and illustrate their valuation using simple numerical examples. The crucial element we incorporate is the possibility that the underlying assets in structured financial products have correlated returns. The benefit of structured finance is it uses diversification to protect the senior tranches' cash flows. However, when the underlying assets have correlated returns diversification is not as effective. Normally, structured financial products would be marked “to market,” obviating the need for analytical valuation techniques. Current accounting standards, however, have significant provisions for valuing structured financial products based on analytically derived expectations of future cash flows, especially when markets are illiquid. Therefore, it is important for both preparers and users of accounting information to understand how underlying economic fundamentals, such as the correlation in returns, affect expectations of future cash flows.

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Deng, Geng, Tim Dulaney, Tim Husson e Craig McCann. "Dual directional structured products". Journal of Derivatives & Hedge Funds 20, n. 2 (maggio 2014): 99–112. http://dx.doi.org/10.1057/jdhf.2014.12.

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Claußen, Arndt, Sebastian Löhr e Daniel Rösch. "An analytical approach for systematic risk sensitivity of structured finance products". Review of Derivatives Research 17, n. 1 (26 aprile 2013): 1–37. http://dx.doi.org/10.1007/s11147-013-9089-1.

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Shyla Marie Abairo Cruzado, Imee Dhell Mutya Dimaano, Ritchelle Lou Libante Manahan, Jasmine Celerio Medes e Russell Villena Villarma. "Financial constraints: Its impact on access to financing of micro, small, and medium businesses in Calapan City". World Journal of Advanced Research and Reviews 18, n. 2 (30 maggio 2023): 271–80. http://dx.doi.org/10.30574/wjarr.2023.18.2.0792.

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Micro, small, and medium-sized enterprises (MSMEs) play an important role in a country's progress, particularly in the Philippines. Lack of access to finance has been identified as the most severe hindrance to MSMEs' growth and development. Thus, the purpose of this study is to evaluate the awareness of MSMEs in accessing finances and know their capacity to handle financial constraints. The factors discussed were the structure of the financial sector, awareness of funding opportunities, collateral requirements, and small business support services. The research focused on a sample size of 363 MSMEs. The research design of this study is quantitative since the research questions seek to answer and lead to numerical data. The researchers used a descriptive research method as it seeks to ascertain if there is a significant relationship between financial constraints and MSMEs' access to finance in Calapan City. Self-structured questionnaires were used to collect the primary data. By examining the factors or indicators of the study, the researchers found that financial constraints such as collateral requirements, small business support services, the structure of financial institutions, and awareness of funding opportunities, had a significant relationship towards accessing finance of MSMEs in Calapan City. Therefore, the study suggested that MSMEs should look for a financial institution that provides loan products and services that are consistent with their demands for business funding. Business owners should improve their financial management abilities by attending government-provided training and seminars. Further studies are highly recommended to discover other factors affecting MSMEs' financing access.

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Gundogdu, Ahmet Suayb. "Exploring novel Islamic finance methods in support of OIC exports". Journal of Islamic Accounting and Business Research 7, n. 2 (11 aprile 2016): 78–92. http://dx.doi.org/10.1108/jiabr-04-2014-0015.

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Purpose This paper aims to propose a new Islamic trade finance framework for Islamic financial institution (FIs) to support exports in Organisation of Islamic Co-operation (OIC) countries. Design Methodology Approach: This paper introduces and proposes the recently developed Islamic finance methods of the supplier financing Wakala agreement, restricted Mudaraba and award-winning Export Credit Agency (ECA) export finance structures from the aspects of Shari’ah compliance, efficiency, simplicity for traders and risk management. This paper uses the approach of critical realism. The three-stratum approach is appropriate for Islamic product development, where the real, the actual and the empirical can be observed. Findings: The author argues that the ECA export financing structures, or restricted Mudaraba if preferred, with an embedded supplier financing Wakala agreement can pave the way for Islamic FIs to support exporting companies. It is also concluded that development and support of the Takaful industry are vital for the success of Islamic export financing schemes because of its role in risk management. Originality Value: Although very active in import financing with standard Murabaha contracts, Islamic FIs are still not able to meet the need for financing the expanding exports of OIC countries. Because of the difficulty in developing products that are both efficient and Shari’ah-compliant, export financing is the most controversial issue for the Islamic trade finance industry. Existing or proposed export finance products are heavily criticised by concerned Muslims, as they include bill discounting, akin to factoring in conventional finance. This paper introduces methods aimed at overcoming the inadequacy of existing structures.

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Scharding, Tobey. "Structured Finance and the Social Contract: How Tranching Challenges Contractualist Approaches to Financial Risk". Business Ethics Quarterly 29, n. 1 (9 ottobre 2018): 1–24. http://dx.doi.org/10.1017/beq.2018.18.

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ABSTRACT:Many ethicists argue that contract theory offers the most promising strategy for regulating risks. I challenge the adequacy of the contractualist approach for evaluating the complicated, novel risks associated with some structured financial products, particularly focusing on risks to third parties. Structured financial products like collateralized debt obligations (CDOs) divide a pool of financial assets into risk “tranches” organized from least to most risky. Investors purchase various tranches based on their individual risk-and-return preferences. Whereas contract theory holds that investment risks are ethically permitted (roughly) when everyone—including both parties directly involved in the investments and third parties—consents to them, structured financial products like CDOs show that even risks to which everyone consents are ethically problematic when they involve systemic risks of ruin.

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Eberlein, Ernst, e Dilip B. Madan. "Sato processes and the valuation of structured products". Quantitative Finance 9, n. 1 (febbraio 2009): 27–42. http://dx.doi.org/10.1080/14697680701861419.

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Moreira, Fernando, e Sheng Zhao. "Do credit ratings affect spread and return? A study of structured finance products". International Journal of Finance & Economics 23, n. 2 (29 gennaio 2018): 205–17. http://dx.doi.org/10.1002/ijfe.1612.

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Cioroianu, Iulia, Shaen Corbet, Charles Larkin e Les Oxley. "Developing central bank digital currencies: a reality check during cryptocurrency euphoria". Economics and Business Letters 12, n. 2 (13 luglio 2023): 105–14. http://dx.doi.org/10.17811/ebl.12.2.2023.105-114.

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Using estimated sentiment indices based on CBDC-related social media posts, and testing for the effects of regulatory-related announcements upon blockchain and cryptocurrency-related funds, this research presents two key findings: first, the continued evolution of the pricing structures of digital finance products to respond to such perceived threats constitutes a further evolutionary point in the product's life-cycle. However, secondly, the very fact that returns fall while volatility increases, indicates a largely negative market response to the threat of potential external regulation of cryptocurrencies in the future. The nature of this negative response validates concerns that anonymity continues to be a central attractive feature for cryptocurrency stakeholders, further verifying the necessity for third-party oversight.

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Timková, Monika, e Martina Bobriková. "Investing Based on Agricultural Structured Products". Ekonomski pregled 74, n. 3 (2023): 464–84. http://dx.doi.org/10.32910/ep.74.3.6.

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The paper deals with investing in agriculture based on structured products, which gains an important position in international investment for both institutional and retail investors. The aim of the paper is to present the proposal of two new types of investment certificates, i.e. Twin-Win Outperformance certificates and Capped Twin-Win Outperformance certificates, which belong to the segment of partially guaranteed investment tools due to a security buffer. The advantage the proposed certificates lies in the combination of the features of two certificates into one product. The certificates are described in an analytical form of the profit functions which are derived based on two components, i.e. the underlying asset and the derivative (used European call options and down and knock-out put barrier options) on its underlying asset. The pricing formulas are developed with a specification of the issue price sensitivity on changes in different input parameters. Opportunities to invest in these proposed certificates are being demonstrated in the agricultural market, i.e. Teucrium Corn Fund ETF, where various variants of these certificates are created based on different level of included parameters. The best results are performed with the objective to increasing of the intellectualization of all potential investors in investing to agriculture using corn futures.

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Xiong, Kai, e Yijun Yao. "Research on China’s Green Finance Promoting Sustainable Economic Development". E3S Web of Conferences 275 (2021): 02049. http://dx.doi.org/10.1051/e3sconf/202127502049.

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With China’s economic development entering a new normal, green finance has become a new direction to explore the sustainable development of economy in the supply side structural reform task of “three removal, one reduction and one compensation”. Firstly, this paper analyzes the concept of green finance and its development status. Secondly, taking green credit as an example, this paper makes an empirical study on the contribution of green finance to sustainable economic development. Finally, according to the results of empirical research, some suggestions including increasing the application proportion of green finance, improving green financial products and business model and forming a market mechanism for green finance to promote green development independently, are put forward to improve the sustainable development of green finance in China.

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Wilkens, Sascha, Carsten Erner e Klaus Röder. "The Pricing of Structured Products in Germany". Journal of Derivatives 11, n. 1 (31 agosto 2003): 55–69. http://dx.doi.org/10.3905/jod.2003.319211.

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T. Renz, Hartmut, Ingrid Kalisch, Sandra Pfister, Stuart Axford e George M. Williams, Jr. "ESMA opinion on structured retail products – good practices for product governance arrangements". Journal of Investment Compliance 15, n. 4 (28 ottobre 2014): 19–24. http://dx.doi.org/10.1108/joic-09-2014-0043.

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Purpose – To explain the practices that ESMA (European Securities and Markets Authority) recommends for investment firms and national competent authorities to implement when it comes to structured retail products (SRPs), in order to ensure sound product governance arrangements and the consistency of supervisory practices needed for adequate investor protection across the European Union. Design/methodology/approach – Lists the ESMA guidelines for the general organization of product governance arrangements, breaks down the aspects manufacturers should consider in the making of their SRPs, highlights the need to understand the target market, explains the appropriate structure of the distributor’s and manufacturer’s distribution strategy, details how manufacturers establish a SRP’s value, recommends how investment firms deal with SRPs on the secondary market, and explains how manufacturers review the performance of their SRPs. Findings – The competent authorities are still focusing on improving and enforcing investor protection. This ESMA opinion is just one example of how product governance structures and arrangements should be developed and implemented by everyone involved. It will be important to attend carefully to what MiFID 2 (Markets in Financial Instruments Directive 2) product governance requirements bring regarding investor protection in addition to the described ESMA opinion, which is based on MiFID 1. Originality/value – Practical guidance from experienced finance lawyers.

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Lord, Nicholas J., Liz J. Campbell e Karin Van Wingerde. "Other People’s Dirty Money: Professional Intermediaries, Market Dynamics and the Finances of White-collar, Corporate and Organized Crimes". British Journal of Criminology 59, n. 5 (20 febbraio 2019): 1217–36. http://dx.doi.org/10.1093/bjc/azz004.

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Abstract This article analyses the market dynamics of the misuse of ‘corporate vehicles’ in the management of finances generated from, and for, organized, white-collar and corporate crimes. The term ‘corporate vehicles’ is a policy construct used to refer to legitimate, legal structures, like trusts and companies, that facilitate a range of commercial activities. Such vehicles also provide opportunities for those involved in serious crimes for gain to control, convert and conceal their illicit finances, usually with the assistance of professional intermediaries, such as lawyers or financial advisors. This article empirically investigates key market features (actors/providers, commodities/products, services) and conditions (supply, demand, regulation, competition), with particular focus on professional intermediaries and how they facilitate the control of other people’s dirty money.

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Ngunjiri, Elijah Mwangi. "Evaluation of Factors Affecting Implementation of Green Public Procurement Governments in Laikipia County Government, Kenya." Intern. Journal of Profess. Bus. Review 4, n. 1 (6 agosto 2018): 91. http://dx.doi.org/10.26668/businessreview/2019.v4i1.91.

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Green Public Procurement has been used as a tool to achieve environmental objectives by some countries especially in Europe. Public procurement in Kenya is estimated to account for between 70 and 80 percent of the national budget. This gives the government purchasing power to influence manufacturing and supply of green products for sustainable development. County governments in Kenya are allocated between 15 and 45 percent of the total country’s income. Despite all these finances Counties possess, many of them do not fully use their purchasing power to achieve environmental objectives. Laikipia County for example, did very well on procurement activities to be ranked the best performing entity in public procurement in Kenya in 2014, yet it did not have a similar identity on Green Public Procurement. It is this research gap that this study sought to fill. The purpose of this study was to evaluate the factors affecting implementation of Green Public Procurement in Laikipia County government. The study was guided by knowledge gap and buyers’ perception on green products as independent variables and implementation of Green Public Procurement as the dependant variable. Descriptive research design was applied in this study. The study targeted County governments in Kenya. The study population was 45 employees from Laikipia County government drawn from procurement and finance department. Primary data was collected by use of a semi structured questionnaire. The questionnaire was self administered. Descriptive statistics and statistical model of multiple regression were used in analysis of data .The study established that knowledge gap (0.561) and buyer’s perception on GPP (0.143) had a positive effect on GPP implementation with knowledge gap as the major one. The study recommends County governments to organize for compulsory training of its staff on GPP. They should conduct lifecycle costing of all products procured by the County governments so as to create the right perception on these products.

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Miath, Dr Mohamme Dulal, e Mohammed Ali Al Kindi. "Perception of Small and Medium Enterprises about Islamic Banks in Oman: Evidence from Survey Data". International Journal of Research and Innovation in Social Science VII, n. X (2023): 1572–85. http://dx.doi.org/10.47772/ijriss.2023.701121.

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Islamic banking system is one of the fastest growing sectors of the global finance industry. It has an enormous potential to satisfy the financing needs of SMEs that wish to share business risks with financers because Islamic banks allow customers and investors to involve with interest-free financial transactions on a risk-sharing based Shariah-compliance products. From this perspective, this paper aims to identify factors that influence SMEs in Oman to choose a particular bank. In addition, the paper examines the determinants that attract SMEs in Oman to choose (or not to choose) Islamic banks. To achieve these objectives, the paper collects data from 106 SMEs from the Muscat governorate in Oman. Applying structural equation modeling (SEM), the paper finds that Islamic banks’ attractive package including favorable terms and conditions, easy access to financing facilities, availability of sufficient branches and ATMs facilities, and the existence of electronic banking system influence customers to establish business ties with Islamic banks. The paper further shows that SMEs in Oman are optimistic about the thriving future of Islamic banks in the country. The paper offers important policy prescriptions for regulatory authority, practitioners, and customers of Islamic banks.

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Rasheed, Rabia, Sulaman Hafeez Siddiqui e Maria Abdul Rahman. "Influence of Awareness on SME’s Intention towards adoption of Islamic Finance in Pakistan". Review of Economics and Development Studies 4, n. 1 (1 giugno 2018): 51–59. http://dx.doi.org/10.26710/reads.v4i1.224.

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A large number of SMEs in North Africa, Middle East and South Asia prefer Islamic financial products over their conventional counterparts. Similarly, in Pakistan SME owner-managers prefer Islamic finance as 20-25 percent of SMEs are not willing to take conventional finance. Despite higher demand, however, these firms are unable to access Islamic finance from financial institutions. There are several factors behind this dilemma on both supply and demand side. The present study discusses demand side issues pertaining to lack of adoption of Islamic finance by SMEs in Pakistan. Among various demand side factors, this paper has focused on the issue of lack of financial knowledge or awareness of Islamic financial products. In Pakistan, due to financial illiteracy of SME owner-managers, they seldom are able to identify suitable available financing options for their business financial needs. Thus, this study intended to determine the importance of awareness factor in influencing intention of SMEs to adopt Islamic finance. A conceptual framework has been constructed based on Theory of Planned Behaviour (TPB) and research propositions are developed in order to elaborate role of awareness in influencing SME managers’ intention towards Islamic finance adoption. A preliminary analysis has been conducted through pilot study to check the internal consistency and reliability of instrument and found valid for further research. These both outcomes of the study are expected to lay foundation for more structured research on the issue of demand side factors of adoption of Islamic financial products.

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Ismalina, Poppy, Eddy Junarsin e Istiana Maftuchah. "A Structural Equation Model of Governing Factors Influencing the Development of Sustainable Insurance Product in the Future". International Journal of Financial Systems 1, n. 1 (11 settembre 2023): 83–102. http://dx.doi.org/10.61459/ijfs.v1i1.8.

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Designing and proposing sustainable insurance programs to insurance companies that run their businesses in Indonesia have been one of the insurers’ approaches to creating more stable and certain industry climate. Moreover, the Indonesian Financial Services Authority or OJK encourages financial services sector actors in creating, developing sustainable product innovations, and supporting financing of production activities that can create economic growth, social justice and environmental quality improvement. We conduct survey and analyze whether insurance companies in Indonesia are interested in implementing sustainable finance in insurance industry and developing sustainable insurance products. Participants’ responses depict insurance firms’ paradigm on sustainable insurance. In this study a framework is proposed for governing factors that impact the development of sustainable insurance product in the future such as the level of knowledge, readiness, and current sustainable insurance product development. To clarify the relationships, a structural equation model is utilized to examine the framework fit with the hypothesis for the four latent variables of this study. Acceptable goodness of fit is established for validity of the measurement model. The test of validity is accepted for the structural model in this study. The SEM results conclude that an insurer’s knowledge of sustainable finance principles affects the insurance firm’s readiness to implement sustainable insurance. Subsequently, the insurer’s readiness affects its current level of sustainable insurance product development. Eventually, the insurer’s knowledge and current development in sustainable insurance products have a positive effect on the insurance firm’s willingness to develop sustainable insurance products in the future. Thus, this study provides valuable information about factors affecting the development of sustainable insurance products in the future as a key for a successful implementation of sustainable finance in Indonesian insurance industry.

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Zhang, Wei. "Optimization Analysis of Rural Finance Based on Supply-Side Structural Reform". Proceedings of Business and Economic Studies 5, n. 3 (20 giugno 2022): 93–99. http://dx.doi.org/10.26689/pbes.v5i3.3936.

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As the country has been placing greater emphasis on agricultural development, rural finance based on supply-side structural reform has achieved tremendous growth. However, investigations have found that the rural financial market still has problems in its service modes, organizational systems, product innovation, and risk evaluation, thus requiring urgent attention. Therefore, this study analyzes and expounds on these problems from the aforementioned four aspects and proposes the following solutions: encourage the creation of agricultural service institutions, establish and improve the rural financial organization system, vigorously develop new rustic financial products, and strengthen the risk supervision and management of financial markets. Only in this way can the agricultural supply-side structural reform and the innovative development of rural finance be realized.

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Choi, Yong Seok, Hitesh Doshi, Kris Jacobs e Stuart M. Turnbull. "Pricing structured products with economic covariates". Journal of Financial Economics 135, n. 3 (marzo 2020): 754–73. http://dx.doi.org/10.1016/j.jfineco.2019.08.002.

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Benjamin, Joanna, e David Rouch. "Providers and distributors: responsibilities in relation to retail structured products". Law and Financial Markets Review 1, n. 5 (settembre 2007): 413–21. http://dx.doi.org/10.1080/17521440.2007.11427911.

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Zuev, Denis. "A Non-Gaussian Pricing Model for Structured Products". Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 11, n. 3 (5 ottobre 2017): 45–58. http://dx.doi.org/10.17323/j.jcfr.2073-0438.11.3.2017.45-58.

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The paper aims to reconstruct the empirical premia of the structured products with two underlying assets. We apply various models that differ in probability distributions of the underlying price processes. Pricing techniques, currently worldwide accepted, are based on the Black-Scholes model modifications with Gaussian distributions. Conventionally a correlation between underlying price processes is not considered. In order to achieve the overall objective the paper suggests a pricing model of structured products. The model considers a non-Gaussian realistic market framework for pricing the underlying assets and takes into account their correlation. The theoretical and methodological basis of our research is quantitative finance, evolutionary equations, dynamical systems and field theory. The paper presents an example of pricing a range of structured products. We find that the approach to the theoretical premium valuation of the complex financial instrument is interrelated bijec- tively with statistical properties of the underlying assets. In particular, the paper presents the effectiveness of our model with regard to the structured derivatives with the correlated assets that obey non-Gaussian distributions. The fair value of the structured product evaluated using our model outperforms estimates obtained by means of other methods as it allows lower fair price of the derivatives. The results of our research may be beneficial to academics, market participants including market analysts, risk-managers and developers of financial products. We have concluded that market participants carry extra costs due to the simple models of the structured products' fair value pricing they apply. The proposed model looks especially promising within the context of the complex derivatives market which growth has been accompanied by low liquidity and high premia, in the absence of a unique framework for pricing the structured products that would be consistent with financial market practice.

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Kim, Kyoung-Kuk, e Dong-Young Lim. "A recursive method for static replication of autocallable structured products". Quantitative Finance 19, n. 4 (13 novembre 2018): 647–61. http://dx.doi.org/10.1080/14697688.2018.1523546.

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Hens, Thorsten, e Marc Oliver Rieger. "Can utility optimization explain the demand for structured investment products?" Quantitative Finance 14, n. 4 (28 ottobre 2013): 673–81. http://dx.doi.org/10.1080/14697688.2013.823512.

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Gorelikov, Valeriy A., e Kirill I. Bratkov. "Marketing products in sports as competitive instruments in the sports industry". Journal of Modern Competition 14, n. 80 (31 dicembre 2020): 25–39. http://dx.doi.org/10.37791/1993-7598-2020-14-4-25-39.

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The article analyzes the main marketing products in sports, examines the results of research on the sports marketing market - international sports events and sports organizations that create and earn money from their marketing products. The sources of information were reporting and analytical materials, interviews of specialists and marketers in the area of sports finance, annual reports of federations, leagues and clubs, reports of consulting companies, and websites of these structures. Separately, the approaches of Russian sports organizations to the creation, promotion and sales of their marketing programs are analyzed, which can be considered as key tools for creating competitive advantages in attracting funding for their activities in the future.

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Hanaki, Nobuyuki. "Risk misperceptions of structured financial products with worst-of payout characteristics revisited". Journal of Behavioral and Experimental Finance 33 (marzo 2022): 100604. http://dx.doi.org/10.1016/j.jbef.2021.100604.

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Shafique, Owais, e Arslan Majeed. "Factors Influencing Bankers’ Intention to Adopt Green Finance in Pakistan". Review of Economics and Development Studies 6, n. 4 (31 dicembre 2020): 773–85. http://dx.doi.org/10.47067/reads.v6i4.277.

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The purpose of this study is to investigate factors that influence bankers’ intention to adopt green banking in Pakistan. Green banking refers to providing environment-friendly banking services and financial products through environment-friendly banking operations and infrastructure. It can be referred to as sustainable lending and depository products and bank’s services through sustainable banking operations and infrastructure. The data for this study was collected from 250 respondents through a structured questionnaire. Data analysis was performed using the partial least squares (PLS) approach. The study’s findings indicate that Policy Guidelines, Attitude towards usage, Central Bank Regulations, and Management commitment and support influence bankers’ intention to adopt green banking in Pakistan. This research will help the State bank of Pakistan and the bank’s senior management to identify the key factors influencing the adoption of green banking in Pakistan.

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Döbeli, Barbara, e Paolo Vanini. "Stated and revealed investment decisions concerning retail structured products". Journal of Banking & Finance 34, n. 6 (giugno 2010): 1400–1411. http://dx.doi.org/10.1016/j.jbankfin.2009.12.007.

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Fink, H., S. Geissel, J. Sass e F. T. Seifried. "Implied risk aversion: an alternative rating system for retail structured products". Review of Derivatives Research 22, n. 3 (4 gennaio 2019): 357–87. http://dx.doi.org/10.1007/s11147-018-9151-0.

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Baals, Lennart John, Jörg R. Osterrieder, Branka Hadji-Misheva e Yiting Liu. "Towards a new PhD Curriculum for Digital Finance". Open Research Europe 4 (8 gennaio 2024): 7. http://dx.doi.org/10.12688/openreseurope.16513.1.

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The rapidly evolving field of Digital Finance necessitates a new, interdisciplinary approach to doctoral training. This manuscript presents a comprehensive curriculum designed to equip early-stage researchers with the skills and knowledge required to navigate the complexities of modern finance. The curriculum is structured around four pillars: Training through Research and Mandatory Scientific Training, Advanced Scientific Training, Transferable Skills Training, and Training through Secondments. Together, these pillars provide a balanced mix of theoretical knowledge, practical experience, and soft skills. The program also emphasizes international collaboration through conferences and offers online courses for accessibility and sustainability. By addressing key challenges such as data quality, deployment of complex models, trust in AI-supported products, and labor shortages, the program aims to foster innovation and competitiveness in the European Finance industry. The curriculum's alignment with the European Digital Finance Package and integration with leading institutions ensures its relevance and potential for significant impact.

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El Azzouzi, Zouhair. "La Réussite du Compte d'Investissement de Partage de Profit et de Perte : Quelles Options pour le Produit Moudaraba ?" International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA) 3, n. 6 (16 marzo 2022): 1138–50. http://dx.doi.org/10.52502/ijfaema.v3i6.231.

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La finance participative est peu connue, surtout au niveau de certaines techniques avec des structures compliquées, de même, les clients bancaires musulmans ne sont pas seulement motivés par la religion, le rendement se présente aussi comme un facteur essentiel pour certains segments. Par conséquent, les banques participatives doivent veiller à une bonne combinaison des facteurs entrant dans l’élaboration et la commercialisation du produit. Notamment, les directives réglementaires, l’éducation et la sensibilisation des clients et le facteur personnel. La communication doit être intensifiée pour promouvoir la finance participative en s’appuyant sur ces valeurs éthiques et religieuses englobées dans la doctrine musulmane. Elle doit aussi veiller à une formation adéquate du personnel. Entant qu’un facteur important dans la communication des comptes d’investissement de partage de profit et de perte, ce dernier doit être sensibilisé est cultivé à-propos de son importance dans la contribution à la promotion du produit. Le personnel doit communiquer et expliquer le fonctionnement du produit avec tout engagement et responsabilité. Notamment la bonne explication des réserves qui mettent en cause souvent la conformité à la « charia » du compte.

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Zakiy, Muhammad, e Rozikan Rozikan. "Assistance For Office Establishment And Management of Lazismu UAD Products as An Effort To Advance The Community". Proceeding International Conference of Community Service 1, n. 1 (31 luglio 2023): 164–67. http://dx.doi.org/10.18196/iccs.v1i1.16.

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LAZISMU is an organization that collects and distributes zakat, infak, and sedekah. The majority of the funds collected come from the leadership of the organization. Each donation is recorded and distributed to those in need. This research aims to help LAZISMU UAD improve its current programs and funding, as well as increase public trust by assisting in the development of the organization's office. The research is conducted through several stages, including observation, office mentoring, program development and management training, program implementation, and monitoring and evaluation. The goal of this research is to create a structured and well-functioning LAZISMU UAD office in terms of programs, administration, and finances to foster growth

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Nikolic, Goran, e Ivan Nikolic. "Is there a trade convergence between South East European and Central European economies". Ekonomski anali 66, n. 231 (2021): 7–31. http://dx.doi.org/10.2298/eka2131007n.

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Given the importance of trade performance to overall economic fundamentals, the question arises as to the extent that South East European Countries (SEEC) have successfully followed the successful transition path of Central and Eastern European Countries (CEEC). To address this issue, we use similarity indicators to calculate possible convergence between the export structures of SEEC and CEEC from 2007-2008 to 2018-2019. We then compute the value of the similarity coefficients of SEEC and CEEC export structures and compare them with EU import structures, and intra-industry trade for both SEEC and CEEC. Next, we calculate the qualitative changes of both SEEC and CEEC merchandise trade through the tendency of technology-intensive products. The results of these two groups are compared to determine whether SEEC trade performance is converging to that of the CEEC. The results show structural improvements and an above-average increase in SEEC trade since 2007. However, given the simultaneous, moderate qualitative trade progress in the CEEC, the convergence between these two groups is insufficient to close the gap in the foreseeable future.

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Robertson, Mari L. "A QUEST FOR UNFETTERED CREDIT: HOW MONETARY POLICY DRIVES CREDIT RISK TRANSFER OF STRUCTURED FINANCE PRODUCTS". Contemporary Economic Policy 37, n. 1 (16 novembre 2017): 138–55. http://dx.doi.org/10.1111/coep.12264.

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Evgenidis, Anastasios, e Costas Siriopoulos. "A robust pricing of specific structured bonds with coupons". Journal of Risk Finance 15, n. 3 (19 maggio 2014): 234–47. http://dx.doi.org/10.1108/jrf-01-2014-0005.

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Purpose – The purpose of this paper is to present an innovative model to evaluate the fair price of a subset of structured products for a hypothetical US structured bond. Design/methodology/approach – The authors assume that interest rates dynamics are described by the Cox–Ingersoll–Ross process. They conduct robustness checks by stress testing against parameter and model uncertainty. Findings – The fair value of the bond is robust under any parameter or model misspecification. In addition, a change in the price seems to be more sensitive to long-term yields rather than short-or mid-term yields. The authors provide a better understanding of the relationship between bond prices and business cycles: a slight change in the current structure would have a significant effect on the bond price only during economic expansions. Social implications – The recent global financial crisis has led policymakers and the financial press to blame financial innovation through accusations of structured products being highly complex. Much of the criticism is based on the fact that investors were not able to properly price and fully understand the risks of their investments. Regulators should ensure proper pricing of these products to protect both the investors and the system. Fair pricing is important for bond issuers, governments or corporations to design their product at an attractive price for investors. Originality/value – This paper fills a gap in the extant literature by providing an innovative model based on an Euler–Maruyama Monte Carlo scheme to price structured products.

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Zhu, Min, Mengqi Sun, Ehsan Elahi, Yajie Li e Zainab Khalid. "Analyzing the Relationship between Green Finance and Agricultural Industrial Upgrading: A Panel Data Study of 31 Provinces in China". Sustainability 15, n. 12 (20 giugno 2023): 9813. http://dx.doi.org/10.3390/su15129813.

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This study examines the impact of green finance on optimizing China’s agricultural industrial structure. It emphasizes the importance of innovative green financial services, improved efficiency, tailored regional approaches, and enhanced foresight to foster a high-level development in the agricultural sector amid China’s economic transformation. Based on the provincial panel data of 31 provinces in China from 2012 to 2021, this study empirically tests the effect mechanism of green finance on the optimization process of the agricultural industrial structure by constructing a fixed-effects model. This study finds that green finance can effectively promote the development of the optimization of the agricultural industrial structure. Under the current trend of China’s economic structural transformation and optimization, we suggest that China should innovate green financial service products, improve the efficiency of green finance, and enhance the depth of green financial services for the optimization of the agricultural industrial structure. It is required to strengthen foresight and improve relevant laws, regulations, policies, and standards. To help green finance be better promoted, a high-level development of the agricultural industrial structure is required.

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A. S., Usman, Tasmin, R., Ulum, Z. K. A. B. e A. A. Abubakar. "THE ROLE OF ISLAMIC MICRO-FINANCE IN ENHANCING THE WELLBEING OF THE CLIENTS: EXPLORATORY FACTOR ANALYSIS". Journal on Innovation and Sustainability. RISUS ISSN 2179-3565 8, n. 3 (1 settembre 2017): 94. http://dx.doi.org/10.24212/2179-3565.2017v8i3p94-107.

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This pilot study seek to explore the structural characteristics of Islamic Micro-finance and statistically group them in to Products (Independent), Empowerment (Mediator) and Clients’ wellbeing (dependent) constructs. This is to conceptualize an Islamic Micro-finance model towards the Clients wellbeing. Empirical data was collected from the staff of eight (8) branches of Amanah Ikhtiar Malaysia (AIM) in the Johor state, Malaysia. The data collected was analyzed by means of an Exploratory Factor Analysis using IBM SPSS Statistics 21, which resulted to the extraction of five (5) factors which upon grouping, defined the variables for this study. The results indicated an acceptable factor loadings and effective grouping according to the conceptualized framework. The Cronbach’s alpha of ≥0.7 is an indication of acceptable internal consistency and reliability of the five Islamic Micro-finance constructs. This study is part of on-going Ph.D. to proof the capacity of Islamic Micro-finance towards Clients’ wellbeing.

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Mandasari, Riska. "The Impact of Capital Structure, Investment Growth, and Liquidity on Financial Performance of Automotive Companies and Its Components on The Indonesia Stock Exchange (2018-2022)". Journal of Multidisciplinary Academic Business Studies 1, n. 1 (19 dicembre 2023): 115–28. http://dx.doi.org/10.35912/jomabs.v1i1.1837.

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Purpose: This study analyzes the influence of capital, investment, and liquidity structures on the financial performance of automotive companies and their components listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Research methodology: Multiple regression analysis was used and data were obtained from the company's annual financial statements from 2018 to 2022. The findings of this study are expected to provide important insights for financial managers and stakeholders in managing company finances, and serve as a reference for investors and creditors in evaluating the financial performance of a company. Results: The results show that capital structure has a significantly positive effect on financial performance, while investment and liquidity do not significantly affect financial performance. Limitation: The study's limitation is that it focuses solely on automotive companies listed on the Indonesia Stock Exchange during the specified timeframe. Contribution: The study's contribution is that it provides empirical evidence regarding the impact of capital structure, investment growth, and liquidity on financial performance in the Indonesian automotive industry, which can inform future research and practical applications in this context. Implementation: Capital structure refers to the combination of debt and equity used to finance a company's operations, whereas investment refers to the use of funds or fixed assets to increase the value of the company's products. Liquidity refers to the ability of a company to meet its financial obligations in a timely manner. Multiple linear regression analysis was used in this study, and a sample of 15 companies was selected using purposive sampling.

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Tanveer Ahmed, Sarkar Kabir e Aqsa Aziz. "Exploring the Prospects for Islamic Home Finance in the UK: Evidence from the Industry Practitioners’ Perspective". International Journal of Business and Society 21, n. 1 (25 aprile 2021): 353–68. http://dx.doi.org/10.33736/ijbs.3257.2020.

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The predominant focus of most of the existing literature assessing the potential of Islamic home finance in the UK has been on Muslim customersand also appears to be outdated. This updated study takes a fresh approach, exploring the prospects for Islamic home finance taking into account the UK’s current financial position by involving neglected key stakeholders: independent mortgage consultants. The findings—derived from semi-structured interviews with a sample of ten experienced mortgage brokers—reveal that factors such as affordability (i.e. higher deposits), acceptability (i.e. strict criteria), accessibility (i.e. lack of products and banks),and low levels of product knowledge and recognition have restricted its uptake. The findings also highlight that the Muslim community does not provide a sufficiently large market for Islamic home finance and,as such,it has a limited scope in the UK market.

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Gnidchenko, A. A. "Structural transformation trajectories: Evidence from successful exporting countries". Voprosy Ekonomiki, n. 12 (8 dicembre 2021): 48–65. http://dx.doi.org/10.32609/10.32609/0042-8736-2021-12-48-65.

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This paper identifies and examines several success criteria for the structural transformation of exports. Some detailed facts for the leading countries in structural transformation are presented, and the paper is the first in social sciences literature to calculate the Fréchet distances between the structural transformation trajectories according to various criteria. The paper introduces the concept of structural transformation trajectory that is defined as the path in the two coordinates — per capita income and one of the success criteria for the structural transformation of exports. Based on the brief review of the literature, four criteria for the empirical research are selected: (i) an increase in the ratio of exports of capital to consumer products, (ii) an enhancement of the export share of high-tech products, (iii) a decrease in export concentration, and (iv) an expansion of export complexity. In most cases, countries leading structural transformation succeed due to a limited number of specific factors, such as foreign direct investment in a limited number of sectors, participation in the assembly of telecom products, automobiles or similar consumer products, and re-export of products from other countries. However, high per capita income growth rates are typically observed in countries with high coherence of the success criteria for the structural transformation of exports, that is, in countries that made progress on a whole range of criteria.

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Gnidchenko, A. A. "Structural transformation trajectories: Evidence from successful exporting countries". Voprosy Ekonomiki, n. 12 (8 dicembre 2021): 48–65. http://dx.doi.org/10.32609/0042-8736-2021-12-48-65.

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Abstract (sommario):

This paper identifies and examines several success criteria for the structural transformation of exports. Some detailed facts for the leading countries in structural transformation are presented, and the paper is the first in social sciences literature to calculate the Fréchet distances between the structural transformation trajectories according to various criteria. The paper introduces the concept of structural transformation trajectory that is defined as the path in the two coordinates — per capita income and one of the success criteria for the structural transformation of exports. Based on the brief review of the literature, four criteria for the empirical research are selected: (i) an increase in the ratio of exports of capital to consumer products, (ii) an enhancement of the export share of high-tech products, (iii) a decrease in export concentration, and (iv) an expansion of export complexity. In most cases, countries leading structural transformation succeed due to a limited number of specific factors, such as foreign direct investment in a limited number of sectors, participation in the assembly of telecom products, automobiles or similar consumer products, and re-export of products from other countries. However, high per capita income growth rates are typically observed in countries with high coherence of the success criteria for the structural transformation of exports, that is, in countries that made progress on a whole range of criteria.

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Msomi, Thabiso, e Odunayo Olarewaju. "Evaluation of access to finance, market and viability of small and medium-sized enterprises in South Africa". Problems and Perspectives in Management 19, n. 1 (15 marzo 2021): 281–89. http://dx.doi.org/10.21511/ppm.19(1).2021.24.

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Access to finance and market has been described as a predominant challenge confronting small and medium-sized enterprises (SMEs). Hence, this paper seeks to evaluate access to finance, market access and viability of SMEs. A quantitative research method and a purposive sampling technique were used to select the participants for this study. Respondents from retail, manufacturing, construction and agricultural SMEs operating in Durban, KwaZulu-Natal, were selected to complete the structured questionnaires. 310 questionnaires were returned out of 321 distributed. The study revealed a significant effect of access to finance (absolute value 0.425) and access to market (absolute vale 0.373) on SMEs’ viability with a 5% level of significance. Thus, it was concluded that access to finance uniquely accounted for the larger proportion of the variance in the regression model. Thus, this study suggests that owners of SMEs should pay greater attention to access to finance in running their businesses, and the Government should aid SMEs to market their products and keep their businesses viable. Public loans or the government supported loans should be made available for SMEs with soften requirements in order to stimulate economic growth.

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Saleuddin, Rasheed. "Reputation risk management in financial firms: protecting (some) small investors". Journal of Financial Regulation and Compliance 22, n. 4 (4 novembre 2014): 286–99. http://dx.doi.org/10.1108/jfrc-11-2013-0040.

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Purpose – This paper aims to provide an explanation and evidence for the recent lack of retail financial product failures in Canada in the face of a (formal) regulatory failure. Design/methodology/approach – The paper applies the literature on self-regulation and reputational risk management to a detailed investigation of the marketing of financial products to Canadian retail investors. Internal approval processes for many different players in the retail financial industry were analyzed in detail primarily using interviews. Findings – The author was able to identify associations between structures and policies at financial firms and outcomes for retail investors. Knowing that prevention is more effective than mitigation, marketers of financial products would generally welcome increased state intervention in terms of more and better information disclosures. Research limitations/implications – The research contributes to our understanding of self-regulation in financial markets, specifically addressing what firm characteristics may be related to positive and negative outcomes for small investors in complex structured financial products. Practical implications – Regulators may be able to imply the research findings in selectively allocating scarce resources to policing firms that may be more inclined to participate in riskier behavior. Financial firms may be able to influence the decisions relating to how regulations are designed and implemented and which products are sold to which clients to minimize reputation risk. Originality/value – This is the first time, to the author's knowledge, that the reputation risk management channel has been analyzed in terms of influencing outcomes for retail (small) investors.

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