Financial Workers Research Articles

OPTIMIZATION AND FORECASTING OF A SECURITIES PORTFOLIO BASED ON MACHINE LEARNING METHODS

The article is devoted to the demonstration and analysis of the possibilities of connecting the Markowitz model, which is a classical model for forming a portfolio of securities, and forecasting methods based on machine learning data. The relevance of the chosen topic is justified by the fact that the use of machine learning methods makes it possible to simplify the activities of financial sector workers and the work of professional stock market players, as well as reduce the complexity of interpreting mathematical models and methods of their construction for private investors. The purpose of this work is to use machine learning methods to solve the problem of building an optimal securities portfolio and predicting its behavior. Tasks: - build a Markowitz model based on the selected data; - to build an optimal portfolio based on the proposed optimality criterion; - offer a time series forecast; - to assess the adequacy of the constructed model; - combine the Markowitz model, which belongs to the class of widely known classical models, with the construction of a prediction based on machine learning. Methods and models: machine learning methods are used in the work, the Markowitz model is built based on the selected data, then the Markowitz model is combined with the construction of a forecast based on machine learning. Research results: the optimal portfolio for AXP has been built and its forecast has been fulfilled. The formation of the portfolio was based on the Markowitz model. The data obtained were tested for adequacy and showed fairly good results. A portfolio was built, the optimality criterion of which is the ratio of average profitability and volatility of profitability (maximizing average profitability while minimizing its volatility). The Markowitz model, which belongs to the class of widely known classical models, was combined with the construction of a prediction based on machine learning.

Gender, Race and Sectoral Inequality in Megacities: Case Study of Banking and Financial Services Industry

This article explores the issue of inequality by using the example of the banking and financial services industry workers’ wages in 2022 in the most famous American metropolitan areas, focusing on 3 of its dimensions: gender inequality, racial inequality, and pay gaps in this sector compared to others. The study is based on data from the American Community Survey (ACS) conducted by the Census Bureau. Population-level figures are derived using the replicate weights calculated in the article using STATA 16.1 software (the information in the ACS is contained in raw microdata form, the ACS is a probability sample, so the sampling weights derived by factoring in the non-response bias are essential to arrive at the population-level estimates). The financial services sector plays a significant role in the economies of these metropolitan areas, employing an average of 7.77% of adult workers (the highest in Phoenix (10.41%) and Dallas (9.77%)). The study showed that in these megacities, financial services workers earned 64.77% more in 2022 than workers in other sectors of the local economy, with the highest gap in New York (111.24%) and Boston (80.81%). Women in the financial sector of these cities earn, on average, 65.59% less than men, with the largest gender gap in Chicago (71.84%) and Dallas (71.26%). The earnings gap for black and non-white workers compared to their white counterparts in the cities studied averaged 36.16%, with the largest sectoral gaps in Houston (60.14%) and Riverside (55.06%). The findings can inform the development of policies that promote equitable pay practices, enforce stronger anti-discrimination laws, and support diversity and inclusion initiatives within the industry.

A Study on AML Policy Compliance of Financial Workers in the Era of Global Cooperation on AML

A Study on AML Policy Compliance of Financial Workers in the Era of Global Cooperation on AML

The Role of Emotional Intelligence in Making Successful Financial Decisions

Emotional intelligence (EI) as the ability for self-analysis, self-motivation, and self-regulation is necessary in the process of financial activity. It ensures informed decision-making, considering consequences and perspectives. The aim is to identify the influence of emotional intelligence on the effectiveness of decision-making by financiers. The following tests were used: EQ (Emotional/Empathy Quotient) test, Melbourne Decision Making Questionnaire, the Rathus Assertiveness Schedule, the Schubert Risk Propensity Test. Statistical processing of the results included the use of descriptive analysis, ANOVA, and regression analysis. The study found that financial workers with a high level of emotional intelligence have a pronounced “vigilance” decision-making style (F=113.4, p≤0.01), high assertiveness (F=103.3, p≤0.01), and risk propensity (F=137.3, p≤0.01). It was proved that emotional intelligence explains the “vigilance” decision-making style (β=0.943, R²=0.572), risk propensity (β=0.896, R²=0.424) and explains 48% of assertiveness (β=0.945, R²=0.483). It was confirmed that emotional intelligence is a predictor of successful financial decisions, it determines high assertiveness, vigilance, and risk propensity. Such results are useful for the development of training and retraining programmes for financiers. At the same time, including the development of assertiveness and risk propensity in professional and corporate training in parallel with the development of EI will give greater chances for the success of financial decisions. The obtained results are important for the financial and economic sphere, as they prove the effectiveness of EI in decision-making. This contributes to the improvement of the system of training competitive financiers and allows to expand aspects of the study of financial success.

Innovations in scientific and practical approaches to the concepts of management accounting, excess costs and direct costs

Subject. This article discusses the problems of correct cost accounting and cost formation. Objectives. The article aims to conduct a critical analysis of the basic concepts' definitions, related to the field of accounting. Methods. For the study, we used general scientific research methods. Results. The article proposes an original interpretation of management accounting as a system that on the basis of information about the economic activity of the enterprise, ensures the adoption of well-grounded management decisions by managers of different levels. Conclusions. The results of the study can be used by financial workers in the process of documenting production costs.

Addressing food insecurity: what is the role of healthcare?

Food insecurity - when individuals or households have difficulty accessing sufficient, safe, culturally appropriate and nutritious food due to lack of money or other resources - is a global public health concern. Levels of food insecurity have increased across the UK in recent years, due in part to a decade of austerity, widespread loss of income during the COVID-19 pandemic and the more recent cost-of-living crisis, leading to rising use of food banks. The stress of living with uncertain access to food and going periods without food is damaging to physical and mental health. Food insecurity is linked to both obesity and malnutrition, as often the most readily available foods are processed, high in fats, sugars and salt, but low in essential nutrients for health. While recognising that many of the drivers of food insecurity, and health inequalities more broadly (i.e. the social determinants of health) lie outside the health service, it is increasingly acknowledged that the National Health Service - and primary care in particular - has a key role to play in mitigating health inequalities. This review considers the potential role of healthcare in mitigating food insecurity, with a focus on primary care settings. Recent initiatives in Scotland, such as community links workers and general practitioner practice-attached financial advice workers, have shown promise as part of a more community-oriented approach to primary care, which can mitigate the effects of food insecurity. However, a more 'upstream' response is required, including 'cash first' interventions as part of broader national strategies to end the need for food banks.

The dualistic view of challenge-hindrance technostress in accounting information systems: Technological antecedents and coping responses

Owing to the pervasive use of accounting information systems (AIS), financial workers are experiencing increased levels of technostress. While technostress has been conceptualized as overwhelmingly harmful in the IS literature, the challenge–hindrance stressor model suggests that employees can also experience “good stress”. This study instantiates the challenge–hindrance stressor model and coping theory in the AIS context using a two-step mixed-method approach. A qualitative study was first conducted to conceptualize the AIS characteristics associated with technostress appraisals. This study then builds a research model that posits perceived challenge and hindrance technostressors and coping responses as key mechanisms linking AIS characteristics and job burnout. The model was tested by collecting longitudinal data from 285 accountants. The results revealed that several AIS characteristics are associated with technostressor appraisals, and such appraisals lead to proactive and reactive coping responses, which further influence job burnout. The theoretical and practical implications are also discussed.

Kinerja penginputan transaksi akuntansi berbasis akrual secara manual pada penyusunan laporan keuangan

Performance of manually inputting accrual based accounting transactions in the preparation of financial reports. Advances in technology today greatly affects the company to move forward. Not a few applications that can help the preparation and transactions in accounting to be accurate. However, there are still many who use the manual preparation or recording method because of the high cost of the application as well as the difficulty in using the application as well as the difficulty in using the application and the factor of companies that do not have sophisticated systems. The purpose of this research is to find out how the performance in inputting manual based accounting transactions. The performance of inputting accrual based accounting transactions in the preparation of financial reports provide more comprehensive information, not only on the budget, the data produced is also more efficient data. Manually inputting accounting transactions minimize the risk of errors or confusion by financial workers related to company credibility. Manual accounting is more trusted among companies because sometimes accounting using applications or computerization can be changed by anyone without being noticed. Entering accrual based transactions manually can also help companies minimize costs, so that a small organization or small company does not have to pay to buy computerized systems and software that are quite expensive. Entering transactions manually has an important role for the company because it is a medium of communication in financial reporting

Impact of the electronic internal auditing based on IT governance to reduce auditing risk

This paper analysed the effect of electronic internal auditing (EIA) based on the Control Objectives for Information and Related Technologies (COBIT) framework. Organisations must implement an up-to-date accounting information system (AIS) capable of meeting their auditing requirements. Electronic audit risk (compliance assessment, control assurance, and risk assessment) is a development by Weidenmier and Ramamoorti (2006) to improve AIS. In order to fulfil the study’s objectives, a questionnaire was prepared and distributed to a sample comprising 120 employees. The employees were financial managers, internal auditors, and workers involved in the company’s information security departments in the General Company for Electricity Distribution (GCBED) of Baghdad, owned by the Iraqi federal government. The Statistical Package for the Social Sciences (SPSS) software was employed to analyse the data and hypotheses. The study concluded that there is a substantial effect on the performance of EIA depending on the COBIT framework in reducing electronic audit risk in GCBED. According to the findings, additional research should be undertaken to improve efficiency, accounting control efficiency, and asset protection programs to lessen audit risk.

Teaching Reform of Finance and Economics Colleges--A Case of Shandong Technology and Business University

Higher education institutions in finance and economics in China bear the responsibility of cultivating high-quality financial workers with new thinking, digitalization, compound, innovative, and applied abilities for society in order to meet the needs of industrial change, commercial innovation, and production mode transformation in the new economy. This article takes Shandong Technology and Business University as an example, to explore the path of teaching reform and innovation in finance and economics colleges from three aspects: innovating traditional teaching models, strengthening entrepreneurship education, and implementing practical teaching links.

Work–family conflict, financial issues and their association with self-reported health complaints among ready-made garment workers in Bangladesh: a cross-sectional study

ObjectivesThis study aims to quantify the degree of work–family conflict (WFC) and financial issues among ready-made garment (RMG) workers in Bangladesh and to investigate their potential associations with self-reported health outcomes.MethodsWe conducted a cross-sectional survey among 1118 RMG workers in labor colonies in Dhaka, Bangladesh, in February and March 2021. Descriptive analyses were performed to characterize WFC (i.e., family life disturbing the job or facing problems in family due to the job) and financial issues (i.e., savings, debt, financial obligations, financial support). We ran multivariable Poisson regression models to examine possible associations between WFC and financial issues and workers’ health (self-reported general health and 10 specific health complaints).ResultsWe found low levels of WFC, low levels of savings, moderate levels of debt, and high levels of financial obligations: virtually all workers agreed they had to keep their job to financially support their spouse, children or other relatives. Only about a third of workers expected they would be able to receive financial support in case of a job loss. Work–family conflict was positively associated with poor health but not consistently with specific symptoms. Financial support was negatively associated, whereas being indebted was weakly positively associated with poor health.ConclusionsOur findings suggest low levels of WFC among RMG workers but high levels of financial obligations. Work–family conflict was positively associated with poor health, but not consistently with specific symptoms. Being indebted was weakly positively associated with poor health. Future prospective studies are needed to confirm these findings.

Understanding the social norms of cooling in Chinese offices: Predominance, professionalism, and peer respect

Challenging the international spread of highly energy-consuming air-conditioning technologies, this research explores how cooling demand is supported by the local emergence of relevant social norms. This paper presents the results of an interview study focused on the cooling norms currently found inside corporate offices in two large cities in southern China. Building on existing, mostly quantitative, studies of office cooling in areas of China with hot summers, and with a focus on how social norms shape everyday actions, the accounts of 17 financial sector workers are examined through a thematic analysis. Three themes are discussed: how air conditioning was perceived to dominate, how expectations concerning professional self-image were negotiated, and how respect for colleagues at different levels influenced personal cooling in the workplace. Together they point to the potential of novel strategies for promoting more sustainable office cooling in China and suggest the value of further research on dynamic cooling norms.

Financial capability and financial wellbeing of women in community-based organizations: mediating role of decision-making ability

PurposeFinancial capability is considered to be an important concept that has drawn the attention of many world nations. While the literature suggests various studies on financial capability and financial wellbeing, focus on their combined significance has been limited. The purpose of this paper is to examine how financial capability affects the financial wellbeing of women in community-based organizations and how decision-making ability mediated this relationship.Design/methodology/approachIn total, 1,000 women who are associated with the community-based organization – Kudumbashree in the state of Kerala, India participated in the survey-based study.FindingsThe structural equation modelling results show that there exists a significant relationship between financial capability and the financial wellbeing of women in CBOs. Further, decision-making ability was identified as a significant mediator in this relationship thus establishing a partial mediation effect.Practical implicationsThe financial social workers can focus their activities on promoting financial capability and decision making aspects of women from middle/low income families to facilitate their financial wellbeing. The scope for financial socialisation and proper orientation is more for the women associated with the community based organisations. This opportunity can be made use by the government authorities and other practitioners to change their financial outlook and contribute towards the empowerment of these women from the grass root level.Originality/valueThe studies related to financial literacy and financial inclusion are available in the Indian context, but the conceptualization of financial capability is still an under-researched area in India. Hence, this study is an attempt to explain the capability-wellbeing relationship from a financial point of view in the Indian context, and further establishes its connection with the individual's decision-making ability. To strengthen the research base, the study was conducted among the women in the community-based organization who belong to middle and low-income families.

Financial professionals and the formation of proprietarian ideology

Financial professionals and the formation of proprietarian ideology

할리우드 금융위기 서사와 밀레니얼 ‘반(反)영웅’의 탄생

The September 11 attacks as well as The Great Recession (which resulted from the subprime mortgage crisis in 2007) has affected the collective identity of Millennials in America. While The September 11 attacks have influenced millennials’ political perspective, the Great Repression has too often determined the economic condition of many millennials through a vicious of bankruptcy, to unemployment, and to increasing pressure to pay back student’s loan, and to bankruptcy again. This article analyzes Hollywood films portraying the financial crisis, subprime mortgage crisis, and financial workers through an antihero lens: Limitless (2011), Cosmopolis (2012), The Big Short (2015) and Buffaloed (2019). Millennials, who were frustrated at the unsuccessful result of Occupy Wall Street, which tried to subvert the financial system, resonated with these films. These films appeal to millennials with an anti-elitism sentiment, particularly against Wall Street, by showing the way that they can appropriate and take advantage of the flaws instead of changing the corrupt system. For example, The Big Short and Buffaloed introduce financial literacy, the ability to understand and effectively manage various financial skills including saving, investing and debt to the audience by characters breaking the fourth wall and talking to the audience directly like an economy tutor. The audience can understand how the financial system works and where it fails and follow how the characters in these films successfully beat the system. The GameStop incident proves a real-life example where minority shareholders manipulated the stock price of GameStop by discussing it on an online forum. This incident (resulting from discussion on subreddit called “Wall Street Bets”) has become an iconic event showing millennials fighting back against Wall Street controlled hedge funds. This event has been also currently being developed into a movie which will portray antihero millennials while the stock price of AMC entertainment, the only film theater stock listed on US stock market skyrocketed and touched more than 20 times in five months by “Wall Street Bets.”

What matters for pension planning in Turkey: financial literacy or perceived consumer risks?

PurposeThis study mainly aimed to show that financial literacy is not always enough in explaining workers' individual pension plan ownership as financial literacy knowledge does not always result in financially literate decisions/actions, and in such cases perceived consumer risks can be used to explain the IPP ownership decision of workers.Design/methodology/approachThe data were collected via a questionnaire adapted from earlier questionnaires using convenience and snowball sampling methods with Internet based applications such as Facebook, Twitter, Instagram and WhatsApp. T-tests, ANOVA and Chi-Square tests were conducted to find out if there is a relation/interaction between individual pension plan (IPP) ownership and financial literacy, and perceived consumer risks (N = 651).FindingsIt is found out that financial literacy level does not have a statistically significant relation with individual pension system (IPS) involvement of workers in Turkey, but perceived consumer risks show differences based on IPP ownership.Originality/valueTo the best of authors’ knowledge, this study contributes to the literature being the first paper to study the relationship between financial literacy and workers' IPP ownership decisions in Turkey and it also shows that perceived consumer risks can be used for explaining workers' IPS involvement in cases where financial literacy knowledge does not translate into financially literate decisions.

Examining the Relationship between Work Autonomy and Intragroup Conflict: A Case Study of the Financial Services Industry in Taiwan

The services sector—an essential pillar of Taiwan’s economy—accounts for 59.2% of the country’s employment and 63.2% of the national GDP. With individualism gaining momentum, many people employed in the booming services sector are seeking autonomy in their workplaces, where increased interaction time among colleagues underlines the importance of collaboration. Conflicts are inevitable in these interactions, particularly in today’s diversified society that embraces different ideas and values. Building on prior studies of intragroup conflict, we construct a model that depicts the relationship between financial services workers’ work autonomy and intragroup conflict. A questionnaire survey of workers in Taiwan’s financial institutions is conducted and 266 valid samples are collected. The empirical results obtained through structural equation modeling tests and analysis indicate that work autonomy negatively affects intragroup conflict.

Psychological impact of COVID-19 among frontline financial services workers in Bangladesh

The COVID-19 pandemic has affected millions of people worldwide both physically and mentally. In resource-strapped countries, high levels of psychological distress caused by fear of getting infected with the deadly disease has been observed in densely populated communities and among frontline workers (e.g., healthcare workers and retail employees), who provide services without wearing the appropriate personal protective equipment. This study assessed the level of psychological distress among bank employees, who are also essential frontline workers. Data were collected from 120 bank employees by using a predesigned survey questionnaire consisting of Kessler Psychological Distress Scale (K10) questions. Nine out of ten respondents indicated that they were likely to experience mild to severe psychological distress, and 86.6% felt vulnerable to having close contact with a carrier of the rapidly spreading COVID-19 virus. The Chi-square test results indicated that married employees (36.37 vs 32.16) and those assigned in bank branches (36.34 vs 33.25) had a higher likelihood of experiencing psychological distress than those who were not married and those assigned in head offices, respectively. To address this issue, health policymakers and bank regulatory authorities must develop mental health interventions, treatments, and guidelines specific for bank employees.

Can Workplace Financial Counseling Help Lower-Income Workers Improve Credit Outcomes?

Financial counseling has been found to be effective in improving consumers' credit outcomes and could be expanded through the workplace to reach lower-income workers who struggle with various financial challenges. We examine engagement and credit outcomes associated with a workplace financial counseling program offered to 2,849 frontline workers in New York City. Age and credit scores helped explain variation in types of engagement in services. Credit outcomes were modest on average, but greater among workers who received three or more counseling sessions, had low and no baseline credit scores, and reduced the number of delinquent and collections accounts on their credit reports. Workplace financial counseling is a promising strategy to proactively promote credit outcomes among frontline workers, though counselors should be flexible in offering services and help workers access affordable credit products available to those with subprime credit scores and increase financial slack to lessen dependence on credit.

Financial planning for retirement of self-employed workers in the Ghanaian economy

PurposeThe purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.Design/methodology/approachThe study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.FindingsThe study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.Practical implicationsUsing the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.Originality/valueAnalysing the driving forces behind retirement plans of self-employed people in developing economies.