Market Liquidity

A Short Presentation on the Life and Legacy of Cayetano Paderanga Jr., A Well Respected Filipino Economist that is notable in shaping the Economic direction of the Philippines, showing his Personal and Professional background as well as his Contributions that Ultimately made a significant asset in the Countries History.

This study examines investor sentiment and stock returns in Nigerian capital market, covering period 30/04/2019 to 02/06/2025, using daily secondary time series data with focus on impact of sentiment factor on stock returns and identifying most important sentiment factor that could influence stock returns. The study adopts Autoregressive Distributed Lag (ARDL) estimation technique to analyze the dynamic interactions between investor sentiment and stock performance. The study findings revealed exchange rate (EXR) and volatility index (VIX) as the most important sentiment factors, and both are statistically significant with positive coefficients to influence stock returns. Also, the study revealed stock returns and volatility have mean-reverting behaviour, which implies that irrespective of the market and economic conditions, stock returns and volatility can correct its mispricing. The result also showed the presence of long and short run effects, with EXR and VIX showing a positive influence on stock returns.

To determine the post-Covid-19 impact on the liquidity of the sugar sector company Agroindustrial Laredo SAA of the La Libertad Region, during the period 2022 and 2023. The methodology used was qualitative, descriptive, and non-experimental in design; The technique of bibliographic review and interview was used, as well as bibliographic records and a questionnaire as instruments. The results revealed that, in contrast to the general economic trend, companies in the sugar sector including Agroindustrial Laredo SAA They experienced a significant increase in their liquidity during the period analyzed. This phenomenon was associated with the sustained increase in international sugar prices, which not only mitigated the adverse effects of the global crisis, but also consolidated the financial stability of the sector. It contributes to the financial literature by providing empirical evidence on the liquidity situation in the Peruvian sugar sector after the health crisis generated by Covid-19. The findings allow us to understand how companies in this sector faced the challenges arising from the decrease in demand, production problems and market restrictions. As it constitutes one of the first studies specifically focused on the liquidity situation of the Peruvian sugar sector in the period after the Covid-19 pandemic, which gives it an innovative character by addressing an area little explored within the national literature in accounting and finance; strengthening the understanding of how business liquidity can become a determinant of sustainability in contexts of high uncertainty.

Sierra Leone, irrespective of being a small developing country, is extremely endowed with vast potential in agricultural products. The agricultural sector, despite the fact that it contributes to the country’s Gross Domestic Product (GDP) and employs majority of the population, has not been able to improve the country’s development index in terms of food security.

The study investigates and analyses the effect of monetary policy on agricultural output in Sierra Leone for the period 1980-2024.

The study employs annual time series secondary data obtained from various sources such as World Development Indicators (WDI), World Bank, and the International Monetary Fund (IMF), International Financial Statistics, Financial Sector Deepening Africa (FSDA), Statistics Sierra Leone (Stats SL), and the Bank of Sierra Leone (BSL) Bulletin. Key macroeconomic variables such as agricultural output, money supply, exchange rate, inflation, lending rate, and domestic credit to the private sector are specified in the model. The variables were tested for stationarity using unit root tests before adopting the Autoregressive Distributed Lag (ARDL) technique in running regression for the purpose of obtaining both long-run and short-run effects of monetary policy on agricultural output in Sierra Leone. Various diagnostic tests were carried out to determine the robustness of the model using appropriate econometric criteria.

The study empirically reveals that exchange rate, lending rate, and money supply had negative effects on agricultural output in Sierra Leone in both the long run and the short run for the period being investigated, while inflation and domestic credit had positive effects on agricultural output in Sierra Leone for both the long run and the short run. Furthermore, the study reveals that domestic credit to the private sector was the most effective tool for boosting agricultural productivity, followed by lending rate. The study shows that money supply was the least effective tool, as its changes did not translate into agricultural output gains, rendering it ineffective as a stand-alone tool in the agricultural sector for the period being considered.

The study, therefore, proffers strategic recommendations such as the need to prioritise expansion of agricultural credit access, implement favourable lending rate policies to agriculture, enhance monetary policy transmission to rural areas, integrate monetary policy with the “Feed Salone Initiative”, and promote financial inclusion through rural banking and mobile finance platforms, among others.

This paper investigates the effect of changes in pre-trade transparency on trading strategies and trading costs by examining the effects of increased transparency in the limit order book at the Taiwan Stock Exchange. Our results demonstrate that pre-trade transparency makes the market more liquid, because investors are more willing to provide liquidity, thus reducing the trading costs for liquidity demanders. Furthermore, we find evidence that investors, especially institutional traders, attempt to manage limit-order exposures by splitting orders and cancelling orders faster; thus, pre-trade transparency does not increase their trading costs. Our findings suggest that pre-trade transparency affects trading strategies and trading costs differently according to the type of investor.

In this paper we estimate the probability of informed trading (P i ) in an order-driven stock market as well as perform a comprehensive analysis on the interrelations among probability of informed trading and three common performance indicators, i.e., liquidity, volatility and efficiency. We find that uninformed traders exhibit price chasing behavior even over very short time interval and that volatility in stock price attracts uninformed traders. Using 3SLS which takes into consideration the endogeneity of the probability of informed trading and the liquidity, volatility and efficiency measures, our empirical results provide new evidence on market microstructure literature. We find that P i and the volatility and liquidity of stocks are simultaneously determined. Higher P i leads to lower liquidity and higher volatility, and vice versa. Firms with larger size, higher ownership concentration and lower turnover have higher probability of informed trading.

This paper seeks at investigating the effect of liquidity management on profitability in the Jordanian commercial banks during the time period (2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012). Thirteen banks have been chosen to express on the whole Jordanian commercial banks. The liquidity indicators are investment ratio, Quick ratio, capital ratio, net credit facilities/ total assets and liquid assets ratio, while return on equity (ROE) and return on assets (ROA) were the proxies for profitability. Augmented Dickey Fuller (ADF) stationary test model was used to test for a unit root in a time series of the research variables and then testing hypothesis by using regression analysis. The empirical results show that an increase in the quick ratio and the investment ratio of the available funds leads to an increase in the profitability, while an increase in the capital ratio and the liquid assets ratio leads to decrease in the profitability of the Jordanian commercial banks. The researcher recommends that there is a need for an optimum utilization of the available liquidity in a various aspects of investment in order to increase the banks' profitability, and banks should adopt a general framework of liquidity management to assure sufficient liquidity for executing their operations more efficiently, and they should initiate an analytical study of the evolution rates of liquidity and their ability to achieve a balance between sources and uses of funds.

The aim of this paper is to investigate in what extent there is a differentiated regional bank strategy in the economy of Minas Gerais. Based on the post-Keynesian theory of regional liquidity preference (DOW, 1993), the article analyses the consolidate balance sheet of bank's branches in 351 cities of Minas Gerais divided in five different groups. Through the analyses of some of the indicators that has been built using the balance sheet, the paper concludes that there are evidences that supports the statement that the state's Bank System works in a different way over the space. This behavior reinforces the uneven regional patterns of development in its economy.

The objectives of this study are to identify the significant determinants of capital structure of the listed manufacturing companies in Bangladesh and to test the relevant capital structure theories. This study used a panel dataset including 74 manufacturing companies listed under 8 industries in Dhaka Stock Exchange (DSE) for the period of 2002-2011. The Unit Root tests suggested that all series were stationary. Using Panel Corrected Standard Error Regression Model and Random Effects Tobit Regression Model, all selected variables were found significant. Managerial ownership positively and Growth rate, Profitability, Debt service coverage ratio, Non-debt tax shield, Financial costs, Free cash flow to firm, Agency costs and Dividend payment negatively affect the capital structure. Tangibility and Liquidity ratio have positive relationship with Long term debt and negative relationship with Short term debt and Total debt. It was also found that Pecking-order theory and Static Trade-off theory are the most dominant capital structure theories in Bangladesh. The policy implication is that the financial managers should consider these determinants as yardsticks before taking the leverage decisions in order to choose the most favorable capital structure for the company so that it maximizes the shareholders' value.

The study examines the relationship between trade imbalances and inflation in Nigeria from 1981 to 2023, using the Nonlinear Autoregressive Distributed Lag (NARDL) model. It finds that positive trade imbalances (PTI) have a short-term deflationary effect on inflation, while negative trade imbalances (NTI) show delayed inflationary effects due to currency depreciation and increased import costs. The study highlights the asymmetric nature of trade imbalances' influence on Nigeria's economy. The study also reveals that macroeconomic variables like money supply, trade openness, foreign direct investment, and real GDP influence inflationary pressures. Increased money supply exacerbates inflation in the short and long run, while trade openness contributes to short-term inflation due to global price volatility. Foreign direct investment offsets short-term inflationary pressures with long-term economic benefits, and real GDP growth contributes to demand-pull inflation in the short term. Diagnostic tests confirm the model's robustness, despite residual autocorrelation. The findings also align with Balance of Payments theory, Monetary Theory of Inflation, and Structuralist perspectives. The study recommends policy measures to manage trade imbalances, stabilize inflation, and promote sustainable economic growth in developing economies, including diversifying exports, enhancing domestic production, and implementing effective monetary and fiscal policies.

Nigeria possesses vast renewable energy potential but continues to face severe electricity deficits, with over 85 million citizens lacking access to grid power. To address this challenge and accelerate clean energy adoption, the Nigerian government has introduced various fiscal incentives, including tax holidays, VAT exemptions, and import duty waivers, aimed at attracting renewable energy investors. This paper critically evaluates the effectiveness of these incentives in driving investment, enhancing energy access, and stimulating local industry development. Drawing on official reports, stakeholder consultations, and international benchmarks from countries such as India, Kenya, Brazil, South Africa, and Morocco, the study finds that while fiscal tools offer promise, their impact is limited by weak institutional coordination, inadequate monitoring frameworks, and low awareness among developers. Key policy gaps include short incentive durations, insufficient support for off-grid systems, and minimal local content integration. The paper concludes with actionable recommendations focused on reforming Nigeria's incentive structure, including establishing a centralized coordination agency, expanding the scope of incentives, and strengthening local manufacturing capacity to better align fiscal policy with the country's energy and climate goals.

This study investigates the impact of the capital structure on firm performance for Pharmaceuticals & Chemical companies in Bangladesh. To conduct this study, a sample of 22 Pharmaceuticals & Chemicals Companies listed in DSE during the sample period of 2013 to 2020 has been used. Eight (8) years of panel data were analyzed using a panel corrected standard error multiple regression model. In this study, firm's performance is measured by ROA (return on asset), ROE (return on equity), and EPS (earnings per share). The ratio of long-term debt ratio, short-term debt ratio, total debt ratio, total debt to equity ratio have been used as a proxy of capital structure. Also, three control variables (liquidity, firm size, firm age) have been considered for this study. Results of the regression output show that short-term debt ratio and long-term debt ratio are statistically significant with firm's performance and their relationship is negative. Total debt ratio and debt to to-equity ratio are insignificant when measured by earnings per share. The three models used in this study produced statistically significant results. The study found that the external fund (debt) has a negative impact on the performance, meaning that external fund (debt) is negatively correlated with the performance for Pharmaceuticals & Chemicals Companies in Bangladesh. The findings of this study also support the Peaking Order Theory of capital structure.

This study is aimed to measure and evaluate the profitability and liquidity of Saudi commercial banks. The subject of study is selected due to the increasing number of business transactions and development financing in the Saudi Arabian economy and the increasing variation and sophistication of bank services.The study is based on the secondary data which has been collected from balance sheet and income statements of banks, their websites, and related web pages of Saudi stock exchange (Tadawul) and Saudi Arabian Monetary Agency (SAMA) on the internet. Hypotheses testing finding exposed that there is no relationship between the total assets of bank and its profitability. Moreover, there is relationship between customer deposits and the amount of personal loan. Also, there is relationship between numbers of branches and banks liquidity (customer deposits).Based on the result above, researchers recommend Saudi banks to take the opportunity of enter the Islamic banking service. Bank who will take this opportunity will attract new customer which will generate attractive profit with reasonable level of risk. In addition, banks need to be more close to a customer by opening new branches in rural areas, small cities and populated areas. Furthermore, banks may simplify banking services for their customers.

Small and Medium Enterprises (SMEs) drive India's economy, contributing one-third of its GDP. In 2023 alone, SMEs raised over ₹5,500 crore through more than 120 IPOs, fueling growth and competitiveness. Despite extensive research on SME IPO performance, ownership structures, and information asymmetry, researchers have largely overlooked the factors influencing retail subscription in SME IPOs, leaving a critical research gap. This study analyzes the factors that influence retail subscriptions in SME IPOs in India, focusing on issue attributes, subscription rates, and external influences. An analysis was conducted on 506 SME IPOs listed between 2021 and 2024. JMP software was used to evaluate the effects of issue attributes, QIB and NII subscription patterns, and external factors on retail subscription rates. The findings indicate that issue price and issue size negatively impact retail subscriptions, while GMP, NII subscriptions, and QIB subscriptions positively influence them. The model explains 66% of the variance in retail subscriptions, highlighting the importance of market sentiment and institutional participation. The study expands the literature by incorporating a wider range of factors to provide a more comprehensive understanding of SME IPO subscriptions. It emphasizes the need for strategies to attract retail investors by enhancing transparency, improving pricing approaches, and mitigating risks, offering valuable insights for policymakers and market participants.

Economic theory predicts that earnings uncertainty increases precautionary saving and causes households to include relatively liquid assets in their portfolios. Risk avoidance and the demand for liquidity cause these portfolio choices. Studies investigating United States evidence of precautionary portfolio allocation are nonexistent. With panel data, our results confirm the precautionary motive, and indicate that the desire to moderate total exposure to risk (temperance) and the demand for liquidity each affect the household's portfolio. Both permanent and transitory earnings uncertainty boost total wealth, and this precautionary wealth tends to be invested in safe, liquid assets. These results are particularly pronounced for people facing borrowing constraints. Such behavior is consistent with consumer utility functions that exhibit decreasing absolute risk aversion and decreasing strength of the precautionary motive (prudence). Our findings are important because both unemployment compensation and income taxes provide insurance that reduce earnings uncertainty. As a result, precautionary saving is both curtailed and reallocated. These policies could have large effects on capital formation and interest rates, through changes in the composition of household asset demand.

How does household wealth influence consumption? The empirical evidence brought so far by the literature is unclear, mostly because of the low quality of the data more readily available: aggregate data, cross sections and panel datasets lacking important variables all present major shortcomings for a proper analysis of the wealth effect. The aim of our paper is to contribute to the appraisal of the wealth effect performing a pseudo-panel analysis for the USA (1989USA ( -2007)), combining information from the Consumer Expenditure Survey and the Survey of Consumer Finances. We distinguish between total and non durables consumption, and we also investigate the roles of the different components of household wealth, both gross and net. Our estimates indicate that there is a significant tangible wealth effect (between 2 and 4 cents per dollar), with an overwhelming importance of the value of the house of residence. On the contrary, financial wealth seems to positively affect consumption of the older households only. In general, it seems that older households experience higher wealth effects, i.e., extract more liquidity from their assets, than younger ones, which rely more on income effects.

Determining the best financial structure and finding various financing methods constitute important business considerations. during recent years, rising inflation and currency shocks in Iran have encouraged financial managers to emphasize managing corporate financial resources and selecting optimal capital structures within adverse economic situations. This study was conducted using data from 249 listed companies from 2009 to 2022, employing a dynamic panel data regression model with the Generalized Method of Moments (GMM) approach. Results show that firms have a target capital structure and that during periods of high inflation and dollarization, they move toward this target leverage at a quite rapid pace (61%). In these situations, firm-specific variables such as growth prospects, fixed tangible assets, profitability ratios, investment decisions, and liquidity ratios influence capital structure and adjustment speed most. Furthermore, the results indicate that inflation and exchange rates impact capital structure through firm-specific features such as liquidity, company size, and investment decisions.

Liquidity is related to the company's ability to meet the company's financial needs in the short term with current funds in the company, and good corporate governance is a system that functions to regulate how the company is managed and controlled properly. When liquidity management and implementation of good corporate governance system are carried out by the company well, it will increase the value of the company. With a good company value, it will be able to attract investors and can provide welfare to the owners and shareholders of the company. Therefore, this article aims to determine the effect of liquidity management applied by the company and the good corporate governance system that is implemented to increase the value of the company. The method used in this study is a qualitative method in the form of a literature study in the field of financial management by paying attention to liquidity and system good. corporate governance on firm value. The method of writing sci...

This paper investigates the technological barriers impeding the optimal growth and efficiency of algorithmic trading in India, concentrating on infrastructure and latency challenges. Despite substantial growth, India faces significant issues related to inadequate server quality, poorly located data centres, limited network bandwidth, and high latency. Through a comparative analysis with developed markets such as the United States and Europe, this paper highlights the gaps in India's current infrastructure and proposes potential enhancements. The findings underscore the need for advanced data centres, improved network connectivity, higher-quality market data, and a more supportive regulatory environment. Addressing these challenges is essential for boosting the efficiency and competitiveness of algorithmic trading in India, fostering innovation, attracting more participants, and enhancing the overall development of the Indian financial markets.

Using Islamic schools as a point of reference, this paper investigates the language contact phenomenon within the Islamic schools in Ghana and how it affects the teaching and learning of English in the classrooms across schools located in the Islamic communities. This investigation is done in relation to language policy of education for the primary schools in Ghana. Data was collected from three primary Islamic schools located in three different communities namely in Accra. This study provides insight into the language contact situation in Islamic schools: codeswitching and language interference. The implication of the issues for the planning of literacy in multicultural contexts is also highlighted.

Small and Medium Enterprises (SMEs) drive India's economy, contributing one-third of its GDP. In 2023 alone, SMEs raised over ₹5,500 crore through more than 120 IPOs, fueling growth and competitiveness. Despite extensive research on SME IPO performance, ownership structures, and information asymmetry, researchers have largely overlooked the factors influencing retail subscription in SME IPOs, leaving a critical research gap. This study analyzes the factors that influence retail subscriptions in SME IPOs in India, focusing on issue attributes, subscription rates, and external influences. An analysis was conducted on 506 SME IPOs listed between 2021 and 2024. JMP software was used to evaluate the effects of issue attributes, QIB and NII subscription patterns, and external factors on retail subscription rates. The findings indicate that issue price and issue size negatively impact retail subscriptions, while GMP, NII subscriptions, and QIB subscriptions positively influence them. The model explains 66% of the variance in retail subscriptions, highlighting the importance of market sentiment and institutional participation. The study expands the literature by incorporating a wider range of factors to provide a more comprehensive understanding of SME IPO subscriptions. It emphasizes the need for strategies to attract retail investors by enhancing transparency, improving pricing approaches, and mitigating risks, offering valuable insights for policymakers and market participants.

The paper assesses the relationship between Nigeria’s stock market returns, interest rate and gross domestic product from 1991Q1 to 2016Q4. VAR model and analysis were used; the results show an inverse relationship between interest rate and stock return. And interest rate shocks affect stock market and gross domestic product. The study recommendation of the study implies that a timely monetary policy adjustment by the monetary policy committee (MPC) and real adjustments in inflation targets and money supply will help to achieve stability in the stock market and economic growth. Also this will help in promoting the desired confidence among participants and economic stability in the stock market. Keyword: Stock Market, Interest Rate, Economic Growth, VAR JEL Classification: G12, C 60, 011, C 1

Small and Medium Enterprises (SMEs) drive India's economy, contributing one-third of its GDP. In 2023 alone, SMEs raised over ₹5,500 crore through more than 120 IPOs, fueling growth and competitiveness. Despite extensive research on SME IPO performance, ownership structures, and information asymmetry, researchers have largely overlooked the factors influencing retail subscription in SME IPOs, leaving a critical research gap. This study analyzes the factors that influence retail subscriptions in SME IPOs in India, focusing on issue attributes, subscription rates, and external influences. An analysis was conducted on 506 SME IPOs listed between 2021 and 2024. JMP software was used to evaluate the effects of issue attributes, QIB and NII subscription patterns, and external factors on retail subscription rates. The findings indicate that issue price and issue size negatively impact retail subscriptions, while GMP, NII subscriptions, and QIB subscriptions positively influence them. The model explains 66% of the variance in retail subscriptions, highlighting the importance of market sentiment and institutional participation. The study expands the literature by incorporating a wider range of factors to provide a more comprehensive understanding of SME IPO subscriptions. It emphasizes the need for strategies to attract retail investors by enhancing transparency, improving pricing approaches, and mitigating risks, offering valuable insights for policymakers and market participants.

Purpose. The primary objective of this paper is to evaluate the financial security of transport and logistics companies listed on the Warsaw Stock Exchange. Methodology. The research employs various financial security indicators such as liquidity, capital coverage of assets, working capital, and others. The study focuses on 11 companies in the transport and logistics sector listed on the Warsaw Stock Exchange in the third quarter of 2023. Results. The findings reveal that companies in the transport and logistics sector are highly diverse and challenging to compare on non-financial security aspects. Average data do not reflect the real situation in the sector, and individual companies significantly influence average results. The importance of maintaining an optimal structure of assets and capital for ensuring financial security is also highlighted. Theoretical contribution. This paper contributes to financial security in the transport and logistics sector by analysing companies listed on the Warsaw Stock Exchange. It offers a new perspective on the financial stability of these companies and the factors influencing it. Practical implications. The research calls for caution when assessing the financial security of enterprises in the transport and logistics sector. It also suggests expanding the research group and checking whether the entire sector has any common patterns regarding financial security. This could provide valuable insights for companies in the sector and policymakers.

The aim of the article is to verify a hypothesis stating that financial security of companies has been significantly violated in the scope of economic crisis caused by COVID-19 pandemics. It has been assumed that traditional indicators of financial liquidity have declined and establishing the scale of the phenomenon constitutes a scientific problem. Design/Methodology/Approach: The research has been conducted as exemplified by a given sector: consumer goods and retail trade on the basis of data adapted from EMIS database. The conducted research regarding the liquidity management in companies in a extraordinary time od crisis emphasizes the multifaceted nature and complexity of issues connected with financial security; simultaneously discussing the statement that the entrepreneurs' concern over the extending period of uncertainty, lead them to a certain mobilization to secure from lack of liquidity and forced more awareness in the topic of liquidity. Originality/value: In the process of data analysis certain characteristic features were observed: the average indicators in the sector are much higher than middle indicators which indicates the need to have a closer look at average data. In a researched sector most of the enterprises does not achieve the results suggested for liquidity indicators.

The accounting scandal is the real picture of accounting frouds in the global world, these frouds are mostly dificult to detect through only regular accounting check or audit, this problem has not been solved until now. Enron Corporation, Lehman Brothers Bankruptcy in the global world, Century Bank and Mega Bank scandal are financial problematic situation. To be Exposed of fraud cases in the banking sector are detrimental to customers and the bank. The purpose of this research is to reveal and analyze factors that trigger of the occurraence of fraud commited by bank employees in the banking business in Indonesia and also implementation of anti fraud strategy in the banking institution to prevent the banking crimes commited by bank employees and how islamic rules in frauds banking institution, according to the purpose of the research methods used are normative research as well as the empirical one because this research will utilize secondary data, which will be followed by an empirical study by observation with expert opinion about fraud in banking institution. The research result indicated that factors that trigger the occurence of frauds committed by bank employees in the banking institution in Indonesia generally can be clasified as fraud triangle which are the pressure to perform fraud (pressure), the opportunities that can be exploited (opportunity) as well as the justification for such action (razionalization) and prospect for the application of anti fraud strategy of banking institution to prevent banking crimes commited by employees, according to most of the Indonesian banking expert on their statement less so prospective, while the implementation of circular letter of Bank Indonesia number 13/28/DPNP in Bank Syariah Mandiri, Bank BTN Syariah Bank Muamalat has not shown any significant decline in case of fraud. Generally, bank put more emphasis on whistleblowing strategy of detection pillar. Integrity is best action for making secure bank from crimes commited by employee with value of Islam and it isnot integrity to institution, just for Alloh.

The purpose of this paper is to identify performance between the Sharia Commercial Bank (SCB) and Sharia Business Unit (SBU) in Indoneia islamic banking industry, especially Non Performing Financing Designthe study uses survey based methodology for data collection, using Statistic Islamic Banking Industry from Otoritas Jasa Keuangan, for the study consists of Islamic banking Industry 13 sharia commercial banks and 21 sharia business units with ROA, OER, FDR and NPF Gross. For analizyng the obtained data, the statistical methods of SPSS 22 multivariate regression and analyzing performance ratios both of them. Indonesia's Islamic banking industry remained under pressure after experiencing limited growth, a rise in non-performing financing (NPF) and inefficiency still hampered the further development of the Islamic banking sector to drive the domestic Islamic finance industry including easing regulations on the loan-to-value (LTV) ratio, risk-weighted assets (RWA), NPF restructuring, and capital participation. to improve the competitiveness of Indonesia's shariah-based banks which are still lagging considerably behind conventional banks Islamic banks continued to innovate to increase their market share through various creative ways. These include exploring opportunities to manage endowment funds (waqf) and entering into a mini master repurchase agreements with other shariah-based banks to increase liquidity. Findingthe study shown that performance SCB is 85,9 percent from independent variables were researched and performance of SBU is 86,8 percent from independent variables were researched. Compared Sharia Business Unit performance more better than Sharia Commercial Bank in ROA, NPF Gross, BOPO, progressive FDR more than 100 percent, but market share of sharia commercial bank up 70 percent, so Indonesia's Islamic banking industry still under pressure even sharia business unit has good performance.

This study explored the determinants of capital structure, optimal capital structure, and adjustment speed in real-estate, property, and construction firms in Indonesia. It conducted a quantitative analysis of the annual report of 25 listed firms by employing a generalized method of moment approach with panel data to estimate the result. Results showed that the determinants of capital structure, such as profitability, tangibility, size, and liquidity, have a negative impact on leverage. By contrast, a non-debt tax shield has a positive impact. Based on the regression result, firms have an optimal capital structure target with a yearly adjustment speed of 80%. Furthermore, calculation of optimal target structure shows that firms require approximately three years to meet the discrepancy between their current capital structure and the targeted capital structure.

This work explores the integration of generative artificial intelligence (GenAI), specifically Variational Autoencoders (VAEs), into statistical and structural financial models, with a focus on the Leland-Toft and Box-Cox frameworks. We conduct a comprehensive review of these models, highlighting their use in financial risk analysis, bankruptcy prediction, and time-series forecasting. Through the integration of VAEs, we demonstrate their capability to enhance data generation, improve predictive accuracy, and enable robust validation of financial models, particularly in scenarios with scarce data. The application of VAEs to the Leland-Toft model facilitated the calculation of key financial metrics, including default spreads, credit spreads, and leverage ratios. Additionally, VAEs integrated with Box-Cox models generated latent features that correlated effectively with traditional financial factors, underscoring their utility in predictive modeling and survival analysis. This work provides a detailed overview of implementation pipelines, architecture diagrams, and model validation methods, offering a foundation for future research. Expanding on the use of VAEs, we propose incorporating advanced machine learning techniques and real-time data to further enhance model performance and revolutionize financial modeling. We have discussed how implementation of synthetic data to enhance inputs for Leland-Toft and Box-Cox can aid is robust validation of the models.

The recent credit crisis has raised a number of interesting questions regarding the role of the Federal Reserve Bank and the effectiveness of its expected and unexpected interventions in financial markets, especially during the crisis, given its mandate. This paper reviews and evaluates the impact of expected and unexpected changes in the federal funds rate target on credit risk premia. The paper's main innovation is the use of an ACH‐VAR (autoregressive conditional hazard VAR) model to generate the Fed's expected and unexpected monetary policy shocks which are then used to determine the effects of a Federal Reserve policy change on counterparty credit risk and more importantly short‐term firm debt financing. The findings answer a longstanding question sought by researchers on the effect of policy makers' announcements on firm debt financing. The results clearly show that the Federal Reserve influences short‐term debt financing through the credit channel for both expansi...

Penelitian ini bertujuan untuk menganalisis Faktor- Faktor yang Mempengaruhi Jumlah Penyaluran Kredit pada Bank Umum yang terdaftar di BEI pada periode 2012-2016. Variabel dependen yang digunakan didalam penelitian ini adalah kredit. Untuk melihat seberapa besar perusahaan perbankan melakukan penyaluran kredit dengan menggunakan variabel Dana Pihak Ketiga (DPK), Non Performing Loan (NPL) dan Loan to Deposit Ratio (LDR). Sampel penelitian yang digunakan dalam penelitian ini terdiri dari 28 perusahaan perbankan umum di Bursa Efek Indonesia (BEI) periode 2012-2016 dipilih berdasarkan criteria tertentu dengan menggunakan metode purposive sampling. Analisis data digunakan didalam penelitian ini adalah analisis regresi linear berganda yang diolah dengan menggunakan software SPSS versi 21. Dari model regresi linear berganda yang digunakan dalam penelitian ini, hasil pengujian secara parsial (uji t) menunjukkan bahwa variabel Dana Pihak Ketiga berpengaruh positif terhadap Jumlah Penyaluran ...

The purpose of this study is to compare the financial performance of Islamic banks against conventional banks after enactment of Indonesia's Islamic Banking Act No 21/2008. The data was based on selected financial statements of Islamic banks and conventional banks in Indonesia from year 2009 to 2011. Financial performance measures were expressed in term of various financial ratios in which were categorized into profitability, liquidity, risk, solvency and efficiency. To test the hipotheses, Mann-Whitney was employed to compare financial performance. In general, the study found no major difference in financial performance between Islamic banks and conventional banks except in term of its ROA and EM. This indicated that conventional banks are generally more profitable as compared to conventional banks but failure risk of islamic banks are smaller than conventional banks.

We theorize and confirm a new channel by means of which liquidity costs are embedded in CDS spreads. We show that credit default swap (CDS) spreads are directly related to equity market liquidity in the Merton (1974) model via hedging. We confirm this relationship empirically using a sample of 1,452 quarterly CDS spreads over 2001-2005. In the model, this relationship is monotone increasing when credit quality worsens. These results are robust to alternative measures of equity liquidity and other possible determinants of CDS spreads.

The liquidity shocks of '08-'09 revealed that measures of liquidity risk being used in most financial institutions turned out to be woefully inadequate. The construction of long-short portfolios based on liquidity proxies introduces errors such as extraneous risk factors and hedging error. We develop a new measure for liquidity risk using exchange-traded funds (ETFs) that attempts to minimize this error. We form a theoretically-supported measure that is long ETFs and short the underlying components of that ETF, i.e., long and short a similar set of underlying securities with the same weights. Pricing discrepancies between the long and short positions are driven by liquidity differences between the ETF and its underlying components. Constructing liquidity risk factors in a number of markets, we undertake several tests to validate our new liquidity metric. The results show that our illiquidity measure is strongly related to other measures of illiquidity, explains bond index returns, and reveals a systematic illiquidity component across fixed-income markets.

Demands for compliance with timely submission of financial reports to the public in Indonesia has been stipulated in the Law N0.8 Year 1995 concerning Capital Market and Bapepam Decision No.80/PM/1996 on financial reporting obligations periodiccally. Process in achieving timely financial statement presentation to the public becomes increasingly difficult because of the increasing growth of existing public companies in Indonesia. This study aims to examine empirically the effect of firm size, liquidity, company age, and reporting of exceptional items and / or contingent on timely submission of financial reports on companies listed on Indoneia Stock Exchange (BEI). The selection of samples to be used in this study was purposive sampling. Samples are manufacturing companies listed on the Stock Exchange with the following criteria: a) the company issued financial statements as of December 31 for the years 2004 to 2007; b) the company whose shares are actively traded in IDX. The data used is a form of secondary data obtained from annual reports and the Capital Market Reference Center. Then the data were analyzed using multiple regression. The research proves that company size has a significant impact on the timeliness of financial reporting. While life companies, liquidity, and extraordinary items and / or contingencies do not have a significant impact on the timeliness of financial reporting.

Gold is a valuable asset to a country because of its liquidity. Gold reserve can stabilize the currency in a country. The objective of this paper is to identify the factors contributing to the volatility of gold prices, such as Real Malaysia GDP, inflation rates, crude oil prices and exchange rates. The data was analysed using Autoregressive Distributed Lag (ARDL) approach with time series data, with 30-year coverage from 1987 to 2016. Findings showed that only Real Malaysia GDP and crude oil prices were significantly related to gold prices. As a conclusion, this study can be used as reference by other investors. The author suggests to other researchers to further improve upon this study by adding more variables or diversifying the variables that relate to volatility of gold prices.

This study provides a comprehensive review of machine learning (ML) applications in the fields of business and finance. First, it introduces the most commonly used ML techniques and explores their diverse applications in marketing, stock analysis, demand forecasting, and energy marketing. In particular, this review critically analyzes over 100 articles and reveals a strong inclination toward deep learning techniques, such as deep neural, convolutional neural, and recurrent neural networks, which have garnered immense popularity in financial contexts owing to their remarkable performance. This review shows that ML techniques, particularly deep learning, demonstrate substantial potential for enhancing business decision-making processes and achieving more accurate and efficient predictions of financial outcomes. In particular, ML techniques exhibit promising research prospects in cryptocurrencies, financial crime detection, and marketing, underscoring the extensive opportunities in these areas. However, some limitations regarding ML applications in the business and finance domains remain, including issues related to linguistic information processes, interpretability, data quality, generalization, and the oversights related to social networks and causal relationships. Thus, addressing these challenges is a promising avenue for future research.

Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai pengaruh CSR, intensitas persediaan, intensitas aset, laverage, dan firm size terhadap agresivitas pajak. Variabel dependen dalam penelitian ini diukur menggunakan proksi effective tax rate (ETR). Variabel independen dalam penelitian ini adalah CSR, intensitas persediaan, intensitas aset tetap, laverage dan firm size. Metode penelitian menggunakan analisis regresi berganda. Populasi dalam penelitian yaitu perusahaan sektor pertambangan yang terdaftar dalam Bursa Efek Indonesia pada tahun 2013-2015. Sektor pertambangan merupakan salah satu sektor yang memiliki kontribusi yang besar di Negara Indonesia. Teknik sampling yang digunakan adalah purposive sampling. Sampel dalam penelitian ini berjumlah 11 perusahaan. Hasil penelitian menunjukkan bahwa variabel CSR berpengaruh negatif terhadap agresivitas pajak. Hal ini menunjukkan semakin tinggi CSR maka agresivitas semakin rendah seperti pada PT Adaro Energy Tbk yang memilik...

A principal funcao de um banco e o da intermediacao financeira, o que demanda levantar recursos de clientes para alavancar seus emprestimos, sendo natural a exposicao a riscos. Dentre estes sobressaem o risco de mercado e de liquidez, que devem ser adequadamente conhecidos pelos gestores, evitando-se que as turbulencias da economia comprometam a saude economico-financeira da instituicao. Este tema e largamente discutido no ambiente de negocios internacional, mas e escassa a literatura que trata do assunto no Brasil. Este estudo almeja suprir em parte esta lacuna ao apresentar um estudo de caso voltado para aanalise de gestao de ativos e passivos (ALM). O estudoanalisa os riscos de mercado e de liquidez e os resultados provenientes de cenarios de estresse de uma instituicao financeira de fomento.

Agro-industry is a strategic sector that supports rural economic growth and food security. Agroindustry, as a strategic sector, often faces challenges in financial management, which have an impact on business stability and sustainability. This research analyzes the financial performance of the Tahu Bulat Putra Mandiri Agroindustry in Ciamis Regency based on liquidity, solvency and profitability ratios. Financial report data for the last three years (2022-2024) was analyzed using the case study method by calculating financial ratios, such as current ratio, quick ratio, debt to asset ratio, debt to equity ratio, return on assets (ROA), and return on equity (ROE). The results show fluctuations in financial performance, where the liquidity ratio is good enough to meet short-term obligations, but solvency reflects high financial risk due to dependence on debt, while profitability experiences a decrease in efficiency in generating profits. This research recommends improving capital structure, increasing operational efficiency, and business diversification to ensure the company's financial sustainability and stability.

This research examines the impact of macroeconomic variables on the volatility of agricultural commodity futures in the Indian market. Specifically concentrating on the realm of agricultural commodities, the study investigates how monetary policies, financial market information, and economic environments influence the volatility of these futures. Utilizing the GARCH-MIDAS model, the research explores the relationship between low-frequency macroeconomic variables and daily price volatility in the agricultural commodity futures market. By segregating volatility into longand short-run components, the model enables an assessment of whether macroeconomic variables effectively control the long-run variance. The study's outcomes reveal a positive influence of lowfrequency variables on the long-run variance of agricultural commodity futures in India. This underscores the substantial role played by national and international economic variables in evaluating the price volatility specifically within the agricultural commodity futures market.

The continuous-time version of Kyle's (Econometrica 53(6):1315-1336 model of asset pricing with asymmetric information is studied, and generalized in various directions, i.e., by allowing time-varying liquidity trading, and by having weaker a priori assumptions on the model. This extension is made possible by the use of filtering theory. We derive the optimal trade for an insider and the corresponding price of the risky asset; the insider's trading intensity satisfies a deterministic integral equation, given perfect inside information.

This paper investigates the hidden relations between the Chinese cross-listed firms in the Shanghai and Hong Kong stock exchanges. In China, stocks are classified into four categories: A shares, B shares, H shares and ADR shares. A and B shares are traded on China's two stock exchanges, namely Shanghai and Shenzhen Stock Exchanges while H and ADR shares are traded in Hong Kong and the USA respectively. A shareholders consist of mainly domestic investors with a fraction of foreign investors; B shareholders are however, a mixture of Chinese and international shareholders; H and ADR shares are targeted only towards international investors. A firm can only choose to cross-list A and B shares or A and H shares. 21 companies that have cross-listed A and H shares and 44 companies that have cross-listed A and B shares during the timeframe between July, 2001 and June, 2006 have been studied. We have retrieved closing prices on the 20th of every month and using the general mathematical approach involving log-returns, the expected monthly returns, variances and covariances have been estimated. Our results for A and B cross-listed firms show that the monthly returns are in the same and have reasonably high correlations. The results for A and H cross-listed firms however, show that the expected returns of the H shares are of higher magnitude than the A shares and that they show significantly lower correlations. The reason behind these results seems to be a consequence of the deviant behaviour of the B share market in comparison to the international market, together with the hypothesis that B shares lead A shares.

Islamic ethics is essential for derivatives contracts as Islam emphasizes its significance for the development and betterment of individual and society. From the Islamic worldview, ethics deals with the issues of what is right and what is wrong as well as a code of conduct in the marketplace to ensure the proper practices of commercial dealing and the prevention of unethical doings. Initially, the main purpose of derivatives contracts is risk-hedging. However, the application of derivatives in hedging has caused several arguments and disputes among the majority of Islamic jurists. Thus, this article aims to analyze the concept of Islamic ethics in commodity derivatives contracts. It uses a thematic analysis approach to analyze the content obtained from the related literature. This study found three main principles of Islamic ethics in commodity derivatives contract which are the availability of goods during the contract, taking possession (qabd) in the contract and conformity of con...

v Seseorang (calon suamiku) dan anak-anakku kelak :D,,, v Semoga dapat memberikan manfaat bagi orang lain,,,, v Amiiiiiiinn Ya rabal'alamin... perpustakaan.uns.ac.id digilib.uns.ac.id commit to user v MOTTO "Sesungguhnya sesudah kesulitan itu ada kemudahan, maka apabila kamu telah selesai dari satu urusan, kerjakanlah dengan sungguh-sungguh urusan yang lain. Dan hanya kepada Tuhanmulah hendaknya kamu berharap." (QS. Al Insyirah:6-8) "Allah tidak membebani seseorang melainkan sesuai dengan kesanggupannya. Ia mendapat pahala (dari kebajikan) yang diusahakannya dan ia mendapat siksa (dari kejahatan) yang dikerjakannya." (QS. Al-Baqarah:283) People who are successful have learned to make themselves do things to be done when it had be done, whether they like it or not (Aldus Huxley) "Pendidikan merupakan perlengkapan paling baik untak masa tua." (Aristoteles) "Jangan lihat masa lampau dengan penyesalan, jangan pula lihat masa depan dengan ketakutan, tapi lihatlah sekitar anda dengan penuh kesadaran. Kesuksesan telah menunggumu." (Eka Nur Hidayah) perpustakaan.uns.ac.id digilib.uns.ac.id commit to user vi KATA PENGANTAR ِ ‫ﻴﻢ‬ ِ ‫ﱠﺣ‬ ‫اﻟﺮ‬ ِ ‫ﻦ‬ ْ ‫ﱠﲪ‬ ‫اﻟﺮ‬ ِ ‫اﷲ‬ ِ ‫ْﻢ‬ ‫ِﺴ‬ ‫ﺑ‬ Assalamua'alaikum Wr. Wb. Alhamdulilahi rabbil 'alamin, segala puji syukur kepada Allah SWT penulis panjatkan atas segala karunia, rahmat, ridha dan kemudahan yang telah diberikan kepada penulis melalui segala jalan sehingga penulis dapat menyelesaikan skripsi dengan judul "ANALISIS PENGARUH PROFITABILITAS, FIRM SIZE, NON-DEBT TAX SHIELDS, TANGIBILITY, GROWTH OPPORTUNITIES, EARNING VOLATILITY DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG LISTED DI BEI TAHUN 2007-2011". Skripsi ini dapat terselesaikan juga atas segala doa, dukungan dan harapan terbaik yang selalu mengalir dari berbagai pihak. Oleh karena itu penulis mengucapkan terima kasih kepada semua pihak yang telah membantu penulis dalam penyelesaian skripsi ini: