International Journal of Business, Economics and Management

Published by: Conscientia Beam
Online ISSN: 2312-0916
Print ISSN: 2312-5772
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No. 1

The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)

Pages: 16-29
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The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)

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DOI: 10.18488/journal.62.2018.51.16.29

Oubay Mahmoud , Almougheer I. Wardeh

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Oubay Mahmoud , Almougheer I. Wardeh (2018). The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE). International Journal of Business, Economics and Management, 5(1): 16-29. DOI: 10.18488/journal.62.2018.51.16.29
The purpose of this study is to examine the profitability of Momentum based- trading strategies and investigate the causes of such profitability in Damascus Securities Exchange (DSE) market. The study analyzed 16 Momentum strategies based on full rebalancing and equally weighted techniques using monthly data from January 2010 to December 2016. The findings of the study showed low but significant Momentum effect, where the returns of Momentum portfolios were statistically positive only in 1 out of 16 strategies. Our findings suggest that Momentum strategy is applicable for winner portfolios whereas contrarian strategy is more appropriate for loser portfolios. We also adopted Market Model in order to investigate the possible risk-based explanations of Momentum profits, but we found that market risk is unable to explain the Momentum profitability in DSE market.
Contribution/ Originality
This study contributes in the literature related to financial market efficiency by finding the link between Momentum strategies and abnormal returns. Consequently, providing an evidence about the link between Momentum effect and market efficiency in emerging markets.

Construction and Application of Water Resource Accounting Information System in Taiwan

Pages: 1-15
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Construction and Application of Water Resource Accounting Information System in Taiwan

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DOI: 10.18488/journal.62.2018.51.1.15

David Han-Min Wang , Chih-Yuan Huang

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David Han-Min Wang , Chih-Yuan Huang (2018). Construction and Application of Water Resource Accounting Information System in Taiwan. International Journal of Business, Economics and Management, 5(1): 1-15. DOI: 10.18488/journal.62.2018.51.1.15
Since the last decade, rapid industry growth and booming world population increase the demand of water resource which brings out severe problems on water supply. In the Global Risk Report 2015 published by the World Economic Forum, water resource was ranked the greatest risk to the world. Taiwan is in 18th place in the UN global ranking among water-scarce countries. However, Taiwan has not established an integrated water resource information system to provide useful information to policy-makers and resource users. Therefore, this study adopts the international conceptual framework for water accounting to construct a water resource accounting information system tallied with Taiwan’s economic and policy conditions. The system is expected to provide useful information on water resource assets, liabilities, revenues and cost for economic sustainability. This study uses the case of Liyutan reservoir in Taiwan to illustrate the usefulness of the accounting information system which indicates new accounting research directions on water resource.
Contribution/ Originality
The paper's primary contribution is constructing the first water resource accounting information system in Taiwan by using the theories and techniques of financial accounting, and verifies the feasibility of this study with actual cases. This system contributes a lot to sustainable use of regional water resources.