Publisher: Redfame Publishing   (Total: 7 journals)   [Sort by number of followers]

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Applied Economics and Finance     Open Access   (Followers: 15)
Applied Finance and Accounting     Open Access   (Followers: 9)
Business and Management Studies     Open Access   (Followers: 19)
Intl. J. of Social Science Studies     Open Access   (Followers: 16)
J. of Education and Training Studies     Open Access   (Followers: 3)
Studies in Engineering and Technology     Open Access  
Studies in Media and Communication     Open Access   (Followers: 15, SJR: 0.401, CiteScore: 1)
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Applied Economics and Finance
Number of Followers: 15  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2332-7294 - ISSN (Online) 2332-7308
Published by Redfame Publishing Homepage  [7 journals]
  • Challenge Theory: The Structure and Measurement of Risky Binary Choice
           Behavior

    • Authors: Samuel Shye, Ido Haber
      Pages: 1 - 12
      Abstract: Challenge Theory (Shye & Haber 2015; 2020) has demonstrated that a newly devised challenge index (CI) attributable to every binary choice problem predicts the popularity of the bold option, the one of lower probability to gain a higher monetary outcome (in a gain problem); and the one of higher probability to lose a lower monetary outcome (in a loss problem).  In this paper we show how Facet Theory structures the choice-behavior concept-space and yields rationalized measurements of gambling behavior. The data of this study consist of responses obtained from 126 student, specifying their preferences in 44 risky decision problems. A Faceted Smallest Space Analysis (SSA) of the 44 problems confirmed the hypothesis that the space of binary risky choice problems is partitionable by two binary axial facets: (a) Type of Problem (gain vs. loss); and (b) CI (Low vs. High). Four composite variables, representing the validated constructs: Gain, Loss, High-CI and Low-CI, were processed using Multiple Scaling by Partial Order Scalogram Analysis with base Coordinates (POSAC), leading to a meaningful and intuitively appealing interpretation of two necessary and sufficient gambling-behavior measurement scales.
      PubDate: 2020-05-08
      DOI: 10.11114/aef.v7i4.4845
      Issue No: Vol. 7, No. 4 (2020)
       
  • Research on Cross-Border Marketing and Traditional Brand Image
           Remodeling——Take the Old Brand "White Rabbit" as an Example

    • Authors: Xianglin He
      Pages: 13 - 21
      Abstract: "White Rabbit" toffee is a traditional Chinese brand with high reputation that bears the good memories of Chinese people. Facing fierce market competition, "White Rabbit" shares user groups with other related or complementary brands through cross-border marketing. Meet the diverse and personalized needs of consumers; use fashion, art, entertainment and other elements to enrich the brand ’s connotation, and increase brand influence and added value; while innovating and changing, finely control the quality and rhythm of brand cross-border marketing and always maintain their brand identity and brand advantage. Through these measures, the "White Rabbit" old-fashioned brand calmly crossed the development bottleneck and gained new life, and the development path explored has brought a lot of inspiration to other old-fashioned brands and brand cross-border marketing strategies.
      PubDate: 2020-05-08
      DOI: 10.11114/aef.v7i4.4846
      Issue No: Vol. 7, No. 4 (2020)
       
  • An Ecosystem Service Value Model to Quantify Eco-environment Cost

    • Authors: Yi-Ru Wang, Hui Zhang
      Pages: 22 - 32
      Abstract: With the development of society, ecological environmental protection has become more and more important. In this paper, an Ecosystem Service Value Model (ESVM) was developed to quantify the value of all types of ecosystem services. Through the ecosystem service value evaluation index system we established, we determined ecosystem service value equivalent factors of different ecosystem services. Then we combine the baseline value of the ecosystem service value equivalent factor to determine the ecosystem service value per unit area of different ecosystems. The amount of ecological service value reduction can be calculated with the amount of change in ecosystem area caused by land use projects. Ecological costs are equal to the reduction in the value of ecosystem services. The true economic cost of land use project consists of two parts: project construction cost and ecological cost. The model established in this paper considers the effects of time changes. And the introduction of dynamic adjustment of biomass changes and dynamic adjustment of currency changes make the model more adaptable to time changes. The research can evaluate the value of ecosystem services, which promotes the harmonious development of human and ecological environment.
      PubDate: 2020-05-08
      DOI: 10.11114/aef.v7i4.4808
      Issue No: Vol. 7, No. 4 (2020)
       
  • Response of Deposit Money Banks to Monetary Policy Dynamics in Nigeria

    • Authors: Ejem; Chukwu Agwu, Ogbonna, Udochukwu Godfrey
      Pages: 33 - 47
      Abstract: This study examined how banks react to the monetary policies transmission mechanisms of the central bank of Nigeria. The data employed were collected from Nigerian Deposit Insurance Cooperation and Central Bank of Nigeria and subjected to various finametric techniques. The major findings are that cash reserve ratio negatively and significantly affects the performance of deposit money banks in Nigeria, while other monetary policy variables exert insignificantly to the performance of deposit money banks. It was also found that apart from banks own shock; banks respond negatively to shocks from major monetary policy instruments. It was observed that Monetary Policy Rate causes bank performance in both in the short run and long run. While, Cash Reserve Ratio, Liquidity Ratio and Saving Deposit Rate do not cause bank performance in the short run but in the long run. It was also found that monetary policy instruments jointly cause bank performance in the short and long run as opposed by individual instruments in Nigeria. The researchers therefore suggest among others that central bank of Nigeria reduce the cash reserve ratio to enable deposit money banks extend more loans to their potential customers, thereby enhance performance.
      PubDate: 2020-05-08
      DOI: 10.11114/aef.v7i4.4847
      Issue No: Vol. 7, No. 4 (2020)
       
  • A Socioeconomic Well-Being Index

    • Authors: A. Alexandre Trindade, Abootaleb Shirvani, Xiaohan Ma
      Pages: 48 - 62
      Abstract: An annual well-being index constructed from thirteen socioeconomic factors is proposed in order to dynamically measure the mood of the US citizenry. Econometric models are fitted to the log-returns of the index in order to quantify its tail risk and perform option pricing and risk budgeting. By providing a statistically sound assessment of socioeconomic contentment, the index is consistent with rational finance theory, enabling the construction and valuation of insurance-type financial instruments to serve as contracts written against it. Endogenously, the VXO volatility measure of the stock market appears to be the greatest contributor to tail risk. Exogenously, “stress-testing” the index against the politically important factors of trade imbalance and legal immigration, quantify the systemic risk. For probability levels in the range of 5% to 10%, values of trade below these thresholds are associated with larger downward movements of the index than for immigration at the same level. The main intent of the index is to serve as an early-warning mechanism for negative changes in the mood of citizens, thus alerting policy makers and private agents to potential future market downturns.
      PubDate: 2020-05-15
      DOI: 10.11114/aef.v7i4.4855
      Issue No: Vol. 7, No. 4 (2020)
       
  • Rational Choice Hypothesis as X-point of Utility Function and Norm
           Function

    • Authors: Takeshi Kato, Yasuyuki Kudo, Junichi Miyakoshi, Jun Otsuka, Hayato Saigo, Kaori Karasawa, Hiroyuki Yamaguchi, Yasuo Deguchi
      Pages: 63 - 77
      Abstract: Towards the realization of a sustainable, fair and inclusive society, we proposed a novel decision-making model that incorporates social norms in a rational choice model from the standpoints of deontology and utilitarianism. We proposed a hypothesis that interprets choice of action as the X-point for individual utility function that increases with actions and social norm function that decreases with actions. This hypothesis is based on humans psychologically balancing the value of utility and norms in selecting actions. Using the hypothesis and approximation, we were able to isolate and infer utility function and norm function from real-world measurement data of actions on environmental conditions and elucidate the interaction between the both functions that led from current status to target actions. As examples of collective data that aggregate decision-making of individuals, we looked at the changes in power usage before and after the Great East Japan Earthquake and the correlation between national GDP and CO2 emission in different countries. The first example showed that the perceived benefits of power (i.e., utility of power usage) was stronger than the power usage restrictions imposed by norms after the earthquake, contrary to our expectation. The second example showed that a reduction of CO2 emission in each country was not related to utility derived from GDP but to norms related to CO2 emission. Going forward, we will apply this new X-point model to actual social practices involving normative problems, and design the approaches for the diagnosis, prognosis and intervention of social systems by IT systems.
      PubDate: 2020-06-11
      DOI: 10.11114/aef.v7i4.4890
      Issue No: Vol. 7, No. 4 (2020)
       
  • A System Dynamics Model of Bitcoin: Mining as an Efficient Market and the
           Possibility of ‘Peak Hash’

    • Authors: Davide Lasi, Lukas Saul
      Pages: 78 - 88
      Abstract: The mining of bitcoin is modeled using a system dynamics model that represents both the mechanism of coin creation and the adjustment of the network hash rate based on the economic incentive of mining. The results show that the past evolution of the network hash rate can be explained, to a large extent, by an efficient market hypothesis applied to the mining of blocks. The possibility of a decreasing trend in the network hash rate from the halving event of May 2020 is exposed, implying that the network may be close to ’peak hash’ if the price of bitcoin and the revenues from transaction fees will be insufficient to cover the operational expenditures of mining.
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4872
      Issue No: Vol. 7, No. 4 (2020)
       
  • Have Macron’s Recent Labour Reforms Been as Impactful as Past German
           Reforms'

    • Authors: Colin Ellis
      Pages: 89 - 100
      Abstract: Structural reforms can sometimes take many years for the effects to be visible in economic data: but one area where impacts can manifest more swiftly is the labour market. In particular, Germany’s experience in the mid-2000s is often cited as a clear example of how macroeconomic dynamics can shift relatively swiftly if the reforms are effective. More recently, France has seen a number of structural reforms, driven by President Macron’s desire to revitalize the French economy after his 2016 election. This paper examines the macroeconomic impact of recent French labour market reforms, comparing and contrasting this impact against the German experience in the 2000s. If idiosyncratic policy changes were a significant driver of labour market dynamics, then empirical outcomes should be different for those countries experiencing policy changes, relative to their peers. Using a variety of different statistical techniques, we find that – while there is clear evidence of the German labour market outperforming its peers when the Hartz reforms were enacted – there is no sign of the French labour market doing so under Macron’s presidency.
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4909
      Issue No: Vol. 7, No. 4 (2020)
       
  • The Productivity and Efficiency of Vietnamese Securities Firms, 2009 to
           2017

    • Authors: My Tran, Malcolm Abbott
      Pages: 101 - 111
      Abstract: This paper provides an examination of the impact of size, regulation and ownership structure on the productivity and efficiency of 53 securities firms in Vietnam in the years 2009 to 2017. The results show that the size of the firms and regulation has an impact on the performance of the firms. Foreign ownership also has a significant negative correlation with the firms’ efficiency, while majority ownership by domestic Vietnamese, individual shareholders (as opposed to ownership by institutional shareholders) has a positive impact. In contrast, there is no significant correlation between ownership by banks and the productive efficiency of the firms.
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4910
      Issue No: Vol. 7, No. 4 (2020)
       
  • Alternative Core Inflation Measures in Nigeria: An Examination

    • Authors: Ladi R. Bala-Keffi, Donald G. Mbaka, Nurudeen Usman
      Pages: 112 - 120
      Abstract: Core inflation measures have played an important role in the conduct of monetary policy at various central banks around the world. We examine core inflation in Nigeria using non-traditional measures and assess their persistence, to determine whether the Central Bank of Nigeria (CBN) should pay attention to one or other of these measures when assessing inflation developments. We find that the two new measures outperform the official core rate in tracking the persistence of headline inflation. The findings of this study will aid policy making within the Central bank of Nigeria (CBN) particularly where inflation targeting is adopted as the monetary policy framework. These core inflation measures provide a useful guide to central bankers both for monetary policy decisions and as a communication tool. They are a better predictor of future inflation depicting the more persistent influences on underlying inflation, which are of interest to policymakers (e.g. Clark, 2001; Blinder and Reis, 2005; Smith, 2004 and Dolmas &Wynne, 2008).
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4911
      Issue No: Vol. 7, No. 4 (2020)
       
  • How to Manage the Post Pandemic Opening' A Pontryagin Maximum
           Principle Approach

    • Authors: R. Mansilla
      Pages: 121 - 125
      Abstract: The COVID-19 pandemic has wholly disrupted the operation of our societies. Its elusive transmission process, characterized by an unusually long incubation period and a high contagion capacity, has forced many countries to take quarantine and social isolation measures that conspire against national economies' performance. This situation confronts decision-makers in different countries with the alternative of reopening the economies, thus facing the unpredictable cost of a rebound of the infection. This work tries to offer an initial theoretical framework to handle this alternative.
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4912
      Issue No: Vol. 7, No. 4 (2020)
       
  • Agricultural Productions and Its Implications on Economic Growth in Ivory
           Coast: The Use of the Econometric Approach

    • Authors: Kouakou Kouakou Paul-Alfred
      Pages: 126 - 137
      Abstract: The objective of this article is to assess the effect of the agricultural sector on the economic growth in Ivory Coast.The data used are those of the World Bank and cover the period from 1985 to 2015. The analysis of the data required the use of the AutoRegressive Distributed Lag (ARDL). It emerges from this study that there is a positive and significant relationship between manufacturing agriculture and economic growth in the short and long term. On the other hand, the food-crop production has a negative effect on GDP, even if it is significant. The variable of interest such as agricultural investment has a positive and significant effect on economic development, while cash crop production have a positive but not significant effect on long-term economic growth. Therefore, in view of these results, the State must promote the processing of agricultural products in order to create more value added.
      PubDate: 2020-06-24
      DOI: 10.11114/aef.v7i4.4913
      Issue No: Vol. 7, No. 4 (2020)
       
  • How Much Is Your Strangle Worth' On the Relative Value of the Strangle
           under the Black-Scholes Pricing Model

    • Authors: Ben Boukai
      Pages: 138 - 146
      Abstract: Trading option strangles is a highly popular strategy often used by market participants to mitigate volatility risks in their portfolios. We propose a measure of the relative value of a delta-Symmetric Strangle and compute it under the standard Black-Scholes-Merton option pricing model. This new measure accounts for the price of the strangle, relative to the Present Value of the spread between the two strikes, all expressed, after a natural re-parameterization, in terms of delta and a volatility parameter. We show that under the standard BSM model, this measure of relative value is bounded by a simple function of delta only and is independent of the time to expiry, the price of the underlying security or the prevailing volatility used in the pricing model. We demonstrate how this bound can be used as a quick benchmark to assess, regardless the market volatility, the duration of the contract or the price of the underlying security, the market (relative) value of the strangle in comparison to its BSM (relative) price. In fact, the explicit and simple expression for this measure and bound allows us to also study in detail the strangle’s exit strategy and the corresponding optimal choice for a value of delta.
      PubDate: 2020-06-29
      DOI: 10.11114/aef.v7i4.4887
      Issue No: Vol. 7, No. 4 (2020)
       
  • Electrification, Power Outages and Employment

    • Authors: Josephine Ofori Adofo
      Pages: 147 - 159
      Abstract: Although electrification rates have increased in developing countries, the poor quality of electricity still remains a challenge. This paper studies the effects of electrification at the intensive margin, using a fixed effects approach. I find that power outages significantly reduce employment, earnings, and hours of work. A key channel through which outages affect employment is decreased prevalence of small and medium enterprises (SMEs) among households. Evidence indicates that severe outages reduce opportunities for households to indulge in income generating activities. The decrease in employment opportunities is further exacerbated by reduced industrial growth and changes in the industrial composition. The results suggest that unreliable electricity may have a negative implication for job creation in developing countries.
      PubDate: 2020-06-29
      DOI: 10.11114/aef.v7i4.4919
      Issue No: Vol. 7, No. 4 (2020)
       
  • Dollarization in Sierra Leone: Evidence and Some Policy Options

    • Authors: Abu Bakarr TARAWALIE, Amadu JALLOH
      Pages: 160 - 168
      Abstract: This study aims to empirically investigate the determinants of dollarization in Sierra. It uses quarterly data from 1992Q1 to 2017Q4 and autoregressive distributed lag Bound Testing technique. Both the long and short run results revealed that inflation, exchange rate depreciation, financial deepening and war dummy were the main determinants of dollarization in Sierra Leone during the study period. The error correction term depicts that 53 percent of any disequilibrium in dollarization will be corrected within a year. A key policy recommendation is that policy makers should implement prudent policies that will ensure broader macroeconomic stability (including price stability and exchange rate stability) as a recipe for de-dollarization in Sierra Leone.
      PubDate: 2020-06-29
      DOI: 10.11114/aef.v7i4.4920
      Issue No: Vol. 7, No. 4 (2020)
       
  • Effect of Fiscal Decentralization Financial Performance Against Local And
           Regional Gross Domestic Product (GDP) NTB

    • Authors: M Amin
      Pages: 169 - 174
      Abstract: This study aims to empirically prove the effect of Fiscal Decentralization on regional financial performance, the effect of fiscal decentralization on Gross Regional Domestic Product and the effect of Regional Financial Performance on Gross Regional Domestic Product. This study uses secondary data taken from 10 districts/cities in West Nusa Tenggara Province. The results of this study indicate that H1 Fiscal Decentralization has significant and significant influence on regional financial performance. H2 turns out that the Fiscal Decentralization variable does not significantly influence the Gross Regional Domestic Product. H3 Regional Financial Performance does not significantly influence Gross Regional Domestic Product.
      PubDate: 2020-06-29
      DOI: 10.11114/aef.v7i4.4921
      Issue No: Vol. 7, No. 4 (2020)
       
  • Reviewer Acknowledgements

    • Authors: Nikki Gibbs
      First page: 175
      Abstract: Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 4
      Ali Massoud, Sohag University, EgyptGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHedieh Shadmani, Fairfield University, USAHichem Maraghni, University of Taibah, TunisiaIan McFarlane, University of Reading, UKIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyRajeev Rana, APB Govt. P.G. College, IndiaRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaShahram Fattahi, Razi University, IranSzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaVictoria Cociug, Academy of Sciences of Moldova, MoldovaZi-Yi Guo, Wells Fargo Bank, N.A., USA
          Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com
      PubDate: 2020-06-29
      DOI: 10.11114/aef.v7i4.4922
      Issue No: Vol. 7, No. 4 (2020)
       
 
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