الصفحة 1
الصفحة 1
Uncertainty in the Electric Power Industry : Methods and Models for Decision Support
Examines the uncertainties power companies are facing and develops models to describe them – including an innovative approach combining fundamental and finance models for price modeling. The optimization of generation and trading portfolios under uncertainty is discussed with particular focus on CHP and is linked to risk management. Here the concept of integral earnings at risk is developed to provide a theoretically sound combination of value at risk and profit at risk approaches, adapted to real market structures and market liquidity. Also methods for supporting long-term investment decisions are presented: technology assessment based on experience curves and operation simulation for fuel cells and a real options approach with endogenous electricity prices.
The role of financial indicators in influencing the market price of shares
Research focused on five private Syrian banks, which were represented by five different banks in their performance so that the sample is not biased, namely (Bemo Bank, Baraka Bank, The Arab Bank, the International Bank for Trade and Finance and the Cham Bank) and during five years (2016 to 2020) and using one of the indicators, which were (debt index, profitability index, stock index and liquidity index). Our study showed that there is a weak Positive relationship between the return on equity index. Ownership and the market price of the share, and that there is a weak inverse relationship between the indicators of the liquidity ratio and the debt ratio with the market price of the share, in addition to the presence of a strong Positive relationship between the book value multiplier and the market price of the share.
The role of artificial intelligence in improving financial performance and predicting risk : An empirical study on jpmorgan chase
Aims to investigate the effects of AI applications on the banking sector through a case study of JPMorgan Chase. The research studies how AI technology affects increases of financial performance, operational efficiency, and risk reduction and customers satisfaction. with jpmorgan as a point of reference, the research takes a close look at how tools such as the coin for contract review, fraud detection systems, chatbots, and algorithmic trading have proved revolutionary in modern banking.
The New NASDAQ Marketplace
The NASDAQ Stock Market has been reengineered in recent years from a competitive dealer market to a modern hybrid. The broader NASDAQ marketplace, including Electronic Communication Networks (ECNs) and Alternative Trading Systems (ATSs), has also experienced substantial growth and development. This conference, hosted by the Zicklin School of Business, brought together leading buy-side and sell-side participants and NASDAQ executives to put these changes into sharper focus. The resulting book assesses both the current market structure and the direction of the new NASDAQ marketplace.
The Microstructure of European Bond Markets : Organization, Price Formation, and Cost of Liquidity
The volumes outstanding in bond markets are by far larger than in equity markets. Despite this fact, research on the microstructure of financial markets is mainly focused on equity markets. Because of the differences between bond and equity markets, theoretical as well as empirical results from equity markets cannot be transferred to bond markets.
The Lebanese financial crisis and it’s impact on Syrian Bank
Lebanon is now facing a deep financial crisis, and commercial banks face the worse liquidity stress in the country’s history. Researches done till now do not correlate other factors to each other and to the crisis. Those factors are mainly: banking activities and decisions, compliance, political issues, economic factors, as well as crisis and “black swans”. As Macroeconomic and financial factors may combine supporting economic development and so the Sustainable Development Goals (SDGs) set by the United Nations for a better and safer future for society, the significance of this study is that, by defining and analysing the fragility factors will assist to develop an effective and efficient early banking crisis warning system and developing a financial innovation framework which contributes to societies’ well-being.
The impact of the size of the capital on the performance indicators of traditional private bank
The financial performance of banks is affected by many variables, including the size of the capital. The size of the capital was studied for each of the Bank of Jordan, the Bank of France, the Bank of Qatar and the Bank of Trade and Finance, and the impact of that size on the return on total assets, the return on ownership and the liquidity ratio. And standard analysis was used to show that relationship, as the ARDL-J. J . methodology was followed Optimal regression models were developed and the results showed that there was no relationship between the size of capital and the rate of return on assets, while for the relationship between the size of capital and the rate of return on equity, the results showed that there was no relationship between them except in some cases. As for the liquidity index, there is also no connection between it and the size of the capital, except for the Bank of France, which showed the existence of this relationship.
The Impact of Market Makers on Liquidity at Bahrain Bourse
We compare between two types of trading systems at Bahrain Bourse; the first one is called auction trading while the second one called market making. We wanted to know which would could offer more liquidity and more activity on selling / buying securities. We use paired sample t-test to compare trading volumes of both trading systems and find that trading volumes increases upon the application of new trading system. This study gives important insights to the management of Damascus Securities Exchange (DSE) and recommends the need to a move to market makers system to avoid continuous changes in reference prices upon the activation of article 35 of trading regulations.
The Impact of E-trading on the liquidity of Damascus Securities Exchange
This study aims to evaluate the impact of introducing electronic trading system in Damascus Securities Exchange (DSE) on market liquidity. To achieve this objective, we collect data on trading volume before and after the introduction of e-trading It is the only authorized entity in Syria in which previously issued securities are traded in the primary market for the whole period (2020-2022). Using SPSS, we apply the independent sample t-test to answer this question. We document an increase in trading volumes after the introduction of the e-trading services slightly but insignificantly. That is, after offering E-trading, we figured out an increase in the number of shares traded, however,it did not make a significant differences in trading volumes.
The Economics of Demutualization : An Empirical Analysis of the Securities Exchange Industry
Felix Treptow seeks to fill this gap in the literature and presents in this book an in depth analysis of the demutualization phenomenon. In his thesis, he applies advanced econometric methods to data sets which were assem bled specifically for the purpose of his analysis. Each of the three self-contained chapters of this volume addresses different issues which are of importance to the various stake holders in this process. The analysis covers the micro- and macroeconomic causes of demutualization, its impact on market liquidity and the changing relationship between exchanges and issuers.
The determinants of conventional Syrian banks profitability
Examines the impact of bank specific characteristics and macroeconomic variables on the profitability of Syrian banking industry by analysing balanced panel data from 2016 to 2019. A total of 11 Syrian conventional banks’ financial reports were analysed; The paper examines internal variables (bank-level indicators), which include financial leverage, liquidity, nonperforming loans and capital adequacy, as well as external variables, which include macroeconomic and industry-specific variables. The dependent variables used are return on assets (ROA) and return on equity (ROE). A multi-regression model of panel data regression analysis is hired for the analysis. The results revealed that the profitability of banks is greatly affected by non-performing debt and the financial Leverage. The results are consistent with previous research conducted on the impact internal factors on the profitability of banks.
The Design of the Eurosystem’s Monetary Policy Instruments
This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. Main results of this analysis are that different costs of obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate.
Stress-testing bank during the COVID-19 pandemic : Comparative study in BEMO bank Saudi Fransi in Syria
The study aims to discuss the importance of liquidity and how to manage it for banks and to identify the risks to which the bank's liquidity may be exposed, in addition to conducting one of the tests that can reveal the risks that can be faced. To achieve the above-mentioned objectives, the study examined the hypotheses through the data of BEMO BANK SAUDI FRANSI, and this test was conducted during the years 2019 and 2020. The stress test was used as one of the effective tests in order to determine whether the bank is able to meet deposit withdrawal obligations during five consecutive days. The test was applied to 2019 and 2020 to compare between them. After applying the stress test on 2019 and 2020, the following conclusion was reached: BEMO BANK SAUDI FRANSI failed during 2019 and 2020 in the stress test because it does not have sufficient liquidity to meet its deposit withdrawal obligations. Although the bank succeeded in testing on the first day of both years, it failed in the rest of the news days in 2019 and 2020
Strategic Trading in Illiquid Markets
The Area of Research and the Object of Investigation In this thesis we will investigate trading strategies in illiquid markets from a market microstructure perspective. Market microstructure is the academic term for the branch of financial economics that investigates trading and the organization of security markets, Historically, exchanges evolved as a location, where those interested in buy ing or selling securities could meet physically to transact. Thus, traditionally security trading was organized on exchange floors, where so-called dealers arranged all trades and provided liquidity by quoting prices at which they were willing buy or sell. Consequently, the initial surge of the market mi crostructure literature focused predominantly on this type of market design, which is often referred to as quote-driven. Nowadays, the interest is shifting towards order-driven markets. Beginning with the Toronto Stock Exchange in the mid 1970s and increasing in fre quency and scope, this market structure has emerged as the preeminent form of security trading worldwide. In order-driven markets, exchanges arrange trades by matching public orders, often by employing automatic execution systems. Introduction A major difference between a quote-driven and an order-driven market arises from the transparency pre- and post-trade.
Sovereign Default Risk Valuation : Implications of Debt Crises and Bond Restructurings
Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructuring. This book shows why investors should reckon with similar credit events in the future. Insights gained from recent restructurings inspire the design of a valuation model for sovereign bonds. Using the distinction between hard and soft restructurings, the model draws parallels to the concepts of face value and market value recovery. An extension into credit default swap markets explains why bond and CDS spreads diverge during distress.
Risks facing insurance companies in Syria by using 5 step dupont analysis model
Investigates the financial risk of Syrian insurance companies through multiple years of ratio analysis using the five step dupont framework. by breaking down return on equity into its key components-net profit margin, asset utilization, equity multiplier, tax burden, and interest burden-the research identifies the main reasons of profitability and financial vulnerability from 2015 to 2023. The study highlights the value of ratio, based analysis in predicting insurer risk, especially in economically unstable environments like Syria.
Innovations in Derivatives Markets : Fixed Income Modeling, Valuation Adjustments, Risk Management, and Regulation
This book presents 20 peer-reviewed chapters on current aspects of derivatives markets and derivative pricing. The contributions, written by leading researchers in the field as well as experienced authors from the financial industry, present the state of the art in: • Modeling counterparty credit risk: credit valuation adjustment, debit valuation adjustment, funding valuation adjustment, and wrong way risk. • Pricing and hedging in fixed-income markets and multi-curve interest-rate modeling. • Recent developments concerning contingent convertible bonds, the measuring of basis spreads, and the modeling of implied correlations.
Informed Traders as Liquidity Providers : Evidence from the German Equity Market
A high frequency transaction data set for the German equity market is the basis for Alexandra Hachmeister’s extensive empirical analysis. This includes a detailed market description of the German equity market, a new methodological approach for the identification of informed traders and finally the analysis of the individual liquidity providing and demanding behavior of the identified informed traders. Questioning the existing theoretical literature on liquidity provision in equity markets, she finds strong evidence for liquidity providing behavior of informed traders.
High Frequency Financial Econometrics : Recent Developments
This exciting volume presents cutting-edge developments in high frequency financial econometrics, spanning a diverse range of topics: market microstructure, tick-by-tick data, bond and foreign exchange markets and large dimensional volatility modelling. The chapters on market microstructure deal with liquidity, asymmetries of information, and limit order aggressiveness in pure limit order book markets. The chapters on tick-by-tick data present statistical techniques for the analysis of the discrete nature of price movements, the intraday seasonal patterns of financial durations, and the joint probability law of prices, volume and durations. Bond markets are brought into focus through the analysis of macroeconomic announcements in the future bond market as a function of the business cycle.
Earnings Management Practices and Its Impact on Companies Average Stock Prices
This study aimed to examine the relationship between Earning's Management and the Stock Price Liquidity for a selected sample of (31) Jordanian industrial Companies listed on Amman stock market for The period of (2017-2021), the importance of this study comes from The Obvious effect of Earning's Management on the Companies Performances by manipulating the Financial reports in Positive or Negative way, therefore this study attempted to examine such impact or Relationship between the dependent variable (Stock Liquidity) and The independent variable (Earning's Management) , using the modified Jonas model through the description analysis to find out the Earnings management practices and using the (SPSS) analysis System to prove the study assumption.
