The Effect Of Leverage In Asset Pricing An Empirical Study Of Indonesian Market

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The Effect of Leverage in Asset Pricing, an Empirical Study of Indonesian Market

Author : Sinta Aryani
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Effect of Leverage in Asset Pricing, an Empirical Study of Indonesian Market by : Sinta Aryani

Download or read book The Effect of Leverage in Asset Pricing, an Empirical Study of Indonesian Market written by Sinta Aryani and published by . This book was released on 2020 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Background - The based model of asset pricing, CAPM, only considers the surrounding factors of the asset. It omits the internal factors of the asset itself. Some scholars only consider the one factor which contributes to the asset pricing; it could be the Size or Earning Price Ratio or Leverage or other financial factors. Empirically, the asset pricing model combines the financial factors into the asset pricing and it has not considered the leverage as one of the financial factors all together.Purpose - The study adds the leverage into empirical model of asset pricing together with other financial factors i.e. Size, Book to Market, Operating Profit, and Investment. The excess return is considered as a proxy of asset pricing and its value will be assessed by all the factors proxied in the model.Design/Method/Approach - Data used in this study is monthly adjusted prices and other financial factors of all stock listed in the Indonesian Market from the period of 2006 to 2015. The examination of all financial factors proxied in this model empirically has been done by having the stationary test and statistical relationship among the excess return and the factors. It will be used the portfolio approach to examine the relationship among them since the surrounding factors are better represent the asset pricing.Findings - The finding suggests that all the financial factors involved in the empirical asset pricing have contributed to the empirical asset pricing and all the factors of asset pricing have different characteristic in influencing the excess return of the portfolios in general and in diversified approach.Research Limitations - The study has been done in Indonesian Market only and it used the financial report of each firms in the market as the main data resource. The study does not consider the financial institutions since they might have different composition of leverage compare to other firms, and they might bias the results of study.Originality/Value - This empirical study has been done in Indonesia and considers the leverage as additional factors of the asset pricing factors together with other asset pricing factors of asset pricing. The leverage as the single factor has been considered as important factors for asset pricing however how far the leverage contribute to asset pricing compares to other financial factors has not examined yet.

The Relationship of Financial Factors in Asset Pricing

Author : Sinta Aryani
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Relationship of Financial Factors in Asset Pricing by : Sinta Aryani

Download or read book The Relationship of Financial Factors in Asset Pricing written by Sinta Aryani and published by . This book was released on 2020 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose of the study: The study shows how the financial factor of Leverage affects the empirical model of asset pricing together with other financial factors, i.e. Size, Book to Market, Operating Profit, and Investment. The contribution of Leverage in asset pricing will be tested, and its effect will be shown in the excess return of the asset.Methodology: The methodology used in this paper is based on the Fama and French model of asset pricing with additional factors added in the model. Data processing follows the Fama-Mc Beth procedure. Data comes from the Indonesian Stock Market, which consists of more than 500 stocks for ten years period of observation.Main Findings: The financial factor of Leverage affects the empirical model of asset pricing together with, i.e. Size, Book to Market, Operating Profit, and Investment. All the financial factors in the model are stationary around their mean, or they are non-stationary due to unit-roots. All the independents' variables have P-Value less than 10%.Implications: This study will be useful for financial investors in building an effective portfolio stock investment. By applying this model to their portfolio investment, the investors could effectively manage their portfolio return. On the management side, managing their financing structure, e.g. Leverage is the objective of the firm to maximize returns of the firms.Novelty/Originality of this study: The empirical research with the involvement of the financial factor of Leverage has not been performed in Indonesia. The Leverage as the single factor of asset pricing has been considered as a significant financial factor for asset pricing, however, how the Leverage contributes to asset pricing compares to other financial factors has not examined yet.

The Influence of Uncertainties on Leverage and Investment Decisions of Non-financial Firms in Indonesia

Author : Muhammad Mizani Umaro Aldata
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Influence of Uncertainties on Leverage and Investment Decisions of Non-financial Firms in Indonesia by : Muhammad Mizani Umaro Aldata

Download or read book The Influence of Uncertainties on Leverage and Investment Decisions of Non-financial Firms in Indonesia written by Muhammad Mizani Umaro Aldata and published by . This book was released on 2020 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to analyse the effect of each uncertainty (firm-specific, market, capital asset pricing model (CAPM)-based, and economic policy uncertainty) on the leverage and investment decisions of non-financial companies in Indonesia. The variables used in this study are leverage, investment, firm-specific uncertainty, market uncertainty, CAPM-based uncertainty, economic policy uncertainty, sales growth, cash flow, Tobin's Q, and firm size. Researchers used panel data on 224 non-financial companies listed on the Indonesia Stock Exchange from 2009-2018 with variable related data for at least three consecutive years. This research uses the least-squares research method. The results indicate that the four variables used in this study have a significant influence, in groups of variables, on leverage and investment decisions in each non-financial sector, particularly the manufacturing sector, and will remain constant if the four uncertainties are combined in the same situation.

Empirical Tests for Market Timing Theory of Capital Structure on the Indonesian Stock Exchange

Author : Ignatius Roni Setyawan
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Empirical Tests for Market Timing Theory of Capital Structure on the Indonesian Stock Exchange by : Ignatius Roni Setyawan

Download or read book Empirical Tests for Market Timing Theory of Capital Structure on the Indonesian Stock Exchange written by Ignatius Roni Setyawan and published by . This book was released on 2016 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study has aim to examine the validity of Market Timing Theory (MTT) from Baker and Wurgler (2002) in the Indonesian context. The essence of MTT is when the market price overvalued, the firms will take debt financing and otherwise for undervalued condition. MTT is actually the development of Pecking Order Theory (POT) and Static Trade-Off Theory (STT). The motivations of this study are to test the dispute level of pro and cons empirical studies about MTT such as Alti (2003) and Wagner (2007) and to check the consistency result of empirical studies of MTT in Indonesian from Dahlan (2004), Kusumawati and Danny (2006), Susilawati (2008) and Saad (2010).In order to realize the objective, this study will reuse the empirical model OLS from Baker and Wurgler (2002) with adaptation in Indonesian context. The empirical model OLS from Baker and Wurgler (2002) has a specific uniqueness i.e. the negative relation between leverage and market to book ratio. That negative relation is controlled by several factors such as EAT, Total Asset and Fixed Asset. The other specific uniqueness is empirical models of MTT are generally applied for IPO-firms. The result of this study supports the hypothesis of MTT from Baker and Wurgler (2002) in Indonesian Stock Exchange (IDX) with the main finding i.e. market to book ratio has the negative impact to market leverage. While the relevant factor for supporting the hypothesis of MTT is EAT. The implication is when firm achieve the earnings growth due to increasing of EAT; the stock price will be overvalued as an impact from investor positive sentiment. This situation suggests the firm in IDX should conduct the debt financing.

Is More Always Better? An Empirical Investigation of the CAPM and the Fama-French Three-Factor Model in Indonesia

Author : Bambang Sutrisno
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Is More Always Better? An Empirical Investigation of the CAPM and the Fama-French Three-Factor Model in Indonesia by : Bambang Sutrisno

Download or read book Is More Always Better? An Empirical Investigation of the CAPM and the Fama-French Three-Factor Model in Indonesia written by Bambang Sutrisno and published by . This book was released on 2019 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the performance of the CAPM and the Fama-French three-factor model in Indonesia. This research employs time-series regression with monthly data from 2005 to 2015. The results reveal that the Fama-French three-factor model performs better than the CAPM in describing the excess return of stock portfolios in Indonesia. This result is robust to the equally-weighted method and the impact of the global financial crisis. Although the Fama-French three-factor model is superior to the CAPM, the results indicate that there are other factors to consider in determining asset pricing models that better capture stock return variations in the Indonesian stock market. This research implies that the investors should consider Fama-French factors when making their investment decisions. Furthermore, the investors should evaluate another factor impact the average returns.

Asset Pricing and Volatility Modeling

Author : Aldrin Herwany
Publisher :
ISBN 13 :
Total Pages : 590 pages
Book Rating : 4.:/5 (957 download)

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Book Synopsis Asset Pricing and Volatility Modeling by : Aldrin Herwany

Download or read book Asset Pricing and Volatility Modeling written by Aldrin Herwany and published by . This book was released on 2013 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: In determining the rate of return on stocks, many models have been introduced to obtain optimal returns and able to minimize risk. Equilibrium model such as the CAPM, APT and multifactor models have been used in calculating the level of risk and returns through portfolio formation. Since the development initiated by Markowitz who invented portfolio theory, the empirical results of many researchers have produced different points of view relating to stock return and risk relationship. This study aims to look at what factors can be used as a basis to determine returns and at the same time can minimize the risk. As in previous research studies using the CAPM, APT and multifactor models, this study focused on determining the combination of the most significant variables that determine portfolio stock returns in Indonesia. In addition to using the standard in obtaining beta estimates, this study also uses an estimate of volatility models. In obtaining the best model, the first variable that were selected passed through several test models of equilibrium, so that the best model only includes several valid variables. The research was divided into three different economic conditions; full period and two sub periods indicating financial crisis (1998's) and the global crisis (2008's). The results showed that the CAPM is not valid and that market capitalization variable more able to explain changes in the portfolio yield. The model of the APT shows that macroeconomic and market risk premium are significant in explaining changes in portfolio returns, except for the production index. Several fundamental factors of the multifactor models are also found to be significant variables including rating, and that liquidity factor is still an investment benchmark in Indonesia. It is proven that the volume and frequency of trades consistently significant in all test models. Apart from that, the variables showed significant ratings that investors in Indonesia are still passive, traditional and avoid risk. The simulation results of this study indicate that beta is estimated using a standard similar to that estimated using ARCH beta (volatility modeling), and that both methods showed the same conclusion. As such, it can be said to be consistent in terms of portfolio formation. Also, the magnitude and direction of the regression coefficients were tested using several models. In addition, when the establishment of a portfolio simulation was made, it was found that there is an effect of market capitalization. Small-cap portfolios have higher returns than large-cap, and Value at Risk (VaR) value is similar relatively between the two methods of portfolio formation.

Asset Pricing in Emerging Markets

Author : Shabir Ahmad Hakim
Publisher :
ISBN 13 :
Total Pages : 678 pages
Book Rating : 4.:/5 (957 download)

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Book Synopsis Asset Pricing in Emerging Markets by : Shabir Ahmad Hakim

Download or read book Asset Pricing in Emerging Markets written by Shabir Ahmad Hakim and published by . This book was released on 2015 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets are associated with developing economies and are structurally different from the developed markets. They offer higher expected returns as they are experiencing higher growth rates and potential for diversifying the risk in global portfolios as they are partially integrated with the developed markets. However, the structural differences coupled with partial integration limit the capability of the asset pricing models, originally designed for the developed markets, to capture risk and return dynamics of the assets in these markets and necessitate customization of the models to the local settings. Many asset pricing studies undertaken in this direction supplement the factors in developed market models with the factors that are unique to the emerging markets. However, the models have limited scope in explaining asset returns due to limited explanatory power of the factors included. This study proposes a multifactor asset pricing model with nine explanatory factors, which include returns on the local and global market portfolios, exchange rate, and returns on six mimicking portfolios that proxy for the common sources of risks associated with size, book to market value of equity, market liquidity, leverage, quality of earnings, and asset liquidity of firms. The last three factors in the model have not been tested in the emerging markets; among these, asset liquidity is introduced as an explanatory factor in asset pricing in this study. The model is tested in seven emerging markets, namely China, India, Indonesia, Malaysia, Thailand, South Africa, and Brazil using ten-year monthly data on non-financial firms over period of January 2004 to December 2013. Generalized method of moments (GMM) is applied for data analysis and model testing. The findings of the study reveal that the local market portfolio is the most dominant factor in all the markets. It subsumes the effects of the global market portfolio and the exchange rate in most of the markets. In addition, consistent cross-country behaviour of size related factor is observed in explaining returns on small and medium portfolios, and of book to market value of equity related factor in explaining returns on high book to market value portfolios. Other factors in the model exhibit different behaviours in different markets indicating presence of idiosyncrasies in the common sources of risks that drive returns in these markets. The newly introduced asset liquidity factor has strong impact on stock returns in four markets: India, Indonesia, Malaysia and South Africa. Furthermore, the new to emerging markets factors leverage and quality of earnings have noticeable influence on stock returns in two markets each; leverage in India and Malaysia, and quality of earnings in China and Brazil. The observed behaviour of the model in the markets studied mirrors the behaviour expected of asset pricing models in emerging markets, which are partially integrated with one another and are in different stages of economic lifecycle.

Empirical Tests for Market Timing Theory of Capital Structure

Author : Ignatius Roni Setyawan
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (131 download)

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Book Synopsis Empirical Tests for Market Timing Theory of Capital Structure by : Ignatius Roni Setyawan

Download or read book Empirical Tests for Market Timing Theory of Capital Structure written by Ignatius Roni Setyawan and published by . This book was released on 2013 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to examine the validity of Market Timing Theory (MTT) in the Indonesian context. The essence of MTT is when the market price of a company's stock is overvalued, the firms will take equity financing and debt financing for undervalued condition. The motivations of this study are to test the dispute level of pros and cons of empirical studies about MTT especially on the issue of persistency. The empirical model from MTT of previous researcher has a specific uniqueness i.e. the negative relation between leverage and market to book ratio. That negative relationship is controlled by several factors such as log total asset, earnings after taxes (EAT) and fixed asset. EAT and fixed asset are scaled by total asset. The other specific uniqueness is sample of IPO firms. With IPO firms, we can indicate the effect of overvalued or undervalued condition through market to book ratio (M/B). M/B will reflect the market respond regarding to equity issuing decision of the firm. The result of this study supports the hypothesis of MTT in Indonesia Stock Exchange (IDX) with the main finding i.e. market to book ratio has the negative impact to market leverage. While the relevant factor for supporting the hypothesis of MTT is EAT. It suggests that in the context of MTT, IPO firms will experience increasing profits so that the proportion of the use of debt will decrease.

Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)

Author : Ratih Hurriyati
Publisher : Springer Nature
ISBN 13 : 946463443X
Total Pages : 1331 pages
Book Rating : 4.4/5 (646 download)

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Book Synopsis Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023) by : Ratih Hurriyati

Download or read book Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023) written by Ratih Hurriyati and published by Springer Nature. This book was released on 2024 with total page 1331 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Leverage, Asset Pricing and Its Implications

Author : Yi Zhou
Publisher : ProQuest
ISBN 13 : 9781109058079
Total Pages : 201 pages
Book Rating : 4.0/5 (58 download)

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Book Synopsis Leverage, Asset Pricing and Its Implications by : Yi Zhou

Download or read book Leverage, Asset Pricing and Its Implications written by Yi Zhou and published by ProQuest. This book was released on 2000 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Study of Financial Leverage with Asset Pricing Tests

Author : Mary Elizabeth McLean
Publisher :
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.:/5 (845 download)

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Book Synopsis A Study of Financial Leverage with Asset Pricing Tests by : Mary Elizabeth McLean

Download or read book A Study of Financial Leverage with Asset Pricing Tests written by Mary Elizabeth McLean and published by . This book was released on 2001 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Liquidity and Asset Prices

Author : Yakov Amihud
Publisher : Now Publishers Inc
ISBN 13 : 1933019123
Total Pages : 109 pages
Book Rating : 4.9/5 (33 download)

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Book Synopsis Liquidity and Asset Prices by : Yakov Amihud

Download or read book Liquidity and Asset Prices written by Yakov Amihud and published by Now Publishers Inc. This book was released on 2006 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.

Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023)

Download Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023) PDF Online Free

Author : Imam Abrori
Publisher : Springer Nature
ISBN 13 : 9464633468
Total Pages : 248 pages
Book Rating : 4.4/5 (646 download)

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Book Synopsis Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023) by : Imam Abrori

Download or read book Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023) written by Imam Abrori and published by Springer Nature. This book was released on 2024-01-11 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book.Welcome to the 7th Indonesian Conference, focused on the theme of "SDGs Transformation through the Creative Economy: Encouraging Innovation and Sustainability." This edition aims to explore the intersection between the Sustainable Development Goals (SDGs) and the creative economy, emphasizing the importance of fostering innovation and sustainability.The conference provides a platform for academics, researchers, policymakers, industry professionals, and stakeholders to gather and exchange knowledge, ideas, and experiences regarding the transformative power of the creative economy in achieving the SDGs. By examining the dynamic relationship between creativity, innovation, and sustainable development, this edition aims to generate valuable insights and practical solutions to address the pressing global challenges we face today.Throughout this conference, participants will have the opportunity to delve into various topics related to the creative economy and its potential to contribute to the SDGs. We will explore how creative industries can drive economic growth, promote social inclusivity, preserve cultural heritage, and protect the environment. Moreover, we will investigate innovative approaches, best practices, and emerging trends that can enhance the creative economy's impact on sustainable development.By gathering experts and practitioners from diverse fields, we aim to foster interdisciplinary dialogue and collaboration, ultimately inspiring new ideas, strategies, and policies that can foster a more sustainable and inclusive future. Together, we can harness the power of the creative economy to propel transformative change, aligning our efforts with the global agenda of achieving the SDGs.We extend our heartfelt appreciation to all participants, sponsors, and organizers for their commitment to advancing the discourse on the creative economy and sustainable development. Let us embark on this journey of exploration, innovation, and collaboration, as we work towards a better and more sustainable future for all.

ICBAE 2022

Author : Bima Cinintya Pratama
Publisher : European Alliance for Innovation
ISBN 13 : 1631903640
Total Pages : 1100 pages
Book Rating : 4.6/5 (319 download)

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Book Synopsis ICBAE 2022 by : Bima Cinintya Pratama

Download or read book ICBAE 2022 written by Bima Cinintya Pratama and published by European Alliance for Innovation. This book was released on 2022-08-23 with total page 1100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 3rd International Conference of Business, Accounting, and Economics (ICBAE) 2022 continued the agenda to bring together researchers, academics, experts and professionals in examining selected themes by applying multidisciplinary approaches. This conference is the third intentional conference held by the Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto and it is a bi-annual agenda of this faculty. In 2022, this event will be held on 10-11 August at the Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto. The theme of the 3rd ICBAE UMP 2022 is “Innovation in Economic, Finance, Business, and Entrepreneurship for Sustainable Economic Development”. It is expected that this event may offer a contribution for both academics and practitioners to conduct research related to Business, Accounting, and Economics Related Studies. Each contributed paper was refereed before being accepted for publication. The double-blind peer review was used in the paper selection.

Handbook of Quantitative Finance and Risk Management

Author : Cheng-Few Lee
Publisher : Springer Science & Business Media
ISBN 13 : 0387771174
Total Pages : 1700 pages
Book Rating : 4.3/5 (877 download)

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Book Synopsis Handbook of Quantitative Finance and Risk Management by : Cheng-Few Lee

Download or read book Handbook of Quantitative Finance and Risk Management written by Cheng-Few Lee and published by Springer Science & Business Media. This book was released on 2010-06-14 with total page 1700 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative finance is a combination of economics, accounting, statistics, econometrics, mathematics, stochastic process, and computer science and technology. Increasingly, the tools of financial analysis are being applied to assess, monitor, and mitigate risk, especially in the context of globalization, market volatility, and economic crisis. This two-volume handbook, comprised of over 100 chapters, is the most comprehensive resource in the field to date, integrating the most current theory, methodology, policy, and practical applications. Showcasing contributions from an international array of experts, the Handbook of Quantitative Finance and Risk Management is unparalleled in the breadth and depth of its coverage. Volume 1 presents an overview of quantitative finance and risk management research, covering the essential theories, policies, and empirical methodologies used in the field. Chapters provide in-depth discussion of portfolio theory and investment analysis. Volume 2 covers options and option pricing theory and risk management. Volume 3 presents a wide variety of models and analytical tools. Throughout, the handbook offers illustrative case examples, worked equations, and extensive references; additional features include chapter abstracts, keywords, and author and subject indices. From "arbitrage" to "yield spreads," the Handbook of Quantitative Finance and Risk Management will serve as an essential resource for academics, educators, students, policymakers, and practitioners.

Proceedings of the International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022)

Author : Chih Wen-Hai
Publisher : Springer Nature
ISBN 13 : 9464631546
Total Pages : 471 pages
Book Rating : 4.4/5 (646 download)

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Book Synopsis Proceedings of the International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022) by : Chih Wen-Hai

Download or read book Proceedings of the International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022) written by Chih Wen-Hai and published by Springer Nature. This book was released on 2023-05-19 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book.Due to the impacts of the Coronavirus Disease (COVID-19) around the world, international conference will be held in Semarang, Central Java, Indonesia, on 9th November 2022. Will take place online via zoom. The BABE International Conference series is held at regular intervals to provide an interactive forum for presentation and discussion on the International Conference of Business, Accounting, Banking, and Economics Research. We welcome participants academicians and practitioners from all over the world who are interested in developing new knowledge and professional ties to enhance career opportunities. The BABE international conference should serve as an ideal forum to establish relationships among members around the world. We hope you will join us at the BABE international conference 2022 which will be held regularly every year.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.