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  • Seasonal Anomalies in Stock Returns in Ghana | Sampson | Research Journal of Finance and Accounting
    stock return of Accra Brewery Limited of the Ghana Stock Exchange was investigated The study revealed that the returns are not normally distributed and they are leptokurtic in nature indicating high volatility Using the ADF test for stationarity it revealed that the returns were stationary In addition the Kruskal Wallis test and the regression on periodic dummies revealed that there was no evidence of the month of the year seasonality

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24572 (2016-05-01)
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  • Effect Of Dividend On Share Price Volatility In Frontier Exchanges: Kenya’s Perspective | Stephen | Research Journal of Finance and Accounting
    Home Vol 6 No 14 2015 Stephen Effect Of Dividend On Share Price Volatility In Frontier Exchanges Kenya s Perspective Muchina Stephen Namusonge Gregory Sakwa Maurice Abstract Equity investors are faced by very pertinent decisions in the course of their portfolio management such as how to manage the share price volatility While the extent to which dividend influences volatility is not contentious the most suitable proxy between the two measures dividend yield or pay out is especially in a frontier market is This study using prices and company performance data of firms listed in Nairobi Stock Exchange performed a cross sectional analysis for the period 2013 2014 Significant positive association between dividend and share price volatility has been found Multicollinearity is present between dividend yield and dividend payout which is extended by low R 2 when yield is regressed against price volatility The study not only confirms that dividend payout as a predominant determinant but the only credible determinant as a proxy variable for dividends of share price volatility in a frontier market Evidence deduced confirms congruence to dividend relevance accompanied by weak market efficiency Keywords share price volatility dividend dividend pay out dividend yield proxy variable technical and fundamental

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24573 (2016-05-01)
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  • Oil Slump and the Imperative for Approaches to Financial Prudence in Governance in Nigeria | Pauline | Research Journal of Finance and Accounting
    the price of oil at the international market The general objective of the study was to determine the appropriate approaches to financial prudence in governance in Nigeria Through a purposive means 200 respondents were purposively selected in Enugu State Findings showed that the appropriate approaches to financial prudence in governance in Nigeria are effective internal audit proper budget process and better project implementation Finding further showed that the financial prudence

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24574 (2016-05-01)
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  • The Uncertainty in strategic finance | Micheli | Research Journal of Finance and Accounting
    Micheli The Uncertainty in strategic finance Anna Paola Micheli Abstract This paper that is dedicated to the analysis of the uncertainty in the complex dynamics of the company arises from the observation of the importance that uncertainty has acquired in recent years characterized by highly variable framework This variability of context forces the management to review continuously the decisions taken More than in the past today we cannot talk about strategy without referring to the conditions of variability of context The phenomenon of change is now common to all modern industrialized economies and to all sectors so it is become a normal condition of life Hence the idea of this paper that wants to analyze the uncertainty in decisions concerning the financial strategies of the company The interest of examining the dynamics of uncertainty in business decisions particularly decision related to financial sphere is born from the continuous changes of the market and of the environment and from the consequent necessity of the firm to adapt itself to these changes In this context it is necessary to explore this phenomenon in order to identify paradigms that are able to optimize the long term decisions and therefore the shareholders value Keywords

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24575 (2016-05-01)
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  • Effects of the budgetary process on SME’s performance: An Exploratory study based on Selected SME’s in India | Mulani | Research Journal of Finance and Accounting
    sixty eight firms is selected from SME sector of India The sample was selected from three districts of Mumbai Pune and Solapur Impact of budgeting on firm performance in these firms was tested through detailed analysis Questionnaires and other statistical tools were used for analysis of the problem statement A positive relationship between firm performance and budgeting process is found in this research study The performance of Small and Medium Enterprises of India is further affected by the characteristics of the budget goals The results add to the fact that higher performance can be achieved through more clear goals Astonishingly budget goals that are difficult but achievable motivate employees to achieve budget goals Moreover tight but achievable goals also increase employee s motivation in achievement of budget objectives and it improved the performance of Small and Medium Enterprises of India Another important result is that formal and tight control mechanism of control for budgetary process also tends to increase firm performance in the SME sector of India It was very interesting to find out that budgetary process have greater impact on the performance of the firm in SME sector as compared to the budgetary control process Furthermore budgeting planning affects the sales growth of firms in Small and Medium Enterprises more than the budgetary control phenomena But the impact of budgetary planning on sales becomes very weak and in turn budgetary control strongly affects the profit in small and medium enterprises Sales and budgetary sophistication have a statistically insignificant relationship and budget sophistication relationship with profit is even negative The sophistication of budgetary tools includes acquiring and installation of costly financial modeling software training and expensive training and follow up mechanism This needs a huge investment which is difficult for Small and Medium Enterprises to acquire that much huge investment

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24576 (2016-05-01)
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