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

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J. of Business Theory and Practice     Open Access  
J. of Economics and Public Finance     Open Access   (Followers: 1)
Modern Management Science & Engineering     Open Access   (Followers: 1)
Studies in English Language Teaching     Open Access   (Followers: 11)
Sustainability in Environment     Open Access   (Followers: 3)
World J. of Educational Research     Open Access  
World J. of Social Science Research     Open Access   (Followers: 4)
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Journal of Economics and Public Finance
Number of Followers: 1  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2377-1038 - ISSN (Online) 2377-1046
Published by Scholink Homepage  [7 journals]
  • Profitability in Asset Pricing Models for Chinese Equities 1996-2016

    • Authors: Dong Liu
      First page: 118
      Abstract: I follow Novy Marx (2011, 2013) to investigate and compare firms’ gross profit, operating leverage as predictors of returns for a cross-section of traded Chinese equities spanning from1996-2016. I use portfolio tests and Fama-MacBeth regressions, find that gross-profit-to-market-capitalization ratios significantly predict returns on sampled stocks. I also find that sorting portfolios by gross profitability and size outperforms in the Chinese market. Hence, I create a Market-Profitability-Size model that captures profitability and size premium among returns of sampled stocks. Based on Gibbons-Ross-Shanken test and economic value, I demonstrate that my enhanced model outperforms Fama-French multiple-factor model in isolating influences on equity returns.
      PubDate: 2018-03-12
      DOI: 10.22158/jepf.v4n2p118
      Issue No: Vol. 4, No. 2 (2018)
       
  • Manifestation of Income Inequality and Poverty Prevalence in Selected
           North Central States of Nigeria

    • Authors: Ndako Yahaya Shaba, Mohammed Yelwa, Obansa S.A.J., Sule Magaji
      First page: 130
      Abstract: Poverty in Nigeria has been described as pervasive owing to the fact that the nation has witnessed a persistent increase in poverty level over the years. More so, there has been a renewed and growing concern about poverty and income inequality due to their negative implications for both economic growth and social peace. In Nigeria, the twin issues of poverty and inequitable income distribution present a paradox. This is because, though the country is rich in land, human and natural resources, yet 70 percent of Nigerians are still considered poor with low per capital income. More so, it has been argued that income inequality is a manifestation as well as strong cause of poverty. The study therefore analyses the empirical relationship between manifestation of income inequality and poverty prevalence among households in selected North Central States in Nigeria. This study employed survey method using structured questionnaire. A representative sample of 600 respondents was planned for the survey in order to have at least 462 households responding. However, the study has 501 household respondents representing 84 percent success rate. The result shows that 84 percent households believe that income inequality is a major determinant of poverty in Nigeria and 76 percent also agreed that poverty occur most in rural area than urban areas. It was found that a disproportionate share in income across divide would exacerbate poverty among rural dwellers particularly farmers, artisans, and traders. The study therefore recommends a deliberate policy of reducing income inequality so as to reduce the incidence of poverty especially among the rural dwellers.
      PubDate: 2018-03-12
      DOI: 10.22158/jepf.v4n2p130
      Issue No: Vol. 4, No. 2 (2018)
       
  • Do Financial Arrangement of the International Monetary Fund Has Impact on
           the Reduction of Government Spending, Evidence through Political Fiscal
           Cycles, the Case of Croatia

    • Authors: Ivana Rukavina
      First page: 143
      Abstract: This paper examines the regulatory role of the IMF on government spending through political fiscal cycles. According to theoretical views, the fiscal policy in the pre-election period reflects an increase in government spending or budget expenditures; in postelection period, it takes a restrictive course by reducing spending. In the presence of a contractual agreement with the IMF, the theory points to limiting and reducing the magnitude of government spending in the pre-election period. According to the research results in Croatia, there is an increase in government spending in the election quarter, and its decrease in the quarter after the election. On the other hand, the contractual arrangements with the IMF show significant reductions in government spending. When a country is under a contractual obligation with the IMF, it reduced the government spending in the pre-election period in relation to the period when it is not under a contractual obligation.
      PubDate: 2018-03-24
      DOI: 10.22158/jepf.v4n2p143
      Issue No: Vol. 4, No. 2 (2018)
       
  • Government Expenditure and Poverty Reduction in Nigeria

    • Authors: Victor E. Oriavwote, Andrew Ukawe
      First page: 156
      Abstract: This research investigates the relevance of government expenditure on poverty reduction in Nigeria. The main objective is thus to investigate whether the poverty reduction efforts through government spending has actually translated into a reduction in the poverty level. The study covered the period between 1980 and 2016. The ECM model and cointegration models of the OLS as well as the granger causality techniques were used to analyze the data. The result of the ADF unit root test indicates that all the variables are I(1). The result of the Johansen cointegration indicates the existence of a long run equilibrium relationship among the variables. The result of the parsimonious ECM indicates that though the one period lag government expenditure on health has a significant and positive impact on the per capita income, it has a low elasticity. The result indicates further that government expenditure on education has a significant and positive impact on the per capita income. The result indicates further that government expenditure on building and construction has a significant and positive impact on the per capita income, the elasticity is however very low. The granger causality test result indicates no causality between government expenditure on health and education. A bicausal relationship however exists between government expenditure on education and per capita income. The result shows no causality between government expenditure on building and construction and the per capita income. The result recommends amongst others an increment and proper monitoring of government spending which could be enhanced through public private partnership.
      PubDate: 2018-04-17
      DOI: 10.22158/jepf.v4n2p156
      Issue No: Vol. 4, No. 2 (2018)
       
  • Regulatory Focus on Conduct Risk—Hungarian Case Study on Qualitative and
           Quantitative Tools for Risk Mitigation

    • Authors: Orsolya Szendrey, Robert Szini, Andras Tomsics
      First page: 164
      Abstract: Due to the inadequate conduct of their business, financial institutions have recently sustained severe losses, as a result of which the management of conduct risks has become increasingly prominent in regulation. This paper describes the position of conduct risk within the framework of risk management, and uses Hungarian and international examples involving major losses to illustrate the need for the adequate management of conduct risks. This is followed by a description of how to manage the type of risk in question using the qualitative and quantitative tools of operational risk management. A quantitative analysis is then carried out to illustrate the effects on capital requirement achieved by taking into account conduct risks in various components of the internal models.
      PubDate: 2018-05-02
      DOI: 10.22158/jepf.v4n2p164
      Issue No: Vol. 4, No. 2 (2018)
       
  • The U.S. Shampoo Market: A Competitive Profile

    • Authors: Y. Datta
      First page: 180
      Abstract: Porter associates high market share with cost leadership strategy which is based on the idea of competing on a price that is lower than that of the competition. But, customer-perceived quality-not low cost-should be the foundation of competitive strategy, because it is far more important to long-term competitive position and profitability than any other factor. So, a superior alternative is to offer better quality vs. the competition.In most consumer markets a business seeking market share leadership should try to serve the middle class by competing in the mid-price segment: and offering quality better than that of the competition: at a somewhat higher price to connote an image of quality, and to ensure the strategy is both profitable and sustainable in the long run. Quality, however, is a complex concept, consumers generally find difficult to comprehend. So, they often use relative price and a brand’s reputation as a symbol of quality.The U.S. Shampoo market is very competitive and consists of a large number of brands. Most brands are sold at supermarkets, drug stores, discount stores, and department stores. However, many premium and super-premium brands—called salon brands—are sold by beauty salons.The salon shampoo segment had captured 11.4% of market share in 2008.Most of the shampoos covered in this study are general-purpose shampoos—with the exception of five anti-dandruff and two psoriasis brands. Almost all are aimed at women. However, three are for men, one for babies, and four for kids.One characteristic of this market is the proliferation of bottle sizes that ranged all the way from 1 to 42 oz. These can be classified into three broad size groups. By far the largest is the medium group (11.6-15.4 oz) with a market share of 52%; next is the large group (22.5-25.4 oz) with a 17% market share; and small (8-11.5 oz) with a market share of 14%. We tested two hypotheses: (1) That a market leader is likely to compete in the mid-price segment, and (2) That the unit price of the market leader is likely to be somewhat higher than that of the nearest competition. Employing U.S. retail sales data for 2008 and 2007, we found that Procter and Gamble’s (P&G) Pantene, the overall market leader, was a member of the mid-price segment for both years—and for all three bottle-size groups.However, the results did not support the second hypothesis. This is because the runner-up happened to be P&G’s Head & Shoulders anti-dandruff shampoo: a type of specialty shampoo that is generally priced higher than general-purpose shampoos.Another notable result is that we found strong support for the notion that relative price is a strategic variable. Finally, we discovered four strategic groups in the industry.
      PubDate: 2018-05-29
      DOI: 10.22158/jepf.v4n2p180
      Issue No: Vol. 4, No. 2 (2018)
       
 
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