IOSR-JEF   Volume-12 ~ Issue-1 ~ Jan. – Feb. 2021

Abstract: In 1973 Fischer Black and Myron Scholes gave the well-known option pricing model, 'Black-Scholes model' in their paper "The pricing of Options and Corporate Liabilities". After this paper, large number of researchers/academicians has worked on Black-Scholes option pricing model and try to generalise the classical BS model. We have collected papers published during 1973 to 2020 related to Black-Scholes option pricing model. In this paper we have reviewed all the papers in which such generalisations/modifications are proposed. After this, we have reviewed all the papers on the Relevancy of BS model in Indian options market.

Keywords: Black-Scholes model, Generalised Black-Scholes model, Indian options market, Relevancy of Black-Scholes model.

Abstract: There are severaldifferentapproaches of assessingrisk in the financialliterature. Regulation has renderedita function of Value-at-Risk. As a reminder of the inadequacy of existingapproaches, the recentcrisis has prompted us to developtoolsthatprovide more detailon losses and gains. In recentyears, modern statisticshave developed a series of probabilistictoolsthat are nowbeingusedexplicitlyin finance. This isin particularthe case of the use of the third- and fourth-ordermoments in the calculation of Valut-at-Risk in studyingleptokurticity or non-gaussianity, and the asymmetry of the distribution of returns. The purpose of thisworkis to extendthismethodology to forms of financial assets like CAC40 companies.
The analysis of regulations and.....

KEYWORDS:Value-at-Risk, financialmodelling, autocorrelationfunctions, probabilities, distributions, moments, JEL classification : G32, G35, M31

Abstract: This study examined the impact of government expenditure on economic growth in Nigeria for the period, 1984-2015 with view to re-assess the Keynesian and Endogenous Growth Models proposition that public expenditure stimulates economic growth. The study employed Johansen co-integration and Error Correction Model. The empirical results showed that public (recurrent and capital) expenditure has significant positive impact on the growth of the economy in the long run and an insignificant negative impact on the Nigerian economy in the short run, reinforcing the Keynesian and Endogenous Growth Models that public expenditure stimulates economic growth in Nigeria when seen in the long run. The study therefore recommended that Nigerian government should readjust spending priority...

KEYWORDS: Public Expenditure & Economic Growth

Abstract: This research aims to know how much the influence of wages on labor absorption directly and indirectly through investment both in the Western Region of Indonesia and in the Eastern Region of Indonesia. The data used are secondary data obtained from Statistics Indonesia. The unit of analysis is the panel data from 20 provinces in the Western Region of Indonesia and 13 provinces in the Eastern Region of Indonesia (2010-2019). The method of analysis is the estimation method of the simultaneous equation. The research findings show that wages have contributed directly to labor absorption positively on the Western of Indonesia and negatively on the Eastern Region of Indonesia. Therefore, it is necessary to have differences in minimum wage policy treatment in both the Western Region of Indonesia and the Eastern Region of Indonesia.

Keywords: wages, investment, labor absorption, comparative analysis, the Western Region of Indonesia, The Eastern Region of Indonesia

Abstract: This study examined presence of fiscal dominance and effectiveness of monetary policy in Sub-Saharan Africa countries between 1995 to 2018. Thirty three Countries were selected for the study. Data for the study were sourced from world Bank online database, IMF online database and Central Banks of the selected countries. The study employed panel vector Error Correction as estimation technique. Results obtained from our various empirical estimations showed negative and insignificant response of monetary policy variables to fiscal policy variables. Based on this finding, the study therefore concludes that there is absence of fiscal policy dominance in the conduct of monetary policy in the selected Sub-Saharan Africa countries during the study period. The study recommends that for the attainment of macroeconomic policy stability, both monetary and fiscal policy are required to be used simultaneously..

Keywords: fiscal dominance, monetary policy VECM and Sub-Saharan Africa

Abstract: This paper investigates institutional factors affecting enterprise risk management (ERM) practice microfinance banks in Nigeria, as well as the impact of ERM on organizational sustainability. Survey research design was adopted for the study, and data was sourced through structured questionnaire from senior accounting/ finance staff of one hundred and seventy (170) microfinance banks based in Lagos State Nigeria. Result from the analysis of survey data obtained from 104 microfinance banks in Lagos, Nigeria, using structural equation modelling (SEM) and least square regression, suggests that Company's customers exert the greatest influence on ERM practice, followed by Company's shareholders. Other institutional factors such as Government regulations, Financial institutions.......

Keywords: enterprise risk management; microfinance banks; organizational sustainability; institutional factors; Nigerian Banks