IOSR Journal of Economics and Finance (IOSR-JEF)

Volume 2 - Issue 1

Paper Type : Research Paper
Title : Micro Credit Institutions in the Context of the Economic Empowerment of a Poor Rural Woman: A Case of Rural Odisha
Country : India
Authors : Dr. Aparajita Biswal
: 10.9790/5933-0210108      logo

Abstract: Micro credit institutions are the most viable and upcoming units for the sustainable and log lasting development of the rural people and woman in particular. These viable financial institutions take appropriate measures and intensive care of the social and economic needs and urgencies of the disadvantaged and vulnerable section of the society. Micro credit is considered to be an essential ingredient of pro-poor growth. By extending outreach activities, it raises the productivity capacity of the poor women. It is a force that drives financial sustainability at every odd with the mission to reduce poverty. Micro credit has the magical power to reduce the extent of insecurity, vulnerability, unsustainability and dependence on others that persists in the low income communities. In this context, the present work focuses on the impact of micro credit through the economic parameters that ultimately gives empowerment to the poor rural women.

Key Words: Micro Credit Institutions, Economic Empowerment, Woman, Financial Sustainability & Rural Odisha.

[1]. Chatterjee, A. Banks-Quo Vadis Kurukshetra, vol. 58, November 2009, Pp: 26-30
[2]. Das, S.K, Nanda, B.P, (2008), "Micro Finance and Rural Development in India", New Century Publication, New Delhi.
[3]. Gupta and Davados, "Micro-entreprise development project", 1993, pp255-263.
[4]. Harris, Sam Daley (2002) "Pathways out of poverty: Innovations in micro finance for the poorest families", Kumarian Press.
[5]. M.S.Sriram and Rajesh S Upadhyayula (2002) The Transformation of the Microfinance Sector in India: Experiences, Options and Future
[6]. Micro-Finance: Reserve Bank's Approach - Address by Dr.Y.V.Reddy, Governor, RBI at the Micro- Finance Conference organized by the Indian School of Business, Hyderabad on August 6, 2005.
[7]. Nagayya, D. (2000). "Micro-finance for SHGs", Kurukshetra, Vol. 48, No. 11, pp. 10-16.
[8]. R.Srinivasan (2003) Self- Help Groups as Financial Institutions: Policy Implications Using a Financial Model
[9]. Rajesh, C (2004) the Indian Microfinance Experience-Accomplishments and Challenges
[10]. Srinivasan, Girija, 1995: Group Approach to Empowerment of Rural Women: IFAD Experience in Tamil Nadu State.

Paper Type : Research Paper
Title : Event Study Test of Incorporating Earning Announcement on Share Price
Country : India
Authors : Dr. A. Shanker Prakash
: 10.9790/5933-0210918      logo

Abstract: The concept of stock market efficiency has been one of the most dominant themes in financial research for explaining the share price behaviour and the increasing globalization of financial markets has given impetus to this concept in emerging markets as well. The study of stock market efficiency plays a crucial role of keeping investor's behavior intact with release of information viz. past historical prices, corporate announcements or events. This paper aims to study the relevance of event study or semi-strong informational efficiency of the Indian Stock Market. This paper tries to explore the speed and accuracy of incorporating corporate earnings and action into share prices. The underlying concept of event study is market must quickly and accurately react to public announcement of corporate earnings. The data used for the study are basically secondary in nature, which have been collected from the official websites of National Stock Exchange for the period from 1st April 2008 to 31st March 2010. The study is done on fifteen companies from the list of S&P CNX Nifty. To accomplish the above objectives we relied on following tests Average Security Returns Variability (ASRV), Average Abnormal Returns (AAR), Cumulative Abnormal Returns (CAR) and Cumulative Average Abnormal Returns (CAAR). JEL Classification: G14

Keywords: AAR, ASRV, CAAR, Corporate Actions, Event Study

[1]. Raja M., Sudhahar J.C. and Selvam M., 2009, "Testing the Semi-Strong form Efficiency of Indian Stock Market with Respect to Information Content of Stock Split Announcement – A study in IT Industry", International Research Journal of Finance and Economics, Issue 25.
[2]. Ranganatham M. and Subramanian V., 1993, "Weak Form Efficient Markets Hypothesis: A Spectral Analytic Investigation", Vikalpa, Vol.18 No.2, 25-30.
[3]. Rao and Geetha, 1996, "Indian Capital Market- Informational Signalling and Efficiency", A.P.H. Publishing Corporation, New Delhi.
[4]. Rao, 1997, "Response of Stock Prices to Macroeconomic Events", Finance India, Vol. XI No. 4, 881-918.
[5]. Robbani M. G. and Anantharaman S., 2002, "An Econometric Analysis of Stock Market Reaction to Political Events in Emerging Markets" Second Annual ABIT Conference, Pittsburgh, Pennsylvania.
[6]. Samanta G.P. and Bordoloi S., 2005 "Predicting Stock Market- An Application of Artificial Neural Network Technique through Genetic Algorithm" Finance India Vol. XIX No.1, 173-188.
[7]. Sarkar N. and Mukopadhyay D., 2002, "Testing Market Efficiency in the Framework of Model Specification: An Empirical Investigation with Indian Data", ERU Discussion Paper Series, ERU/2002-03.
[8]. Sarma S.N., 2004,"Stock Market Seasonality in an Emerging Market", Vikalpa, Vol. 29 No. 3, 35-41.
[9]. Seiler and Rom, 1997, "A Historical Analysis of Market Efficiency: Do Historical Returns Follow a Random Walk?" Journal of Financial and Strategic Decisions, Vol.10 No.2, 49-57.
[10]. Selvam M. and Babu K.A., 2009, "Analysis of Quarterly Earnings Announcement and Informational Efficiency of Indian Capital Market", Finance India, Vol. XXIII No.2, 575-604.

Paper Type : Research Paper
Title : The Nexus Between External Debt And Economic Growth In Nigeria (1981 – 2009).
Country : Nigeria
Authors : Atoyebi Kehinde Olusegun, Olohunlana Dapo Somod, Sulaiman Adebayo Adeodu, Okafor Blessing Okechi
: 10.9790/5933-0211927      logo

Abstract: The study seeks to determine the impact of external debt on Nigeria using annual data from 1981-2009. In our empirical analysis, we run ordinary least square test to verify the statistical significance of the variables used and Johansen cointegration to determine the order of integration among the variables. Empirical investigations revealed that the coefficient of external debt is statistically significant at 5% while other variables such as prime lending rate. Growth rate of GDP are not statistically significant. Our cointegration result s revealed the existence of two cointegrating equations at 5% level of significance among Gross domestic product, external debt, PLR, GRGDP and GREXDS. The results show the existence of long-run relationship among the variables.

[1]. Adebisan Sulaimon O. (2005). External Debt, Private Investment and Economic Growth in Nigeria. Babcock Journal of Management and Social Science"
[2]. Afxentiou P.C (1993) GNP growth and foreign indebtedness in middle-income developing countries Int. Econs .J. 7(3) 81-92.
[3]. Afxentiou P.C and A. Serleties (1996a) Foreign indebtedness in low and middle-income developing countries Soc. Econ., 45 (1): 131-159.
[4]. Afxentiou P.C and A. Serleties (1996) Growth and foreign indebtedness in developing countries: An empirical study using long term cross-country data. J. Dev. Areas, 31(1)"25-40.
[5]. Ajayi S.I and Khan M.S. (2006). "External Debt and Capital Fight in Sub-Saharan Africa".
[6]. Ajayi S.I (1991). "Macroeconomic Approach to External Debt" The case of Nigeria. AERC paper 8, Initiative publishers, Nairobi".
[7]. Amoateng, K and A.B Amoaku, (1996). Economic growth, export and external debt causality: The case of African countries. Appl. Econ., 28:21-27.
[8]. Anaro B. (2006) "Nigeria's exit from the Paris club reduces Africa's debt burden by 10%" Business day; Oct. 4 page 9.
[9]. Anyawu; J.C (1994) "An Analysis of External Debt Burden and Economic Development for the 1994 Conference of the Nigerian Economic Society".
[10]. Arslanalp, S. P.B. Henry, (2004). Helping the poor to help themselves: Debt relief or Aid? Working paper 10234, National Bureau of Economic Research, Cambridge, M.A.

Paper Type : Research Paper
Title : Impact of Micro Finance on Women Empowerment in Chittagong
Country : India
Authors : Rajib Chakraborty, C. V. Jayamani
: 10.9790/5933-0212834      logo

Abstract: In spite of some bottlenecks, Microfinance, a proven tool for empowering poor women by mitigating their extreme poverty to uplift them from vulnerable condition to some extent a better living atmosphere, has brought great changes in the women's living standard, has created an individual identity for the moderate poor women in the society and has given a freedom to live the life according to their choice. In this context this study makes a modest attempt to explore on the much debated question of the role of microfinance as a financial instrument for enhancing women empowerment through eradicating all financial and social obstacles. As a part of the study a primary field survey has been carried out to get a real picture in the rural area of the Chittagong district. From the analyzed data the present study acknowledge that despite of bottlenecks, microfinance is capable of graduating struggling poor from their shackles and helps to upscale them to a better living and playing significantly positive role in upgrading women empowerment.

Keywords: Microfinance, women empowerment,

[1]. Sarumathi. S.,Mohan.k, Role of micro finance in women's empowerment -An Empirical study in Pondicherry region rural SHG's; Journal of Management and Science Vol.1, No.1 (Sep'2011) ISSN: 2249-12
[2]. Klara Haugen-Kossmann; ―Micro-Finance and Empowerment From a Woman's Perspective‖ Copenhagen Business School, October 2008
[3]. Ramu Maurya; ― Women , Micro finance and financial inclusion in india‖; International journal of business economics and management research Volume 2, Issue 7 (July, 2011) ISSN 2229‐4848
[4]. Farhad Hossain Tonya Knight, Financing the Poor: Can microcredit make a difference? Empirical observations from Bangladesh‖ February 2008 BWPI Working Paper 38
[5]. Manjula Bolthajjira Chengappa. ―Micro-Finance and Women Empowerment: Role of Nongovernment Organizations‖.
[6]. Goetz, Anne Marrie,and Rina Sen Gupta.1996. Who takes the credit? Gender, power and control over loan use in rural credit programs in Bangladesh. World Development, 24 (1), 45-63.
[7]. Kabeer, Naila.2005. Is microfinance a magic bullet for women empowerment? Analysis of South Asia, Economic and Political Weekly, 40(44), 4709-4718.
[8]. Kan, Jainaba M.L., Dana .L .Olds, and Muhammadou. M. O Kah. 2005. Microcredit, social Capital and politics. Journal of Microfinance, 7 (1), 121.
[9]. Rahman, R. I., 2002. ―Impact of Grameen Bank on the Situation of Rural Women‖ Early Impact of Grameen: A multi-Dimentional Analysis: Outcome of a BIDS Research Study. Grameen Trust, Dhaka.
[10]. Ackerly, B. A. (1995). Testing the tools of development: credit programs, loan involvement and women's empowerment. IDS Bulletin, 26(3), 56-68.

Paper Type : Research Paper
Title : A Short Note on Simple First Order Linear Difference Equations
Country : Pakistan
Authors : Niaz Hussain Ghumro
: 10.9790/5933-0213542      logo

Abstract: This paper is entirely devoted to the analysis of linear non-homogeneousdifference equations of dimension one (n = 1) and order p ≥ 1 with constant coefficients: 1 1 2 2 p ..... , where 0 t t t p t p t X  X  X  X U           , where 1 2 , ,..., p    are given constant real numbers. The variableUt representsthe non-autonomous part of the equation and usually denotes some exogenous or independent variable which influences the evolution of Xt over time. Here In this note only discussion would be limited to the linear difference equations (p=1) and their solutions applied in different fields using computer software. There is a linkage of difference equations in the field of Economics and Finance, found in this study.

Keywords: Non-homogeneous; linear; difference equation; exogenous; non-autonomous; solution; software; application.

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Paper Type : Research Paper
Title : Stock Market and Economic Growth in Libya
Country : Malaysia
Authors : Amna Khalifa Salem Edweib, Zurina Shafii, Nursilah Ahmad
: 10.9790/5933-0214351      logo

Abstract: The study aims to examine the role of the Libyan Stock Market (LSM) in Libyan economic growth from the perspective of brokers, employees and investors. A set of questionnaire are employed to identify the role of stock market in promoting economic growth, the problems inherent to LSM and the measures taken by the market to improve its contribution in economic growth. The findings indicate that the brokers, employees and investors agreed that LSM has significant potential to positively contribute to Libya's economic growth. The findings imply that in order to improve contribution of LSM in economic growth, the Libyan stock market authority need to improve their policies to encourage more companies, especially main sectors companies such as oil, energy, and telecommunication, to contribute in the market. A set of regulations is also needed to develop LSM culture and to attract the local and foreign investors.

Keywords: Libyan Stock Market, Economic growth.

[1] Seyed Ali, Paytakhti Oskooe 2010- Emerging Stock Market Performance and Economic Growth , American Journal of Applied Sciences 7 (2): pp 265-269.

[3] A.Al-jbiri, The performance of Libyan stock market, Acta univ. agric. et silvic. Mendel. Brun., 2012, LX, No. 7, 2012, pp. 27–38.

[4] Stijn Van Nieuwerburgh, Frans Buelens, Ludo Cuyvers (2005), Stock Market Development and Economic Growth in Belgium,pp1-30.

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Paper Type : Research Paper
Title : Financial Literacy Centres towards the Construction of a Financial Knowledge Society: A Kerala Experience
Country : India
Authors : Peter John, Dr. Joseph James V., Ratheesh C.
: 10.9790/5933-0215258      logo

Abstract: The present study is analyzing and evaluating the Financial Literacy Movements initiated in the Kerala Banking Sector and the potential of the same in the construction of a Financial Knowledge Society in the State. The initiatives taken in the Indian Banking Sector by RBI, the role of Credit counseling, the role of NGOs in financial awakening in India are also evaluated. But the focal area of the study is pertaining to Kerala State of India, because the State is declared as the first Total Banking State in India as a result of Mass Financial Inclusion Campaigns and Awareness Programmes initiated by State Level Banks. While comparing with all other Indian States, Kerala State, with its good base of banking density and education, has built up sound systems and processes which has taken it to the forefront of the economic development process of India. That means, the State shows much potential for an emerging Financial Knowledge Society in India. Even though, the State is leading India in this respect, it has to go further by making more banking penetration by incorporating innovative, modern technology based banking products and services, modern need based banking systems and above all the Financial Education Systems and Financial Counseling etc. in order to financially enrich the marginalized sections of the society in the State. In the spreading of this modern technology based banking products and services, the Financial Literacy Centres have to play a pivotal role by creating awareness of systems of operations and nature of these products particularly among the marginalized sections of the society and it should ultimately results in the creation of a Financial Knowledge Society in the State.

Key words used: Financial Knowledge Society, Financial Literacy Centres, Financial Social Movement, Credit Counseling, Financial Inclusion Campaigns, Reactive Marketing, Proactive Marketing, Financial Deepening..

[1]. Asish Srivastava, Commercial Banking in India 2009-10 Report Card, The Indian Banke Indian Bank‟s Association, 2010. Vol.5, 16-20.
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Paper Type : Research Paper
Title : Capital Structure and Financial Performance: Analysis of Selected Business Companies in Bombay Stock Exchange
Country : India
Authors : Rakesh H. M.
: 10.9790/5933-0215963      logo

Abstract: Capital structure is most significant discipline of company's operations. This study constitutes an attempt to identify the impact between Capital Structure and Companies Performance, taking into consideration the level of Companies Financial Performance. The analysis has been made on the capital structure and its impact on Financial Performance capacity during 2009 to 2012 (03 years) financial year of Business companies in India. The results show the relationship between the capital structure and financial performance is having a negative association. It reflects the insignificant level of the Business Companies in India. Hence Business companies mostly depend on the debt capital. Therefore, they have to pay interest expenses much.

Key Words: Capital Structure, Financial Performance, Business Companies

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