We propose a model where investors may choose to acquire costly information that identifies good assets and purchase these assets in opaque (OTC) markets. Uninformed investors access an asset pool that has been cream-skimmed by informed investors. When the quality composition of assets for sale is fixed there is too much information acquisition and the financial industry extracts excessive rent...

Intellectual capital (IC) is organizational intangible asset which is frequently associated with performance. IC is commonly categorized into three core components: human capital, structural capital and relational capital. This study takes a step further in the evolution of the IC model for the hotel industry and divides relationship capital into two categories: End customer- relationship capit...

Preface The Committee on the Global Financial System (CGFS), known until 1999 as the Euro-Currency Standing Committee, serves as a discussion forum for the central bank community on financial stability questions. Central banks, being placed at the centre of the financial system, have a long tradition of analysing financial market developments. This applies to both the operational, ie monetary p...

The effect of corporate social responsibility (CSR) on financial performance has important implications for enterprises, communities, and countries, and the significance of this issue cannot be ignored. Therefore, this paper proposes an integrated model to explain the influence of CSR on financial performance with intellectual capital as a mediator and industry type as a moderator. Empirical re...

The issue of financial integration, at the country level, is a well-documented phenomenon in the area of International Portfolio Diversification (IPD). Despite the increasing degree of financial integration, it is important to investigate the global integration at industry level to capture the potential benefits of IPD. Thus, this study attempts to evaluate the potential advantages of IPD for i...

Financial risk is an objective phenomenon in economic activities. It has received extensive attention in theoretical and practical fields. For each company and operators in the market economy, the financial risk is an objective existence. The manufacturing industry as a pillar industry of China’s economic development, occupies a large proportion in China’s listed company. However because of the...

This study aims to use financial variables, corporate governance variables, and cash flow variables to construct financial information fraud warning models for the manufacturing industry, and applies logistics regression and back propagation neural network (BPNN) to determine the accuracy rate of identifying normal company samples and fraudulent company samples. In a ratio of ‘1:2’, this study ...

The financial exchange industry has undergone profound changes in the past 20 years. On the technological front, advances in telecommunications and computer power have changed the economics of the business entirely by offering new ways to make markets, greater speed of dissemination of financial information, greater access to exchanges from anywhere in the world, new interfaces allowing traders...