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| Paper Type | : | Research Paper |
| Title | : | FDI inflows in Bangladesh: Identifying its major Determinants |
| Country | : | Bangladesh |
| Authors | : | DilrubaShaheena |
Abstract: This study has traced the major determinants of FDI inflow in Bangladesh through establishing both the short run and long run equilibrium relationship between FDI and four selected determinants using ARDL approach. It has been found that GDP per capita, which has been taken as proxy of market size, and infrastructure do not have any significant impact on accelerating FDI in Bangladesh. On the other hand, trade openness has positively influenced FDI and among the four selected determinants trade openness has played the most important role in attracting FDI in Bangladesh. Low wage rate is also another driving force in attracting FDI in this country. The coefficient of error correction term suggests that the disequilibrium occurring due to a shock is totally corrected in about 2 years at the rate of 59 per cent a year. Finally this study has derived some policy implications.
[1]. IMF, World Economic Outlook, International Monetary Fund, 2007.
[2]. J. P. Walsh and J.Yu, Determinants of Foreign Direct Investment: A sectoral and Institutional Approach, IMF Working Paper, WP/10/187, Asia Pacific Department, International Monetary Fund, 2010.
[3]. K. E.Meyer, FDI Spill overs in Emerging Markets :A Literature Review and New Perspective, Foreign Direct Investment in Emerging Markets, DRC Working Paper no. 15, Centre for New and Emerging Markets, 2003. [4]. E. Asiedu, On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, 30(1), 2002.
[5]. Sahoo P., Foreign Direct Investment in South Asia: Policy, Trend, Impact and Determinants, ADB Institute Discussion Paper, No. 56, 2006.
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| Paper Type | : | Research Paper |
| Title | : | Structural Changes in the Fisheries Sector of Kerala: An Overview |
| Country | : | India |
| Authors | : | Ancy V P || K V Raju |
Abstract: Transformation of production and consumption patterns of fisheries sector will impact the long term economic growth and contribute to the reduction in inequalities among the various fisheries clusters. There is Structural revolution in the fisheries sector due to changing consumption pattern, changing quality standards, technological development, emerging market forces and so on. This paper examines an overview of the structural changes in the fisheries sector of Kerala. A concerted approach is needed to promote private and public cooperation in establishing an efficient quality infrastructure for improving the seafood export.
Keywords: Structural Revolution, Commercialization of Fisheries Sector, Fishing Allied Activities, Modernized Processing Facilities and Marketing System.
[1]. Kumar Anjani, K Katiha Pradeep, and Joshi P K,A Profile of People, Technologies and Policies in Fisheries Sector in India National Centre for Agricultural Economics and Policy Research Proceedings Series 10, New Delhi, India, 2003.
[2]. State Planning Board of Kerala, , Economic Review, Government of Kerala, Thiruvananthapuram, 2013.
[3]. Sathiadhas, R and Raghu, R and Kanakkan, A and Harshan,N K , Marine fish production and export marketing trend in Kerala - an economic analysis. In: Marine Fisheries Research and Management Pillai V N and Menon, N G,(eds.) CMFRI; Kochi, Kochi, pp. 876-894. 2000.
[4]. CMFRI, Marine Fisheries Census Government of India, Kochi, 1980.2005, 2010.
[5]. Sathiadhas, R , Socio Economic Scenario of Marine Fisheries in Kerala - Status and Scope for Improvement. In: Sasthrapadham National Seminar organized to commemorate the Golden Jubilee of the formation of the State of Kerala (Kerala Piravi), Kochi, 2006.
[6]. Indian Council of Agricultural Research (ICAR), Handbook on Fisheries and Aquaculture Government of India New Delhi, 2013.
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| Paper Type | : | Research Paper |
| Title | : | A Study on Capital Structure Pattern of Small and Medium Enterprises (SMEs) |
| Country | : | India |
| Authors | : | Dr.N.Srinivas Kumar |
Abstract: The present empirical study focuses on the trends in financing pattern as well as composition of capital structure of SMEs Small and Medium Enterprises (SMEs). The financial performance was evaluated by accessing the long-term solvency of assets using various financial ratios. The secondary data collected for a period of four years from 2010-2013 was used in the study. The quantum and structure of total funds in selected SMEs was also analyzed. The results revealed that the long term funds had apportioned nearly two-third of total funds when compared to short term funds employed. Since the firms showed more dependence on equity financing the associated financial risks were comparatively low
[1]. Abor, J and Biekpe, N. (2007), "Small business reliance on bank financing in Ghana." Emerging Markets Finance and Trade, Vol.43, No: 4, pp. 93-102.
[2]. Annual report of MSME of India, (2010-11), Growth and performance of MSMEs and 4th Census of MSMEs. Development Commissioner (MSME), Government of India.
[3]. Babu and Jain, P. K. (1998). Empirical testing of pecking order hypothesis with reference to capital structure practices in India. Journal of Financial Management & Analysis, Vol. 11, No.2, pp. 63- 74.
[4]. Cassar, G. (2004). "The financing of business start-ups." Journal of Business Venturing, Vol.19, pp. 261-283.
[5]. Cassar, G. and Holmes, S. (2003). "Capital structure and financing of SMEs: Australian evidence." Accounting and Finance, Vol. 43, pp. 123-147..
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| Paper Type | : | Research Paper |
| Title | : | Ideology & Higher Education Policy - A Historical Perspective and the Way Forward |
| Country | : | India |
| Authors | : | Dr. Monalisa Bal |
Abstract:Ideologies have played a significant role in the evolution of knowledge and economic growth globally. From the free market dictum of Adam Smith to the Marxian ideology of dialectal materialism, the world after the Second World War has witnessed US hegemony through its emphasis on Total Factor Productivity (TFP), innovation and public private partnership. India's educational policy journey has predominantly focused on the access and equity consideration to the all round neglect in quality of education. The last decade is marked by increasing stridency for larger private sector role, freedom from regulatory control in a mosaic of Public Private Partnership (PPP). In recent times the ideological debates alternate between free markets vs. commanding role for the state in the education sector. With a new government in power, there is an upsurge in the Hindutwa ideology. The paper brings out the historical perspective of ideology and its impact on education both globally and in India and strongly advocates abdicating ideological fixation if India wishes to significantly ramp up its Human Development Index (HDI) and be the prime Asian power of 20th Century.
Keywords: HDI, PPP, TFP, Dialectal Materialism, Hegemony
[1]. Agarwal, P.(2007). Higher Education-I-From Kothari Commission to Pitroda Commission. Economic and Political Weekly Feb. 17, 2007 [2]. Altbach, G.P.(2009). The Giants Awake: Higher Education Systems in China and India. Economic & Political Weekly, June 6, 2009
[3]. Annual Report, Ministry of Human Resource Development, India, 2010-11 & 12-13
[4]. Bakshi, P.M. The Constitution of India. Universal Law Publishing Co. Pvt. Ltd. Delhi [5]. Debroy, B., Tellis, A.J. & Trevor, R. Getting India Back on Track- An Action Agenda for Reforms. Random House Publisher India Pvt. Ltd. Gurgaon, Haryana
[6]. Dreze, J. & Sen, (2013) A. An Uncertain Glory India and its Contradictions. Penguin Books India Pvt. Ltd, Panchsheel Park, New Delhi
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| Paper Type | : | Research Paper |
| Title | : | Stock Market Reactions Following Sukuk Announcement: An Analysis of Dow Jones Islamic Market Index (2004-2011) |
| Country | : | Malaysia |
| Authors | : | Syazwani Abd Rahim || Nursilah Ahmad |
Abstract: The aim of the paper is to examine whether different announcement of the sukuk issuance carry any new information to market for the period 2004-2011 in Malaysia. Data are collected from the Securities Commission Malaysia (SC) and Bloomberg databases. The study employs event study methodology using cumulative average abnormal return (CAAR) and the extended CAPM including data for the KLIBOR and government yield sukuk on symmetric and asymmetric events based on the reaction of the Dow Jones Islamic Market Index (DJIM) to the announcement of sukuk issuance. This study would be useful to issuers, investors and decision-makers in assessing the credit risk of sukuk issuance.
Keywords: Sukuk, CAAR, extended CAPM, Dow Jone Islamic Market Index, event study
[1]. MENA Sukuk Report (2009). Global Investment House. Global Research Sukuk, February 2009. "Sukuk Market – Down but Not Out".
[2]. Ardiansyah, M & Qoyum (2010). "Default Risk in Islamic Equity Return (case of Kuala Lumpur Stock Exchange)". Journal of Global Business and Economic Research, 2010.
[3]. AAOIFI (2008). Investment Islamic Bonds (Shari'ah Standard No. 18), Manama: Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI). Available at http://www.aaoifi.co
[4]. Securities Commission Malaysia (2011). Annual Report of Securities Commission Malaysia 2011.
[5]. Aziz, Z.A. (2007), "The challenge for a global Islamic capital market strategic developments in Malaysia". Keynote address Governor of the Central Bank of Malaysia, at the Islamic Bonds Summit 2007. London.
[6]. Jobst, A., Kunzel, P., Mills, P. & Sy, A. (2008). "Islamic Bond Issuance − What Sovereign Debt Managers Need to Know." IMF Working Paper PDP/08/3.
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| Paper Type | : | Research Paper |
| Title | : | Data Breaches and Identity Theft: Costs and Responses |
| Country | : | America |
| Authors | : | Rita O. Koyame-Marsh || John L. Marsh |
Abstract: Today's online world brings new challenges to organizations such as protecting people's information as transactions of various kinds with a variety of private vendors, government agencies, and even with one another are stored electronically in databases or on personal electronic devices. These databases and electronic devices are vulnerable to attacks by hackers who could gain access to millions of people's personal information and sell them to the highest bidder. In addition to hackers, personal information can be stolen by those with legitimate access to databases for work purposes. Medical network systems are among the top places where people's most intimate information can be found and stolen. People's personal information is usually stolen for identity theft goals where information required for identifying an individual such as name, birthdate, address, and Social Security Number(SSN) can be used fraudulently.
[1]. Acohido,B. ―Analysis: Why LivingSocial disclosed huge data theft,‖ USA Today, 2013. Retrieved from
[2]. http://www.usatoday.com/story/tech/2013/04/30/livingsocial-50-million-accounts-breached-cybersecurity-privacy-invasion/2124345/
[3]. Anderson, K.B., E. Durbin, and M.A. Salinger. ―Identity Theft,‖ Journal of EconomicPerspectives,22,2008, 171-192.
[4]. Anderson, K.B. ―Who Are the Victims of Identity Theft? The Effect of Demographics.‖ Journal of Public Policy & Marketing,25(2), 2006, 160-71.
[5]. Cardenas, H.―Jump drive Abuse in the Workplace.‖Houston Chronicle, 2013.Retrieved from http://work.chron.com/jumpdrive-abuse-workplace-20317.html.
[6]. Cheney, J. ―Identity Theft: Do Definitions Still Matter?‖ Federal Reserve Bank of Philadelphia Payment Cards CenterDiscussion Paper, 2005.
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| Paper Type | : | Research Paper |
| Title | : | Empirical Analysis of Stock Returns and Volatilityof the Zimbabwean Stock Markets |
| Country | : | Zimbabwe |
| Authors | : | Wellington Garikai Bonga |
Abstract:The class of generalized autoregressive conditional heteroscedastic (GARCH) models has proved particularly valuable in modelling time series with time varying volatility. These include financial data, which can be particularly heavy tailed.This paper investigates the time-series behavior of stock returns for Zimbabwe stock market. In most cases, higher average returns appear to be associated with a higher level of volatility. Testing the relationship between stock returns and unexpected volatility, the evidence shows that the Industrial Stock Market has significant results whilst the Mining Stock Market shows a different behaviour. A trend analysis of the nominal prices of stocks is done as well as trend analysis of the generated stock returns for both markets. Trend analysis enables the performance of the stock market to be noticed over time. Trend Analysis has favoured the Industrial Stock Market over the Mining Stock Market. The study concludes that there is need to develop the mining sector to attract investors as its growth is showing a downward trend.
Key Words: stock returns, volatility, Zimbabwe stock markets, asymmetric effect, garch model, archeffects.
[1]. Akgiray, V. (1989), "Conditional Heteroscedasticity in Time Series of Stock Returns: Evidence and Forecasts." Journalof Business 62, 55–80.
[2]. Baillie, R. T. and R. P. DeGennaro (1990), "Stock Returns and Volatility." Journal of Financial and Quantitative Analysis25, 203–215.
[3]. Bekaert, G. and C. R. Harvey (1997), "Emerging Equity Market Volatility." Journal of Financial Economics 43, 22–77.
[4]. Berndt, E. K., H. B. Hall, R. E. Hall and J. A. Hausman (1974), "Estimation and Inference in Nonlinear Structural Models."Annuals of Economic and Social Measurement 4, 653–666.
[5]. Bollerslev, T. (1986), "Generalized Autoregressive Conditional Heteroscedasticity." Journal of Econometrics 31,307–327.
[6]. Bollerslev, T., R. Y. Chou and K. F. Kroner (1992), "ARCH Modeling in Finance: A Review of the Theory and EmpiricalEvidence." Journal of Econometrics 52, 5–59.