Search

Purpose: A retirement plan is designed to take care of post-retirement days and help retirees to enjoy a stress-free life. Having a good financial retirement plan facilitates individuals to live the lifestyle they desire as retirees. It is crucial for the young generation to be aware of retirement planning to appropriately plan for their retirement. However, university students have lack of awareness on the significance of early retirement planning and future savings planning due to limited knowledge and attitude. Thus, this study was carried out to identify the relationship between financial literacy and attitude towards retirement planning awareness among students in Universiti Teknologi MARA Negeri Sembilan. Design/methodology/approach: Questionnaires were distributed to a total of 171 students from three campuses namely Kuala Pilah, Seremban, and Rembau responded to the questionnaires. Data was further analyzed using PLS-SEM analysis through measurement and structural analysis. Findings: The study indicates that financial literacy and attitude have significant and positive effects on retirement planning awareness. This study provides students with valuable insights into the importance of financial literacy and positive attitudes towards retirement planning. Research limitations/implications: The respondents of the study only comprised of small sample size; students from three campuses in UiTM Negeri Sembilan, thus limit the generalizability of the findings. Secondly, the usage of questionnaire in gathering data limits the information obtained for the analysis. Additionally, the number of contributing factors influencing retirement planning among university students were limited, thus might not reflect the overall factors of retirement planning. The study has significant implication that align with various Sustainable Development Goals (SDGs) by addressing financial literacy and retirement planning attitudes among university students, ultimately contributing to a more equitable, informed, and economically secure society. Practical implications: Improved financial literacy and retirement planning attitudes could contribute to reducing the risk of future poverty among individuals, aligning with SDG 1 (No Poverty). The combination of financial literacy and a positive attitude towards retirement planning empowers individuals to make informed decisions, understand diverse investment strategies, manage debt responsibly, save effectively and adapt to changing of financial market and economic condition. Furthermore, highlighting the lack of financial literacy among university students emphasizes the need for incorporating financial education into curriculum, promoting a holistic quality education that prepares students for real-world challenges which parallel to SDG 4. Thoughtful actions should be taken by policymakers to ensure the goals are achieved and students will be able to gain benefits from it. Originality/value: This study quantifies evidence that students are aware on the importance of retirement planning. The outcomes of the research are useful to decision makers in providing awareness and programs that will help young generation to start saving for their future. Keywords: Retirement planning; Financial literacy; Attitude; Retirees; PLS-SEM, Introduction Retirement planning is a process of setting retirement income goals and taking all the possible actions and making decisions, which are essential to achieve those retirement goals. Retirement planning [...]

Motivation: This paper is motivated by the fact that asset liquidity is important in asset pricing and has significant implications for corporate investments. Premise: This paper attempts to fill the gap in the literature by investigating the impact of bond liquidity on corporate financial policies. Approach: We exploit two exogenous bond liquidity shocks, namely, the inception of the trade reporting and compliance engine (TRACE) and Lehman bankruptcy filing, as well as the traditional measures of bond illiquidity to establish the causal relation between bond liquidity and corporate cash holdings. Results: This study demonstrates that bond illiquidity has a causal positive effect on corporate cash holdings. Additional analysis suggests that bond illiquidity increases the value of cash, and this effect is more pronounced for financially constrained firms. Conlusion: Our findings are consistent with the view that because bond illiquidity hinders firms' access to the external debt market and hence increases the cost of debt, they maintain larger cash holdings to mitigate underinvestment. Consistency: Our results are of interest to regulators who may formulate rules to regulate bond liquidity and practitioners as they make decisions on corporate liquidity and investments. Keywords: bond liquidity, cash holdings, value of cash JEL Classification Codes: G30, G32, G34, INTRODUCTION Creditor rights are crucial to debt contracting. Prior research on bonds concentrates on the debtholder's monitoring role around debt covenant violation. Chava and Roberts (2008) contend that debtholders use [...]

We examine how short sellers affect financial analysts' forecast behavior using a natural experiment that relaxes short-sale constraints. We find that increased ease of short selling improves analyst earnings forecast quality by reducing forecast bias and increasing forecast accuracy. The improvements can be explained by both the disciplining pressure from short sellers and increased price efficiency from incorporating information in a timely manner. Although it is well documented that financial analysts can affect investors, our paper provides novel evidence on how sophisticated investors, short sellers, can affect analysts. KEYWORDS analyst forecast, disciplining effect, short sellers, 1 I INTRODUCTION Financial analysts play an important intermediary role in capital markets: their earnings forecasts influence investors' earnings expectation, investment decisions, as well as firms' stock prices. (1) Despite [...]

Based on asset pricing theory, we posit and find that equity markets and cryptocurrency markets share a common fundamental. Our cointegration tests show that the most important asset pricing primitive, consumption, can serve as the common fundamental. We further show that additional macroeconomic factors, as well as uncertainty and sentiment, all play a role in explaining the deviation from fundamentals. To understand the linkage between equity markets, cryptocurrency markets, and the macroeconomy, we suggest the following three channels: (i) portfolio allocation decisions, (ii) intermarket order flows, and (iii) technological adaption expectations. KEYWORDS Bitcoin, cointegration, equity, fintech JEL CLASSIFICATION G10, G12, G18, 1 I INTRODUCTION The novelty and volatility of cryptocurrency prices have led policymakers and investors to adopt the belief that its price dynamics are determined purely by speculative behavior from [...]

This study examines whether information about a firm's engagement in environmental, social, and governance (ESG) practices is material to market participants. Evidence from a sample of 1856 initial public offerings (IPOs) by U.S. companies for the 2007-2018 period robustly documents that firms for which there is available ESG performance information prior to going public exhibit higher underpricing due to a positive market response. Such a reaction is validated by agency cost-reducing practices that ESG-rated firms follow prior to the IPO, the superior post-IPO market performance they exhibit in terms of equity financing, and the higher share of financially sophisticated investors they attract compared to their ESG-unrated peers. Overall, our results highlight that it pays off to do good and to have the right investors; however, firms' good ESG practices need to be visible to the market, through rating practices, to reap the benefits. KEYWORDS environmental social governance (ESG), firm valuation, initial public offering (IPO), market performance, sustainability JEL CLASSIFICATION G10, G12, G14, G30, 1 | INTRODUCTION The value of an investment is no longer just about returns. A growing number of investors and other corporate stakeholders are calling for their money to go [...]

Almond FinTech reported that is empowering financial institutions with its Settlement Optimization Engine (SOE) to minimize losses and delays in cross-border money transfers, assisting with customer retention and acquisition. According [...]

PURPOSE: The main purpose of this paper was to identify the current scope of research on cryptocurrencies as a subject of fraud. Detailed research questions related to the determination of contemporary trends of the conducted research and the definition of potential opportunities for further investigation of this topic. One of the questions also concerned identifying the most common crimes committed using cryptocurrencies. METHODOLOGY: The study is based on a systematic literature review (SLR) of 57 publications available on the Scopus database. A bibliometric and descriptive analysis of selected literature items was carried out. Then, vital thematic clusters were separated, and an in-depth content analysis was performed. FINDINGS: The detailed bibliometric and descriptive analysis showed that cryptocurrencies as a subject of financial fraud are generally a new area of scientific research, although it is developing quite intensively. The relatively small number of publications, compared to other similar areas, also indicates that this topic has not yet been explored widely by scientists, and many different research trends can be created in it. Ultimately, the following key research areas were identified: types of cryptocurrency fraud, crime detection methods, risks related to blockchain technology, money laundering, and legal regulations regarding cryptocurrencies. It was also possible to identify that money laundering is currently the most common fraud. However, it has been pointed out that the second most frequent fraud is financial pyramids based on the Ponzi scheme. IMPLICATIONS: The paper clearly presents the main research trends on using cryptocurrencies in criminal activities. At the same time, it was emphasized that, compared to other research areas, this topic is relatively new. Therefore, there is a wide possibility of exploring not only existing but also undiscovered research trends. In addition, key types of fraud in economic practice have been identified, which is particularly important for financial market participants. It was clearly indicated which transactions bear the highest risk. It is also worth paying attention to the critical timeliness of the topic, as the scale of crimes involving cryptocurrencies has recently been growing rapidly. The study confirms the insufficient scope of legal regulations, which are not able to strengthen the security of economic transactions adequately. Therefore, it can be a clear indication for the governments of individual countries or international institutions for further efficient changes to the law. ORIGINALITY AND VALUE: The contribution of this study is threefold. It is one of the first research papers showing the results of a systematic literature review (SLR) combined with a bibliographic and in-depth analysis of the content of publications in this field. During the work, the VOSviewer software was also used, which enabled objective identification of the main thematic clusters based on the occurrences and link strength of keywords included in the publications. Secondly, the key types of fraud have been identified that, at the same time, cause the most significant financial loss. This allowed for the establishing of directions for further research, which have profound practical implications for market participants. Some of them relate to the need to develop and implement modern computer applications, allowing for the detection of a wider range of emerging abuses. Keywords: cryptocurrency, bitcoin, blockchain, financial frauds, economic crime, money laundering, Ponzi scheme, financial pyramid, systematic literature review CEL: Celem gtownym niniejszego opracowania jest identyfikacja aktualnego zakresu badah dotyczqcych kryptowalut jako przedmiotu naduzyc finansowych. Szczegoto-we pytania badawcze odnosity sie do prezentacji najwazniejszych kierunkow tema-tycznych prowadzonych badah oraz zdefiniowania potencjalnych mozliwosci dalszej analizy tego tematu. Jedno z pytah wiqzato sie rowniez z identyfikacjq najbardziej popularnych oszustw przeprowadzanych z uzyciem kryptowalut. METODYKA: Artykut opiera sie na systematycznym przeglqdzie literatury (SLR) przeprowadzonym dla 57 publikacji dostepnych w bazie Scopus. Dokonano bibliometrycznej oraz opisowej analizy wybranych pozycji literatury przedmiotu. Nastepnie wydzielono gtowne klastry tematyczne i dokonano pogtebionej analizy ich tresci. WYNIKI: Szczegotowa analiza bibliometryczna i opisowa pokazata, ze tematyka kryptowalut jako przedmiotu naduzyc finansowych jest generalnie nowym obszarem badah naukowych, choc rozwija sie dosc intensywnie. Relatywnie mata liczba publikacji w porownaniu z innymi podobnymi obszarami pokazuje rowniez, ze ten temat nie jest jeszcze tak mocno eksplorowany przez naukowcow i mozna w nim rozwijac wiele roznych trendow badawczych. Ostatecznie zidentyfikowano nastepujqce kluczowe obszary badawcze: rodzaje oszustw kryptowalutowych, metody wykrywania naduzyc, ryzyka zwiqzane z technologiq blockchain, pranie brudnych pieniqdzy oraz regulacje prawne dotyczqce kryptowalut. Udato siq rowniez ustalic, ze obecnie najczqsciej wystqpujqcym przestqpstwem jest pranie pieniqdzy. Zwrocono jednak uwagq, ze drugim dosc czqstym oszustwem sq piramidy finansowe oparte na schemacie Ponziego. IMPLIKACJE: W artykule wyraznie przedstawiono gtowne trendy badawcze dotyczqce wykorzystania kryptowalut w dziatalnosci przestqpczej. Jednoczesnie podkreslono, ze w porownaniu do innych obszarow badawczych niniejsza tematyka jest stosunkowo nowa. Powstaje zatem szeroka mozliwosc eksploracji nie tylko istniejqcych, ale rowniez nie odkyrtych do tej pory nurtow badawczych. Ponadto zidentyfikowano kluczowe rodzaje oszustw w praktyce gospodarczej, co jest szczegolnie istotne dla uczestnikow rynkow finansowych. Wyraznie wskazano bowiem, ktore transakcje sq obarczone najwiqkszym ryzykiem. Warto rowniez zwrocic uwagq na istotnq aktualnosc tematu, gdyz skala przestqpczosci z udziatem kryptowalut ostatnio gwattownie rosnie. Opracowanie potwierdza niedostateczny zakres regulacji prawnych, ktore nie sq w stanie odpowiednio wzmocnic bezpeczehstwa obrotu gospodarczego. Moze byc zatem jasnym wskazaniem dla rzqdow poszczegolnych pahstw, czy tez instytucji miqdzynarodowych do dalszych sprawnych zmian przepisow prawa. ORYGINALNOSCI WARTOSC: Naukowy wktad niniejszego opracowania jest potrojny. Po pierwsze, jest to jeden z pierwszych artykutow badawczych prezentujqcy wyniki systematycznego przeglqdu literatury (SLR) potqczonego z analizq bibliograficznq oraz pogtqbionq analizq tresci publikacji. Podczas pracy zastosowano rowniez oprogramowanie VOSviewer, ktore umozliwito obiektywnq identyfikacjq gtownych klastrow tematycznych opartq na occurrences and link strength of keywords ujqtych w publikacjach. Po drugie, zidentyfikowano kluczowe rodzaje oszustw, ktore jednoczesnie powodujq najwiqksze straty finansowe. Wyznaczono rowniez kierunki dalszych badah, ktore majq gtqbokie praktyczne implikacje dla uczestnikow rynku. Niektore z nich dotyczq bowiem koniecznosci opracowywania i wdrazania nowoczesnych aplikacji komputerowych, pozwalajacych na wykrywanie szerszego zakresu pojawiajqcych siq naduzyc. Stowa kluczowe: kryptowaluta, bitcoin, blockchain, naduzycia finansowe, przestqpstwa gospodarcze, pranie brudnych pieniqdzy, schemat Ponziego, piramida finansowa, systematyczny przeglqd literatury, INTRODUCTION Bitcoin was the first cryptocurrency to be created by Satoshi Nakamoto in 2009. Its introduction to the economic market completely revolutionized many existing mechanisms related to the financial market. [...]