Securities and Exchange Commission Form 13F Holdings Report: statistical investigation of trading imbalances and profitability analysis

Letter From the Editor

This study aims to determine whether the main items of the profit and loss (P&L) accounts of listed Brazilian companies have been modified, according to sector, after Brazil’s adoption of the International Financial Reporting Standards (IFRS). The sample is composed of 118 companies classified by the Securities and Exchange Commission of Brazil (SECB) as corporate governance for the year before (2007) and the year after (2010) the implementation of IFRS. The analysis is based on the interpretation of biplots developed by Gower and Hand. The study concludes that a change did occur in the P&L accounts in the periods studied, which is substantiated by an analysis of the evolution of the national added value and explained by the application of new IFRS. This suggests that, unless there has been a significant alteration of performance in all sectors of the economy, the confrontation between P&L in Brazil has undergone significant changes in the different sectors of the economy after the full adoption of IFRS.

Indonesia, Malaysia, Bahrain, Turkey are 4 countries in Asia where the majority are Muslims. Indonesia, Malaysia, Bahrain, Turkey have great opportunities to develop quality and quantity in the halal industry. There are several issues currently faced in the development of the halal industry in Indonesia, Malaysia, Bahrain, and Turkey, including infrastructure development, halal assurance systems, and increasing halal contribution to the trade balance. The research methodology is a descriptive analysis method used to measure and collect profitability information on financial statements during the 2019-2023 period carefully and efficiently so that it can be used as a guideline in carrying out research. Types of Data are data that research finds through information or information obtained, as well as finding the right solution to analyze the problems faced or find out the existing problems. The results of the study show that financial performance is in the category of not good from profitability from a profitability.

In market economies, companies always evaluate the effect of long-term capital investments, that is, the net cash flow that is realized during the exploitation of the investment project. The importance of this topic is reflected in the fact that when evaluating investment projects, insufficient attention is still paid to social profitability and the impact of the project on, for example, the current account of the balance of payments. The analysis of the social profitability of the project refers to the determination of the investment project's contribution to the development of the national economy. A few projects, individually analyzed, can reject positive financial results, that is, high returns on own capital during exploitation, but as a whole, these projects can have a very negative impact on the foreign trade balance. Social Cost Benefit Analysis, also known as economic analysis, is seen as an opportunity to expand the scope of financial analysis, based on the structure of the project's gross cash flow. A well-executed social Cost Benefit analysis can divide the net benefit of an investment project into the investor's financial benefit and the state's financial benefit.

The study examined the relationship between foreign direct investment (FDI) and economic growth in Nigeria. A yearly Time-series data was adopted for this study from 2011 to 2023 was sourced from Central Bank of Nigeria (CBN), Nigeria stock exchange and Securities Exchange Commission (SEC). Data was subjected to linear regression analysis which was used to estimate the parameters of the model. The findings revealed that the coefficient for foreign direct investment (FDI) indicates a positive relationship between FDI and economic growth. This means that a one-unit increase in FDI is associated with increase in economic growth, holding all other variables constant. The coefficient for the real effective exchange rate (ER) indicates a weak positive association with economic growth, For the trade balance (TB), the coefficient suggesting a positive relationship with economic growth. The coefficient for gross fixed capital formation (GFCF) is also indicating a positive but small effect on economic growth. This result aligns with economic theory, as investment in physical capital like infrastructure and machinery typically drives productivity and growth The study therefore recommended that Targeted policies should be implemented to attract and retain FDI, particularly in sectors with high growth potential such as manufacturing, infrastructure, and ICT. This includes offering investment incentives, streamlining bureaucratic procedures, ensuring policy consistency, and improving investor protection laws which in turn foster sustainable growth.

Exchange control is generally managed by the national bank. Exporters have to transfer all of their earnings from foreign exchange to the national bank. The national bank considers different factors in redistributing foreign exchange among importers.
 After the devaluation of the British pound in the autumn of 1931, cash cover for Estonia’s currency decreased rapidly. The leaders of monetary policy ignored the statutes of the National Bank of Estonia and urgently decided to implement exchange control.
 The implementation of exchange control did not go very smoothly during its first years. Hurried implementation and lack of preceding explanation caused problems for entrepreneurs and citizens who were in need of foreign exchange. At first there was a great deal of dissension between the National Bank of Estonia and the Ministry of Economic Affairs. The ministry issued import licenses to importers but often the National Bank did not want to sell them any foreign currency (to be used to pay for goods) regardless of their legitimate licenses. The bank’s rationale for this course of action was the low level of cash cover for Estonia’s currency. This fact confirms the opinion prevalent in previous historiography that in its first years, exchange control was implemented for monetary policy purposes. Exchange control influenced almost everybody who needed to use foreign currency. Reasons had to be given even for the purchase of smaller amounts of foreign exchange.
 After the devaluation of Estonia’s currency in the summer of 1933, exchange control was used to protect the interests of Estonian foreign trade. The Ministry of Economic Affairs and the National Bank started collaborating more efficiently. National Bank Exchange Commission decisions approving exchange applications demonstrate this as well. The commission accepted almost all applications for foreign exchange after the devaluation. The number of applications nearly doubled during the second half of the 1930s. Cash cover for Estonia’s currency increased and the National Bank’s exchange policy became more liberal. After the devaluation, one of the important criteria for giving foreign exchange to importers was the trade balance between the source country and Estonia. Preference was given to traders who imported goods from countries with which Estonia had a positive trade balance. Comparison of export and import in the 1930s shows that in general, Estonia managed to maintain its trade balance. At the same time, exchange control had a negative effect on incentives. In countries where exchange control was implemented, trade volume recovered more slowly in the latter half of the 1930s than in countries where it was not implemented.