జర్నల్ ఆఫ్ బిజినెస్ & ఫైనాన్షియల్ అఫైర్స్

House Price Index (HPI) is the key barometer of house prices measured from the aggregated house sales transactions data. HPI provides summary of the housing market that is used to track the movement in the house prices through time and analyze the performance of housing market. It is one of the most closely monitored economic indicators in the United States. In US, HPIs are estimated and published at various levels of geographic region including US census divisions, states, Metropolitan Statistical Area (MSA), Core Based Statistical Area (CBSA), zip code. The most popular indices published in US are FHFA HPI, Standard & Poor’s Case-Shiller Indices, Nahb.

There is an increasing focus on the subject of corruption around the world. The aim of this research is to investigate the impact of accounting reform on Kurdistan region with respect to corruption. The methodology used in this study is the qualitative interpretive method and the main tool for collecting data was the semi-structured interviews, through a case study on the Kurdistan region (Iraq). According to the literature and findings of this research, there is a relationship between the accounting system and corruption. Further, an efficient accounting system is regarded as one of the effective anti-corruption strategies. The Kurdistan region can increase the level of accountability and transparency in the public sector by reforming its current accounting processes, which will thus lead to the reduction in cases of corruption. Some essential changes have been suggested by the respondents to increase government accountability and transparency such as shifting from cash-basis to accrual-basis accounting, adopting international accounting standards, changing budget system from input-line to performance programme budget system, strengthening audit especially external auditors, updating the accounting curriculum and computerising the accounting system. These will improve the accounting system and thus aid in fighting corruption.

Micro Takaful insurance is considered an important incentive for the protection and financing of micro enterprise and low income families. Therefore, it encourages banks to finance these micro enterprises. Micro Takaful insurance mainly supports protecting micro enterprises by using Micro Takaful insurance to aid in financing these enterprises which results in higher return on investment and growth in developing countries. Micro Takaful insurance should be the corner stone for development in developing countries since it provides the availability to finance catastrophe victims and supporting micro enterprises mainly in agriculture industry. Also, it targets the people living in isolated areas or in difficult living circumstances by supporting them in facing the risks they face, and as a result, it is an effective tools for facing poverty in developing countries. It is fair to say that the success of micro finance- which is certainly supported by Micro Takaful insurance- is a positive indicator on the availability of protecting the poor people, saving their investments in an economical way, and supporting social security networks. We remind Takaful Insurance Companies that by practicing in Micro Takaful insurance, they are performing their social responsibility towards the society they live in. We will study Micro Takaful insurance through the following sections: Section One: Micro Takaful Insurance: its definition, origin, importance and benefits. Section Two: Micro Takaful Insurance: covered risks and its characteristics. Section Three: The importance of Micro Takaful Insurance for micro enterprise finance. Section Four: Micro Takaful Insurance’s international experience and its marketing methods. Section Five: Micro Takaful Insurance’s future, success requirements and challenges. Section Six: Results and Recommendations.

The main purpose of the study is to find various causes which leads towards the success of the female students rather than male students. Nowadays in educational institutions most of the position holders are females. For these investigations sample of 200 students of University of Peshawar selected from different departments and investigated through a questionnaire. There were 55.5% male respondents and 44.5% are females respondents. 75% respondents were agreed that female students get more marks rather than male students, 25% were disagreed. The investigation of marks percentage showed that 8.11% male students and 1.12% female students were in the range of 51-60 percentage marks, low range of marks have less number of female students. As the range increased from 50-60 percentage to interval of 71-80 percentage of marks so there were found 44.14% male students and 46.06% female students. And in the range of 81% and above there were 18.01% males and 40.45% females students. These results showed that more female students have high range of marks as compared to male students. And at low range of marks only 1.12% females compared to 8.11% males. Over all comparison showed that more female students have high marks rather than male students or female students perform better than male students. 60.5% of the respondents believe that female students are more studios as compare to male students. And 21% responses were thinking that female students are not more studios than male students and 18.5% respondents had no opinion that who are more studios. 76% of the respondents said that female students are more serious toward their studies comparatively to male students. Technique of odds ratio analysis was performed to check at the association of female students get more marks as compare to male students with females attend classes (lectures) more regularly, females know the art of attempting paper in a better way, females ask more questions in the class from teachers. The odds ratio analysis suggests that the female students get more marks as compare to male students were significantly associated with females attend classes (lectures) more regularly, females know the art of attempting paper in a better way, and females ask more questions in the class from teachers.

India’s economic diplomacy partly has been transformed into oil diplomacy. India’s oil diplomacy can be divided into three phases (1) from independence to 1960s, (2) from 1960s to end of the Cold War and (3) since 1991 to present time. In the third phase, especially in 2000s India sought for alternative overseas sources of oil and gas. In the 21st century, oil issue has been key issue in India’s foreign policy. Regarding overseas oil, India started high-level diplomacy. India’s oil diplomacy had changed in 1960s onwards due to domestic policy and changing scenario of international political-economy. Due to rapid growth of oil price and other technical factors India had to tilt towards Soviet Union for its oil support. In 1960, India signed a treaty with USSR and started to import oil. The Western oil refinery firms were not interested to refine India’s imported oil from Moscow. Indian government decided to establish its own oil refinery company with the help of Soviet Union and Rumania government. During 1977-1982 periods, New Delhi was depended on Moscow; approximately, 5-15% of total India’s imported crude oil came from USSR. India’s quest for energy security leads to strengthen the oil diplomacy. India imported 23% of its total oil from USSR in 1984-85, 17% in 1985-86 and 17% in 1989-90 respectively. After end of the collapse of USSR India has stopped to import oil from Moscow and started to extend its dependency on other destinations. India’s shift of oil diplomacy from Cold War period to present world order has been evolved through continuous changing process. India’s Energy security question rose as a big question since 1991. Since 1990s, the suppliers of India’s oil supply have been changed. With the collapse USSR and end of the Cold War Russian oil supply to India has been almost ended. To augment commercial purchases on the world market, India’s government and oil firms sought to secure oilfields in abroad. These assets added 3 to 5 million tons annually to India’s oil supply in the mid-and late 1990s. India’s main sources of energy are coal, oil and gas which is 50% of the reservation of India’s own petroleum is very little. This paper is based on three hypotheses. (1) Energy security is closely related to diplomacy. (2) Oil is indispensable (3) Uncertainty of oil is a negative aspect of a country’s entire growth. In my paper I will critically analyze India’s energy crisis in present and future.

This study investigates large cross border deals above USD 1 billion during the 2000 to 2011 time frame to explore whether deal values, valuation multiples and payment modes differ for acquisitions by emerging market firms when compared with acquisitions by developed market acquirers; for diversified acquisitions vis-à-vis non-diversified acquisitions; or during a recessionary phase.

We find that mean deal values differ with the economy of the acquirer and target (emerging market/developed market). Contrary to expectations, valuation multiples are not impacted by either the economy of the acquirer and target or during recession. Bidders pay similar premiums when they make related and unrelated acquisitions. Payment is more likely to be in the form of cash for unrelated acquisitions and in the form of stock for higher deal values. Recession and economy of acquirer and target do not impact the payment method.

There are several research studies which have looked at characteristics of acquirers, targets and market reactions to acquisition announcements. However, understanding emerging market firms' deal characteristics vis-à-vis developed market firm's deals and understanding the impact of recession on deal characteristics raises a significant research question which we explore.

We thank FOBE 2012 organizers at IMT Ghaziabad, India for comments on an earlier version of the paper.

In volatile markets -like the calendar market anomalies- institutions, traders and speculators constantly search for predictable security’s price action patterns; and their trading plans disturb security prices when they attempt to exploit the uprising trading opportunities. Generic forecasting patterns once become known to public are, therefore, unlikely to win for long periods of time and they will self-destruct when discovered by a large number of traders and speculators. Therefore, this gives rise to non-stationarities in the time series of financial returns and complicates formal tests and evidences of market efficiency, market anomalies and the search for successful and profitable forecasting approaches. Obviously, the need for adapted (i.e. no generic) strategies in trading the calendar market anomalies is apparent. This personalization is complicated and is referred to particular calendar market anomaly (seasonality), to trading instrument characteristics (e.g. beta functionality), and to the traders’ profile (investors, swing traders, intraday speculators, etc.). Hence, in the calendar market anomalies domain, the personalized (adaptive) temporal dynamic approaches could improve trading returns by incorporating temporal trading functionalities. The main target of this paper is to investigate, analyze and document the personalized trading functionalities enclosed in calendar market anomalies. These functionalities are characterized as temporal because of the “time” function involved by default in calendar market anomalies. In particular this article is focused on the identification of monthly calendar anomalies on the Greek and Bulgarian stock markets. Empirical evidences, before and after the 2007 and 2009 financial crises, are presented in support of the hypothesis that small and less liquid markets tend to exhibit market anomalies. In the case of Greece these anomalies are so strong that they are not influenced by the recent crises. Empirical evidences also show that crises may change the long-run calendar anomalies trading functionalities and therefore lead to an improved Market efficiency as a short-run effect. Paper’s innovation is related to the introduction and discussion of the personalized (adapted) temporal trading functionalities encapsulated in markets inefficiency, as far as the calendar markets anomalies is concern. Actually, the presented analysis, in this article, enhances the existing portfolio of approaches and knowledge about the impact of financial crises on real firm behavior during the calendar market anomalies periods.

This article aims to study the effect of the ownership structure on the performance of the company. The literature review shows that there is no unanimity on the impact of the ownership structure on the performance of the company. The data have been collected from a sample of 51 Tunisian companies listed on the stock exchange of Tunis with data in five consecutive years (2008-2012). The obtained results show the existence of a positive impact and statistically significant concentration of ownership, on the performance of the company measured by the ROA. Also, the results show the existence of a positive effect of the ownership of institutional investors on the performance of the company. Foreign investors have a positive impact and statistically significant effect on the performance of the listed company.

Organization of paper:

• Introduction

• Theoretical Framework

• Summary and Conclusion

Introduction:

• Scope of usage of Information Technology Enabled Services (I.T.E.S) in promoting Services Marketing • Conceptual framework of Services Marketing

• Importance of usage of IT in trading – e-trade, e-commerce, Net Banking

Objectives of the paper:

• To explore the services of I.T.E.S in Services

• To measure the scope for application of I.T.E.S in promoting Services Marketing

• To evaluate the Elements of Promotion of Services

Marketing Scope of the paper:

The scope extends with a possibility to have I.T.E.S as promotional activities in marketing of services to the end users.

Conclusion:

• I.T.E.S will influence the quality of Services Marketing

• I.T.E.S is useful as Promotional activity to promote services Marketing

• I.T.E.S will enhance the quality of Services Marketing

In this study an attempt is made to assess the role of Benazir Income Support Program in achieving food security in Barikot, District Swat, K.P.K Pakistan. During the study primary data were collected from 65 households of Tehsil Barikot four villages. Data were analysed, using statistical and econometrics tools. Regarding the role in food security the results of correlation, variable, BISP amount and household’s wheat and vegetables consumption is positive related with each other (Correlation coefficient between these variables is 0.80 and 0.618). The respondent’s or household’s use this received amount from BISP on different items such as food, clothing and education etc. Majority of the household’s (40.0%) use amount of BISP on food items such as for the consumption of wheat, rice, milk, sugar and for vegetables. The correlation also indicates that both variables are moving in the same direction. Besides the role of BISP in achieving food security and poverty reduction there is some problems in BISP, according to the respondent’s responses the main problem are; problem of corruption, lack of offices, undetermined date schedule of receiving payments, rush in receiving cash or payments, discrimination and the problem mismanagement in of BISP.

Tourism is a global industry therefore good practices in sustainable tourism management at destinations tends to be applicable internationally; this therefore means that it is possible to learn from the experience and development in the sustainable destination management taking place in any particular country and try to adapt the techniques to your culture. A destination needs to be managed properly to achieve its aim and this sustainable partnerships in tourism development means there must be a joint negotiation and acceptance on the approach to be carried out in which case the goals are mutually defined and endorsed and the techniques of designed agreed and are jointly operated. In order to meet the needs of the future depends on how well we balance social, economic, and environmental objectives when making decisions today. The Bimbia slave port has a great cultural, historic and touristic importance to Cameroon and that is why the government as well as United States Embassy in Yaounde has been put in a lot of money to help preserve its collective cultural memory.

The main objective of this paper is that oil is known as the important factor, which effects on all the economy of the country. For this purpose we have taken the data and apply the multiregression method. For the checking that data is stationary or not, we have applied the ADF test and Johansen co integration Test. Which have shown that there is positive relationship between oil prices, inflation and stock exchange of India. Bombay stock exchange is known as the faster stock exchange of the world. It was founded in 1876. According to market capitalization; it comes on the 11th no. Large capitalization is the reason the investors want to invest here. The value of market capitalization is seen 1.9$ trillion. In 2001, it was considered as the derivatives market. It is famous due to its screen based trading system. AT any time, investors can do trade through this system.

This study examined the various sources of public funds and their resultant effect on economic growth in Nigeria from 1986-2014. The sources of public funds considered in this study were tax revenue, oil revenue, external debt and national savings. Two models were used in this study; one analyzed the effect of these individual sources of public funds on economic growth, while the other model explained the effect of aggregate government revenue on economic growth. The times series data sourced from Central Bank of Nigeria Statistical Bulletin were analyzed using unit root tests, cointegration tests and vector error correction mechanism (VECM). The unit root test revealed that all the variables were stationary at first difference except tax revenue which was significant at level. The cointegration tests (both Johansen and Engle-Granger) showed that a long run relationship existed between the individual sources of public funds and economic growth, as well as aggregate government revenue and economic growth. The results obtained for model one revealed that tax revenue and oil revenue had a positive effect on economic growth, while national savings and external debt exerted a negative effect on economic growth. With respect to total government revenue, economic growth depleted as a result of changes in total government revenue. Finally, it was recommended among other things that government should fulfil her obligations of social and economic welfare to her citizens, so that anyone who enjoys such services will be conscious of tax payment in Nigeria.

The aim of this study is to evaluate the effect of the external environment on the company’s strategic behavior, taking into account the psychological distance and the role of market orientation of export activities. Presence and continuity of presence in the turbulent of international markets need to take smart approach, considering the differences in internal and external markets. To Increase export performance in complex environments and greatly varied with the degree of market orientation is possible. Effectiveness and continuity of presence in foreign markets requires a level of adopting the design of the marketing mix. The method of this research is based on practical objective and descriptive-survey. The study population of research consists of experts, Supervisors and managers of international commerce exporting companies that their companies are excellent and food sample in 2015 Tehran province. To analyze the data collected, the researcher has used SPSS software and Excel. The results show that export market orientation positively affects the marketing mix adoption strategy and both positively associated with export performance. Also export marketing modifies the relationship between the export marketing mix adoption strategy and export performance. Psychological distance and external environment positively affect marketing mix adoption.

The purpose of this study is to investigate the effect of the global financial crisis on earnings management of listed companies in Tehran Stock Exchange and as evidence from of the products of petroleum and chemical industry. The present study is a descriptive-correlation research based on the nature of the data, a quantitative and an applied research based on the goals. Statistical population of this research were active companies in the field of petroleum and chemical listed in Tehran Stock Exchange in the period from 2008 to 2012 and Due to being limited the statistical population, purposive sampling method was used and twenty eight active companies in field of petroleum petrochemicals were selected as sample. In order to illustrate the explanatory power of explanatory variables, the adjusted coefficient of determination was used and in order to examine the significance of variables and the overall adequacy of model, t-statistic and the F-statistic Fisher were used respectively. Also, Statistical analysis was performed using Excel and E-views software’s. The results of this study showed that there is a significant relationship between the size of the company and the management of profit in the global financial crisis. There is a significant relationship between profitability index of company and earnings management in the global financial crisis. There is a significant relationship between sale growth and profit management in global financial crises.

The Indian banks are exposed to so many risks like interest rate risk, liquidity risk, credit risk and exchange rate risk which affect the net interest income and profitability of the banks. This paper is aimed at measuring interest rate risk in public and private sector banks in India with the help of gap analysis. It is also found whether there is any difference in the level of interest rate risk in the selected public and private sector banks of India. The findings revealed that both the private sector banks and public sector banks are exposed to interest rate risk.

Iran is a multicultural country including various groups of ethnic, lingual, religious and else. What is solution Constitution of Islamic Republic of Iran to organize this sociocultural diversity? To answer to this question we used the method of conforming theory with sample. The study uses cultural citizenship theories as a theoretical framework to analyze the solution of the Constitution of IRI. The most important finding of this study is: the Constitution of IRI has a two-layer solution for the issue of sociocultural diversity; in the beneath layer lays concentrated cultural policy which in turn is the result of domination of Islamic, Shiite, Persian, and patriarchal culture; in the layer above lays a combination of politics of wide recognition (especially in the area of language and ethnic); and politics of narrow recognition (especially in the areas of religion, women, and vulnerable social groups).