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The Options Based Portfolio Insurance (OBPI) should avoid losses and capture gains, by the cost of a “premium”, but in practice the premium cost can be too high to capture gains in the different market conditions. Based on this premise, the objective of this study is to analyze an optimized alternative to Options Based Portfolio Insurance, assuming that the probability of an Extreme Negative Event varies with time, and therefore the insurance floor should not be maintained at any cost. To achieve the objective, data were crossed between the rollover date and a fixed insurance cost on equity, using historical data from 678,546 trades carried out in the US market, which resulted in 3,700 portfolios. Data analysis was performed using descriptive and econometric statistics with simple linear regressions. The results demonstrated that the insured floor varied with the volatility implied in option prices, indicating the possibility of obtaining better return-risk ratio and lower drawdown when compared to the unprotected portfolio, showing a positive correlation between insurance cost and return-risk ratio for low costs and a negative correlation for higher costs. Furthermore, it can be indirectly inferred that the explanation for the results comes from the perception of risk by the market not representing the real risk. As with the stabilization and possible recovery of prices that occur after a significant drop, market confidence is not restored to the same proportion. That’s why volatility remains at high levels, consequently, raising the insurance cost, even with lower probabilities of Extreme Negative Events.     

The current research aims to examine the accounting of digital assets by linking accounting measurement theory to financial disclosure requirements, in light of the challenges related to the absence of specialized international accounting standards for digital assets. The research was divided into two parts: theoretical and applied. The theoretical part included a review of the literature related to accounting measurement (historical cost, fair value, and impairment model) and financial disclosure requirements according to International Financial Reporting Standards (IAS/IFRS) and American standards (FASB, AICPA, and SEC). The applied part used a questionnaire and administered to a sample of financial report users, including academics and professionals, to obtain their opinions on the adequacy of current measurement models, financial disclosure requirements, and shortcomings in international standards. It also explored the possibility of formulating an integrated framework for measuring and disclosing digital assets. The results of the analysis of the questionnaire showed that fair value measurement is more appropriate for the nature of digital assets than traditional models, with the need to enhance disclosure of risks associated with price volatility, liquidity, and operational risks. It also showed that the absence of a specific accounting standard for digital assets leads to poor comparability and increased variation in accounting practices across economic entities. Based on the survey results, an integrated theoretical framework for accounting for digital assets was proposed. This framework includes principles of recognition, measurement, and disclosure, and contributes to achieving the objectives of financial reporting in accordance with the International Accounting Standards Board (IASB) conceptual framework, ensuring relevance, accurate representation, comparability, clarity, and timeliness. The study concluded that developing a specialized accounting framework for digital assets represents a strategic necessity to ensure the reliability and transparency of financial reporting and enhance user confidence, given the rapid growth in the adoption of digital assets within global economic activities.  

This study examines the prospective integration of blockchain technologies to enhance operational transparency in the Iraqi banking sector. Despite the absence of actual blockchain deployment, the research adopts a foresight-driven, empirical approach combining literature analysis with survey data from 82 banking professionals. Results from statistical tests (including ANOVA and t-tests) reveal a generally low level of institutional awareness but a strong perceived potential for transparency improvement—especially when paired with a phased implementation model. Moreover, technological infrastructure and management attitudes were found to significantly mediate the adoption process. The study concludes with practical recommendations tailored to Iraq’s institutional realities and proposes a scalable roadmap for gradual blockchain adoption. These insights contribute to bridging the gap between technological potential and institutional readiness in developing economies.

This research aims to demonstrate the role of financial statements (balance sheet) in reporting the risks faced by government units and the extent of the risks within these units, in addition to demonstrating the steps through which risks can be managed in these units, whether they are governmental or private economic units. Financial risks are one of the problems facing economic units, whether private or governmental. In turn, decision-makers, both internal and external, work to measure the financial risks facing these units. Therefore, the research problem is as follows, Do financial position statement contribute to reporting financial risks in governmental units (Baghdad Municipality)? In order to achieve the research objectives, the financial position statement of the Baghdad Municipality Department (a government unit) was used, and a set of indicators was used to reach a judgment on the presence or absence of risks, as well as the level of risks facing this unit. It was found that there is a possibility of knowing the risks through the financial position statement, in addition to discovering that the level of risks facing this unit (Baghdad Municipality) is considered high.    

This is a study about the financing of large group health insurance in the United States. Almost 8 in 10 covered employees in private large firms are enrolled in self-insured (or self-funded) health plans in contrast to only 20 percent of employees in small firms. More than half of all large standard (non-supplemental) health plans are self-insured although their number is decreasing. Considering their significantly greater risk of exposure and transaction costs, the question for scholarly investigation is why (and how) do private large firms self-fund employer-sponsored health insurance? Using plan-level data from health plan administrator filings of Forms 5500 and Summary Annual Reports (2014-2022) with the U.S. Department of Labor, six variables are examined in this study relative to large group self-insurance: industry/sectoral distribution, plan size/enrollment, plan administration, benefits coverage, plan assets and investments, and statutory compliance. Findings suggest that industry/sectoral and enrollee distributions of large health plans are not widely dispersed while their assets and investments and statutory exemptions offer comparative advantages. These plans have also increasingly relied on stop-loss insurance, third-party administration, supplemental health benefits, and less major medical plans to mitigate actuarial risks that involve considerable financial exposure to fluctuating claims costs, potential for catastrophic claims, and cash flow unpredictability. The intertwining theoretical and practical implications of large group self-insurance in healthcare finance and risk management are addressed by way of conclusion.    

In the loanable funds theory, the interest rate serves as a balancing factor between the savings offered for loans and the funds borrowed for investment. In Keynes’s theory, by contrast, it is a monetary phenomenon that balances the demand and the supply of money. At first glance, the monetary phenomenon of the interest rate may seem quite different and is often considered groundbreaking and revolutionary. In Keynes’s theory, people hold part of their savings in money to cope with uncertainty about the returns from long-term bonds, and it is savings held in money that leads the interest rate to be a monetary phenomenon. While people hold part of their savings in money, they also invest their savings by purchasing long-term bonds. The interest rate also balances savings offered, though only in part and not the whole, and funds borrowed in the bond market, as in the loanable funds theory. In this regard, Keynes’s theory and the loanable funds theory are not as strikingly different as it may first appear. The main exegetical work of Keynes’s ideas is Keynesian economics. In this theory, the interest rate is also a monetary phenomenon, as is expected of exegetical work. However, it is not due to savings held in money as in Keynes’s theory; rather, it is due to the cash holdings required for purchasing goods and services. This paper examines the differences among these three interest rate theories, the reasons behind them, and their practical implications.    

This research investigates the contribution of women-owned businesses in driving economic development within the UAE, focusing on the primary elements influencing their success. A purposive sampling method was used to gather input from the Emirati businesswomen through a custom-designed questionnaire. Data were collected via various methods, including telephone interviews, email correspondence, and on-site visits where applicable. For analysis, the study employed partial least squares regression and structural equation modeling to assess both the measurement and structural frameworks. The evaluation centered on four key dimensions: individual attributes, organizational internal and external elements, support mechanisms, and the impact of national cultural norms. According to the results, business outcomes are positively influenced by individual traits, cultural context, external conditions, and support networks, whereas internal factors appear to lack significant influence. Notably, while the prevailing national culture enhances the overall performance of women-led ventures, it appears to impair the function of support systems. The research sheds light on the essential enablers and cultural limitations shaping the success of female entrepreneurs in the UAE.

Employee promotion in State-Owned Commercial Bank (SOCB) and Private Commercial Bank (PCB) depends on Key Determining Factors (KDF). The study aims to identify these factors. The objective is to compare the impact of KDF on employee promotion between SOCB and PCB. The study finds that Education, Qualifications, Job performance and Skills do not impact promotion in SOCB, whereas Experiences, Tenures, Work ethics and Dependability determine employee promotion in PCB. Social relationships and interpersonal relationships both influence employee promotion at PCB. Bias and Favouritism exist from a certain level in SOCB, whereas the study unveils a strong presence of Bias and Favouritism in PCB. There is no presence of Age, Gender and Ethnicity in employee promotion in SOCB, while PCB experienced a mixed influence of Age, Gender and Ethnicity on employee promotion. While there is no influence of Union Status, Firm Size on employee promotion in PCB, an indirect influence on employee promotion has been observed in this study. Luck and External factors both influence employee promotion in SOCB and PCB. Seniority is maintained up to a certain level in SOCB, after that, both merit and seniority is considered whereas performance plays a pivotal role in employee promotion in PCB.

Recognizing that effective road infrastructure is vital for socioeconomic development, this research addressed the persistent challenges that hindered project execution, including delays, cost overruns, and compromised quality often linked to inadequate M&E practices. The study examined the influence of M&E practices on implementation of road construction projects in Musanze District, Rwanda with specific focus on M&E planning, M&E data utilization, and M&E digitalization on implementation of road construction projects. This study used the theory of change and constraints theory. The study employed descriptive survey and correlational research designs with questionnaire and interview for collecting data from a sample of 153 respondent out of 247 key stakeholders. The instruments were pretested in a pilot study involving 10% of the sample to ensure validity and reliability, achieving a Cronbach's alpha coefficient of 0.78. Descriptive and inferential statistics of correlation and regression were done at a significance level of 0.05 with thematic content analysis of qualitative data for triangulation. The findings revealed that road construction projects generally performed above average, with 68.6% of respondents confirming that projects were completed within budget, 69.9% stating that milestones were met on time, and 65.3% satisfied with the quality of materials and road quality. The hypotheses that M&E Planning, M&E Data Utilization, M&E Digitalization and M&E Capacity Building does not significantly influence the implementation of road construction projects were rejected as p = 0.000 < 0.05. In conclusion all four null hypotheses were rejected, demonstrating that M&E planning, data utilization, digitalization, and capacity building significantly influence the implementation of road construction projects. The study recommended enhancing community engagement, strengthening M&E planning, expanding digitalization efforts, prioritizing ongoing capacity building, and fostering a culture of data-driven decision-making. Suggestions for further studies included comparing M&E practices across infrastructure sectors such as water or energy projects, to identify cross-sectoral best practices and potential areas for improvement, exploring emerging technologies like AI and block chain, and analyzing the impact of national and regional policies on M&E practices.

Capital financing plays a crucial role in sustaining the growth potential of pharmaceutical companies, enabling them to expand operations and compete effectively in the market. In the face of a slowing global economy, maintaining solid financial performance across existing business lines becomes increasingly important. This study aims to examine the relationship between capital structure and the financial performance of pharmaceutical companies in Indonesia. The research sample consists of nine publicly listed pharmaceutical firms over the period 2013–2023. The empirical analysis employs three panel data estimation approaches—Pooled Ordinary Least Squares (Pooled OLS), Fixed Effects Model (FEM), and Random Effects Model (REM)—to account for different assumptions about unobserved firm-specific characteristics. Based on the Hausman test, FEM is determined as the most suitable model for the dataset. The estimation results reveal that the Long-term Debt to Total Assets (LDTA) ratio exerts a statistically significant negative effect on Return on Assets (ROA), indicating that a higher proportion of long-term debt tends to reduce profitability. Conversely, the Short-term Debt to Total Assets (SDTA) and Total Debt to Total Equity (TDTE) ratios have positive but statistically insignificant impacts on ROA, suggesting that neither short-term liabilities nor overall leverage significantly influence profitability in the observed period. These results imply that excessive reliance on long-term borrowing can impose interest burdens and financial constraints, thereby weakening performance. Consequently, financial managers in the pharmaceutical sector are encouraged to optimize their financing structure, prioritizing internal funds or short-term financing sources that align with operational needs and market conditions to sustain profitability and ensure long-term competitiveness.

This study looks at the effect of accounting flexibility on earnings quality in public companies listed on the Indonesia Stock Exchange during the period 2016 to 2019. This study uses two models to measure earnings quality, namely ERC and earnings persistence. The results showed that accounting flexibility, namely the limitations of companies to carry out accrual earnings management, can reduce earnings quality, as shown by the abnormal accrual model which shows a significant positive coefficient direction, and for the ERC model and earnings persistence which shows a negative and significant coefficient direction. The higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018). Theoretical contributions show that the higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018; Purba, Surya, Joshi & Tiagy, 2023). The Implications of this research show that accounting flexibility is carried out when abnormal accruals reach the highest limit point reflected in accounting choices in net operating assets in the balance sheet, so in this case it results in a low level of earnings informativeness and earnings persistence. 

Green accounting plays a vital role in addressing the environmental consequences of mining. However, existing research is predominantly concentrated in developed countries, leaving a knowledge gap in developing contexts such as Ghana. To bridge this gap, this study conducts a systematic review of green accounting practices within Ghanaian mining communities. Using PRISMA guidelines, the authors examined peer-reviewed literature from three major academic databases, employing keywords such as "green accounting," "environmental accounting," "sustainable accounting," "natural resource accounting," and "mining in Ghana." From an initial pool of 276 studies, 46 were selected based on inclusion criteria. The findings show that while green accounting disclosures are increasingly present in corporate reports, they remain inconsistent. Several studies also evaluate the legal and policy frameworks shaping corporate environmental responsibility in mining, while others assess sustainability practices among mining firms. The study concludes by advocating for locally tailored sustainability strategies and suggests future research on the socio-environmental impact of eco-friendly technologies in Ghana's mining sector.

Through a thematic analysis, we analyze the evolution of cognitive biases among eight participants (students) during a three-day trading simulation in a market that was perceived as unfavorable. The biases studied include overconfidence, representativeness, anchoring, herd behavior, availability and prospect theory. Prospect Theory, particularly through loss aversion, is strongly present and dominates the experience of most participants. It is perceived as ‘difficult’ even with virtual money. Some manage loss aversion with strict stop losses, while others, when confronted with losses, may take more risks in order to try to ‘recover’. Gains generate moderate satisfaction rather than euphoria. Virtual money seems to reduce the emotions connected with gains and losses for some participants. The Availability Bias is widespread. The participants focus on easily accessible information such as graphs, well-known company names, basic news and widely used indicators. Fundamental analysis is often rejected as too complex, time-consuming or irrelevant.  Anchoring Bias is variable. Some participants use specific limits as reference points. Representativeness bias is generally stable throughout the experiment. It involves using familiarity with companies as a decision-making criterion, or applying principles perceived as effective, such as using well-known technical indicators. Overconfidence varies considerably from one participant to another, influenced by previous experience and results achieved. It can be very low at the beginning, grow with confirmed intuition, or decrease in response to an unfavorable market. In the context of the study, Herd Behavior corresponds to a desire to find comfort in the group of participants in order to overcome a feeling of isolation, rather than a desire to copy behavior. The key findings of our research demonstrate a strong aversion to loss (prospect theory).   

This study explores the factors influencing youth entrepreneurs in Tanzania to adopt crowdlending as an alternative source of finance and the challenges they encounter in the process. Using a qualitative case study approach, interviews were conducted with 15 young entrepreneurs who successfully accessed loans through a crowdlending platform. Thematic analysis was conducted through transcription, coding, and theme development processes. The findings indicate that financial necessity and limited access to traditional banking were the primary motivators for adopting crowdlending. However, the study also found that entrepreneurs often have a limited understanding of the crowdfunding process, as many access the platform through intermediaries. Additionally, the study identifies high interest rates and transaction costs imposed by financial intermediaries as major barriers to the perceived benefits of crowdlending. The findings underscore the importance of tailored financial literacy initiatives, user-centred platform design, and policy frameworks to unlock crowdlending’s potential for inclusive youth entrepreneurship in Tanzania. 

The pricing of six highly liquid futures commodity contracts is investigated using a Markov switching procedure. The data set spans an exceptionally turbulent period, characterized by a complex interplay of economic/financial and political shocks. Markov switching analysis exploits time series nonlinearity to identify the nature and the timing of the implicit changes of regime. Building on a HAM framework, we use the time varying parameterization of the transition probability estimates to link these shifts to exogenous variables. We provide in this way additional information on the co-movement of the time series and on their regime shifts, eventually conducive to herding pricing behaviour. The WTI oil futures price and DJIA stock index are used as proxies for global shocks as they turn out to be the main common drivers of the changes in regime of most futures commodity prices.   

This study analyzes the effect of sustainable investment awareness and risk perception on students' interest in green finance instruments, with financial literacy as a mediating variable. A quantitative approach was used, involving 180 student respondents in the Special Region of Yogyakarta, who were selected through a purposive sampling technique using an online questionnaire via Google Forms. Data analysis was conducted using the SEM-PLS method through SmartPLS version 4.1.1.2. The results showed that sustainable investment awareness, risk perception, and financial literacy positively and significantly affect student investment interest in green finance. In addition, financial literacy acts as a significant mediator in the relationship between sustainable investment awareness and risk perception on interest in investing in green finance. This study contributes to developing literature on sustainable investment behavior among the younger generation, especially university students, by integrating financial literacy variables as a mediating mechanism. The findings expand the understanding of how psychological factors and financial knowledge influence investment decisions in sustainability.  

There is a limited understanding of the emerging technologies, such as blockchain, artificial intelligence (AI), Internet of Things (IoT), and machine learning (ML) and their effect on the insurance sector in the Saudi Arabian market. A structural equational modelling was implemented to investigate the impact of emerging technology on customer experience, business productivity, risk management, and financial performance in Saudi insurance companies. Online surveys were directed to the insurance sector to explore their perceptions of the use of technology and its effect in 2024. The sample includes 102 valid responses in the data analysis. The findings show that the development and integration of technology in the Saudi Arabian insurance sector significantly improve customer experience, business productivity, risk management, and financial performance, which aligns with accelerated transformation in the market to achieve the main goals of the Saudi Vision 2030. 

A country's ability to develop depends on the empowerment of its women. Evidence from several countries indicates that giving Self-Help Group (SHG) member’s microcredit can help empower rural women. The main objective of the study is impact of creation of SHGs on rural women in Assam. Also purpose of this research was to determine how well SHGs in Assam contribute to women's economic empowerment. The study's primary data came from interviews with SHG beneficiaries conducted in the Bongaigaon District of Assam. In all, sixty samples are gathered from two blocks of the Bongaigaon district. According to the survey, the majority of respondents are between the ages of 25 and 45, and they have completed elementary and middle level of school. After joining SHGs, participants engaged in a variety of income-generating activities. The outcome demonstrated a favorable shift in economic empowerment metrics, such as income, employment, and savings, following SHG membership. For the economic indicators, the estimated value of the Wilcoxon signed Ranks Test was significant. It was found that, in comparison to the pre-SHG scenario, the majority of the respondents' income, employment days, and savings amount rose in the post-SHG scenario. Therefore, the study came to the conclusion that SHGs were essential to rural women's empowerment in the study region.

Speculative bubbles are of extreme importance in modern society. They are well known for their dynamics and their dramatic consequences which affect most financial markets. Therefore, many researchers have aimed to fully understand, identify and predict speculative bubbles. However, they still cannot agree on the correct identification and exact prediction of when they will burst ahead. One of the best-known models in this context is the Johansen-Ledoit-Sornette (JLS) model introduced in 1996 and which has then undergone several adjustments over the years. This model states that bubbles are not characterized by exponential growth but rather by faster than exponential growth in prices. This characteristic is due to the imitation and herd behavior of irrational investors which creates positive feedback during the bubble forming period. Thus, this model is mainly based on the log-periodic power law equation (LPPL) which is generally used in physics for the prediction of natural phenomena such as earthquakes. Our contribution through this paper is to examine the ability of standard JLS models as well as its extension to the generalized JLS model to predict the critical time of bubble burst, to measure its size and to calculate the fundamental value of financial assets. Our results are obtained by modeling asset prices of the historical oil bubble of 2008. Indeed, our implemented algorithm is based on a combination between the Levenberg-Marquardt algorithm and the Price Gyration method instead of the Taboo search method. Our obtained results gave rise to precise and correct predictions and the expected characteristics of the JLS model during the bubble period.

This study examines the implementation of the vMedis ERP system at Greencare Pharmacy using Balanced Scorecard (BSC) and SWOT analysis. The research evaluates financial, customer, internal process, and learning perspectives, revealing significant improvements post-implementation. Key findings include a 15% profit margin increase, enhanced customer satisfaction, streamlined inventory management, and improved staff competencies. Statistical analysis using the Wilcoxon Signed-Rank Test confirmed that these improvements across the BSC perspectives were significant (p < 0.05). SWOT analysis highlights internal strengths, such as financial stability and advanced technology adoption, and external opportunities like market growth potential. Challenges include regulatory complexity and high competition. Overall, vMedis demonstrates its effectiveness in enhancing operational efficiency and competitiveness in the healthcare sector.