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We explore the long-run relationship between income risk, inequality, and the macroeconomy in an overlapping-generations model in which households face uncertain streams of labor income and returns on their savings. To manage those risks, households can apportion their savings to a bond, whose return is safe and identical across households, and a productive asset, whose return is uncertain and can differ persistently across households. We find that greater polarization in households’ labor income and returns on their savings generally accentuates households’ demand for risk-free assets and the compensation they require for bearing risk, leading to higher measured income and wealth inequality, a lower risk-free real interest rate, and higher risk premiums. These findings suggest that the factors behind the observed rise in inequality over the past few decades might have contributed to the observed fall in the risk-free real interest rate and widening gap between the risk-free real interest rate and the rate of return on capital. We also find that the magnitude of the decline in the risk-free real interest rate and offsetting rise in risk premiums depend importantly on the source of income polarization, with the effects being especially large when greater inequality is caused by increased dispersion in returns on risky assets. Thus, the macroeconomic implications not only depend on the amount of inequality, but also the source of this inequality.

Due to the continuous growth of the amount of vehicles that households possess, the scarcity of easily accessible parking slots has gradually become a universal issue, especially in old communities that are usually lack of standardized administration. Thus, how to enhance the efficiency of arranging parking slots within limited public areas has become a concerned social issue in Chinese cities nowadays. As a zealous and supportive member of Shudeli community, the author tries to find the most suitable strategies of improving the efficiency of allocating parking slots here by learning from existing advanced community planning from both foreign and domestic researchers, while applying the knowledge of Economics and Business Management to obtain a final scheme which fits the local circumstances best.

PurposeThis study aims to examine whether a good corporate reputation leads to superior investment returns. Theory and empirics provide support for the idea that a good corporate reputation improves firm value, but much of the previous research fails to consider the risk of the companies they study and relies only on accounting measures of performance such as return on assets. A complete picture of the relationship between corporate reputation and shareholder value should include risk-adjusted returns and correlation with benchmark returns.Design/methodology/approachThe Harris Poll Reputation Quotient (RQ), based on the reputations of the 100 most visible companies, suggests that companies with a “solid reputation” are more likely to be attractive investments. The authors construct portfolios using deciles and the RQ categories, rebalancing annually as RQ rankings are updated. Returns are adjusted for risk using Jensen's alpha, the information ratio, the Sharpe ratio, Modigliani and Modigliani's M2 measure, and Muralidhar's M3 measure.FindingsThe results indicate that choosing a portfolio based on the highest RQ-ranked firms does outperform the market on a risk-adjusted basis, and that the relationship between rankings and time-weighted returns is roughly monotonic. The authors also observe that corporate reputation is persistent, and that the best and worst most-visible firms are more likely to be privately held.Originality/valueThis research adds to the literature by including both market-based return measures and risk in the examination of the relationship between corporate reputation and financial performance.

We study access to banking and how it is related to banks’ rate of return on investments and the distribution of income. We develop our empirical framework through a theoretical supply-side model of bank deposit services with a consumer population heterogeneous in income. We use this model to show how decreases in the interest rate margin and higher income disparities lead to an increase in the proportion of unbanked. Using localized US household data from 2009, 2011, 2013 and 2015 we find strong empirical evidence for the predictions of the model. We then structurally estimate our model to estimate the value of having a checking account relative to alternative financial services and to quantify the effects of actual changes in the interest rate margin and the distribution of income that occurred in the aftermath of the 2008 financial crisis.

Given overall lack of gender diversity in the venture capital and entrepreneurship industry shown in Calder-Wang and Gompers (2017) we ask: What promotes greater gender diversity in hiring? Does diversity lead to better firm performance and higher investment returns? In this paper, using a unique dataset of the gender of venture capital partners’ children, we find strong evidence that when partners have more daughters, the propensity to hire female partners increases. Moreover, our instrumental variable results suggest that increased gender diversity improves deal and fund performance. Lastly, the effects are primarily driven by the gender of senior partners’ children.

The paper justifies the possibility of estimating wage premiums that higher study education graduates may receive based on the administrative data from the Polish Graduate Tracking System. The data on wages in the year preceding the admission to a given study cycle were used, along with the data from the year after graduation. For the first first-cycle full full-time study programme, the average growth in wages in relation to every each subsequent year of education ranged from 20% to 40% depending on the area of study under which a given field of study was classified. For full-time second second-cycle studies, the rate of return was 50%–60%. In the case of part-time studies, these growth rates were considerably lower.

Cryptocurrencies have become an essential element of the global financial system, and in recent years also a frequent investment tool. The aim of the study is to check whether investments in cryptocurrencies are more effective than in commodities on commodity exchanges. The study was conducted based on the daily quotations of the analyzed instruments in 2011–2020. The investment efficiency level was estimated using Sharpe’s and Sortino’s indicators. The research results showed that, on average, over the entire period under study, investments in cryptocurrencies were burdened with the highest risk, but at the same time achieved the highest daily rates of return. As a result, they were much more effective investment tools than gold, silver and WTI. The advantage of cryptocurrencies could be due to the long-term persistence of ultra-low interest rates and the reduced attractiveness of investment in debt securities. Bitcoin and etherum with the largest shares in cryptocurrency market capitalization have proven to be the most effective investment tools.

There are some unpredicted factors in floating solar power plants that can affect the investment return value. This research aimed to develop an NPV-at-risk based risk management analysis on the floating solar power plant. This research proposed six-staged solutions: communication and consultation, context assignment, risk identification, risk analysis, risk evaluation, and risk mitigation. This study took place in a floating solar power plant in Indonesia. This research showed that some unpredicted risks, such as irradiation, operation and maintenance costs, inflation, and interest rate, could contribute to the investment return. This procedural proposal could be applied in the management of the income realization based on the income projection.

The research aims to measure the performance of the banking sector for the Iraqi market for securities, as well as to measure the profits of the research sample banks. The research community was represented in the Iraqi Stock Exchange, and the research sample was represented by (13) banks within the banking sector of the Iraqi Stock Exchange for the period 2015-2018, and a set of financial methods were used, represented by (cash to deposits ratio, cash to assets ratio, loans ratio To the assets, the ratio of loans to deposits, the rate of return on assets, the rate of return on equity), the statistical program (SPSS V.26) was used to analyze the relationship between the variables and test the research hypotheses. The main banker of the research sample banks, which reflected negatively on banking profits.

This study aims to look at the description and influence of contributions, claims, investment returns, inflation, JCI, and BANK INDONESIA SHARIA CERTIFICATE yields on the growth of Sharia insurance industry assets in Indonesia for the 2016-2020 period, both simultaneously and partially. The data used are secondary data for the monthly period in 2016-2020. This study uses multiple linear regression analysis with the help of Eviews 10 software to see the effect of the independent variable on the dependent variable. Based on the research results, simultaneously all variables have a significant effect on asset growth. Partially, the claims variable and the JCI have a significant negative effect on asset growth, while the contribution and investment return variables have a significant positive effect on asset growth, then the inflation variable and BANK INDONESIA SHARIA CERTIFICATE yield have no significant effect on the growth of Islamic insurance industry assets in Indonesia

There is a certain relationship among stock return rate, market return rate and risk-free interest rate, which is worth discussing, and it is helpful for us to analyze stocks and evaluate their prices. I have found that the market return rate and risk-free rate have correlation through multiple regression, and other stock's return rate can affect the target stock to some extent. The stock return rate is positively related to the market interest rate and inversely related to the risk-free interest rate.

The return and risk of stock investment have a high level of volatility because it depends on fundamental and technical conditions and the influence of micro and macro variables. This study aims to determine the risk and return on investment in insurance companies and analyze the effect of macroeconomic variables on the level of risk and return on investment in insurance companies. The sampling technique used was purposive sampling. Data analysis shows that for three years, Asuransi Jasa Tania Tbk has the highest level of conclusion, which is 22.3%, and Asuransi Harta Aman Pratama Tbk. has the lowest rate of -3.3%. For three years, the value of Gross Domestic Product has increased successively so that this will cause a stock return that is proportional to the level of risk that will be faced. Changes in the inflation rate up and down for three consecutive years have a different effect every year where when the inflation rate decreases, the rate of return on investment will be high. In addition, the interest rate decreased from 4.75% in 2016 to 4.25% in 2017. Then it increased to 6.00% in 2018. The Rupiah exchange rate against the dollar is getting weaker, indicating an increase in the exchange rate. Every year from 2016 to 2018. When the rupiah exchange rate weakens, people will choose to invest in foreign currencies because the value of these foreign currencies can determine the size of the risk of a business.

This paper quantifies the factors contributing to Australia’s gender gap in superannuation balances. Around 60 per cent of the gap can be attributed to the prior stock of superannuation, for respondents who had superannuation balances in both 2014 and 2018 in the Household Income and Labour Dynamics in Australia Survey. This is partly due to the accumulation of the prior gap with investment returns. Financial literacy and risk aversion explain around 7 per cent of the gap in total, such as through impacts on subsequent investment returns. Work patterns and wage rates affect contributions and explain approximately 30 per cent of the superannuation gap in total.

The aim of the article is to prove the positive impact of education on work salary. For this purpose, the main task of the article is toestimate the Mincer rate of return by taking several factors into account. A secondary task of the research is to analyze the results of2010 and 2011 and to find explanations for the significant differences between the two years. The results of research and a detailedanalysis of the labour market indicate a positive return from attainment of education at an individual level, and they strengthen thehypothesis about a correlation among higher education attainment, higher employment levels and welfare. So far, the Mincer rate ofreturn has not been widely used in Latvia. Keywords: rate of return, education, work salary. DOI: http://dx.doi.org/ 10.15181/rfds.v11i3.623

Risk-Adjusted-Return-On-Capital (RAROC) is a loan-pricing criterion under which a bank sets the loan term such that a certain rate of return is achieved on the regulatory capital required by the Basel regulation. Some banks calculate the amount of regulatory capital for each loan under the standardized approach ("standardized banks", the regulatory capital is proportional to the loan amount), and others under the internal rating-based (IRB) approach ("IRB banks", the regulatory capital is related to the Value-at-Risk of the loan). This paper examines the impact of the RAROC criterion on the bank's loan-pricing decision and the retailer's inventory decision. We find that among the loan terms that satisfy the bank's RAROC criterion, the one that benefits the retailer the most requires the bank to specify an inventory advance rate in addition to the interest rate. Under this loan term, the retailer's inventory level is more sensitive to his asset level when facing an IRB bank compared to a standardized bank. An IRB (standardized) loan leads to higher profit and inventory level for retailers with high (low) asset. For retailers with medium asset, an IRB loan results in a higher retailer profit but a lower consumer welfare. Calibrated numerical study reveals that the benefit of choosing standardized banks (relative to IRB banks) can be as high as 30% for industries with severe capital constraints, volatile demands and low profit margins, highlighting the importance for retailers to carefully choose the type of banks to borrow from. When the interest rate is capped by regulation, retailers borrowing from a standardized bank are more likely to be influenced by the interest rate cap than those borrowing from an IRB bank. Under strong empire-building incentives (the bank will offer loan terms to maximize the size of the loan), retailers with medium initial asset level shift their preference from IRB banks to standardized banks.

Ten states have created natural-resource-based Sovereign Wealth Funds (SWF) to allow a fraction of the wealth derived from the extraction of non-renewable resources to be available for future use. Minnesota does not have a SWF, even though companies have been mining in the state for over 100 years. Herein, we present backward and forward-looking scenarios to estimate the potential magnitude of a “what-if” extraction-based fund. A 1.5% of value tax is suggested as an SWF funding mechanism. Based on historical extraction, prices, and investment returns, a large SWF could already exist. In the forward-looking section, we begin by econometrically estimating the supply and demand of US iron ore production to better understand how an increase in mining taxes would likely effect mining output (i.e., the production effect). After accounting for an estimated 4% production loss, results suggest enough minerals could still be extracted to create a permanent fund with between $930 million (US) and $1.6 billion dollars (US) in direct contributions by 2050 (depending on price). Using reasonable assumptions of a 2% inflation rate and a 5% annual investment return, the fund size could range from $3 billion to $5 billion by 2050.

Цель: раскрытие методов оценки, формирования и раскрытия в корпоративном учете и отчетности информации об изменении стоимости объектов основных средств. Обсуждение: в настоящее время фактор инфляции является постоянным явлением экономической жизни многих стран мира и, в том числе России. Корпоративная отчетность, сформированная без учета инфляционного фактора, не обеспечивает адекватного отражения бизнес-процессов и возможности принятия обоснованных экономических решений пользователями. Информацию корпоративной отчетности, подготовленной на основе традиционных бухгалтерских оценок, искажает даже умеренная инфляция, дезориентируя руководство корпораций при оценке финансовых ресурсов и производственного капитала. В условиях инфляции оценка приобретает особое значение, так как позволяет отразить в отчетности элементы, составляющие капитал. Влияние инфляционного фактора вызывает увеличение текущей рыночной стоимости активов и ее отклонения от первоначальной стоимости (фактической себестоимости) их приобретения. Занижение стоимости активов и завышение прибыли влияет на показатели нормы прибыли и рентабельности, увеличивает налогооблагаемую базу и способствует изъятию из корпорации части собственного капитала. Необходимость вложения в каждом операционном цикле большей суммы денежных средств по сравнению с предыдущим вызывает необходимость наличия внешнего источника финансирования, в частности, привлечения заемных средств, что реально не для всех корпораций, может вызвать несвоевременность осуществления расчетов и другие негативные явления. Инфляционные процессы вызывают необходимость перехода от оценки по фактической себестоимости (первоначальной стоимости) к оценке по справедливой стоимости. Результаты: раскрыто влияние рисков утраты стоимости активов на показатели деятельности корпорации.

PurposeThe increasing rate at which individuals, especially, females in Ghana are seeking higher education calls for an estimation of the returns to schooling and education in Ghana.Design/methodology/approachThe study employs the Mincer equation to a representative cross-sectional micro-data from Ghana using OLS and instrumental variable (IV) methodologies. The paper uses spouse's education as instruments in the IV estimation.FindingsReturn to schooling was found to be higher for females than males, likewise, membership of an old student associations and location of the household. Returns to education increases as the level of education rises whilst the rate of returns initially increases but fall as labour market experience rises. The study also found that the rates of return to education were higher for Christian, followed by Muslim and believers of other lesser-known religion in Ghana.Research limitations/implicationsReturn to schooling was found to be higher for females than males. Likewise, individuals who are members of an old student association and are in urban areas were found to have a higher return to schooling than individuals who are not members of an old student association and are in rural areas. Returns to education increases as the level of education rises whilst the rate of returns initially increases but fall as labour market experience rises. The study also found that the rates of return to education were higher for Christian, followed by Muslim and believers of other lesser-known religion in Ghana.Practical implicationsWage determination process is different for males and females, across religion and residency. The higher returns to schooling for females imply education is a good investment for women and girls and should be a development priority.Social implicationsThe higher returns to schooling for females imply an investment in girl's education should be a development priority.Originality/valueThe paper extends the existing literature by focussing on the role of religion, old student's association (alma mater) and gender on the differential earning returns to schooling.

Yield to maturity bonds are often used by investors in the effort to obtain mutual returns from investments and reduce the mismatch of the acquisition value obtained. Several factors that influence it such as exchange rates, inflation, BI interest rates, debt to equity ratio, and company size are also to examine the effect of audit quality in moderating the relationship. The purpose of this study was to determine how the influence of exchange rates, inflation, BI interest rates, debt to equity ratio, and company size also when moderated by audit quality. Audit quality as a moderator is taken as a means of increasing public trust, especially investors. The research sample is corporate companies that issued bonds on the Indonesia Stock Exchange in 2014 - 2018, as many as 103 companies with emissions that met the research requirements of 110 emissions. The method used is purposive sampling and multiple linear regression techniques. The results showed a correlation between the rate of return with yield to maturity, there were 3 significant influences namely the exchange rate moderated by audit quality, company size and company size moderated by audit quality. This research model based on the determinant test results was able to explain the dependent variable by 55.9% while 44.1% was explained by other dependent variables by 55.9% while 44.1% was explained by other variables. Keywords: Exchange Rate, BI Rate, Debt to Equity Ratio, Size, and Yield to Maturity Bonds.

This paper investigates the payment scheme and forecast information sharing issues in the express delivery logistics with the high-speed railway. The HSR carriers need to coordinate the transportation capacity between passenger and freight. It is widely recognized that the advance payment scheme (APS) using as deposit is a beneficial way for the HSR carriers to make decisions on the transportation capacity preserved for express delivery. However, the express service providers, who possess private forecast information of express delivery demand, may share inaccurate information with the HSR carriers to acquire sufficient preserved transportation capacity. This paper discusses what payment scheme is preferred by the HSR carrier, the express service provider through discussing the deposit decisions with or without forecast information sharing. We show that sharing demand forecast information can reduce the prereserved capacity and increase the profits of the HSR carrier. With the delayed payment scheme (DPS), the express service provider has no motivation to share the information; while with the APS, the HSR carrier can reasonably choose the deposit to encourage the express service provider to share the demand information. Our analysis also shows that the HSR carrier’s profits with the APS is restricted by the investment returns and the express service provider’s information sharing decisions. We also analyze the value range of the deposit, which is a proportion of the overall payment, that allows both the HSR carrier and the express service provider to prefer the APS, as well as to encourage the express service provider to share the demand information.

Thomas Piketty isn’t scared to tell a big story. In 2013, he produced Capital in the Twenty-First Century, a 700-page tome about inequality that combined Jane Austen and Honore de Balzac with data from tax returns and national statistics. One idea that captivated many readers was r versus g. When the rate of return on capital (think rental yields and share dividends) exceeds the overall economic growth rate, then inequality rises. When g is bigger than r, inequality falls. The theory didn’t e...

This article considers trends in wealth at the middle and top of the distribution, with a particular focus on the period around the Great Recession. It illustrates that leverage rates of middle class families relative to high‐wealth families were beneficial to relative rates of return of middle class families for most periods since 1983 but was extremely detrimental during the Great Recession. It also considers the savings rates over time among high‐wealth and middle class families, showing that dissaving slowed the recovery in wealth—especially among the middle class. Differential leverage was also a key factor explaining wealth inequality trends.

PurposeThe purpose of the study is to ascertain whether or not faculty members would be motivated to use e-Databases for research considering the impact of the Technology Acceptance Model2 (TAM2) cognitive instrumental processes of job relevance, output quality and result demonstrability.Design/methodology/approachThe survey research design was applied. The selection of samples was based on a multistage sampling technique involving; purposive, simple/systematic random and total enumeration procedures. Five colleges and departments each were selected from the three universities that provided the setting for the conduct of this study, out of which a sample of 135 was drawn from the total population of 209. The questionnaire method was used for data gathering. Ninety-five percent return rate of the administered instrument was observed. Descriptive and inferential statistical tools were employed for data analyses.FindingsJob relevance, output quality and result demonstrability are motivators of faculty use of e-Databases for research with result demonstrability wielding the strongest influence. Use of e-Databases for research is based on the usefulness level perceived of them. Faculty are highly predisposed to using the technology for research with the chances of getting published in reputable journal outlets ranked highest among other factors that influence faculty use of e-Databases.Originality/valueThe conceptualization of TAM2 cognitive instrumental processes as system characteristics and motivators of e-Databases use among faculty towards research engagement advances the understanding of intention to use e-Databases for research.

The authors empirically assessed the impact of the availability of industrial companies to financial capital on their innovative behavior. The relevance of the study is due to the need to develop new analysis tools and stimulate the innovative development of industrial companies in an unfavorable external environment. The aim of the study is to assess the relationship between the availability of financial capital for industrial companies and the possibility of transforming their innovative behavior into a more advanced innovative regime. The authors applied the method of regression analysis of survey data in 648 Russian industrial companies for 2015-2019 to test the three following hypotheses: 1. The financial performance of industrial companies depends on the model of innovative behavior; 2. Financial capital has a significant positive effect on the choice of a more advanced innovative behavior and on the performance of industrial companies; 3. Different availability restrictions to financial capital have a different impact on the choice of innovative behavior and the performance of industrial companies. The authors analyzed two types of restrictions on financial capital: light, when the rate of return from the company’s activities is below the lending interest rate; and strict, when the company does not have access to the credit market. The authors proved that the choice of a particular model of innovative behavior depends on the availability of financial capital of industrial companies. The conclusion is that different types of financial capital constraints affect the choice of a model of innovative behavior in different ways. The authors suggest allocating resources for innovation, development and launch of new products on the market even in conditions of limited access to financial capital. Alternatively, in the context of extremely limited financial capital, it is to develop imitation innovations in new or existing markets.

In this paper, we study optimal investment, consumption and portfolio choice in a framework where the pension planner member (PPM) embarks on an investment policy to cover up for some certain life targets. The aim of the pension plan manager is to maximize the expectation of total wealth at the time of retirement. The investment return process comprises of risk free asset and two risky assets, and the PPM benefit lies in a complete market that is constrained by the inflation rate. Explicit solutions for constant absolute risk aversion utility functions are obtained and optimal strategies are derived by applying by dynamic programming on the Hamilton-Jacobi-Bellman (HJB) equations. Our numerical results show various effects of some economic parameters on the optimal strategies. The inflation price market risk governs the amount invested in both stock and bond, at the same time varying the premium ratio (η), causes effects on the investment returns. We also investigated the effects of the correlation coefficient (ρ) when set high on consumption rate and income rate. Finally a sensitivity analysis is graphically presented.

Since optimal portfolio strategy depends heavily on the distribution of uncertain returns, this article proposes a new method for the portfolio optimization problem with respect to distribution uncertainty. When the distributional information of the uncertain return rate is only observable through a finite sample dataset, we model the portfolio selection problem with a robust optimization method from the data-driven perspective. We first develop an ambiguous mean-CVaR portfolio optimization model, where the ambiguous distribution set employed in the distributionally robust model is a Wasserstein ball centered within the empirical distribution. In addition, the computationally tractable equivalent model of the worst-case expectation under the uncertainty set of a cone is derived, and some theoretical conclusions of the box, budget and ellipsoid uncertainty set are obtained. Finally, to demonstrate the effectiveness of our mean-CVaR portfolio optimization method, two practical examples concerning the Chinese stock market and United States stock market are considered. Furthermore, some numerical experiments are carried out under different uncertainty sets. The proposed data-driven distributionally robust portfolio optimization method offers some advantages over the ambiguity-free stochastic optimization method. The numerical experiments illustrate that the new method is effective.

The types of inequality problems in Indonesia are very diverse, one of which is the rate of return on investment in education. To date, this problem has not been resolved by the government. The existence of this imbalance is thought to have a negative effect on the level of welfare of an area where the rate of return is relatively lower. This study aims to see the magnitude of the rate of return on education investment for each district and city in Indonesia. In addition, an analysis of the spatial effect of returns on education investment is also carried out on the level of welfare of an area in adjacent areas. Using the Mincer model to measure the rate of return for each region, the results show that the rate of return on investment in education in all districts and cities in Indonesia varies widely, ranging from 1% to 11%. Also, spatial analysis using the Spatial Autoregressive model shows that any increase in the percentage of return on investment in education in a certain area will decrease the level of welfare in the surrounding area. The proper regulations specifically related to equality of benefit after getting the education and the ease of migration are needed to overcome each region's negative spillover effect.

Purpose- It is aimed to reveal the interaction of the output-gap,inflation and money supply variables within 1987: Q2 and 2020:Q2 periods for Turkey. Methodology- The model structure between variables are determined in the scope of FIVAR and VARFI models by using the Exact Maximum Likelihood (EML), Maximum Likelihood, and Whittle estimators. Findings- Monetary and fiscal policies should be used effectively and in a coordinated manner to take under control in devastating effect of inflation on economies and ensuring stability in prices and economy are among the targets of macroeconomic policies. Central Banks uses money supply and interest rates to be effective on income, employment and prices in the economy during the crisis periods. Since changes in money supply affect investments through interest rates, they have an impact on the output-gap and sustainability. Conclusion- Although the VARFI and FIVAR models seems to be similar,there are differences in the results. While one of these models leads to series with different integration orders, the other one leads to series with the same order of integration and a relation such as cointegration. Considering the modeling structure between variables, it is determined that the best performance occurs in structures where long memory structure continuity is modeled. When the rates of return to average are examined, it is concluded that the returns to the average determined at an exponential rate is due to the improved performance of long memory models.

The study examined the factors influencing economic performance of palm oil production in Abak Local Government Area of Akwa-Ibom State, Nigeria. The study was based on primary data collected with the aid of pre-tested questionnaire from 120 respondents using multistage sampling technique in the study area. Descriptive statistics and multiple regression analysis were used for data analysis. Results revealed that majority (78%) of the palm oil producers were female with a mean age of about 50 years. The costs and returns analysis indicated that palm oil production was a profitable enterprise with a rate of return of 1.17. The result of the regression analysis revealed that age (p

Purpose: The purpose of the study was to examine the key determinants influencing the performance of child welfare protection project in Kilifi county, Kenya. The study aimed to achieve the following objectives: to examine the extent to which training of workers influences performance of child welfare protection project, to determine the extent to which stakeholder engagement influences performance of child welfare protection project, to establish the extent to which availability of financial resources influences performance of child welfare protection project and to assess how monitoring and evaluation approaches influences the performance of child welfare protection project.Methodology: The study adopted the descriptive research design. The target population was 20 directors and 110 project workers which summed to 130 persons. The study sampled 101 respondents which included (15) directors and (86) project workers in the social department of 15 child charitable institutions. Purposive sampling and proportionate sampling were utilized respectively. Primary data was collected by use of close ended questionnaire and the return rate was 70%. Quantitative data was analyzed using descriptive statistics with the aid of Statistical Package for Social Sciences (SPSS version) latest version. The study results were presented through frequency tables and narratives analysis.Results: The findings clearly depict that all determiners: training of workers, stakeholder engagement, availability of financial resources and monitoring and evaluation approaches were present in child welfare projects constituting of the composite mean of 3.9468, 2.988, 3.6798 and 3,9434 respectively while the dependent variable had a composite mean of 4.34. Hypothesis was tested on each alternative as per the objective using the simple Chi square test determined that training of workers had no significant influence on the performance of child welfare protection projects while stakeholder engagement, availability of financial resources and monitoring and evaluation had a significant influence on the performance of child welfare protection projects.Unique contribution to theory, policy and practice: The study recommends that further research be conducted on training to provide more insight of this variable. The study recommends training of workers through university-agency partnerships be fortified to bring about new ideas and skills among project workers in addition, firms should ensure child welfare practitioners are endowed with valuable M&E skills and suitable approaches to meet the set target and objectives.

This paper examines the reliability of survey data on business incomes, valuations, and rates of return, which are key inputs for studies of wealth inequality and entrepreneurial choice. We compare survey responses of business owners with available data from administrative tax records, brokered private business sales, and publicly traded company filings and document problems due to nonrepresentative samples and measurement errors across several surveys, subsamples, and years. We find that the discrepancies are economically relevant for the statistics of interest. We investigate reasons for these discrepancies and propose corrections for future survey designs. (JEL C82, C83, D22)

This paper investigated some determining factors that influence Indonesia Sharia Stock Index (ISSI). Some macroeconomic variables are used as an independent variable such as central bank interest rates, inflation, currency exchange rate, and return rates of Bank Indonesia Sharia Certificates (SBIS). This study conducted the Error Correction Model (ECM) to analyze times series data during October 2013 and September 2017. The findings showed that Indonesia Sharia Stock Index (ISSI) is influenced significantly and negatively by central bank interest rates in long term analysis. Similarly, in short term analysis, the central bank interest rates affect significantly and negatively on ISSI as well as the currency exchange rates. On the other hand, SBIS return rates and inflation are indicated to have a non-significant negative effect on ISSI. This study suggested that investors of ISSI consider Central Bank interest rates, inflation, rupiah exchange rates, and SBIS rates of return to predict the stock price so investors can make the right decisions in their investment policies. This paper also recommended the Indonesian Central Bank to effectively manage their monetary policy and promote ISSI as an alternative investment which is resistant by the negative effect of inflation in short term analysis.

This study aims to see the overview and influence of risk based capital, investment returns, and operational costs, on the surplus underwriting in Sharia general insurance companies in Indonesia period 2014-2018. Surplus underwriting over the past five years has been fluctuating and almost all sharia general insurance companies in Indonesia have decreased. This is due to the decline in performance and financial instruments in Sharia general insurance companies in Indonesia. The research methods used in this study are causality methods with a quantitative approach. The population in this research is the Sharia general insurance company registered with Otoritas Jasa Keuangan (OJK). The method used for sampling in research is by purposive sampling with the number of samples as many as eleven Sharia general insurance companies in Indonesia for 5 years of research. The data used is secondary data. The statistical analysis technique used in this study was the analysis of a regression of data panels using the Eviews 9 application. The dependent variables in this study are surplus underwriting and independent variables in this research are risk based capital, investment returns, and operational costs. The results showed that risk based capital positively affect the surplus underwriting, investment returns positively affect the surplus underwritimg and operational cost positively affect the surplus underwriting

The impact of education on individual earnings has not been adequately discussed in the Sudanese literature. This paper estimates the rate of return on education by modeling individual-level Sudanese survey data for 2019. The importance of these data lies in the fact that they represent the period of Islamist rule in Sudan, which spanned thirty years and ended in April 2019 as a result of a peaceful youth popular revolution. A secondary aim is to trace how demographic characteristics (marital status, gender, locale) affect individual earnings. Results show, on average, an additional year of education increases individual earnings 4% (4.4% for men, 9.2% for women). Marital status exhibits the largest impact on Sudanese individual earnings, with married respondents’ earnings 78.7% more than singles. Almost 90% of the variation in wages is determined by all levels of education, and trade pays the highest wage among surveyed occupations. Mincer models prove that the return on education was significantly positive for occupations in healthcare and electricity and significantly negative in real estate.

Unit Trust Schemes provide diversification, liquidity, professional management among other benefits. In order to diversify the funds raised from various unit holders, fund managers adopt a criterion with which funds are allocated optimally. A descriptive research design was adopted, and the study period was 5-years. The ratio of the composition of different asset classes to the fund value was used as the independent variables. Fund age was used as the control variable. Sharpe ratio was used to measure investment returns and that represented the dependent variable of the study. Data was collected from secondary sources and a multiple linear regression model was adopted to assess the association of the variables. Collected data showed normality traits, positive autocorrelation when measured using Pearson correlation coefficients. The data also showed mixed results for multicollinearity tests. The weight of money market instruments, corporate bonds, treasury bonds and equity significantly affected performance of Unit Trust Scheme funds. They all had probability values in the interval of 0 and 0.05. Therefore, the study concluded that asset allocation significantly affects how a fund will perform. Other factors such as timing, manager experience and prevailing economic conditions have to be considered when evaluating performance of a fund. Keywords: Asset allocation, Financial performance, Unit trust schemes, Kenya.

The excess money supply did not lead to a rapid rise in the price index, which in turn triggered inflation. In this case, the redetermination of the demand for money is particularly important. At the same time, with the continuous expansion of the capital market and the rapid development of the virtual economy, the virtual economy is gradually deviating from the real economy. When selecting assets, microentities often incorporate virtual economic assets into investment considerations. Therefore, it is necessary to establish a money demand model that considers the impact of virtual economic assets. This paper uses the asset selection of microentities as the microfoundation to establish a money demand model to explain its economic significance. And based on the money demand model established, a dynamic equilibrium model of the money market was established, and the stability of the dynamic equilibrium point of the money market was verified through mathematical deduction. Based on the dynamic equilibrium model of the money market, the impact of money supply was analyzed. In order to verify the correctness of the aforementioned theory, this paper conducts an empirical analysis. Through cointegration analysis and the vector error correction model (VECM model), the correctness and applicability of the established money demand model are verified, and money demand, total social wealth, spreads between expected stock returns and interest rates, and real estate expectations are found. There is a long-term equilibrium relationship between the rate of return and the interest rate. The total amount of social wealth, the expected rate of return on stocks, and the interest rate spread will have an impact on the demand for money in the short term.

The relevance of tax progressivity measures to policymaking depends on whether they help assess the extent to which taxation leads to social welfare gains or losses. The social welfare implications of progressivity measures have yet to be explored adequately in the literature. This paper helps to fill this gap by proposing a social welfare function framework to derive measures of tax progressivity and explore their normative properties. Using the social welfare framework, the paper derives the Kakwani index from Sen’s social welfare function as well as a new class of progressivity measures that incorporate a distributional judgment parameter capturing inequality aversion. The paper also discusses the social welfare implications of the Suits measure of tax progressivity and develops a new measure of tax progressivity derived from the Bonferroni social welfare function. The paper derives both relative and absolute measures of tax progressivity from the social welfare function framework. The methodology developed in the paper is applied to make international comparisons of tax progressivity in 32 developed countries. The paper calculates the magnitude of welfare gains and losses due to taxation and the required social rates of return of public investments for governments to break even. This paper finds that the governments in some countries have to generate high social rates of return from their public investments to compensate for losses of social welfare from taxation. It concludes that optimizing social welfare requires designing a progressive tax system, minimizing the administrative costs of collecting taxes, and maximizing the social rates of return by efficiently investing tax revenues.

Historical rates of return on investments have received increasing scholarly attention in recent years. Much literature has focused especially on colonies, where institutions have been argued to facilitate severe exploitation. In the present study, we examine the return on investments in an Asian colony, British Malaya, from 1889 to 1969 for a large sample of companies. Our results suggest that the return on investments in Malaya might have been among the highest in the world during the period studied. Nevertheless, this finding fits badly with theories of imperial exploitation and can only to a limited extent be explained by a higher risk premium. Instead, we argue that the main driver of the very high return on investments in Malaya was rather the substantial rise in global market prices of the output of the two main sectors of the Malayan economy, rubber and tin. The way that the process of decolonization unfolded in Malaya did, furthermore, not lead to any major nationalization of foreign-held assets, and did thereby not disrupt the return on investment in the region in the same way as decolonization did to the return on investment in some other colonies.

The Indonesia Stock Exchange is intensively conducting a campaign with the theme "Let's Save Stocks" This campaign is intended to change the habits of the Indonesian people from the original savings habit now to become a habit of investing. The research aims to determine the effect of investment knowledge, investment capital, investment return, investment motivation, and investment galleries on the interest of investing in the capital market in S1 Accounting students at Maarif Hasyim Latif University - Sidoarjo.The method in this research is quantitative. The population in this study were S1 Accounting students in 2015. The samples in this study were 50 students. Data collection was carried out through a questionnaire. Instrument testing in the study used validity and reliability tests. Data analysis techniques using classical assumptions and multiple linear regression analysis.The results of the study of the influence of investment knowledge, investment capital, investment returns, investment motivation, and investment galleries on the interest of investing in the capital market on Umaha students showed that: (1) the variable of investment knowledge had no significant effect of 0.196> 0.05. (2) investment capital variable does not have a significant effect of 0.462> 0.05. (3) investment return variable has a significant effect of 0.005 0.05. (6) the independent variables jointly influence the dependent variables by 50.1%, while the remaining 49.9% are influenced by other variables not present in this study.

Bu araştırma üniversite de çeşitli bölümlerde yapılan sosyal ve bireysel eğitim yatırımlarının getiri oranlarını hesaplamayı amaçlamaktadır. Araştırmada tarama modeli kullanılmıştır. Çalışma gurubunu, on beş farklı yükseköğretim bölümünden mezun olup İstanbul’da özel sektörde ücretli olarak çalışan 795 kişi oluşturmaktadır. Maliyetlere ilişkin veriler YÖK’ün 1997 yılında yaptığı araştırmadan, kazançlara ilişkin verilerse araştırmacı tarafından geliştirilen anket aracılığıyla elde edilmiştir. Araştırmada sosyal ve bireysel getiriler kısa-yol yöntemiyle hesaplanmıştır. Ayrıca maliyet-fayda analizinde kullanılan yöntemlerden olan fayda-maliyet oranı ile üniversite yatırımının sosyal ve bireysel açıdan verimliliği test edilmiştir. Araştırmada şu bulgulara ulaşılmıştır: Tüm bölümlerde sosyal getiri oranları %5 -%14,8; bireysel getiriler %12,3 -%18,5 arasında değişmektedir. Üniversite eğitiminin sosyal getiri oranı %8,9, fayda-maliyet oranı 11,93; bireysel getiri oranı %16,6, fayda-maliyet oranı 15,17’dir. Cinsiyetler açısından anlamlı farklılık görülmemiştir. Bireysel getiri oranı kadınlar için %16,3, erkekler için %16,6 bulunmuştur. Bu hesaplamalar tüm Türkiye çapında ve bütün eğitim tür ve düzeylerinde daha geniş bir örneklem üzerinde yapılmalıdır.

We explicitly derive and explore the optimal consumption and portfolio policies of a loss-averse individual who endogenously updates his or her reference level over time. We find that the individual protects current consumption by delaying painful reductions in consumption after a drop in wealth, and increasingly so with higher degrees of endogeneity. The incentive to protect current consumption is stronger with a medium wealth level than with a high or low wealth level. Furthermore, this individual adopts a conservative investment strategy in normal states and typically a more aggressive strategy in good and bad states. Endogeneity of the reference level increases overall risk-taking and generates an incentive to reduce risk exposure with age even without human capital. The welfare loss that this individual would suffer under the conventional constant relative risk aversion (CRRA) consumption and portfolio policies easily exceeds 10%. This paper was accepted by Tyler Shumway, finance.

Coronavirus (COVID-19) infection is increasing steadily in Nigeria. The aim of this study is to assess the perception of people living in low income and densely populated area about COVID-19. This study was carried out in one of the most popular low income area (Abakpa-Nike) in a major city in South East, Nigeria (Enugu). Four hundred questionnaires were administered to heads of the household in this community. A return rate of 77.5% was achieved. Descriptive (frequency, percentages, weighted average and median) and inferential statistics were used for the study. Our tests show that females are more likely to use facemask more frequently than males (p=0.000). However, there is no association between gender and frequent use of hand sanitizers (p=0.06). also, no association exists between gender and regular observation of social distancing (p=0.272). There was also an association between educational status and perception that Nigeria’s tropical climate “kills” COVID-19 virus (p=0.021). No association exist between educational status and the perception that Nigerians immune system is “stronger” than COVID-19 virus (p=0.147). Therefore, National Center for Diseases and Control, Presidential Task Force on COVID-19 and pertinent state agencies should put into consideration educational attainment and economic status of the people in communication output.

Bitcoin and other prominent cryptocurrencies have gained much attention since the last several years. Globally known as digital coin and virtual currency, this cryptocurrency is gained and traded within the blockchain system. The blockchain technology adopted in using the cryptocurrency has raised the eyebrows within the banking sector, government, stakeholders and individual investors. The rise of the cryptocurrency within this decade since the inception of Bitcoin in 2009 has taken the market by storm. Cryptocurrency is anticipated as the future currency that might replace the current paper currency worldwide. Even though the interest has caught the attention of users, many are not aware of its opportunities, drawbacks and challenges for the future. Researches on cryptocurrencies are still lacking and still at its infancy stage. In providing substantial guide and view to the academic field and users, this paper will discuss the opportunities in the cryptocurrency such as the security of its technology, low transaction cost and high investment return. The originality of this paper is on the discussion within law and regulation, high energy consumption, possibility of crash and bubble, and attacks on network. The future undertakings of cryptocurrency and its application will be systematically reviewed in this paper.

In recent years, fuzzy set theory and possibility theory have been widely used to deal with an uncertain decision environment characterized by vagueness and ambiguity in the financial market. Considering that the expected return rate of investors may not be a fixed real number but can be an interval number, this paper establishes an interval-valued possibilistic mean-variance portfolio selection model. In this model, the return rate of assets is regarded as a fuzzy number, and the expected return rate of assets is measured by the interval-valued possibilistic mean of fuzzy numbers. Therefore, the possibilistic portfolio selection model is transformed into an interval-valued optimization model. The optimal solution of the model is obtained by using the order relations of interval numbers. Finally, a numerical example is given. Through the numerical example, it is shown that, when compared with the traditional possibilistic model, the proposed model has more constraints and can better reflect investor psychology. It is an extension of the traditional possibilistic model and offers greater flexibility in reflecting investor expectations.

Wiedza na temat ryzyka i efektywności ma istotne znaczenie dla wszystkich uczest-ników giełdy, to jest klientów, inwestorów i podmiotów gospodarczych; dostarcza ona niezbędnych informacji pomocnych w podjęciu decyzji, w które walory, w danym momencie, warto ulokować kapitał, aby przy jak najmniejszym ryzyku wygenerować jak największy zysk. Najpowszechniejszymi miernikami stosowanymi przez zarządzających są tak zwane klasyczne miary ryzyka i efektywno-ści, jednak prawidłowe wnioskowanie na ich podstawie wymaga spełnienia założenia o normalności (log normalności) rozkładu stóp zwrotu. Dlatego też w pracy, po pierwsze, zbadano rozkład stóp zwrotu wybranych FI o zróżnicowanej strategii inwestycyjnej, a następnie zweryfikowano wpływ odejścia od normalności rozkładu na zasadność zastosowania miar alternatywnych. Dodatkowo w artykule poddano weryfikacji tezę, czy pozycje rankingowe funduszy zależą od przyjętych wskaźników efektywności. W konsekwencji okazało się, że rankingi tworzone na podstawie wyko-rzystanych wskaźników klasycznych oraz alternatywnych opartych na semiodchyleniu prowadzą do podobnych wniosków o efektywności w przeciwieństwie do tak zwanych miar, badających relację zysków do strat.

The competitiveness of Mexican mandatory retirement funds and the impact of public debt on returns are evaluated in this essay. Detailed calculations of commissions and rates of return are developed and related to rates paid by federal bills. Fixed effect and SUR regression models are used to measure the impact of public debt on returns. Results show the following: (a) these funds are the best savings options available to workers; (b) all providers have converged to similar commissions measured in pesos; (c) historically, returns have been very similar across providers; (d) the risk of significant losses is present due to inadequate diversification; and (e) a heavy public debt induces lower returns. The main public policy recommendations are (a) a lighter public debt and international diversification can improve yields, and (b) workers must be informed of the money value of commissions. Additional research is needed to measure the issues for workers of different wage levels and intensity of participation (given high levels of informality). The detailed calculation of commissions, rates of return, and of the impact of public debt, is an original contribution. In conclusion, excess public debt in pension funds damages yields, there is room to improve risk regulation and commissions, to achieve more competitiveness.

The cryptocurrency market has been developing dynamically in recent years. The rapid development of the market is the result of increased interest in cryptocurrencies both from the entities treating it as a means of payment and from investors acquiring cryptocurrency for speculative purposes. Blockchain technology, on the basis of which cryptocurrencies are created, has gained acceptance in the financial industry and many entities are conducting advanced work on its use in their operations. On the other hand, numerous supervisors, including the European Banking Authority, the European Central Bank, the National Bank of Poland, and the Polish Financial Supervision Authority warn against investing in cryptocurrencies, indicating the numerous risks associated with such investments. The aim of the article is to analyze the potential risks and benefits of investing in cryptocurrencies. The main risks related to investments in cryptocurrency were analyzed on the example of bitcoin, and the rate of return and correlations with changes in the currency prices of other financial instruments were analyzed.

State and local governments across the United States of America (USA) were hit hard by the recent recession. The fiscal stress alerted the public to the increasing amount of public pension debt for which, despite snowballing levels of pension debt, the causes are unclear. This article examines the factors contributing to annual changes in unfunded public pension ratios, focusing in particular on public pension management (including investment performance, investment assumptions, and accounting practices). The data on pension debt for state defined benefit plans comes from the Pew Charitable Trusts for the period 2005 to 2015. Two methods (random-effects and general estimating equation) were used to verify the consistency of the results. These results showed that investment return decreases the annual change in the public pension debt while using a project unit credit method, and the implementation of the Government Accounting Standards Board (GASB) Statement 67 increase the annual change in the public pension debt. These findings illustrate the importance of public pension management in explaining public pension debt.

A high rate of return on the investment is crucially dependent on rational investment decision making because rational investment decision ensures the successful return of an investment, especially in stocks. Investment decision making is affected by many factors; most of them are related to psychological and behavioural. Since it is difficult to make rational decisions about investment, researchers are try-ing to discover the factors that influence the investor’s behaviour about decision making. For the rational estimation of success rate in stocks, investors have tried many traditional methods but reached on unsatisfactory results. However, Behavioral Finance has addressed this issue and discovered the most crucial factors that may affect the investment decision making. Thus, this study aims to evaluate the influence of the factors of behavioural finance that affect decision making in the stock exchange. Three factors have been selected and used to gauge the impact on investment decision making. These factors include; overconfidence bias, representativeness bias, and availability bias. A structured close-ended questionnaire has been used to collect the data, and data was collected from 211 respondents who are investors on Karachi stock exchange. To analyze the collected data, multiple linear regression (MLR) model has been used. The result of this study shows that all three independent variables have a significant impact on investment decision making. Moreover, the relationship is positive between the independent and dependent variables. Therefore, it can be concluded that the null hypothesis is rejected. This study will assist investors to make decisions rationally in the stock market.

The scandals with concealment of income by large companies in tax havens, the unresolved problem of estimating the size of the shadow economy, and its high share in emerging markets (EM) make issues of the methodology for calculating the shadow income of enterprises relevant for today. The aim of the study is to substantiate the method for calculating the scope of shadowing of legal business income based on the method of shadow rates of costs on invested (equity) capital. The authors construct a two-factor linear regression, which enables to test the hypothesis of the effect of the expected rate of return and return on equity at the shadow economy level. The regression analysis confirms a negative correlation between ROE and the shadow economy level. There is a positive correlation between the risks of investing in equity, which are reflected in the expected rate of return on capital, and the total income shadowing. The regression-correlation analysis of the dependence of the shadow income of enterprises on these factors confirms a similar pattern. Comparison of the obtained values of the shadow income of enterprises in Ukraine with alternative estimates of the shadow economy reveals a higher sensitivity of the proposed method to changes in country risks, as well as to decisions aimed at improving business conditions. It is confirmed that the exacerbation of risks automatically reflects on the expectations regarding the return on investment and on the official declaration of income. Therefore, the shadow economy reduction is related directly to a set of measures aimed at minimizing the risks of business activities.