International Journal of Business and Economic Development
Volume 09 Issue 02 (November 2021)
Issue citation and reference package
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1. Financial impact of using EUR call options to hedge accounts receivables
Authors: Kenneth B. McEwan
Published: 29 Nov 2021
Article URL: https://ijbed.org/details&cid=194
References: Aljarrah, M.A., Famoye, F., Lee, C., (2019). A new generalized normal distribution: Properties and applications. Commun. Stat. - Theory Methods 48, 4474–4491. https://doi.org/10.1080/03610926.2018.1483509 Ardoin, E., Rodriguez, A., (2017). Negative interest rates and a possible rift in interest rate parity and arbitrage. Int. J. Bus. Account. Finance 11, 48–62. Baranga, L.P., (2016). Study on the new financial products traded on the FOREX market. Bull. Transilv. Univ. Brasov Ser. V Econ. Sci. 9, 179–188. Bayas, A., (2018). Currency Risk Management: Predicting the EUR/USD Exchange Rate. Major Qualif. Proj. Years. Bessler, W., Conlon, T., Huan, X., (2019). Does corporate hedging enhance shareholder value? A meta-analysis. Int. Rev. Financ. Anal. 61, 222–232. https://doi.org/10.1016/j.irfa.2018.11.010 Bloom, R., Cenker, W.J., (2008). Derivatives and hedging: Accounting vs. taxation. J. Account. 206, 54–58. Broll, U., Wong, K., (2015). Trade and cross hedging exchange rate risk. Int. Econ. Econ. Policy 12, 509–520. https://doi.org/10.1007/s10368-014-0291-x Buen Sin Low, Shaojun Zhang, (2005). The volatility risk premium embedded in currency options. J. Financ. Quant. Anal. 40, 803–832. Campello, M., Lin, C., Ma, Y., Zou, H., (2011). The real and financial implications of corporate hedging. J. Finance 66, 1615–1647. https://doi.org/10.1111/j.1540-6261.2011.01683.x Chen, S.-N., Hsu, P.-P., & Liang, K.-Y. (2019). Option pricing and hedging in different cyclical structures: A two-dimensional Markov-modulated model. The European Journal of Finance, 25(8), 762–779. https://doi.org/10.1080/1351847X.2018.1538895 Cevik, S., Harris, R.D.F., Yilmaz, F., (2017). Soft power and exchange rate volatility. Int. Finance 20, 271–288. https://doi.org/10.1111/infi.12117 Charvin, V., Fullwood, J., James, J., (2014). The fair value of FX options. Do you get what you pay for? Quant. Finance 14, 15–23. https://doi.org/10.1080/14697688.2013.787493 Costantini, M., Cuaresma, J.C., Hlouskova, J., (2016). Forecasting errors, directional accuracy and profitability of currency trading: The case of EUR/USD exchange rate. J. Forecast. 35, 652–668. https://doi.org/10.1002/for.2398 Crowder, W.J., (2014). Real exchange rate persistence in US dollar PPP systems. Int. Finance 17, 209–240. https://doi.org/10.1111/infi.12048 Doval, E., (2016). Is outsourcing a strategic tool to enhance the competitive advantage? Rev. Gen. Manag. 23, 78–87. Edens, C., (2010). A holistic view of corporate foreign exchange exposure management. J. Corp. Treas. Manag. 3, 341–347. Engel, C., (2016). Exchange rates, interest rates, and the risk premium. Am. Econ. Rev. 106, 436–474. Frishberg, M., Gobble, M.M., (2013). Considering exchange rate risk in outsourcing. Res. Technol. Manag. 56, 5–7. https://doi.org/10.5437/08956308X5605001 Galeshchuk, S., Mukherjee, S., (2017). Deep networks for predicting direction of change in foreign exchange rates. Intell. Syst. Account. Finance Manag. 24, 100–110. https://doi.org/10.1002/isaf.1404 Gylling, M., Heikkilä, J., Jussila, K., Saarinen, M., (2015). Making decisions on offshore outsourcing and backshoring: A case study in the bicycle industry. Int. J. Prod. Econ. 162, 92–100. https://doi.org/10.1016/j.ijpe.2015.01.006 Issing, O., (2018). America’s dollar power politics. Int. Econ. 32, 46–69. Jankensgård, H., Hoffmann, K., & Rahmat, D. (2014). Derivative usage, risk disclosure, and firm value. Journal of Accounting & Finance (2158-3625), 14(5), 159–174. Kroes, J.R., Manikas, A.S., (2014). Cash flow management and manufacturing firm financial performance: A longitudinal perspective. Int. J. Prod. Econ. 148, 37–50. https://doi.org/10.1016/j.ijpe.2013.11.008 Kumar, V.R., Joshi, G., (2014). Testing efficient market hypothesis in the foreign exchange market. CLEAR Int. J. Res. Commer. Manag. 5, 4–16. Ljung, G.M., Ledolter, J., Abraham, B., (2014). George Box’s contributions to time series analysis and forecasting. Appl. Stoch. Models Bus. Ind. 30, 25–35. https://doi.org/10.1002/asmb.2016 Magee, S., (2013). The effect of foreign currency hedging on the probability of financial distress. Account. Finance 53, 1107–1127. https://doi.org/10.1111/j.1467-629X.2012.00489.x Manzur, M., Hoque, A., Poitras, G., (2010). Currency option pricing and realized volatility. Bank. Finance Rev. 2, 73–85. McMillan, C.J., Overall, J.S., (2017). Crossing the chasm and over the abyss: Perspectives on organizational failure. Acad. Manag. Perspect. 31, 271–287. https://doi.org/10.5465/amp.2017.0018 Mishler, M.D., (2017). Currency turmoil, price, and profit in global markets. J. Account. 223, 1–6. Moosa, I.A., (2004). Is there a need for hedging exposure to foreign exchange risk? Appl. Financ. Econ. 14, 279–283. https://doi.org/10.1080/0960310042000201219 Parlapiano, F., Alexeev, V., Dungey, M., (2017). Exchange rate risk exposure and the value of European firms. Eur. J. Finance 23, 111–129. https://doi.org/10.1080/1351847X.2015.1072570 Pérez‐González, F., Yun, H., (2013). Risk management and firm value: Evidence from weather derivatives. J. Finance 68, 2143–2176. https://doi.org/10.1111/jofi.12061 Pilbeam, K., Langeland, K.N., (2015). Forecasting exchange rate volatility: GARCH models versus implied volatility forecasts. Int. Econ. Econ. Policy 12, 127–142. https://doi.org/10.1007/s10368-014-0289-4 Saundage, D., Cybulski, J.L., Dharmasena, L., Keller, S., (2016). Teaching data analysis with interactive visual narratives. J. Inf. Syst. Educ. 27, 233–247. Spreckelsen, C., Mettenheim, H.-J., Breitner, M.H., (2014). Real-time pricing and hedging of options on currency futures with artificial neural networks. J. Forecast. 33, 419–432. https://doi.org/10.1002/for.2311 Stulz, R., (2013). How companies can use hedging to create shareholder value. J. Appl. Corp. Finance 25, 21–29. https://doi.org/10.1111/jacf.12038 Treanor, S.D., Rogers, D.A., Carter, D.A., Simkins, B.J., (2014). Exposure, hedging, and value: new evidence from the U.S. airline industry. Int. Rev. Financ. Anal. 34, 200–211. https://doi.org/10.1016/j.irfa.2014.04.002 VanderLinden, D., (2014). Is hedging foreign currency bids with options desirable? An applied analysis for small firms. J. Appl. Financ. Res. 1, 9–19. Veestraeten, D., (2013). Currency option pricing in a credible exchange rate target zone. Appl. Financ. Econ. 23, 951–962. https://doi.org/10.1080/09603107.2013.778945 Weltman, D., Eakin, M., (2018). Basic guidelines for common business statistics metrics. Bus. Educ. Innov. J. 10, 21–26. Witkowska, J., (2017). Implications of the transatlantic trade and investment partnership (TTIP) for investment flows between the European Union and the USA. Comp. Econ. Res. 20, 25–39. https://doi.org/10.1515/cer-2017-0018 Wong, K.P., (2017). Cross-hedging ambiguous exchange rate risk. J. Futur Mark. 37, 132–147. https://doi.org/10.1002/fut.21793
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2. Determinants of household over-indebtedness in South Africa
Authors: Roseline Tapuwa Karambakuwa; Ronney Ncwadi
Published: 29 Nov 2021
Article URL: https://ijbed.org/details&cid=195
References: Allen, F., Babus, A. & Carletti, E. (2009). Financial Crises: Theory and Evidence, Annual Review of Financial Economics, Vol. 1:97-116. First published online as a Review in https://doi.org/10.1146/annurev.financial.050808.114321. Avery, R. B., Calem, P. S. & G. B. Canner (2004). Consumer credit scoring: Do situational circumstances matter? Journal of Banking & Finance, 28(4): 835-856. Barba, A., & Pivetti, M. (2009). Rising Household Debt: Its Causes and Macroeconomic Implications - A Long Period Analysis. Cambridge Journal of Economics, 33, 113-137. http://dx.doi.org/10.1093/cje/ben030. Bertola, G., Disney, R., & Grant, C. (2006). The Economics of Consumer Credit Demand and Supply. In G. Bertola, R. Disney, & C. Grant (Eds.), The Economics of Consumer Credit (pp. 1-26). Cambridge, Massachusetts: MIT Press. Bhutta, N., Dokko, J. & Shan. H. (2010). The depth of negative equity and mortgage default decisions. Board of Governors of the Federal Reserve System (US), New York. Biyase, M. & Fisher, B. (2017). Determinants of Access to Formal Credit by the Poor Households. Studia Universitatis Babes-Bolyai. Economica.62.10.1515/subboec-2017-0004. Bryan, M., Taylor, M. & Veliziotis, M. (2010). Over-indebtedness in Great Britain: An Analysis Using the Wealth and Assets Survey and Household Annual Debtors Survey, London: University of Sussex. Cecchetti, S. G., Mohanty, M. S., & Zampolli, F. (2011). The Real Effects of Debt. In Bank for International Settlements. Working Paper No. 352. Centre for Social Science Research. (2016). University of Cape Town http://cssr.uct.ac.za/pub/wp/368/ ISBN: 978-1-77011-355-8. Collins, D. 2008. Debt and household finance: Evidence from the Financial Diaries. Development Southern Africa, 25(4), 469-479. Cuesta, M.B. & Budria, S. (2015). The Effects of Over-Indebtedness on Individual Health. IZ A Discussion Paper No. 8912, Institute for the Study of Labour. Diamond, D.W. & He, Z. (2014). A Theory of Debt Maturity: The Long and Short of Debt Overhang, The Journal of Finance, Volume 69, Issue 2, Wiley Online library. Disney, R., Bridges, S. & Gathergood, J. (2008). Drivers of over-indebtedness. Nottingham: Centre for Policy Evaluation, University of Nottingham. Dos Santos, P. L. (2009). At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis. Ekonomiaz, 72(3). Dubois, H. & Anderson, R. (2010). Managing household debts: Social service provision in the EU. Working paper No. EF/10/70, Eurofond. Égert, B., Backé, P., and Zumer, T. (2006). Credit growth in central and eastern Europe. ECB working paper No 687. Fatoki, O. (2015). The causes and consequences of household over-indebtedness in South Africa. Journal of Social Science, 43(2), 97-103. Frieman, M. (1957). A theory of the consumption function: a study by the National Bureau of Economic Research. Princeton, NJ: Princeton University. Goodman, A. C. & B. C. Smith. (2010). Residential mortgage default: theory works and so does policy. Journal of Housing Economics, 19(4): 280-294. Grant, C. (2010). Shocks and the debt repayment behaviour of households in the EU. http://www.southampton.ac.U’K./~mkwiek/WIEM2010/Grant- Probit FE. pd Accessed 4 April 2012. Guerin, I. (2012). Households' Over indebtedness and the Fallacy of Financial Education: Insights from Economic Anthropology. Microfinance in Crisis: Working Paper 2012-1, Paris 1 Sorbonne University. Harari, D. (2018). Household debt: statistics and impact on economy. House of Commons Briefing Paper 7584. Hurwitz, I. & Luiz, J. (2007). Urban working-class credit usage and over-indebtedness in South Africa. Journal of Southern African Studies, 33(1), 107-131. International Monetary Fund (2006). Household Credit Growth in Emerging Market Countries (Chapter 2). In Global Financial Stability Report: Market Development and Issues. Washington: International Monetary Fund. Jappelli, T. (2010). Economic literacy: An international comparison, Centre for financial studies (CFS), Working paper no. 16, pp. 1-37. Kapeller, J., Schütz, B. (2014). Debt, boom, bust: a theory of Minsky-Veblen cycles.  Journal of Post Keynesian Economics, 36 (4), pp. 781–814. Kempson, E. (2002). Over-indebtedness in Britain – A Report to the Department of Trade and Industry. London: Department of Trade and Industry. Kempson, E., McKay, S. & Willitts, M. (2004). Characteristics of Families in Debt and the Nature of Indebtedness - Research Report No 211. Leeds: Department for Work and Pensions. Keynes, J. (1936). The General Theory of Employment, Interest and Money. London: Macmillan. Klein, M. (2015). Inequality and household debt: A panel cointegration analysis. Empirica 42, no. 2: 391–412. Krugman, P. (1988). Financing vs. forgiving a debt overhang: Some analytical notes. Working paper No. 2486, National Bureau of Economic Research. 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3. A theoretical and analytical framework to the inquiry of sustainable land management practices
Authors: Ermias Ashagrie
Published: 29 Nov 2021
Article URL: https://ijbed.org/details&cid=196
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4. Addressing the detrimental impacts of COVID-19 on women in the workforce: Where do we go from here?
Authors: Kareen Odate; Rene S. Parmar
Published: 29 Nov 2021
Article URL: https://ijbed.org/details&cid=197
References:   Adams-Prassl, A., Boneva, T., Golin, M. and Rauh, C., 2020. Inequality in the Impact of the Coronavirus Shock: Evidence from Real Time Surveys. Journal of Public Economics, 189, p.104245. Alliance for Strong Families and Communities, 2021. American Rescue Plan: Summary for Human Services Organizations. [online] Available at: https://alliance1.org/web/news/2021/March/american-rescue-plan-summary-human-services-organizations.aspx?utm_term=american%20rescue%20plan&utm_campaign=Alliance+Resources/Articles&utm_source=adwords&utm_medium=ppc&hsa_acc=8924800388&hsa_cam=9768459789&hsa_grp=119761602859&hsa_ad=507490031420&hsa_src=g&hsa_tgt=kwd-1149050676705&hsa_kw=american%20rescue%20plan&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gclid=CjwKCAjwos-HBhB3EiwAe4xM917TL9jT4PVdOt3Fk6aXlI3tx-q8ZaPA8bEUheTVirfoR-bKq06mqRoCLCgQAvD_BwE [Accessed 19 July 2021]. Alon, T., Doepke, M., Olmstead-Rumsey, J. and Tertilt, M., 2020. The Impact of COVID-19 on Gender Equality (No. w26947). 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5. The external sector shocks and macroeconomics in Nigeria
Authors: Ohiomoje Iyemifokhae Abubakar
Published: 29 Nov 2021
Article URL: https://ijbed.org/details&cid=198
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6. Financial and tax risks modeling of a multinational company
Authors: Nasser Mohammed Lasloom; Elena Grigorieva
Published: 07 Jan 2022
Article URL: https://ijbed.org/details&cid=199
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