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  • An Empirical Study on Performance of Gold ETFs in India - Post Crash Period | Eswara | Research Journal of Finance and Accounting
    India being gold centric investors and coporates moved from buying and saving concept of gold to Investment and returns concept a paradigm shift that brought forth many investment options in gold too With booming capital market mitigating risk and maximizing returns became greatest challenge for any investment option Mutual funds couldn t live up to this challenge thus new option exchange traded funds ETF evolved as underlying asset was Index instead of single asset As ETF s fared well at bourses Gold ETF s were also launched by large firms and were listed on stock exchange of India Against this backdrop the current study aims to study the performance of gold ETFs for the last five years post crash period and also tries to evaluate the relationship of gold ETF s to spot Gold prices and gold ETF s to Nifty by using regression and correlation techniques Out of the five gold ETFs selected in the study GOLDSHARE is found to be more correlated to the spot gold price followed by GOLDBEES The study also finds that the relationship of gold ETF s to Nifty is inverse meaning that as Nifty decreases gold ETF s perform better which is a

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24332 (2016-05-01)
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  • An Examination of the Empirical Relationship between Investment Decision and Financing Decision: The Case Study on Pakistani Banks | RizwanUllah | Research Journal of Finance and Accounting
    decision on financing decision To obtain the objectives the data required ranging from 2004 through 2013 were collected from the financial statements of all the banking firms listed in Karachi Stock exchange Investment opportunity and actual investment were used as proxies of investment decision Profitability and firm size were used as control variables Multiple regression models were used to estimate the variables of interest It was concluded that investment opportunity

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24333 (2016-05-01)
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  • Financial Literacy and Management of Personal Finance: A Review of Recent Literatures | Navkihiran jit Dalhual Kaur | Research Journal of Finance and Accounting
    objective of this paper is to present a review and synthesis of recent studies on financial literacy and related issues Starting with review of prior literature surveys the current study advances personal finance literature by presenting recent studies on financial literacy the link between financial literacy and financial management behavior and financial inclusion And showed that people even in developed world lacks basic knowledge skill and attitude for optimal personal financial management decisions As a result enhancing financial literacy and personal finance education becomes relevant policy in developed and high income countries since the mid 1900s A recent academic and policy interest in developing countries albeit large scale surveys are lacking show increasing global relevance financial literacy and savvy financial behavior for socio economic health of a nation Recent studies from emerging and developing countries confirmed low level of financial literacy and it s correlation with being female young or old unemployed having low educational attainment low income and living in rural area however few studies found some demographic variables insignificant These studies suggested furthering of financial education to different cohorts of population especially targeting those with low financial literacy level Nevertheless empirical evidences on the impact of financial literacy

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24334 (2016-05-01)
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  • Liquidity of Short-term Assets Related to Debt Paying Ability: An Empirical Study on Pharmaceuticals Sector of Karachi Stock Exchange | Ur Rehman | Research Journal of Finance and Accounting
    Rehman Abstract The study is done to test the facts of statement liquidity of short term assets related to debt paying ability with the help of econometric analysis In this study the relationship between turnover ratios and liquidity ratios was studied with the help of regression and correlation In this study the secondary data was collected from 5 self selected pharmaceuticals companies from the year 2004 to 2014 Dependent variables of the study are net working capital current ratio acid test ratio cash ratio and sales to working capital ratio and independent variables of the study are accounts receivable turnover accounts receivable turnover in days inventory turnover inventory turnover in days and cash conversion cycle The results studied that ART is positively related with NWC CR and ATR but negatively related with STW Moreover it is studied that ARTD is positively related with CR and ATR INVT and INVTD is positively related with CR and ATR but INVTD is negatively related with STW There was no relationship studied between turnover ratios and cash ratio The study concluded that by managing the turnovers efficiently an entity can easily manage its liquidity Moreover it can be concluded by this study that by

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24335 (2016-05-01)
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  • Adoption of International Financial Reporting Standards in Bangladesh: Benefits and Challenges | Hossain | Research Journal of Finance and Accounting
    Md Salim Hasan Md Safiuddin Abstract The study focuses on the recent adoption status of International Financial Reporting Standards IFRS in a developing economy like Bangladesh The objectives of this paper are to identify the development of the accounting profession in Bangladesh the legal and regulatory framework of accounting IFRS adoption process benefits and challenges of adopting IFRS in Bangladesh The issues raised in the paper are drawn mainly from prior works of literature and secondary information IFRS adoption promises a lot of benefits like decreased cost of capital improved financial reporting quality increased ability to secure borders listing better Access to Global Capital Markets and attraction of foreign direct investment etc Some challenges also exist like the development of a legal and regulatory framework low audit fees awareness campaign and training of personnel etc which must be overcome for successful adoption of IAS IFRS The paper also argues that the Financial Reporting Council FRC as proposed by the draft Financial Reporting Act 2013 FRA should not be handled by non experts body This paper strongly recommends that the ICAB council may be reformed consisting of Three Board i Accounting Standard Board ii Auditing Standard Board and iii Financial Reports

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24336 (2016-05-01)
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  • The Relationship between agency theory and the theory of signaling on Voluntary Disclosure: Case study in Iran | Forough Heirany | Research Journal of Finance and Accounting
    Title Other Journals Journal Help Home Vol 6 No 13 2015 Forough Heirany The Relationship between agency theory and the theory of signaling on Voluntary Disclosure Case study in Iran Mohammad Ali Naseri Forough Heirany Mahmoud Moein Addin Abstract This study investigates The Relationship between agency theory and the theory of signaling on Voluntary Disclosure empirically the research data is collected from 70 firms in the Tehran Security Exchange TSE during 2009 2014 multiple regressions technique is used for examining the stated hypotheses It is used for two models The first model is based on agency theory and the second model is based on signaling theory The relationship between ratio of fixed assets Leverage ROE Liquidity on the level of voluntary disclosure In order to examine the hypotheses data is collected from the annual reports of the companies using official bulletins of the Tehran stock exchange mainly through Novin software Tadbir Pardaz software and stock sites such as www rdis ir www irbourse com The results indicate that based on the models ratio of fixed assets and Liquidity are associated significantly and positively with the level of voluntary disclosure Keywords agency theory signaling theory voluntary disclosure Full Text PDF To

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24337 (2016-05-01)
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  • Impact of Quality Management Practices on the Performance of Employees: A Case Study of Selected Banks of Pakistan | Nimra Ahsan | Research Journal of Finance and Accounting
    Employees A Case Study of Selected Banks of Pakistan Abdul Ghafoor Awan Nimra Ahsan Abstract In today competitive environment having a loyal and satisfied customer increases revenues reduces costs builds market shares and improves bottom lines The objective of this paper is to examine the quality management practices QMP that affect employee service behavior We selected five variables for quality management practices and they include employees reward employee s empowerment employee s commitments and customer focus and employees leadership It is assumed that these factors are unique in banking industry and significantly effect on employee service performance We developed a structured questionnaire through which we collected from 200 employees working in selected banks such as Soneri Bank Ltd Habib Bank Ltd United Bank Ltd and Muslim Commercial Bank Ltd We examined the relationship between employee empowerment employee commitment employee reward and customer focus and employees leadership with performance of employees Multiple Regression method was used to measure the relationship between dependent and independent variables Our Results show that quality management practices such as employees commitment reward leadership empowerment and customer focus have significant effect on the performance of employees The empirical evidence shows that employee empowerment has significant relation with

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24338 (2016-05-01)
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  • Impact of Merger and Acquisition on the Growth of Nigerian Banking Industry | Festus O. | Research Journal of Finance and Accounting
    Impact of Merger and Acquisition on the Growth of Nigerian Banking Industry Ogiji Festus O Eze Onyekachi Richard Abstract The banking industry in Nigeria has long been experiencing one reform or the other since inception These reforms were so in order to put the sector which is believed to be a stimulant of economic growth and development in the right track financially One of the reforms that is of much interest is the consolidation through mergers and acquisitions with particular reference to the 2004 2005 and 2011 2012 wave of mergers and acquisitions in the Nigerian banking industry Although this reform brought with it some positive changes in the nature of improved economies of scales financial stability and efficiency certain adverse effects were observed The aim of this work is to investigate the impact of merger and acquisition on the growth of Nigerian Economy using descriptive study and qualitative data The paper found that there is long run impact of merger and acquisition on economic growth in Nigeria The study also recommends that Policy makers should implement a law or statute that will protect the rights and interest of the employees during and after any event of mergers and acquisitions

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24339 (2016-05-01)
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