Research on Regional Heterogeneity in the Impact of Digital Inclusive Finance on the Diversification of Household Financial Asset Allocation

In recent years, the attention of investors, practitioners and academics has grown in cryptocurrency. Initially, the cryptocurrency was designed as a viable digital currency implementation, and subsequently, numerous derivatives were produced in a range of sectors, including nonmonetary activities, financial transactions, and even capital management. The high volatility of exchange rates is one of the main features of cryptocurrencies. The article presents an interesting way to estimate the probability of cryptocurrency volatility clusters. In this regard, the paper explores exponential hybrid methodologies GARCH (or EGARCH) and through its portrayal as a financial asset, ANN models will provide analytical insight into bitcoin. Meanwhile, more scalable modelling is needed to fit financial variable characteristics such as ANN models because of the dynamic, nonlinear association structure between financial variables. For financial forecasting, BP is contained in the most popular methods of neural network training. The backpropagation method is employed to train the two models to determine which one performs the best in terms of predicting. This architecture consists of one hidden layer and one input layer with N neurons. Recent theoretical work on crypto-asset return behavior and risk management is supported by this research. In comparison with other traditional asset classes, these results give appropriate data on the behavior, allowing them to adopt the suitable investment decision. The study conclusions are based on a comparison between the dynamic features of cryptocurrencies and FOREX Currency’s traditional mass financial asset. Thus, the result illustrates how well the probability clusters show the impact on cryptocurrency and currencies. This research covers the sample period between August 2017 and August 2020, as cryptocurrency became popular around that period. The following methodology was implemented and simulated using Eviews and SPSS software. The performance evaluation of the cryptocurrencies is compared with FOREX currencies for better comparative study respectively.

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How Does Environmental Regulation Affect the Relationship between FDI and Technological Innovation: From the Perspective of Technology Transactions

Processes ◽

10.3390/pr9081264 ◽

2021 ◽

Vol 9 (8) ◽

pp. 1264

Author(s):

Meng Zeng ◽

Lihang Liu ◽

Fangyi Zhou ◽

Yigui Xiao

Keyword(s):

Environmental Regulation ◽

Technological Innovation ◽

Pollutant Emissions ◽

Regulatory Effect ◽

Host Countries ◽

Regional Heterogeneity ◽

Industrial Sectors ◽

Reduction Effect ◽

The Impact ◽

The Relationship

Many studies have found that FDI can reduce the pollutant emissions of host countries. At the same time, the intensity of environmental regulation would affect the emission reduction effect of FDI in the host country. This study aims to reveal the internal mechanisms of this effect. Specifically, this paper studies the impact of FDI on technological innovation in China’s industrial sectors from the perspective of technology transactions from 2001 to 2019, and then analyzes whether the intensity of environmental regulation can promote the relationship. Results indicate that FDI promotes technological innovation through technology transactions. In addition, it finds that the intensity of environmental regulation significantly positively moderates the relationship between FDI and technological innovation, which is achieved by positively moderating the FDI–technology transaction relationship. Regional heterogeneity analysis is further conducted, and results show that in the eastern and western regions of China, FDI can stimulate technological innovation within regional industrial sectors through technology trading. Moreover, environmental regulation has a significant positive regulatory effect on the above relationship, but these effects are not supported by evidence in the central region of China.

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Structural Change and Its Impact on the Energy Intensity of Agricultural Sector in China

Sustainability ◽

10.3390/su10124591 ◽

2018 ◽

Vol 10 (12) ◽

pp. 4591 ◽

Cited By ~ 2

Author(s):

Hongyun Han ◽

Shu Wu

Keyword(s):

Agricultural Production ◽

Energy Intensity ◽

Agricultural Sector ◽

Scale Economy ◽

Policy Implications ◽

Vegetable Production ◽

Regional Heterogeneity ◽

Fuel Price ◽

Agricultural Structure ◽

The Impact

China’s agricultural structure has undergone significant changes for the past four decades, mainly presenting as the fall of sown proportion of grain crops and the rise of vegetables, as has its energy consumption. Employing the panel data on 30 provinces during 1991–2016, this paper empirically explores the impact of agricultural structure changes (ASC) on the energy intensity of agricultural production (EIAP), direct energy intensity of agricultural production (DEIAP) and indirect energy intensity of agricultural production (IEIAP) in China. Besides, the regional heterogeneity of such impact is examined. The results show that: (1) ASC increases EIAP and IEIAP significantly, while ASC decreases DEIAP, which is explained by the structural effect and different planting modes of different crops; (2) the impact in the three administrative regions is similar to national situation, except the impact of ASC on DEIAP in the West Region, which is explained by regional differences of vegetable mechanization; (3) the result of the six vegetable production regions reveals greater regional heterogeneity, and this is attributed to the scale economy effect and the incremental effect of vegetable mechanization; and (4) fuel price, income, agricultural labor, old dependency ratio, and fiscal expenditure have different but significant impacts on EIAP, DEIAP, and IEIAP. Finally, some policy implications are given.

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Herding and Delegated Portfolio Management: The Impact of Relative Performance Evaluation on Asset Allocation

Quarterly Journal of Finance ◽

10.1142/s2010139211000092 ◽

2011 ◽

Vol 01 (02) ◽

pp. 265-292 ◽

Cited By ~ 28

Author(s):

Ernst Maug ◽

Narayan Naik

Keyword(s):

Performance Evaluation ◽

Portfolio Management ◽

Asset Allocation ◽

Relative Performance ◽

Optimal Contracts ◽

Fund Managers ◽

Portfolio Managers ◽

Delegated Portfolio Management ◽

The Impact ◽

Allocation Decisions

This paper investigates the effect of fund managers' performance evaluation on their asset allocation decisions. We derive optimal contracts for delegated portfolio management and show that they always contain relative performance elements. We then show that this biases fund managers to deviate from return-maximizing portfolio allocations and follow those of their benchmark (herding). In many cases, the trustees of the fund who employ the fund manager prefer such a policy. We also show that fund managers in some situations ignore their own superior information and "go with the flow" in order to reduce deviations from their benchmark. We conclude that incentive provisions for portfolio managers are an important factor in their asset allocation decisions.

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Impact of volatility and equity market uncertainty on herd behaviour: evidence from UK REITs

Journal of European Real Estate Research ◽

10.1108/jerer-06-2017-0021 ◽

2018 ◽

Vol 11 (2) ◽

pp. 169-186 ◽

Cited By ~ 5

Author(s):

Omokolade Akinsomi ◽

Yener Coskun ◽

Rangan Gupta ◽

Chi Keung Marco Lau

Keyword(s):

Asset Allocation ◽

Regime Switching ◽

Stock Exchange ◽

Equity Market ◽

Market Uncertainty ◽

Content Type ◽

Regime Switching Model ◽

Switching Model ◽

Market Sentiment ◽

The Impact

PurposeThis paper aims to examine herding behaviour among investors and traders in UK-listed Real Estate Investment Trusts (REITs) within three market regimes (low, high and extreme volatility periods) from the period June 2004 to April 2016.Design/methodology/approachObservations of investors in 36 REITs that trade on the London Stock Exchange as at April 2016 were used to analyse herding behaviour among investors and traders of shares of UK REITs, using a Markov regime-switching model.FindingsAlthough a static herding model rejects the existence of herding in REITs markets, estimates from the regime-switching model reveal substantial evidence of herding behaviour within the low volatility regime. Most interestingly, the authors observed a shift from anti-herding behaviour within the high volatility regime to herding behaviour within the low volatility regime, with this having been caused by the FTSE 100 Volatility Index (UK VIX).Originality/valueThe results have various implications for decisions regarding asset allocation, diversification and value management within UK REITs. Market participants and analysts may consider that collective movements and market sentiment/psychology are determinative factors of risk-return in UK REITs. In addition, general uncertainty in the equity market, proxied by the impact of the UK VIX, may also provide a signal for increasing herding-related risks among UK REITs.

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CAN INFRASTRUCTURE DEVELOPMENT ALLEVIATE MULTIDIMENSIONAL POVERTY? — EVIDENCE FROM CHINA

The Singapore Economic Review ◽

10.1142/s0217590821440021 ◽

2021 ◽

pp. 1-34

Author(s):

YONGBO GE ◽

YUEXIAO ZHU ◽

WENQIANG ZHANG ◽

XIAORAN KONG

Keyword(s):

Poverty Alleviation ◽

Capital Accumulation ◽

High Speed ◽

Large Scale ◽

Multidimensional Poverty ◽

Infrastructure Development ◽

Public Infrastructure ◽

Regional Heterogeneity ◽

The Impact ◽

Insight Into

We investigate the impact of the construction of large-scale high-speed railways (HSRs) on regional multidimensional poverty in China. We find that the opening of HSRs can reduce this poverty indicator. This association is robust to a series of checks. Regarding the mechanisms, the opening of HSRs can improve regional accessibility, enhance local tourism, increase labor mobility and promote human capital accumulation, which alleviates multidimensional poverty. Further research indicates the regional heterogeneity of the effect. This research supplements poverty alleviation theory from the perspective of public infrastructure and offers insight into how multidimensional poverty arises and how it can be alleviated.

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