Volume-1 ~ Issue-2
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| Paper Type | : | Research Paper |
| Title | : | A Study of the Return Generated and Managerial Efficiency of Select Mutual Fund Schemes in India. |
| Country | : | India |
| Authors | : | Soheli Ghose |
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: | 10.9790/5933-0120107  |
Abstract: Indian Mutual Funds are playing a very crucial developmental role in allocating resources in the emerging market economy. Mutual funds act as a financial intermediary in fund mobilization and investment. The essence of a Mutual Fund is the diversified portfolio of investment which diversifies and reduces the risk by spreading out the investor's money across available or different types of investments. This study analyzes the behaviour of few selected Mutual Fund Schemes during the period of December 2008 to December 2012 in comparison to Sensex Return. I have also analysed the managerial efficiency in stock selection through Alpha, Beta and RSQ and their variability for each of these mutual funds in this period. It is generally believed that mutual funds are less volatile as the managers use their expertise in selecting the appropriate stocks for the mutual fund portfolio. The data is analyzed using Pearson's Product Moment Correlation Method, the coefficient of variation of the return generated by the Sensex and the Mutual Fund Schemes to determine a more stable series and ANOVA for the variation in Alpha, Beta and RSQ of the funds. It was found that in the given study period the variability in the return of the Mutual Fund Schemes are between moderate to high and thus these Mutual Fund Schemes may not be as stable as they seem to be and the fund managers were not so efficient in selecting stocks for all the funds. The investors should weigh their options carefully before deciding to invest in a Mutual Fund.
Key Words: Equity Diversified Mutual Fund Schemes, Managerial Efficiency, Sensex Return, Stock Selection Ability of Managers, Variability in return.
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| Paper Type | : | Research Paper |
| Title | : | Evaluation of National Innovation System in Developing Economies: A Namibian Perspective |
| Country | : | China |
| Authors | : | Asa Romeo Asa, Navneel Shalendra Prasad, Maw Maw Htay |
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: | 10.9790/5933-0120812 |
Abstract: In today's globalized economy, through which countries are vying for economic strength, prosperity, and the capability to compete in the global economy all reckons on valuing innovation, harnessing its potential and laying it to work for the benefit of all the country's citizens. This paper aims at investigating the Namibian national innovation system. We explore the concept of national innovation system and discuss the significance in fostering innovation for the country's economy. Development stages of Namibia in terms of innovation are also examined, given that national economic performance is closely related to the country's effectiveness to create an environment that is favorable for generating innovations. The evolution and analyses of Namibian NIS by determining innovation actors, defining the linkages between them through a "3Ms triangle" and evaluating their contribution to the national innovativeness and competitiveness are covered. As a final point, we categorize the Namibian national innovation system according to its development stage and draw some strategic implications in order to strengthen the Namibian national innovation system.
Keywords: National Innovation System, Real GDP, National Development Plan
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http://www.npc.gov.na/vision/pdfs/Chapter_1.pdf. Retrieved on July 12, 2012
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| Paper Type | : | Research Paper |
| Title | : | Fostering Inclusive Capitalism for Spurring Entrepreneurship and Sustainable Growth: An Indian Perspective |
| Country | : | India |
| Authors | : | Ms. Raka Lahiry (Banerji), Dr. Sudipti Banerjea |
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: | 10.9790/5933-0121318 |
Abstract: Entrepreneurship lies at the core of the process of economic development. Entrepreneurial motivation, in India, is present in a dormant way, which is palpable when we observe the petty "tea - stalls" doing enormous business across the villages of India, selling "tit-bits‟ with tea. However, we find that their entrepreneurial capacities are severely constrained due to the absence of proper institutional mechanism of transforming unproductive wealth into capital. In the absence of a conducive entrepreneurial eco-system, these micro businesses fail to grow and reap the benefits of scale and scope economies. Typically, people can be found, living in shanty towns, functioning as street vendors and doing family based businesses that do not generate taxes, (Soto, 2001). Thus, though India is teeming with street entrepreneurs, hawkers and vendors, using their skills, frugal innovations, and physical assets to provide a wide variety of goods and services, which are capable of capturing the interest of the consumers, but, this is only an evidence to affirm the existence of a vast under-ground economy (Daodu, 2001), also known as "the informal-sector‟, running parallel to the main one.
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| Paper Type | : | Research Paper |
| Title | : | Savings, Gross Capital Formation and Economic Growth Nexus in Nigeria (1975-2008) |
| Country | : | Nigeria |
| Authors | : | Gbenga Wilfred Akinola, Adeleke Omolade |
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: | 10.9790/5933-0121925 |
Abstract: This paper investigated the relationship among savings, gross capital formation and economic growth in the Nigeria economy, between 1975 and 2008. The study adopted co-integration and vector error correction model VECM as the estimating technique with special reference to VAR causality test. The result of unit root i.e. stationary test showed that the gross domestic product GDP which is a proxy for growth, savings which is a proxy for gross national savings GNS are both integrated of order two i.e. 1 (2) while capital formation which gross capital formation GCF served as its proxy is integrated of order 1 (1) The findings revealed the existence of long run relationship among the three variables as shown from the co-integration regressions which were characterized by high R square, positive coefficient from all parameter estimates and significant of F values from all the three equations. The vector error correction model, apart from corroborating the strong linkage among the three variables, also showed that GDP has stronger influence on both GNS and GCF than the influence of GNS and GCF have on GDP .Also causality test confirmed the existence of the symbiotic relationship among them since GDP and GCF, GDP and GNS, and GNS and GCF all exhibit bidirectional causality. If the findings of this research work are transformed into policy implementation i.e. proper harmonization of policies on economic variables, development of the real sector of economy, acceleration of the growth of capital formation, grass root mobilization of savings from the surplus sector to deficit sector, it will lead to a sustained long run economic growth.
Key Words: Gross National Savings, Gross Capital Formation and Gross Domestic Product.JEL Classification: O11 and O243
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| Paper Type | : | Research Paper |
| Title | : | Current Practice of Corporate Finance in Thailand: A comparison of SMEs in Thailand and US Companies |
| Country | : | Nigeria |
| Authors | : | Akintunde Olufemi A., Otekunrin Adegbola O. |
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: | 10.9790/5933-0122638 |
Abstract: Small and medium enterprises (SMEs) in Thailand are defined as firms with 15 to 200 employees and 30 to 200 million in Baht (Thailand currency) in fixed assets (depending on the business sector). SMEs play an important role in a nation's economy. However, SMEs lack of access to capital as a result of high interest rates charges are partially the result of incomplete (or no) accounting records, and the inefficient use of accounting information. Also poor record keeping of accounting information makes it difficult for financial institutions to evaluate potential risks and returns making World Bank unwilling to lend to SMEs. The survey focuses on three areas; capital budgeting, cost of capital, and capital structure. The survey consisted of 14 questions, which contained 101 items for measuring the four areas. The areas were divided into issues dealing with capital budgeting (investment decision criteria), cost of capital, sources of finance, and capital structure.
Keywords: capital budgeting, cost of capital, capital structure, sources of finance, Small and medium enterprises (SMEs) R58
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| Paper Type | : | Research Paper |
| Title | : | Effect of Health Investment on Economic Growth in Nigeria |
| Country | : | Nigeria |
| Authors | : | Akintunde Temitope S., Satope Bola F. |
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: | 10.9790/5933-0123947 |
Abstract: This study investigates the effect of health investment on economic growth in Nigeria, from 1977 to 2010. Using the vector error correction model, the study finds that there is a long run relationship between health expenditure and economic growth. The results from the study also reveal a positive relationship between health expenditure and economic growth in Nigeria. However, the results from the vector error correction model showed that in the short run, the impact of health expenditure on the economic growth did not converge to the long run growth. Investment in health could boost economic growth, if government invests more in this aspect of human capital.
Keywords: Economic Growth, Health I8
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| Paper Type | : | Research Paper |
| Title | : | Economic and Financial Crimes Commission (EFCC) As A Strategy For Managing Nigerian External Reserves For Sustainable Development |
| Country | : | Nigeria |
| Authors | : | Faboyede, Olusola Samuel, Okafor, Chinonye , Onochie, Maxwell Prosper |
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: | 10.9790/5933-0124854 |
Abstract: Good governance allows a responsible economic and financial management of a nation's public and natural resources, for the purpose of growth and development. Nigeria's ability to make remarkable progress in curbing corruption and instituting pragmatic/workable economic and public sector reforms in the system via anti-corruption activities will give her a chance to achieve sustainable growth and development in the management of external reserves. The mechanisms of Economic and Financial Crimes Commission (EFCC), Independent and Corrupt Practices Commission (ICPC) and due process have been very instrumental in this regard. An empirical survey on the performance of EFCC shows that the agency is a very key strategy in redeeming the battered image of the Nigeria and making her external reserves management skills a successful one in spite of the fact that criticisms have trailed the agency's activities. The paper concludes that on the overall, the realization of the laudable objectives of good external reserves management will be a mirage if leadership problems of lack of integrity, transparency, corruption, and a travesty/disregard for due process, continue to subsist due to an absence of a vehicle for accountability like the EFCC.
Keywords: Development, EFCC, External reserves management, Sustainable growth.
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| Paper Type | : | Research Paper |
| Title | : | Foreign Private Investment and Poverty Situation in Nigeria 1981 To 2010: An Empirical Evidence |
| Country | : | Nigeria |
| Authors | : | Panshak Yohanna |
|
: | 10.9790/5933-0125562 |
Abstract: The main aim of the research is to examine the impact of Foreign Private Investment (FPI) on poverty situation in Nigeria using secondary data from 1981 to 2010. The study employs Ordinary Least Squares (OLS) regression technique and other diagnostic tests such as unit root test for stationarity and co-integration. Findings from the study reveal that the variables are co integrated and stationary at first difference. The long run regression result shows that there exist a positive relationship between Foreign Private Investment and Per Capita Income in Nigeria. Thus, foreign capital reduces the prevalence of poverty in Nigeria. The study thus, recommends: creation of conducive domestic environment, transparent judicial system and redirecting inflow of foreign capital to poverty reducing sectors such as agricultural sector, education, health and power for meaningful and effective poverty reduction in Nigeria..`
Key Words: foreign, private, investment, poverty.
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