1,914 research outputs found

    A Comprehensive Survey on Enterprise Financial Risk Analysis: Problems, Methods, Spotlights and Applications

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    Enterprise financial risk analysis aims at predicting the enterprises' future financial risk.Due to the wide application, enterprise financial risk analysis has always been a core research issue in finance. Although there are already some valuable and impressive surveys on risk management, these surveys introduce approaches in a relatively isolated way and lack the recent advances in enterprise financial risk analysis. Due to the rapid expansion of the enterprise financial risk analysis, especially from the computer science and big data perspective, it is both necessary and challenging to comprehensively review the relevant studies. This survey attempts to connect and systematize the existing enterprise financial risk researches, as well as to summarize and interpret the mechanisms and the strategies of enterprise financial risk analysis in a comprehensive way, which may help readers have a better understanding of the current research status and ideas. This paper provides a systematic literature review of over 300 articles published on enterprise risk analysis modelling over a 50-year period, 1968 to 2022. We first introduce the formal definition of enterprise risk as well as the related concepts. Then, we categorized the representative works in terms of risk type and summarized the three aspects of risk analysis. Finally, we compared the analysis methods used to model the enterprise financial risk. Our goal is to clarify current cutting-edge research and its possible future directions to model enterprise risk, aiming to fully understand the mechanisms of enterprise risk communication and influence and its application on corporate governance, financial institution and government regulation

    Real Estate Investment Trusts (REITs) Corporate Governance and Investment Decision-Making in the United Kingdom, South Africa and Nigeria

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    Adopting Real Estate Investment Trusts (REITs) has been relatively slow due to corporate governance issues and a limited understanding of investment decision-making processes. This study aims to enhance the performance of REITs by developing a Corporate Governance Scoring Framework and improving the investment decision-making process. A mixed-method research strategy was employed to gather data on investment decisionmaking processes and corporate governance in the UK, SA, and Nigeria from 2014-2019. Qualitative data was collected through semi-structured telephone interviews with key decision-makers in the three regimes and analysed using content and discourse analysis techniques. Quantitative data was obtained from the annual financial reports of listed REITs during the study period and analysed using OLS, fixed effects, and random effect models. The Integrated Corporate Governance Index (ICGI), a self-scoring framework, was used to measure the quality of corporate governance strength. The qualitative analysis identified four stages in the investment decision-making process: strategy, search, analysis and adjustment, and consultation or decision and review. The interviews revealed that the board, remuneration, and fee proxies were relevant factors across all three regimes, with audit and ownership also significant in the developing regimes of SA and Nigeria. The board's reputation, experience, and management role were highlighted as crucial during the decision-making process. Performance factors such as 'Operational Stability,' 'Tenant Quality,' 'Experience,' and metrics including 'Rental Income,' 'Dividend Payment,' and 'Yield' were identified. The quantitative analysis demonstrated that adherence to corporate governance codes was highest in the UK, followed by SA and Nigeria. Regression analysis results showed that a higher ICGI score improved return on assets (ROA) and return on equity (ROE) in the UK but not in SA and Nigeria. The index did not significantly impact firm value in the UK and pooled country analysis, but it led to better firm valuation in SA. In the Nigeria REIT regime, the ICGI harmed firm valuation. The study concluded that adherence to country-level corporate governance was more predictive of operational performance than firm valuation. In summary, this study contributes to the existing knowledge by providing insights into the investment decision-making processes of REITs and the importance of corporate governance in improving their performance. The developed Corporate Governance Scoring Framework offers a valuable tool for evaluating the quality of corporate governance in REITs, but further refinement is necessary to keep up with evolving policies

    The role of textual data in finance: methodological issues and empirical evidence

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    This thesis investigates the role of textual data in the financial field. Textual data fall into the more extensive category of alternative data. These types of data, such as reviews, blog post, tweet, are constantly growing, and this reinforces the importance in several domains. The thesis explores different applications of textual data in finance to highlight how it is possible to use this type of data and how this implementation can add value to financial analysis. The first application concerns the use of a lexicon-based approach in the credit scoring model. The second application proposes a causality detection between financial and sentiment data using an information-theoretic measure, the transfer entropy. The last application concerns the use of sentiment analysis in a network model, called BGVAR, to analyze the financial impact of the Covid-19 Pandemic. Overall, this thesis shows that combining textual data with traditional financial data can lead to a more insightful knowledge and, therefore, to a more in-depth analysis, allowing for a broader understanding of economic events and financial relationships among economic entities of any kind

    Case Studies of Environmental Risk Analysis Methodologies

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    Critical analysis of relationship between real estate cycle and credit ratings

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    Thesis (B.Sc)--University of Hong Kong, 2006.published_or_final_versio

    Suspect Until Proven Guilty, a Problematization of State Dossier Systems via Two Case Studies: The United States and China

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    This dissertation problematizes the state dossier system (SDS): the production and accumulation of personal information on citizen subjects exceeding the reasonable bounds of risk management. SDS - comprising interconnecting subsystems of records and identification - damage individual autonomy and self-determination, impacting not only human rights, but also the viability of the social system. The research, a hybrid of case-study and cross-national comparison, was guided in part by a theoretical model of four primary SDS driving forces: technology, political economy, law and public sentiment. Data sources included government documents, academic texts, investigative journalism, NGO reports and industry white papers. The primary analytical instrument was the juxtaposition of two individual cases: the U.S. and China. Research found that constraints on the extent of the U.S. SDS today may not be significantly different from China\u27s, a system undergoing significant change amidst growing public interest in privacy and anonymity. Much activity within the U.S., such as the practice of suspicious activity reporting, is taking place outside the domain of federal privacy laws, while ID systems appear to advance and expand despite clear public opposition. Momentum for increasingly comprehensive SDS appears to be growing, in part because the harms may not be immediately evident to the data subjects. The future of SDS globally will depend on an informed and active public; law and policy will need to adjust to better regulate the production and storage of personal information. To that end, the dissertation offers a general model and linguistic toolkit for the further analysis of SDS

    A treatise on Web 2.0 with a case study from the financial markets

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    There has been much hype in vocational and academic circles surrounding the emergence of web 2.0 or social media; however, relatively little work was dedicated to substantiating the actual concept of web 2.0. Many have dismissed it as not deserving of this new title, since the term web 2.0 assumes a certain interpretation of web history, including enough progress in certain direction to trigger a succession [i.e. web 1.0 → web 2.0]. Others provided arguments in support of this development, and there has been a considerable amount of enthusiasm in the literature. Much research has been busy evaluating current use of web 2.0, and analysis of the user generated content, but an objective and thorough assessment of what web 2.0 really stands for has been to a large extent overlooked. More recently the idea of collective intelligence facilitated via web 2.0, and its potential applications have raised interest with researchers, yet a more unified approach and work in the area of collective intelligence is needed. This thesis identifies and critically evaluates a wider context for the web 2.0 environment, and what caused it to emerge; providing a rich literature review on the topic, a review of existing taxonomies, a quantitative and qualitative evaluation of the concept itself, an investigation of the collective intelligence potential that emerges from application usage. Finally, a framework for harnessing collective intelligence in a more systematic manner is proposed. In addition to the presented results, novel methodologies are also introduced throughout this work. In order to provide interesting insight but also to illustrate analysis, a case study of the recent financial crisis is considered. Some interesting results relating to the crisis are revealed within user generated content data, and relevant issues are discussed where appropriate

    Representations of Muslims and Australian Federal Elections 2004-2007: Media reporting as a social artefact of political discourse

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    Previous studies have highlighted links between rising levels of ‘Islamophobic’ attitudes, increases in direct and structural violence towards Muslim individuals and communities, and the electoral success of the Howard Government in Australia. This thesis seeks to extend existing research by exploring how and why the wedge politics which the Government utilised so effectively during the 2004 election campaign, at the expense of Australian Muslims, failed to achieve the same endorsement from the media during the 2007 election campaign. Divergences in media representations of Muslims between 2004 and 2007 point to a crucial shift, when the Howard Government suddenly found its political currency devalued as support among key players in the media fell away. This study investigates this shift through an analysis of manifest content from one influential media genre – news reporting and commentary published in two broadsheet newspapers, The Australian and The Sydney Morning Herald. The implications of my analysis are explored by drawing on a suite of conceptual frames including Critical Discourse Analysis (CDA). This study found that Islam and issues related to Muslims were more likely to be represented through essentialist, ‘Islamophobic’ stereotypes, and were more frequently presented as a significant ‘problem’, in The Australian than in The Sydney Morning Herald. Whilst the two different publications often framed their selected stories with different emphases, the agenda-setting function of the different papers nevertheless showed a substantial overlap. For both publications, however, 2007 election reporting was characterised by increased contestation of essentialist discourses and a more adversarial stance towards the incumbent government. Analysis of this shift is utilised to suggest potential strategies for disrupting or contesting negative representational patterns in future reporting on Muslims and Islam
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