bluuebunny/crossref_metadata_2025 huggingface dataset:
O processamento de múltiplas dependências não adjacentes em orações relativas no PB
Authors: Henrique Kessia Da silva , Name Maria Cristina Lobo
Published: August 2020

Neste artigo, investigamos o processamento de dependências não adjacentes (DNAs) e suas diferentes configurações no português brasileiro (PB), por falantes adultos. DNAs são definidas como a co ocorrência de marcadores morfossintáticos e/ou fonológicos, com material interveniente, como em A menin-a, em que se observa a dependência entre o determinante e a marca de gênero feminino -a no nome, tendo o material interveniente menin- entre os itens dependentes. No PB, do ponto de vista estrutural, há ocorrências de DNAs do tipo aninhadas (A1 A2 B2 B1), em que os elementos codependentes A2 B2 “se aninham” entre A1 B1, como em OA1 carroA1 que osA2 mecânicosA2 consertaramB2 bateuB1;  e DNAs do tipo alinhadas (A1 A2 B1 B2), em que os elementos dependentes estão em sequência imediata, como em OA1 mecânicoA1 consertouA2 osB1 carrosB1 que bateramB2. Resultados de dois experimentos com a tarefa de labirinto (maze task) revelaram tempo de leitura maior na condição aninhada, sugerindo que dependências nessa configuração causam maior demanda no processamento linguístico. As DNAs foram bastante exploradas no âmbito da aquisição da linguagem, mas pouco se sabe a respeito da habilidade de processamento dessas estruturas em adultos. O estudo em questão lança luz a respeito da discussão do processamento de múltiplas DNAs por adultos no PB e sobre os fatores envolvidos no processamento de múltiplas dependências.
The new neurocognitive science of language: innovative experimental design for studying syntactic and semantic processing in communicative settings, an interview with Katrien Segaerts
Authors: Calindro Ana Regina , Soto Marije
Published: August 2020

Katrien Segaert is the head of the Neuroscience of Language lab at the School of Psychology at the University of Birmingham (UK), where she is also affiliated with the Centre for Human Brain Health. Her research deals with the major question of how syntax and semantic processing are instantiated in the brain within the context of communicative settings, and how the neurobiological circuitry for sentence processing changes throughout our lives.  Her lab does experimental studies with a variety of techniques, ranging from EEG and fMRI to classical psycholinguistic methodologies. Her work has been really innovative in the ways she has managed to bring communicative context to experimental paradigms: participants engaged with avatars, or interacted with interlocutors while lying in the  MRI scanner. Another series of her studies that have attracted some media attention are those involving aging adults: results have shown surprising correlations between language processing and fitness. She has agreed to talk to us about working with novel experimental methodologies in a highly interdisciplinary field.----------------------------------------------------------------------------------A NOVA CIÊNCIA NEUROCOGNITIVA DA LINGUAGEM: PARADIGMAS EXPERIMENTAIS INOVADORES PARA ESTUDAR O PROCESSAMENTO SINTÁTICO E SEMÂNTICO EM CONTEXTOS COMUNICATIVOS, UMA ENTREVISTA COM KATRIEN SEGAERTSKatrien Segaert é a coordenadora do laboratório de Neurociências da Linguagem da Escola de Psicologia da Universidade de Birmingham (Reino Unido) e afiliada ao Centro de Saúde do Cérebro Humano. Sua pesquisa investiga como a sintaxe e o processamento semântico são instanciados no cérebro dentro de contextos comunicativos, e como o circuito neurobiológico para o processamento de sentenças muda ao longo da vida. O seu laboratório faz estudos experimentais com uma pluralidade de técnicas, variando de eletroencefalografia  (EEG) e imagem de ressonância magnética funcional (fMRI) a metodologias psicolinguísticas clássicas. O trabalho da pesquisadora tem se mostrado realmente inovador nas maneiras pelas quais conseguiu associar o contexto comunicativo aos paradigmas experimentais: participantes envolvidos com avatares ou interagindo com interlocutores enquanto estavam no scannerde MRI. Seus estudos que envolvem adultos em envelhecimento têm atraído atenção da mídia, pois os resultados mostraram correlações surpreendentes entre o processamento da linguagem e a boa forma física. Katrien concordou em conversar conosco seu trabalho com novas metodologias experimentais em um campo altamente interdisciplinar.---Original em inglês.
Transformational Leadership and Organizational Performance in Western & Non-Western Context: Systematic Review of 2019
Authors: Sadaf Razzaq  , Abdul Sami  , Sib-tul-Manum  , Muhammad Hammad
Published: August 2020

The paper is a systematic review of 15 research articles published on the transformational leadership practice impact on organizational performance in westerns and non-western context in year 2019. To navigate the future direction and vision to people for accomplishment of their goals there is always a need of leadership. This review study aims to determine that how the leaders can guide their followers effectively and enhance the performance of organization. In environmental diversity, where people contributed different capabilities and interests the control is an integrate part to manage them, the transformational leadership to which we are concerned with is very important and best suited in in such environment as it completely involves the employee involvement. The factors that are influencing the organizational performance include satisfaction, motivation, organizational commitment along with involvement collectively linked with transformational leadership. The importance of transformational leadership shows by the dynamics associated with the leaders having this leadership style who shared the vision for the future and increase the awareness of employees and acceptance of shared purpose and mission. They always inspire the subordinates for acceptance of a share purpose and mission, and inspire them to go beyond self-interest for the good terms of the team work. Transformational leadership style is important for organizational performance directly or indirectly linked with the employee performance. If the leaders in the organization having transformational leadership style, always try to update and positively enhance the employee’s competency. Review of research paper reveal that transformational leadership have significant positive impact on overall organization performance.
Development and Validation of Tool for Assessment of Prospective Teachers Professional Dispositions of Instructional Planning and Strategies (DIPS).
Authors: Lodhi Huma , Siddiqui Ghazal Khalid
Published: August 2020

The present study aimed to develop and validate an instrument by employing quantitative measures for the assessment of prospective teachers professional Dispositions of Instructional Planning and Strategies (DIPS) in line with National Professional Standard for Teachers in Pakistan (NPST) developed by Ministry of Education (MoE) as policy guideline in the context of Pakistan. The instrument was employed to 424 prospective teachers in the Institute of Education and Research University of Punjab using stratified sampling with the representation of prospective teachers form all programs, semesters, and gender. Five dimensions of DIPS Scale namely, Critical Thinking and Multiple-ways of Problem Solving, Team Work and Cooperative Learning, Collaboration and Cooperation, Enabling Students for Independent Learning, Attainment of Curriculum Goals were identified. The Cronbach Alpha reliability of the instrument was found 0.8. The finding provides preliminary evidence of a valid and reliable tool for the pre-service teachers in Pakistan.
Method of choice of architecture of a multi-agent control system of an autonomous underwater vehicle
Authors: Martynova Lubov’ , Kiselev Nikolay , Myslivyi Aleksandr
Published: August 2020

Introduction: The continuous improvement of autonomous underwater vehicles, the complexity of their systems and the use of a hybrid energy supply system have led to the need of developing a control system using multi-agent technology. To date, a large number of styles of multi-agent architectures have been formed, mainly in the field of organizing the manufacture and developing software. It is important to choose the most suitable architecture style for a multi-agent control system of an autonomous underwater vehicle with a hybrid energy supply system, taking into account its features. Purpose: The development of a method for choosing the most suitable style of a multi-agent architecture among a variety of alternative options. Method: The developed method is based on comparative assessment of various architecture styles according to non-functional requirements. For this purpose, a target graph is specially developed, taking into account the features of the device to be designed. In addition, when generating the final result, the label distribution algorithm was used as the most suitable one for this problem. Results: The proposed method of choosing the architecture style includes the following components: developing indicators by which it is advisable to compare the alternative options; forming various styles of architectures most suitable for the device under construction; analyzing the positive and negative effects of the architecture style according to non-functional requirements; formalizing these influences in the form of qualitative or quantitative labels; obtaining the final grade by applying the label distribution algorithm. Practical relevance: The proposed method allows you to select the most appropriate architecture for a multi-agent control system of an autonomous underwater vehicle. The method can also be used for a wider range of ground-based and air-based robotic systems.
MENINGKATKAN KETERAMPILAN MEMBACA BAHASA ARAB MELALUI MODEL QUANTUM TEACHING DI MAN 3 PADANG PANJANG
Authors: Susanti Yuli
Published: August 2020

This study aims to describe the second semester of first grade students’ achievement in learning reading of Arabic language at MAN 3 Padang Panjang by using quantum teaching model. This is a classroom action research using Kemmis and Burns model. The result shows that implementing quantum teaching in Arabic learning can improve students’ ability in reading. The improvement is proved by reading scores obtained by students in every cycle. The mean score at cycle I is 69.96, at cycle II is 74.42, and at cycle III is 83.91. It means that there is an improvement of students’ motivation at every cycle. The percentage of students’ motivation at cycle I is 63.75%, at cycle II is 77%, and at cycle III is 84.9%. The implementation of quantum teaching model has increased which can be seen by the improvement of students’ achievement in every cycle.
الاتجاهات الحديثة لتعليم اللغة العربية في العصر الرقمي 4.0
Authors: Wijaya Jaka Imam Mahesa
Published: August 2020

This article discusses about the use of technology as an Arabic teaching trend in 4.0 era. Students can use various online programs by using netbook or smartphone everywhere and anytime easily. The trend means that teaching and learning Arabic can be done anytime they want and wherever they go because what they need is just network and online connection.
تأثير الطريقة المزدوجة على مهارة القراءة فى معهد الاستقامة المتكاملة الإسلامية بسيماوانج أومبيلين
Authors: Rudiamon Septika , Hanif Akhyar , Amelia Amelia
Published: August 2020

المشكلة الأساسية لهذا البحث هي هل يوجد تأثير الطريقة المزدوجة على مهارة القراءة عند التلاميذ في معهد الاستقامة المتكاملة الإسلامية بسيماوانج أومبيلين. وغرضه لمعرفة تأثير الطريقة المزدوجة على مهارة القراءة عند التلاميذ في هذا المعهد. قام الكاتب بمنهج تجريبي بتصميم كوّاسي التجريبي (quasi exsperimental design)، بنوع تصميم مجموعة الضابطة بغير المتوسط (non equivalent control group design). فهما نوع يضع بغير (R) Rondom ثم بعد ما وجد الكاتب البيانات فحلّلها تحليلا إحصائيا باستعمال الرمز t test. أما النتيجة التي وجدها الكاتب فهي نتيجة to = ٩٦،٦ ونتيجة tt في الدرجة ۱%=٨٢،٢. واتضح أن نتيجة to أكبر من نتيجة tt. ولأنّ نتيجة to أكبر من نتيجة tt فالفرضة العدمية مردودة والفرضة التبادلية مقبولة. فالخلاصة أن الطريقة المزدوجة تؤثر على مهارة القراءة عند التلاميذ تأثيرا إيجابيا في هذا المعهد.
ANALISIS METODE CARD SORT DALAM PEMBELAJARAN MUFRADAT BERBASIS PENDEKATAN KOGNITIF
Authors: Tamsil Irvan Maulana
Published: August 2020

The purpose of this study is to analyze the using of card sort method in learning Arabic vocabulary based on cognitive approach. In this study, the researcher used was library research. The finding of this study indicated that in the learning Arabic vocabulary based on cognitive learning, teacher provided an opportunity for students to think, understand, and explore because this approach is proses-based, not product-based. Someone’s behaviour is decided by his understanding about situation related to the learning objectives. The learning process supports students to be more active (student-centered). In this case, the teacher as a facilitator used a card sort method in learning process, thus, the students are more enthusiastic and do not feel bored in learning Arabic vocabulary.
تأثير استراتيجية توجيه التفكير خلال القراءة في تنمية الفهم القرائي لدى طلاب المدرسة العالية الإسلامية الحكومية ١ بادنج بانجنج
Authors: Bungsu Linori Putri , Aisyah Devy , Amelia Amelia
Published: August 2020

This research aims to analyze the influence of Directed Reading Thinking Activity (DRTA) strategy on reading comprehension of Arabic language at MAN I Padang Panjang. The researcher used experimental research. The design was post-test only  control group  of true-experimental design. Technique of data collection is reading test and then analyzed by using t-test. After DRTA strategy was implemented in experimental group, while control group was taught using conventional method, it was obtained that the mean score of the experimental group was 90.92 and the mean score of control class was 70.36. Then, by using t-test, it was found that tcalculated is higher than ttable, 10,82>2,682. It means that Ho is rejected and Ha is accepted. It can be concluded that DRTA strategy influences students’ reading comprehension in Arabic language.
Factores psicológicos y personales en la reforma educativa
Authors: Arroyo Simón Millán
Published: August 2020

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Highly efficient sers performance from the silver nanoparticles/graphene nanoribbons/ cellulose paper
Authors: Doanh Tieu Tu , Duong Thai , Danh Nguyen Cong , Trang Ton Nu Quynh , Thanh Ngo Vo Ke , Thu Vu Thi Hanh , Cattien Nguyen Van
Published: August 2020

Introduction: Metal/graphene heterojunction structure has been one of the most crucial tools in the growth of high-performance Surface-enhanced Raman spectroscopy (SERS) platform, which is appropriate for sensing applications. In this research, we developed a SERS platform, graphene nanoribbons (GNRs) decorated silver nanoparticles (AgNPs) on cellulose paper substrate, in which GNRs was synthesized by wet chemical based on unzipping process of Multi-walled carbon nanotubes (MWCNTs), then GNRs hybridized with AgNPs through magnetron sputtering method.

Methods: The morphology of graphene nanoribbons coated-Ag (AgNPs@GNRs) was analyzed by field emission scanning electronic microscopy (FESEM) and transmission electron microscopy (TEM). The quality and thermal stability of GNRs were characterized using thermogravimetric analysis. Besides, its structure and quality were also characterized by Raman spectroscope.

Results: The results show that the unzipping process of MWCNTs to form GNRs was strongly affected by dispersing time and stirring temperature. The suitable condition creating the Graphene Nanoribbons using MWCNTs was the dispersing time of 10 mins in an acid environment, stirring in 30 mins at room temperature and in 45 min at 100°C. Moreover, SERS platform of AgNPs@GNRs exhibit the outstanding SERS signal enhancement with rhodamine 6G (R6G) low concentration of 10-5 M compared with pristine graphene and silver thin film. This could be attributed to the synergistic effect between AgNPs, GNRs and analyze molecules based on the enhancement of electromagnetic mechanism (EM) and chemical mechanism (CM), which plays a vital role in promoting the improvement SERS behavior.

Conclusion: Ag NPs assembled onto graphene nanoribbons/ cellulose paper substrate could also serve as SERS active substrates for practical applications in various fields at trace levels.
TACHYCARDIA, DIABETES, AND ILLNESS PSYCHOLOGY INTERPLAY AT THE EDGE: A CASE REPORT.
Authors: Barrouq Deena Mohammed , Irshaidat Tareq
Published: August 2020

We present here a case of a 54 years old woman diagnosed previously by persistent tachycardia and type-II diabetes mellitus. She was brought to our clinic suffering a critical hypoglycemia. Intensive care and a personalized study of the case parameters and subsequently a management of her case were provided successfully and uncommon biochemical interactions were observed. A systematic analysis revealed that psychology-induced low calorie intake and an uncommon severe metformin-propranolol synergistic interaction were the reasons.
Produção e avaliação de comprimidos contendo elevado teor de extratos secos de Maytenus ilicifolia
Authors: Soares Luiz Alberto Lira , Assunção Ferreira Magda Rhayanne
Published: August 2020

O objetivo deste trabalho foi avaliar a influência dos excipientes sobre as propriedades de comprimidos contendo altas doses de grânulos do produto seco por aspersão das folhas de Maytenus ilicifolia. Para tanto, excipientes de diferentes categorias foram estudados, entre os quais: materiais de enchimento/aglutinante (celulose microcristalina; celulose microcristalina e α-lactose mono-hidratada co-processadas; α-lactose monohidratada co-processada com polivinilpirrolidona e com polivinilpirrolidona reticulada; ou, fosfato de cálcio); e, superdesintegrantes (glicolato de amido sódio, carboximetilcelulose sódica ou polivinilpirrolidona); e, lubrificantes/deslizantes (dióxido de silício coloidal e estearato de magnésio). A resistência ao esmagamento e os tempos de desintegração dos comprimidos foram avaliados preliminarmente, e os resultados mostraram que a formulação contendo celulose microcristalina e glicolato de celulose sódica produziu comprimidos com resistência ao esmagamento e o tempo de desintegração, adequados. Os comprimidos finais, preparados com excipientes selecionados, apresentaram força de esmagamento de 88,0 ± 5,2 N, ausência de friabilidade ou variação de peso, tempo máximo de desintegração de 13,2 minutos e dissolução total em até 25 minutos. O teor de taninos totais, avaliado pelo ensaio espectrofotométrico, mostrou que os constituintes químicos foram estáveis durante as transformações tecnológicas das soluções extrativas.
Tecnologia, trabalho e modernização: uma análise da estiva no Ceará após a reestruturação produtiva
Authors: Moura Tuany Maria Sousa
Published: August 2020

O objetivo deste trabalho é discutir as transformações objetivas ocorridas a uma categoria específica de trabalhadores portuários, no caso, os estivadores do Porto de Fortaleza, em função da implantação da Lei 8630/96 que deu início a um projeto de reestruturação produtiva nos portos de todo o Brasil. Como referencial teórico, foi utilizado autores da sociologia do trabalho, que destacam as transformações contemporâneas causadas pela difusão do modelo toyotista de produção nos países de terceiro mundo e a analítica do poder em Foucault para observar as estratégias dispensadas pelos trabalhadores frente às mudanças. Metodologicamente foram realizadas entrevistas com oito estivadores, dois gestores e observações diretas do trabalho desses profissionais in loco. Dentre as repercussões da lei observadas, destaca-se a redução da autonomia por parte dos estivadores tanto no modo de fazer seu trabalho, quanto no seu poder de negociação e articulação.
Strategi Pemasaran Museum Buleleng Dalam Upaya Meningkatkan Jumlah Kunjungan Wisatawan
Authors: Nugraha I Gede Putra , Agustina Made Dian Putri
Published: August 2020

This study aims to describe the decrease factor of tourist visits to the Museum Buleleng, marketing strategies used to increase the number of tourist visits to the Museum Buleleng. This study used a SWOT analysis to identify strengths, weaknesses, opportunities, and threats in Buleleng Museum, and discussed using qualitative descriptive analysis. This research subject is the manager of the Buleleng Museum. Then the object of this study is data on the number of tourists. Data on the number of tourist arrivals was obtained through interviews with related parties. Data were analyzed descriptively. These results indicate that factors causing the decline in the number of tourist visits to the Museum Buleleng namely internal factors and external factors do not Buleleng Museum marketing strategy, which is due to funding constraints. Results of the analysis of the data showed that important to know the potential, weaknesses that should be corrected, an opportunity that must be exploited to the maximum, and a threat to be faced so that it can be known from the marketing strategy to be followed.
Corporate Leverage and Growth: A General Equilibrium Analysis
Authors: Ghosh Dilip K.
Published: August 2020

Within the framework of general equilibrium in which there are two corporations generating net earnings by efficient utilization of debt and equity capital it is demonstrated that optimum capital structure indeed exists for each firm and for the economy in competitive capital market. Since the result is strikingly different from the celebrated proposition on capital structure, an attempt is made to compare this analytical model with the classic paradigm of Modigliani and Miller. The effects of resource allocation are also examined and the existing thoughts on leverage are brought out in this work that subsumes growth and capital accumulation.
Exchange Listing Changes: Volatility and Liquidity Effects in Taiwan
Authors: P. Blenman Lloyd , Chen Dar-Hsin , Duan Chang-Wen
Published: August 2020

We examine the volatility, liquidity and returns effects on stocks that switch exchange listings from the ROSE to the TSE in Taiwan from 1992 to 2000. Switching firms earn statistically positive returns before the transfer day and earn statistically negative returns after that day. We find evidence of improved liquidity, ownership dispersion and actual trading volume for such firms. The relative volatility of trading volume, compared against the firms’ own histories, and volatility of returns also increase after a listing change. We show that increased trading volume and liquidity are associated with the abnormal returns around the transfer date. We find no evidence that the past earnings of firms significantly affect the abnormal returns realized in the post-listing period.
Predicting Implied Volatility in the Commodity Futures Options Markets
Authors: Ferris Stephen , Guo Weiyu , Su Tie
Published: August 2020

Both academics and practitioners have a substantial interest in understanding interest in understanding patterns in implied volatility that are recoverable from commodity futures option. Such knowledge enhances their ability to accurately forecast volatility embedded in these high risk option. This paper examines option-implied volatility contained in the heavily traded September corn futures option contracts for ten-year period, 1991-2000. We also test whether a “weekend effect” exists in the market for this contacts. We evaluate the performance of various measures widely employed in the literature to estimate historical volatility. We further report the nature of profit from a short straddle strategy which seek to exploit differences between option-implied and historical volatility.
Cross Hedging Jet Fuel on the Singapore Spot Market
Authors: Clark Ephraim , Tan Mark , Tunru Radu
Published: August 2020

In this paper we test for the most effective cross hedging instrument for the Singapore spot market in jet fuel over the period February 4, 1997 to August 21, 2001. Our results are mixed. We find that the heating oil contract is the best in-sample cross-hedging instrument. It has the highest correlation with the spot price and gives the best regression results. However, after correcting for serial correlation, the goodness of fit measured by R2 is rather low. Out of sample results are weak for all models and ambiguous with respect to the heating oil contract.
Market Efficiency and Integration: An Examination of Indian Stock Market
Authors: Bhatnagar Chandra Shekhar
Published: August 2020

This paper examines the efficiency and integration of the Indian stock market. The weak form of efficiency has been tested by studying the stationarity characteristics of theMSCI Stock Price Index of India. For testing the semi-strong form of efficiency and integration of the Indian Stock Market with the macro phenomenon of emerging stock markets of the world, the causality between the MSCI Stock Price Index of India and the MSCI EMF Index has been studied. The results point out that the Indian Stock Market is efficient in its weak sense. However, the same is not true for the semi-strong form of market efficiency. Therefore, the utility of a forecasting model having the macro phenomenon (MSCI EMF Index in the present case) as a forecasting variable cannot be ruled out.
Recent Trends in Global FDI Flows: Implications for the 21st Century
Authors: Ndu Chiaku Chukwuogor
Published: August 2020

This paper examines recent global trends of foreign direct investment (FDI) flows and the benefits derivable by the recipient countries. Some of The developed countries of the West, Japan and China are the greatest recipients of FDI flows. There has been dramatic increase in FDI flows to developing countries in Asia, Latin America and the transition countries in Europe. In general developing countries are still unable to attract significant FDI. Africa’s share of the FDI flows though slightly on the increase has been abysmally low. The identifiable reasons for this trend were highlighted. To achieve a more balance flow of FDI in the 21st century, a concerted effort should be made by international organizations, leading world government, multinational enterprises and governments of developing economies, through dialogue and negotiations to encourage multinational enterprises to diversify their investments across developing economies otherwise marginalized by globalization and liberalization.
Insider Trading Around ESOP Announcements: Wealth Effect vs. Control Effect
Authors: Iqbal Zahid , Pettengill Glenn N. , Shetty Shekar
Published: August 2020

Following the enactment of ERISA (Employee Retirement Income Security Act) in 1974, employee stock ownership plans (ESOPs) have become a popular form of employee compensation among U.S. companies. The introduction of an ESOP has important implications for management interest that should encourage insiders buying activity. This paper documents that unusual insider buying activity has indeed resulted from the introduction of an ESOP. Further we examine two competing explanations, the wealth hypothesis and the control hypothesis, for the increase in insiders buying activity. We conclude that insiders buying activity is primarily motivated by control considerations.
Information Content of Dividend Changes in an Emerging Market
Authors: Hiau Abdullah Nur Adiana , Abdul Rashid Rosemaliza , Ibrahim Yusnidah
Published: August 2020

Supports on the free cash flow and agency cost theory from dividend announcements studies have been heavily discussed in the Western literature, but they have not been given much attention in the Asian countries, particularly in Malaysia. This paper focuses on examining the relationship of the stock market reactions due to dividend announcements and ten company-specific variables identified from the literature as potential determinants. The results from cross-sectional and stepwise regressions both showed that none of the determining variables could explain the variation in cumulative abnormal returns (CARs) for the increasing dividend announcements. For decreasing dividend announcements, both regressions identified the degree of anticipation to be significant and inversely related to CARs. In addition, the indigenous population ownership, which is a unique characteristic of the Malaysian equity market is also found to be significant in influencing the effect of decreasing dividend announcements. The findings provide no support for the free cash flow and agency cost theory.
Compensating Balance: A Comment
Authors: Choi Youngna , Yoon Yeomin
Published: August 2020

Compensating balance are deposits the borrowing firm keeps with the lending bank in non-interest bearing accounts on loans. It is well known that, when there is no compensating balance imposed, the effective cost of debt remains the same in the two different payment methods, full amortization method and bullet loan (bond) method. It has been experimentally shown that when a compensating balance is imposed, however, the respective effective costs of debt under the two payment methods become different and that the true cost of a fully-amortized loan is always greater than that of a bullet loan. This paper provides a mathematical proof than this is always true. It concludes that, whenever a bank imposes a compensating balance, the borrowing firm should prefer a bullet loan to a fully-amortized one if it wishes to avoid an ambush posed by such a compensating balance.
Multi-Country Study of Bank Credit Risk Determinants
Authors: Ahmad Nor Hayati , Ariff Mohamed
Published: August 2020

This paper presents fresh findings about key determinants of credit risk of commercial banks in emerging economy banking systems compared with developed economies. Australia, France, Japan and the US represent developed economies; emerging economies are India, Korea, Malaysia, Mexico and Thailand. Credit risk theories and empirical literature suggest eight credit risk determinants. We find anywhere from two to four factors are alone significantly correlated with credit risk of any one banking system. Regulatory capital is significant for banking systems that offer multi products; management quality is critical in the cases of loan-dominant banks in emerging economies. Contrary to theory or studies, we find leverage is not correlated with credit risk in our test period. Data transformations and statistical corrections ensured these results are reliable: Model robustness was tested using AIC. The model developed here could be applied to test more emerging economy banking systems to generalize our findings to other economies.
The Dynamics of Credit Quality and Implications for The Pricing of Small Business Loans
Authors: Cowan Adrian M. , Cowan Charles D.
Published: August 2020

We analyze the implications of the dynamics of credit scores for small businesses; strategies for banks to maximize revenues; and Basel II minimum capital requirements on loan pricing for loans to small firms that do not have access to capital markets. Relating dynamic changes in the competitive environment to pricing decisions also provides a contribution to the literature. A theoretical model is developed to investigate the differences between relationship and transactional lending to small businesses in the context of these factors in the banking industry. The model demonstrates that in highly competitive markets, each type of lender occupies overlapping spaces, and can be simultaneously attractive to different types of borrowers if banks take advantage of their knowledge of the dynamics.
Estimating the Early Exercise Premium of American Put Index Options
Authors: Doffou Ako
Published: August 2020

This paper examines empirically the value of early exercise by testing the ability of two American put valuation models to predict the early exercise premium for the S&P 100 American put options. An accuracy test and a quality test are performed on (1) the MacMillan and Barone-Adesi and Whaley model, and (2) the Carr, Jarrow and Myneni model. The test results show that early exercise premium is significant regardless of moneyness. Moreover, consistent with the theory, the value of early exercise is significantly negatively related to moneyness and interest rates and significantly positively related to time to maturity and to the volatility of the underlying index. Both American put valuation models examined do not fully capture the value of early exercise embedded in American put prices.
Empirical Determinants of US Equity Flows to Developed Countries: Does Valuation Matter?
Authors: J. French Joseph
Published: August 2020

This paper explores a new panel data set on US gross cross-border equity flows to 20 industrialized nations combined with measures of market valuation for the period of 1977-2005. Empirical evidence of imperfect integration across world equity markets indicates that valuation matters. Consistent with relative value trading as a determinant of equity flow patterns, we find that equity flows decrease sharply with host-country market valuations. This paper also finds that equity flows increase sharply with US equity market valuations. The findings of this research suggest that American investors are informed about both domestic markets and foreign markets. Peripheral findings of this research confirm the findings of other researches, but this research is based on a longer sample period. Consistent with existing literature, there is a negative influence of interest rates spreads, and information asymmetries on cross-border trades in equities.
Financial Liberalization or Financial Development? Tests Using Delphi-Based Index Ofliberalization
Authors: Gronewold Nicolaas , Peng Jiangang , Li Guanzheng , Fan Xiangmei
Published: August 2020

Most empirical analysis of the finance-growth nexus has used measures of financial development such as the ratio or monetary of financial assets to GDP to measure financial development. We argue that from a policy perspective measures of financial liberalisation or reform are of greater interest and, besides, are less likely to be beset by endogeneity problems which have dogged the empirical growth literature. We develop such a measure by combining the ‘Delphi’ method and principal components analysis to construct an index of financial liberalisation for China. Much of China’s financial development has been policy-driven and we could expect to find a distinct difference, at least in timing, between measures of financial reform and financial development. We compare our financial liberalisation index to a number of standard measures of financial development and find that there is pervasive evidence that financial liberalisation Granger-causes financial development but not vice versa.
International Asset Pricing Models: The Case of ASEAN Stock Markets
Authors: Hooy Chee-wooi , Goh Kim-leng
Published: August 2020

This paper is about the role of economic grouping as it affects international capital asset pricing models, ICAPM. The conventional ICAPM is extended to include the economic grouping, regional and world factors. Inclusion of the economic grouping factor increases the explanatory power of the asset pricing models. Data on ASEAN (Indonesia, Malaysia, Philippines, Singapore and Thailand) stock markets are used in tests of the proposed models. The economic grouping factor turned out to be most important while the regional factor is least important for asset pricing in these stock markets. While four of the markets have higher systematic risk exposure to the economic group, the Singapore market, the largest market, exhibits higher exposure to world risk. The segmentation of emerging markets offers a possible explanation of these results.
An Empirical Investigation of New Bond Issue Yield Spreads, Default Risk and Split Ratings
Authors: S. Michael Timothy
Published: August 2020

This paper attempts to explain the yield spreads charged to new corporate debt issues by comparing the initial yields of a set of 3,287 securities issued over eleven years in the US. We use the measure of constant maturity Treasury rates on the day of issue against the Moody’s Aaa Corporate Bond index for the week prior to the issue, and the yield on a daily index of long-term Treasury securities on the issue date. The influences of credit ratings and disagreement between rating agencies as reflected in split ratings and the interactions between these characteristics are measured. The contributions of sinking fund provisions, call or refunding status, overseas issue and contractual security arrangements are evaluated separately. The results support the view that the higher yields are observed when ratings of agencies differ and that factors associated with the issues also are significant drivers of the yield difference.
Monetary Integration in East Asia: Why Does it Take so Long?
Authors: K. Krawczyk Mariusz
Published: August 2020

The launch of the economic and monetary union in Europe and the 1997 financial crisis that underscored the disadvantages of currently employed exchange rate regimes raised questions about the feasibility of a similar monetary unification project for East Asia. Being one of the most dynamically growing regions in the world, East Asia has the potential for a successful implementation of a monetary union. The paper examines why, despite substantial political emphasis being placed on the issue of monetary integration, the progress to date has been slower than could be expected. The major finding is that, although East Asia may actually benefit from establishing its monetary union in the long run, a specific political culture that prevails in the region and misconceptions about the sequencing of the process prevent the East Asian monetary union from materialising. Possible short and mid-term policy solutions follow.
Market Risk VaR Historical Simulation Model with Autocorrelation Effect: A Note
Authors: Surapaitoolkorn Wantanee
Published: August 2020

The modern market risk model using Value at Risk (VaR) method in the banking area under the BASEL II Accord can take different forms of simulation. In this paper, historical simulation will be applied to the VaR model comparing the two different approaches of Geometric Brownian Motion (GBM) process and Bootstrapping methods. The analysis will use correlation plots and examine the effects of the autocorrelation function for stock returns.
Profit Sharing Ratios in Mudaraba Contracts Revisited
Authors: Hasan Zubair
Published: August 2020

This paper examines three interlinked issues: First, what is the current state of profit sharing in Islamic banking, that is, is the division of profit between the banks and the depositors satisfactory? Second, can the profit sharing in a two-tier mudaraba contract give the same rate of return to depositors as the bank receives from the investment of their deposits in business? Finally, can the central bank use in some ways the profit sharing ratio along with the rate of interest as an instrument for credit control in a dual banking system? The answer to the fi rst two questions is in the negative. To the third, a tentative response is yes. The paper also suggests a policy tool the central banks can presumably use for controlling credit, more so in view of the recurring financial crises like the one emanating from the US that the world is facing today. The tool may in addition help improve the link between the banks and depositors by adopting an iniquitous distribution of profits.
Market Meltdown and the Propagation Mechanism of Contagion
Authors: Ghosh Dilip K. , Ghosh Dipasri
Published: August 2020

World economy came on a tailspin because of market meltdown and the propagation of contagion triggered by recession, starting mostly from the US economy. This work highlights the grim developments in the financial sectors and the real sectors world-wide, and then an attempt is made to highlight the propagation mechanism of infective contagion. Theoretical structures of such interconnected are showcased through various analytical vehicles. The indices of sensitivities and dispersions are measured in mathematical terms, and in that sense a new analytical framework is presented. However, empirical evaluations of the propagation mechanism remain unfinished because of the dearth of data
Optimal Inflationary and Reserve Requirement Policies: A Study of an Economy with an Informal Sector
Authors: Ali Hamid E.
Published: August 2020

Governments in developing economies often resort to taxing bank money balances through imposition of high reserve requirements and also by relying on seigniorage to finance their deficits. In the context of those practices, this research attempts to answer the following questions. First, why do developing economies with an informal sector resort to inflationary measures to finance their activities? Second, how does a government induce an agent to choose the formal economy? As to the first question on the trade-off between inflation and reserve requirements, it is shown that of maximum inflation and minimum reserve requirements will increase the steady-state utility of an optimizing agent. Regarding the second question, the agents prefer the informal economy if policy relies on a maximum reserve requirement.
Cross-Border Mergers and Acquisitions between Industrialized and Developing Countries: US and Indian Merger Activity
Authors: Karels Gordon V. , Lawrence Edward , Yu Jin
Published: August 2020

In this paper we study the cross border mergers and acquisition between the US and Indian firms. Our empirical work suggests that US firms realize significant losses on the announcement of acquisitions of Indian targets while Indian targets realize significant gains on the announcement mergers with US acquirers. Publicly-traded Indian firms realize significant returns on their announcement of acquisitions of publicly-traded US firms but realize significant positive returns on announcement of acquisitions of privately-held US firms and subsidiary firm targets. Publicly-traded US targets realize insignificant gains when US acquired by Indian firms.
The Time-Varying Nature of the Overreaction Effect: Evidence from the UK
Authors: Andrikopoulos Panagiotis , Daynes Arief , Pagas Paraskevas
Published: August 2020

Previous studies on the overreaction effect in the UK show that prior losers consistently outperform prior winners in the period 1975 to 1990. This paper extends current knowledge by assessing the above phenomenon in the UK market for the period 1987 to 2007. In contrast to earlier research, we produce evidence of a weak presence of the overreaction effect for the latest test period. Further, we show that, after adjusting for size, the overreaction effect almost disappears and any additional excess post-formation return to prior-losers is attributable to market cycles. This study implies that the presence of the overreaction effect in the UK stock market is time-varying and difficult to exploit in practice.
Interest Rate Convergence in Bangladesh
Authors: Rahman Dewan M. , Akter Kohinur
Published: August 2020

Financial liberalization, a widely-accepted policy paradigm since the 1980s, aims to remove financial repression and thus establish an efficient financial sector as a pre-requisite for financial development. Interest rate convergence is one of the obvious outcomes of the interest rate liberalization, a crucial part of financial liberalization. Uniformity of interest rate should be there in a free and competitive financial market. This paper examines the state of interest rate convergence by measuring the degree of convergence in the financial market of Bangladesh, a success case of financial liberalization initiated in the 1990s.
Bank Mergers and Competition in Japan
Authors: Park Kang H.
Published: August 2020

Using H-statistic of the Panzar-Rosse model, this paper examines commercial bank merger waves in Japan and their effect on competition in the Japanese banking market during 1983-2006. The H-statistic is estimated separately for three different time periods, the boom, the burst and the recovery. This paper concludes that the bank mergers that took place in Japan have not led to a higher level of market power except during the period of financial crisis around the time of bubble burst. Recent mergers in the Japan’s banking sector do not seem to harm the competition level in the banking market. An increase in individual bank’s market share and an increase in overall market concentration have not materialized in higher net interest margin in Japan.
The Impact of Underlying Market Closure on Futures Market Liquidity: Evidence from China
Authors: Wei Wang Chun , Frino Alex
Published: August 2020

This study investigates the trading activity of Chinese stock index futures, recently introduced at the open and close of the underlying trading. We document the impact of the underlying spot on the futures market liquidity as well as volatility as discussed in earlier works on market closure theory. Our empirical results support previous literature on the impact of the underlying, particularly during the open session, as a contagion effect, which is clearly at play. We find significant U-shaped patterns in liquidity factors and intraday volatility during open and close trades in the morning.
Banking Competition and Efficiency in Jordan: A Note
Authors: Al-Qaisi Khaldoun
Published: August 2020

The financial economics literature contains numerous research papers which examine issues that concern the banking industry. One of these issues is banking competition. Indeed, this issue is important because of its complications to financial stability and the growth of the borrowing firms. The purpose of this paper is to assess the competitive behavior of the Jordanian banking sector during the period ranging from 1999 to 2008 using the non-structural test developed by Panzar and Rosse. In more specific terms, this paper examines the overall competitive condition during the period 1999 – 2008 and how it has evolved over time. Based on the empirical findings, it is expected that a number of policy recommendations may be provided. The objective of these recommendations is to enhance the regulation of the banking sector in Jordan and improve their performance.
Performance of China-Owned Banks in Hong Kong
Authors: Zhang Xiaoxi , Daly Kevin
Published: August 2020

This paper reports results on the performance of mainland China-owned banks operating in Hong Kong and compares them Hong Kong (SAR) owned banks and Foreign owned banks. In general, the test model performs well under diagnostic tests on variables such as net interest margin, non-interest expense, impaired loans ratio, equity multiplier and ownership structures. Profitability, as measured by return on assets and return on equity for Chinese owned banks increased over the period 2004-2011. Chinese owned banks recorded increased performance in terms of net interest margin and equity multiplier but decreased with respect to non-interest expense and impaired loans ratio. Banks having a license also appears to be a major contributor to banks profitability across HKSAR. Compared to Hong Kong based foreign banks and local Hong Kong banks, we found that in general the mainland China banks tend to perform poorly across a number of key banking performance indicators.
Financial Transaction and Fiduciary Obligation: Ethics, Economics or Commingled Commitment?
Authors: Palliam Romila , G. Caldwell Lee , K. Ghosh Dilip
Published: August 2020

Financial transactions and fiduciary obligations are simply intertwined. Fiduciaries are subject to the principle of fidelity. It appears, at times at least, public trust in fiduciary commitments is declining as a result of fiduciaries’ selective reporting of financial events and the existence of conflicts when fiduciaries have selfish motives: motives being not always to maximize the trusting party’s value. It is the agency problem. This work attempts to enunciate that commitments and fiduciary obligations emanating from initial financial transactions are not to be violated or ignored as a matter of policy or practice. The questions that arise are: Should a fiduciary be obliged to guarantee a certain outcome for the counter-party, and should a fiduciary be held accountable to a certain type of outcome? We examine what the guidelines are or should be put in place. Initially, under the garb of some socio-religions edicts-cum-dicta, and then under the well-known economic analytics, we make our points and move the view to the forefront.