scholarly journals Risk Return Performance of Bitcoin and Alternative Investment Assets in Mixed Asset Portfolios in the Years 2018 to 2020

2021 ◽  
Vol 129 ◽  
pp. 03006
Author(s):  
David Elferich
Keyword(s):  
Statistical Analysis ◽  
Financial Crisis ◽  
Value Added ◽  
Financial Industry ◽  
Paired Sample ◽  
Risk Return ◽  
Efficiency Theory ◽  
Asset Classes ◽  
The Impact ◽  
Institutional Finance

Research background: Since the financial crisis in 2008, numerous other cryptocurrencies have established themselves in the financial industry alongside Bitcoin. Although the validity of the user cases is still lacking, Bitcoin is already being used extensively in the institutional finance sector, among others. Here, the comparison of Bitcoin to other asset classes in mixed portfolio structures must be taken into account. According to the latter, far-reaching areas of investigation emerge by adding Bitcoin in the evaluation of risk-return ratios of mixed portfolio weightings. Purpose of the article: The objective of this paper is to examine, within the framework of Harry Markowitz’s efficiency theory, the impact of including Bitcoin as an investment asset for the risk-return ratios of mixed portfolio structures. Methods: The statistical analysis is based, among other things, on paired sample tests, where the return and volatility values are tested for significant differences in the selected test values. Findings & Value added: The statistical investigations show that the introduction of Bitcoin leads to advantageous return structures, but at the same time to significantly increased volatility values of the examined portfolio constellations. Setting a regional focus of the investment assets in the investigations led to a simplified evaluation basis and at the same time offers the scientific space for further investigations.

scholarly journals FINANCIAL CRISIS AND LOCAL BANKS: A REVIEW OF BANK-FIRM RELATIONSHIPS IN ITALY

2017 ◽  
Vol 14 (3) ◽  
pp. 249-258 ◽  
Author(s):  
Andrea Quintiliani
Keyword(s):  
Financial Crisis ◽  
Empirical Analysis ◽  
Research Question ◽  
Banking System ◽  
Relationship Lending ◽  
Critical Elements ◽  
Risk Return ◽  
The Impact ◽  
The Relationship ◽  
The Empirical Analysis

This paper focuses on bank-firm relationship in an economic deeply changing environment. The objectives of the paper are two-fold: to understand, compared to the overall banking system, if the lending activities and economic-financial performances of Italian local banks have changed after the outbreak of the financial crisis; and to understand what are the conditions that allow to develop a model of a local bank capable of supporting the development routes of SMEs, by an appropriate risk/return profile. In order to answer the first research question, the paper presented an empirical analysis, covering the period 2007-2011, of Italian Cooperative Credit Banks (a particular category of local banks) compared with the system of bank groups with operability spread over much of the Italian territory and not. The empirical comparative analysis has the aim to see the effects of the crisis on the relationship bank-firm through the reading of the impact on the dynamics of lending and on the profiles of structure, riskiness, profitability and efficiency of the banks under examination. In order to provide an answer to the second research question, the paper provides some insight of evolutionary nature reflection in the bank-firm relationship. In accordance with the doctrinal postulates of the relationship lending the empirical analysis shows how the financial then real crisis has not induced Cooperative Credit Banks to restrict credit to local firms. The survey evidences have however highlighted some critical elements that are reflected inevitably on the local bank’s risk-return profile. Based only on quantitative data of statement, the empirical analysis represents a limit in this kind of research. This paper is useful to stimulate the debate of experts as well as to focus on the studies of local banks in particular in the light of their anti-cyclic role. Even if abounding in subjects about local banks and relationship lending literature faces only marginally the effects of global crisis on business profiles of local banks.

What Has Not Changed

2019 ◽  
pp. 209-239
Author(s):  
Huw Macartney
Keyword(s):  
Financial Crisis ◽  
Business Models ◽  
Banking Sector ◽  
Value Added ◽  
Financial Sector ◽  
Quantitative Easing ◽  
The Real ◽  
Anglo American ◽  
The Impact

This chapter begins by explaining that financialization since the financial crisis has continued. The chapter then shows how the real culture of banking has not changed as a result. It examines the business models of the largest Anglo-American banks and the impact of Quantitative Easing to show the disconnect between the banks and their respective economies. It then examines rising household indebtedness, and the lending practices of the banks that exploit the heavily indebted. Finally it explores pay in the financial sector, showing that fixed and variable remuneration remain out of proportion to the value-added of the banking sector, and disproportionately high compared to pay in most other sectors. The conclusion we should draw is that bank culture has actually changed very little.

scholarly journals TRANSMISI DAMPAK MELALUI JARINGAN PERDAGANGAN: PENDEKATAN ASIAN-IO

2014 ◽  
Vol 16 (4) ◽  
pp. 339-372
Author(s):  
Ibrahim Ibrahim ◽  
Tri Winarno ◽  
Melva Viva Grace ◽  
Yan Fitri
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Value Added ◽  
Jel Classification ◽  
Input Output ◽  
Asian Countries ◽  
Production Chain ◽  
The Us ◽  
Similar Point ◽  
The Impact

Global financial crisis which began in the US in the latter part of 2008 hit a lot of countries in both trade and finance. In trade aspect, the crisis spread widely; in Indonesia, the total export value in 2009 dropped to 14,3%. Therefore, the economy of China, tightly linked with Asian countries including Indonesia, which rapidly rose before the crisis but slowed after it should be monitored as this condition, could indirectly hold down Indonesia’s GDP. Applying RAS method to update Asian IO data, this research has attempted to describe the trade structure of Asian countries in 2010. Also, it implemented a simulation of the impact of US and China’s GDP decline and US exports on Indonesia’s GDP, both at aggregate and sector levels. The result of the mapping shows that Indonesia is getting more dependent on China. Generally, the link between Indonesia’s exported products and global production chain is weak. Indonesia’s export commodities which are mostly of intermediate goods have low contribution towards value added. Moreover, the result of the simulation shows that 1% decrease in China’s GDP has greater impact on Indonesia’s GDP (0,14%) than that of the US (0,05%) and EU (0,07%) though with similar point.  Keyword: Trade Interactions, Input Output Model JEL Classification : F16, R15

scholarly journals Common Agriculture Police in the EU, direct payments, solvency and income

2020 ◽  
Vol 80 (4) ◽  
pp. 529-547 ◽  
Author(s):  
Emmanuel Mamatzakis ◽  
Christos Staikouras
Keyword(s):  
Financial Crisis ◽  
Value Added ◽  
Economic Recovery ◽  
Content Type ◽  
Recovery Plan ◽  
European Economic ◽  
Direct Payments ◽  
The Impact ◽  
Net Value Added ◽  
The Eu

PurposeCommon Agriculture Police in the EU, direct payments, solvency and incomeDesign/methodology/approachWe employ agriculture data for all twenty-eight EU Member States. The data comes from the public Farm Accountancy Data Network (FADN) of the EU. In terms of methodology we employ panel regression and panel Vector Autoregression analysis (panel VAR) to take into account possible endogeneity issues.FindingsThe reported panel regressions, impulse response functions (IRFs) and variance decompositions (VDCs) show that agriculture income has been subdued due to negative shocks in direct payments and solvency. Our results do not support the hypothesis that higher direct payments would increase agriculture income. In addition, whilst solvency subdues agriculture income, investment asserts a positive impact on agriculture income.Research limitations/implicationsFurther research on the impact of direct payments of CAP on EU agriculture is warranted at a disaggregate level so as to examine whether there is variability in the underlying interlinkages at regional levelPractical implicationsAs a policy implication, and in light of the ongoing reform of the EU's CAP, we would propose to raise net value added in agriculture using targeted income support to small and medium-sized farms. The European Economic Recovery Plan (EERP) would be also supportive. In addition, further enhancing financial integration across the EU would provide funds for investment in agriculture.Social implicationsAs social implication, one would propose to raise investment in agriculture, that is through the European Economic Recovery Plan (EERP). The EERP is designed as a stimulus package set up to mitigate the consequences of the global financial crisis in the EU. Also, a way to boost agriculture income is through the credit channel of the on-going quantitative easing of the ECB, where unconventional monetary policy is aiming to support the growth prospect of the Euro area.Originality/valueThis study examines the impact of direct payments, which include all subsidies, of the EU's Common Agriculture Policy (CAP) on agriculture income as measured by the net value added. We also control for solvency. Despite the magnitude of CAP on the EU budget, few studies investigate the impact of direct payments on income in the aftermath of the financial crisis. This is surprising given the importance of agriculture for the economic recovery of the EU that remains anaemic more than a decade after the crisis.

scholarly journals GOVERNMENT DEBT OF SELECTED EUROPEAN COUNTRIES

2019 ◽  
Vol 30 (6) ◽  
pp. 1569-1573
Author(s):  
Wioletta Świeboda
Keyword(s):  
Financial Crisis ◽  
Value Added ◽  
Government Debt ◽  
Sustainable Growth ◽  
European Countries ◽  
Specific Subset ◽  
General Government ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
The Impact

The purpose of this paper is to present the main data about general government debt. It is a challenge to analyze selected group of countries because they are very heterogeneous. For instance Belgium is a well-developed “old-EU” country while Spain is one of the southern European countries with specific issues like unemployment and a huge national debt. Poland, on the contrary, had a centrally planned economy, went through the transition to market economy and only subsequently became an EU member. The key point of this research is to explain how they evolved in the years after the crisis. This paper includes an analysis of the evolution of the public budget of each government.It was fundamental to implement urgent measures and policies, in order to recover the economy of these countries and return to sustainable growth after the 2008 Financial Crisis. A brief overview of these countries’ pensions systems is included, as it has a major share in their government spending and fiscal stability. It is one of the most concerning fiscal issues nowadays that is constantly being in question and probably modified in the short-term.As of 2008, the first symptoms of the international financial crisis began to manifestthemselves in the European countries. As a consequence, European countries like Spain orBelgium suffered a drop in their economic activity and an increase of the unemploymentrate. In the case of Poland, the impact of the crisis was not as dramatic as in other countries,however they also needed to react to the financial deficit.Between the period of 2010 and 2017, the countries needed to make several reformsespecially concerning the national Value Added Tax, and restructuring the provision ofcertain public services such as health funding, infrastructure, education and employment. General government debt-to-GDP ratio is the amount of a country's total gross government debt as a percentage of its GDP. It is an indicator of an economy's health and a key factor for the sustainability of government finance. "Debt" is commonly defined as a specific subset of liabilities identified according to the types of financial instruments included or excluded. The evolution of public debt and the government surplus/deficit among the years, helps to picture how was the country economy situation before the Financial Crisis and therefore helps to understand why the consequences are in some cases more extreme and dramatic than other.

scholarly journals The Regional Impact Transmission via International Trade: An ASIAN-IO Approach

2014 ◽  
Vol 16 (4) ◽  
pp. 315-346
Author(s):  
Ibrahim Ibrahim ◽  
Tri Winarno ◽  
Melva Viva ◽  
Yanfitri Yanfitri
Keyword(s):  
International Trade ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Value Added ◽  
Input Output ◽  
Asian Countries ◽  
Production Chain ◽  
The Us ◽  
Similar Point ◽  
The Impact

Global financial crisis which began in the US in the latter part of 2008 hit a lot of countries in both trade and finance. In trade aspect, the crisis spread widely; in Indonesia, the total export value in 2009 dropped to 14,3%. Therefore, the economy of China, tightly linked with Asian countries including Indonesia, which rapidly rose before the crisis but slowed after it should be monitored as this condition, could indirectly hold down Indonesia’s GDP. Applying RAS method to update Asian IO data, this research has attempted to describe the trade structure of Asian countries in 2010. Also, it implemented a simulation of the impact of US and China’s GDP decline and US exports on Indonesia’s GDP, both at aggregate and sector levels. The result of the mapping shows that Indonesia is getting more dependent on China. Generally, the link between Indonesia’s exported products and global production chain is weak. Indonesia’s export commodities which are mostly of intermediate goods have low contribution towards value added. Moreover, the result of the simulation shows that 1% decrease in China’s GDP has greater impact on Indonesia’s GDP (0,14%) than that of the US (0,05%) and EU (0,07%) though with similar point.  Keyword: Trade Interactions, Input Output ModelJEL Classification : F16, R15

scholarly journals Impacts of Financial Inclusion on Non-Performing Loans of Commercial Banks: Evidence from China

2018 ◽  
Vol 10 (9) ◽  
pp. 3084 ◽  
Author(s):  
Feng-Wen Chen ◽  
Yuan Feng ◽  
Wei Wang
Keyword(s):  
Financial Crisis ◽  
Credit Risk ◽  
Commercial Banks ◽  
Local Governments ◽  
Banking Sector ◽  
Negative Impact ◽  
Financial Inclusion ◽  
Financial Industry ◽  
Asset Quality ◽  
The Impact

Non-performing loans of commercial banks have long hampered the development of the banking sector, and directly reflect the credit risk and asset quality. With the continuous development of the financial industry, the introduction of financial inclusion has greatly eased the shortage of funds, and narrowed the gap between poor and rich. However, whether the promotion of financial inclusion in the financial industry could affect the non-performing loans of commercial banks has not been verified. Therefore, this paper discusses the possible associations between financial inclusion and non-performing loans of commercial banks on the regional level, constructs a panel data model by selecting the data of 31 provinces (including 4 municipalities) in China from 2005 to 2016, and uses the fixed effect model for empirical test. The empirical results (from an overall national sample) reveal a negative impact of the financial inclusion on non-performing loans. Moreover, the development of the banking sector and the regional consumption could enhance the impact of financial inclusion, while government intervention and unemployment could reduce the impact of financial inclusion. From the analysis of the regional sample, when the development of financial inclusion reaches a high level, the lagged financial inclusion promote the non-performing loans of commercial banks; however, when the financial inclusion is underdeveloped, the development of commercial banks act as a disincentive to non-performing loans. Therefore, the local governments should pay more attention to the influences of financial inclusion on the financial industry, in order to maintain the stability of banking asset quality. In addition, the negative impact of financial inclusion on non-performing loans of commercial banks is significant in China central region, while its impacts in China eastern and western regions are not significant. This indicates that the development of the financial industry and economy can hamper the effects of financial inclusion. It is necessary to adjust the financial resource allocation according to the characteristics of different regions in China, so that the financial inclusion can effectively promote the regional financial industry upgrade, improve regional capital flow efficiency, and fundamentally reduce the non-performing loans of commercial banks. According to the sample analysis by time, there is a significant negative impact relationship between inclusive finance and commercial banks’ non-performing loans after the financial crisis, while the impacts before and during the financial crisis are not significant. This demonstrates that the impact of the global financial crisis on China’s regional economy has further enhanced the inefficiency of the inclusive financial system on credit risk, which in turn, helps commercial banks better maintain asset quality stability.

scholarly journals The Impact of Economic Value Added Index on the Components of Companies Financing Structure - An Applied Study: أثر مؤشر القيمة الاقتصادية المضافة في مكونات هيكل تمويل الشركات - دراسة تطبيقية

2020 ◽  
Vol 4 (13) ◽  
Author(s):  
Omer Alsir Alhassan, Abdalgader Idrees Alhassan
Keyword(s):  
Statistical Analysis ◽  
Economic Value ◽  
Value Added ◽  
Financial Indicators ◽  
Economic Value Added ◽  
Financing Structure ◽  
Evaluation Of Performance ◽  
Applied Study ◽  
Communication Company ◽  
The Impact

The study aimed to explain the impact of economic value added indicator on components of companies’ financing structure in Sudanese Communication Company (Sudatel)2008-2017. By examining the statistical analysis of the study found that the Sudanese companies showed weak interest in the economic value indicator as modern for evaluation of performance since the most studies focused on the traditional indicators. They found also a statistical significant effect of the economic value added indicator on the evaluation of self-financing in Sudanese Communication Company (Sudatel) as well a statistical significant effect of the economic value added indicator on the evaluation of non-self financing in Sudanese Communication Company (Sudatel). The study recommended that more attention should be paid to the economic value added indicator beside the traditional indicators at the evaluation of companies’ performance, and comparison should be made between the modern financial indicators and traditional financial indicators at judging companies’ financial performance.

scholarly journals Towards a digitalize economy: The Impact of Training on the Performance of Public Sector IT firms in Africa

2021 ◽  
Vol 129 ◽  
pp. 06004
Author(s):  
Frank Febiri ◽  
Miloslav Hub
Keyword(s):  
Public Sector ◽  
Organizational Performance ◽  
Staff Training ◽  
Value Added ◽  
T Test ◽  
Firm Productivity ◽  
African Countries ◽  
Paired Sample ◽  
Significant Difference ◽  
The Impact

Research background: The widespread adoption of technological advances, such as ICT-enabled infrastructure is becoming the new norm for most African countries. The quest to achieve a digitalized Africa has fuelled public sector IT firms to embark on staff training to enhance their productivity. Purpose of the article: The present study seeks to examine the influence of such training on public sector IT performance. Methods: The study uses 70 employees from the public sector IT firm, sampled from LinkedIn professional platform. Primary source of data; mainly the questionnaire was used to gather responses. Statistical Package for Social Sciences (SPSS) was used to analyse the gathered data. Using the correlation coefficient, regression, independent and paired sample test, hypotheses were tested. Findings & Value added: The paired sample t test revealed that after training, there was a significant difference in the scores of the IT firm productivity PRO1 (M = 19.97, SD = 1.88) and PRO2 (M = 21.77, SD = 1.94), t (-5.00) = 69, p < 0.05. There is no significant difference in the scores of male staff (M = 21.80, SD = 1.93) from those of the female staff (M = 21.70, SD = 1.98), t (1.95) = 68, p = 0.846 as indicated by the independent sample t test. The relationship between training organizational performance is positive (r= 0.52, n= 70, p < 0.05) while the regression technique shows a positive effect (b= 0.19, p < 5%) between staff training and IT firm productivity.

scholarly journals Assessment of cryptocurrencies as an asset class by their characteristics

2018 ◽  
Vol 15 (3) ◽  
pp. 169-181 ◽  
Author(s):  
Thomas Ankenbrand ◽  
Denis Bieri
Keyword(s):  
Foreign Exchange ◽  
Cost Effective ◽  
Financial Industry ◽  
Risk And Return ◽  
Risk Return ◽  
The Past ◽  
Asset Class ◽  
Asset Classes ◽  
Financial Characteristics ◽  
Individual Asset

The cryptocurrency market has witnessed significant growth in the past few months. The emergence of hundreds of new digital currencies and the huge increase in the prices of their leading representatives have attracted a lot of attention from investors. However, the financial characteristics of the cryptocurrency markets have not been systematically evaluated yet. As a consequence, there is currently no consensus on whether cryptocurrencies constitute an individual asset class or if they share substantial similarities to stocks, bonds, commodities or foreign exchange. Based on Markowitz et al. (2017) this paper aims to fill this lack of research by evaluating the cryptocurrency market based on seven requirements of an individual asset class. The authors find that the cryptocurrency market distinguishes itself remarkably from established asset classes in terms of risk and return. Additionally, the low correlation between the cryptocurrency markets and these established asset classes induces a diversification potential for investors, leading to more favorable risk/return profiles of their portfolios. But also the emergence of investment services and products provided by the financial industry and the increasingly cost-effective access to cryptocurrencies corroborate the conclusion that cryptocurrencies can be seen as an individual asset class.

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