Seadin Xhaferi | State University of Tetova (original) (raw)
Papers by Seadin Xhaferi
International Scientific Journal Monte
In this paper, through different methods, are analyzed the macroeconomic effects on the developme... more In this paper, through different methods, are analyzed the macroeconomic effects on the development of the capital market, that is, the Macedonian Stock Exchange. The regression analysis shows the relationship between the dependent variable-performance of the Macedonian Stock Exchange, shown through the MBI10 stock index and the independent variables (economic growth, inflation rate, interest rate and exchange rate). Secondary data published by the State Statistics Office, the National Bank of the Republic of North Macedonia and the Macedonian Stock Exchange were used. Also, within the framework of this paper, a comparative analysis of the movement of macroeconomic indicators in the given period is shown. Through the regression analysis, it was established that the independent variables (economic growth and inflation) have a positive and significant influence (impact) on the dependent variable (the value of MBI10). While the other variables (interest rates and exchange rate) have an insignificant and negative impact on the dependent variable (the value of MBI10). Through the comparative analysis, analyzing the quarterly data in the period 2017-2022, we can conclude that the value of the stock market index MBI10, which contains the shares of the 10 best listed companies on the stock exchange, has been in constant growth in the last 5 years, taking into account the shocks that happened to the global economy, not neglecting the national one as well. In 2022, we have a fall in the value of the index, as a result of macroeconomic and global destabilization. In the case of interest rates, we have a slight decrease until the beginning of 2022, when interest rates begin to rise.
Modern Perspectives in Economics, Business and Management Vol. 11, 2021
International Journal of Scientific and Research Publications (IJSRP), 2021
Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, creat... more Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, create new products and services, enable new business models, and blur the boundaries between industries. Digitization offers new opportunities for banks to put the customer at the center of the development process. New technologies remain and survive in the market to disrupt the value chain of retail financial services, as well as to introduce new players into the competitive arena. But a large number of banks stand far from the necessary scale of modern technologies. Banks need to be ready to meet any change challenge, which will require processes, skills, new products and an approach to meeting customer needs. The research subject of this paper is the urgent need for digitalization of the banking sector, continuous investments in modern Fin-tech tools. We believe that through this research we will show that an investment in the function of digitalization, traditional banking institutions will be ready to respond to any challenge of time changes. Nevertheless, banks must remain true to their basic identity as financial intermediaries: matching demand with capital supply.
Many developed economies consider foreign direct investment as a vital source for their economic ... more Many developed economies consider foreign direct investment as a vital source for their economic and social development. This paper explores the role and importance of multilateral corporations as well as the impact of FDI on the economic development and growth of the Republic of Macedonia during the period 2002-2011. This paper will also analyze the conditions and motives that encourage multinational corporations to penetrate foreign markets. There is a large number of theoretical and empirical researches in an effort to identify whether FDI has played a positive role in economic development, or whether the country's economic development levels have encouraged foreign direct investment. In addition to analyzing the relationship between GDP and FDI, this research will be enriched with other factors in order to study the links in a multivariate context. Additional variables include exports and employment, expected to be theoretically linked to FDI and economic development. In thi...
SUMMARY Estimation of credit risk it’s an important topic discussed among academics and policymak... more SUMMARY Estimation of credit risk it’s an important topic discussed among academics and policymakers because of the recent crisis which made financial institutions to face increasing risk of crediting. Researchers have projected and studied a large range of models based on expertise, mathematical algorithms or artifice techniques of intelligence. Taking under the consideration this fact and the different circumstances those countries face there is not a unique model of estimation to follow up. In order to have a result which will have a high level of trust we have to take under consideration characteristics of recent levels that will lead us to techniques for risk assessment of models of evaluation. Some important features of empirical performance are described: collecting data for the analysis; discrimination and stability. The study presents performances of metrics, timing, efficiency, overloading and costs. We discuss the importance, advantages and disadvantages of each feature i...
Foreign direct investments are a very important component of a country's economic activity. M... more Foreign direct investments are a very important component of a country's economic activity. Many developed and developing countries consider FDI as a vital resource for their economic and social development and prosperity. The relationship between FDI and economic development has been the subject of a large number of researches, starting from simple theoretical analysis to more complicated empirical studies. The main goal of this research is to test the empirical relationship between FDI and economic growth in the Republic of Macedonia, thus testing whether such a relationship is or is not statistically significant. For analysis of the relationship between FDI and economic development we will use annual data for the period 1995 2014, which will be tested by the OLS method. The results achieved by the econometric analysis show that there is a positive and statistically significant relationship between foreign direct investment and economic development in the country. So, inflows ...
Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, creat... more Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, create new products and services, enable new business models, and blur the boundaries between industries. Digitization offers new opportunities for banks to put the customer at the center of the development process. New technologies remain and survive in the market to disrupt the value chain of retail financial services, as well as to introduce new players into the competitive arena. But a large number of banks stand far from the necessary scale of modern technologies. Banks need to be ready to meet any change challenge, which will require processes, skills, new products and an approach to meeting customer needs. The research subject of this paper is the urgent need for digitalization of the banking sector, continuous investments in modern Fin-tech tools. We believe that through this research we will show that an investment in the function of digitalization, traditional banking institutions w...
SUMMARY The ratio of prices and wages is the most popular and most widely used evaluation model t... more SUMMARY The ratio of prices and wages is the most popular and most widely used evaluation model to assess the relative value of capital assets in the financial markets. Empirically, the long-term statistics shows that required return on the capital markets has a regular pattern. Thus, investors first require a return above the stable inflation rate, and then the dividend yield and capital growth because of an increase in earnings that have impact on price under the assumption that the P / E ratio is stable. With the data provided from a detailed empirical analysis of very long historical series of developed equity markets it is possible to determine the average required rate of return on the equity market niche. For the purposes of this paper, and available statistics, we analyzed the United States securities market and yields of the S&P 500 companies. Key variable that can be isolated in monitoring required rate of return in the stock market is inflation, i.e. requires anticipation...
The beginning of the study of financing mix is after the Modigliani and Miller theorem and its un... more The beginning of the study of financing mix is after the Modigliani and Miller theorem and its unrealistic assumptions under which the source of finance does not impact the capital structure of the firm. Continuously after the M-M theorem new theories are developed. In this paper we are going to look at these alternative theories for sources of financing with a specific detail on the: Trade off theory and Pecking order theory. We provide evidence how this theories cope in practice of business.
International Scientific Journal Monte
Trading with stocks in developed market conditions for some is fun, for others it is a way to pre... more Trading with stocks in developed market conditions for some is fun, for others it is a way to preserve the real value of the asset, while for the most is a challenge to gain bigger profits quickly and easily. Dreams on stock market alchemy rely on the development and upgrading of special systems whose ultimate goal is to uncover stock price secrets and their changes. What are the chances of this happening? Chances are minimal, according to experiences from the world’s leading stock exchanges in the past. The stock market complexity, the number and unpredictability of factors affecting stock prices and unexpected changes or stability do not give much hope to those who know what’s going to happen in the future. In such endeavors there are equal opportunities for both stock exchange experts and full-time amateurs. For all this, if the stock market cannot be defeated or deceived, then it is better to join it. So this means: to create a diversified portfolio of securities that provides a...
The beginning of the study of financing mix is after the Modigliani and Miller theorem and its un... more The beginning of the study of financing mix is after the Modigliani and Miller theorem and its unrealistic assumptions under which the source of finance does not impact the capital structure of the firm. Continuously after the M-M theorem new theories are developed. In this paper we are going to look at these alternative theories for sources of financing with a specific detail on the: Trade off theory and Pecking order theory. We provide evidence how this theories cope in practice of business.
There are different approaches for evaluating capital investments but optional approach is a full... more There are different approaches for evaluating capital investments but optional approach is a full and new theoretical and methodological approach for investment analysis. Contrarily to traditional analysis methodology of discount cash flow -DCF, the optional approach allows management flexibility and evaluation, respectively allows for adjustment to changes in the dynamic market that happen nowadays.
International Scientific Journal Monte
In this paper, through different methods, are analyzed the macroeconomic effects on the developme... more In this paper, through different methods, are analyzed the macroeconomic effects on the development of the capital market, that is, the Macedonian Stock Exchange. The regression analysis shows the relationship between the dependent variable-performance of the Macedonian Stock Exchange, shown through the MBI10 stock index and the independent variables (economic growth, inflation rate, interest rate and exchange rate). Secondary data published by the State Statistics Office, the National Bank of the Republic of North Macedonia and the Macedonian Stock Exchange were used. Also, within the framework of this paper, a comparative analysis of the movement of macroeconomic indicators in the given period is shown. Through the regression analysis, it was established that the independent variables (economic growth and inflation) have a positive and significant influence (impact) on the dependent variable (the value of MBI10). While the other variables (interest rates and exchange rate) have an insignificant and negative impact on the dependent variable (the value of MBI10). Through the comparative analysis, analyzing the quarterly data in the period 2017-2022, we can conclude that the value of the stock market index MBI10, which contains the shares of the 10 best listed companies on the stock exchange, has been in constant growth in the last 5 years, taking into account the shocks that happened to the global economy, not neglecting the national one as well. In 2022, we have a fall in the value of the index, as a result of macroeconomic and global destabilization. In the case of interest rates, we have a slight decrease until the beginning of 2022, when interest rates begin to rise.
Modern Perspectives in Economics, Business and Management Vol. 11, 2021
International Journal of Scientific and Research Publications (IJSRP), 2021
Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, creat... more Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, create new products and services, enable new business models, and blur the boundaries between industries. Digitization offers new opportunities for banks to put the customer at the center of the development process. New technologies remain and survive in the market to disrupt the value chain of retail financial services, as well as to introduce new players into the competitive arena. But a large number of banks stand far from the necessary scale of modern technologies. Banks need to be ready to meet any change challenge, which will require processes, skills, new products and an approach to meeting customer needs. The research subject of this paper is the urgent need for digitalization of the banking sector, continuous investments in modern Fin-tech tools. We believe that through this research we will show that an investment in the function of digitalization, traditional banking institutions will be ready to respond to any challenge of time changes. Nevertheless, banks must remain true to their basic identity as financial intermediaries: matching demand with capital supply.
Many developed economies consider foreign direct investment as a vital source for their economic ... more Many developed economies consider foreign direct investment as a vital source for their economic and social development. This paper explores the role and importance of multilateral corporations as well as the impact of FDI on the economic development and growth of the Republic of Macedonia during the period 2002-2011. This paper will also analyze the conditions and motives that encourage multinational corporations to penetrate foreign markets. There is a large number of theoretical and empirical researches in an effort to identify whether FDI has played a positive role in economic development, or whether the country's economic development levels have encouraged foreign direct investment. In addition to analyzing the relationship between GDP and FDI, this research will be enriched with other factors in order to study the links in a multivariate context. Additional variables include exports and employment, expected to be theoretically linked to FDI and economic development. In thi...
SUMMARY Estimation of credit risk it’s an important topic discussed among academics and policymak... more SUMMARY Estimation of credit risk it’s an important topic discussed among academics and policymakers because of the recent crisis which made financial institutions to face increasing risk of crediting. Researchers have projected and studied a large range of models based on expertise, mathematical algorithms or artifice techniques of intelligence. Taking under the consideration this fact and the different circumstances those countries face there is not a unique model of estimation to follow up. In order to have a result which will have a high level of trust we have to take under consideration characteristics of recent levels that will lead us to techniques for risk assessment of models of evaluation. Some important features of empirical performance are described: collecting data for the analysis; discrimination and stability. The study presents performances of metrics, timing, efficiency, overloading and costs. We discuss the importance, advantages and disadvantages of each feature i...
Foreign direct investments are a very important component of a country's economic activity. M... more Foreign direct investments are a very important component of a country's economic activity. Many developed and developing countries consider FDI as a vital resource for their economic and social development and prosperity. The relationship between FDI and economic development has been the subject of a large number of researches, starting from simple theoretical analysis to more complicated empirical studies. The main goal of this research is to test the empirical relationship between FDI and economic growth in the Republic of Macedonia, thus testing whether such a relationship is or is not statistically significant. For analysis of the relationship between FDI and economic development we will use annual data for the period 1995 2014, which will be tested by the OLS method. The results achieved by the econometric analysis show that there is a positive and statistically significant relationship between foreign direct investment and economic development in the country. So, inflows ...
Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, creat... more Fin-tech are accelerators of innovation in the banking system. They can improve efficiency, create new products and services, enable new business models, and blur the boundaries between industries. Digitization offers new opportunities for banks to put the customer at the center of the development process. New technologies remain and survive in the market to disrupt the value chain of retail financial services, as well as to introduce new players into the competitive arena. But a large number of banks stand far from the necessary scale of modern technologies. Banks need to be ready to meet any change challenge, which will require processes, skills, new products and an approach to meeting customer needs. The research subject of this paper is the urgent need for digitalization of the banking sector, continuous investments in modern Fin-tech tools. We believe that through this research we will show that an investment in the function of digitalization, traditional banking institutions w...
SUMMARY The ratio of prices and wages is the most popular and most widely used evaluation model t... more SUMMARY The ratio of prices and wages is the most popular and most widely used evaluation model to assess the relative value of capital assets in the financial markets. Empirically, the long-term statistics shows that required return on the capital markets has a regular pattern. Thus, investors first require a return above the stable inflation rate, and then the dividend yield and capital growth because of an increase in earnings that have impact on price under the assumption that the P / E ratio is stable. With the data provided from a detailed empirical analysis of very long historical series of developed equity markets it is possible to determine the average required rate of return on the equity market niche. For the purposes of this paper, and available statistics, we analyzed the United States securities market and yields of the S&P 500 companies. Key variable that can be isolated in monitoring required rate of return in the stock market is inflation, i.e. requires anticipation...
The beginning of the study of financing mix is after the Modigliani and Miller theorem and its un... more The beginning of the study of financing mix is after the Modigliani and Miller theorem and its unrealistic assumptions under which the source of finance does not impact the capital structure of the firm. Continuously after the M-M theorem new theories are developed. In this paper we are going to look at these alternative theories for sources of financing with a specific detail on the: Trade off theory and Pecking order theory. We provide evidence how this theories cope in practice of business.
International Scientific Journal Monte
Trading with stocks in developed market conditions for some is fun, for others it is a way to pre... more Trading with stocks in developed market conditions for some is fun, for others it is a way to preserve the real value of the asset, while for the most is a challenge to gain bigger profits quickly and easily. Dreams on stock market alchemy rely on the development and upgrading of special systems whose ultimate goal is to uncover stock price secrets and their changes. What are the chances of this happening? Chances are minimal, according to experiences from the world’s leading stock exchanges in the past. The stock market complexity, the number and unpredictability of factors affecting stock prices and unexpected changes or stability do not give much hope to those who know what’s going to happen in the future. In such endeavors there are equal opportunities for both stock exchange experts and full-time amateurs. For all this, if the stock market cannot be defeated or deceived, then it is better to join it. So this means: to create a diversified portfolio of securities that provides a...
The beginning of the study of financing mix is after the Modigliani and Miller theorem and its un... more The beginning of the study of financing mix is after the Modigliani and Miller theorem and its unrealistic assumptions under which the source of finance does not impact the capital structure of the firm. Continuously after the M-M theorem new theories are developed. In this paper we are going to look at these alternative theories for sources of financing with a specific detail on the: Trade off theory and Pecking order theory. We provide evidence how this theories cope in practice of business.
There are different approaches for evaluating capital investments but optional approach is a full... more There are different approaches for evaluating capital investments but optional approach is a full and new theoretical and methodological approach for investment analysis. Contrarily to traditional analysis methodology of discount cash flow -DCF, the optional approach allows management flexibility and evaluation, respectively allows for adjustment to changes in the dynamic market that happen nowadays.