bluuebunny/crossref_metadata_2025 huggingface dataset:
RESPONS PETANI TERHADAP INOVASI BUDIDAYA DAN PEMANFAATAN SORGUM DI KECAMATAN SRANDAKAN KABUPATEN BANTUL
Authors: Wijayanti Alvitri , Subejo Subejo , Harsoyo Harsoyo
Published: December 2016

This research was conducted in Poncosari Village, Srandakan Sub District, Bantul Regency. Poncosari Village is an area that farmers cultivate sorghum. This research aims to determine the innovation cultivation and utilization of sorghum, the response of farmers to the innovation and utilization of sorghum and use the products for varrous purposive, and the factors that influence the response of farmers on cultivation innovation and they use of sorghum product in Srandakan Sub District, Bantul Regency. The research results showed that the response rate of cultivate innovation of sorghum farmers and utilization was 57.99%. Where 90% of the farmers are still hesitant to application innovation and utilization of sorghum cultivation. The eason that sorghum is a newdeveloped technology in the surveyed area. Perception and motivation in a positively and significantly influence to the response off armerson cultivation innovation and utilization of sorghum cultivation. Factors that did not significantly influence to the response on farmers cultivating innovation and utilization of sorghum areage, education, land lize, sorghum farming experience, and intensity extension activity.
KONTRIBUSI SEKTOR PERTANIAN PADA PERTUMBUHAN EKONOMI DI PROVINSI JAWA BARAT
Authors: Widianingsih Wiwin , Suryantini Any , Irham Irham
Published: December 2016

This study aims to know the trend of GDRP of agricultural sector in West Java Province, sector and sub-sector of agriculture which has a role as a leading sector in West Java Province and each district in this province, the factors that affect the economic growth of agriculture sector in the West Java Province, and the growth typology of the agricultural sector in West Java Province. The method that used for this study are Trend analysis, Location Quotient (LQ), Dynamic Location Quotient (DLQ), Shift-Share, and Klassen Typology. Theresults showed that the trend of agriculture sector/sub-sectors’ GDRP value were significantly increased and the trend of agriculture sector/sub-sectors’ GDRP contribution were significantly decreased over the period  year 2003-2012. The agricultural sector is a leading sector for West Java Province and most of its districts. Food crop and the horticultural sub-sector is a leading sector for West Java Province and some districts in this province. The growth of the national economy is the dominant factor affecting the growth of the sector/subsector of agriculture in West Java Province. The competitive advantage (competitiveness) of forestry sub-sector was higher than the same sub-sector in other areas at national level. Food crops and horticultural sub-sector and livestock sub-sector were advanced  ut depressed sub-sector. Forestry sub-sectors was categorized in developing sub-sector. The agriculture sector, plantation and fisheries sub-sector were categorized in lagging development. Based on LQ, DLQ and Klassen Typology analysis, the results showed that there was a consistent result that were the forestry sub-sector categorized in a leading sub-sector in the future, f ood crops and horticulture sub-sector categorized in leading sub-sector along year 2003-2012. While sector of agriculture, plantation and fisheries sub-sector categorized in the lagged development sectors.
ANALISIS KINERJA KARYAWAN DIVISI MILL DAN BOILER PT GULA PUTIH MATARAM
Authors: Sudibyo Sudibyo , Hartono Slamet , Maas Azwar
Published: December 2016

The objectives of this study are to analyze the understanding of employee of Mill and Boiler Division, PT Gula Putih Mataram to employee performance factors and their impact on employee performance. Fifty two employees of Mill and Boiler Division are drawn purposively as the respondents. The data of employee understanding on job description, SOP, employee relation, KPI, technical aspect, and employee performance were collected from the respondent through interview using prepared questionnaire. Data of employee performance was collected from the office of PT GPM. The result of data analysis shows that the performance of chief, officer, and supervisor in Mill and Boiler Division is good at rate of 70-80 percent. Factors affecting employee performance are understandings of employee on job description and SOP and employee relation. The study suggests to improve understanding of employee on job description and SOP and employee relation.
Perpustakaan Sebagai Organisasi Pembelajar: Studi Perpustakaan Universitas Gadjah Mada
Authors: Wahyuni Nur Cahyati , Uki Martina
Published: December 2016

A university library as a learning space should put learning as a major issue. As the organization itself, university library needs to measure its quality as a learning organization for members of the organization and as a learning space for the academic community, in order to live sustainably in the process of changing learning trends. The quantitative method was applied in this study using benchmarking model of Garvin's learning organization. The results show that UGM Library has transformed to be a learning organization. Most of the indicators have reached, whereas some others are still below the standard of benchmark. Meanwhile there was difference in score based on level of education. The study was the first time conducted at UGM Library within a certain period of time; therefore there is no description of comparison process between the past and now. In the future its is expected there is further measurement to identify the development of preparedness of UGM Library as a learning organization.
Pemanfaatan E-journal oleh Mahasiswa: Kajian Analisis Sitasi Terhadap Tesis Mahasiswa Klaster Saintek Universitas Gadjah Mada
Authors: Istiana Purwani , Purwaningsih Sri
Published: December 2016

Universitas Gadjah Mada Library provides various information resources either in printed or electronic formats. The Library has subscribed to electronic information resources in the form of ejournal databases. The availability and utilization of these resources need to be evaluated. This study is a citation analysis of theses of the students from science and technology cluster of Universitas Gadjah Mada in 2015. It is aimed at identifying: 1) types of information resources used by the students in thesis writing, 2)intensity of the utilization of e-journal information resources by the students, and 3) the availability of the required information in the databases subscribed by UGM Library. The object of the study consisted of 7,925 citation derived from 222 theses of the students from science and technology cluster UGM. Data were obtained from documentation. This study used citation analysis to analyze all citations. The result of the study showed types of information resources used by the students in thesis writing were books, journals, theses, websites, proceedings, government regulations/acts, others (maps, learning materials, guides to laboratory practice), research reports and dissertations and papers. Books were information resources mostly used. Journals utilized in thesis writing comprised as much as 25% (1,997 citations) and 84% (1,685 citations) of the journals were English. As many as 1,078 citations (64%) were available and 607 citations (36%) unavailable in the journals subscribed by UGM Library.
The Difference between Mathematical Reasoning Ability Improvement by Learning with Meta Cognitive Approach Aided Probing and Prompting Techniques in SMP Negeri 4 SeiSuka
Authors: Siregar Nadran Hamdani , AminFauzi Kms. M.
Published: December 2016

The purpose of this study were: (1) analyzed the differences in students’ mathematical reasoning ability improvement taught by metacognition approach aided probing technique (PMT-probing) and metacognition approach aided prompting technique (PMT-prompting); and (2) described the process of
the students’ responses in solving mathematical reasoning abilities. This study was a quasi experimentalresearch. The population in this study were all students of class VIII SMP Negeri 4 SeiSuka, with a purposive sampling techniques, the obtained sample was VIII-1 and VIII-2. The research instrument used a test of mathematical reasoning ability, and had qualified the criteria of content validity, and reliability coefficient of 0.819. Anova two ways was used to analyze the difference of mathematical reasoning ability improvement, while descriptive analysis was used to analyze students’ answers process. The results showed that: (1) There were differences in students’ mathematical reasoning skills improvement which were taught by metacognition approach aided probing techniques and the students taught by prompting technical approach; and (2) The process of the students’ responses on students’ mathematical reasoning abilitythrough learning with metacognition approach aided by prompting techniques was better than metacognition approach aided by probing
techniques.
Vila Autódromo in dispute: subjects, instruments and strategies to reinvent the space
Authors: Sánchez Fernanda , Oliveira Fabrício Leal de , Monteiro Poliana Gonçalves
Published: December 2016

The struggle of the residents in Vila Autódromo to reinvent their territory, violently affected by the onslaught of urban restructuring during the times of Olympic urbanism in Rio de Janeiro, is taken as an emblematic case of the production of conflictual space. The present article describes the various instruments and strategies that the residents and their supporters have used in order to resist the current city project. The imaginative capacity of the subjects over recent years has helped to bring the case into the public sphere on several different levels: local, national and international. The present article is made up of the following sections: a brief description of Vila Autódromo as a disputed territory; the media as an active tool in the production of space; institutional violence on the territory; places for communicating the struggle; and insurgent territorial grammars. In the final considerations a number of the key ideas are taken up so as to emphasize the transformative, emancipatory learning possibilities for all those who have participated within the process.
Diagnóstico de la oferta privada en la conciliación extrajudicial en derecho, como mecanismo de solución de conflictos intersubjetivo en el municipio de El Espinal -Tolima
Authors: Gaitán Reyes Julián Andrés , Forero Garzón Manuel Ernesto
Published: December 2016

La Conciliación Extrajudicial en derecho, se ha mostrado como el método indicado para el gran número de conflictos intersubjetivos cualificados, convirtiéndose en una herramienta eficaz, confiable y con todas las ventajas de ser en esencia una justicia que reconstruye tejido social, la cual debe ser entendida como una institución socio-jurídica. El escrito es resultado de la investigación sobre la eficacia de la conciliación extrajudicial en derecho, como mecanismo de solución de conflictos intersubjetivos cualificados, en el Municipio de El Espinal – Tolima. Para ello, se llevó a cabo un estudio minucioso a la oferta privada (notarias, Cámara de Comercio y Universidad Cooperativa de Colombia sede El Espinal) de la conciliación extrajudicial en derecho en el municipio en mención.  Se encontró que, la institución de la conciliación extrajudicial en derecho en la oferta privada es la menos conocida, con bajos niveles de utilización; igualmente, se encuentra mal articulada con el resto de la oferta. se concluye que el fortalecimiento de la conciliación debe ser divulgado como instrumento eficaz para la solución de conflictos y su articulación con la oferta pública del Municipio del Espinal.
Economía y sustentabilidad. Propuesta de evaluación del Programa de Ordenamiento Ecológico Costero de Yucatán
Authors: Bolio Ortiz Héctor Joaquín , Bolio Ortiz Juan Pablo , Lara Farfán Fabiola De la Luz , Hernández Rugerio Alma Delia
Published: December 2016

El presente artículo estudia y analiza los principales aspectos contenidos en el Programa de Ordenamiento Ecológico Costero de Yucatán (POETCY) para el municipio de Progreso (Yucatán), sus disposiciones y políticas en pro del desarrollo social para las comunidades costeras, así como la explicación de los objetivos contenidos en él, que lo proyectan como un instrumento de política ambiental en el municipio, para la protección de los recursos naturales y del medio físico de la costa yucateca, como también del desarrollo integral de sus habitantes.
Los derechos sociales en Colombia: análisis frente a los compromisos internacionales de los pactos – Desc-
Authors: Motta Castaño Deissy
Published: December 2016

El debate en la aplicación de los derechos económicos, sociales y culturales ha pretendido construir desde diferentes perspectivas una explicación plausible para lograr su efectividad a través de la reglamentación de estos derechos en las políticas públicas del Estado por intermedio de la judicialización de los mismos. Frente a este último tema se encuentra con un abrumador panorama surgido de la carencia de una acción judicial expresamente consagrada en la Constitución que permita un claro amparo. La investigación estudia por un lado esta problemática desde la historia, concepto y estructura de los derechos económicos sociales y culturales, con el fin de demostrar que tales derechos carecen de protección por un asunto puramente formal, los cuales deberán ser considerados como derechos fundamentales de obligatorio cumplimiento y protección por los poderes del Estado, y protegidos judicialmente como derechos fundamentales. La investigación aborda los derechos sociales con énfasis en la Corte Interamericana y Comisión Interamericana frente a los pactos ratificados por Colombia para el desarrollo y cumplimiento de los mismos.
Estrategias didácticas para la enseñanza de las ciencias naturales en la educación superior
Authors: Colorado Ordoñez Paula , Gutiérrez Gamboa Leidy Adriana
Published: December 2016

El presente estudio tiene como propósito indagar las estrategias didácticas más pertinentes para la enseñanza en la formación de profesionales del campo de las ciencias naturales; para lo cual se tendrá en cuenta la descripción de cinco estrategias utilizadas en el área de la pedagogía en tres países diferentes, España, Argentina y Colombia. Esta investigación es cualitativa con enfoque descriptivo, ya que la presentación de resultados es una comparación de las estrategias s didácticas adoptadas por tres países diferentes para la enseñanza de las ciencias naturales, con base en estudios realizados y publicados en educación superior. Teniendo en cuenta los aprendizajes y los nuevos avances de la tecnología en general, y más específicamente en el campo de las ciencias naturales, se hace necesario incorporar nuevas estrategias didácticas acorde con los procesos tecnológicos en el aula, para la formación de estudiantes en la educación superior; para que con ello adquieran una visión global de los aprendizajes e incorporen nuevas didácticas que estimulen la construcción de conocimiento. Finalmente, se concluye que las estrategias más utilizadas actualmente, para atraer la atención y centrar la disposición para el aprendizaje, son la interrogación acerca de los conceptos previos que posee el estudiante, su expresión verbal y la utilización  de lenguaje apropiado, la construcción de aprendizajes cooperativo en el grupo donde se desarrolle la dinámica de aprender mediante la formulación de problemas en proyectos que sirvan como eje fundamental para el desarrollo de las ciencias naturales.
Territory, environment, and healthiness in traditional food choices: insights into consumer heterogeneity
Authors: Boncinelli Fabio , Contini Caterina , Romano Caterina , Scozzafava Gabriele , Casini Leonardo
Published: December 2016

Traditional foods are facing new market challenges tied to current trends in food habits and their determinants, such as the decline of domestic food preparation, the increased demand for convenience foods, the increasing importance of industrial food production, and the evolution of regulations on food safety. In this context our study aims at improving the knowledge of consumer segments in traditional foods market in order to develop better marketing strategies. The preferences for different credence attributes are investigated applying a latent class choice model to the extra-virgin olive oil market in Italy. Results show the existence of a marked heterogeneity of preferences, which determines the presence of both vertical and horizontal differentiation of the product.
Scale farming operations in China
Authors: Huang Zuhui , Guan Lijun , Jin Shaosheng
Published: December 2016

Agriculture in China is often characterized as small-scale farming because of the limited farm sizes. However, in recent years the country has witnessed widespread increased-scale farming operations. In this paper, we aim to systematically illustrate the recent scale development of farming operations in China based on cases taken from Zhejiang province. Two main types of the scale farming operations in China are identified. These are based on: (1) concentrated farmland and (2) agricultural services. Finally, the trends of scale farming operations in China are discussed.
The evolution of corporate governance in the global financial crisis: the case of Russian industrial firms
Authors: Iwasaki Ichiro
Published: December 2016

In this paper, using a unique dataset of industrial firms obtained from enterprise surveys conducted across the Russian Federation in 2005 and 2009, we trace back structural changes in the corporate governance system before and after the global financial crisis. We also empirically examine the impacts of the crisis on the organization of boards of directors and audit systems. Our survey results reveal that, in the Russian industrial sector, the quality of corporate governance has been improved through the crisis. Furthermore, we found that, corresponding to the alignment hypothesis, in firms that decisively reformed their management and supervisory bodies in response to the 2008 financial shock, the total number of worker representative directors significantly declined, as did their proportion to all board members. On the other hand, we also found that, in firms that substantially reorganized their audit system to cope with the crisis, the independence of the audit system was undermined remarkably, corresponding to the expropriation hypothesis. Findings that management behaviors predicted by the two conflicting hypotheses are simultaneously detected—and that their targets are significantly different—deserve special mention.
Corporate social responsibility and firm value: an empirical study of an emerging economy
Authors: Hafez Hassan
Published: December 2016

A lot of researches have been done recently on Corporate Social Responsibliity ("CSR"). A lot of studies have been conducted to test how CSR affects firm value and financial perfromance. Results varies from one study to another. Some proved that the realtionship is to be positve, or negative and others proved it to be neutral. The purpose of this research is to evaluate the effect of CSR on firm value and financial performance in Egypt through the application on 33 companies that were listed in the EGX30 in the year 2001, with a timeline of 8 years from 2007 till 2014. Data used in this study is secondary data obtained from the financial statements and annual reports of the egyptian companies and offical online websites. We proved that CSR has a insignifcant negative effect on firm value and a signifcant positive effect on firm’ financial perfromance in Egypt measured by Return on Assets (ROA) and Return on equity (ROE). This research paper is divided into five sections. Section one is the introduction followed by section two the literature review of CSR and its impact on firm value and financial performance. Section three covers the research methodology; section four presents data analysis and finally section five report findings and conclusions of the study.
Survey of credit risk models in relation to capital adequacy framework for financial institutions.
Authors: Nacaskul Poomjai
Published: December 2016

This article (i) iterates what is meant by credit risks and the mathematical-statistical modelling thereof, (ii) elaborates the conceptual and technical links between credit risk modelling and capital adequacy framework for financial institutions, particularly as per the New Capital Accord (Basel II)’s Internal Ratings-Based (IRB) approach, (iii) proffer a simple and intuitive taxonomy on contemporary credit risk modelling methodologies, and (iv) discuses in some details a number of key models pertinent, in various stages of development, to various application areas in the banking and financial sector.
The value of millisecond expiry options in spot foreign exchange markets
Authors: Stevenson John
Published: December 2016

The spot foreign exchange marketplaces are split into two types by their respective trading rules: markets with conventional resting orders versus markets with resting that orders that include optionality. This optionality is owned by the counterparty who placed the resting order and provides the option to refuse the aggressive order matched against the resting order. This paper describes and contrasts these two types of markets. A valuation method for these very short expiry options on the later marketplace is proposed. Appropriate historical volatility metrics are defined and applied for these uniquely short expiry timescales. These historical volatility and valuation methods are used to describe some historical intraday periods, and are applied to various trading scenarios. Unique behaviors driven by the value of these options are highlighted. The benefits and risks of trading on these markets are described in light of this valuation approach. The effects of various addition constraints on the liquidity providers for these optionality matching marketplaces are introduced. Through judicious timing of order placement and appropriate constraints on the behaviors of the liquidity providers on these markets, the result is shown to be tighter spreads, greater breath and depth of liquidity, and the high fill ratios than the more conventional non-optionality matching markets.
Effectiveness of the management of price risk methodologies for the corn market based on trading signals
Authors: Rossouw Willem , Young Jacobus
Published: December 2016

Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark.
The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and as such, the efficient market hypothesis was successfully contested.
Good bye light touch? Macroeconomic resilience, banking regulation and institutions
Authors: Pellegrina Lucia Dalla , Masciandaro Donato
Published: December 2016

With the Great Crisis of 2008-2009 we have witnessed a relevant episode of macroeconomic vulnerability affecting many countries. To what extent such vulnerability has depended upon the design of light-touch (LT) banking regulation? We observe an Unpleasant Nexus (UN), i.e. that macroeconomic volatility is associated in a robust and systematic way with LT banking regulation. But the UN does not operate in a vacuum. The link between vulnerability and LT banking regulation seems representative of a more general relationship between institutional design and macroeconomic performance. Our analysis shows how various types of institutions – public, political, legal, monetary – also seem to exert an unexpected effect on resilience.
Does manager in better economic value added’s companies feeling more satisfied? An investigation of EVA’s role in mitigating agency problem proxies: empirical research from emerging market sample, namely Indonesia
Authors: Widiantoro Dimas M.
Published: December 2016

This research is formulating the cause of agency conflict into three factors. The first one is agent unsatisfactory on the existing compensation system. The second is the high ratio of free cash flow in the company. The last is the absence of good monitoring on the company operation. Based on those three factors, this research aims to find a full perspective of these occurrences. One of the tools to investigate it is using EVA® as investigator tools, which is relatively new as a performance measurement in Emerging Market. The proxy variables on agency conflict are new investment ratio and total asset turn over. The control variables are dividend payout ratio and leverage. There are two research questions that being addressed in this research. The first, if there are any differences in agency conflict proxies between companies that have positive EVA® in their performance and companies with negative EVA®. The Second is to analyze if EVA® has significant role to influence the behavior of manager which tend to trigger the agency conflict within the company.
The Methodology of this research was paired t-test data comparison between positive EVA companies and negative EVA. In addition, we analyzed the relationship of variable within the model with Data pool from 2002 until 2011To sum up the methodology; we tested the model with robustness test and Causality Test as well. The research finds out that Manager in companies with better EVA® tend to have lower agency conflict level. In conclusion, EVA® is strongly supporting the control variable in explaining its influence on dependent variables or agency conflict proxies.
Current exposure method for CCP’s under Basel III
Authors: Kotzé Antonie , du Preez Paul
Published: December 2016

Exposure-at-default is one of the most interesting and most difficult parameters to estimate in counterparty credit risk. Basel I offered only the non-internal Current Exposure Method for estimating this quantity whilst Basel II further introduced the Standardized Method and an Internal Model Method. Under new Basel III rules a central counterparty is defined as being a financial institution. New principles set out by the Basel Committee on Banking Supervision forces Central Counterparties in using the Current Exposure Method when estimating the credit exposures to Clearing Member banks notwithstanding its shortcomings. The Current Exposure Method relies on the Value-at-Risk methodology and its characteristics are discussed in this note. We will particularly investigate exposures to SAFCOM, the South African clearing house and point to a mathematical discrepancy on how netting is effected through the Basel accord.
HIV and AIDS in South Africa: a social and moral responsibility in shaping organisational action
Authors: Rampersad Renitha
Published: December 2016

In recent years, the interest in corporate social responsibility issues has shown an increase. Worldwide problems, especially those related to HIV/AIDS, caught public attention towards Corporate Social Responsibility (CSR) themes. In a country with more people living with HIV/AIDS than in any other nation (UNAIDS 2007), prevention and treatment is critical. HIV/AIDS is seen to be threatening the communities in which businesses are functioning and is further threatening the business itself. This article examines the moral and social responsibility of the corporate sector in its effort to deal
with the issue of HIV/AIDS. Big business leaders have recognized the threat of HIV/AIDS to the workplace and have positioned responses towards the disease from an ethical, legal and cost-effective business perspective; however the response from small to medium businesses is relatively weak.
This article conveys a descriptive critique, based on bibliographic research on Corporate Social Responsibility, HIV/AIDS and related concepts.
Liberty through limits: The bill of rights as limited government provisions
Authors: Garry Patrick M.
Published: December 2016

Under the modern view, individual autonomy has become the primary if not exclusive focus of the Bill of Rights. But the Bill of Rights came about not because of a desire to preserve individual autonomy, nor to insulate the individual from the democratic community. The impetus for the Bill of Rights arose from the same set of concerns that motivated the original Constitution. These concerns involved creating the appropriate structures so as to keep the new central government in check. The Bill of Rights sought to further ensure that the federal government would have limited power and operate in a limited role. Not only does this limited government model coincide with the original intent underlying the Bill of Rights, but it also provides for a more objective and manageable application. Under an individual autonomy view of the Bill of Rights, courts must define the ingredients necessary for such autonomy. However, this endeavor is fraught with ambiguity, and courts must constantly pit the individual against democratic society. But under the limited government model, the judicial role is more objective. Instead of trying to define an ambiguous individual autonomy, courts simply need to focus on whether a particular right is needed so as to maintain limited government. In addition, the limited government model does not put the Bill of Rights in conflict with democratic society. Instead, it just uses the Bill of Rights to maintain a check on government, just as the original Constitution seeks to do.
Financial controlling in non-profit organizations. The case of Slovak Republic
Authors: Vaceková Gabriela
Published: December 2016

The aim of financial controlling is to secure liquidity and financial stability of an organization. It is very important especially for NPOs. They are not founded primarily for the purpose of making profit, so their financial policy gives priority to continuously provide liquidity. The paper presents partial results of a pilot primary research of utilization of financial controlling tools in governmental and nongovernmental non-profit organizations in the conditions of Slovak Republic. Primary data were obtained by the sociological method of a structured questionnaire. The analysis was carried out by adequate mathematical and statistical methods for processing qualitative data and ordinal variables. The presented paper provides a new insight into the studied problem while generating a primary information basis for further scientific study and research work in this field.
Exchange credit risk: Measurement and implications on the stability of partially dollarized financial systems
Authors: Mordecki Ernesto , Pena Alejandro , Sosa Andrés
Published: December 2016

Some emergent economies present a high financial dollarization in loans and deposits, generating a specific risk in the banking activity. We quantify this exchange credit risk as the price of an option equivalent to this loan, and discuss the financial stability implications due to the (implicit) issuance of these options. The exchange rate is modeled through a Levy process. The depth of the market depends on the type of the currencies involved. Whenever possible, we depart from option prices to calibrate a model, like in the EUR/USD market. But if the market is not liquid, as the USD/UYU market, we provide alternative pricing methodologies.
The Brazilian stock market development: A critical analysis of progress and prospects during the past 50 years
Authors: Nyasha Sheilla , Odhiambo Nicholas M.
Published: December 2016

This paper highlights the origin of the stock market in Brazil, and traces the reforms that have been undertaken to develop the stock market. It also highlights the growth of the Brazilian stock market, as well as the challenges currently facing the market. The country has one big stock market, known as the BM&FBOVESPA, which is one of the world’s largest stock markets. Over the years, a number of stock market reforms have been implemented in Brazil. Among these reforms have been the restructuring of the financial market, the replacement of the traditional trading systems by full electronic trading systems, the enactment of new laws governing the stock market, as well as the revision of the existing laws. In addition, the formation of a regulatory body known as Securities and Exchange Commission (CVM) in 1976 also assisted in the creation of an environment conducive for the growth and development of the stock market. Since the implementation of these reforms, the Brazilian stock market has developed significantly in terms of market capitalisation, the total value of stocks traded, and the turnover ratio.
Comparative economic efficiency, operating costs and fuel consumption rates of freight transport modes between the largest industrial cities and seaports in South Africa
Authors: Pienaar Wessel
Published: December 2016

The paper deals with aspects of efficiency within the five modes of freight transport, with special reference to the operating cost and fuel consumption rates between South Africa’s largest industrial cities and seaports. In particular, the paper deals with (a) the opportunities that exist for the achievement of efficiency in freight transport; (b) the subgroups of economies that can enhance efficiency attainment in the freight transport industry; (c) prevailing cost structures, operating cost and fuel consumption rates within the five modes of freight transport; and (d) the salient economic features of the freight transport market. The research approach and methodology combine (a) a literature survey; (b) empiric research, (c) an analysis of the cost structures of freight transport operators from different modes of transport; and (d) interviews conducted with specialists in the freight transport industry.
The risk level of Vietnam non-banking investment and financial services industry under financial leverage during and after the global crisis 2007-2011
Authors: Huy Dinh Tran Ngoc
Published: December 2016

This paper estimates the impacts of external financing on market risk for the listed firms in the Viet nam non-banking financial services industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Vietnam non-banking financial services industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down), we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var) if the leverage decreases down to 20%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.
Risk-free assets: Are they truly risk-free? A comparative study of South African rates and instruments
Authors: Oosthuizen Annien , Van Rooyen J.H.
Published: December 2016

Determining the price of a financial instrument is something that happens every day in the financial markets. Every price starts off with a spot price adjusted for interest until maturity of the particular instrument. The interest is usually described as risk-free interest. The price so determined is the most basic price that an investor is willing to pay if not risk is involved. Risk-free assets, then, are securities of which the future rates of return are known with certainty. An exceptional degree of confidence in the issuer of the security brings about this certainty. Risk-free assets are normally in the fixed income securities (capital markets) investment category or in the liquid money market instruments such as treasury bills, category. This study attempts to determine whether the risk-free rates used by treasury managers and traders in South Africa to formulate their bond yield curves and which are used in valuation models, may be deemed risk-free. The study specifies certain criteria that an asset must satisfy in order to be used as a risk-free asset. Short term and long term South African instruments are compared to the US counterpart instruments, to gain an understanding of the South African instruments relative to the US ones. The behaviour of the risk-free instruments used in South Africa is also compared to the FTSE/JSE All Share Index and gold spot prices, which are perceived to be a risky asset classes.
To gain some understanding of the behaviour of these instruments, analyses were done from different angles. The standard deviations of the daily percentage changes of the R157 were significantly lower than that of the ALSI and the gold spot price change. Compared to the ALSI and gold spot price, therefore, the R157 may be deemed a “low risk” instrument. The JIBAR was even less volatile that the R157. Interestingly, the US instruments were substantially more risky than the SA instruments over the analysis period. Also the JIBAR may be labelled “low risk” in this context. To improve on the comparisons especially where the magnitudes of change and the bases were very different, indices were used to compare the different instruments. Based on the index change, the JIBAR was now more risky than the R157. The ALSI and the gold spot was sill substantially more volatile than the JIBAR and R157. On this basis, the US instruments appeared less volatile but still more volatile than the SA instruments. It may be noted that the volatility of the US instruments were greatly influenced by the recent financial crisis.
Cash to accrual accounting: Does it mean more control for the public sector? The case of revenue from non-exchange transactions
Authors: Capalbo Francesco , Sorrentino Marco
Published: December 2016

Within the New Public Management, a fundamental role is played by changes in accounting measurement and recognition systems (in this case, the literature speaks specifically of New Public Financial Management). It has been substantially characterized by a gradual shift from cash to accrual accounting. In light of it, this paper aims to analyze some of the most significant conceptual and practical implications associated with the use of accrual accounting in the public sector – such as Italy’s, where most entities still use cash accounting – by looking closely at that full-accrual standard that seem to best show the system’s innovative reach: IPSAS 23 – Revenue from Non-Exchange Transactions (Taxes and Transfers). The switch-over broadens the scope of the accounting system, thereby leading to the recognition and consequent valuation of all the resources of any public-sector entity in its financial statements. As is often the case, though, greater utility implies greater complexity and innumerable elements of uncertainty are evidently still present.
Corporate risk, intelligence and governance in the time of cyber threat
Authors: Bronk Christopher
Published: December 2016

Cyber security is an issue of foremost interest for policy makers in the world’s governments, corporations, NGOs, academic institutions, and other associations, however remedy for the myriad cyber threats and vulnerabilities continues to elude technologists and policy makers alike. In this paper, we consider the concept of cyber risk intelligence, a general concept of understanding the varied phenomena that impact an organization’s capacity to secure its digital communications and resources from eavesdropping, theft or attack. We also consider the deeper economics of information held and transmitted in digital form and how those economics may alter thinking on modeling of risk. Finally, we offer guidance of how organizations and entire sectors of business activity may want to alter their thinking on cyber security issues beyond a technological framing to an informational one aligned with business activities.
The underwriting process of engineering insurance in South Africa
Authors: Murphy D K , Mostert Frederik J. , Mostert Jan Hendrik
Published: December 2016

Engineering insurance covers damage to plant, machinery and other engineering equipment such as boilers, computers, cranes and lifts. The underwriting process of engineering insurance is therefore complex as different types of risks from a big variety of industries are involved. The underwriting process of engineering insurance often requires specialists such as engineers to identify and analyse the particular risks.
The objective of this research paper focuses on the improvement of financial decision-making regarding the underwriting process of engineering insurance. Secondary as well as primary data were necessary to reach this objective. The secondary data addressed the underwriting process of engineering insurance as well as the underwriting factors which should be considered by the short-term insurers when they are underwriting engineering insurance.
The empirical study embodied an opinion survey which included the top 10 South African short-term insurers which underwrite engineering insurance. As they are the market leaders in this country concerning engineering insurance, due attention was paid to obtain their perceptions regarding the importance of the underwriting factors of engineering insurance, the problem areas which the respondents encounter during the underwriting process, as well as how often the respondents need to adjust the policy stipulations to take the underwriting factors into account. As South Africa is a developing country and has an emerging market economy, the conclusions of this study should also be valuable to other countries which are classified similarly.
Electronic fraud (cyber fraud) risk in the banking industry Zimbabwe
Authors: Dzomira Shewangu
Published: December 2016

The paper explores forms of electronic fraud which are being perpetrated in the banking industry and the challenges being faced in an attempt to combat the risk. The paper is based on a descriptive study which studied the cyber fraud phenomenon using content analysis. To obtain the data questionnaires and interviews were administered to the selected informants from 22 banks. Convenience and judgemental sampling techniques were used. It was found out that most of the cited types of electronic fraud are perpetrated across the banking industry. Challenges like lack of resources (detection tools and technologies), inadequate cyber-crime laws and lack of knowledge through education and awareness were noted. It is recommended that the issue of cyber security should be addressed involving all the stakeholders so that technological systems are safeguarded from cyber-attacks.
Financial performance after the Spanish banking reforms: A comparative study of 19 commercial banks
Authors: Irene Pison F. , Pilar Cibrán F. , Ntoung Lious Agbor Tabot
Published: December 2016

A diagnostic review of the Spanish financial system during the 2008 financial crisis reveals the emergency need for banking reform in the sector. In an attempt to evaluate the impact of the Spanish reform, the present study examines the bank´s performance before/after the reform was adopted, using data of 19 Spanish commercial banks extracted from the Global Vantage research database (Standard and Poor’s) over the period 2006 to 2013. This study uses multivariable regression method to investigate the impact of the CAMELS rating system: capital adequacy, asset quality, management quality, liquidity and sensitivity to market risks on the bank´s performance such as earnings efficiency. The time-line of the study is essential because it helps us to determine the financial performance of Spanish commercial banks before the banking reforms during the financial crisis and an important set in terms of mergers and acquisition in the banking industry. The empirical results have found strong and positive evidence that Capital Adequacy, Management Capacity, Liquidity and Sensitivity to Market Risk are useful predictors of banks performance (earnings efficiency), thus, any reform pilot toward this banking indicators will eventually have a positive impact on banking performance. Base on the present study, the Spanish reform was so vital for better banking performance. Therefore, this study serves not only to academics but also to policy makers.
The single index model & the construction of optimal portfolio: A case of banks listed on NSE India.
Authors: Singh Saurabh , Gautam Jayant
Published: December 2016

Risk and return plays an important role in making any investment decisions. Decisions that range from ‘Should the investment be done?’ and if yes, then ‘which security should comprise portfolio?’ In the present study 10 companies listed at National Stock Exchange (NSE) and CNX Bank Price Index was selected taking Jan 2009 to Dec 2013 as period of study. The monthly closing prices of the selected securities were used for the above mentioned period. Application of Single Index Model for the empirical analysis identified a portfolio of two companies based on the cut-off point.
Digital forensic technologies as e-fraud risk mitigation tools in the banking industry: Evidence from Zimbabwe
Authors: Dzomira Shewangu
Published: December 2016

The paper investigates digital analytical tools and technologies used in electronic fraud prevention and detection, used in the banking industry. The paper is based on a descriptive study which studied digital forensics and cyber fraud phenomenon using content analysis. To obtain the data questionnaires and interviews were administered to the selected informants from 22 banks. Convenience and judgemental sampling techniques were used. It was found out that fraud detection and prevention tools and technologies would be most effective way of combating e-fraud if they can be utilized. It is concluded that banking institutions should reshape their anti-fraud strategies to be effective by considering fraud detection efforts using advanced analytics and related tools, software and application to get more efficient oversight.
Are South African financial advisor addressing the estate planning objectives that are important to their client?
Authors: Venter Jan M. P.
Published: December 2016

Estate planning is an important aspect of any effective financial plan. When preparing an estate plan several objectives identified by the individual planner, as well as several pieces of legislation have to be considered. In South Africa the actions of financial advisors are regulated by the Financial Advisory and Intermediary Services Act. The act aims to ensure that the financial advisor act in the best interest of his / her client. If the act meets its set objectives there will be an alignment of objectives set by a financial advisor and his / her client. This study investigates the existence of an expectation gap between the estate planning objectives considered to be important by the financial advisor and the importance allocated to these factors by the clients. The study found that there was an expectation gap for three of the objectives that should be considered in the estate plan.