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1
Kornivska, V. "Liquidity surplus in a globalized world." Ekonomìčna teorìâ 2018, no. 3 (October 20, 2018): 83–98. http://dx.doi.org/10.15407/etet2018.03.083.
Повний текст джерела
2
Chaudhary, Amar Kumar, and Swati Raja. "An In-depth Analysis of the Relationship between Liquidity and Profitability, Vis-à-vis, Tata Pigment Limited." European Journal of Business and Management Research 6, no. 3 (June 4, 2021): 151–54. http://dx.doi.org/10.24018/ejbmr.2021.6.3.881.
Повний текст джерелаАнотація:
The present study aims to acknowledge the pre-eminent relationship between the liquidity and profitability which performs a key role in corporate finance. The liquidity management performs an indispensable role as deficient liquidity and surplus liquidity both affects the functioning, profitability, and growth of any organization. The present study analysis is on Tata Pigments Ltd for a period from 2013-14 to 2018-19. The empirical and analytical study applies descriptive statistics, correlation, and regression to test the hypothesis of the study. The findings suggest that there is no significant relationship between the liquidity and profitability. The liquidity indicators do not affect the profitability ratios.
3
Horst, Maximilian, and Ulrike Neyer. "The Impact of Quantitative Easing on Bank Loan Supply and Monetary Policy Implementation in the Euro Area." Review of Economics 70, no. 3 (January 28, 2020): 229–65. http://dx.doi.org/10.1515/roe-2019-0033.
Повний текст джерелаАнотація:
AbstractIn March 2015, the Eurosystem launched its QE programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem’s liquidity management during normal times, crisis times and times of too low inflation. With a focus on the latter, the second part of this paper develops a relatively simple theoretical model in which banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a contractionary impact on bank loan supply. As the newly created excess reserves are heterogeneously distributed across euro area countries, the impact of QE on bank loan supply may differ across countries. Moreover, we derive implications for monetary policy implementation. Increases in the central bank’s main refinancing rate as well as in the minimum reserve ratio and decreases in the central bank’s deposit rate develop expansionary effects on loan supply – contrary to the case in which banks face a structural liquidity deficit.
4
Paul Choi, Byeongyong, Jin Park, and Chia‐Ling Ho. "Liquidity creation or de‐creation: evidence from US property and liability insurance industry." Managerial Finance 39, no. 10 (August 23, 2013): 938–62. http://dx.doi.org/10.1108/mf-11-2012-0243.
Повний текст джерелаАнотація:
PurposeThe purpose of this study is two‐fold. The first purpose is to properly measure the level of US property and liability (P/L) insurers liquidity creation, applying the liquidity creation measure developed by Berger and Bouwman. The second purpose is to identify factors affecting P/L insurers' liquidity creation using a regression. Particularly, this paper tests two competing hypotheses regarding the relationship between the level of capital and liquidity creation.Design/methodology/approachThe paper calculates liquidity creation for the US P/L insurers. First, the paper categorizes all items in assets, liabilities and surplus into liquid, semi‐liquid, or illiquid. This process is based on the ease, cost, and time for insurers to meet their contractual obligation to obtain liquid funds or to pay off their liability. The paper also constructs the regression model to test the impact of insurers' surplus level on liquidity creation while controlling for the firm‐specific variables. The paper examines this relationship for the time period between 1998 and 2007.FindingsContrary to the study of depository institutions, the paper reports that P/L insurers are liquidity destroyers than liquidity creators. This paper also provides that liquidity destruction varies over time and differs among insurers in different size. The total amount of liquidity destruction ranges from 47 to 58 percent of insurer total asset. In addition, the results of a regression show that insurer capital is negatively related to the level of liquidity creation. This provides implications that insurers with lower level of capital face more regulatory requirements and are forced to meet liquidity demand more.Practical implicationsThe level of liquidity creation and the trend of liquidity creation of P/L insurers are of particular interest to regulators and consumers because the level of liquidity creation as shown during the financial crisis has a significant adverse impact on the financial intermediaries.Originality/valueThe paper do not aware of any study that attempts to measure liquidity creation by insurers and its relationship with both organizational and financial characteristics. The paper reports that P/L insurers are, unlike depository institutions, liquidity destroyers. Whether or not P/L insurers create/destroy liquidity is an interesting economic question to shed light on the roles of P/L insurers as a financial intermediary.
5
Yapeng, Sun, Peng Hui, and Xie Wenbiao. "A Fast and Efficient Markov Chain Monte Carlo Method for Market Microstructure Model." Discrete Dynamics in Nature and Society 2021 (October 27, 2021): 1–24. http://dx.doi.org/10.1155/2021/5523468.
Повний текст джерелаАнотація:
The non-linear market microstructure (MM) model for financial time series modeling is a flexible stochastic volatility model with demand surplus and market liquidity. The estimation of the model is difficult, since the unobservable surplus demand is a time-varying stochastic variable in the return equation, and the market liquidity arises both in the mean term and in the variance term of the return equation in the MM model. A fast and efficient Markov Chain Monte Carlo (MCMC) approach based on an efficient simulation smoother algorithm and an acceptance-rejection Metropolis–Hastings algorithm is designed to estimate the non-linear MM model. Since the simulation smoother algorithm makes use of the band diagonal structure and positive definition of Hessian matrix of the logarithmic density, it can quickly draw the market liquidity. In addition, we discuss the MM model with Student-t heavy tail distribution that can be utilized to address the presence of outliers in typical financial time series. Using the presented modeling method to make analysis of daily income of the S&P 500 index through the point forecast and the density forecast, we find clear support for time-varying volatility, volatility feedback effect, market microstructure theory, and Student-t heavy tails in the financial time series. Through this method, one can use the estimated market liquidity and surplus demand which is much smoother than the strong stochastic return process to assist the transaction decision making in the financial market.
6
Mulchandani, Kalyani, CS Manish Sitlani, and Ketan Mulchandani. "The Determinants of Financial Performance in Life Insurance Sector in India." Asian Journal of Empirical Research 6, no. 10 (February 10, 2017): 261–69. http://dx.doi.org/10.18488/journal.1007/2016.6.10/1007.10.261.269.
Повний текст джерелаАнотація:
This paper attempts to examine the relationship between financial performance and their determinants in the case of Indian life insurance sector. This study is carried out using Correlation and Multiple Regression Analysis for 23 out of 24 companies for 10 years from 2009-10 to 2014-15. The financial performance is indicated by Return on Assets (ROA) and the independent variables chosen are commission, expenses, liquidity, size, solvency ratio, surplus (deficit)/policy holder’s liability, tangibility and underwriting risk. The quality of data was assessed using Autocorrelation, Heteroskedasticity, Multicollinearity. The results of the model indicated that commission, size and surplus (deficit)/policy holder' are significantly related to financial performance, commission is negatively related and size and surplus(deficit)/policy holder’s liability are positively related to financial performance whereas other factors expenses, liquidity, solvency ratio, tangibility and underwriting risk are not significant related to financial performance.
7
Acharya, Viral V., Denis Gromb, and Tanju Yorulmazer. "Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking." American Economic Journal: Macroeconomics 4, no. 2 (April 1, 2012): 184–217. http://dx.doi.org/10.1257/mac.4.2.184.
Повний текст джерелаАнотація:
We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis-à-vis banks needing liquidity, frictions arise in lending due to moral hazard, and assets are bank-specific. Surplus banks ration lending and instead purchase assets from needy banks, an inefficiency more acute during financial crises. A central bank acting as a lender-of-last-resort can ameliorate this inefficiency provided it is prepared to extend potentially loss-making loans or is better informed than outside markets, as might be the case if it also performs a supervisory role. This rationale for central banking finds support in historical episodes. (JEL E58, G01, G21, G28, L13, N21)
8
Brůna, Karel, and Naďa Blahová. "Systemic Liquidity Shocks and Banking Sector Liquidity Characteristics on the Eve of Liquidity Coverage Ratio Application - The Case of the Czech Republic." Journal of Central Banking Theory and Practice 5, no. 1 (January 1, 2016): 159–84. http://dx.doi.org/10.1515/jcbtp-2016-0008.
Повний текст джерелаАнотація:
Abstract The paper contains an analysis of the economic and regulatory concept of bank liquidity in the context of systemic liquidity shock. A formal model analysis shows that the application of liquidity coverage ratio (LCR) based on Basel III will lead to a significant adaptation of banks liquidity management. LCR causes a change in bank’s liquidity allocation and funding to be less effective and more costly and restrictive for providing credits comparing with economic determinants. It is demonstrated that the application of LCR underestimates actual liquidity position of a bank and leads to allocation ineffectiveness. The empirical part contains simulation of impacts of systemic liquidity shock on the banking sector’s ability to withstand the unfavourable credit shock while solvency is maintained. The results confirm the robustness of the Czech banking system ensuing from the systemic surplus of liquidity, high volume of bank capital and its high profitability. The estimations of the VAR model show that the relations between liquidity characteristics of banks, sources of aggregate liquidity shock, interbank market illiquidity and the credit facilities of the Czech National Bank are relatively weak, supporting the conclusion that the banks face liquidity shocks of non-persistent character.
9
Georgescu, Oana-Maria, Dimitrios Laliotis, Miha Leber, and Javier Población. "A Liquidity Shortfall Analysis Framework for the European Banking Sector." Mathematics 8, no. 5 (May 13, 2020): 787. http://dx.doi.org/10.3390/math8050787.
Повний текст джерелаАнотація:
This paper presents an analytical framework for the identification of vulnerabilities arising from the liquidity and funding profile of banks. It is composed of two pillars—estimation of liquidity needs and the counterbalancing capacity of the total liquid assets—that determine a liquidity surplus or shortfall and the drivers for a range of plausible scenarios. Granular bank-level data on the structure of liabilities, maturation profile, liquid assets quality composition, and asset encumbrance are used for that purpose, also taking into account associated commonality effects. A new liquidity metric is introduced—the distance to liquidity stress indicator (DLSI)—which measures the required stress factor for banks to become illiquid. The novelty of the approach (i.e., taking into account asset encumbrance to determine counterbalancing capacity) provides empirical evidence that asset encumbrance has a significant impact on a bank’s liquidity position, leading to the non-linear behavior of liquidity shortfalls, even in the case of linear stress factors.
10
Li, Shouwei, and Jianmin He. "An Equilibrium Model of Interbank Networks Based on Variational Inequalities." Advances in Mathematical Physics 2013 (2013): 1–5. http://dx.doi.org/10.1155/2013/175232.
Повний текст джерелаАнотація:
We develop an equilibrium model of credit network and trust network in the interbank market. We consider two kinds of decision makers including banks with liquidity surplus and banks with liquidity shortage. We model the behavior of the decision makers, derive the equilibrium conditions, and establish the variational inequality formulation for interbank credit network and trust network. We then utilize the variational inequality formulation to obtain qualitative properties of the equilibrium pattern in terms of existence and uniqueness.
11
Omer Mustafa, Omer Allah Gabo. "Evaluation of the Experience of the Inter-Bank Liquidity Management Fund: Sudan (2014-2019)." مجلة إسرا الدولية للمالية الإسلامية 12, no. 1 (June 15, 2021): 117–50. http://dx.doi.org/10.55188/ijifarabic.v12i1.238.
Повний текст джерелаАнотація:
Islamic banks need instruments and Islamic financial products to help them utilize their excess liquidity to achieve earnings and help them in periods of liquidity shortage. That would reduce their dependency on central banks as the lender of last resort, especially since borrowing money on interest is prohibited in Islam. One option available for Islamic banks to manage their excess liquidity is establishment of a Sharīʿah-compliant investment fund. The research aims to assess the experience of the Inter-Bank Liquidity Management Fund in Sudan by introducing the fund, explaining how it complies with the Sharīʿah, how it was formed and managed, and by evaluating its performance during the period (2014-2019). This is in order to make the experience useful regionally and globally. The research adopted the historical and descriptive analytical methodology. The most important results were that the Interbank Liquidity Management Fund provided an opportunity to invest the surplus funds of banks in Sudan through the banks' contributions to the fund's capital. it has also contributed to reducing liquidity risks.
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Ulyukaev, A., and M. Kulikov. "Monetary Policy Problems under Capital Inflow to Russia." Voprosy Ekonomiki, no. 7 (July 20, 2007): 4–19. http://dx.doi.org/10.32609/0042-8736-2007-7-4-19.
Повний текст джерелаАнотація:
Russian macroeconomic tendencies of the past decade are described in the article. It is particularly mentioned that until recently foreign trade surplus was the main source of liquidity for the Russian economy. Since mid 2005 a noticeable foreign private capital inflow has started, creating a new liquidity source. A significant capital inflow may result in additional inflation and / or additional ruble appreciation while currently used monetary policy instruments appear to be ineffective in this situation. The description of the set of measures to soften negative impact of the capital inflow is also presented.
13
Choi, Byeongyong Paul, Jin Park, and Chia-Ling Ho. "Liquidity transformation: an examination of US life insurers." Managerial Finance 42, no. 7 (July 11, 2016): 618–34. http://dx.doi.org/10.1108/mf-11-2015-0302.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is twofold: first, this paper measures how much liquidity is transformed by the US life insurance industry for the sample period; and Second, this study tests the “risk absorption” hypothesis and “financial fragility-crowding out” hypothesis to identify the impact of capital on liquidity creation in the US life insurance industry. In addition, a regression model is conducted to explore the relationship between liquidity creation and other firm characteristics. Design/methodology/approach – In order to construct the liquidity creation measures, all assets and liabilities are classified as liquid, semi-liquid, or illiquid with appropriate weights to these classifications, which will then be combined to measure the amount of liquidity creation. In addition, a regression model is analyzed. The level of insurers’ liquidity creation is regressed on the capital ratio (surplus over total assets) and other financial and organizational variables to test two prevailing hypotheses. Findings – This paper finds that the US life insurers de-create liquidity. The authors provide that the amount of liquidity de-creation is related to the size of insurers such that liquidity de-creation has increased as assets grow and that large insurers de-create most of liquidity. The US life insurance industry de-created $2.1 trillion in liquidity, i.e., 43 percent of total industry assets, in 2008. The empirical results support the “financial fragility-crowding out” hypothesis. Life insurers’ liquidity de-creation is mainly caused by the large portion of liquid assets, which is required by regulation and capital is not a main factor of liquidity de-creation. Originality/value – There is no known study on the issue of liquidity creation by life insurers. Thus, the extent of liquidity creation by the life insurance industry, if any, is an empirical matter to investigate, but also an important matter to regulators and the academia since the products and business operations (e.g. asset portfolio and asset and liability management) of life insurers are different from those of property and liability insurers.
14
Ping, Kee Guek, and Suhal Kusairi. "Analysis of CAMEL Components and Commercial Bank Performance: Panel Data Analysis." Jurnal Organisasi dan Manajemen 16, no. 1 (June 28, 2020): 1–10. http://dx.doi.org/10.33830/jom.v16i1.835.2020.
Повний текст джерелаАнотація:
The banking industry is an importance for the economic development because this industry circulates funds from the surplus to the deficits in the economy to keep it healthy, grow and sustained. Besides, the primary indicator of the soundness of the financial system is the performance of banking. Therefore, the objective of the study is to analyses the effectof Capital Adequacy, Asset Quality, Management Efficiency, Earning Quality, and Liquidity (CAMEL) towards bank performance. This study employed a static panel data model and utilised data of nine developed countries from the year 2013 until the year 2017. The findings showed that Capital Adequacy and Earning Quality had a positive impact on bank performance.Conversely, Asset Quality, Management Efficiency and Liquidity are a negative impact on bank performance. The reason is, holding the high liquidity asset will reduce income as liquid assets are associated with lower rates of return. It would expect that higher liquidity would negatively affect with bank performance. Therefore, we can conclude that banking should put attention on CAMEL components for evaluating bank performance.
15
Cahyadi, Rino Tam. "Apakah Surplus Pendanaan Memberikan Dampak Terhadap Deviden Yang Dibagikan Pada Perusahaan Terindeks LQ45?" Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi 26, no. 1 (February 27, 2023): 142–54. http://dx.doi.org/10.35591/wahana.v26i1.815.
Повний текст джерелаАнотація:
The LQ45 index is a group of 45 companies that have the largest level of liquidity and market share on the Indonesia Stock Exchange. The facts show that there are still inconsistencies in the distribution of dividends by several LQ45 indexed companies. Researchers investigated the topic of funding surplus factor which means that the company has more cash balances so that it is suspected could influence on the dividends. The novelty of this research is the added intervening variable namely investment opportunity set to prove the indirect relationship between surplus funding and dividends. This study uses intervening variable regression with path analysis testing: Sobel Test in testing the intervening variable. The results showed that the funding surplus proved to have no direct nor indirect effect on dividends. In addition, the researcher also finds that there is no difference in dividends distributed between companies with surplus financial condition and companies with funding deficit.
16
Mennawi, Ahmed Nourrein Ahmed, and Ahmed Ali Ahmed. "The Determinants of Liquidity Risk in Islamic Banks: A Case of Sudanese Banking Sector." International Journal of Islamic Banking and Finance Research 4, no. 1 (April 10, 2020): 38–49. http://dx.doi.org/10.46281/ijibfr.v4i1.542.
Повний текст джерелаАнотація:
Liquidity risk either due to a surplus or serious shortage in liquidity has a significant impact to the performance and sustainability of Islamic banks. Nevertheless, there are still no common agreement on specific factors that determine the liquidity risk in Islamic banking. This study investigates the determinant factors that affect the liquidity risk of Sudanese Islamic banks. A sample of 11 banks has been selected for a period of 7 years (2012 – 2018). The study is based on secondary data that analysed using Pearson correlation and multiple regression analysis for hypotheses tests. It investigated the explanatory variables of the bank’s cash position (CASH), investment in short-term securities (SECA), degree of financing the assets from customers’ deposits (DPAS) and bad financing and credit risk (NPL) as representatives of banks’ specific factors plus one microeconomic factor which is Gross Domestic Product (GDP). The analysis found a significant and negative relation of CASH and SECA with the liquidity risk in Islamic banks. On the other hand, the results reveal that the DPAS and NPL variables have a positive relation and significant, while the GDP seen to be irrelevant to liquidity risk in Islamic bank. The importance of the study is that it touches the most significant type of risk that most of Sudanese Islamic banks face, and the data analysed covers a relatively longer period of time than similar studies for a single country. We target that the study contributes in providing decision-makers with reasonable ground for prediction and managing the liquidity risk.
JEL Classification: G21, G17, G32.
17
NYAWATA, OBERT. "TREASURY BILLS AND/OR CENTRAL BANK BILLS FOR ABSORBING SURPLUS LIQUIDITY: THE MAIN CONSIDERATIONS." Journal of International Commerce, Economics and Policy 04, no. 02 (April 2013): 1350011. http://dx.doi.org/10.1142/s1793993313500117.
Повний текст джерелаАнотація:
This paper discusses the challenging question of whether central banks should use Treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that Treasury bills are the first best option especially because of the positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
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Hoffmann, Andreas, and Axel Loeffler. "Surplus liquidity, central bank losses and the use of reserve requirements in emerging markets." Review of International Economics 25, no. 5 (April 18, 2017): 990–98. http://dx.doi.org/10.1111/roie.12292.
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Nyawata, Obert. "Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations." IMF Working Papers 12, no. 40 (2012): 1. http://dx.doi.org/10.5089/9781463933838.001.
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Raj, Janak, and Joice John. "Steering interest rates amidst large structural surplus liquidity: a tale of three central banks." Indian Economic Review 55, no. 1 (May 28, 2020): 93–116. http://dx.doi.org/10.1007/s41775-020-00084-4.
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Cartea, Álvaro, and José Penalva. "Where is the Value in High Frequency Trading?" Quarterly Journal of Finance 02, no. 03 (September 2012): 1250014. http://dx.doi.org/10.1142/s2010139212500140.
Повний текст джерелаАнотація:
We analyze the impact of high frequency (HF) trading in financial markets based on a model with three types of traders: liquidity traders (LTs), professional traders (PTs), and high frequency traders (HFTs). Our four main findings are: (i) The price impact of liquidity trades is higher in the presence of the HFTs and is increasing with the size of the trade. In particular, we show that HFTs reduce (increase) the prices that LTs receive when selling (buying) their equity holdings. (ii) Although PTs lose revenue in every trade intermediated by HFTs, they are compensated with a higher liquidity discount in the market price. (iii) HF trading increases the microstructure noise of prices. (iv) The volume of trades increases as the HFTs intermediate trades between the LTs and PTs. This additional volume is a consequence of trades which are carefully tailored for surplus extraction and are neither driven by fundamentals nor is it noise trading. In equilibrium, HF trading and PTs coexist as competition drives down the profits for new HFTs while the presence of HFTs does not drive out traditional PTs.
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Andriuškevičiūtė, Deimantė, and Norbertas Balčiūnas. "THE MONETARY POLICY OF THE EUROPEAN CENTRAL BANK IN THE PERIOD OF SOVEREIGN DEBT CRISIS." Ekonomika 92, no. 2 (January 1, 2013): 20–31. http://dx.doi.org/10.15388/ekon.2013.0.1417.
Повний текст джерелаАнотація:
Abstract. The European Central Bank was forced to start using non-standard measures in order to manage the situation determined by the global financial and sovereign debt crisis, namely to sort out liquidity problems and expand credit supply. The European Central Bank is criticized for applying non-standard tools because of increase in inflation risk. However, the analysis shows that the inflation could be managed by the absorption of liquidity surplus. However, there is a negative side of using non-standard measures, such as a significant increase in the credit risk, which arises due to having government bonds in the balance sheet of the European Central Bank. In addition, this indicates that the European Central Bank indirectly finances governments.Key words: monetary policy, inflation, sovereign debt crisis, credit risk, quantitative easing
23
TSAI, I.-Chun. "MONETARY LIQUIDITY AND THE BUBBLES IN THE U.S. HOUSING MARKET." International Journal of Strategic Property Management 19, no. 1 (April 1, 2015): 1–12. http://dx.doi.org/10.3846/1648715x.2014.973465.
Повний текст джерелаАнотація:
Extant studies indicate that the excessive easing of monetary supplies can result in surplus liquidity, which can consequently facilitate the formation of asset bubbles. This study references data on house prices in the U.S. from January 1991 to August 2012 to explore the correlations between monetary liquidity and house price bubbles in the U.S. housing market. Fluctuations in house prices are classified as related to either fundamentals (the mean reversion behavior and responses to information of the current period) or bubbles (self-related behavior). Results show a significant correlation between the formation of housing bubbles and monetary supplies. Long-term easing of monetary supplies can cause housing marketing returns to deviate from fundamentals, which then results in an increase in continuous fluctuations in house prices and the likelihood of the formation of house price bubbles.
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Khan, Muhammad Asim, Arsalan Hussain, Muhammad Muzaffar Ali, and Mohsin Ali Tajummul. "Assessing the impact of liquidity on the value of assets return." Global Business Management Review (GBMR) 14, no. 1 (July 15, 2022): 54–76. http://dx.doi.org/10.32890/gbmr2022.14.1.4.
Повний текст джерелаАнотація:
The concept of liquidity has been widely discussed in the literature of financial management to determine its influence on the different aspects of company’s financial performance. In a firm, there is a deficit and surplus in liquidity related to stock and it needs to be monitored to control the equity of a company. Deficit liquidity arises from a shortage in stocks and this can cause the profitability to below and this can cause a cashflow concern for the company. Hence, it is critical to evaluate the impact of liquidity on the returns and value of the study. Therefore, the following research is mainly conducted to investigate the effect of liquidity on the stock return from the context of two markets which are Pakistan and the United Kingdom. The data is gathered from total of 60 companies where the 30 companies belong to Pakistan whereas the remaining 30 companies are from UK. The time frame from which the data is collected is from 2005 till 2019 which makes a total time period of 15 years. With respect to the results of regression of the Pakistani data, it was determined that the illiquidity has significant and negative influence on the stock return whereas interest rate and HML has significant and positive influence on stock return. It is clear that the investors are highly concerned with the liquidity of the Pakistani companies as the increase of liquidity would cause reducing the stock return. While reflecting to the results of regression on UK data, it was identified that illiquidity has insignificant influence whereas the book to market, SMB, HML, IR and LNGDP has significant influence. Book to market and interest rate has negative influence on stock return whereas SMB, HML, interest rate and GDP have positive effect on stock return. Furthermore, recommendation and limitations are also highlighted in the study.
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Ulfan, Kris, Sutriswanto Sutriswanto, and Gaguk Apriyanto. "Analisis Pengaruh Rasio Early Warning System Terhadap Financial Solvency Pada Perusahaan Asuransi Jiwa Syariah Di Indonesia." Wiga : Jurnal Penelitian Ilmu Ekonomi 8, no. 1 (March 31, 2018): 12–23. http://dx.doi.org/10.30741/wiga.v8i1.232.
Повний текст джерелаАнотація:
This study aims to examine the influence of the Early Warning System ratio which consist of surplus change ratio, claim load ratio, cost management ratio, liquidity ratio and premium growth ratio to financial solvency of sharia life insurance company in Indonesia period 2012 - 2016. The data used are secondary data obtained from the website of Asosiasi Asuransi Syariah Indonesia ( AASI ). Sampling technique used in this research is purposive sampling. The sample used in this research is 10 sharia life insurance companies . Hypothesis testing by using multiple linear regression analysis. The results of this study prove that financial solvency at the sharia fairyde 2012 - 2016, with an average value of 507.68% with a minimum financial solvency of 126.83 % and a maximum value of 2447.50 %. The variables that affect the financial solvency in this period of research are the ratio of claims expense and liquidity ratio which shows the negative and significant influence. Surplus change ratios, management expense ratios, the ratio of premium growth proved to be no significant effect on financial solvency . The ratio of Early Warning System in this study proved to have an effect on the financial solvency at the predictive ability level of 25.5% as shown in the adjusted R square value. Other variables not found in this research have influence to financial solvency equal to 74,5%.
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Estwick, Stacey Alicia. "The impact of principal-principal conflict on financial flexibility." Qualitative Research in Financial Markets 8, no. 4 (November 7, 2016): 305–30. http://dx.doi.org/10.1108/qrfm-12-2015-0043.
Повний текст джерелаАнотація:
Purpose This study examined the attainment and the benefits of financial flexibility in the presence of concentrated ownership in the Caribbean. Design/methodology/approach This study used qualitative methodology via the use of case studies. Findings Results revealed that liquidity may be considered the most important form of financial flexibility for firms in transitioning economies, due to constrained capital markets. Blockholder firms also focus on liquidity out of a concern for recovering their substantial investment. This study suggested that in addition to an emphasis on liquidity, blockholder owners emphasise professionalism in managing the firm. This professionalism, accompanied by a genuine separation of ownership and control, may be critical in minimising the possibility of misappropriation of surplus liquidity. The study showed that blockholder owned firms may not recognise maximum capital investment benefits because of the use of sub-optimal capital budgeting techniques reflecting their liquidity preference, or pay maximum dividends, opting instead to use dividends as a governance tool. However, the ability to separate ownership from the management of the operations may counteract this, leading to an increased focus on net present value (NPV) maximising projects, and a dividend policy aimed at preserving future financial flexibility. Research limitations/implications This study highlights the value of qualitative studies in finance research, by providing a deeper insight into the management of firm financial flexibility, under blockholder ownership. It emphasises the importance of considering liquidity as a critical form of financial flexibility. Furthermore, the study shows that two significant factors in controlling principal–principal (PP) conflict may be the ability to separate ownership from control and the appointment of a professional management team. Originality/value This research introduces the variable of PP agency in the study of financial flexibility.
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Khilji, Nasir M. "The Behaviour of Stock Returns in an Emerging Market: A Case Study of Pakistan." Pakistan Development Review 32, no. 4II (December 1, 1993): 593–604. http://dx.doi.org/10.30541/v32i4iipp.593-604.
Повний текст джерелаАнотація:
In developed market economies, the stock market is a major conduit of financial resources from surplus units to deficit units. This transfer of funds is mutually advantageous to both parties. The recipients of these funds, publicly owned companies, are enabled to utilise them in profitable investments, while the surplus units, ultimately households, are provided an opportunity in sharing in the future profits of these enterprises. More importantly, by providing an active market for existing corporate securities, the stock market is also able to fulfil the liquidity needs of surplus units. The most significant academic developments in finance in the past twentyfive years have been portfolio theory, capital market theory, and efficient market theory, collectively called modem finance theory. These modem developments, based on the pioneering works of Markowitz (1959) and Sharpe (1964), and accumulating empirical evidence suggest that financial investors are well advised to make their decisions assuming that security prices fully and instantaneously reflect all publicly available information. This proposition is often referred to as the random walk hypothesis, which implies that successive security prices/returns are not statistically associated.
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Ilchuk, P., О. Kots, D. Martyniuk, and E. Rak-Młynarska. "STATE, DYNAMICS AND PROBLEMS OF UKRAINIAN BANKING SYSTEM LIQUIDITY." Journal of Lviv Polytechnic National University. Series of Economics and Management Issues 4, no. 2 (November 10, 2020): 27–36. http://dx.doi.org/10.23939/semi2020.02.027.
Повний текст джерелаАнотація:
The approaches of scientists to the definition of categories “liquidity of banks” and “regulation of the banking system’ liquidity” are investigated. A retrospective analysis of the NBU’s approaches to regulating the liquidity of the banking system was carried out and the use of two main methods used by the NBU to calculate the liquidity level of the Ukrainian banking system during the independence period was identified. Dynamic ranks of liquidity of the Ukrainian banking system and instruments of its change in 2012–2020 were constructed, stable dynamic tendencies and the main factors causing such dynamics were identified. The changes in the liquidity of the Ukrainian banking system in the periods of the financial crisis 2014–2015 are analyzed in detail, the main factors of the change in the liquidity of the Ukrainian banking system during such period are identified. It was proved that the change in approaches to the calculation of the liquidity level of the Ukrainian banking system was accompanied by the implementation of a completely new refinancing tool for banks – NBU deposit certificates. It was also proven that changing the approach to calculating the liquidity level of the Ukrainian banking system and the use of a new refinancing tool resulted in maximizing the NBU’s influence on regulating the liquidity of the Ukrainian banking system. The crisis of excess liquidity of the banking system of Ukraine was detected, its time periods were identified, the main factors of its emergence and their quantitative characteristics were presented. The unproductive use of highly liquid assets by banks has been proved, which is caused by the processes of regulating the liquidity level of the banking system and the use of NBU certificates of deposit. A sharp change in the structure and level of liquidity of the banking system in 2020 and disruption of the transformation function of the banking system were identified. In particular, banks with significant free resources (76.24 % of banks' liquidity, which is equivalent to practically 20 % of the loan portfolio), are not able (or willing) to direct these resources to finance the real economy. Thus, a violation of the NBU’s monetary policy has been identified, which puts considerable pressure on the monetary sphere, and in the event that the NBU loses control of this process, excess liquidity of banks will cause an inflation spike. Also, the liquidity surplus in the second half of 2019 – early 2020 and the imbalance of the resource base are threatening to reduce the efficiency of banks in 2020. The NBU’s methodology for regulating banking liquidity with the help of mandatory standards is investigated. The legislative regulation of bank liquidity is analyzed and changes in the methods of calculation of liquidity ratios are revealed. Based on the analysis of retrospective data, it has been shown that, despite changes in the mandatory liquidity standards, during 2014–2020 the liquidity indicators exceeded the regulatory values several times, but peak exceedances were detected in 2020, which confirms the emergence of the excess liquidity crisis in the banking system of Ukraine. Grouping of banks by liquidity level revealed that practically 50 % of banks are in the range of 150–300 % of the standard, and 23 % of banks are in the range of 300–500 % of the standard, while 24 % of banks are in the range of more than 500 % of the standard. Such a significant excess of the liquidity ratio indicates the ineffective financing of banks in the real sector of the economy and the lack of attractive directions for active operations, which threatens both economic growth and efficiency of the banking system in 2020. The research develops key recommendations for banks to prevent excessive liquidity risk.
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Zhang, Guanghong, and Yune Lee. "Determinants of Financial Performance in China’s Intelligent Manufacturing Industry: Innovation and Liquidity." International Journal of Financial Studies 9, no. 1 (March 8, 2021): 15. http://dx.doi.org/10.3390/ijfs9010015.
Повний текст джерелаАнотація:
This study focuses on the mediation channels through which the financial performance of intelligent manufacturing industries closely related to the Fourth Industrial Revolution has been affected. Along with compiling a massive volume of datasets publicized by the Chinese government and other authoritative institutions, a survey of the 317 listed enterprises of the intelligent manufacturing industries in China has been established for statistical analysis. Using Structural Equation Modeling (SEM), this research tests six hypotheses and confirms the inter-factor impact relationship between exogenous and endogenous factors. We find that innovation efforts mainly led by increasing investment in Research & Development (R&D), along with high liquidity, surely lead to good financial performance, whereas innovation efforts alone do not. Government support policy has been found to be closely related not only to higher liquidity, but to good financial performance through the common channel of R&D investment. Regional innovation capability has been revealed to be related to R&D investments, and, furthermore, to liquidity, which shows that the regional innovation system in China has been functioning relatively well to induce enterprises to increase investments and secure higher liquidity, and finally contribute to achieving better business performance. However, regional economic development shows no relationship with R&D investments, and consequently neither with liquidity nor with performance.
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Kewal, Suramaya Suci. "Optimum Capital Structure Adjustment Speed on Companies Listed in Indonesia Stock Exchange." Jurnal Economia 15, no. 1 (April 15, 2019): 60–68. http://dx.doi.org/10.21831/economia.v15i1.23226.
Повний текст джерелаАнотація:
AbstractThis study examines the existence of adjustments in the speed of the company's capital structure to achieve an optimal capital structure in accordance with the dynamics of trade-off and other factors affecting the company's capital structure adjustment. The optimal capital structure is estimated by using several variables, namely tangibility, firm size, profitability, liquidity, asset utilization, and business risk. The factors used to predict the optimal capital structure adjustment speed in this study are the distance between the capital structure and the optimal capital structure and financial deficit. The data analysis technique in this study is multiple linear regression with a significance level of 5%. The obtained results indicate that companies on the IDX are adjusting towards the optimal capital structure. The speed of adjustment is 0.128 so it can be concluded that the company's adjustment remains below its optimal debt level. The test results also prove that distance and financial deficit/surplus have no influence on the company's capital structure adjustment speed. Keywords: capital structure, dynamics trade offKecepatan Penyesuaian Struktur Modal Optimal Perusahaan di Bursa Efek IndonesiaAbstrakPenelitian ini menguji keberadaan penyesuaian kecepatan struktur modal perusahaan menuju ke struktur modal optimal sesuai dengan dynamics trade off dan faktor-faktor yang mempengaruhi kecepatan penyesuaian struktur modal optimal perusahaan. Struktur modal optimal diestimasi dengan menggunakan beberapa variabel yaitu tangibility, firm size, profitability, liquidity, asset utilization, dan business risk. Faktor-faktor yang digunakan untuk menduga kecepatan penyesuaian struktur modal optimal pada penelitian ini adalah jarak antara struktur modal dengan struktur modal optimal (distance) dan financial deficit/surplus. Teknik analisis data yang digunakan pada penelitian ini adalah regresi linier berganda dengan tingkat signifikansi sebesar 5%. Hasil yang diperoleh menunjukkan perusahaan-perusahaan di BEI melakukan penyesuaian menuju struktur modal optimal. Kecepatan penyesuaian sebesar 0,128 sehingga dapat disimpulkan bahwa perusahaan-perusahaan melakukan penyesuaian masih di bawah tingkat hutang optimalnya. Hasil pengujian juga membuktikan bahwa tidak terdapat pengaruh distance dan financial deficit/surplus terhadap kecepatan penyesuaian struktur modal perusahaan. Kata Kunci: struktur modal, dynamics trade off
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Tirole, Jean. "Country Solidarity in Sovereign Crises." American Economic Review 105, no. 8 (August 1, 2015): 2333–63. http://dx.doi.org/10.1257/aer.20121248.
Повний текст джерелаАнотація:
When will solidarity, which emerges spontaneously from the fear of spillovers, be reinforced through contracting? The optimal pact between countries that differ substantially in their probability of distress is a simple debt contract with market financing, a borrowing cap, but no joint liability. While joint liability augments total surplus, the borrowing country cannot compensate the deep-pocket guarantor. By contrast, the optimal pact between two countries symmetrically exposed to shocks with an arbitrary correlation is a simple debt contract with joint liability, provided that shocks are sufficiently independent, spillovers sufficiently large, liquidity needs moderate, and available sanctions sufficiently tough. (JEL D86, F34, H63)
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Bąk, Patrycja, and Agata Sierpińska-Sawicz. "The Effects of Cash Pooling Application in Funds Management in a Capital Group in Hard Coal Mining Industry." Archives of Mining Sciences 61, no. 1 (April 1, 2016): 95–107. http://dx.doi.org/10.1515/amsc-2016-0008.
Повний текст джерелаАнотація:
Abstract The article presents the effects of cash pooling application in a capital group. Calculations made on a mining company data indicate that the group’s companies achieve benefits on interests. Companies with surplus funds achieve higher interests on deposits. Companies recording cash shortages on current accounts pay lower interests on debit in the current account. Cash pooling provides for optimal use of the group’s funds, harmonisation of procedures in the area of financial cooperation, improves the group’s financial liquidity, and reduces the costs of external financing. One must not forget the effect of cash pooling manifested in high flexibility of financial settlements among the companies within the capital group.
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Anwar, Mohammad. "An Islamic Perspective on Capital Markets and "Islamic" Securities in Malaysia." Pakistan Development Review 34, no. 4II (December 1, 1995): 865–78. http://dx.doi.org/10.30541/v34i4iipp.865-878.
Повний текст джерелаАнотація:
Financial systems channel funds in an economy from the surplus economic units lacking appropriate investment opportunities to the deficit economic units with such opportunities. The surplus units seeking returns by employing their funds in productive activities and the deficit units interested in exploiting their investment opportunities contact one another through a network of financial markets a~d institutions in the economy. The participants make financial contracts in ways which satisfy their requirements regarding liquidity, denomination, maturities, and risk diversification [Anwar (1987), pp. 296-297]. In this way, the financial markets contribute to a higher production, efficiency, and economic welfare of everyone in the society [Mishkin (1989), p. 45]. In recent years, the appetite for investment in the markets of developing countries has increased manyfold [Hussain (1994), p. 2]. A good many of such developing markets are in Islamic countries such as Egypt, Turkey, Bangladesh, Pakistan, and Malaysia. Well-developed Islamic financial markets would contribute towards economic development by attracting capital inflows and checking capital flight from the Islamic nations.
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Meister, Robert. "Randy Martin." Social Text 37, no. 4 (December 1, 2019): 51–74. http://dx.doi.org/10.1215/01642472-7794367.
Повний текст джерелаАнотація:
The article develops political implications of the late Randy Martin’s idea of “derivative sociality” as the real subsumption of human life under the option form. The option form, beginning with the hedge, allows realized surplus value to be preserved (locked in) and eventually accumulated by securing its convertibility back into money—its “liquidity.” The opposite, financial illiquidity is capital disaccumulation in Marx’s sense. It follows that the acceptability of capital accumulation depends on making financial market illiquidity politically unimaginable. This limitation on political imagination can, however, be largely overcome in the spirit of Marx (and Randy Martin) by using the conceptual resources of options theory itself. In options theory, for example, privately produced financial derivatives are priced as though a component of them is synthetic public debt (“risk-free”). But this can be true only because in crisis scenarios the government guarantees to swap its own debt for synthetic equivalents to it at par. However, such guarantees are themselves options that can be priced. That price in 2008, the “liquidity premium,” has been calculated by leading financial economists to be trillions of dollars. This is equivalent to the premium that a justice-seeking democracy could have extracted for wiping out the cumulative effects of capital accumulation, had doing so been understood as a political option that could be rolled over for a price. The goal of this article is to identify financial market liquidity as a political choke point in today’s capitalism so as to focus political attention on reversing the cumulative effect of capital markets in compounding historical injustices.
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Nicolás Marín Ximénez, J., and Luis J. Sanz. "Financial decision-making in a high-growth company: the case of Apple incorporated." Management Decision 52, no. 9 (October 14, 2014): 1591–610. http://dx.doi.org/10.1108/md-10-2013-0557.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to develop conceptual knowledge and skills in making financial policy decisions in a rapidly growing and profitable enterprise. Design/methodology/approach – This teaching case was written by documenting and analyzing published information available to the public about Apple. It presents Apple's situation at the end of April 2012. The company reported net profits of US$11.6 billion and income from sales of US$39.186 billion both for the January-March 2012 quarter. Given this highly successful situation, students should assume the role of the company's chief financial officer, Peter Oppenheimer, and make recommendations to the board of directors about what to do with what appears to be a huge cash surplus that the company has accumulated through the years. Findings – Students/participants are usually surprised by the fact that accumulating excess cash could become a problem for any company. Through several discussions of the case the authors have found that answers to this central dilemma depend on students/participants’ experiences. Executive education participants try to maintain the cash and find possible investments, while the less experienced (MBA students) worry about the negative effects of the excess liquidity on value creation. While the former group might be influenced by cash constraints situations frequent in Latin America, the latter group approaches the problem from a theoretical perspective. Research limitations/implications – Since the case was written using public data, therefore it does not take into account the actual opinions and actions of Apple's management team except for those reported by the press. Practical implications – The case points toward an overall discussion on conceptual topics such as dividend policies, share buybacks, and stock splits. It frames this discussion in terms of a financial strategy matrix developed by Hawawini and Viallet. According to this matrix, the company is creating value with excess liquidity, and this context helps practitioners to determine the optimal solution and provides executives with a clear guideline. The management's problem, in this case, is to find ways to invest surplus liquidity productively, or failing that, to define the best way to return it to shareholders. Originality/value – This teaching case provides students and practitioners with a practical application of the Hawawini and Viallet framework to the solution of the financial problem faced by successful companies like Apple. Moreover, it shares the teaching experiences of the authors in both MBA and executive education programs.
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Wah, Elaine, Mason Wright, and Michael P. Wellman. "Welfare Effects of Market Making in Continuous Double Auctions." Journal of Artificial Intelligence Research 59 (August 19, 2017): 613–50. http://dx.doi.org/10.1613/jair.5360.
Повний текст джерелаАнотація:
We investigate the effects of market making on market performance, focusing on allocative efficiency as well as gains from trade accrued by background traders. We employ empirical simulation-based methods to evaluate heuristic strategies for market makers as well as background investors in a variety of complex trading environments. Our market model incorporates private and common valuation elements, with dynamic fundamental value and asymmetric information. In this context, we compare the surplus achieved by background traders in strategic equilibrium, with and without a market maker. Our findings indicate that the presence of the market maker strongly tends to increase total welfare across various environments. Market-maker profit may or may not exceed the welfare gain, thus the effect on background-investor surplus is ambiguous. We find that market making tends to benefit investors in relatively thin markets, and situations where background traders are impatient, due to limited trading opportunities. The presence of additional market makers increases these benefits, as competition drives the market makers to provide liquidity at lower price spreads. A thorough sensitivity analysis indicates that these results are robust to reasonable changes in model parameters.
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Mayanja, Sazir Nsubuga, and Shakira Namutebi Mayanja. "Relationship between Liquidity Management and Growth of MSMEs in Africa: A Case Study of Selected Districts of Uganda." American Journal of Finance 5, no. 1 (August 11, 2020): 24. http://dx.doi.org/10.47672/ajf.552.
Повний текст джерелаАнотація:
Purpose: The study set out to establish to what extent, if any, a relationship exists between liquidity management and growth of MSMEs in Africa, with Uganda as a case study.Methodology: The study used a combination of cross sectional and descriptive designs in which both qualitative and quantitative approaches were adopted. Questionnaires were administered to respondents who answered both open-ended and close-ended questions. Quantitative data was analysed by means of frequencies, percentages, regression analysis and means correlations to arrive at conclusions. The qualitative aspect of the research was intended to clarify the quantitative findings and data. A sample of 400 respondents was chosen from four districts of Wakiso, Mukono, Kampala and Jinja using random sampling. A sample of 400 was chosen from four districts of Wakiso, Mukono, Kampala and Jinja. Of these 371 responded. This represents a satisfactory response rate of over 92%.Findings: This relationship was confirmed by ANOVA results of a large F- Value (23.215) and small significance level (P or 0.000<0.05). Conclusion from the research is that there is a significant relationship between management of liquidity and growth of MSMEs in UgandaUnique Contribution to Practice and Policy: It is recommended that MSMEs review modes of financing liquidity requirements. It is further recommended that MSMEs should practice effective cash planning and investment of surplus funds in ways and manner that enhance the capital, and consequently, growth of the firms. The results of the study should provide very useful input for policy makers, SME managers and owners while making to enhance growth of MSMEs. It is also useful for researchers and academics
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Shaikh, Salman. "“CROSS COUNTRY COMPARATIVE ANALYSIS OF US GLOBAL RECESSION (2008) ON INDIA AND OTHER HIGHLY AFFECTED COUNTRIES USING VARIOUS ECONOMIC INDICATORS.”." GAP iNTERDISCIPLINARITIES - A GLOBAL JOURNAL OF INTERDISCIPLINARY STUDIES 3, no. 2 (May 30, 2020): 116–24. http://dx.doi.org/10.47968/gapin.320020.
Повний текст джерелаАнотація:
Finance is one of the most crucial elements for the growth and development of any economy. India has adopted the policy of LPG i.e. liberalization, privatization, and globalization, as a result of it the doors of trade and commerce became broadened and today the veins of Indian economy is strongly connected with the global economy. Banks and financial institutions are the significant medium to exchange the finance and let the flow of liquidity to be floated from surplus sector to the deficit one across various countries. Global crisis took place in the year 2007- 2008 in the US economy highly influenced Indian trade as well as majority of the countries at large. In the present paper the attempt is made to reflect the extent of damage to the major countries due to US economic crisis on their GDP, Employment Investments, Etc.
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Tadiar, Neferti X. M. "City Everywhere." Theory, Culture & Society 33, no. 7-8 (November 11, 2016): 57–83. http://dx.doi.org/10.1177/0263276416675676.
Повний текст джерелаАнотація:
This article explores the defining tendencies of urban expansion taking place in mega-cities of the Global South, as exemplified by recent trends in Metropolitan Manila and elsewhere. What I call the process of ‘uber-urbanization’ entails the construction of city emulants as platforms for the value-productive movements of globopolitical urban life, a fractal enterprise whose animating program involves the mediatization of human capacities in technologized forms of servitude. Such meditatized human capacities can be understood as comprising a kind of vital infrastructure exemplified in long-standing experimental, risk-taking, shifting, multi-tasking modes of living developed out of urban conditions in the Global South. I discuss the liquidity of such modes of living on the part of surplus populations and its temporal dynamics as the newly discovered resource undergirding the expansion of city everywhere.
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Shaikh, Salman. "“COMPARATIVE ANALYSIS OF GLOBAL CRISIS ON INDIAN AND FOREIGN BANKS”." GAP GYAN - A GLOBAL JOURNAL OF SOCIAL SCIENCES 3, no. 3 (September 30, 2020): 129–34. http://dx.doi.org/10.47968/gapgyan.330022.
Повний текст джерелаАнотація:
Finance is considered to be the lifeline of the economy. India has adopted the policy of LPG i.e. liberalization, privatization, and globalization, as a result of it the doors of trade and commerce became broadened and today the veins of Indian economy is strongly connected with the structure of global economy. Finance is the most important medium to float the goods and service in the form of trade and commerce and these two elements are highly affected with trade and commerce. Banks are the significant medium to exchange the finance and let the flow of liquidity to be floated from surplus sector to the deficit one. Indian business is highly influenced by global business and trade that a small change of a global market leads to a significant impact on Indian economy. Global crisis took place in the year 2007-2008 in the US economy highly influenced Indian trade at large.
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Akhter, Sabrina, and Jewel Kumar Roy. "Analysis of Credit Risk, Efficiency, Liquidity, and Profitability of Selected Non-Bank Financial Institution: An Empirical Study." Journal of Business 2, no. 2 (March 19, 2017): 16. http://dx.doi.org/10.18533/job.v2i2.70.
Повний текст джерелаАнотація:
<p>Financial Institutes are the lifeblood of the financial system of any country that plays an intermediary between the surplus and deficit unit of any society. So the efficiency and performance of a financial institution is the indication of sound financial system. In this study the authors are trying to analyze the factors such as credit risk, efficiency, liquidity, and profitability; which affect the performance of non-bank financial institutions. The methods used are descriptive with secondary data from financial statements of Non-Bank Financial Institutions from 2010 to 2015. Linear regressions, ANOVA, hypothesis testing while using F-test to examine the effect of variables simultaneously with a significance level of 5 %. Based on the results it is concluded that partial NPM and ROA have positive and significant effects on LDR. NPL has a negative effect of loan to deposit ratio. The amount of the contribution or influence variable of NIM, OPM, NPM, ROA, ROE and NPL to the dependent variable of LDR is 87.45% while the remaining 12.55% thought to be influenced by other variables not examined in this study.</p>
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Puspitasari, Ayudia Dwi. "ANALYSIS THE EFFECT OF GROWTH OPPORTUNITY, LIQUIDITY, LEVERAGE, AND VOLATILITY OF CASH FLOWS TO HEDGING DECISIONS." International Journal for Innovation Education and Research 7, no. 12 (December 31, 2019): 307–12. http://dx.doi.org/10.31686/ijier.vol7.iss12.2055.
Повний текст джерелаАнотація:
Companies operating internationally will surely experience the risk of foreign currency fluctuations. The use of foreign exchange raises an exchange risk profile that must be addressed. One way to overcome the exchange rate risk is to use currency derivatives as hedging tools. research This is a conceptual paper that aims to determine the effect of growth opportunity, liquidity, leverage, and cash flow volatility on hedging decisions. This study uses secondary data in the form of annual financial statements of manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2018. Updates in this study are samples and research years and the addition of control variables to control the relationship between the dependent and independent variables.
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Al Ajlouni, Ahmed Taha. "Interest free liquidity management scheme (time-weighted debt units)." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 1 (April 18, 2017): 60–76. http://dx.doi.org/10.1108/imefm-05-2015-0060.
Повний текст джерелаАнотація:
Purpose This paper aims to develop an instrument that helps in managing liquidity. Liquidity is one of the most critical issues to be considered by the financial management of the business firms to meet its financial obligations. It is more vital for banks because of the liquid nature of its assets and liabilities, along with the fact that the confidence in the bank and degree of risk depends heavily on liquidity as an indicator of its wellbeing. Islamic banks (IBs) look at the liquidity issue from the same side as the traditional banks. IBs – the most apparent Islamic financial institution – suffered from the problem of not benefiting from the lender of last resort that Central Banks (CBs) offer to traditional banks because IBs cannot borrow from the CBs at interest. The experience of Institution(s) offering Islamic Financial Services[1] (IIFS) regarding the establishment of Islamic money markets did not show a tangible success instead of the early studies done by some scholars. In spite of the rich experience of some countries in creating new money market instruments or configuration of the interest-based ones according to Islamic - Sharī’ah[2], the designs of these instruments have many limitations in terms of their tradability and flexibility, restricting their use for open-market operations by CBs. Design/methodology/approach The purpose of calculating the time weighted debt units (TWDUs) is to find the equivalent amount of money that the supplier can borrow to the lender in the future for a maturity that differs from the first credit contract. It is a swap between an amount of credit for a particular period of time and another amount for another period. The scheme are called traditionally as reciprocal (mutual) loans, reciprocal (mutual) deposits, swapped conditional loans and “I lend you, provided you lend me” (Hammad, 2010). It is also well known in Pakistan as time multiple counter loan (TMCL), and known within some Arabic IBs as specks (Nomar = numbers) system. This contract will be called the reciprocal loans in the current paper. Findings The current paper represents a blue print of suggested money market instrument (scheme) that is based on the idea of Al Qardh El Hasan (interest-free loan) – called TWDUs. This instrument does not promise any revenue for the supplier and no charge for the lender. Research limitations/implications The suggested model is known in traditional and contemporary writings of Islamic economists and - Sharī’ah scholars. It is accepted by many - Sharī’ah Boards in IBs (Merah, 2011) and was accepted by the Council of Islamic Ideology in Pakistan in 1980 through the TMCL. Despite that, it is still not discussed in depth by international - Sharī’ah boards as the International Islamic Fiqh Academy – in addition to the wide spread of opponent viewpoint that considers this contract as a kind of riba. Originality/value TWDUs is presumed to help IBs and other IIFS to add more flexibility in liquidity management in the side of risk management[3] (represented by the potential loss to IIFS arising from their inability either to meet their obligations or to fund increases in assets as they fall due without incurring unacceptable costs or losses) in addition to avoiding the case of hoarding surplus funds in the short term. Also, the suggested instrument will not be exclusive to IBs or IIFS; it can be developed to be used at a later stage by them as a mean of overdraft between IBs and their clients. Moreover, beside its viability to help in liquidity management for other firms in business sector (non-financial) or government agencies in liquidity management, TWDUs look for Islamic financial theory as an alternative to the traditional financial theory that is based on interest. Moreover, TWDUs is expected to play an important role in monetary policy in a totally Islamic financial system or even in a mixed one (Islamic and capitalistic).
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Kolesnik, Ya V. "Advanced Methods of Bank Risk Management." Statistics of Ukraine 92, no. 2 (June 16, 2021): 39–45. http://dx.doi.org/10.31767/su.2(93)2021.02.04.
Повний текст джерелаАнотація:
Main approaches to building up a system for management of financial risks faced by banks are discussed. It is shown that risk management in banking is a complex process aimed at identification of risk sources, assessment and minimization of the effects of the identified risks, in order to reduce their adverse impact on the commercial bank performance. The main objective of banks is defined as maintaining the constant balance between the needs in resources and the capabilities of their acquisition. The importance and necessity of measurement and quantification of the level of specific types of risk and/or the cumulative risk is highlighted. Special emphasis is made on the credit risk caused by the probability of bank counterparties’ failure to fulfill their obligations. Its usual consequence is failure to repay (fully or partially) the debt principal and the interests in terms specified by the contract. It is shown that the level of credit risk in a country is conditional on macro- and microeconomic factors, with highlighting their effects. It is demonstrated that the adverse impact of inflation is the most explicit one, as it provokes devaluation of bank assets which major share is funds and financial investment. Functional risks are caused by subjective and objective factors, and by system failures, and they cover strategic risks related with mistakes in strategic management. Financial risks can trigger unpredictable change in the amount, profitability and structure of bank assets and liabilities. The liquidity risk can occur when a bank has insufficient or surplus liquidity. The insufficient liquidity can provoke bank insolvency. The inflation risk has ambiguous effects for bank operation.
The successful risk management is a critically important condition for competitiveness and reliability of any financial organization; its objective is to identify and prevent potential adverse events, and to find the tools for minimization of their effects as part of the elaborated methodology of management. Further research devoted to problems of risks faced by the Ukrainian banking system and economic analysis of specific risks will help outline the ways of cost reduction in the banking sector and constantly extend the range of bank services.
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Shukla, Ashutosh, Bhoomika ., MK Jai Supreeth, and Sreenivasa BC. "Financial Portfolio Enhancement using Machine Learning and Artificial Intelligence." Journal of Android and IOS Applications and Testing 7, no. 2 (June 17, 2022): 7–11. http://dx.doi.org/10.46610/joaat.2022.v07i02.002.
Повний текст джерелаАнотація:
A surplus of income over expenditure has created a demand for a variety of investment options, depending on the consumer's appetite for risk, desire for returns, and need for liquidity, among other non-quantifiable characteristics. This gave rise to the concept of a portfolio, which is simply a collection of assets or avenues for investing money, as well as the allocation of funds to each of these assets. Cash, equities, real estate, fixed-income, and commodities are the most prominent of these options. Each avenue has its own set of valuation principles and meets a different set of needs for employers. We are looking at portfolios that include both equities and fixed income for our research. For fixed income, we use an amortized rate that is considered to remain constant over time. The S&P 500 index is made up entirely of stocks. Machine learning is used to choose stocks and distribute capital appropriately. The user's risk profile is taken into account when calculating the fixed income allocation.
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Anwar, Muhammad. "The Role of Islamic Financial Institutions in the Socio-economic Development in Malaysia." Pakistan Development Review 30, no. 4II (December 1, 1991): 1131–42. http://dx.doi.org/10.30541/v30i4iipp.1131-1142.
Повний текст джерелаАнотація:
It is a truism to say that the financial sector plays a critical role in the socio-economic development of any country. Financial institutions provide for effective mobilisation and allocation of savings and this contributes effectively towards socio-economic development. Malaysia, which is, as of now, perhaps the fastest growing country in the third world, is characterised by a well-developed fmancial system. What, however, is unique about Malaysia is that, as in some other Muslim countries, conventional and Islamic fmancial institutions exist side by side, interacting with one another. The development of Islamic fmancial institutions in Malaysia has the potential to play a leading role in serving the Muslim Ummah and contribute towards socio-economic development of the country in conformity with Islamic se~ibilities. Yet their market share is rather insignificant in comparison with the conventional fmancial institutions. As elsewhere, financial institutions in Malaysia provide four distinct types of intermediation in the process of exchanging funds and fmancial instruments among the surplus units and the deficit units - viz., denomination intermediation, maturity intermediation, risk diversification intermediation, and liquidity intermediation.
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Nugrohowati, Rindang Nuri Isnaini. "PERBANDINGAN TINGKAT PROFITABILITAS DAN LIKUIDITAS DARI ASSET-LIABILITIES MANAGEMENT PADA BANK SYARIAH DAN BANK KONVENSIONAL." JESI (Jurnal Ekonomi Syariah Indonesia) 5, no. 1 (May 23, 2016): 1. http://dx.doi.org/10.21927/jesi.2015.5(1).1-11.
Повний текст джерелаАнотація:
Abstract The banking sector has a very important position for the economic systemof a country. The banking system, which is part of the financial system willaffect the course of the economic system as a whole. If the banking system isweak then the system will also be weak economy. Banking is an intermediaryinstitution is the institution that channel funds from surplus funds (surplusunits) to the sectors that lack of funds (defi cit units). With the banking economic actors in need of funds can be met so that the economy can continue to run. In this study will specifi cally analyze the comparison of the level of profi tability of the asset-liability management in Islamic banks and conventional banks are seen from the return on assets and return on equity rises. It also will be studied comparative level of liquidity in Islamic banks and conventional banks are seen from the loan to deposit ratio and Capital Adequacy Ratio. By Hyphothesis is as follows : Ha1: there are differences in the level of profitability of the asset-liabilitymanagement in Islamic banks and conventional banks are seen from the return on assets and return on equity Ha2: there are differences in the level of liquidity in Islamic banks andconventional banks are seen from the loan to deposit ratio and Capital Adequacy Ratio Data analysis has been done obtained the following conclusions, based onmeans testing compare with test Independent-Samples t-test showed that the level of tability seen from ROA and ROE between Islamic Bank and Bank Konvensiona show any signifi cant difference. This is demonstrated by tests of signifi cance 0.02 0.05 for FDR, while for the signifi cance test CAR of 0.38> 0.05. Keyword: Profi tabilitas, Likuiditas, Asset Liabilities Management, Bank Syariah
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Abdellawi, Okbah, Fawzi Mhireque, and Issam Jawadi. "Modeling the impact of Islamic finance on macroeconomic variables in Sudan." مجلة إسرا الدولية للمالية الإسلامية 11, no. 1 (June 29, 2020): 77–103. http://dx.doi.org/10.55188/ijifarabic.v11i1.255.
Повний текст джерелаАнотація:
This research paper aims at modeling the impact of Islamic finance on some macroeconomic variables in Sudan during the period (2000 - 2014), using standard models to measure the impact of the Islamic financing formulas of musharakah, mudarabah, salam, murabahah, leasing, istisna' and musasaqat, as well as "Shahama" certificates of government participation on gross domestic product (GDP). It also examines it impact on accumulation of fixed capital, family consumption, money supply, inflation, trade balance, and unemployment. In order to precisely describe the phenomena and economic behavior being studied, and in order to determine the real effects of the variables, the proposed economic model was estimated on the basis of a system of equations instead of single-equation economic models. The regular three-stage least squares method, which is a combination of the two-stage least squares method and the generalized placement method, was used. One of the most important results of the study is that the Islamic financing formulas clearly affect the control of liquidity management in order to achieve economic growth by focusing on financing through mudarabah, salam, and the other forms. Also, the accumulation of fixed capital can be promoted through murabahah, musharakah, mudarabah and other forms (leasing, istisna' and musaqat). The mudarabah and salam formulas contribute to controlling inflation while the murabahah and musharakah modes contribute to raising the level of consumption and aggregate demand. They also increase the surplus in the trade balance through export financing operations in addition to the competitive advantages granted to the local product through their effect on the exchange rate. As for Shahama government participation certificates, they had an impact on most economic variables and can be used to manage cash liquidity and, more importantly, to cover public expenditures and remedy the budget deficit.
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Ibrahim, Norhazlina, and Obiyathulla Ismath Bacha. "Islamic Depositary Receipts (IDRs) as a Panace." Global Journal Al-Thaqafah 10, no. 1 (July 31, 2020): 27–33. http://dx.doi.org/10.7187/gjat072020-4.
Повний текст джерелаАнотація:
Many Organization of the Islamic Cooperation (OIC) stock markets are still in their early stage of development. In this stage, several conditions such as weak legal system and regulations, a limited supply of institutional investors, lack of transparency and accountability are key hurdles. Several approaches have been taken to enhance the capacity and integration of stock markets to promote intra-investment among the OIC countries by Islamic Development Bank (IDB) and International Organization of Securities Commissions (IOSCO). They indicated an urgent need to intensify the Islamic product issuance onto the various international financial exchanges, especially the introduction of Islamic global depositary receipts (IDRs) to create liquidity in the Islamic capital market. Thus, this study is to examine the current depositary receipts in the OIC countries, the need to have IDRs, possible challenges and recommendation in implementing IDRs. The study recommends that the OIC countries with surplus capital will assist those OIC countries with capital shortage. Consequently by having IDRs, there is less reliance on the Western exchanges and disintermediation of the middle man and more value creation amongst the OIC member states’ stock exchanges.
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Sugiyanto, Sugiyanto, Nur’aeni Nur’aeni, and Leli Savitri Dewi. "Determinant Factors of Dividend Policy in Cooperative Organization." International Journal of Research in Community Services 4, no. 1 (February 2, 2023): 1–10. http://dx.doi.org/10.46336/ijrcs.v4i1.374.
Повний текст джерелаАнотація:
Dividend policy is one of the functions of financial management with regard to the distribution of corporate earnings after tax or the cooperative surplus to the owner. Dividend policy in cooperatives organization is regulated based on regulations and member agreements stipulated in the articles of association and by-laws of the cooperative. The purpose of this study is to analysis the determinant factors of dividend policy in cooperative organization. This study uses research and analysis of descriptive qualitative approach. Data were obtained from 4 cooperatives, where the cooperative determined with consideration of routinely distributing cooperative surplus.The results of the study show that the determinant factors of cooperative dividend policies are found in several additional determinants such as: member participation, cooperative principles, member conditions and regulation, in addition to determinants that have been widely researched and used as guidelines for in general, such as: liquidity, profitability, firm size, capital requirement (leverage), and risk. New findings from the determinants of dividend policy in cooperatives organization such as member participation, cooperative principles, member conditions and regulation need to be studied further with a quantitative research approach, so that the conclusions can be generalized.