Category Archives: VOLUME 1,ISSUE 11

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“VOLUME 1, ISSUE 11″ under QS Publications


1) Derivatives Market In China

Authors:1)Thian Cheng Lim- Xi’an Jiaotong-Liverpool University-111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
2)Xiu Yun Lim, Jessica-National University of Singapore
3)Sewei Gan-Xi’an Jiaotong-Liverpool University

ABSTRACT:The liberalization of the Chinese planned economy to a market economy has been cautious (Lin, 2012; Chow 2011). The risk management objective for the transition has been proceduralized in the form of regulation (Black 2000). China need financial reform and regulation for derivatives (World Bank, 2012) but the risk of derivatives is real. The objective of permitting financial institutions to engage in derivatives is for risk management and not speculation. This discussion paper gives a brief overview of the short history of derivatives in China, the present derivatives available and discusses the pros and cons of derivatives. The conclusion is China need derivatives but it has to be firmly regulated.

Keywords: Derivatives, China, Risk Management, Price Discovery, Regulation

[Download Full PDF]  [Page 1 -11]

2) The Effectiveness of Employee Referral as a Recruitment Source
Authors:1)Vijaya Mani- Professor-SSN School of Management and Computer Applications,SSN College of Engineering,Old Mahabalipuram Road,  Kalavakkam,Tamil Nadu, INDIA 603110

ABSTRACT:An employee referral scheme encourages a company’s existing employees to select and recruit the suitable candidates from their social networks. As a reward, the employer typically pays the referring employee a referral bonus. Recruiting candidates using employee referral is widely acknowledged as being the most cost effective and efficient recruitment method to recruit candidates and as such, employers of all sizes, across all industries are trying to increase the volumes they recruit through this channel.The  present  study  has  made  a  comparative  assessment  of  various recruitment  sources utilized by the organizations. The study attempts to evaluate the effectiveness of Employee Referral program in one of the esteemed organization dealing with IT and ITES. The data was analyzed using Correlation, Ratio analysis and Chi Square. Results indicated that the quality of applicants generated by E-referral is comparatively better or equivalent to other sources.Research concluded that Employee Referral as a recruitment source in the organization has highest conversion rate, offer rate, and offer acceptance rate.

 Overall the research has provided evidence to support the need for organizations to develop recruitment strategy which incorporates a diverse range of sources to reach quality applicants in the desired target market. The organization should also improve the awareness and satisfaction level among the employees about the Employee Referral Program in order to gain maximum advantage from this source of recruitment.

Keywords: Recruitment; Employee Referral, Offer Acceptance rate, Conversion rate,

[Download Full PDF] [Page 12-25]

3) History of the Efficient Market Hypothesis

Authors:1)Thian Cheng Lim-Xi’an Jiaotong-Liverpool University-111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
2)Xiu Yun Lim-National University of Singapore
3)Riuyang Zhai-Bentley University-145 Forest Street, Waltham, Boston MA 02451 USA

ABSTRACT:This paper reviews and summarizes the work of Sewell (2011). The purpose is to investigate the evolution and development of the Efficient Market Hypothesis from its inception as theory of probability to Fama (1965) proposition and revision (Fama, 1970; 1991). It discusses the random walk theory and reports the various research papers that have been written on the subject. This paper also clarifies the debate on the validity of EMH and explains the importance of EMH to finance theory.

Keywords: EMH, history, EMH – Efficient market hypothesis

[Download Full PDF] [Page 26-33] 

 4) Ethics and Professionalism in Nigerian Business Environment;Analysis of Users’ Perspective of Accounting Information

Authors:1)Oladele Rotimi-DepartmentofAccounting-Adekunle Ajasin University,Akungba Akoko, Ondo State, Nigeria
2) Abdulrafiu Olaiya N-Department of Accounting University of Ilorin,Ilorin, Kwara State, Nigeria
3) Ezeani Nneka S.(P.hD)-Account and Business Education Section,Department of Educational foundation and Management-Ekiti State University, Ado-Ekiti, Nigeria
4) Idode Patrick E.-Department of Accounting, Economics and Finance,Bells University of Technology-Ota, Ogun State Nigeria,

ABSTRACT:This study examines accounting professional ethics and accounting information users perspectives within Nigeria context. The primary data was sourced through administration of questionnaire on two major categories of respondents, practicing accountants (both in private and public practice) and the users of financial statement.  However, data collected were analyzed using descriptive statistic method. Two hypotheses formulated were tested using chi-square method.  The researchers found that public has little or no confidence in the ethical standing of the Accountant. Despite the claims by majority of Chartered Accountants that they always adhere to the ethical principles of the profession, users of accounting information believe otherwise. Besides, moral values have much influence on the ethical reasoning of the Accountant, therefore the higher the personal ethical standard of the Accountant, the easier it is to adhere to the spirit of the professional code of ethics. Also, Codes of ethics have little impact on the ethical reasoning of the Accountant as it only acts as a guide for ethical behavior. Auditors’ independence issues need to be revisited and the relationship between a reporting entity and its professional advisers should be more transparent. It is therefore recommended that, members’ rules for professional conduct should be reviewed more often to deal with the changing culture. The various accounting associations should respectively establish procedures to back-up members who face victimization from their employers for upholding high ethical standards.

[Download Full PDF] [Page 34-59] 

 5) Stock Index Futures in China; Hushen 300 Index

Authors:1) Thian Cheng Lim-BEM department, Xi’an Jiaotong-Liverpool University-111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
2) Xue Feng-Swansea University
3) Zhengjiang Hu-National University of Singapore

ABSTRACT:This paper examines the arbitrage-induced in regimes (upper, inner and lower regime) price dynamics between Hushen 300 index spot and futures markets using a threshold cointegration analysis and Error Correction Model (ECM) on china stock market index.. The studies are carried out from 426 observations with samples selected from 04/16/2010 to 03/16/2012. We are interested to know what extent of mispricing would represent for profitable arbitrage opportunity. Futures prices would have a fluctuating effect within lower and upper thresholds by the factors of transaction costs and arbitrage risks, but no profitable arbitrage opportunities within this area.

Keywords: Chinese Stock; Index Futures Market; Intraday; Cointegration Analysis; Error Correction Model (ECM)

[Download Full PDF] [Page 60-70]

6)Assessment of Organization Performance using Combined Approach of Balanced Scorecard and Fuzzy Analytic Network Process(Case Study: A Branch of Iran University of Medical Sciences)
Authors: Ghamar Haddad[1]*, Jalal Haghighat Monfared[2]Corresponding Author: Ghamar Haddad
[1] *Master of executive management , Islamic Azad University, Electronic branch, Tehran, Iran.

[2] PHD in the industrial management, Assistant professor of Management College, Islamic Azad University, Central Tehran  branch, Iran

 ABSTRACTThis article intends to answer the question as how through combination of BSC and Fuzzy Analytic Network Process (ANP) organization’s relative performance can be assessed based on its outlook and strategies, so as both the interaction between criteria and indicators and the balance between them are taken account of.This is an applied and descriptive research conducted through a case study and the under study in one of the medical universities in north of Iran. Through consensus and profiting from a questionnaire the data were gathered. Questionnaire validity and stability was confirmed following approval of the organization’s experts. In this article, through presentation of new Fuzzy model, it has been tried to assess current strategies of the organization and the key factors associated to these strategies. Statistical population in this research includes knowledgeable and experienced managers and experts in the understudy organization.
In this article, through combination of two performance measurement models,( BSC and ANP), while profiting from a Fuzzy Approach the indicators for measurement of organization performance are identified and by combination of the two models, a comprehensive model is proposed for measurement of the organization’s overall performance. In the research findings, the key constituents and the indicators associated to each constituent were pointed out based on which priority and weight of each in regard to organization’s current state of performance can be determined. These weights and indicators can give a useful insight to the university managers regarding the organization performance and importance of its different aspects at organizational level. The score of 61% (out of 100) was found for the organization current performance which can serve as a good base for improvement of the organization future performance.

Keywords: strategy, performance assessment, Balanced Scorecard (BSC), Fuzzy Analytic Network Process (ANP)

[Download Full PDF] [Page 71-86] 

7)The Continuing Saga of Globalism: Comparing Ethiopia’s Developmental State Strategies to those of Malaysia
Author:Desta, Asayehgn Ph.D.  Sarlo Distinguished Professor of Sustainable Development-Dominican University of California. 

 ABSTRACTUsing the conceptual framework of a developmental state, forwarded by the Economic Commission for Africa, it was found that Ethiopia’s democratic developmental state is unique and  operates differently from the Malaysian developmental state model. Economically, Ethiopia has recorded staggering economic growth since it adopted the developmental state. The Malaysian developmental state was developed to be market-oriented and as a result Malaysia’s GDP grew at 5.23 percent from 2005-2011.  Malaysia’s incidence of poverty declined from 49% in 1970 to less than 5% in 2000. Ethiopia has focused on a planned developmental state, without speeding the direction of industrialization, and has achieved an average 9.9 percent growth rate in GDP from 2005-2011.  With economic growth, the poverty reduction measured by poverty head count in Ethiopia has declined from 41.9 in 2005 to 29.6 percent in 2011. Although Ethiopia’s Human Development Index (HDI) has increased by 16% from 2005 to 2011, its HDI score is about 22% less than the average score of sub-Saharan countries. The poverty ratio of people living on less than $1.25 a day in Ethiopia is very close to about 30 percent. It means that those with low incomes have not benefitted from the staggering economic growth that much of the country has achieved in the last seven years.
The theory of a developmental state model proposes that professional bureaucratic elites design, manage, and run autonomously the short and long range plans of a country. In the Ethiopian “Democratic Developmental State” the short and long term plans are controlled by the ruling party, EPRD. The public and private sectors are minimally involved in the planning process. The economic growth rate which Ethiopia achieved from 2005 to 2011 doesn’t operate in a fully market-friendly environment. Far from operating in a developmental state, Ethiopia operates under a centralized system. Also, in an era of economic globalism, the Malaysian type of developmental state model is outdated and is no longer relevant for Ethiopia. Therefore, to achieve optimal sustainable development, and thereby feed its people, Ethiopia must focus on an integrated, environmentally sensitive, and cooperative agriculturally-based type of development model. 

 Keywords:  Democratic Developmental state, environmentally-friendly market system, centrally-planned system, state-led growth, autonomous professional elites.

[Download Full PDF] [Page 87-103]



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