A resilient hybrid payment supply chain inventory model for post Covid-19 recovery
مدل موجودی زنجیره تامین پرداخت ترکیبی انعطاف پذیر برای بازیابی پس از کویید 19-2021
The present Covid-19 pandemic causes disruptions to markets and businesses in general, affecting the supply chain inventory system most significantly. This work investigates a hybrid payment inventory model considering inflation, cash discount, price-sensitive demand, and preservation technology investment for non-instantaneous deteriorating products. Due to the economic downturn, a hybrid payment scheme composed of multiple pre- payments and a delay in payment is proposed to facilitate post Covid-19 recovery. The proposed model is one of the first models to consider a hybrid payment scheme in view of the Covid-19 pandemic, and to provide guidelines to retailers in planning the selling price, replenishment period, and preservation investment in view of the pandemic situation. The hybrid payment policy is suggested during the financial crisis to sustain orders from a retailer to the supplier and from the consumers to the retailer. During the supply disruptions, two cases for shortages and without shortages are studied. The nonlinear model is solved by Lingo 17 software. This study shows the effect of advance and delayed payments on the retailer’s total profit. It also shows that the total profit is extremely delicate to the inflation rate. The numerical examples illustrate the inventory model for different scenarios. Sensitivity analysis is carried out to provide managerial insights to management during post Covid-19 recovery.
Keywords: Post Covid-19 recovery | Disruption | Hybrid payment | Inflation | Preservation technology | Price-sensitive demand
Valuing Supply Chain Performance Within and Across Manufacturing Industries: A DEA-based Approach
ارزش گذاری عملکرد زنجیره تأمین در داخل و سراسر صنایع تولیدی: رویکردی مبتنی بر DEA-2021
Journal Pre-proof Managers often use financial metrics based on internal accounting data to gauge firm performance. In this paper, we analyze firm value and related levers of operational supply chain (SC) performance from a financial market perspective. This allows us to study the contributions of profitability (earns) and asset utilization (turns) as the two major drivers of firm value. For this purpose, we apply data envelopment analysis to a large-scale longitudinal dataset of listed US companies (2007–2015) that covers 13 manufacturing industries. In so doing, we shed light on the implications of the 2008/2009 financial crisis for operational SC performance. Our findings can be summarized as follows: First, earns and turns are negatively correlated from an internal accounting-based viewpoint that distinguishes ‘high earns/low turns’ from ‘low earns/high turns’ industries. Second, manufacturing com-∗Phone +49-7131-645636-826, fax +49-7131-645636-27Email addresses: email@example.com (G.J. Hahn),firstname.lastname@example.org (M. Brandenburg), email@example.com(J. Becker)Preprint submitted to International Journal of Production Economics April 16, 2021panies mostly tend to be less efficient in translating earns as opposed to turns into firm value. Finally, we observe declining efficacy of approaches to value- based supply chain management in manufacturing industries since 2007 (the last year before the financial crisis). General firm value appreciation in the stock markets overcompensated for this decline until 2015.
Keywords: DEA | Supply Chain Management | Performance Measurement | Financial Markets
Bank Risk Control based on FPGA and Machine Learning
کنترل ریسک بانکی بر اساس FPGA و یادگیری ماشین-2020
With the continuous increase of machine learning in business applications, it is being considered that many of the solutions are implemented. Due to the impact of the global financial crisis, the bank has achieved a more pro- nounced risk management, and risk, discovered measured, there was a continued interest in the reporting and management methods. In academia and industry, a lot of research, development banks and risk management, focuses on the current new challenges of. That what has been proposed is an analysis and evaluation of machine learning techniques that have been studied in the risk management of the bank, this is a completely on-site and risk management issues, and to determine. This will explore the potential areas for further research. The application, review risk management and machine learning centers, such credit risk, market risk, risk of learning machine of banking, such as liquidity risk has been shown to operational risk have been studied, It does not seem to be comparable to the level in the current industry. Many of the fields, in the ruins of machine learning, and risk management in the banking, you can benefit greatly from the study of methods that can be applied to solve a specific problem.
Keywords: Bank risk | Machine learning | FPGA | Control system
The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries
پویایی در میان کارآفرینی ، نوآوری و رشد اقتصادی در کشورهای منطقه یورو-2020
Economic growth in the Eurozone has been lacklustre over the last two decades due to increased global competition from economic players in other regions, economic and financial crisis, and political uncertainties within the zone. To increase the global competitiveness of the region, the European Union launched the Europe 2020 Strategy to raise the level of entrepreneurship and innovation, which are purported to be key drivers of economic growth. The main purpose of this paper is to investigate whether this assertion is true. Thus, the paper investigates the Granger causal relationships among entrepreneurship development, innovation, and economic growth for a sample of the Eurozone countries for the period 2001–2016. Using a vector error-correction model, the study finds that in the long run, both entrepreneurship and innovation stimulate economic growth. In the short run, strong causal links exist but are not always uniform. The results reveal that Eurozone countries should indeed base their growth strategies on policies that promote innovation and policies that create incentives for entrepreneurship.© 2020 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.JEL classiﬁcation: O43; O16; E44; E31
Keywords: Entrepreneurship | Innovation | Economic growth | Eurozone countries
Investors’ behavior and mutual fund portfolio allocations in Brazil during the global financial crisis
رفتار سرمایه گذاران و تخصیص اوراق بهادار صندوق سرمایه گذاری مشترک در برزیل در طول بحران مالی جهانی-2020
In this paper, I examine the ﬂow and performance of mutual funds in Brazil and their portfolio al- locations during the global ﬁnancial crisis. First, I show that mutual funds exposed to deposits and securities issued by small banks suﬀered signiﬁcant outﬂows, due to the increased risk aversion following Lehman’s default in 2008. The returns of funds exposed to small banks were also neg- atively aﬀected. Funds adjusted their portfolios by reducing their exposures to deposits of small banks, but they increased risk taking when term deposit coverage limits were raised. The distress among small banks also generated negative spillover to the portfolio management business of banks, reducing their numbers of investors. The results illustrate the potential risks to ﬁnancial stability, to the extent that interconnections among funds and banks can induce the transmission of shocks across markets.
Keywords: Mutual fund flows | Financial crisis | Portfolio choice
Bank partnership and liquidity crisis
مشارکت بانکی و بحران نقدینگی-2020
This study empirically investigates the relationship between banking integration and liquidity management. To measure banks’ connectivity, we use the number of partnerships proxied via the syndicated loan arrangements in which they serve as lead arrangers. If banks establish more business partnerships through syndicated loan arrangements, those under market stress are more likely to face increased funding costs, create reduced liquidity, and originate declined small business loans and mortgages. Those banks with more partners are shown to have a lower liquidity coverage ratio, suggesting that business partnerships create a disincentive toward liquidity risk management.
Keywords: Bank | Financial crisis | Network | Partnership
Bank development, competition, and entrepreneurship: International evidence
توسعه بانک ، رقابت و کارآفرینی: شواهد بین المللی-2020
This paper uses a panel database for 84 countries over the 2002–2017 period to analyze the importance of bank development and bank market competition for enhancing new business creation. The results show that less bank market competition facilitates the creation of new businesses. Bank development, however, is not associated with a higher entry rate of new businesses. Less bank market competition and lending relationships appear to be a main channel for reducing the cost of debt and overcoming traditional adverse selection and moral hazard problems between banks and newly created firms. The global financial crisis did not modify the positive effect of less bank market competition on new firm registration. The results are robust to controls for equity market development, the ability of banks to hold equity positions in nonfinancial firms, the costs and days required for starting a business, and any other omitted time-invariant variables at country level.
Keywords: Entrepreneurship | Bank development | Bank competition | Bank crisis
Anticipating bank distress in the Eurozone: An Extreme Gradient Boosting approach
پیش بینی بحران مالی بانک ها در منطقه یورو: یک رویکرد تقویت گرادیان شدید-2019
The banking sector plays a special role in the economy and has critical functions which are essential for economic stability. Hence, systemic banking crises disrupt financial markets and hinder global economic growth. In this study, Extreme Gradient Boosting, a state of the art machine learning method, is applied to identify a set of key leading indicators that may help predict and prevent bank failure in the Eurozone banking sector. The crosssectional data used in this study consists of 25 annual financial ratio series for commercial banks in the Eurozone. The sample includes Eurozone listed failed and non-failed banks for the period 2006–2016. A number of early warning systems and leading indicator models have been developed to prevent bank failure. Yet the breadth and depth of the recent financial crisis indicates that these methods must improve if they are to serve as a useful tool for regulators and managers of financial institutions. Our goal is to build a classification model to determine which variables should be monitored to anticipate bank financial distress. A set of key variables are identified to anticipate bank defaults. Identifying leading indicators of bank failure is necessary so that regulators and financial institutions management can take preventive and corrective measures before it is too late.
Keywords: Bank failure prediction | Bank failure prevention | Bank financial distress | Machine learning | Extreme Gradient Boosting |XGBoost
Regulation & oligopoly in banking: The role of banking cost structure
مقررات و الیگپولی در بانکداری: نقش ساختار هزینه بانکی-2019
The post-2008 financial crisis EU banking sector is characterized by recapitalization, a reduction in the number of credit institutions, and cost efficiencies due to the presence of economies of scope. This paper investigates the role of the banking cost structure as a factor influencing the regulatory impact on banking conduct under oligopolistic conditions. Applying the industrial organization approach to banking, commercial banks operate in the context of a two-stage Cournot game with economies of scope and public intervention. This intervention takes the form of minimum solvency requirements imposed by banking authorities. Higher capital provides a buffer against losses on banks’ assets and enhances financial stability. The findings show that stricter prudential regulation reduces loan rates and the interest rate spread. Also, the analysis suggests that banking regulation weakens the effectiveness of monetary policy. Thus, in terms of practical implication, banking supervision strategy should take into consideration the banking cost structure.
Keywords: Capital requirements | Regulation | Monetary policy | Economies of scope
Shadow banking and financial regulation: A small-scale DSGE perspective
بانکداری سایه و مقررات مالی: چشم انداز DSGE در مقیاس کوچک-2019
This paper estimates a small-scale DSGE model of the US economy with interacting tradi- tional and shadow banks. We find that shadow banks amplify the transmission of struc- tural shocks by helping escape constraints from traditional intermediaries. We show how this leakage toward shadow entities reduces the ability of macro-prudential policies target- ing traditional credit to reduce economic volatility. A counterfactual experiment suggests that a countercyclical capital buffer, if applied only to traditional banks, would have in fact amplified the boom-bust cycle associated with the financial crisis of 20 07–20 08. On the other hand, a broader regulation scheme targeting both traditional and shadow credit would have helped stabilize the economy
Keywords: Shadow banking | DSGE models | macro-prudential policy