Finance

Abstract The recent past ongoing string of financial crisis across the globe resulted in rising inflation, slowdown in industrial productivity, layoff of industrial units and job cuttings leading to being shaken the financial markets; both equity and debt markets. The prevailing volatility in different financial markets all over the world lead to dent in the capital market performance, challenging mutual fund industries to show consistent performance against the prevailing adverse situation. Mutual Fund Industry was able to go ahead of the market trend. The increasing trend of Indian Mutual Fund Industry bears witness to the fact that it is attracting more and more investors and winning the confidence of the investors. The fund houses are coming with innovative and low-cost products to attract the common masses, so as to contribute towards financial inclusion. The present paper is divided into three parts; the first part highlights the financial inclusion in India, second parts explains the role of mutual funds towards achieving the financial inclusion and third part contains the challenges faced by mutual funds and the action plan necessary to be taken by mutual fund industry to bring financial inclusiveness. Keywords: Financial Crisis, Mutual Fund, Financial Inclusion, Layoff, Volatility.

The aim of this paper is explaining the challenges of Indonesian maritime development. The research methodology used is literature review through the documents and focus group discussion of the members of the Maritime Working Group in Rumah Transisi. Indonesian vision as a maritime country is a strategic way in promoting national upgrading. The combination of good economy and strong security in the concept of maritime, is expected to make Indonesian society prosperous and sovereign.

We develope the models of defense budget demand by bureaucratic model. To see the business usual characterstics, we assume defense spending is the degree of inertia of the budget period, because a group of actors who enter into, always want to maintain the status quo and their positions. The results shows that Indonesia's defense budget policies positively affected by last year's defense budget with a low level of sensitivity. Although still business as usual, but the military actors only gave little influence to the policy.We develope the models of defense budget demand by bureaucratic model. To see the business usual characterstics, we assume defense spending is the degree of inertia of the budget period, because a group of actors who enter into, always want to maintain the status quo and their positions. The results shows that Indonesia's defense budget policies positively affected by last year's defense budget with a low level of sensitivity. Although still business as usual, but the military actors only gave little influence to the policy.

The handloom industry in Andhra Pradesh is famous for its age old weaving craft next to agriculture. Located in Andhra Pradesh Prakasham district, Chirala mandal is famous for its specialized weaving craft. Considering entire district of Prakasham 95% of total textile production comes from Chirala mandal alone stretching from Eepurupalem - Vetapalem - Pandilla palli, a stretch of 16 Kms length. In Chirala mandal itself some 300 varieties of fabrics were produced. Some of the world famous Tie and Die products are taken birth in Chirala. Chirala is known as second Mumbai. However it is observed that this traditional cottage industry is losing its attractive occupational status forcing the weavers to migrate to other occupations out of desperation. In the year 2007 around 15,000 weaver families have already migrated to other occupations, but even of course the weaver families are still continuing to hope for a bright future on day or the other. The income from these highly skilled weaver products are not able to produce an honorable living by solely depending upon this occupation resulting in migration to other occupations. The present study is under taken to understand the grievances of the weavers and also the weavers shifted to other professions.

The Indian aviation industry is one of the fastest growing aviation industries in the world. After LPG policy, the government's open sky policy has led to many overseas players entering the market and the industry has been growing both in terms of players and number of aircrafts. Today, private airlines account for around 75 per cent share of the domestic aviation market.

Materials management is a tool to optimize performance in meeting customer service requirements at the same time adding to profitability by minimizing costs and making the best use of available resources. The main objective of the study was to assess the role of materials management on organizational performance. Specifically, the study intended to assess how inventory control systems and lead time affect organizational performance. The empirical analysis of the study focused mainly on the New Kenya Cooperative Creameries, Eldoret, Kenya, being one of the largest and the oldestdairy company in East and Central Africa. The target population of the study was 56 employees of New KCC Ltd. Eldoret. A sample of 49 respondents was selected from this population using the stratified random sampling technique, where 7 departments, which directly deal with materials, were selected which include: production, Purchasing, quality Control, Warehouse/store, Human Resource Development, Finance and audit and physical Distribution departments. Data was collected through a structured questionnaire, consisting mainly of closed ended and open-ended questions. The data was analyzed through descriptive statistics such as mean, standard deviation, median and percentages. Results showed that there was significant increase in organizational performance as a result of inventory control system involvement. Further, results showed that lead time was highly significant to organizational performance through acquiring and delivering the needed materials within the shortest time possible. The study advocated that a lot of emphasis need to be directed to materials management in dairy companies in order to achieve significant cost savings, reduction in wastes and production costs and to achieve increase in profitability and product quality, consequently improving the organizational performance. The study recommended that dairy companies adopt the use of Information Communication Technology (ICT), use of proper codes in all materials, and the employees be trained on the use of inventory control systems.

This study is focused on the empirical analysis of risk on Banks performance in Nigeria using time series data for the period of 1990 to 2014. This study employed Dickey Fuller unit root test, Johansen cointegration test and Parsimonious method augmented with error correction model. The emphasis was to test the long run relationship between non-performing loan, Average Liquidity Risk and the Return on Assets. The result of the analysis are in various folds: First, it shows that the variables were trend stationary and exhibited a long run relationships with Return on Assets (bank performance). The specific findings of the study using error correction model is that non-performing loan has made significant negative impact on Return on Assets while Average Liquidity Ratio has not made significant impact on Return on Assets. Second, this finding confirm that non performing loans is the most critical of all risk components. This study has some important policy implication: The banking operators and regulatory bodies should as a matter of urgency tighten up the monetary apparatus to safeguard and stabilize the depositors money and the banking sector in Nigeria. Also, there should be adequate credit administration, measurement, monitoring processes and good control over credit, liquidity and other risk components.

This study examined the impact oil price volatility and selected macroeconomic indicators on stock return Nigeria for the period of 2000 to 2015 using Exponential Generalized Autoregressive conditional Heteroscedasticity (EGARCH) model for the volatility Error correction model for long and short dynamics. The results are in three folds: First, the results revealed that oil price volatility has a significant negative impact on stock returns in Nigeria. Second, the results also revealed that there were leverage and volatility persistence in the Nigeria Stock Market. Third, the study confirms co-movement between oil price shock and equity returns in Nigeria. The study therefore recommends that the government should monitor developments in the world crude oil market with a view to diversifying the economy away from crude oil dependence to minimize the consequences of oil shocks on the stock market and the economy at large.

This study examines the responsiveness of inflation to monetary policy in Nigeria. The specific objective was to determine empirically the extent to which monetary policy had helped in achieving general price stability in Nigeria within the chosen scope. Data for the study were obtained from secondary sources. The ordinary least square, Augmented Dickey Fuller (ADF) unit root test, Johansen Co-integration test, as well as parsimonious Error Correction Mechanism method were adopted to analyse the data. The results revealed that the impact of regulatory instrument on inflation was relatively low indicating that monetary policy was not a good predictor of inflation rate in Nigeria. Results also revealed non-stationarity at level form rather stationary after first differencing; and integrated at order one 1(1). Further revelations indicated that a long-run relationship existed among the variables and showed the presence of one co-integrating vector in the model. The study offers some important policy implication: the government should compliment monetary policy with fiscal policy to attain macro-economic objectives, diversifying the economy and encourage local productivity to stabilize prices.

This study examines the impact of monetary policy on exchange rate movement in Nigeria over the period of 1981 to 2015. The data for the research was taken from Central Bank of Nigeria (CBN). Based on empirical analysis and econometrics technique, cointegration method was adopted to measure the long run relationship between exchange rate and the Monetary policy instrument such as money supply, Monetary policy rate, Treasury bill and Cash reserve ratio and the direction of causality between the variables using VECM Granger causality framework plus variance decomposition and impulse response for robust analysis. The result from Johansen’s estimation revealed that broad money supply, monetary policy rate and cash reserve ratio contributed positively and significant impact on exchange rate movement in Nigeria while 3-month Treasury bill has a negative but significant impact on the exchange rate movement. There is unidirectional relationship between broad money supply and exchange rate at 5% level of significance. There is no clear causal link between monetary policy rate and exchange rate movement in Nigeria. However, variance decomposition revealed that monetary policy rate contributed 0.3351% and 3.1298% in the short and long run. Treasury bill is negative and statistically significant which means that, a 1% increase will lead to 3.24% decrease (change) on exchange rate movement. Lastly, cash reserve requirement is positive and statistically significant. These results could be a guide to policy makers in analysing monetary policy instrument towards maintaining the strength of the naira. Government should pursue strategies that are designed to neutralize the effects of such practices as round tripping, over-invoicing and under-invoicing which have characterized the activities of the banking sectors in the recent years. Lastly, foreign exchange control policies should be adopted in order to help in determination of appropriate exchange rate value. This will go a long way of strength the naira