Management of Exchange Rate Risk In SMEs: Reflections On Exchange Rate Pass-through and Hedging of Currency Risk

Exchange rate fluctuations represent a challenge for the internationalization of all firms, both big and small. This paper reflects on two aspects of the exchange rate challenge - (i) the exchange rate pass-through and (ii) hedging of exchange rate risk and how SMEs manage these two aspects of exchange rate risk. The exchange rate challenges that SMEs face might differ from the risks larger firms are exposed to, and their management of the risks might vary. In family-owned SMEs, longer planning horizons than listed firms might imply a weaker exchange rate pass-through, while smaller financial buffers might pull pass-through rules in the opposite direction for the same SMEs. When considering hedging, the paper argues for both operational hedging and external hedging to represent a management challenge for SMEs, pushing the exchange rate risk towards the forefront of the factors hampering internationalization among SMEs.publishedVersio

Do Mutual Funds Remain Persitent? Evidence from Pakistan

This study investigates the performance persistence of 78 mutual funds of Pakistan for the period 2009-2015. The sample period is divided into two sub-periods, based on movement of KSE 100 index closing value. A skilled manager is a manager who can outclass the market consistently during both sub-periods. This study estimates out performance, selectivity, market timing and volatility timing skills using Capital Asset Pricing Model. The results show absence of persistence regarding Jensen alpha, selectivity and market timing skill. The study is making novel contribution by investigating persistence in volatility timing skill. The result reveals week evidence of persistence for volatility timing skill under four-index model.publishedVersio

Dicyclo­hexyl­ammonium thio­cyanate

In the crystal structure of the title compound, C12H24N+·NCS−, the anions and cations are linked through N—H⋯N and N—H⋯S hydrogen bonds, resulting in a chain along the a axis

Does corporate risk management lead to risk mitigation and firm performance? Evidence from Asian Emerging Markets

Purpose: This study aims to verify the significance of Andersen (2008) corporate risk management framework in Asian emerging markets to control firm risk and improve firm performance. Design/methodology/approach: The cross-sectional analyses are performed on a sample of 4609 firms across nine Asian emerging countries using 2SLS estimation technique. Findings: The empirical findings show that the adoption of corporate risk management not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. Our findings assert that by institutionalizing risk management practices into an integrated corporate risk management framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders. Originality: The study shifts the focus of corporate risk management away from Western countries toward AEM, which has been afflicted by high risks and uncertainties. The effectiveness of corporate risk management against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, we also establish that corporate risk management not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy

1-Benzoyl-3-(2,4,5-trichloro­phen­yl)thio­urea

The benzene and phenyl rings in the title compound, C14H9Cl3N2OS, form a dihedral angle of 40.98 (6)°. The mol­ecule exists in the thione form with typical thio­urea C—S [1.666 (2) Å] and C—O [1.227 (3) Å] bond lengths as well as shortened C—N bonds [1.345 (3) and 1.386 (2) Å]. An intra­molecular N—H⋯O hydrogen bond stabilizes the mol­ecular conformation. In the crystal, pairs of N—H⋯S hydrogen bonds link the mol­ecules into centrosymmetric dimers

New ferrocene integrated amphiphilic guanidines: Synthesis, spectroscopic elucidation, DFT calculation and in vitro α-amylase and α-glucosidase inhibition combined with molecular docking approach

Three N, N’, N″-trisubstituted ferrocenyl guanidines (MG-10, MG-12 and MG-14) were synthesized, characterized by several analytical methods such as FT-IR, 1H and 13C NMR, elemental analysis and UV–visible spectroscopy. These compounds have long chain aliphatic groups therefore their aliphatic nature has been evaluated by determining their critical micelle concentration (CMC). CMC point decreases from 0.036 mM to 0.013 mM with increase in the aliphatic chain length. The quantum mechanical parameters such as the energy of frontier molecular orbitals (EHOMO and ELUMO) and the Mulliken charge distribution on the optimized structures were determined using a DFT/B3LYP method combined with the 6-31G (d,p) basis set in the gas phase. The in vitro antidiabetic activity of synthesized compounds showed that MG-12 has IC50value 23.10 μg/mL against α-amylase while MG-10 has IC50value 27.32 μg/mL against α-glucosidase with the respective standard Acarbose (IC50value 20.12 μg/mL). Theoretical docking analysis demonstrated that MG-10 and MG-12 interacted with α-amylase by 3 types of interaction, including hydrogen bonds, hydrophobic interactions and electrostatic interactions

Ferrocene-Based Bioactive Bimetallic Thiourea Complexes: Synthesis and Spectroscopic Studies

Bioactive 1,1′-(4,4′-di-ferrocenyl)di-phenyl thiourea and various metal complexes of this ligand have been successfully synthesized and characterized by using physicoanalytical techniques such as FT-IR and multinuclear (1H and 13C) NMR spectroscopy along with melting point and elemental analyses. The interaction of the synthesized compounds with DNA has been investigated by using cyclic voltammetric and viscometric measurements. The intercalation of the complexes into the double helix structure of DNA is presumably occurring. Viscosity measurements of the complexes have shown that there is a change in length and this is regarded as the least ambiguous and the most critical test of the binding model in solution. The relative potential of the complexes as anti-bacterial, antifungal, and inhibition agents against the enzyme, alkaline phosphatase EC 3.1.3.1, has also been assessed and the complexes were found to be active inhibitors