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(2006, 1500 words)
The paper reviews academic approaches to the perfect and asymmetric information in the market highlighting the problems arising from information asymmetry and considering their implications for the insurance market, labour market, market for credit, etc.
(2006, 2500 words)
The paper examines the role of financial institutions in securing the flow of funds between suppliers and users defining types of funds, addressing the issues of risk reduction, describing various financial institutions and regulations aimed to ensure protection against risks.
(2006, 964 words)
The paper examines the implications of overconfidence for investors in the stock market reviewing economic literature on the relationship between 'overconfidence' and 'overmuch'. Methods of measuring the effects of overconfidence are reviewed.
(2006, 2000 words)
The paper examines the distributions of share prices for the engineering and computer sectors in the London and the New York stock markets conducting Mann Whitney and Chi-Squared tests and studying the relationship between share prices and turnovers.
(2006, 2000 words)
The paper reports on the Pakistani financial markets reviewing the Efficient Market hypothesis (EMH), applying it to the UK and US stock markets, and analysing the current structure of the Pakistani financial sector, the evolution of the countryÌs capital markets, the factors inhibiting their growth, the informational infrastructure of the capital markets, etc.
(2006, 3000 words)
The paper examines theoretical approaches to stock market efficiency reviewing the efficient market hypothesis (EMH), the conditions leading to market efficiency, the types of market efficiency, the concept of random walk, etc. The paper argues whether current information can predict future returns reviewing criticism of EMH and anomalies in the movement of stock market prices.
(2006, 3500 words)
The paper examines the foreign exchange market describing its background and main participants and analysing the role of the bid/ask spread. The factors affecting the spread are outlined; the types of exchange rate systems are defined and discussed using the examples of Hungary, Mexico, Russia, Norway, Peru, etc.
(2006, 2500 words)
The paper examines the efficient market hypothesis (EMH) outlining its forms, discussing its validity and providing a review of EMH criticism including the alternative theory of behavioural finance, the anomalies of returns, etc. The application of EMH to the stock exchange market is discussed arguing that stock prices movements cannot be attributed merely to the rational expectations of investors.
(2006, 1500 words)
The paper looks at the concept of volatility reviewing theoretical opinions about its importance and examining volatility in the stock market index of Standard & Poor’s (S&P) 500 for daily and weekly data from January 1990 to December 2004.
(2005, 1000 words)
The paper examines the phenomenon of ‘liquidity trap’ reviewing Keynesian theory and discussing the reasons why Japan has fallen into liquidity trap. The policy measures needed for the restoration of the Japanese economy are outlined.
(2006, 4000 words)
The paper examines the theory of the purchasing power parity (PPP), the interest parity theory, the Fisher effect, etc. The factors affecting exchange rate are outlined comparing it to PPP; the arguments against PPP are reviewed; the relationship between exchange rate and inflation are discussed.
(2006, 1500 words)
The paper examines the advantages and disadvantages of monopoly market (MM) from the perspective of monopoly firms and customers reviewing the features of MM, economies of scale, impacts of price discrimination, etc.
(2006, 1500 words)
The work is divided into a series of exercises that look at the following: 1)How to hedge when a call option needs to be sold and a number of shares needs to be bought 2) evaluation of call and put options when the interest rate is given 3) common exercise price of puts and calls 4) caps and floors and their relation to interest rate swaps 5) exotic derivatives and their price compared to European options: Asian, barrier, look-back and American
(2004, 2500 words)
The paper reviews academic approaches to the needs for credit access, the theory of credit market failure, the issues of risky investments with higher returns, etc. applying them to describe the current credit situation in the rural sector in Uganda. The role of micro-finance institutions (MFI) in making credit more available is discussed.
(2004, 2000 words)
The paper examines the fluctuations in the value of the US dollar against Euro in 2001 – 2004 discussing the reasons for the dollar depreciation (weakening) and appreciation (strengthening). An option strategy of the bear spread is described and recommended for the USD/EUR.
(2005, 5500 words)
The paper reviews the studies on capital market integration including classical theories and controversial opinions on whether the global markets are really integrating. Consistency asset pricing approach, portfolio returns comovement approach and quantitative indicators of stock market integration are analysed in more detail. The history of the European market integration is reviewed. A case study of stock markets integration in China Mainland and China Hong Kong is conducted.
(2005, 3000 words)
The paper reviews the theories of foreign exchange risk (FER) touching upon the factors behind exchange rates movements, internal and external hedging, types of FER, etc. A case study of a UK based Travel Company is conducted to illustrate their hedging strategies in risk management.
(2006, 2000 words)
The paper examines the concept of ‘asymmetric information and its importance for the financial system. The problems caused by asymmetric information are outlined reviewing the principal-agent theory, the theory of ‘Lemons, the theory of credit rationing, etc.
(2005, 1500 words)
The paper reviews the theory of Purchasing Power Parity (PPP) referring to a long run equilibrium in real exchange rate. The reasons for failure of the theory in the short run are discussed.
(2005, 3500 words)
The paper examines the relationship between the stock returns and the liquidity seeking to understand whether or not the cross-sectional variation in stock returns is driven by the changes in the turnover rate (a proxy for liquidity). The test is designed and conducted to measure the liquidity of cross-sectional returns by using the turnover rate in 543 random non-financial UK firms over the period from 1993 to 2003. Conclusions are made about the significance of liquidity (turnover rate) and seasonality phenomenon.
(2005, 9500 words)
The dissertation aims to evaluate investment options available in the UK stock and property market seeking to identify which may be a better investment. The literature review provides information on risk and return, Q theory, OECD Economic studies, property and equities, theory of investment, portfolio theory, UK property and stock markets, etc. The findings are based on the data obtained from official statistics using quantitative and qualitative research methods and a hypothesis test. Conclusions are made about the degree of variability of the compared markets.
(2005, 1500 words)
The paper offers a review of opinions on the value of the capital asset pricing model (CAPM) introducing its basic concepts and assumptions and listing arguments in favour and against the CAMP theory. Modifications of the CAMP model are highlighted including ICAMP, CCAMP and Conditional CAMP.
(2005, 1000 words)
The paper reviews the ideas of Baker and Wugler on the correlation between the timing of the equity market and capital structure fluctuations. The controversies of the theory are discussed in light of other academic works including those of Welch, Korajczyk, Zwibel, Kayhan, etc.
(2005, 3500 words)
The paper analyses the risk and return patterns associated with herd behaviour at the Pakistani stock exchange (KSE) using the capital asset pricing model (CAPM). Literature on investment models, stock markets, risks, etc. is reviewed; research methods of data collection and interpretation are described. The significance of the obtained results in Pakistani context is argued; conclusions are made about the variables accounting for risks and expected returns in KSE.
(2005, 1000 words)
The paper looks at the recent history of Chinese currency (renminbi) discussing the reasons behind its re-evaluation. The position of renminbi within foreign exchange markets is described; the impacts of flexible exchange rates are argued.
(2005, 2000 words)
The paper reviews the literature on the Capital asset pricing model (CAPM) discussing the issues of market risk premium and equity premium; a broad stock market as the adequate market portfolio, etc. Measurements of cash flows and sensitivity analysis are provided.
(2004, 3000 words)
The paper addresses the problems of capital market applying the portfolio theory and the efficient market hypothesis (EMH) to fund supermarkets. A brief history of UK fund supermarkets is reviewed; their types are identified. The advantages and disadvantages of online investing are highlighted.
(2005, 2500 words)
This paper is dedicated to the analysis of a securitization process in Germany. It goes without saying that securitization has played an important role in improving liquidity and increasing the number of debt instruments in the Western capital markets. However, there exist substantial differences in the way securitization is employed due to economic and legislative traditions. The case of Germany is of great interest in this respect. The author thoroughly investigates how securitization is defined, what the key process and rationale are, and what peculiarities of the financial structure are pronounced in Germany. Besides, substantial attention is paid to the benefits and threats of securitization as well as to the most common securitization risks in Germany. Finally, legal structure and regulatory constraints are scrutinized. This paper would be a valuable source of knowledge for those who study practical aspects of securitization internationally.
(2005, 2100 words)
This paper is dedicated to the analysis of a securitization process in India. It goes without saying that securitization has played an important role in improving liquidity and increasing the number of debt instruments in the Western capital markets. In recent years securitization has started to spread to developing countries as well. India, as one of the largest countries in the world, presents an interesting case study of securitization implementation. The author thoroughly investigates how securitization is defined, what the key process and rationale are, and what the peculiarities of the financial structure are pronounced in India. Besides, substantial attention is paid to benefits and threats of securitization as well as to the most common securitization risks in India. Finally, legal structure and regulatory constraints are scrutinized. This paper would be a valuable source of knowledge for those who study practical aspects of securitization in developing countries.
(2005, 12500 words)
This dissertation elaborates on the question of the most optimal financial structure for the emerging economy such as Ukraine. Thorough theoretical analysis of the previous findings is made at the beginning. The importance of well-developed financial markets for economic growth is illustrated on the example of empirical studies investigating the role of financial markets in developed and transition economies. The debate about market-based versus bank-based financial system is also scrutinized. The author of this work, however, adheres to the point of view that both systems are equally important for economic development, though different stages of economic reforms may require particular attention to either of the two systems. The second part of the dissertation deals with the overview of the success the Ukrainian economy demonstrated in 2004-2005 with particular focus on the industries which brought about this breakthrough. Then, the importance of capital markets for Ukraine is stated and supported by the connection to theoretical considerations from the first part. The author also shows the weaknesses which should be addressed by the new government, mainly lagging behind legislation, enforcement and regulatory agencies etc. This work would be extremely useful for those who want produce research comparing bank-based and market based financial structure with respect to emerging economies.
(2004, 2000 words)
The paper deals with the problems facing financial markets emerging on the international arena, concentrating on their growth prospects and risk factors. The influence of political, economic and social situation within the country on the ratings and price of bonds is discussed. Methodologies of risk calculations are outlined.
(2004, 12000 words)
This dissertation aims to investigate dynamic interrelationship among major international stock markets using monthly data from 1970:1 to 1979:12 corresponding to preglobalisation and from 1984:1 to 2004:6 corresponding to postglobalisation. To facilitate analysis, Johansens multivariate cointegration technique is used to test for the number of cointegrating vectors. Granger causality tests in the VECM framework and forecast error variance decompositions are employed to explore causal relationship between our markets and partition variance in a market due to the shocks in other markets, respectively. The study is extended to explore time-varying nature of stock markets interrelationship. In this part, rolling causality tests with 5 year time window will be applied to the monthly return series starting from 1980:01 to 2004:06. Our empirical investigation indicates one and two cointegrating vectors over pre- and postglobalisation periods, respectively. As suggested by our formulation of VECM and VDCs, only the US market seems to maintain its dominance as the most influential market over both samples. At the same time, US market did not allow any market to explain its own shocks to significant extent. Based on causality tests and VDCs, France and Canadian markets seem to become relatively exogenous while German market became relatively endogenous over the postglobalisation period. The analysis from rolling causality tests showed evolving pattern of interdependence between markets. Evidence was found on the increased causal relationship during the second half of 1990th, which corresponds to bullish market and the least interdependence at start of new millennium, representative to bearish market. This analysis further confirmed exogeneity of US market and strengthened position of French market over the period under consideration.
(2002, 4500 words)
Indicators of European stock market integration generally suggest an increasing degree of stock market integration for the Euro area. The correlation of European stock market returns appears rather unstable. However, given the weak theoretical underpinnings and the lack of meaningful benchmark values, it is rather difficult to draw any conclusions. From a consideration of indicators based on the international portfolio composition of institutional investors emerged that Euro area equity funds moved towards more internationally oriented investment strategies.
(2002, 4500 words)
The major factor influencing to the rate of exchange, is interference of government in the person of central bank in currency policy of the country. The value of a nation's currency in the international markets has long been a source of concern to governments around the world. National pride plays a significant role in this case because a strong currency, avidly sought by traders and investors in the international marketplace, implies the existence of a vigorous and well-managed economy at home. A strong and stable currency encourages investment in the home country, stimulating its economic development. Moreover, changes in currency values affect a nation's balance-of-payments position. A weak and declining currency makes foreign imports more expen“sive, lowering the standard of living at home. And a nation whose currency is not well regarded in the international marketplace will have difficulty selling its goods and services abroad, giving rise to unemployment at home. This explains why Russia , for example, made such stren“uous efforts in the early 1990s to make the Russian ruble fully convertible into other glob“al currencies, hoping that ruble convertibility will attract large-scale foreign investment. The major factor influencing to the rate of exchange, is interference of government in the person of central bank in currency policy of the country. The value of a nation's currency in the international markets has long been a source of concern to governments around the world. National pride plays a significant role in this case because a strong currency, avidly sought by traders and investors in the international marketplace, implies the existence of a vigorous and well-managed economy at home. A strong and stable currency encourages investment in the home country, stimulating its economic development. Moreover, changes in currency values affect a nation's balance-of-payments position. A weak and declining currency makes foreign imports more expen“sive, lowering the standard of living at home. And a nation whose currency is not well regarded in the international marketplace will have difficulty selling its goods and services abroad, giving rise to unemployment at home. This explains why Russia , for example, made such stren“uous efforts in the early 1990s to make the Russian ruble fully convertible into other glob“al currencies, hoping that ruble convertibility will attract large-scale foreign investment.
(2002, 3100 words)
History of the institution, analysis of environmental and competitive factors, which affected its development and examination of the ways in which the institution has developed specific products and services to meet the requirements of its customers.
(2002, 1600 words)
The above ratios and analysis illustrate Ashburton Plc slipping position in the market place. Turnover has declined and costs have increased, this leads to the organisation not utilising their resources efficiently. The organisations liquidity has remained constant in the past year, however the ratio of current assets to current liabilities is less then one, it also emerged that too much of the assets are being ties up in stocks, this combined with the sharp increase in gearing ratio has made the organisation more at risk from debt.
(2003, 3000 words)
Summary:
The following paper attempts to examine the reasons and causes of comovements (or synchronicity) of stocks in the emerging markets using correlation of stocks. First of all the emerging market will be defined. Secondly, the brief literature review on comovement of stocks will be done. Then comovements in emerging markets will be analysed based on the past research papers on that issue. Furthermore, the effect of comovements among emerging markets on international diversification benefits will be examined. Afterwards, brief conclusion will be done.
(2003, 2500 words)
(2003, 2500 words)
The objective of this paper is to make an investigation in the usefulness of technical indicators for forecasting and to test trading models based on these technical indicators. This paper seeks to demonstrate that technical indicators can not be a reliable basis for trading systems and can not serve as a sole source of decision-making intelligence to the hedge funds traders. Metastock software was used for the completion of this assignment.
(2003, 3500 words)
This paper analyses the Theory of Purchasing Power Parity (PPP), Theory of Interest Rate Parity, The Fisher Effect, The International Fisher Effect, and Expectations Theory. The assessment is conducted against on how each of them would pass Professor Buckley's test of standing up in the real world. Excellent paper.
(2003, 2700 words)
The paper analyses how the short- and long-run investors can from investing money in the US financial markets. Different options of investing are analysed including: basic savings account, Certificates of Deposit, mutual funds, and many others. Additionally, paper discusses historical experiences of investing money in US financial markets.
(2003, 3000 words)
This essay is intended to evaluate the impact of the European single currency since its inauguration on 1st January 1999. In part 1 the impact of the Euro will be identified and explained since its introduction on the foreign exchange, bond, equity and Eurocurrency markets. Part 2 will concentrate on the implications of change on differing groups of participants or potential participants in these markets.
(2003, 3200 words)
The following paper attempts to examine the reasons and causes of comovements (or synchronicity) of stocks in the emerging markets using correlation of stocks. First of all the emerging market will be defined. Secondly, the brief literature review on comovement of stocks will be done. Then comovements in emerging markets will be analysed based on the past research papers on that issue. Furthermore, the effect of comovements among emerging markets on international diversification benefits will be examined. Afterwards, brief conclusion will be done.
(2003, 2700 words)
This coursework analyses the changes of the movements in exchange rates between USD and UK pound over the last three. Also the paper provides the discussion of different methods that can be used by the MNE in order to protect them selves against possible negative effects caused by the fluctuations in exchange rates.
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