Return Characteristics of Commodities

2018 ◽  
Author(s):  
Dianna Preece
Keyword(s):  
Financial Crisis ◽  
Negative Correlation ◽  
Institutional Investors ◽  
Financial Stress ◽  
Commodity Futures ◽  
Futures Contracts ◽  
The Subject ◽  
Diversified Portfolio

The role of commodities in a diversified portfolio has been the subject of research and debate since the late 1970s. Investors can hold the physical commodity or use derivatives such as futures contracts to access commodity exposure. Institutional investors primarily gain exposure to commodities via futures contracts. Commodity futures returns are comprised of a collateral return, a spot return, and a roll return. Research dating back to the late 1970s suggests that commodities should be included in diversified portfolios because they act as an inflation hedge, are portfolio diversifiers due to negative correlation with stocks and bonds, and potentially offer returns and volatility comparable to equities. Commodity performance has been generally weak in the years following the financial crisis of 2007–2008. Many studies find that correlation of commodity returns with stocks and bonds increases during periods of financial stress.

Global Financial Crisis, Institutional Ownership, and the Earnings Informativeness of Income Smoothing

2017 ◽  
Vol 35 (1) ◽  
pp. 53-78 ◽  
Author(s):  
Ching-Lung Chen ◽  
Pei-Yu Weng ◽  
Yu-Chih Lin
Keyword(s):  
Panel Data ◽  
Financial Crisis ◽  
Institutional Investors ◽  
Global Financial Crisis ◽  
Institutional Ownership ◽  
Income Smoothing ◽  
Earnings Informativeness ◽  
The Global Financial Crisis ◽  
Unbalanced Panel Data

This study uses unbalanced panel data to construct the empirical regressions, and examines the role of the global financial crisis and institutional ownership on the earnings informativeness of firm with income smoothing. The result reveals that the earnings informativeness of income smoothing decreased after the occurrence of the crisis. High institutional ownership also reduces the informativeness of earnings for firms with income smoothing and supports the institutional investors’ opportunism hypothesis. Yet, this result is prominent when the institutional ownership is held by the qualified foreign rather than local institutional investors. This study implements several diagnostic checks and demonstrates that the results are robust to various specifications.

Bodies of Silence and Resilience: Writing Marginality

2015 ◽  
Vol 2015 ◽  
pp. 174-181
Author(s):  
Natalie Zervou
Keyword(s):  
Financial Crisis ◽  
Ethnic Minorities ◽  
Performing Arts ◽  
Subject Position ◽  
Ancient Greek ◽  
The Past ◽  
Greek History ◽  
The Subject ◽  
The Relationship

Since 2009, the financial crisis in Greece has brought about a need to revisit the past and challenge previous historical assumptions in order to understand the socio-political present more effectively. Dance, and performing arts in general, have reflected this urge by giving voice to marginalized events and perspectives in Greek history, and by challenging the dominant rhetoric of ancient Greek lineage and continuity that often overlooked the significance of ethnic minorities. As such, the focus has shifted away from a sense of unity toward a fragmented understanding of Greek identity that is re-envisioning history and documenting the present by taking into consideration under-represented communities, such as ethnic minorities and immigrants.Drawing on a series of collaborative video-dance projects by Despina Stamos and Jill Woodward (passTRESpass and Bodies of Resilience), which engage with the subject position of immigrants in Greece during the crisis, this paper examines the relationship between marginality and dominant national histories, as well as the role of dance in (re)writing these “margins” and rendering them visible. Especially at a time when extreme nationalism and racism are on the rise in Greece, can dance provide the subjects of discrimination with agency, and create a space for them to “speak” against racist violence? How are these immigrants’ embodied histories in dialogue with the current rewriting of Greek identity and history?

scholarly journals Why the Correlation Between Oil Prices and US Dollar Exchange Rate Is Time-varying?----Explanations Based on Role of Key Mediators

2018 ◽  
Author(s):  
Xiangyun Xu ◽  
Jia Liao ◽  
Yu Shi
Keyword(s):  
Financial Crisis ◽  
Negative Correlation ◽  
Oil Prices ◽  
Time Varying ◽  
Market Sentiment ◽  
Mediating Factors ◽  
Egarch Model ◽  
Us Dollar ◽  
Mediating Factor

Using DCC-GARCH and EGARCH model, this paper finds that since 1990, the relationship between crude oil prices and the US dollar index is time-varying, demonstrating a process of “very weak correlation—negative correlation—enhanced negative correlation—weakening negative correlation”, but the existing research does not provide enough reasonable explanation. Therefore, this paper proposed a “key mediating factors” hypothesis which points out that whether there is a common “key mediating factor” is important source of the time-varying relationship between two assets. We argue that market trend and financial market sentiment undertook the role of “key mediating factor” during the period of “2002 to the financial crisis” and “financial crisis to 2013”, while other periods lack the “key mediating factors”.

Auditors in the financial meltdown: an examination

2019 ◽  
Vol 15 (4) ◽  
pp. 513-533
Author(s):  
Aida Sy ◽  
Anthony M. Tinker
Keyword(s):  
Financial Crisis ◽  
Banking System ◽  
Regulatory System ◽  
Content Type ◽  
The Public ◽  
Governmental Agencies ◽  
Corporate Executives ◽  
Banking Business ◽  
The Subject

Purpose This paper aims to investigate the financial crises and the role of auditors in those crises. The paper is concerned with the banking system, as the last financial crisis in 2008 was provoked by the mortgage business and the big banks and risks management. Design/methodology/approach The paper choses to use data from corporations, practices and professional websites. The authors use interviews that were available and related to the subject matter. Academic works are also used to discuss the literature review and various issues. Findings The paper explores the auditors’ responsibilities and finds that there is a growing concern for auditing. This research is complex, as it discovers that corporate executives in the banking business should be more responsible; this is confirmed by the high risks in the financial area that still persists. Research limitations/implications This is a very complex topic; however, the authors designed it so that it can be read and used by non-accountants, that is to say, CEOs and governmental agencies that are in charge of the regulatory system. Further research studies are needed to ensure ongoing discussions about the financial crisis. The Word is not free from such bad economic events. Practical implications The contribution is important; this research can be used by organizations, governments and academics. Social implications The paper includes implications for the banking and auditing industries. It extends to the public interest. Originality/value This paper contributes to the literature for academic and can be used for teaching purposes. Students can understand the paper, as the authors did not use a regression model.

The role of institutional investors in propagating the 2007 financial crisis in Southern Europe

2016 ◽  
Vol 38 ◽  
pp. 439-454 ◽  
Author(s):  
José María Díez-Esteban ◽  
Jorge Bento Farinha ◽  
Conrado Diego García-Gómez
Keyword(s):  
Financial Crisis ◽  
Institutional Investors ◽  
Southern Europe

Top-Down Processing and Visual Reorientation Illusions in a Virtual Reality Environment

2004 ◽  
Vol 63 (3) ◽  
pp. 143-149 ◽  
Author(s):  
Fred W. Mast ◽  
Charles M. Oman
Keyword(s):  
Virtual Reality ◽  
Visual Processing ◽  
Line Length ◽  
Perceptual Cues ◽  
Virtual Reality Environment ◽  
Top Down ◽  
Test Conditions ◽  
The Subject ◽  
Processing Mechanisms

The role of top-down processing on the horizontal-vertical line length illusion was examined by means of an ambiguous room with dual visual verticals. In one of the test conditions, the subjects were cued to one of the two verticals and were instructed to cognitively reassign the apparent vertical to the cued orientation. When they have mentally adjusted their perception, two lines in a plus sign configuration appeared and the subjects had to evaluate which line was longer. The results showed that the line length appeared longer when it was aligned with the direction of the vertical currently perceived by the subject. This study provides a demonstration that top-down processing influences lower level visual processing mechanisms. In another test condition, the subjects had all perceptual cues available and the influence was even stronger.

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