This paper analyzes the relationship between international financial integration and economic growth. Recent literature, surveyed in this paper, emphasizes the role of financial deepening on economic growth. Less attention has been paid, however, to the role of international financial integration in promoting a deep domestic financial market and through that channel fostering economic growth. F...

It is commonly argued that China’s financial markets are effectively insulated from the rest of the world. To see if this is true and to better understand China’s financial development, we analyze China’s integration with major financial markets. Using conditional copulas, we show that China has experienced an increasing level of integration with several major financial markets during the last ...

ranking of companies listed on the exchange represent their status and considered a criterion for investment. also, it increases market's competition, development and efficiency. in this study, the fifty superior companies listed in tehran stock exchange were ranked based on financial ratios (liquidity, operational, leverage and profitability) using fahp- ftopsis hybrid approach during the...

Financial market prediction is one of the most attractive research areas in financial data mining field because of its available data and potential profits. Financial market prediction has been paid much attention by many researchers and practitioners. Huge numbers of forecasting methods including judgmental methods and statistical methods have been proposed. In previous studies, judgmental met...

..........................................................................................................................................................1 The conceptual evolution of the role of community in development ..............................................................5 Community vis-à-vis market and state: complementarities and incompatibilities .....................................

A new general model for asset returns is studied in the framework of the Fractal Market Hypothesis (FMH). To accomodate markets with arbitrage opportunities it concerns capital market systems in which the Conditionally Exponential Dependence (CED) property can be attached to each investor on the market. Emploing the limit theorem for the CED systems, the universal characteristics for the distri...

In this paper a new credit risk model for credit derivatives is presented. The model is based upon the ‘Libor market’ modelling framework for default-free interest rates. We model effective default-free forward rates and effective forward credit spreads as lognormal diffusion processes, and recovery is modelled as a fraction of the par value of the defaulted claim. The newly introduced survival...