Journal of Advances in Economics and Finance

6

Authors: Andrew J. Sherbo, Ryan Finn

Research Reports on Initial Public Offerings (IPOs) offer analysts with unique challenges. There is little, if any, financial background on the corporation and these Reports can be very influential as the company goes public for the first time. We examined 692 Research Reports issued on nearly 200 IPO’s during 2013 and found their Target Stock Price (TSP) accuracy to be very respectable when compared to Reports issued on mature companies. We looked at IPO Reports issued by at least one analyst with a Chartered Financial Analyst (CFA®) designation. These results showed a slightly higher, accuracy rate than reports issued by non-CFA analyst(s). Finally, we ranked twelve securities firms on their TSP accuracy rates.

8

Authors: Yu Hsing

Applying the aggregate demand and aggregate supply (AD/AS) model and based on a quarterly sample during 2001.Q1 – 2016.Q3, this paper finds that real GDP in Thailand has a positive relationship with the real effective exchange rate, government debt as a percent of GDP, labor productivity, the real oil price and a negative relationship with the real interest rate, real labor cost and the expected inflation rate. Hence, real appreciation of the Thai baht and sustainable increase in government debt as a percent of GDP would raise aggregate output.

10

Authors: Iwedi Marshal, Igbanibo Dumini Solomon

The current recession in Nigeria is characterized by dwindling oil revenue caused by drop in global crude oil price in the market, unfavorable and inconsistent foreign exchange regime, overreliance on imports, high inflation rate and mass job loses, Consequently, the economic recession in Nigeria has led to the following experiences: high cost of living, fall in investment and savings; decline in the activities of stock market, increase in crime rate, high poverty incidence, budget deficit in government spending, high rate of inflation, low domestic production capacity, depreciating value of Naira, scarcity of foreign exchange and high cost of doing business in Nigeria. Furthermore the issues of high interest rates, poor electricity supply, lack of portable water, high cost of transportation and poor state of aggregate infrastructure are resultant effects of the said recession. Some indices reveal that the growth rates in major sectors of the Nigerian economy are either slow or negative. Therefore the declaration by world economics in April 2017 that Nigerian’s economy has come out of recession is political and still far from the reality on ground. The indicators of sales manager index (SMI) do not reflect the true position of the Nigeria economy but rather capture the transaction and activities of the political elites who are in the position to spend foreign currency for everything. The study used the misery index (sum of inflation rates and unemployment rates), per capita income or real GDP to determine the economic well being of Nigeria. Our findings show that the average misery index for Nigeria economy for the period under review stood at 29.88% while the average real GDP for Nigeria for the reference period stood at (1.03%). We submit that the acclaim declaration by world economics is not true. We recommend a shift from a mono product economy to a diversified structural based economy driven by agriculture, mining and manufacturing.