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Foreign Institutional Net Investment (FIIN) does not have any influence on volatility for all the market indices viz. Nifty, Sensex and BSE 100 for the whole period of study i.e. 1999-2017. Further breakup of the period into nine years exhibit the same results that the FIIN is not influencing the market volatility. The breakup of the period into six years and three years present the interesting finding that FIIN presents a positive influence on volatility of Nifty during 2005-2011 and 2011-14, FIIN has a positive influence on volatility for Sensex return during 2005-2008 and 2008-2011 and the last short period analysis of 2014-17 show that FIIN has a positive influence on volatility for Nifty. It means that the period of post economic crisis (2008-17) confirm positive influence of FII on volatility in Nifty, Sensex and BSE 100 market indices.

Keywords: Foreign Institutional Investors, Volatility, Nifty, Sensex, BSE 100, GARCH model, ARCH term, Stationarity, ADF test.

This study analyzes the targeting policy of the Central Bank of West African States (BCEAO) and its preferences. By choosing to depart from a strictly quadratic reaction function, the article adopts a framework to test the nature of monetary authority’s preferences. Using a panel estimate with different estimators, the article concludes that the BCEAO’s preferences are asymmetric and this result is robust both to estimation methods and measures of the output gap used. It also appears that such preferences are an element associated with strengthening the central bank’s credibility.

Keywords: inflation; monetary policy; asymmetric preferences; credibility; time inconsistency.

JEL Codes: E52; E58; O55.

This study examined entrepreneurship, human capacity development and youth employment generation in 20 selected sub Saharan African countries from 2005 to 2017. We employed the fixed effect Panel estimator on the secondary annual data sourced for the study. Findings from the study show that entrepreneurial activities and infrastructural development are important determinants of youth employment generation in the selected countries. The implication of these findings is that entrepreneurial activities and infrastructural development should be of concern to policy makers, and well-meaning private individuals as they are observed to be significant determinant of youth employment. More importantly, individual are required to possess refined skills to match the quality of infrastructural facilities in the work place. Therefore, as a matter of policy implication these African Countries should ensure that the conclusion of this study is considered and implemented, and make considerable effort to reduce the large informal sector by putting in place laws and rules that will ensure that the activities of the self employed people are recognized and accounted for on a large scale.

Keywords: Entrepreneurship; Human Capacity Development; Employment generation.

Devaluation is considered to be useful in enhancing economic growth by raising exports of a country. But devaluation may not be growth-promoting incase of developing countries due to deteriorating terms of trade, expensive imports and rising inflation. This  study is an attempt to empirically analyze the impact of currency devaluation on real output in the South Asian region for the period of 1990-2017 and modern econometric techniques are applied for analysis. The empirical findings show that devaluation has no significant positive impact on the economic growth of South Asian countries except in Bangladesh. The lowtech primary exports as compared to hitech manufactured imports of the region bring no fruitful effects of devaluation (depreciation) in terms of real output growth.

Keywords: Devaluation, Depreciation, Real output, Exchange rate.

This study examines the relative effectiveness of fiscal and monetary policy during economic recession. The study employed logistic smooth transition regression on Nigerian quarterly data spanning from 1982 to 2017. The findings revealed that expansionary monetary policy helps in ameliorating recession, while contractionary monetary policy during expansion promotes the economic growth, as it helps in reducing money supply in order to stabilize price. However, fiscal policy does not exert any significant effect during recession and expansion, though increment in government spending exacerbates recession, giving cautious credence to the grabbing hand thesis. It is also known that the effect of monetary policy during recession is more pronounced than its effect during expansion. Thus, the study recommends the implementation of sound monetary policy, as an effective tool during economic downturn.

Keywords: Logistic Smooth Transition Regression, Recession, Monetary and Fiscal Policy and St. Louis Equation.

JEL Code: E32, E52, H30.

The main purpose of this study is to empirically test the profitability of construction firms Listed in the Hanoi Stock Exchange (HNX). The authors collected secondary data from previous studies, construction firms Listed in the HNX for the period of 2015-2019. For this purpose, in this study we use variables of return on assets ratio (ROA), return on equity ratio (ROE), return on sales ratio (ROS), Earning per Share ratio (EPS) and Basic Earning Power Ratio (BEP) to measure the profitability of construction firms. The results of the research show that the profitability of construction firms has many limitations. Therefore, managers may enhance the profitability of their firms by specific measures, such as (i) increasing sales, (ii) cut the cost. So, the results indicate that through increased sales and cut the cost can increase its profitability. This study will benefit the construction firms Listed in HNX in the improvement of their profitability.

Keywords: Profitability, construction firms, financial ratios,

JEL codes: M40, F65, G30

This paper examines partial privatization in a pricesetting mixed duopoly model to reassess the welfare effect of production subsidies. The paper considers both substitute and complementary goods. The paper demonstrates that the result of price competition with complementary goods is essentially the same as that of price competition with substitute goods. The paper also demonstrates that the optimal subsidy, output and economic welfare are higher in price competition with complementary goods than in price competition with substitute goods.

Keywords: Partial privatization; Price competition; Subsidization; Complementary goods.

JEL classification: C72; D21; L32

Liquidity is a major factor in pricing. Most extant literature suggests a negative relationship between liquidity and stock returns. Some claim, however, that liquidity has a different role in the emerging market. In particular, using Vietnamese stock market data, Batten and Vo (2014) and Vo and Bui (2016) showed a positive relationship between liquidity and stock returns. This paper investigates this subject in the framework of the augmented FamaFrench model that includes liquidity. Employing eight years of data from 2009 to 2017 in the Vietnamese stock market, the study finds that the size effect and the value effect exist in Vietnam. More importantly, the liquidity factor is not only priced in Vietnamese stock market, but it is also a negative relationship that exists between liquidity and stock return.

Keywords: Liquidity, Vietnamese Stock Market, FamaFrench Model, Augmented FamaFrench Model, Negative Relationship between Liquidity and Stock Returns,

JEL Code: G12, G15, G19.