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Int. J. Financial Stud., Volume 5, Issue 2 (June 2017)

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Research

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Open AccessArticle Analysis of the Relationship between Ethanol Spot and Futures Prices in Brazil
Int. J. Financial Stud. 2017, 5(2), 11; doi:10.3390/ijfs5020011
Received: 3 October 2016 / Revised: 24 February 2017 / Accepted: 15 March 2017 / Published: 1 April 2017
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Abstract
In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in
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In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in order to examine the market efficiency in price discovery and information transmission. Results show that although the futures market is efficient in price discovery and information transmission, the cash market leads the long-run price discovery process. This suggests that the underlying cause of the dominance of the available market over the futures market can be attributed to the market’s relative concentration in wholesale ethanol distribution due to the formation of marketing pools by the ethanol mills, as well as the small number of distributors that control a significant portion of the market share. Full article
(This article belongs to the Special Issue Energy Finance)
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Open AccessArticle The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates
Int. J. Financial Stud. 2017, 5(2), 12; doi:10.3390/ijfs5020012
Received: 14 December 2016 / Revised: 6 March 2017 / Accepted: 8 March 2017 / Published: 7 April 2017
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Abstract
Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December
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Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December 2016 and a review of the effects of ultra-low interest rates. The exceptional monetary stimulus transmitted to the economy broadly as intended. Moreover, it enhanced the financial capacity of economic agents to bear risks. At the same time, the ECB and the European micro- and macro-prudential authorities remained watchful of the unintended side-effects of an extended period of very low or negative interest rates for financial intermediation, financial stability and market discipline and took preventive or corrective measures as appropriate. A joint plan of action carried out by the 19 member countries with the aim to speed up balance sheet repair, accelerate the economic recovery and achieve higher productivity growth could have contributed to a more effective euro area macroeconomic and financial policy mix. Full article
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Open AccessArticle Impacts of Capital Structure on Performance of Banks in a Developing Economy: Evidence from Bangladesh
Int. J. Financial Stud. 2017, 5(2), 13; doi:10.3390/ijfs5020013
Received: 22 November 2016 / Revised: 9 March 2017 / Accepted: 30 March 2017 / Published: 3 May 2017
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Abstract
The capital structure decision plays an important role in the performance of a firm. Therefore, there have been many studies inspecting the rapport of capital structure with the performance of firms, although the findings of these studies are inconclusive. In addition, there is
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The capital structure decision plays an important role in the performance of a firm. Therefore, there have been many studies inspecting the rapport of capital structure with the performance of firms, although the findings of these studies are inconclusive. In addition, there is a relative deficiency of empirical studies examining the link between capital structure and the performance of banks in Bangladesh. This study attempts to fill this gap. Using the panel data of 22 banks for the period of 2005–2014, this study empirically examined the impacts of capital structure on the performance of Bangladeshi banks assessed by return on equity, return on assets and earnings per share. The results of the pooled ordinary least square analysis showed that capital structure inversely affects bank performance. The findings of this empirical study are of greater significance for the developing countries like Bangladesh because it calls for the concentration of the bank management and the policy makers to pursue the policies that reduce reliance on debt to achieve the optimal level of capital structure. The results of this study are also analysed in the light of earlier studies. Full article

Review

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Open AccessReview The European Insurance Industry: A PEST Analysis
Int. J. Financial Stud. 2017, 5(2), 14; doi:10.3390/ijfs5020014
Received: 3 November 2016 / Revised: 15 May 2017 / Accepted: 19 May 2017 / Published: 31 May 2017
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Abstract
The insurance industry plays an important role for European economic stability and the threats and opportunities it faces should be carefully determined. In this paper we highlight the main challenges by using a Political, Economic, Social and Technological (PEST) analysis. This work applies
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The insurance industry plays an important role for European economic stability and the threats and opportunities it faces should be carefully determined. In this paper we highlight the main challenges by using a Political, Economic, Social and Technological (PEST) analysis. This work applies conventional actuarial thought on this area by focusing strictly on the European sector. Full article
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