Terms Of Investment Research Articles

Investigating the Dynamic Relationship between Exchange Rate and Trade Balance in Egypt: ARDL Bounds Testing Approach

Exchange rate policies are among the most important economic tools in the country for their impact on the balance of payments in general and the balance of trade. This study used the autoregressive distributed lag (ARDL) model to estimate the long-term relationship between the exchange rate and the trade balance deficit while clarifying the impact of potential determinants during the period 1990 to 2021 in Egypt. The data for trade balance and its economic determinants (exchange rate, foreign direct investment, and money supply) was obtained from the World Bank. The results indicated that the best model was ARDL (2,1,2,3). The exchange rate is found to have a significant negative effect on the trade balance, confirming the perceptions of the economic theory. The money supply is positively and significantly related to the trade balance while there is no significant effect of foreign direct investment in the long term on the trade balance deficit. Economic adjustments between the four variables occur in the short run (after about 14 months only). The study recommends continuing the policy of liberalizing the exchange rate while working on expanding the production base to increase exports.

Risk Aversion and Investment Intentions of Filipino Investors: A Moderation Study

A survey was conducted amongst a sample of Filipino retail investors residing in NCR. All at the ages of 21-60 with at least 1 year of investing experience in the Philippine stock market and cryptocurrency market. Risk Aversion, Long Term Investment Intention (LTII), and Short Term Investment Intention (STII) are the variables that were measured using Risk Aversion Scale and Investment Intentions Scale and moderation analysis of the setting of stocks and cryptocurrency was done. The study showed significant correlation of Risk Aversion and STII in the setting of cryptocurrency. The data manifested significant moderation in Risk Aversion and LTII in the setting of stock investing and Risk Aversion and STII in the setting of cryptocurrency investing.

Implementation of Automated Information System to Increase Administration Efficiency of Objective Structured Clinical Examinations

<p>客觀結構式臨床技能測驗（Objective Structured Clinical Examination, OSCE）需大量人力物力支持，本品質改善專案意在藉由資訊自動化、線上化，提升OSCE管理效率。活動中藉由建置OSCE網站、運用資訊自動化概念設定評分自動換算彙整模組、擬定並執行考官培訓計畫，大幅改善管理效率。品質改善活動後籌備時間自184小時減少至132小時，紙張耗費量從1224張紙減少至696張紙，考官成員數量自26位增加至31位。整體而言，品質改善專案的執行達成預定的目標，未來除持續執行之外，也將加強文件管理與備份，以專用帳號管理OSCE網站與雲端硬碟文件，定期下載備份資料以確保資料完整性。</p> <p> </p><p>Objective Structured Clinical Examinations (OSCEs) require substantial investments in terms of human and material resources. Thus, this Quality Enhancement Project aims to increase the efficiency of OSCE administration through the automation of online access to information.In this project, an OSCE website was established to substantially improve management efficiency, information automation was achieved by implementing a module for automatic score conversion and aggregation, and an examiner training plan was designed and implemented.Through various quality improvement activities, the preparation time for OSCE was reduced from 184 to 132 h, paper consumption was reduced from 1,224 sheets to 696 sheets, and the number of examiners was increased from 26 to 31. Thus, the overall objective of the Quality Enhancement Project was achieved.In the future, the project should be continued, file management and backup processes should be enhanced by managing the files on the OSCE website and cloud storage platforms through a dedicated account, and data should be regularly backed up to ensure data integrity.</p> <p> </p>

Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?

This paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with lower (higher) stock price synchronicity. The results also show that the negative effect of long-term institutional investors is more accentuated for firms in less competitive markets and with high analyst coverage. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices.

User Perceptions of Shopping Centres with Different Spatial Configurations

This is the first study in the literature investigating the effects of different spatial configurations (open, semi-open and enclosed) of the shopping centres on user perceptions. The aim of this study is to determine the effects of shopping centres’ different spatial configurations (open, semi-open and enclosed) on the perceptions of users, investigate current trends and predict likely designs for consumer-wise shopping centres in the future. Accordingly, the open-air Konya Bedesten Bazaar, the semi-open Forum Bornova Shopping Centre, and the enclosed Kule Site Shopping Centre were selected as sample areas. The study questionnaire was administered to 300 participants to determine the participants’ demographic characteristics, reasons for choosing and visiting the shopping centre, and shopping centres’ physical, landscape and sensory effects on the participants. According to the results of the data analysis obtained by the SPSS program, it has been determined that contemporary consumer is less interested in enclosed shopping places, longing for the traditional bazaar. In addition to the spatial configuration, traditional market images and local values were seen to be perceptually prioritized for consumers. In this context, it is very important that open-air shopping centres, which are a new trend for users, emulate the traditional features, establish a relationship with the open air and the environment, and use real equipment such as green-water element, urban furniture strengthens the perception of the city in shopping centres. In addition, the concept of "freshness" was specified as the most important sensory concept by the users. It is essential due to forming a basis for determining the likely design criteria for future shopping centres, creating spatial configurations and fictions according to user requirements, and future theoretical studies related to this. The study contributes to the literature by providing valuable insights for planners, architects, and investors in terms of user perceptions for future shopping centres.

COVID-19 AND E-GOVERNMENT IN PAKISTAN: ANALYSIS OF MOBILE PHONE APPS

Application of information and communication technologies in the daily business of life alike by governments, civil society, the corporate sector and by the private individual is referred to as e-governance. E-governance is convenient and enhances efficiency and transparency but requires an enabling environment that demands heavy investments in terms of resources by governments, organizations and private individuals to benefit from. That is why transition to e-governance is not that fast as to harness its full potential. Particularly low and middle income countries are not ready for universal transition to e-governance regarding public service delivery. However, covid-19 pandemic has reinforced its demand and rejuvenated the enthusiasm for transition to e-governance as it best copes with the pandemic. Instead of physical visits to public offices or to the market, citizens can avail services online staying at home through technology mediated electronic devices and the internet that best complies the standard operating procedures of the covid-19. Pakistan government is also well on track for e-governance and offers certain public services through mobile phone apps and web apps along with other means but still needs a long way to go for a full scale transition. This paper studies Pakistan’s readiness for transition to e-governance and public perception on convenience, efficiency and transparency e-governance brings, by investigating the usage experience of mobile phone apps Pakistan government has launched before and during the pandemic. This study is based on mixed methods approach of primary and secondary data collection (both quantitative and qualitative) including the review of relevant sources available online.

Analysis of Trade Openness and Macroeconomic Variables on Foreign Direct Investment in Indonesia for the Period 1980-2022

This study analyzes trade openness and macroeconomic variables on foreign investment in Indonesia. This study uses Indonesian time series data from 1980 to 2022. The data analysis technique uses the Autoregressive Distributed Lag (ARDL) method. Data were analyzed using data stationarity test, optimal lag test, CUSUM test, classical assumption test, cointegration test and ARDL estimation processed with Eviews 10. The results showed that indirect trade openness has a positive and significant effect on Foreign Direct Investment (FDI) in the short term and long term. The exchange rate (IDR to USD) has a negative and significant effect on Foreign Direct Investment (FDI) in the short and long term. Inflation rate in the short term has a positive and significant effect but in the long term has a negative and insignificant effect on Foreign Direct Investment (FDI). GDP has a negative and significant effect in the short term but in the long term has a significant positive effect on Foreign Direct Investment (FDI).

Comovement and spillover among energy markets: A Comparison across different crisis periods

We compare the comovement and spillover between returns of six developed energy markets during different crisis periods using wavelet multiple correlation and wavelet multiple cross-correlation. The considered countries include Canada, France, Italy, Japan, the UK, and the US for a period from July 5, 1999 to July 3, 2021. The results reveal strong correlations between the markets of France, Italy, the US, and the UK across different scales. More specifically, the energy markets of France and Italy show pronounced correlation across lower frequencies, while the energy market of Canada is a prominent net transmitter, with it having the most influence on the connectedness of all other markets. However, the Japanese and Canadian energy markets can provide diversification benefits when combined with other markets. These findings have significant implications for policymakers and investors in terms of how best to invest during various crisis periods.

RESTRUCTURING, MERGER AND ACQUISITION

Companies need to develop an appropriate strategy in order to maintain its presence and improve its performance. One attempt to become a large company and strong is to implement the strategy of restructuring. The emergence of the free market era has an impact on increasingly fierce corporate business competition. This condition spurred business people to pay attention to the strategy pursued. In fact, the company continues to formulate and perfect its business strategy in order to win the competition. The realignment of restructuring the company`s capital structure can execute through mergers and acquisitions. This research aim is to review the importance of merger activity and investment in terms of objectives and benefits. Methods used a literature review and secondary data. The research suggests that a company merger and acquisition support operation. There is good financial synergy and diversification, achieves economy of scale and scope that leads to cost efficiency and profitability, can obtain management skills, improve market forces, and may also be tax benefits. Because of that, the merger and acquisition were selective to enhance the company`s performance.

Safety Cost Analysis for Building in Construction Industry

Abstract: The construction industry provides shelter for a variety of societies and for a variety of purposes. A security culture is concerned with ensuring safety and avoiding risks. A questionnaire is used to collect information for this project. The study's questionnaire included questions with fixed response categories as well as open-ended questions. Three ratios were calculated, and a graph was plotted for analysis. The Accident Loss Ratio (ALR), Safety Investment Ratio (SIR), and Accident Occurrence Index (AOI) are the three ratios calculated. An estimation of 0.672% of the contract amount was found to be the optimum safety investment for a construction project. It was found that the overall cost to the contractor (accident loss plus safety investment) was 1.148% of the total contract amount. It isn't intended to suggest the scary assumption that 0.672% is the optimum value and that a safety investment higher than 0.672% is not necessary. In actuality, 0.672% needs to be thought of as the very minimal amount to invest in safety in a construction project. The purpose of the graphical representation is to demonstrate the effect of safety investment in a project on the severity of accidents and accident loss occurrences on site, which ultimately reduces the contractor's profit margin. The main goal of the graphical representation is to understand the importance of safety investment in terms of both tangible and intangible benefits such as greater peace of mind for workers, a better image of the organisation in the market, and greater job satisfaction for employers and employees, as well as monetary benefits such as increased profit margins.

Visualizing and Forecasting Stocks using Dash

Abstract: In modern financial market, the most crucial problem is to find essential approach to outline and visualizing the predictions in stock-markets to be made by individuals in order to attain maximum profit by investments. The stock market is a transformative, onstraight dynamical and complex system. Long term investment is one of the major investment decisions. Developing this simple project idea using dash library (of python), we can make dynamic plots of financial data of a specific company using tabular data provided by finance python library. On top of it, we can use machine learning algorithm to predict the upcoming stock prices. The project is a good start for beginners in python/data science and a good refresher for professionals who have dabbled in Python/ML before.

Perlindungan Hukum Bank Kustodian Terhadap Investor Sebagai Lembaga Penunjang Pasar Modal (PPM) Di Indonesia Menurut Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal

This study aims to identify and explain who are the capital market supporting institutions and the custodian bank's responsibilities to investors in terms of capital market laws. The type of research used is normative legal research. Based on the results of research related to Who are the capital market supporting institutions according to Law Number 8 of 1995 concerning the Capital Market, it is regulated under the Capital Market Law Chapter VIII and Government Regulation No. 45 of 1995 Chapter X, PPPM has the following provisions: Capital Market Supporting Professionals (PPPM) consist of accountants, legal consultants, appraisers, and notaries. Regarding the responsibility of the custodian bank to investors in terms of the capital market law, the Custodian Bank based on the provisions of Article 46 of the Capital Market Law has placed the right on the investor to claim compensation if the custodian bank makes a mistake either by intention, negligence or carelessness. It is stated in the capital market law that there are several sanctions that are given to capital market violators as follows: administrative sanctions Article 102 (1) and criminal sanctions Article 103 (1).
 Keywords : Custodian Bank, Investor, Capital Market 

Negative Interest Rates and Its Impact on GDP, FDI and Banks’ Financial Performance: The Cases of Switzerland and Sweden

The article deals with the issue of how negative interest rate policies, introduced in the second decade of the 21st century in some countries, affect certain macroeconomic indicators and bank performance. We concentrate specifically on Switzerland and Sweden. We use correlation analysis to reveal the relationship between interest rates and GDP, the level of foreign direct investment (FDI) and some indicators of banks’ performance. We found that negative interest rates (NIRs) are strongly correlated with the level of GDP in both Switzerland and Sweden but that they do not affect their FDI. The share of banks´ deposits in GDP is also strongly correlated with NIR. Other indicators of bank performance do not show a strong correlation for both countries. Our evidence is consistent with NIR not being associated with undesirable effects concerning economic growth and bank performance in Switzerland and Sweden. The value of FDI depends on many factors—mainly on the attractiveness of a country for foreign investors in terms of its political and economic stability and by general conditions for business operation.

Construction Costs and Initial Yield Effects of MINERGIE Certification and Sustainable Construction Measures in New Multifamily Houses in Switzerland

In this study, the influence of MINERGIE certifications, sustainable building measures that lead to certification, and further amenities and quality measures not compulsory for certification on the construction costs and net initial (asking) rents of building projects in Switzerland is investigated. The hedonic regression results show construction cost premiums of 1.6–5.1% for MINERGIE-certified apartments. These cost premiums yield higher net initial rents of approximately 2.6–6.6*% (*not significant). In contrast, most specific sustainable building measures, such as district heating, heat pumps, or solar energy, show significant cost premiums, without higher net initial rents in the market. Whereas MINERGIE certification can translate construction costs to higher net initial rents, single sustainable construction measures do not. Such an adverse cost-benefit ratio could impede specific green investments in the short term, whereas a favorable ratio of the MINERGIE standard could promote the spread of green buildings.

Progression of the Deep Inferior Epigastric Perforator Flap Breast Reconstruction Technique at a Dedicated New Zealand Tertiary Plastic Surgery Unit: a Case Series Analysis

AbstractThe deep inferior epigastric perforator (DIEP) flap is the gold standard in post-mastectomy breast reconstruction. Improved patient outcomes, reduced operating time and reduced complication rates are reportedly observed over consecutive DIEP series within surgical centres. The aim of this study is to investigate whether outcomes following DIEP flap reconstruction improve over time, by assessing two patient cohorts undergoing the procedure at a microsurgical unit seven years apart. A case analysis was undertaken to identify all patients who underwent primary DIEP flap reconstruction in 2011 and 2018. Outcomes recorded included clinic appointments, operating time, number of primary operations, additional operations and procedures, along with co-morbidities, BMI and radiotherapy rates. Immediate versus delayed and unilateral versus bilateral breast reconstruction was also recorded. Seven patients underwent primary DIEP reconstruction in 2011 and 29 in 2018. There was a significant reduction in additional operations performed in 2018 (p-value = 0.007) and a significant reduction in number of procedures (p-value = 0.043). When adjusted for an outlier, the total operating time for unilateral DIEP reconstruction was significantly shorter in 2018 (p-value = 0.018), along with reduced primary and total operating time for 2018 bilateral reconstructions. The 2018 cohort also had lower complication rates and fewer clinic appointments. This study illustrates how outcomes can improve with experience of DIEP flap reconstruction. The more complex DIEP flap requires investment in terms of skill acquisition and operative time, but is balanced by improvement in patient outcomes.

Reducing Uncertainty Representative Bias and Decision-making of Micro Subjects

The increasing number of predictions made in financial market indicated the error caused by representativeness. Representativeness heuristic is a popular study on subjective probability of an event. Researches have been made regarding the impact of representativeness heuristic on decision making. Previous studies have investigated the cause of representativeness from a psychological perspective. It has also been applied to financial cases. The study of representativeness provides an empirical guideline to investors in terms of making a prediction. This study uses case study to give a comprehensive overview on the impact of representativeness on two components of the market. This paper conducts further discussions regarding this heuristic in three aspects which are stock market, gambling and investment decisions. Representativeness bias is a very important theory in behavioral economics. Studying its influence mechanism can not only bring marginal expansion to the existing research, but also provide important reference for the behavior of investors. This paper is divided into five main parts, section one introduces representativeness heuristic and mention the connection between representativeness and economic field. Section two looks at previous studies on this heuristic, following by detailed analyses on three applications in the field of economy in section three. The method of case study is used in section three. Section four and five gives a conclusion of the content this paper and display of references respectively. The main finding of this paper is the influence of representativeness on predictions and decisions made by individuals and the superiority of firm in avoiding the negativity of representativeness. The findings illustrate the main difference between individuals and firms, giving a reference to individual investors to make a less affected decision.

Comparative Analysis of Industry and Country Diversification Benefits of the Equity Portfolio

This study focuses on the construction of investment portfolios using different optimization methods (1/N, risk parity, hierarchical risk parity, mean variance) based on two ways of asset diversification—cross-country and cross-industry—and assesses their effectiveness using a number of metrics. The main research question is which approach to asset diversification turns out to be the most profitable for the investor in terms of return and risk. Research results’ degree of susceptibility of fluctuations in time is assessed by an interperiod analysis with the division of the time interval under consideration into crisis and noncrisis years. According to the results, the industry asset allocation strategy outperforms the asset allocation strategy focused on country diversification. In crisis years, these differences are amplified, but the results are highly dependent on the portfolio optimization method.

CHRONOS Project: The Transformation of Time-dependent Clinical Trajectories into Intelligent Ones Using an Innovative Technological Solution

Introduction:The health system faces many challenges including the lack of personnel or resources and the overcrowding of emergency rooms. In this context, Real Time Locating Systems (RTLS) offer the possibility of improving the efficiency, safety and quality of care management. Clinical trajectories are currently very dependent on manual processes. We believe that real-time management systems that use geolocation can optimize time-dependent clinical trajectories, improve critical care and transform the health network for patients, caregivers and managers. Typically, RTLS tools require a significant investment in terms of installation, configuration, and integration.Method:The Nano Data Center (NDC) system developed by Humanitas Solutions is equipped with an advanced and low-cost IT infrastructure. It is self-deploying, self-configurable and allows geolocation and autonomous telecommunication with multiple interfaces (WIFI, Bluetooth, electrical). It requires a power source and operates without requiring access to technological infrastructures, which is the major difference with similar products based mainly on cloud computing and dependent on internet connectivity. We tested, as a pilot project, the deployment of the NDC system in a complex hospital environment (Centre intégré de la santé et des services sociaux de la Montérégie-Centre, Quebec, Canada) in order to demonstrate its potential use.Results:Using the NDC system, we were successful in establishing an autonomous communication network over several hospital floors. This innovation made it possible to support the real-time geolocalization of fictive patients and the creation of a real-time dashboard for monitoring clinical trajectories, analyzing data, and evaluating performance.Conclusion:The next development phases of the CHRONOS project include real-time notification and transformation of clinical trajectories into smart trajectories. The independence of the NDC system in terms of infrastructures would allow its deployment in low-resource environments, such as temporary installations or remote areas. Thus, its potential benefit in creating connected environments in disaster situations.

An interpretable system for predicting the impact of COVID-19 government interventions on stock market sectors.

Evaluating and understanding the financial impacts of COVID-19 has emerged as an urgent research agenda. Nevertheless, the impacts of government interventions on stock markets remain poorly understood. This study explores, for the first time, the impact of COVID-19 related government intervention policies on different stock market sectors using explainable machine learning-based prediction models. The empirical findings suggest that the LightGBM model provides excellent prediction accuracy while preserving computationally efficient and easy explainability of the model. We also find that COVID-19 government interventions are better predictors of stock market volatility than stock market returns. We further show that the observed effects of government intervention on the volatility and returns of ten stock market sectors are heterogeneous and asymmetrical. Our findings have important implications for policymakers and investors in terms of promoting balance and sustaining prosperity across industry sectors through government interventions.

Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries’

Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries’ activities ABDULRAHEEM, A. O. Department of Business Education, Federal College of Education Odugbo, Benue State, Nigeria Abstract In a business, anything done financially affects cash eventually. Cash to a business is what blood is to living body. The study sought to identify the management of cash and marketable securities and its impact in small and medium financial intermediaries’ activities. The study highlights how cash management constitutes major parts of firms’ activities, what are the problems usually encountered by the investors in term of government policy, and how does discounting of securities before its maturity period affect profit earning in a financial intermediary? The population of the study comprises of all small and medium financial intermediaries, these include cooperative societies and micro finance banks in Katsina metropolis. Systematic sampling techniques were used to select a sample of two as research subject. The study utilized questionnaires divided into two sections for data collection. Descriptive statistics were used to analyse the quantitative data and the analysed data was reported using frequency distributions, and percentages. The study established that cash management constitutes a major area of financial intermediaries operations. It reads that bank rate policy is not so effective in controlling credit and the investment of excess or surplus cash in marketable securities minimize cost arising from cash shortages. It was however recommended that the financial intermediaries should determine in their budget what the optimal level of cash should be for the year. That once the minimum cash balance has been established, short term investment policy for any cash surplus can be determined. That the financial intermediaries should set up strategies toward the attainments of the minimum or optimal cash level to avoid the shortage of cash because such shortage of cash could lead the intermediaries into an embarrassing situation.