Financial Investment Research Articles

A Study of Administrative Regulations on Real Estate Project Finance and Recent PF Market Issues

Real estate project financing is the process by which real estate developers secure funding. This study categorizes the types of real estate finance and analyzes investment types based on the degree of financial companies’ participation. Financial companies invest in real estate development projects either through direct financing, using PF loans, or through indirect financing via mechanisms such as collective investment schemes. However, if a financial company is not merely a financial investor but also acts directly as a developing entity, appropriate regulation is required. From an investor protection perspective, the Financial Act aims to alleviate information asymmetry and enhance the financial soundness of financial companies. An important issue is the regulation of financial companies directly implementing real estate development projects. In particular, if a real estate development project fails, the implementer bears primary responsibility. Therefore, granting enforcement authority to a financial company that controls the funding mechanism may pose a risk to financial companies. Real estate financing suggests that administrative regulations should be organized in a way that facilitates collaboration among multiple administrative agencies. The regulatory frameworks of both the Construction Act and the Financial Act should govern financial companies’ participation in real estate development projects, necessitating close cooperation among different administrative agencies. In the complex and specialized administrative legislative process, overlapping responsibilities among multiple administrative agencies, such as those under the Real Estate Investment Company Act, may occur; conversely, gaps in responsibilities may also arise. With this in mind, it is necessary to acknowledge the role of financial companies beyond their fundraising function in real estate finance and to investigate the complex and diverse legal relationships that may arise as a result. In particular, given the current situation—marked by the downturn in the real estate PF market that began last year, the subsequent workout of Taeyoung Construction, and concerns about the deterioration of savings banks’ soundness—, it is crucial to explore an effective regulatory system for real estate development finance by integrating the Construction Act and the Financial Act.

Expansion or retrenchment: Corporate investment reactions to external security risks

Intensifying power competition has raised the need to understand how corporations react to international security dynamic challenges. Using data on Chinese A-share listed companies from 2012 to 2022, we developed an index to measure external security risk and empirically study the influence of external security risks on corporate investment behavior. These findings indicate that corporations reduce real investment and increase financial asset allocation when external security risk is high. Meanwhile, corporations tend to expand overseas investments to enhance international diversification and turn toward low-risk regions. The technology and strategic emerging sectors exhibit a higher preference for real investment during periods of high external security risk. Furthermore, entrepreneurs’ family-nation sentiment can inhibit corporate financial investment and promote real investment. This study contributes to understanding how the external security environment shapes corporate investment strategies. It also demonstrates how entrepreneurial spirit can influence corporate investment decisions during periods of high security risk.

Sacco Based Financial Characteristics and Financial Performance of Deposit Taking Savings and Credit Co-operative Societies in Kenya

In Kenya, Deposit-Taking Savings and Credit Cooperative Societies have faced significant challenges that have adversely impacted their financial performance. While existing literature has linked financial performance to financial characteristics, there remain conceptual and contextual gaps in empirical research. These gaps prompted the current study to examine SACCO-based financial characteristics as a tool for enhancing the financial performance of DT-SACCOs in Kenya. The study employed a descriptive research design, targeting a population of 190 DT-SACCOs. Using purposive sampling, 181 SACCOs that had been operational since 2018 were selected for analysis. Secondary data from the period 2018 to 2023 were utilized, and a quantitative approach was applied to generate both descriptive and inferential statistics. Panel regression was used to estimate the direct relationship between SACCO-based financial characteristics and financial performance, while also appraising how the Sacco Societies Regulatory Authority risk regulations moderated this relationship. The study concluded that capital adequacy had a statistically significant positive effect on financial performance, indicating that stronger capital buffers enhance profitability. In contrast, asset quality and financial investments showed statistically significant negative effects, suggesting that poor loan quality and mismanaged investments negatively impact financial outcomes. Liquidity, however, was positively associated with financial performance, underscoring the importance of maintaining adequate liquidity reserves. Moreover, the relationship between SACCO-based financial characteristics and financial performance was significantly moderated by SASRA risk regulations, highlighting the critical role of regulatory oversight in shaping financial outcomes. Based on these findings, the study recommends that DT-SACCOs in Kenya should: maintain optimal capital adequacy levels to safeguard financial stability; prioritize careful asset quality management and regular loan monitoring to develop sound lending policies; optimize financial investments to ensure sufficient funding for operational expenses; and maintain adequate liquidity levels to meet financial obligations and improve overall performance.

Mediation and conciliation centers and their impact on resolving legal disputes in UAE “Under Federal Law No. 17 of 2016 and its amendment No. 5 of 2021”

This research endeavors to assess the legal requirements for the operation of mediation and conciliation centers in the UAE based on Federal Law No. 17 of 2016 and its amendment in 2021 No. 5. It is structured into three main sections: the first establishes and defines these centers, the second defines conciliation procedures and the third considers the preceding. The aim is to identify the legal procedures associated with mediation and conciliation centers within the UAE judicial systems and their function in providing solutions for civil and business litigations with the most efficiency and minor financial investments. It also calls for using other forms of conflict adjudication before adopting the legal approach. The conclusions and recommendations indicate the necessity of further improving the Mediation and Conciliation Centers Law due to the necessity of legislative shifts, which would contribute to the UAE’s leading position in legislation related to centers for mediation and conciliation.

The impact of market power and financial flexibility on corporate investment policy

ABSTRACT This study explores how market power and financial flexibility shape corporate investment policies among U.S. large and mature corporations, by estimating firm-specific, time-varying investment-to-added-value sensitivities. We find that firms with market power exhibit lower investment sensitivities, and this effect is more pronounced for the most financially flexible firms. We show that the firm’s debt capacity is an important moderator in the relationship between market power and investment sensitivities. Our findings support theoretical predictions that market power and financial flexibility jointly influence investment decisions. The implication is that a lack of competition impedes corporate investments. For investors, these findings highlight the need to monitor both the competitive landscape and financial flexibility of firms in their portfolios.

Tolerance And Peace As Enhacing Factor In Sharia Economic Growth

This study investigates the relationship between tolerance, peace, and sharia economic growth through a literature review approach. The focus is on understanding how tolerance and peace play roles as an enhancing factor in Sharia economic growth. High tolerance and maintained peace are considered crucial in creating a conducive environment for the development of a Sharia-based economy. Through a literature review, it was found that tolerance opens up opportunities for financial inclusion and investment in the Sharia economy, while peace provides the stability necessary for sustainable economic growth. The results of this study are expected to provide deeper insights into the importance of tolerance and peace in strengthening the Sharia economy, as well as provide a foundation for further research in this field.

EXPRESS: The Last Hurrah Effect: End-of-Period Temporal Landmarks Increase Optimism and Financial Risk-Taking

Understanding what drives risk-taking is fundamental for the study of choice under uncertainty. One widely discussed question is when and why people engage in risk-taking. Prior work finds evidence for an ending effect, where risk-taking increases on the last gamble in a series when outcomes are immediately realized. We test whether socially ubiquitous endof-period temporal landmarks (e.g., last day of the work week, month, year) alter financial risk-taking even when outcomes are not immediate. Using data from a large peer-to-peer investment platform in the United States, we show that investors make riskier financial investment decisions on Fridays relative to those made earlier in the week. Consistent with a broader end-of-period effect, risk-taking also increases on the last day of the month, last day of the year, and on weekdays prior to a long weekend. Follow-up lab experiments identify a novel mechanism driving ending effects: As people near the end of a temporal period, they feel more optimistic that their financial risks will pay off, driving greater financial risk-taking. The shift in risk-taking is not without consequence: In our specific peer-to-peer context, we show that end-of-period investments perform worse over time, losing money relative to investments made on other days.

‘A Fly in the Ointment’: Apartheid South Africa’s Transnational Nuclear Network during the Cold War, 1953–1976

ABSTRACT This article focuses on apartheid South Africa’s nuclear sector and the regime’s attempts to cooperate with overseas energy companies to provide financial investments and crucial technologies. It highlights the connectedness of the South Africans in the global nuclear marketplace and their ability to secure technical support from Western states during the Cold War between 1953 and 1976. The article analyses the parallel negotiations with French and German firms to engage with the regime in sharing of sensitive knowledge and bargaining lucrative contracts. Using newly discovered archival records it is shown that French-German competition was at a boiling point at least twice in the 1970s. Moreover, the regime in Pretoria managed to garner enough support in the nuclear field to further the growth of its domestic industry, ultimately being capable of enriching uranium and obtaining a turnkey nuclear power reactor. The white minority government in Pretoria however failed to position itself as an important uranium supplier on a global scale, because of sanctions targeting domestic racial apartheid policies and a more robust international non-proliferation regime towards the 1980s.

Cognitive Ability and Stock Investment among Chinese Middle-aged and Older Population

This study uses the Wave 2 (2013), Wave 3 (2015) and Wave 4 (2018) released by Harmonized China Health and Retirement Longitudinal Study (CHARLS) to examine the effect of cognitive ability on stock investment in the middle-aged and older populations in China. This study investigates the relationship between subjective and objective aspects of cognitive ability on stock ownership and shares of stock holdings in financial investment over time. We further compare this relationship between subsamples (older adults vs. middle-aged adults). The findings in this study will provide implications for policymakers, financial professionals as well as investors.

Factors Affecting the Adoption of Crowdfunding as a Source of Funding Among SMEs in Colombo Region in Sri Lanka

Small and medium enterprises (SMEs) are regarded as the backbone of economies, whether it is just for a single state or country or if considered for the globe as a whole. There are many challenges that SMEs face one of which is the financial aspect such as insufficient access to financial resources and investment capital can be a significant barrier to the growth of these SMEs. There is a suitable new way funding for this problem that is emerging in the modern world known as crowd-funding. This method mostly involves using the internet to collect money in small and medium amounts from several individuals thereby collecting the needed capital. Therefore, this study focuses on the factors affecting adoption of crowdfunding as a source of funding among SMEs in Colombo region.

Mapping the evaluation of the electronic health system PEC e-SUS APS in Brazil: a scoping review protocol

BackgroundThe Brazilian Ministry of Health has developed and provided the Citizen’s Electronic Health Record (PEC e-SUS APS), a health information system freely available for utilization by all municipalities. Given the substantial financial investment being made to enhance the quality of health services in the country, it is crucial to understand how users evaluate this product. Consequently, this scoping review aims to map studies that have evaluated the PEC e-SUS APS.MethodsThis scoping review is guided by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Protocols (PRISMA-P) framework, as well as by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Checklist extension for scoping reviews (PRISMA-ScR). The research question was framed based on the “CoCoPop” mnemonic (Condition, Context, Population). The final question posed is, “How has the Citizen’s Electronic Health Record (PEC e-SUS APS) been evaluated?” The search strategy will be executed across various databases (LILACS, PubMed/MEDLINE, Scopus, Web of Science, ACM Digital Library, and IEEE Digital Library), along with gray literature from ProQuest Dissertation and Theses Global and Google Scholar, with assistance from a professional healthcare librarian skilled in supporting systematic reviews. The database search will encompass the period from 2013 to 2024. Articles included will be selected by three independent reviewers in two stages, and the findings will undergo a descriptive analysis and synthesis following a “narrative review” approach. Independent reviewers will chart the data as outlined in the literature.DiscussionThe implementation process for the PEC e-SUS APS can be influenced by the varying characteristics of the over 5500 Brazilian municipalities. These factors and other challenges encountered by health professionals and managers may prove pivotal for a municipality’s adoption of the PEC e-SUS APS system. With the literature mapping to be obtained from this review, vital insights into how users have evaluated the PEC will be obtained.Systematic review registrationThe protocol has been registered prospectively at the Open Science Framework platform under the number 10.17605/OSF.IO/NPKRU.

Factors influencing the coupled and coordinated development of cities in the Yangtze River Economic Belt: A focus on carbon reduction, pollution control, greening, and growth

Atmospheric pollutants PM2.5 and CO2 share similar sources and impact mechanisms. Green innovations and urban greening significantly reduce these pollutants while promoting economic growth. However, the synergies and trade-offs between carbon reduction, pollution control, green expansion, and economic growth remain understudied. This paper examines 110 cities in the Yangtze River Economic Belt (YREB), China's premier green development site, as a unified system. Using fractional-order synthesis analysis, this paper constructs an assessment indicator system and measures synergy with a coupled coordination degree model. The driving factors are explored using a system-generalized method of moments estimation. The findings indicate that most cities in the YREB are at an intermediate coordination stage. The coupling of greening with carbon reduction, pollution control, and growth has a low degree, highlighting an urgent need to strengthen greening efforts. Key drivers include the digital economy, advanced industrial structure, innovative talent aggregation, infrastructure construction, financial investment, and marketization. The digital economy significantly influences all regions of the Yangtze River. Notable heterogeneity exists in the impact of other drivers across different regions. These results offer valuable policy insights for managing carbon emissions and pollutants, contributing to sustainable urban development.

Testing, Validation, and Simulation of a Novel Economizer Damper Control Strategy to Enhance HVAC System Efficiency

Buildings account for over 40% of global carbon dioxide (CO2) emissions, with supply and return fans in air handling units consuming a significant portion of energy. To address this, researchers have explored innovative economizer damper control methods and identified the “split-signal” strategy, which optimizes supply airflow using a single damper as a promising approach. In this study, split-signal was further refined for practical application and energy simulation, aiming to demonstrate its effectiveness and encourage adoption in real-world building mechanical systems. Laboratory testing on chilled water variable air volume (VAV) system showed fan energy savings of 0.2–5% compared to traditional “three-coupled” control, depending on ventilation air proportions, and prevented reverse airflow. A statistical regression model, based on experimental data, was developed to predict energy savings and streamline comparisons. Energy simulations were conducted across various U.S. climate zones and revealed potential savings of 15–20% in energy use, operational costs, and CO2 emissions. With minimal financial investment, split-signal control offers a cost-effective solution to improve energy efficiency and reduce environmental impact, promoting its adoption in real-world building applications.

A cost comparison of GLP-1 receptor agonists and bariatric surgery: what is the break even point?

With the prevalence of obesity rising in the US, medical management is of increasing importance. Two popular options for the treatment of obesity are bariatric surgery (e.g. sleeve gastrectomy and Roux-en-Y gastric bypass) and the increasingly popular GLP-1 Receptor Agonists (GLP-1s). This study examines the initial and long-term costs of GLP-1s compared to bariatric surgery. We compared average 2023 national retail prices for GLP-1s to surgical cost estimates from 2015 adjusted for inflation. We then plotted the cumulative medication cost over time against the flat cost of each surgery, thus calculating "break-even points" (when medication costs equal surgery costs). The findings revealed a crucial insight, for some GLP-1s like Saxenda and Wegovy, the high cost of ongoing use surpasses the cost of RYGB in less than a year and sleeve gastrectomy within nine months. Even the most affordable option, Byetta, becomes costlier than surgery after around 1.5years. This highlights the importance of looking beyond the initial financial investment when considering cost-effectiveness. Additionally, while not directly assessed, this study acknowledges that GLP-1s take time to reach full effectiveness, potentially delaying weight loss while accumulating costs. Concerns also exist about weight regain after discontinuing the medication. This study is limited by the real-world variation for individual treatment costs (e.g. insurance), a limited evaluation of long-term costs associated with either treatment modality and their co-morbidities, and the reality of patient preference providing subjective value to either modality. Overall, the study offers insights into the financial trade-offs between GLP-1s and bariatric surgery.

Financial therapy for the Russian economy

Subject. The article addresses the monetary policy, balance of payments of Russia, securities market. Objectives. The aim is to assess the investment potential of the Russian economy, the banking system stability. Methods. The study employs methods of statistical analysis. Results. The paper shows that in the Russian economy, investment financing sources exceed the costs of net acquisition of non-financial assets. Opportunities to attract foreign investment by the middle of 2023 were largely lost. At the same time, there is an exponential growth in debt on loans from the non-financial sector, and an increase in the volume of intraday loans provided by the Bank of Russia. Conclusions. The nature of monetary policy is critical for Russia's economic development in the face of international sanctions.

Comparison of the Energy Contributions of Different Types of Ground Heat Exchangers Related to Cost in a Working Ground Source Heat Pump System

Geothermal systems face adoption challenges due to their high initial investment cost. Accurate cost analyses and a more precise understanding of updated prices could assist geothermal industry projects in obtaining investment financing and better money management with the right equipment. As the cost of geothermal installations can vary widely depending on case and location, it seems essential to clarify the factors and parameters that determine the cost of the system. These include the type of loop system, the ground conditions, the type of heat pump, the system size, and the geographical location. The scope of this study is to compare the operation of various types of ground heat exchangers (GHEs) present in a Ground Source Heat Pump (GSHP) system installed in the coastal area of the Mediterranean climate zone of Cyprus. The highlight of this work is that it presents real installation cost data as well as recorded total energy contributed by the GHEs to the GSHP system of a HP cooling and heating capacities of 101 kW and 117 kW, respectively. The input contribution from the GHEs to the HP is 85,650 kWh (308,340 MJ) in summer and 25,880 kWh (93,168 MJ) in winter. It is shown that, among the three groups of GHEs investigated, the open-well GHE complex has the lowest cost per kWh ratio (0.32 EUR/kWh), followed by the vertical GHE complex (1.05 EUR/kWh), and lastly by the helical coil GHE (2.77 EUR/kWh). This clearly suggests that when underground water is available, the open-well GHE is much more favorable than other GHE types.

The Monetary Theory of Production and the Supermultiplier: What Determines Savings?

ABSTRACT The paper presents a closed-economy stock-flow consistent model aimed at outlining the natural synthesis between two fundamental pillars of the post-Keynesian approach: the supermultiplier (SM) model and the monetary theory of production based on the notion of endogenous money. Such integration allows the defining of the whole economic mechanism describing the financing of autonomous components and investments, as well as the determination of output and saving within a monetary economy of production. Our contribution argues that the endogenous money theory plays a non-ancillary role within the SM approach. By comparing different scenarios describing the financing of autonomous components of demand and investments (bank loans, retained profits, CB, and equity emissions), we point out that the endogenous process of money creation is the only structural mechanism through which the autonomous components can exist and be independent of current income, and Keynesian causality materializes in the long-run. In general, it is the initial finance of investments and autonomous components through endogenous money that allows them to be ex-post founded by household saving. Conversely, the initial finance through the existing stock of wealth, although it does not intact the investments-saving causality, can be considered only a temporary spin-off of the endogenous money process.

Owner satisfaction and prognosis for return to work after pancarpal arthrodesis in working dogs in the United Kingdom: a retrospective study (2011–2020)

BackgroundPancarpal arthrodesis (PCA) is a commonly performed procedure in the UK. However, it is not known whether working dogs in the UK and other European countries with carpal injuries that have undergone unilateral PCA are able to return to working ability as determined by the owner. Medical records from a referral hospital in the UK were reviewed retrospectively for cases of working dogs treated using unilateral PCA. Case files and radiographs were retrospectively analysed for cause of injury, diagnosis, and complications. The ability of the dog to work after surgery and owner satisfaction with the outcome were assessed using telephone questionnaire.Results50% (5/10, 50%) owners stated their dog could perform normal duties, 4/10 (40%) could perform most duties with some allowances. Outcome was not as good for dogs working on steep, uneven fell terrain. 80% (8/10, 80%) owners rated the level of post-operative lameness as unaffected with a normal gait. 90% (9/10, 90%) owners were either very satisfied or satisfied with the outcome of the procedure, and 90% owners stated the financial investment was worthwhile.ConclusionsUnilateral PCA carries a good prognosis for working dogs with high owner satisfaction. Caution should be advised for dogs expected to work on steep, uneven fell terrain.

The behavioral biases on investment decision behavior: Evidence from Indonesia

The purpose of this study to analyze the behavior of investors in making financial investments in Indonesia. Although the overall financial literacy level in Indonesia has increased, individuals with higher levels of financial literacy tend to make more rational investment decisions. Being well-literate can be interpreted as the personal ability to understand and create financial concepts. However, some individuals still need help understanding investment products and services in Indonesia. This is due to the fact that there are still individuals who invest in illegal products. This study focuses on four biases: overconfidence bias, optimism bias, herding effect, and flexing, using quantitative analysis. The decision to invest is influenced by the thoughts of each investor and their optimistic behavior in seeking the highest return on their investment. This study used primary data with descriptive quantitative analysis. The number of respondents used in the overall research was 400, with criteria for investment products. The result of this study shows that the variable of overconfidence, optimism, and flexing affects the behavior of financial investment decisions. However, the variable bias herding effect does not affect the behavior of financial investment decisions. In conclusion, investors should be more cautious in making investment decisions by paying attention to the variables of overconfidence, optimism, herding effect, and flexing social media in Indonesia.

Investment volatility during red sea crisis: Study in Asean country

The objective of this research is to investigate the volatility of investment instruments, with the aim of providing the best model for predicting investment value. In this topic, the main concepts and theories that underpin the research are presented. Efficient market hypothesis and rational expectations theory stand out, providing a solid basis for understanding the context of the investigation. The methodology adopted for this research GARCH modelling to analysis investment instrument and the impact of its volatility. Data collection was carried out through yahoo finance website and investing website during red sea war event. The research identified optimal GARCH models for different indexes and assets: GARCH (1,1) for JCI, STI, SET, and Bitcoin, E-GARCH (1,1) for KLSE, PSE, and VSE, and GJR-GARCH (1,1) for Gold. It discussed volatility persistence and leverage effects during the Red Sea War, considering model sensitivities, geopolitical impacts, and research limitations. This research's practical and theoretical implications inform financial risk management, highlighting the importance of robust volatility modeling. The findings can enhance portfolio optimization and investment strategies during geopolitical instability. These insights underscore the need for sophisticated approaches to manage financial risks effectively. This research uses advanced GARCH models to analyze volatility during the Red Sea Crisis, revealing asset-specific behaviors under geopolitical stress. The findings improve financial risk management and investment strategies in unstable conditions, enhancing volatility predictions and professional practices.