BONDS & SHARESBONDS & SHARESFebruary 5, 2018
money_coins_euro_currency_specie_loose_change_euro_cents_coin-811552-1024x680.jpg

12min1080

la croissance repart dans la zone euro mais attention à ne pas vendre la peau de l’ours avant de l’avoir tué. La politique monétaire accommodante menée par la banque centrale Européenne connaitrait une évolution, marquant ainsi la fin d’un cycle de récession économique qui a duré près d’une décennie. De nombreux experts s’attendent à ce que les autorités en charge de la gestion monétaire lèvent le pied  sur les politiques non conventionnelles en 2018.

S’il y a quelle chose qu’on pourrait affirmer avec certitude, c’est que 2018 ne sera pas comme 2017. En Europe, la croissance semble de retour. Ainsi, la zone euro s’inscrit dans une embellie économique mondiale  déjà visible en Chine (6,8% de croissance en 2017), et de façon plus marquante aux Etats-Unis où le taux de chômage à atteint un plus bas historique à 4%. Le prix du pétrole continue sa progression au profit des pays producteurs. Ce contexte favorable a entrainé certaines banques centrales à remonter leur taux d’intérêts. C’est le cas des Etats-Unis qui a amorcé la hausse de son  taux directeurs en 2015. En novembre 2017, c’était au tour de la banque  d’Angleterre de leur emboité le pas. Les relèvements des taux sont également intervenus au Canada en début de cette année. Les politiques non conventionnelles ne sont plus désormais que l’apanage de la Banque Centrale Européenne. On voit donc mal comment la politique monétaire en Europe pourrait se poursuivre sans une remonté de taux.

Politiques monétaires
Graphique de l’évolution des taux directeurs en Europe et les États-Unis

Le début de normalisation des taux a débuté en 2015 aux États-Unis. La Fed relevait son taux de 25 points de base. Du coté de l’Europe, la BCE abaissait son taux à zéro. Depuis, le spread des taux directeurs entre les États-Unis et l’Europe n’a cessé de s’élargir. Il a atteint 1, 5 point de base aujourd’hui. Si la croissance devrait dépasser 2% (prévision du Fonds Monétaire International) en Europe en 2018, de nombreux analystes pointent du doigt quelques facteurs de risques à surveiller. C’est le cas de Christian GINOLHAC de Gaspal Gestion qui estime qu’ « une surchauffe de l’économie américaine, source d’une baisse du taux de chômage et de pressions inflationnistes » risque d’entamer les efforts de redressement économique au niveau mondial. Éric BLEINES de Swiss Life Banque Privée souligne la nécessité de tenir compte du taux de change et des risques politiques : « la hausse de l’euro pourrait mettre à mal la reprise de la confiance en zone euro. Il en irait de même si les élections italiennes se passaient mal. Enfin, une inflation inattendue ou des tensions politiques, sources, par exemple, d’une hausse du prix du pétrole, seraient mal accueillies ». Pour Philippe UZAN de Edmond de Rostchild AM, les principaux risques seraient « principalement un emballement des taux. On peut y ajouter une baisse prononcée des marchés américains qui affecteraient inévitablement l’Europe ».  

Les changements prévus à la tête de la BCE

A partir du 22 janvier 2018, la BCE entamera son renouvellement par l’ouverture des candidatures pour remplacer le portugais Victor CONSTANCIO, vice-président de la BCE qui termine son mandat le 31 juin 2018.  Au cours des deux prochaines années, de nouveaux visages arriveront au sein de l’institution de Francfort. Outre le départ de CONSTANCIO, des changements sont également à signaler au niveau du directoire. Le belge Peter Praet, membre du directoire et économiste en chef quittera ses fonctions en au printemps 2019. Il sera suivi de la française Danièle NOUY, Présidente du conseil de supervision dont le mandat arrive à l’expiration le 31 décembre 2018. Dans la foulée, le français Benoit CŒURE, responsable des opérations de marché et membre du directoire abandonnera ses fonctions en octobre 2019, tout comme le directeur de la BCE, l’italien Mario Draghi.

Arrivée pour la plupart en pleine crise de la dette souveraine, cette équipe a contribué largement à la mise en place du quantitative easing à travers le rachat massif d’obligations publiques et privées. Ces politiques non conventionnelles ont contribué à sortir l’Europe d’une crise d’endettement et a relancé la croissance économique. Ces départs semblent ainsi marquer la fin des politiques accommodantes. Le recours massif à la planche à billets de l’ère Draghi avait été particulièrement mal vécu par les allemands. Ils estimaient que la BCE centrale, en intervenant direct sur les marchés financiers était en dehors de son mandat. Les prochains mois seront suivis par de nombreuses tractations entre les ultra-orthodoxes allemands et les pragmatiques du Sud. Il est donc clair que l’Allemagne voudrait tourner la page d’une longue période d’assouplissement budgétaire débuté aux États-Unis au lendemain de la crise financière de 2008. Si les allemands réussissent à faire main basse sur la BCE, cela n’augurerait pas les lendemains meilleurs pour les pays d’Europe du Sud encore loin d’être immunisés d’une éventuelle crise de la dette souveraine. Ce n’est pas parce que la croissance repart qu’il faudra déjà crier victoire. Un raidissement brutal du taux d’intérêt directeur pourrait replonger une partie des pays de la zone euro dans une nouvelle crise de dette souveraine. Attention ! Il faudrait donc mener avec tact et délicatesse cette vague de remontée de taux de façon à éviter un « krach » sur les obligations.

Les entreprises européennes peu valorisées, l’impact de la reforme fiscale de Trump

Si les entreprises américaines sont très valorisées, ce n’est pas le cas en Europe où les valorisations demeurent moins tendues. Une correction en faveur des entreprises du vieux continent n’est pas à écartée si les publications ne sont pas bonnes aux États-Unis. Elle pourrait être amplifiée par une hausse des taux d’intérêt directeur de la BCE.

Si la réforme fiscale aura dans un premier temps, un impact négatif sur les comptes des entreprises du S&P 500, ce ne sera pas le cas d’ici la fin de l’année. De nombreux analystes ont révisé à la hausse leur prévision de bénéfice pour 2018. Selon Factset, ils tablent désormais sur un résultat net par action en croissance de 13,5% cette année grâce des économies réalisées sur des impôts. Ainsi, le taux d’imposition va baisser de 35% à 21%. La reforme fiscale représenterait également une aubaine pour les entreprises européennes souvent très investies en Amérique du Nord. C’est le cas de certaines capitalisations du CAC 40 telles que LVMH, Essilor, Natixis, Capgemini, Publicis Groupe, Danone et Air Liquide qui réalisent entre 20 et 45% de leur chiffre d’affaires dans cette région du monde. Cependant, la poursuite de la croissance en 2018 ne sera pas un long fleuve tranquille.  

L’équation politique loin d’être résolue

Sur le plan politique, les élections législatives prévues en mars 2018 en Italie seront à suivre avec une grande attention.  Selon les sondages, la coalition de droite constituée de Forza Italia, le parti de Silvio Berlusconi et la ligue du Nord, parti d’extrême droite emmené par Matteo SALVINI devance le Parti démocrate de Matteo RENZI. Ce dernier avait échoué en décembre 2016 suite au rejet de son referendum portant sur la reforme de la constitution italienne. Les chiffres de sondages créditent la coalition de droite de 35% devant le mouvement 5 étoiles, une autre formation populiste qui obtiendrait environ 28,5%. Le parti démocrate arriverait en troxième position avec 24% de voix. Si ces chiffres se confirmaient au soir du 4 mars 2018, il serait difficile d’envisager la formation d’un gouvernement majoritaire. Ce qui pourrait par conséquence, ouvrir à une longue période d’incertitude en Italie déjà marquée par une instabilité économique. La zone euro pourrait également pâtir de cette nième crise si ces incertitudes politiques venaient à se confirmer.

Le pétrole repart à la hausse mais la prudence reste de mise

Au cours du second semestre 2017, le prix du baril de Brent a progressé de prés de 50%, et s’établit aujourd’hui sur ses plus hauts depuis 2015 à 70 dollars. Cette hausse du prix de l’or noir reflète une reprise de confiance dans les pays émergents. Les entreprises productrices comme Total profitent de cette remontée de prix. Cependant, il ne faut pas crier victoire trop tôt. Les tensions dans la région du Moyen-Orient demeurent perceptibles. Elles pourraient saborder la dynamique de croissance mondiale déjà amorcée. Du coté de l’OPEP, une autre bonne nouvelle est tombée cette semaine. L’Arabie Saoudite a annoncé de poursuivre sa coopération avec ses partenaires au-delà de 2018 en vue de réguler la production mondiale de pétrole.


BONDS & SHARESBONDS & SHARESJanuary 27, 2018
pexels-photo-277052-1-1024x768.jpeg

8min2591

The purpose of this paper is to highlight the importance of corporate governance and its impact of running business, it is very important to discover and understand the relation between Corporate Governance and Strategic Management as both focuses on company’s practices in regards of achieving strategic goals in the light of interest of various stakeholders.

Introduction

Corporate governance and strategic management in different contexts: fostering interchange of a crucial relationship

Five important studies have been investigating this relation from different points of view aiming to widen the research agenda to assess the managerial impact of the interconnection of corporate governance and strategic management. As a critical study over these five studies, the relation between corporate governance and strategic management is seen from three different points of view. First, see them as completely different functions that cannot have any interconnection or conversion among them. Second, finds that having at least two relations of intersection and integration between corporate governance and strategic management (see figure 1).

Corporate Governance

Third point of view adopts Machiavelli’s quote about the Fox and the Lion seeing that corporate governance role should be as the intelligence of Fox and the strategic management role should imply the courage of a Lion.

(Capasso & Dagnino, 2012) Argues that time has come that the company lives an alternative phase of dominance either corporate governance of strategic management. It concluded that whether the company id corporate governance oriented or strategic management oriented, troubles arise if the quality of anyone of them is poor.

(Shen & Gentry, 2014)  focused on effect of strategic management on corporate governance and suggested a model that involves in the relation between corporate governance and strategic management that stands on the impact of company’s strategic decision on ownership that will influence corporate governance mechanism and hence the future strategic decision. This model reflects the tension relation between corporate governance and strategic management.

Also (Harrigan, 2012) focused on the comparison between Japanese and USA BOD characteristics and its impact on the strategic decision of the firm. The study was concentrating on governance and strategy issues such as independent directors, shareholder value maximization, audit and compensation committees and business exit strategies. Her analysis covered about 45 Japanese firms and 72 US firms shows that there are still significant differences in corporate governance practices between Japanese firms and U.S. firms which discovered that Japanese managers are not willing to exit an unprofitable firm specially if it may result in terminating large number of workforce, while the US counterparts and on the opposite side do not consider such issue.

(Gutierrez & Surroca, 2012) made comprehensive review of the various internal corporate governance mechanisms (managerial incentives, board of directors, ownership concentration, and banks …etc )and external corporate governance mechanisms (market for corporate control, managerial labor market, and product market)  of Spanish firms in comparison with firms in other developed economies including US, UK, Germany, France, Japan, and Italy. It was concluded that the corporate governance system in Spain has evolved toward a hybrid model that stands in an intermediate position between the market oriented model and the bank-oriented model.

(Slomka & Golebiowsk, 2011) has examined the relationship between bank representatives on the supervisory board and firm financing in Poland’s post communist economy and suggests that this cooperation strategy was not only insufficient in the Polish context to eliminate the financial constraints faced by the firms, but also made the firms susceptible to bank influences in financial and strategic decisions.

Conclusion

In my opinion, corporate governance is of the importance that can affect the future of any corporation or business firm as it is the rules and guidelines and practices that controls the direction of a company and specifies the rights and responsibilities of stakeholders within the three main groups affecting the company’s march in business which are shareholders, board of directors and management team.

The main concern of corporate governance is to determine how power is distributed between the three groups to insure fairly running of business for the interest of all stakeholders.

This leads us to be on concrete that there is a strong bonding between corporate governance and strategic management as the strategic goal of business cannot be achieved without a function that backs the management applying the company’s strategy and provides the protection and fair power distribution that leads the company’s ship to reach the shore if success.

 

[vc_row][vc_column][vc_tta_accordion active_section=””][vc_tta_section title=”References” tab_id=”1513280706656-07087b4d-83ac”][vc_column_text]

> Capasso, A., & Dagnino, G. B. (2012). Beyond the ‘‘silo view’’ of strategic management and corporate governance: evidence from Fiat, Telecom Italia and Unicredit. Journal of Management and Governance, 29. doi:DOI 10.1007/s10997-012-9247-0

> Gutierrez, I., & Surroca, J. (2012). Revisiting corporate governance through the lens of the Spanish evidence. Journal of Management & Governance, 989-1017. doi:10.1007/s10997-012-9250-5

> Harrigan, K. R. (2012, November). Comparing corporate governance practices and exit decisions between US and Japanese firms. Journal of Management & Governance, 975-988. doi:10.1007/s10997-012-9249-y

> Shen, W., & Gentry, R. (2014). A cyclical view of the relationship between corporate governance and strategic management. Journal of Management & Governance, 18. doi:Shen, Wei & Gentry, Rich. (2014). A cyclical view of the relationship between corporate governance and strategic management. Journal of Management & Governance. 18. . 10.1007/s10997-012-9248-z.

> Slomka, A., & Golebiowsk. (2011, December 29). Are the corporate governance standard in banks in the CEE countries low hanging fruits. Munich Personal RePEc Archive, 18.

[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]


BONDS & SHARESBONDS & SHARESJanuary 25, 2018
BIG-DATA-1024x704.jpg

12min2661

Big Data’s main potential is to help companies improve their operations in the sense that they’re able to make faster, better and more intelligent decisions by collecting and analyzing the data with the aim of gaining a useful edge and increasing revenues. Are finance and Trading exempt from this massive improvement in Data Science?

Big Data… What’s that?

Big data has been used since the 1990’s, with the computer scientist John Mashey making it more popular. It includes data sets (A specific collection of data) with sizes exceeding the ability of commonly used tools. Its main philosophy involves encompassing data, be it unstructured in the form of texts and images, semi-structured or structured in the form of numerical inputs and tables. In order for it to work, Big data requires a set of techniques with more advanced integration forms, able to reveal insights from the massively scaled, complex and diverse collected data sets.

By the 21st century, researches and reports have associated Big data and its data growth challenges with a stack of characteristics.

  • Volume: Represents the quantity of generated or stored data. The value and potential insights are often determined by the size of the collected data.
  • Velocity: Represents the speed at which the data processing is done. A threshold is often set in order to meet the requirements and challenges lying in the path of a company’s growth.
  • Variety: Represents the nature and type of data used. Classifying the collected data will often help the analysts determine an effective use of the resulting insights.
  • Veracity: Accurate analysis heavily depends on the quality of data sets. As such, captured data are forgone an extensive veracity analysis with the aim of increasing the insights’ performance.
  • Machine Learning: Often used as an introductory operation to Big Data, it explores the study and implementation of algorithms able to learn from and make predictions on data. In other words, machines are given the ability to learn without being explicitly programmed.

As such, Big data begins to have a predominant role in feeding computers and servers thriving on useful knowledge, enabling the companies to maintain a competitive edge in their respective environments.

That’s great… And what about Financial Trading?

Like any other forms of trading, financial trading is all about buying and selling financial instruments, be it shares, forex, bonds or derivatives in the form of CFDs, futures, swaps and options. It doesn’t matter which financial instrument is involved, the outcome should be common: To make a profit, which is easier said than done! In financial markets, millions of firms, individuals and even governments simultaneously tend to attempt making profits from trading.

However, with all these traders colliding against one another, the prices of the instruments tend to move in a rather random pace, making it very hard to predict the future prices, with the conventional methods at least. Some markets tend to be very volatile in the sense that not only it is moving a lot and bringing more profit opportunities, but also increasing the risk

…Which bring us to the enigma of risk! No matter what instrument is being traded, who’s trading it or where the trade is taking place, it is all about balancing the potential profit against the involved risk.

Big Data and Financial Trading… How do they correlate?

Good question. As financial markets tend to be some of the most dynamic entities to exist, the trading methods must follow the same dynamism in order to consistently generate profits. As such, traders will consistently develop trading methods that are temporarily profitable for the corresponding market conditions and constraints. But what will happen if the conditions change? The methods will ultimately show their failures.

This leads us to the infamous enigma of traders: Is there a way to build and implement a system able to consistently calculate the optimal probability of executing profitable trades? We all know that it has become almost impossible for the trader to keep up with the overwhelming surge of incoming data from market analysis, especially with the use of classic methods involving market monitoring.

This is where Big data analytics come to the rescue. Traders are starting to switch from the classic, manual trading strategies to what we call to this day, Quantitative Trading. Exactly as its name states, it consists of trading strategies based on quantitative analysis, which by itself relies on mathematical computations and number crunching with the hope of identifying trading opportunities. As quantitative trading is effective for extremely large-in-size transactions, it is mostly used by Hedge Funds and financial institutions. That doesn’t matter anymore since even individual investors are getting used to it!

For now, let’s break the quantitative trading down. The very first things a trader needs are data inputs. For a quantitative analyst, the most commonly used inputs are the price and volume. Next, the trader is prone to select the technique they wish to use, such as high-frequency trading or statistical arbitrages, and then couple it with the quantitative tools like the moving averages, stochastic indicators and oscillators.

But here’s where it gets more complicated. The trader creates their mathematical models and then develops a computer program able to simulate the model with the help of historical data. Of course, depending on the obtained results, the model may forgo backtests and optimizations, and once validated, the model is hence implemented in real-time markets. This leads us to understand how quantitative trading works best: It uses all the possible analogies, patterns and trends in order to predict the outcome of a specific event, which in our case is the future price.

Based on the Big data’s characteristics we’ve already mentioned above, financial organizations and retail traders are finally able to extract a great deal of information, helping them in their trading decisions.

Quantitative traders, rejoice! Thanks to the predictive capabilities Big data has recently given, historical data (Prices) can easily be crunched with the advanced techniques of Machine Learning and Artificial Intelligence, and then be explored to identify patterns allowing the traders to refrain from order punching and switch to the more creative aspect of estimation. This will notoriously help the trader park their capital at the right time and place.

A simple proof of Big Data being extremely useful for automated trading is the fact it is widely used by the biggest financial institutions like J.P Morgan, which are, for the record, mass-recruiting Data scientists who perfectly understand Machine Learning and Data analysis using Big Data.

Going even further, some financial institutions have begun to use the sentimental analysis technique, which by itself is a form of data mining. Also known as opinion mining, it involves computationally identifying and categorizing opinions (Buy at a specific timespan, Sell at a specific timespan, Indifferent, Waiting for the market to move, etc) usually expressed in the form of texts. The aim is to properly determine whether a specific population of traders’ attitude towards a specific financial instrument at a specific timespan is positive, negative or neutral. This technique can show some very interesting results when coupled with the previously stated predictive models using Big Data.

In a nutshell

Big data is starting to show its notoriety when it comes to Quantitative and High-Frequency trading, whether done by financial firms or private investors. As firms receive petabytes of live tick data from electronic transactions and feed them to the dedicated server, they are used as historical inputs for developing quantitative models and algorithms based on the obtained trade decisions. As mouth-watering as it may sound, it also presents imperfections. Of course, not only big data and machine learning have drastically reduced the margins of error caused by human decisions, but have also made it possible to trade more accurately, and thus dramatically impact the way transactions are executed. However, traders need to understand that not all the market scenarios can be predicted or at least recreated. You could have all the possible data sets, coupled with the best patterns generated by Big data, and then use the best quantitative model there exists, but still end up with a trade loss! This can be explained by the incompleteness of Big data patterns, in the sense that they do not include the sudden market surges caused by human errors and/or false rumors. Nevertheless, it won’t be very long before Big data becomes a mainstream necessity for financial institutions… Or has it already?

 

[vc_row][vc_column][vc_tta_accordion active_section=””][vc_tta_section title=”References” tab_id=”1513280706656-07087b4d-83ac”][vc_column_text]

[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]


BONDS & SHARESBONDS & SHARESJanuary 24, 2018
emotional-intelligence-1024x427.gif

11min3390

 

Introduction

Emotional Intelligence popularly referred to as EI or Emotional Quotient (EQ), has become an important topic within corporate leadership development. Emotional Intelligence as a factor in developing leaders, shaping organizational culture, and ultimately affecting an organization’s financial performance. The corporate world has long recognized that the greatest and most effective leaders offer more than traditional intelligence. Indeed, countless “smart” leaders have fallen from grace in recent years, When it comes to building strong leaders, organizations are now turning to the concept of Emotional Intelligence to help give leaders a new type of intelligence edge above and beyond technical aptitudes.

Emotional Intelligence is more than an amorphous concept related to “playing well with others.” It is made of a specific set of observable and measurable emotional and social skills that impacts the way people perceive and express themselves, develop and maintain social relationships, cope with challenges, and use emotional information in an effective and meaningful way. In fact, the process/ mechanism by which it affects an organization and its bottom line is through its role in creating a high-performance culture.

Roger Pearman, Founder and CEO of Leadership Performance Systems, said, “What builds great and sustainable organizations are leaders with a high degree of business specific skills, planning and control and Emotional Intelligence methods to keep people motivated and engaged. Leaders who have a sensitivity to relationships and do a good job of building relationships have something beyond business skills that help organizations succeed. They have highly developed emotionally-intelligent behaviors.”

What is emotional intelligence?

One of the definitions for emotional intelligence is that the emotional intelligence the ability to, for instance, understand your effect on others and manage yourself accordingly accounts for nearly 90 percent of what moves people up the ladder when IQ and technical skills are roughly similar .Also According to Goleman (2000), ‘a leader’s singular job is to get results’. However, even with all the leadership training programs and ‘expert’ advice available, effective leadership still eludes many people and organizations. One reason, says Goleman, is that such experts offer advice based on inference, experience and instinct, not on quantitative data. The discussion of EQ often begins with an emotional challenge from Aristotle: ‘Anyone can become angry–that is easy. But to be angry with the right person, to the right degree, at the right time’.

From a scientific (rather than a popular) standpoint, emotional intelligence is the ability to accurately perceive your own and others’ emotions; to understand the signals that emotions send about relationships; and to manage your own and others’ emotions. It does not necessarily include the qualities (like optimism, initiative, and self-confidence) that some popular definitions ascribe to it.Leaders now need to manage and lead an empowered workforce and go beyond the consultative, co-operative and democratic styles of today. The core of high EI is self-awareness: if you do not understand your own motivations and behaviors, it is nearly impossible to develop an understanding of others. A lack of self-awareness can also thwart your ability to think rationally and apply technical capabilities.

These new demands include :

  • Consultation and involvement but leaders are been criticized for not having and communicating a compelling vision and purpose.
  • Autonomy and freedom but leaders are expected to take full responsibility when things go wrong.
  • Opportunities for growth, challenge and glory but leaders must be on hand to coach and mentor us so that we develop our potential.
  • Inclusion and team Spirit but we still want our leaders to give us individual recognition and acknowledgement.

Components of emotional intelligence

Goleman (1998) states that the five components of Emotional Intelligence at Work are: Self-Awareness, Self-Regulation or Management, Motivation, Empathy (Social Awareness), and Social Skills (Relationship Management). There is growing evidence that the range of abilities that constitute what is known as emotional intelligence plays a key role in determining success, both in one’s personal life and in the workplace. In addition to, the core of high EI is self-awareness: if you do not understand your own motivations and behaviors, it is nearly impossible to develop an understanding of others. A lack of self-awareness can also thwart your ability to think rationally and apply technical capabilities.

Emotional intelligence effect on organization performance

Emotional intelligence increases corporate performance for a number of reasons. The most important is the ability of managers and leaders to inspire discretionary effort the extent to which employees and team members go beyond the call of duty. In addition, Individuals are much more inclined to go the extra mile when asked by an empathetic person they respect and admire. Although discretionary effort is not endless, managers with low emotional intelligence will have much less to draw on. If an organization has a cadre of emotionally intelligent leaders, such discretionary efforts multiply.

Surveys has proved that among different leadership methods the Emotional intelligence is the most effective one. It proved that 60% of managers whose organizations use Emotional Intelligence assessments rate them as effective on par with methods such as executive coaching, global assignments .where Bob Anderson Said, “What does it cost you when your employees are in survival mode rather than thrive mode? What does it cost if they have no access or support to be courageous and creative? Emotional Intelligence assessments address these questions and help identify key areas where you can improve. That information can be painful, but so well worth it in the end. “The argument that Emotional Intelligence is a critical component of effective leadership is an intuitive and persuasive one. Executives who possess higher levels of specific EI attributes like(empathy, self-regard, reality testing and problem solving)were more likely to yield higher profit earnings .As Bill George succinctly put it, “I have never seen leaders fail for lack of raw intelligence, but have observed more than a hundred who have failed for lack of Emotional Intelligence”.

Researches showed that organizations that use assessments to track or measure Emotional Intelligence are more likely to report positive revenue growth rates than other organizations. Some of the effective methods of integrating Emotional Intelligence include – Using assessments that evaluate an individual’s Emotional Intelligence level, Incorporating Emotional intelligence as a topic in Training & Development courses and including improvements in Emotional Intelligence as an objective for leadership/executive coaching.

Program elements to consider :

  • Incorporating Emotional intelligence as a topic in Training & Development courses.
  • Holding leaders accountable for improvements in Emotional Intelligence as an objective for leadership/executive coaching.
  • Particular consideration should be given to Emotional Intelligence assessments, as a cost-effective and impactful tool to develop leaders, as well as improve the bottom line.

Conclusion

For organizational success, not only technical and financial skills are important, but also the Emotional intelligence skills. The importance of additional set of skills that impacts leaders’ effectiveness, an organization’s culture, and ultimately business performance: Emotional Intelligence competencies, help determine the way people perceive and express themselves, how they develop and maintain social relationships, cope with changes and challenges, and how they use emotional input inside and outside of the workplace. Emotional Intelligence is not static, but can be cultivated with organizational commitment and investment. Incorporating Emotional Intelligence assessments in an organization is a cost-conscious and efficient way to improve overall leadership development effectiveness. We find that other implementations of EI also have a measurable impact on effective leadership development. Organizations that incorporate Emotional Intelligence in leadership development in two or more ways realize greater effectiveness than do organizations with less EI implementation. This finding is likely a manifestation of Emotional Intelligence influencing the work culture as a whole, helping to produce and maintain a high-performance environment that sows the seeds of ongoing success


BONDS & SHARESBONDS & SHARESJanuary 22, 2018
sphinx-1175828_1920-1024x680.jpg

7min1430

According to international reports, 90% of the companies in the Middle East are family companies that contribute 80% of the national income and constitute about 75% of the private sector’s activity and employ 70% of the labor force. However, family businesses in the Middle East and Egypt are companies In all countries of the world agree that the continuation and development is confined to the life of the founder as the start of opportunities to continue and performance rates decrease with the next generations of the family, where international data indicate that out of every 100 businessmen, there are 30 businessmen continue their work after death, while the seventy The other two disappear their actions with the death of the founder, yet the companies that Will be able to continue until the fourth generation and the fifth, the proportion of not more than 3% of companies that survived after the death of the founder, which made the developed countries are aware of the risk of not continuing the family businesses on their economies, and began to research the reasons for non-continuation of family businesses and risks to the economy and its assistance To continue to ensure the continued growth of its economy with many assistance, including the reduction of taxes and participation in the cost of support programs for the continuation of family businesses and others.

The difficulty in continuity is due to the nature of family businesses, especially the overlap between family, management and ownership, which is one of the distinguishing features of family businesses, which is one of the main reasons for creating intergenerational tension. This affects the continuity of the family and the business at the same time. In the inability to continue from the second generation of the family, but in the elimination of family relations by benefit, and pointed out that the family companies that have retained the continuation of the third and fourth generation is the one that succeeded in preserving the family and the company which is interested in Early stages of the constitution of the family work is clear and details of all relations and policies and mechanisms to ensure the reduction of tension in all stages of continuity or exit and distribution of rewards, and pointed out that there is no model of a single labor constitution applicable to all companies, each company determines the constitution of its work according to the nature of activity Family circumstances and the abilities of successive generations of the family and their willingness to run the activity with their own knowledge or with the help of assistants from abroad. The accumulated experience of the family companies indicates that the continuation of the company for the fourth and fifth generations is a joint responsibility of the founders and the children. Successive generations.

Moreover, It is noted that the family company does not witness differences in the first generation stage because of the sole decision-making of the founder while the tension begins to make decisions starting from the second generation and the next generations of children and grandchildren, where the differences increase as the family expands and expanded the requirements of its members from the company represented in requests for participation in management The higher jobs, profits and so on. Thus, the problems of family businesses decrease and their chances of survival increase as the family expands and increases profits and production.

Recommendation

1- Tensions will decrease whenever the founder of the company or the board of directors of the family to develop the charter of family work early, stressing the need to note that the decision to continue the company is not born of the moment, but needs preparations and rehabilitation for a period of not less than 15 years before the next generations overlap in the decisions of the company , And that the rules for rehabilitation of the transition and resolution of the causes of tension should be transparent and clear. And that there is a family council looking for family problems and another administration interested in running the company away from family concerns and problems. Also, that family businesses are also vulnerable to corruption, illegal practices, fraud and deception, especially in the absence of accurate systems of internal control from owners.

2- To encourage the development of legislation in the laws and legislation governing the establishment and management of Egyptian companies in terms of construction and management in general and family businesses in particular.

[vc_row][vc_column][vc_tta_accordion active_section=””][vc_tta_section title=”References” tab_id=”1513280706656-07087b4d-83ac”][vc_column_text]

[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]


BONDS & SHARESBONDS & SHARESJanuary 17, 2018
Espionnage-1.jpg

7min590

Abstract

Due to the evolution of economic activity at the global level in general indicates its tendency to organize and create large economic entities to face global competition and deal with globalization. This trend is considered by large entities for their integration into the global economy in terms of quality and export at competitive prices.

This has led to the trend towards integration between companies that work in the same industrial and economic activities to create large institutional entities that follow the latest in various industries and create a greater weight in financially & technologies according international standards.

Merger & Acquisition

Some studies define “Merger” as the process done through combine “melting” the company and transferring its funds to another company existing or by way of blending their two or more companies (properties, assets, funds) and establish a new company.

Also the merger does not necessarily have to be between companies of the same type, a company may be merged with another type, whether the difference is in terms of purposes or in terms of the legal entity.

And about “Acquisition” some studies define it when an independent company controlling and acquire the shares of another company so that it has the opportunity to control the board of directors and take decisions because they own the largest share of shares, while both of them will retain their names and have their legal personality separately for the benefits shareholders.

General advantages of M&A

– Optimal utilization of the resources of both companies

– Achievement of economic stability for both companies after integrating them into one large entity that can more compete.

– Provides an opportunity to maximize the market share and the profit for the new entity through rapid growth and diversification of products and activities.

The disadvantages that may result from M&A

– Different organizational structure of employees, wage systems, bonuses, incentives and job titles are a big issue must solve by a plan must be prepared to balance staff structure.

– Surplus in employment in some specialties and some administrative levels as a result of the merger.

Restructuring

Companies should to make restructuring processes when they face some of the problems that prevent them from continuing within the market and competition more like low management efficiency, good conduct, honesty and integrity, lack of cash flows, shortage of owners’ equity due to bleeding losses, increase in the volume of bank overdrafts, Employment Low labor efficiency.

Conclusion

Based on previous studies found that integration is beneficial to all parties, especially if two companies of the same activity or activity complement the main activity of the merging company, and to ensure its success must be supported by an effective restructuring of the company through the organizational restructuring of employment in terms of number and selection of the good ones and work on their training And attention to cadres and processes of restructuring of departments and sectors, either by abolishing obsolete departments or the introduction of management keep pace with modern technology.

After using the new company to restructure the financial assets sold by the merged company, which does not require the new activity of the entity resulting from the merger, which leads to the existence of liquidity can be used to inject investments and improve the financial position of the company and give it the opportunity to compete with other foreign companies in the market, Under the FTA.

According Studies some mistakes occur in mergers process, needed to avoid, is the failure to evaluate the assets with its real value which is also Anti- the Principles of transparency & disclosure, in a manner that is appropriate to the vision and purpose of the company and to give decision makers the right decision on the appropriate strategy for integration for example, there are cases Assets should be evaluated by their market value not by their book value.

During restructuring processes, post M&A transaction, the stability of the work environment not taken into consideration, when employees are informed that the company is on the way to consolidation or restructuring. The first thing that occurs to a worker’s thinking is that he is at a certain stage of unemployment, and the lack of confidence in the management of the company, which will end its work at any time, so some studies have confirmed the need to prepare the workers structure of the company whether to proceed with a merger and try as far as possible away from the restructuring of staff by disposal or reduce the number of, but that their training and redistribution have been undertaken To the rest of the departments and sectors that may be established or compensated appropriate compensation that provides the worker to establish their own small project also giving them training to how manage and maintain this project,

In other hand for, in the long run M&A and the restructuring Strategies will reduce the unemployment problem as a result of maximizing its profitability and expanding the market will create new jobs, contrary to the common practice that mergers and acquisitions will lead to unemployment and layoffs.


BONDS & SHARESBONDS & SHARESJanuary 12, 2018
pexels-photo-1.jpg

7min740

Significant changes in the banking system are led by globalization. Responding to these changes, banking system is continuously expanding the choice of services offered to the customers and increasing their reliance on technology to offer such services, banks have realized the importance of investing in technology, to control cost, attract customers, and fulfill customers’ needs for convenience and technical innovation .

Accordingly, banks started to compete in expanding their branch networks and providing a variety of delivery channels such as automated teller machines (ATMs), Internet banking and m-banking.

In Egypt, there is a great opportunity to expand in E-Banking Technologies (SSTs) due to both the rapid development of telecommunications and IT networks together with the great diffusion of mobile phones .This calls the need for, understanding consumer behavior and value perceptions towards SSTs in Egypt. Thus,

the paper proposes an integrated framework to investigate consumer’s acceptance and usage or intention to usage of different SST channels, namely, ATMS, Internet banking and E-banking.

Digital modernization gives traditional banks a second chance

A smart, enterprise-wide approach positions them to deepen customer satisfaction and loyalty, driving long-term relationships and profitability. Such an approach also has the potential to meet consumers’ expectations and bring banking back to the bank.

Customer Relationships as New Sources of Value

Digital technology gives banks the opportunity to regain their relevance with customers, and the heart of that connection is data. Every consumer click, swipe, comment and search creates a unique virtual identity that we call a Business Online  Indeed, managing Business Online thinking is vital to banks’ digital transformation.

Customers Are the New Focus

Regardless of their size, profitability and growth demand that banks focus on serving customers at the right time, with the right level of service and at the right cost. Several factors are driving this customer focus. Number one, today’s customers expect personalized pricing and portfolio mixes. Banks that can’t deliver

will suffer reduced profitability. While banks, by default, sell every product to every customer, digital banking allows customization, providing the data and analytics capabilities needed to examine each customer’s profitability and offer individualized or segmented products and pricing.

Digital Banking’s Return on Investment

What is the ROI of digital banking? It’s the combination of lower channel costs, plus increased revenue for the benefit period, minus the cost of deployment amortized over its useful life, multiplied by the internal cost of funds for that period.

The new digital feature set has led to:

  • Improvements in user-experience design through interactive, game-like interfaces that are starting to merge the boundaries between the real and the virtual, and bringing data to life through rich visualizations.
  • Advances in mobile devices and networks, providing new services such as enhanced digital security and the ability to access the internet from anywhere (partially limited by high international roaming charges).
  • The rise of social media and collaboration tools, empowering customers and employees, and moving control of the ‘brand message’ from businesses to consumers.

The growth of mobile has significant implications for banks. As mobile phones get equipped with more and better functionality, it will transform the traditional interaction model with the consumer. Wellappointed branches and slick websites will no longer be enough, ascustomers expect services on the move. Location-based offers, timely and relevant content, and interactive applications will form the basis of the mobile customer’s engagement with their banks.

While the preference for digital can be seen across all segments and markets (see Figure 2)

it is especially important for those customers who form part of Generation Y, now at the point of choosing their main banking provider. Consequently, banks need to target and acquire these customers now to lock in the future value that will be generated by this segment. Our research suggests that the extent to which a bank exploits the new digital feature set will play a very important part in this customer group’s decision-making process, much more so than traditionally important criteria such as branch location, or even brand.

 


BONDS & SHARESBONDS & SHARESJanuary 8, 2018
pexels-photo-398532-1024x699.jpeg

13min2080

Human resource management practices are essential for Organization’s performance, organizations design and implement human resource policies and practices to achieve their goals therefore it is important for organizations to manage their employees’ performance strategically. In order to retain the best talents, strategies are designed to satisfy employees’ needs, as satisfied employees are more productive and loyal to their organizations. To do so, organizations need to produce high morale and satisfied employees who will perform and enhance productivity, which subsequently will lead towards higher sales and satisfied customers. To attract and retain employees, organizations need novel reward systems that satisfy their employees, employee rewards is an important component in exchange of employee contribution, it plays a significant role to attract, motivate, satisfy, retain and maintain commitment among employees in any organization while ensuring a high standard of performance and workforce stability.

Organizations are facing the challenge of employee retention due to increased competition in the market that is why retaining competent employee is more important than hiring. Organizations are always searching for talented employees and spent time and money on their employees for future return aspects.  When an employee departs from an organization, he/she brings out with him all the information about the company, clients, projects and history.

In addition, there is a cost that is paid when hiring a new employee, it starts with the recruitment process & its logistics, and then the cost of the employee himself when being hired that is represented in his salary, benefits, allowances, training. So it is crucial to choose the potential employees as they will be a gain to the company’s performance and also the company will then not lose the costs of this employee. (Haider et al. 2015). Retention of valuable employees became an extremely important strategy for human resources managers and organizational leaders, different HR bundles should be promoted & enhanced to increase the retention level.

The employer has to consider combination of different factors when he wants to keep his potential people for a longer period of time. (Anita & Begum 2016). It was mentioned by Rose & K.G, (2016) that sufficient human resources programs lead to employee job contentment which in return increase his obligation towards the corporation, and hence affecting retaining of people.

When it comes to human personnel, it is not a simple issue to deal with, on the contrary, it is complicated one, as these personnel are the essence of the organizations who can build up the organization or can make it lose. Though retaining the skilled employees will help the corporations achieve their potential prosperity. Nowadays employee retention is considered as a challenge to many corporations as satisfying people and keeping them for longer period of a time is not a simple mission. (Mwasaru & Kingi, 2015). Besides Employee retention help the employers to fulfil their aims and targets (Inabinett & Ballaro, 2014).

Employees are considered the heart of the corporations, losing the skilled people has a high cost in which the employer has to bear it, so employers have to choose the beneficial retention strategies to keep those skilled people and this is considered as a huge threat to them, since a retention strategy for one employee might be suitable for him but not suitable to another employee, so here communication plays a big role, as the employer has to know employees’ needs so that he can offer him the appropriate retention strategy .the employer has to let the employees feel that they are their assets not their costs , and this will be reflected in the practices in which the organizations are implementing . (James & Mathew, 2012)

In order for corporations to retain their employees, they have to rely on human strategies that increase people’s commitment and loyalty, so here commutation plays a big role in way that organizations have to clearly notify their employees with their exact roles and that how these roles affect the company’s objectives and goals . Organizations should always keep motivating their employees , providing them with their training needs , coaching & guiding them with respect to their accomplishment .Also to reward them with an appropriate remuneration  packages so that to increase their satisfaction . (Hassan, 2016)

Both Cloutier et al (2015) and Gadekar (2013) agreed that that the cost of employee retention is less than the cost of hiring the employee and its logistics, so retention can be viewed as a mean to decrease costs. Retaining skilled employees affects the corporation net earnings, as at the end it is reflected in a cost in which the company pays, either recruiting the employee has a cost which is the hiring cost and its logistics followed by the cost of the employee development, and the cost the company will pay if the employee leaves the company. (Cloutier et al. 2015)

Organizations should efficiently utilize its people, they have to correspond between the employees’ needs and the company’s needs, so that there is a mutual benefit between them. Companies should deal with employee retention as a developing tool that will give her a competitive advantage against competitors, as competition is getting fiercer, keeping and retaining their potential employees will keep them aside from this competition, employee retention has a return to the employer which is achieving his potential growth. (Cloutier et al. 2015)

Each human resource practice have a different effect on employee retention , they do not have similar effects on employee retention ,also if any human resources practiced did not work with employees , this does not mean that he will quit the organization. (Slavianska, 2012).Organizations can increase the strategies that increase employee satisfaction and his self-esteem such as increasing one to one meetings between employee and his manager, that give him feedback about his performance, keeping always the relation between the manager and the employee close, appreciating efforts done form employee’s sides such strategies affect employee loyalty and help in retaining him. (Ratna & Chawla, 2012).

Retention plans should be a component of all company’s policies , as they are embedded in the company’s vision and mission, Actually employee retention starts with the recruitment process and how to choose the right person for the job , then it continues with the day the employee  on board in the company, how the company contact the employee  in order to the employee to be part of the company’s vision and start adapting with its values, and showing the employee how his role affect the company’s goals (Cloutier et al. 2015).

Remuneration schemes are key factors to retain employees as there is a strong association between them, as satisfying remuneration schemes affect the employee’s opinion if he wants to stay or leave the organization, so the employer should review such beneficial rewarding remuneration schemes. (Michael et al. 2016). In addition Employee coaching and guidance, and satisfying his training needs increase employee engagement and helps in employee retention. (Cloutier et al. 2015)

To conclude, in order to achieve efficient employee retention policies, a bundle mix of human resources practices should be implemented, as a practice may be suitable to one person but not suitable to the other one, in addition each person has his own different circumstances. (Haider et al. 2015). organizations should mix up with these different human resources practices, starting with the suitable remuneration packages, Followed by the employee training and development through coaching and feedback, achieving work life balance through providing with flex working hours, flex places, enhancing working environment through transparent communication so that the employee feels comfortable at work and finally organizational culture is very important factor that affects employee behavior and attitude, both values of the employee and the company should be aligned. (Al-Emadi, et al. 2015).

[vc_row][vc_column][vc_tta_accordion active_section=””][vc_tta_section title=”References” tab_id=”1513280706656-07087b4d-83ac”][vc_column_text]

  • Al-Emadi, A., & Schwabenland , C., & Wei, Q. (2015). The vital role of employee retention in human resources management. The IUP Journal of Organizational Behavior, XIV(3), 7-22.
  • Anitha, J., & N, F. (2016).Role of organizational culture and employee commitment in employee retention. Journal of management, 9(1), 17-28.
  • Cloutier, O., & Felusiak, L., & Hill, C., & Pemberton-Jones, E. (2015). The importance of developing strategies for employee retention. Journal of leadership, accountability and ethics, 12(2), 119-129.
  • Haider, M., & Rasli, A. , Akhtar, C., & Yusoff, R., & Malik, O., & Aamir, A., & Arif, A., & Naveed, S., & Tariq, F. (2015). The Impact of Human Resource Practices on Employee Retention in the Telecom Sector. International Journal of Economics and Financial Issues, 5(special issue), 63-69.
  • Hassan, R. (2016).The role of human capital management in enhancing engagement and retention among top talent organization. Journal of Emerging Economies and Islamic Research, 4(special issue), 54-67.
  • Inabinett, J., & Ballaro, J. (2014).Developing an organization by predicting employee retention by matching corporate culture with employee’s values. Organizational Development Journal, 32(1), 55-74.
  • James, L., & Mathew, L. (2012).Employee retention strategies .Journal of Indian management, 9(3), 79-87.
  • Michael, B., & Prince,A., & Chacko, A. (2016).Impact of compensation package on employee retention . International journal of research in commerce and management, 7(10), 36-40.
  • Mwasaru, H., & Kingi, W. (2015).Effects of employee retention strategies on organizational competitive advantage in the hotel industry in Mombasa country. International journal of research in commerce and management, 6(3), 1-4.
  • Ratna, R., & Chawla, S. (2012).Key factors in retention and retention strategies. Global management review, 6(3), 35-46.
  • Rose, S., & K.G, R. (2016). Role of HR practices, job satisfaction, and organization commitment in employee retention. International journal of research in commerce & management, 7(10), 1-3.
  • Slavianska , V. (2012). Measuring the impact of human resource management practices on employee turnover. Problems of management in the 21st century, 4, 63-73.

[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]


BONDS & SHARESBONDS & SHARESJanuary 5, 2018
bitcoin-1813503_960_720.jpg

10min610

The Bitcoin programming was discharged in mid 2009 by a puzzling maker who passed by the name of Satoshi Nakamoto. The look is still on for the genuine character of Satoshi. The product discharged by Satoshi set out the essential tenets for Bitcoin and the PC arrange on which it lives. Dissimilar to different types of cash, which are controlled by governments and monetary establishments, Bitcoin works on a decentralized system of PCs that nobody organization controls.

At the point when Bitcoin was discharged in 2009, it was depicted as another sort of electronic money. As of late, however, numerous software engineers chipping away at Bitcoin have said the framework in its present shape isn’t an especially decent approach to pay for things. They contend that it is best intended to fill in as a kind of rare ware, as computerized gold, enabling individuals to keep their cash outside the control of governments and organizations. Many individuals who need to utilize virtual monetary forms for online installments are looking to Bitcoin contenders, as Bitcoin Cash and Monero.

What is “Bitcoin” and how it works?

 

Bitcoin is a cryptographic money and overall installment framework. It is the principal decentralized advanced cash, as the framework works without a national bank or single manager. The system is shared and exchanges happen between clients straightforwardly using cryptography, without a middle person. These exchanges are checked by arrange hubs and recorded in an unchanging open conveyed record called a blockchain. Bitcoin was created by an obscure individual or gathering of individuals under the name Satoshi Nakamoto and discharged as open-source programming in 2009. (Brito & Castillo, 2013)

Brito & Castillo (2013) added that Bitcoins are made as a reward for a procedure known as mining. They can be traded for different monetary standards, items, and administrations. As of February 2015, more than 100,000 shippers and merchants acknowledged bitcoin as installment. Research delivered by the University of Cambridge evaluates that in 2017, there are 2.9 to 5.8 million one of a kind clients utilizing a digital money wallet, a large portion of them utilizing bitcoin.

Is it a fraud?

Bitcoin, the crypto-rocket, shot past $11,000 during December 2017, adding more interruption to the advanced instalment showcases universally. This unrealistic development has additionally fueled the level headed discussion covering the eventual fate of bitcoin; most likely the primary decentralized computerized cash. Notwithstanding, still at an extremely beginning stage to yield any solid outcomes or set any benchmark, bitcoin idea has prompted blended input in the market. (Sharma, 2017)

On the off chance that there are specialists who trust this progressive idea is digging in for the long haul, at that point there is an area of naysayers who consider it as an over-overstated market bubble that will inevitably shrivel away with time. There are industry veterans contrasting this and the tulip knobs rise of Europe in the seventeenth century, when a solitary tulip globule was sold for ten times the yearly wages of a gifted laborer. At that point there are specialists that are very hopeful with this ascent and encourage the partners to embrace the strategy of hold up and watch as opposed to making any impulsive stride. (Sharma, 2017)

Jamie Dimon, the CEO of JP Morgan, had called this ponder ascent of bitcoin a cheat, saying that it was more regrettable than the tulip knobs rise in Europe.

“I could mind less what bitcoin exchanges for, how it exchanges, why it exchanges, who exchanges it. In case you’re sufficiently dumb to get it, you’ll pay the cost for it one day,”

Dimon told a meeting in Washington, revealed BloombergGadfly.

What is its expected future?

If Bitcoin continues developing with a normal of +0.42% every day, the same as it has done in the previous 7 years. It ought to be around 250k out of 3 years, bitcoin’s cost could hit $100,000 per coin on the off chance that it keeps on tailing one of tech’s “brilliant guidelines”. (Tulic, 2017)

Criticism

The utilization of bitcoin by culprits has pulled in the consideration of money related controllers, administrative bodies, law requirement, and the media. In USA, the FBI arranged a knowledge evaluation and issued a pointed cautioning about speculation plans utilizing virtual currencies, and the US Senate held a hearing on virtual monetary standards in November 2013. (Lavin, 2013)

A few news outlets have affirmed that the prominence of bitcoins relies on the capacity to utilize them to buy unlawful products. In 2014, analysts at the University of Kentucky discovered “powerful proof that PC programming fans and unlawful action drive enthusiasm for bitcoin, and discover restricted or no help for political and speculation thought processes. (Yelowitz, 2014)

Conclusion

As illustrated beforehand, it has many points of interest and therefore it will stay pertinent as a money. Most by far of BTC exchanges by volume are made in China so the two will remain interlinked.

We see the greatest hazard to Bitcoin being its substitution and additionally parallel use by other digital forms of money. Bitcoin stalwart fans guarantee this is never going to be an issue since Bitcoin was the pioneer and all things considered appreciates first-mover benefit. This contention is likely imperfect on the grounds that despite the fact that the BTC is utilized for installments, this is just a moderately little % of all Bitcoins. One of its essential uses is being a store of significant worth and consequently other digital currencies can simply venture in and appreciate comparative status if total request requires it. The truth will surface eventually. The main sureness is that its cost will stay extremely unstable later on.

Meanwhile, we have no alternative other than to hold up and take after the improvements. In any case, the industry savants guarantee that a large portion of the worries with respect to the fate of bitcoin will be cleared before the current year’s over.

[vc_row][vc_column][vc_tta_accordion active_section=””][vc_tta_section title=”References” tab_id=”1513280706656-07087b4d-83ac”][vc_column_text]

  • Brito, J., & Castillo, A. (2013). Bitcoin: A Primer for Policymakers, 21.
  • Lavin, T. (2013). The SEC Shows Why Bitcoin Is Doomed. Bloomberg LP., 20.
  • Popper, N. (2017). Bitcoin’s Price Has Soared. What Comes Next? The New York Times Company, B3.
  • Sharma, A. (2017). Bitcoin: A fraud or an ultimate game-changer? Mediaquest Corp., 8-11.
  • Tulic, A. (2017). What is the expected price of Bitcoin in 2021? Captainaltcoin.com, 9.
  • Yelowitz, A. (2014). Characteristics of Bitcoin Users: An Analysis of Google Search Data. Social Science Research Network, 15.

[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]



About us

Bonds & Shares is a participatory non-Profit information platform for, through and by experts in finance and business.


CONTACT US

CALL US ANYTIME