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Journal Cover Journal of Financial Innovation
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  This is an Open Access Journal Open Access journal
   ISSN (Print) 2359-1005
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  • Open Access to Content and Financial Innovation

    • Authors: Wesley Mendes-Da-Silva
      Abstract: Over the last twenty years the world has experienced significant growth in the supply of knowledge as a result of the advent of the Internet and there has been a drastic reduction in the cost of acquiring or constructing relevant information. This has meant that various industries, like banks, commerce and even the public management sector have undergone a reconfiguration process. Similarly, universities and the publishers of scientific periodicals need to reflect on their future. After all, who is prepared to pay for content that can be freely accessed' In the wake of the change in the technological paradigm that characterizes communication, and driven by financial crises, we find the topic of Financial Innovation (Lerner, 2006). But this topic was already on the agenda even before the Internet appeared on the scene (Miller, 1986). At the beginning of May 2013, when we started putting together the Journal of Financial Innovation (JoFI) an article entitled “Free-for-all”, which was published in the important British publication, The Economist, discussed the growth of open access scientific journals. At the time the British magazine stressed the practice adopted in the UK, which established open access journals as being the destination for research results. In essence, what is intended is to constitute a quality publication route without readers or authors being burdened with high costs, an area that is still responsible for large portions of the billionaire publishing market around the world. 
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.35
      Issue No: Vol. 1, No. 2 (2015)
       
  • Is There Herd Effect on Stocks with High Liquidity of the Brazilian
           Market'

    • Authors: Juliana Xavier Serapio da Silva, Claudio Henrique Barbedo, Gustavo Silva Araújo
      Abstract: Purpose: This work aims to verify the herd behavior in both liquid stocks of Brazilian stock exchange, i.e. Petrobras and Vale.Methodology: This work uses the methods of Christie and Huang (1995) and price pressure with high frequency data to detect the herd behavior between 2010 and 2014.Findings: The first method suggest that there are no signs of herd behavior using 30 minutes intervals data. However, there is evidence of price pressure for the sample with all intraday data.Originality: Herd behavior studies usually focus on mutual funds. This work analyses the herd behavior based on individual stock prices. 
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.16
      Issue No: Vol. 1, No. 2 (2015)
       
  • Do Brazilian Credit Unions Adopt International Performance Monitoring'

    • Authors: Paulo Henrique Magalhães Oliveira, Valéria Gama Fully Bressan
      Abstract: Purpose: The study examined if the Brazilian credit unions use the 'PEARLS' performance monitoring methodology proposed by the World Council of Credit Unions, and the perception of the analysts of the cooperative system on the relevance of the indicators of this system.Methods: We used qualitative research with a sample selected through accessibility. Data were obtained from structured interviews conducted with five analysts of Brazil's Central Bank and two managers of central credit cooperatives, in addition to response, via questionnaire, of seventeen managers of credit unions located in the northern, northeast, south and southeast regions of Brazil.Results: Most of the individual cooperatives and the two central credit unions analyzed were unaware of the PEARLS methodology. This monitoring system is known only by the analysts of the Central Bank of Brazil, indicating that only the supervisory agent of cooperatives in Brazil knows the internationally proposed system and the adapted version proposed to Brazilian reality.Limitations: The survey via questionnaires obtained only 1,4% of population response rate, and the results can not be generalized.Practical implications: It can be said that there is room for improving performance monitoring techniques, as the PEARLS is used in 97 countries and unknown both by individual cooperatives and credit central cooperatives surveyed in this study.Originality: It is noteworthy that studies of this problem applied to the Brazilian reality were not found to date.
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.12
      Issue No: Vol. 1, No. 2 (2015)
       
  • Corporate Governance Induces Best Performance and Inhibits Leverage:
           Brazilian Industry Evidence of Oil & Gas

    • Authors: Vládia Geane Moura Silva, Joséte Florencio dos Santos, Moisés Araújo Almeida
      Abstract: Purpose. This study analyzes the oil industry, gas and biofuels in order to identify associations between corporate governance practices with capital structure, risk and performance.Methodology. These data were verified through 3SLS models (Three-Stage Least Squares). For this, we used a data set composed of 19 companies, for a panel data analysis in the period 2005-2009.Findings. The results suggest a negative association between leverage and corporate governance company level, supporting the substitution hypothesis, according to which the leverage works as a governance substitute. Also they did not reject the hypothesis that the greater the governance practices, greater market performances and accounting of these companies, as well as reduces the market risk.Limitations. The main limitation of this research is the sample size, 19 companies, with particular focus on an industry, reducing the generalizability of the results.Originality/Value. This study sought to contribute to the understanding of the relationship between corporate governance, capital structure, performance and risk; specifically for the oil, gas and biofuels in Brazil, an important and understudied emerging market.
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.13
      Issue No: Vol. 1, No. 2 (2015)
       
  • Strategic Financial Performance Evaluation of the Iranian automotive
           industry Using Imperialist competitive Algorithm

    • Authors: Meysam Kaviani, Maziyar Yazdani
      Abstract: Purpose. This paper evaluates strategic financial performance of 10 Iranian stock exchange listed automotive companies over the period 2005-2009 at the hand of value-creating performance indicators and the Free Cash Flow derived value indicators.Design. To this effect, profiting from the Imperialist Competitive Algorithm (ICA), the understudy companies were assigned to three clusters in terms of debt structure, firm size, and growth opportunitiesFindings. The results, in general, indicate a significant correlation between value-based indicators Economic Value Added (EVA) and True Value Added (TVA) and the FCF-derived indicators Created Value from Free Cash Flow to Firm (CVFCFF) and Created Value from Free Cash Flow to Equity (CVFCFE), and between Market Value Added (MVA) and CVFCFF (one of the two FCF-derived indicators), while, according to the results, there is no significant correlation between the value-driven performance indicators Refined Economic Value Added (REVA) and Equity Economic Value Added (EEVA) and either of the FCF-derived indicators CVFCFF and CVFCFE.Originality. Present Paper, by company clustering in ICA environment, the companies are clustered based on their close similarity in all three criteria and subsequently for examination of each strategic performance indicator were subjected to correlation and Fisher (F) tests.
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.25
      Issue No: Vol. 1, No. 2 (2015)
       
  • Stakeholders in Equity-Based Crowdfunding: Respective Risks Over the
           Equity Crowdfunding Lifecycle

    • Authors: Semen Son Turan
      Abstract: Objective. The purpose of this paper is to present a thorough research on the risk categories and specific risk factors that each immediate stakeholder faces over the equity crowdfunding lifecycle.Methodology. This study employs an exploratory approach, supported by current data to understand the global equity crowdfunding setting and the stakes for major players.Findings. Findings show that, although equity crowdfunding, can be a unique opportunity especially for underdeveloped countries and SMEs who have difficulty obtaining funding elsewhere, is also a potential peril for those who ignore or underestimate the overall and stand-alone risks that come along with each stage of the process. The findings have implications for all ventures seeking alternative financing venues, investors and equity crowdsourcing platforms. Furthermore, they pinpoint potential areas of further investigation for researchers and policy makers.Originality/Value. This study differentiates itself from the limited number of papers on equity crowdfunding, as a newly developing field of academic research, in that it underscores financial, regulatory, operational, reputational and strategic risks from several perspectives and offers recommendations on how these risks can be addressed.
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.34
      Issue No: Vol. 1, No. 2 (2015)
       
  • Big Data as a Revolutionary Tool in Finance

    • Authors: Aureliano Angel Bressan
      Abstract: A data driven culture is arising as a research field and analytic tool in Finance and Management since the advent of structured, semi-structured and unstructured socio-economic and demographic information from social media, mobile devices, blogs and product reviews from consumers. Big Data, the expression that encompasses this revolution, involves the usage of new tools for financial professionals and academic researchers due to the size of data involved, which require more powerful manipulation tools. In this sense, Machine Learning techniques can allow more effective ways to model complex relationships that arise from the interaction of different types of data, regarding issues such as Operational and Reputational Risk, Portfolio Management, Business Intelligence and Predictive Analytics. The following books can be a good start for those interested in this new field.
      PubDate: 2015-08-25
      DOI: 10.15194/jofi_2015.v1.i2.26
      Issue No: Vol. 1, No. 2 (2015)
       
 
 
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