Finance

The general objective of this study was to investigate the effect of money transfer systems on economic growth of Somalia. The study was guided by the following objectives, to establish the effect of electronic Money Policy on economic growth in Somalia, to determine the effect of Money transfer Agents on economic growth in Somalia, to examine the effect of electronic Money transfer security on economic growth in Somalia, to establish the level of financial support in form of capital, that is attributed to funds received from abroad and to establish the extent of distribution of received funds from transfers to other parts of Somalia other than Mogadishu. A significant number of Somalis fled the country during the civil war that lasted for more than two decades since 1992. These Somalis in diaspora send significant amount of money which is used to support their families that they left behind. These transfers contribute a lot to an economy of low production, making it one of the backbones of the Somalia?s economic growth pillars. hawala is a system of money transfer that excludes the bank system and is useful for the economy. To better understand the effect of money transfers such as hawalas, the Keynesian monetary policy concerning liquidity preference and practical policy and the Dow Theory have been used. The study follows a conceptual framework to help the research accomplish the objectives and concentrates on investigating the electronic money transfer, business boosting and income distribution as affected by hawala which variables are responsible for the economic growth. The study was use research design to present the findings conducted. Data was collected by a questionnaire where both structured and unstructured questions are used. Data was analyzed by use of Microsoft Excel & SPSS tool for comprehensive analysis because of its compatibility in describing statistical data. Findings was further be presented by use of bar charts, pie charts, graphs, tables and text all these issues showed the impact of money transfer in economic growth in Somali because the is back bone of Somali economic 80% of Somali people depend their lives in electronic money transfer, the result the hawala is very integral for Somali people. The researcher recommends that the government should develop hawala Remittance Act and the Anti-money laundering law, that will create more favorable conducive environment to smooth the operations of the hawala Systems, and implement it.

Gross demotic product known as GDP are affected by multi factors. Some factors affect it positive and some hold a negative relation with GDP. Each variable has its own importance and our study will discuss the effect of inflation and interest rate on GDP. Some theorists have found that these variables are inversely proportional to growth of an economy while other researchers have found a direct association among them. In Pakistan these studies are very critical, because economic growth in Pakistan has not been up to the mark for last few years. A continuous increase in the Interest rates and inflation has been observed. Godwin (2007) defines real gross domestic product (GDP) increases when economic growth increases. Gyimah-Brempong (1989) found that the military expenses adversely affect the growth of economy. Sub-Saharan African countries using a simultaneous-equations model for the military expenditure effect the economic growth. Khilji and Mahmood (1997) proposed that the GDP growth has negative relation with defence expenses.

Somalia is a country that has experienced excessive amounts of political instability during the past decade. Somalia, like most other countries in Africa, was colonized by European nations during the late 1800s (Roth, Somalia a country in turmoil , 2004). According to United nation Development Program (UNDP), the prolonged fighting in Somalia led to massive loss of property, lives and destruction of the society (UNDP 2008). Political instability contributed to massive suffering and poverty in Somalia, there has been massive unemployment and migration of people from the country. The study guided by the following objectives, to find out whether quality education affects economic development of Somalia, to ascertain how the gross domestic product affects economic development of Somalia, to determine the extent to which investments affects economic development. This study was descriptive in nature and it will utilize cross-sectional data collected through a standard questionnaire. This study will be conducted in Mogadishu City, the capital of Somalia. The target populations of this study will be114348 residents of Hodan District (UNFPA, 2014). In order to provide valid estimates, 384 respondents will be selected with Simple random sampling and only those present at that time will be chosen. The findings it shows that quality education plays a significant role in the economic development of the country. The study showed that a large percentage of the respondents in Somalia agree that it through offering quality education to the people of Somalia that productivity of the country will improve and economic development. The correlation analysis between the independent variable indicated strong relationship between the independent variables. This indicates that the independent variables were significant enough to impact the dependent variable. There is a strong relation between higher GDP and good quality education indicated by 57.8 percent. The relationship between Higher GDP and Savings is the only way we can increase economic growth indicated by 51.9 was significant enough to influence the dependent variable. The government of Somalia should strive for education quality improvement through renovating the teacher education and training system, improving teachers' quality and teacher status, reform and adaptation of curriculum at all levels The study established that savings and investment is the only way a country can increase economic growth, for any country to achieve economic growth there must be significant savings first.Investment means an increase in capital spending, e.g. buying new machines, building bigger factories and education. For example, investing in skills and education can increase labor productivity. Investment in new technology and capital can increase the productive capacity of the economy.

Each and every individual living in this world follow certain rules and principles which influence and determine their behavior while performing his day to day activities which are called as Ethics like ‘stealing is wrong’ , ‘one should help the person in need’ and so on. Just like that there are certain rules and guidelines which governs the behavior of a person and a group in their workplace which are known as professional ethics and code of conduct. Every professional persons, have different ethics and code of conduct like lawyer and chartered accountant, both’s ethics and conduct will differ from each other. In this research paper we will be studying who is Registered Valuer and the professional ethics and code of conduct of the registered valuers, who are responsible for valuation of the different assets like plant and machinery, land and building and securities and financial assets which they need to follow while valuing these assets.

The present study examines the risk model comparison, the conventional wisdom predicting bankruptcy, the Tehran Stock Exchange, with the curve and the ROC, is paid. In this study, the performance model risk, in the face of conventional wisdom predicting bankruptcy, with a comprehensive exam, and using a full database of companies listed on the main Tehran Stock Exchange between 2011 to 2014, with curve and the ROC, we tested. In this study, risk models are of two types. 1. The risk model based on accounting information, and (2) risk model based on market information. And traditional bankruptcy prediction models, as well as two types, 1. Z concession model, only the use of accounting information, and (2) provided that the claim based model, in equity, as an option to decide on assets looks. The population of this research, companies listed on the Tehran Stock Exchange. The population of this study, which is now number 342, 95 of them are bankrupt and the sample number, company number is 246, 67 of them are bankrupt. In this study, the software brings new 3, Excel and SPSS (spss) is used. The individual results of each test curve ROC (receiver operating characteristics), and the ROC suggests that the ability to predict bankruptcy risk models better than the traditional approach.

By applying the Stochastic Frontier Analysis (SFA), the study explored the cost and profit efficiency impact of mergers in banking sector of Pakistan during 1998-2006. The intermediation approach is used for definition and determination of input and output variables. It is assumed that cost function followed translog functional form and alternative profit functional form is supposed to be followed by profit function. Following the four years event study approach, both the cost and profit efficiencies are calculated and compared for pre-merger and post-merger period. The study found that in pre-merger period on the average, banks were 93.83% cost efficient, whereas, this figure rose to 94.15% for post merger period. It reflected 0.32% improvement in cost efficiency. The result was significant at 10% level of significance. In case of profit efficiency, the post merger gain was -5%, however, the result was insignificant. The study concluded that there was improvement in cost efficiency due to bank mergers in Pakistan during 1998-2006 however, no such statistically significant evidence was found for profit efficiency.

This paper is an attempt to examine the empirical evidence of International Fisher Effect (IFE) between Bangladesh and its two other major trading partners, China and India. The IFE uses interest rate differentials to explain why exchange rates change over time. A time series approach is considered to trace the relationship between nominal interest rates and exchange rates in these countries. The estimated value, by applying OLS, is used to determine the casual relationship between interest rates and exchange rates for quarterly data from 4th Quarter, 1995 to the 2nd Quarter, 2008. The empirical results suggest that there is a little correlation between exchange rates and interest rates differential for Bangladesh with China and Bangladesh with India, and the relationship between the variables is also not noteworthy for Bangladesh. Further, the trends advocate that the forecasting of exchange rates with the hypothesis of IFE is not realistic for these countries.

This research project sought to determine the effects of financial planning on the performance of transport and logistics firms in Mombasa County. The general objective was to establish the determinants of performance. The independent variables under consideration were: fund allocation, external funding, fund control and budgeting. These independent variables created the basis for the specific objectives under review as follows: to find out how the fund allocation influences the decision to growth and profitability; to establish how the degree of external funding influences the decision of firms to growth and profitability; to find out how budgeting affects the decision to growth and profitability; and to find out how fund control the decision to growth and profitability. Transport firms in Mombasa have grown in importance in the economy of the region during the last couple of decades. Although transport firms are growing speedily they face a range of challenges which work against their progress. Lack of financial knowledge is been a major setback to transport firms’ progress. Inefficient financial planning may damage transport firms profitability and, as a result, complicate the difficulties of transport firms’ growth. Conversely, efficient financial planning will help transport firms to strengthen their profitability and, as a result, these difficulties can partly be overcome. This study is motivated by the need to determine the financial planning practices used by transport firms and their impact on the financial performance of the transport firms. The target population of this study will be 102 transport firms operating in the Mombasa County. A modified Liker scale questionnaire will be developed divided into three parts. A pilot study will be carried out to refine the instrument. The quality and consistency of the study will further be assessed using Cronbach's alpha. Data analysis will be performed on a PC computer using Statistical Package for Social Science (SPSS Version 22) for Windows. Analysis will be done using frequency counts, percentages, means and standard deviation, regression, correlation and the information generated will be presented in form of graphs, charts and table.

This study examines integration among Karachi Stock Exchange of Pakistan and Shanghai Stock Exchange of China. Monthly data ranging from January 2001 to December 2010 is included and tested in this paper. This relationship is tested by using descriptive statistics and correlation matrix. Data stationary is ensured by Unit Root Test. Evidence from Granger Causality and Impulse Response Test. The Results shows that SSE and KSE has no long term relationship or impact on each other focusing on the data of KSE (Karachi Stock Exchange) and SSE (Shanghai Stock Exchange).

An investor considering securities investments faces the challenge of deciding which securities to invest in from a vast number of options and allocating his cash among them. The investor is once again faced with the decision of which assets to hold and how much to invest in each security. The two most significant qualities of a portfolio are risk and return. The investor seeks to select the best portfolio by weighing the risk and return characteristics of all available options. Individual stocks and portfolio characteristics alter over time. This necessitates an investor's investment portfolio to be reviewed and revised on a regular basis. An investor always puts his money into a portfolio in the hopes of getting a decent return that is proportional to the risk he is willing to take. The portfolio's return on investment must be quantified, and the portfolio's performance must be assessed.