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Copyright of Word: Aspects of Research: Conference Proceedings is the property of Liepaja University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Word: Aspects of Research: Conference Proceedings is the property of Liepaja University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Word: Aspects of Research: Conference Proceedings is the property of Liepaja University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Financial derivatives are a fast-growing area of financial instruments. They take a very important place among other financial products, because not just their value depends on underlying assets, but they are also used in many other financial products. Scientists observe, that financial derivatives are beneficial to country's economy but at the same time pose many risks, which increase country's systemic risk. It can be noticed, that financial derivatives were highly criticized after 2008 global financial crises, and it became very important to assess their impact on country's systemic risk. However, no scientific analysis has been performed so far to asses and justify theoretical impact of financial derivatives on the country's systemic risk. This research analyses scientific literature and theoretical insights are provided regarding the impact of financial derivatives on country's systemic risk. [ABSTRACT FROM AUTHOR]

This paper extends work in the area of quantitative reasoning at the undergraduate level. Task-based interviews were used to examine 16 calculus students' difficulties when solving three related rates problems. Analysis of students' verbal responses and written work revealed several difficulties, including dealing with several time-dependent quantities. The paper concludes with a recommendation for the teaching of related rates problems at the undergraduate level. [ABSTRACT FROM AUTHOR]

We document ongoing research on a digital artefact comprising a settlement layer for financial contracts traded over the counter (OTC). Working with a team of stakeholders from a hosting organization we employ the design science research methodology (DSR) in the design, implementation and evaluation of a DLT based settlement layer for OTC contracts. Our findings indicate that DLT may serve towards reducing execution costs while mitigating counterparty credit risk through deterministic automation of key processes in the OTC contract lifecycle. Extrapolating these early results, we introduce three general propositions on the systemic and commercial implications of DLT. We contribute to the broader IS discourse on the capacity for emerging digital technologies to upend traditional knowledge processes in the financial services. [ABSTRACT FROM AUTHOR]

The instruments of financial market provide an effective way to mobilize free funds of investors and manage market risks, which, however, isn’t fully used in Belarus. Some steps to improve the situation in financial sphere have been taken from the government side, but the area of corporate securities and derivatives still cannot be considered effective for all market participants. The aim of the research is to analyze the current state of corporate securities and derivatives markets in Belarus, identify problematic aspects and provide possible solutions for further development of those markets. For this purpose following research methods were used: analysis, synthesis, generalization, induction, deduction, observation, method of logical analysis, classification. According to the results of the study we have identified that corporate securities market, as well as derivatives market in Belarus, can be characterized by a significant role of the state in the creation process and high ratio of securities issued by banks and state institutions. In the article have been defined factors that constrain the development of those markets. Some factors lay in theoretical sphere, where have been proposed our own definition of corporate securities. Other factors arise in practical sphere: we have identified problems in accounting, taxation, legal regulation. For better understanding the necessity of hedging and its practical importance, we have considered the organization as an opened system, which is influenced by external factors. In this system, we have developed the model of hedging the most significant risks arising in the current activity of non-financial organizations. [ABSTRACT FROM AUTHOR]

The turn of the 21st century is a period of growing importance of finance in the global economy. The domination of the financial sphere in relation to the real sphere is defined as financialization. Inflation of financial instruments, derivatives in particular, is indicated among the symptoms of financialization. Financialization in relation to companies is associated with the growing importance of financial motives in the decision-making processes of enterprises. The growing pressure of financial markets and investors forces transformations in the value management process. Companies raising capital from share issues are evaluated by investors (shareholders). In turn, management is entrusted to hired managers whose evaluation depends on the current results. In order to meet the requirements of the owners (shareholders), they stop taking into account the long-term development of a given undertaking and focus on achieving the required rate of return in the short term. Therefore, they limit their operational activities, and in particular long-term investment activities, in favour of short-term financial activities. They use derivatives as one of the forms of short-term profit generation. Their use is characterised by a relatively high level of risk resulting from the use of leverage in their construction. It also results in potential profits (or losses) many times higher than the capital employed. The purpose of this paper is to examine whether non-financial enterprises operating in Poland use derivatives in value management. The research was based on the analysis of indicators identifying the role of derivatives in the enterprise and determining their impact on the ROE ratio as a measure of value for shareholders. For this purpose, the financial statements of non-financial enterprises published in Poland by the Central Statistical Office for the years 2010-2017 were used. [ABSTRACT FROM AUTHOR]

Derivatives are ambiguous financial products. Their use provide benefits for the business and economy, and also risks, which impact systemic risk of a country. Therefore, it's important to evaluate the impact of derivatives on systemic risk. There are many approaches used to measure such impact, however, there has been no attempt to measure such impact from macroeconomic view. This paper reviews scientific literature and summarizes main indicators, which can be used to measure impact of derivatives on systemic risk. Reviewed information suggests that not all indicators are suitable due to the availability and limitations of macroeconomic data. Suggestions are proposed to overcome such limitations. Finally, generalized methodology of financial derivatives impact on systemic risk valuation is provided. Statistical and graphical analysis is applied to the described methodology. Results show, that financial derivatives impact on systemic risk should be strongest for the size, complexity and leverage factors. [ABSTRACT FROM AUTHOR]

The current article opens the door for practical implementation of multinomial rejoining tree where valuation of project increases substantially. When a failure happens at an intermediate stage, based on information and data generated in the process which lead to failure at that stage, as well as based on risk appetite, the project manager or investor can re-invest a fraction of the original planned cost for that stage, to possibly get success. This is how practically problems are being tackled in real world project management, and so it should be for biotechnology. This practical approach is being captured by a new financial mathematical model of multinomial (trinomial) rejoining tree with risk-appetite factor incorporated into it. This method results in much higher valuation than previously known methods, and the method is a more realistic representation of how a manager should take care of finances for a project. [ABSTRACT FROM AUTHOR]

Nowadays derivatives as a risk management instruments can be the source of increased risk themselves. Non-financial institutions are more likely to use derivatives to hedge market risks rather than to engage in speculative strategies in order to profit from short-term changes in market variables, which priori implies an increased level of risk. Hedging with derivatives can be considered as a less risky activity than speculation, however we cannot say that it is absolutely risk-free. Unfair actions in the department of finance, errors in the development and implementation of the hedging strategy, counterparty defaults on derivatives – all these are potential losses for the company, which applies hedging. In order to eliminate or minimize the negative consequences, which may occur from the presence of derivatives in the portfolio of the organization, well-structured control procedures are necessary. The aim of the study is to develop such control procedures. For this purpose general scientific research methods were used: analysis, synthesis, generalization, induction, deduction, observation. Methods of theoretical research: idealization, formalization, method of logical analysis, classification. According to the results of the study, the factors that increase the risk of applying derivatives in non-financial organizations were identified. They are the following: specificity of derivatives, the risk of unfair actions of employees and contractors, low creditworthiness of counterparties, difficulties in reflecting derivatives in financial statements, etc. Taking into account the identified factors controlling procedures on transactions with derivatives for non-financial organizations of the Republic of Belarus was proposed. Those techniques will provide non-financial organizations confidence that non-core risks, associated with derivatives, are under the control of both responsible managers and senior management, which will convince investors in the reliability of investments in such organizations. [ABSTRACT FROM AUTHOR]

In the article, the words pēda, pēdējs, and pēdīgs and other formatives of this word-formation nest, which are the entries for Historical Dictionary of Latvian (16th-17th centuries), are discussed. From the point of origin, the adjectives pēdējs and pēdīgs 'final, last' are derived from substantive pēda 'foot'. The pair of adjectives pēdējs and pēdīgs is discussed in more detail, as it is interesting to trace the changes and variations of the use of these adjectives in the course of the development of written Latvian. At the end of the 19th and the beginning of the 20th century, several linguists insisted that the adjectives pēdējs and pēdīgs have to be used in different meanings, namely, pēdīgs as 'mean, bad', but pēdējs as 'the last -- in respect of place and time'. In modern dictionaries, pēdīgais is marked as a colloquial word, and it is used very rarely. In the early Latvian texts, the words pēdējs and pēdīgs are used as synonyms, with the same meaning, naming the last in terms of place and time. Nevertheless, the use of these adjectives differs in different sources. For example, in the texts of Georg Mancelius (17th century) pēdējs is more characteristic, but in the early Lutheran handbook (the end of the 16th century) only the word pēdīgs is used. It is possible that pēdējs is more characteristic to spoken Latvian, but pēdīgs is used in written texts instead of it, as derivation with -īgs is a very productive model of abstract adjectives in the early written religious texts. Both pēdējs and pēdīgs are used in some characteristic word-groups or idioms, for example, pēdējs gājums, pēdīgā stunda, pēdīgi laiki, etc., which stay invariably from one source to the next. Perhaps, the use of word groups with pēdīgs has contributed to the frequent use of the word in the early texts. [ABSTRACT FROM AUTHOR]

In early Latvian texts the words laime 'happiness, fortune' and nelaime 'misfortune' and corresponding derivatives constitute a group of word-formatives that are interesting to discuss from the point of view of word-formation and semantics. The word nelaime is characteristic, often used in religious texts, in the 17th century it had more than 600 word-tokens. In the texts of the end of the 16th century word nelaimība often is used with the same meaning 'misfortune', and in lexicographical sources nelaime and nelaimība are mentioned as synonyms. These words also have some common word groups, e. g., pasargāt par nelaimi, pasargāt par nelaimību. In G. Mancelius sermons phraseological units such as nelaimes=putnis, nelaimes=biķeris are often used. The word laime, in its turn, in the texts of the 17th century has about 70 word-tokens, but laimība is used only once. In religious texts words with negative connotation have a considerably larger number of word-tokens. The word nelaime has very wide usage in early texts, and in the dictionary Lettus by G. Mancelius it corresponds to several German words, so it is used in more than one meaning. The use of nelaimība in early texts could be explained by the fact that the model - word-formatives with -ība - was very actively used at the end of the 16th and beginning of the 17th century in the formation of abstract nouns and quality names. There are a lot of formatives with -ība and negation ne- in religious texts, especially characteristic of the works of G. Mancelius, so nelaimība could be formed by analogy. Writing entries for Historical Dictionary of Latvian (16th-17th centuries) it is essential to view the formatives and semantics of one word-formation nest together. [ABSTRACT FROM AUTHOR]

In Latvian texts of the 17th century word-formatives are often used, one component of them is -galv- (from the word galva 'head'). Such formatives are characteristic in the works of Georg Mancelius - both compounds and derivatives. A characteristic word-formation pattern are the so called bahuvrihi compound person names - patgalvis, trakgalvis, besides derivational compound quality names are formed - patgalvība, trakgalvība, as well as adjectives with the second component -galvīgs - pārgalvīgs, patgalvīgs. Such word-formation nests are common also in other languages - German, Lithuanian etc. It is possible that G. Mancelius used a corresponding pattern in German as a model for these formatives. Semantics of these formatives differs from the one known in our days, and it is not so easy to establish the exact meaning. Nevertheless, such pattern was already known in Latvian before, in spoken language. But such formatives are not found in the sources of the 16th century. Both in the sources of the 16th century and the 17th century, a derivative galvenieks (or galvinieks) is often used - it has two meanings in early Latvian texts. There are also different formatives (compounds, derivatives, word groups) with -galv- in the 17th century dictionaries by G. Mancelius, Ch. Fürecker and G. Elger, requiring further research. Some of the words - patgalvis, patgalvība etc. - are already included in the Historical Dictionary of Latvian (16th-17th centuries). [ABSTRACT FROM AUTHOR]

Taxpayers regularly deal in derivative instruments, yet the Income Tax Act has few provisions that address whether a taxpayer's transactions that involve derivatives should be on income or capital account, and when any gain or loss from those transactions should be recognized. The authors consider two recent cases that offer guidance on these questions and consider how that guidance should be applied. They also discuss a number of other issues of interest in relation to the treatment of derivatives. [ABSTRACT FROM AUTHOR]

This paper contributes to an infrastructural analysis of derivative markets through an account of the creation and development of futures markets on the Chicago Board of Trade and the New Orleans Cotton Exchange between 1856 and 1915. It takes as the starting point of analysis the dissimilar systems by which futures markets were linked to their underlying markets in commodities. This article argues that these systems produced commodity classifications with distinct semiotic features, which in turn promoted divergent behaviors on the futures market: high-risk speculation in Chicago and low-risk hedging in New Orleans. The analysis begins from the material features of wheat and cotton, then moves to examine the process of grading and its incorporation into practice, and finally traces the consequences of these for market behavior. By illustrating the impact of infrastructure--via the semiotic character of the classifications it creates--on market behavior, these cases demonstrate how even similar socio-technical arrangements can give rise to distinct market systems. [ABSTRACT FROM AUTHOR]

The author discusses the Canadian income tax treatment of typical equity derivatives such as total return swaps, forwards, and futures. In addition to reviewing the general provisions of the Income Tax Act that are relevant to the taxation of equity derivatives, he also discusses the "derivative forward agreement" rules, the "synthetic disposition arrangement" rules, and the recently proposed "synthetic equity arrangement" rules. The author also provides an example to demonstrate how a resident and a non-resident of Canada are taxed in respect of an equity derivative. [ABSTRACT FROM AUTHOR]

A new embedded Runge-Kutta-Nyström method based on phase-lag properties is developed in this paper, for the numerical integration of periodic initial problems [ABSTRACT FROM AUTHOR]

In the face of the dynamic development of the financial market, the problems relating to the operations of investment funds have gained in importance. The goal of the paper is the analysis of the role of investment funds in the financial markets. The paper starts with the brief outline of the history of money and financial markets. Further, the determinants of the stability in the financial markets are analysed. The author of the paper argues that investment funds are of great importance in terms of the allocation of global capital surplus. Moreover, investment funds may play a role in triggering the financial crisis, so they should be subject to international supervision. [ABSTRACT FROM AUTHOR]

Despite the impressive growth of risk management tools in financial institutions, Islamic finance remains miles away behind the conventional institutions. Islamic finance products need to comply with the syariah law and prohibitions, therefore they can use fewer of the available risk management tools compared to conventional. Derivatives have proven to be the effective hedging technique and instrument that broadly being used in the conventional institutions to manage their risks. However, derivatives are not generally accepted as the legitimate products in Islamic finance and they remain controversial issues among the Islamic scholars. This paper reviews the evolution of derivatives such as forwards, futures and options and then explores the mathematical models that being used to solve derivatives such as random walk model, asset pricing model that follows Brownian motion and Black-Scholes model. Other than that, this paper also critically discuss the perspective of derivatives from Islamic point of view. In conclusion, this paper delivers the traditional Islamic products such as salam, urbun and istijrar that can be used to create building blocks of Islamic derivatives. [ABSTRACT FROM AUTHOR]

In the present paper the technique of phase fitting and amplification fitting is applied in order to construct a new explicit modified Runge-Kutta method, for the numerical integration of well-known periodic orbital problems [ABSTRACT FROM AUTHOR]

The development of derivatives is the most profitable part in animation industry. The development of derivatives in Chinese animation industry is no better than that in animation powers, this is largely because the lack in marketing promotion of cartoon brands which hampers the development of derivatives. Marketing promotion is an important part in the development of animation industry. An excellent animation work will have to take full use of effective marketing methods to achieve its fame. By summarizing different marketing promotion modes of Chinese animation products, this paper epitomizes the status quo of domestic animation marketing promotion. Based on the reference of the successful experience in developed countries, this paper finds out the drawbacks of the marketing promotion of Chinese animation products and then puts forward suggestions for improvement. It is hoped that this paper can provide reference for the theoretical study of Chinese animation products' marketing promotion mode; furthermore, the marketing promotion mode which is useful for the sustained development of Chinese animation industry can be explored. [ABSTRACT FROM PUBLISHER]

This paper studies the linguistic truth value domain based on finite monotonous hedge algebra in an attempt to propose a derivatives system based on hedge moving rules and ∧, ∨, ⊗, ′, → rules based on Lukasiewicz algebra. [ABSTRACT FROM PUBLISHER]

In this paper a modified RKN is constructed, based to the nullification of the phase-lag, amplification error, and to theirs derivatives. [ABSTRACT FROM AUTHOR]

As a phenomenon, risk is specific for any human activity. Following this logic, we can say that this concept is a constituent element in the definition given to the financial sector, investments and market competition. The questions that the whole range of operators (governments, regulation bodies, financial institutions, companies and shareholders) must answer are: Which type of risk should one assume within an economic entity and to what extent should that risk be taken? If risk is materialized, to what extent will the financial consequences affect the involved parties? By enforcing laws that might eliminate economic risk, regulation bodies attempt to create an ideal regime in which the concept of"bankruptcy" does not exist. Thus, financial institutions and companies which hold a key position in the different economic sectors are prevented from performing actions that might lead to their bankruptcy. The positive effects of the regulation are doubled by less appreciated effects, such as the limitation of the investment potential. Working in this environment, the financial and economic agents' behaviour has significantly modified, i.e. it has mitigated the degree of risk aversion. The solution for this is establishing more flexible regulation lines that do not have as a main objective the elimination of failure, but rather the reduction of frequency with which such incidents occur and to manage the individual investors'/consumers' losses. One must preserve a balance between the need for facilitating risk internalization and the efficient use of capital (a fundamental operation for maintaining competitiveness and innovation spirit), on the one hand, and maintaining a certain protection level for the investor/client, on the other hand. For regulation bodies any of the two options will be a priority, since it is obviously in the commercial interest of any company (and, certainly, of the suppliers, customers and associates) to efficiently manage risks that derive from its activity and, for this purpose, to take into consideration the use of derivatives. Recent financial collapses have illustrated the consequences generated by the improper application of the basic risk management principles and of the efficient implementation strategies for derivatives. [ABSTRACT FROM AUTHOR]

Copyright of Proceedings of the Conference on the Economy of Integrations (ICEI) 2011 is the property of University of Tuzla, Faculty of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Perhaps there are a lot of papers based on the actual economic crisis. Well, this scientific writing puts in front the relation between the state and the bankers. In the first part is described how the bond between these two elements a few centuries ago was. After that, it is presented a lot of relevant information that shows the true behind the economic crisis, and how the bankers wanted bigger profit and how they used a lot of asset-backed securities, derivatives instruments, mortgage backed securities and some financial engineering so that they could transfer the risk to someone else. Of course, the financial market started to panic when the real estate market begun to crack. In that period countries from all over the globe started their survey program for their banking system. The governments pumped large sums of money to the banking sector, especially for those "to-big-to-fail" banks. [ABSTRACT FROM AUTHOR]

The article focuses on the review of the legislative amendments on the tax rules in the Income Tax Act (Canada), which was introduced by Canada Department of Finance. It says that the rules were expanded to apply to specific tracking property which include partnership interest, fund policies, and derivative instruments. Furthermore, it discusses the developments that affect Canadian branches of foreign banks, particularly the introduction of general witholding tax exemptions.

The article provides an overview on the income tax treatment for repurchase transactions and securities lending in Canada. It discusses on the securities lending arrangement (SLA) rules indicated in the section 260 of the Income Tax Act. It adds that the Canadian courts or the Canada Revenue Agency (CRA) have not scrutinized some of the issues related to SLA rules interpretations which are important to capital market participants.

The article discusses on the over-the-counter equity derivative transactions such as equity monetization strategy and share basket forward transaction which are being used in capital markets in Canada. It states that the tax for equity derivative is based on income tax principles. It adds that each equity derivative transaction has its own principles in assessing its merits.

In this paper we consider the fitting of the coefficients of a numerical method, not only due to the nullification of the phase-lag, but also to its derivatives. We show that the method gains efficiency with each derivative of the phase-lag nullified for various problems with oscillating solutions. The analysis of the local truncation error analysis and the stability of the methods show the importance of zero phase-lag derivatives when integrating oscillatory differential equations. [ABSTRACT FROM AUTHOR]

Numerov schemes for second-order differential equations are constructed based upon a trigonometric polynomial and an exponential fitting approach. By considering a numerical experiment in the form of a Sturm-Liouville problem the efficiency of the constructed schemes is discussed. [ABSTRACT FROM AUTHOR]

The paper traces the intertwined evolution of financial risk management and thefinancial derivatives markets. Spanning from the late 1960s to the early 1990s, thispaper reveals the social, political and organizational factors that underpinned theexponential success of one of today's leading risk management methodologies, theapplications based on the Black-Scholes options pricing model. Using empirical datacollected from primary documents and interviews, the paper argues that theremarkable success of today's financial risk management should be attributedprimarily to the communicative and organizational aspects of the methods ratherthan to their accuracy or validity. The analysis claims that financial risk managementbecame a boundary object - a set of instructions and practices that served as acommon ground and as a basis for discussion and operation despite having quitedifferent meanings to the different communities of practice involved. As riskmanagement became an integral part of common organizational market practices(e.g. margin calculation and intra-portfolio coordination) the actual content of thepredictions that risk management systems produced became less relevant. In fact, aseemingly paradoxical shift took place: as the consensus around risk managementsystems was established, the accuracy and validity of the predictions produced bythem became less important. [ABSTRACT FROM AUTHOR]

The introduction of index-based derivatives is considered the single most important development in financial markets and today these contracts are the most commonly traded financial instrument. Yet, no empirical sociological account has focused on the creation of index-based derivatives as a social and political institution. This paper offers index-based derivatives as a topic for sociological investigation. Focusing on the creation and regulatory approval of the first exchange-traded index-based futures in the early 1980s, the paper brings empirical evidence collected through interviews with most of the figures who took part in the historical events and from extensive archival research. The paper makes two central claims. First, the nature of index-based of financial markets is dependent critically on the nature of the qualification process it undergoes - a process through which the particular qualities are negotiated and attached to the products and in particular on the viability of the connections made between the financial contract and the assets on which it is based (underlying assets). Second, qualification of products takes place within a network made up of heterogeneous agents, whose worldviews and motivations are frequently conflicting. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]

The synthesis of two products 3-(1-hydrazino) -ethyl-4-hydroxicromen-2-one and 4-hydroxi-3-(1-phenylhydrazino) -ethyl-cromen-2-one is the focus of this study. Characterization of the compounds was done by NMR and FTIR spectroscopy. The new derivatives were then tested in laboratory rats in order to study their properties as anticoagulants. Studying their respective structures and properties can lead to a better understanding of the anticoagulant effects of gambling derivatives and thus aid in the synthesis of the better ones in the future. Anticoagulant characteristics were measured by activated partial thromboplastin time (APTT), prothrombin time, and thrombin time (TT) by screening method. [ABSTRACT FROM AUTHOR]