„Business World” Library

ISSN: 1310-2737-Book Edition
ISSN: 2534-9201-Electronic Edition

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  • Sofia Benjakik, Badr Habba
    THE RELATIONSHIP BETWEEN CHIEF EXECUTIVE OFFICER DUALITY AND BANK EFFICIENCY: EVIDENCE FROM AFRICAN BANKING SECTOR
    JEL: F23, G15, G21
    Keywords: CEO duality, bank efficiency, Data envelopment analysis, Africa
    Summary: This paper investigates the relationship between CEO duality (one person serving the role of both Chief Executive Officer and chairman of the board) and bank efficiency using Data Envelopment Analysis (DEA). The present study adds to the existing literature by employing panel data of large commercial banks of Africa from 2016-2019. The paper con¬cludes that CEO duality contributes positively to the bank efficiency of the selected commercial banks in Africa. This finding reveals that dual role has a positive and significant influence towards efficiency in commercial banks.
  • Valentin Milinov, Tsetan Pavlov
    Opportunities to Improve the Portfolio Performance Based on Dividend Strategies and Equity Home Bias
    JEL: G11, G14, G15
    Keywords: market efficiency, international diversification, equity home bias, dividend puzzle, the "Dogs of the Dow" strategy
    Summary: The article examines the equity home bias puzzle and the "Dogs of the Dow" dividend strategy under conditions of the Bulgarian capital market. It was found out that local investors hold 74.1% of their portfolios in domestic stocks, although ICAPM suggests weight of 0.007%, and the "Dogs of the Dow" strategy generates annual risk-adjusted hyper-profitability of 11.18%. Following the dividend strategy, combined with good international diversification provides good opportunities to improve portfolio performance.
  • Nikoleta Karamileva
    CLIMATE INVESTMENTS IN BULGARIA – POTENTIAL AND EMPIRICAL EVIDENCE
    JEL: Q14, Q54, G11, G15
    Keywords: climate finance, climate investments, derivatives
    Summary: The study aims to establish the relationships between produc¬tion and climate indicators in order to design a financial weather instrument in order to reduce the volatility of the financial performance of farmers in the region of Dobruja. For this purpose, a simulated weather derivative was designed and approbated making the relevant assumptions and constraints to mitigate the negative effects of changes in the levels of precipitation, the drought frequency, and the increasing climatic amplitudes on cereal crops. Its effectiveness is assessed taking into account the varying temperature and production and business performance of the agricultural producers. Last but not least, the study presents a critical review of the conditions required for the operation of this type of financial market in our country.
  • Aleksandyr Ganchev
    Hedge Funds – Evolution and Perspectives
    JEL: G01, G15, G18, G23, G28
    Keywords: hedge funds, financial markets, financial crises
    Summary: The article reviews and analyses the origins of the hedge fund sector and its development on a worldwide scale. The study reveals that hedge funds had arisen long before 1949 and shows that global financial crises do not occur due to hedge funds because the latter only exploit economic development disparities, the imperfections of financial systems, the inadequate regulatory frameworks or the inefficient financial market regulations that are already in place. The article shows that, although the development of the hedge fund industry is very sensitive to financial crises, their popularity as investment instruments has been increasing rather than decreasing since the last global economic crisis of 2008.

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  • 2, Emanuil Chakarov street, Svishtov 5250
    Prof. Aneta Deneva, PhD – editor-in-chief
    "Business World" Library
  • Emiliya Staneva – Technical Secretary
    Anka Taneva – Copy-Editor
    Sen.lecturer Elka Uzunova – English Language Translator
    E-mail: ssvjat@uni-svishtov.bg

Editorial board

  • Prof. Aneta Deneva, PhD – Editor-in-Chief
  • Prof. Penka Shishmanova, PhD – Co-editor-in-Chief