Banking sector openness may directly increase growth by improving the quality of financial services and increasing funds available, or indirectly by improving the efficiency of financial intermediaries, both of which may reduce the cost of financing, in turn, increase capital accumulation and economic growth. The objective of the paper is to empirically reinvestigate these direct and indirect l...

I examine financial linkages in East Asia before the 1997-98 crisis by testing long-run and causal relationships between Japan’s saving and eight other Asian economies’ domestic investment. The results suggest that there is a long-run (cointegrating) relationship between Japan’s saving and the domestic investments of four of the five crisis economies and Taiwan. There is also evidence that Japa...

We compare the effectiveness of Support Vector Machines (SVM) and Tree-based Genetic Programming (GP) to make accurate predictions on the movement of the Dow Jones Industrial Average (DJIA). The approach is facilitated though a novel representation of the data as a pseudo financial factor model, based on a linear factor model for representing correlations between the returns in different assets...

This study, conducted with a sample of Spanish listed companies during the period 1998-2008, examines the role of financial reporting quality and debt maturity in investment efficiency. The results show that financial reporting quality mitigates the overinvestment problem. Likewise, lower debt maturity can improve investment efficiency, reducing both overinvestment and underinvestment problems....

In the process of investment decision making, next to financial indicators many other aspects of investment projects are increasingly often considered. This leads to the multi-criteria evaluation of a project. The advantage of multi-criteria methods is the ability to take into account all (not only financial) aspects of the attractiveness of an investment project. The selection of criteria of p...

The article presents the results of a study of the nature and characteristics of investment processes in the agricultural sector (by the example of agriculture and food industry in Ukraine), as well as recommendations on the modernization of the mechanisms for strategic management of these processes. It is noted that the restoration and development of Ukraine is possible on the basis of the eff...

The efficient market hypothesis (EMH) fails as a valid model of financial markets. The fractal market hypothesis (FMH) is a more general alternative way to the EMH. The FMH is formed on the following parameter space: agents’ investment horizons. A financial market is more stable when a fractal character in the structures of agent’s investment horizons is adopted. For computer simulations, the c...