Price discovery and convergence in fragmented securities markets

2016 ◽  
Vol 12 (4) ◽  
pp. 381-407 ◽  
Author(s):  
Benjamin Clapham ◽  
Kai Zimmermann
Keyword(s):  
Price Discovery ◽  
Leadership Role ◽  
Price Determination ◽  
Content Type ◽  
Thomson Reuters ◽  
Depth Analysis ◽  
Call Auction ◽  
Price Leader ◽  
Alternative Markets

Purpose – The purpose of this paper is to study price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. The results provide novel empirical insights questioning the generalizability of the current literature and aim to expand the understanding of price determination in a fragmented market microstructure. Design/methodology/approach – This paper provides an empirical data analysis based on an event study methodology. The authors applied Thomson Reuters Tick History data covering German blue chip stocks listed on multiple venues in 2009 and 2013. Different time aggregations up to one second are applied to provide an in-depth analysis. Findings – The paper empirically discovers a persistent price leader-follower relationship not only during intraday auctions but also in subsequent continuous trading. The authors found that trading on alternative venues instantly dries out in case the dominant market switches to a call auction. In these situations, alternative markets await and adopt the official price signal of the dominant market although prices on alternative venues still indicate a certain extent of price discovery. This phenomenon remains persistent at different levels of market fragmentation, indicating that alternative trading venues fully accept the price leadership role of the dominant market, no matter their own market share. Originality/value – This paper provides an innovative empirical setup to analyze price co-movement and convergence based on high-frequent data. Further, the results provide novel and robust insights into the price determination process in fragmented markets that clarify the role of price follower and price leader.

Incubation and development: an overview of technology incubation innovation system of India

2018 ◽  
Vol 15 (3) ◽  
pp. 226-244
Author(s):  
Kanchan Lala ◽  
Kunal Sinha
Keyword(s):  
Growth And Development ◽  
Innovation System ◽  
Business Incubation ◽  
Systems Of Innovation ◽  
Content Type ◽  
Secondary Sources ◽  
Innovation Potential ◽  
Indian Context ◽  
Depth Analysis

Purpose The purpose of this paper is to analyze and summarize growth and development of technology business incubation system in India. The study in this route tries to explore factors which include various actors and agencies influencing the process of incubation and innovation. Design/methodology/approach The paper in route to access the role of different actors and agencies situated around the incubation process is being executed through the systems of innovation framework. Data have been collected from the secondary sources including government department, ministries and other sources. Findings The study besides providing an in-depth analysis of the incubation process in India finds that the process is relatively new in the Indian context and lacks a profound policy for escalating the process of technological incubation. The study also finds that over the years India’s innovation potential has escalated significantly which in a way can be seen as an optimistic result in the growth and development of technology business incubation. Originality/value The proposed study is one of the few in this category, especially while analyzing technology business incubation with respect to India. The study also tries to add on literature in the domain of technology incubation especially in the context of India.

The government’s role in creating an innovation ecosystem: the Springfield Armory as hub in the Connecticut River Valley

2020 ◽  
Vol 26 (4) ◽  
pp. 557-579
Author(s):  
Robert C. Ford ◽  
Keenan D. Yoho
Keyword(s):  
River Valley ◽  
Direct Result ◽  
Innovation Ecosystem ◽  
Connecticut River ◽  
Role Of Government ◽  
Content Type ◽  
Innovation Ecosystems ◽  
Depth Analysis ◽  
Connecticut River Valley

Purpose The purpose of this paper is to illustrate, through the example of the Springfield Armory and its role in the development of interchangeable parts, the critical role of government in establishing a cluster of organizations that evolved into an innovation ecosystem primarily located in the Connecticut River Valley in the 1800s. Using the Springfield Armory example, we use the related but largely unjoined concepts of ecosystem and networks to show that these organizational forms are effective in driving innovation. Design/methodology/approach The design uses an in-depth analysis of the role of the Springfield Armory to explicate the joining of network and ecosystem theory as an early example of the importance of governmental funding and support for innovation. Findings The development of interchangeable parts in the American arms industry in the 19th century transformed manufacturing worldwide. At the heart of this transformation was the network of arms makers that developed in the Connecticut River Valley as a direct result of US Government investment and support. This network of arms makers evolved into an ecosystem of mutually reinforcing relationships as machine tool manufacturers benefited from an environment of free-flowing intellectual property, information and growing governmental demand for arms. The Armory illustrates the government’s role in initiating and sustaining clusters of innovation that otherwise might not have developed as quickly. Originality/value Much of the research on the role of government in creating innovation ecosystems and organizational networks is based on modern organizations. This use of the Springfield Armory in the early 1800s broadens the knowledge on how innovation ecosystems in conjunction with networked organizations can be created by governments serving the public good.

The role of non-corporeal Actant theory in historical research

2019 ◽  
Vol 26 (1) ◽  
pp. 60-76
Author(s):  
Christopher M. Hartt ◽  
Albert J. Mills ◽  
Jean Helms Mills
Keyword(s):  
New Deal ◽  
Historical Analysis ◽  
Vice President ◽  
Historical Research ◽  
Organization Studies ◽  
Content Type ◽  
The Past ◽  
Depth Analysis ◽  
The New Deal

Purpose This paper aims to study the role of non-corporeal Actant theory in historical research through a case study of the trajectory of the New Deal as one of the foremost institutions in the USA since its inception in the early 1930s. Design/methodology/approach The authors follow the trajectory of the New Deal through a focus on Vice President Henry A. Wallace. Drawing on ANTi-History, the authors view history as a powerful discourse for organizing understandings of the past and non-corporeal Actants as a key influence on making sense of (past) events. Findings The authors conclude that non-corporeal Actants influence the shaping of management and organization studies that serve paradoxically to obfuscate history and its relationship to the past. Research limitations/implications The authors drew on a series of published studies of Henry Wallace and archival material in the Roosevelt Library, but the study would benefit from an in-depth analysis of the Wallace archives. Practical implications The authors reveal the influences of non-corporeal Actants as a method for dealing with the past. The authors do this through the use of ANTi-History as a method of historical analysis. Social implications The past is an important source of understanding of the present and future; this innovative approach increases the potential to understand. Originality/value Decisions are often black boxes. Non-Corporeal Actants are a new tool with which to see the underlying inputs of choice.

An investigation of price discovery and volatility spillovers in India’s foreign exchange market

2015 ◽  
Vol 42 (2) ◽  
pp. 261-284 ◽  
Author(s):  
Sanjay Sehgal ◽  
Wasim Ahmad ◽  
Florent Deisting
Keyword(s):  
Price Discovery ◽  
Stock Exchange ◽  
Futures Market ◽  
Volatility Spillover ◽  
Futures Prices ◽  
Content Type ◽  
Volatility Spillovers ◽  
Currency Market ◽  
Short Run

Purpose – The purpose of this paper is to examine the price discovery and volatility spillovers in spot and futures prices of four currencies (namely, USD/INR, EURO/INR, GBP/INR and JPY/INR) and between futures prices of both stock exchanges namely, Multi-Commodity Stock Exchange (MCX-SX) and National Stock Exchange (NSE) in India. Design/methodology/approach – The study applies cointegration test of Johansen’s along with VECM to investigate the price discovery. GARCH-BEKK model is used to examine the volatility spillover between spot and futures and between futures prices. The other two models namely, constant conditional correlation and dynamic conditional correlation are used to demonstrate the constant and time-varying correlations. In order to confirm the volatility spillover results, the study also applies test of directional spillovers suggested by Diebold and Yilmaz (2009, 2012). Findings – The results of the study show that there is long-term equilibrium relationship between spot and futures and between futures markets. Between futures and spot prices, futures price appears to lead the spot price in the short-run. Volatility spillover results indicate that the movement of volatility spillover takes place from futures to spot in the short-run while spot to futures found in the long-run. However, the results of between futures markets exhibit the dominance of MCX-SX over NSE in terms of volatility spillovers. By and large, the findings of the study indicate the important role of futures market in price discovery as well as volatility spillovers in India’s currency market. Practical implications – The results highlight the role of futures market in the information transmission process as it appears to assimilate new information quicker than spot market. Hence, policymakers in emerging markets such as India should focus on the development of necessary institutional and fiscal architecture, as well as regulatory reforms, so that the currency market trading platforms can achieve greater liquidity and efficiency. Originality/value – Due to recent development of currency futures market, there is dearth of literature on this subject. With the apparent importance of currency market in recent time, this study attempts to study the efficient behavior of currency market by way of examining the price discovery and volatility spillovers between spot and futures and between futures prices of four currencies traded on two platforms. The study has strong implications for India’s stock market especially at the time when its currency is under great strain owing to the adverse impact of global financial crisis.

Outcomes of talent management: the role of perceived equity

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amina R. Malik ◽  
Parbudyal Singh
Keyword(s):  
Empirical Studies ◽  
Talent Management ◽  
Negative Consequences ◽  
Employee Outcomes ◽  
Content Type ◽  
Depth Analysis ◽  
Perceived Equity ◽  
Employee Equity ◽  
Depth Interviews

PurposeTo date, the effects of two approaches – inclusive and exclusive – to talent management (TM) on employee outcomes are largely unexplored. This paper explores the role of perceived equity and theoretically examines the process through which these TM programs impact employee outcomes.Design/methodology/approachThis paper draws on the job demands-resources model and equity theory and proposes a typology of employee outcomes in the context of different approaches to TM.FindingsBased on the theoretical framework, the paper argues that in the context of both inclusive and exclusive TM, perceived equity is a valuable resource that motivates employees and results in favourable outcomes.Research limitations/implicationsFuture empirical studies should test the propositions put forth in this paper. The multilevel research design would allow for an in-depth analysis of organisational contexts, and qualitative studies using in-depth interviews can provide greater insights into employees' experiences and perspectives of TM programs.Practical implicationsThe paper presents implications for managers and human resource (HR) and TM professionals regarding how to get the most out of their TM programs. These implications are important since employee equity perceptions can influence the effectiveness of TM programs.Originality/valueIn this paper, the authors add to the literature by examining the role of employee equity perceptions in the context of inclusive and exclusive TM and to highlight how perceived (in)equity could lead to negative consequences, even among high potential (HiPo) employees.

scholarly journals Intermediaries and social entrepreneurship identity: implications for business model innovation

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maribel Guerrero ◽  
Carlos A. Santamaría-Velasco ◽  
Raj Mahto
Keyword(s):  
Business Model ◽  
Social Entrepreneurship ◽  
Economic Value ◽  
Control Group ◽  
Innovation Ecosystem ◽  
Content Type ◽  
The Social ◽  
Depth Analysis ◽  
Social Innovations

PurposeThe authors propose a theoretical basis for understanding the role of ecosystem intermediaries in the configuration of social entrepreneurship identities in social purpose organisations (SPOs) and their business model innovations (BMIs).Design/methodology/approachAdopting a retrospective multiple-case study, the authors offer insights into the paths/elements that determine the building of 44 social entrepreneurship identities in the context of an emerging economy (Mexico).FindingsThe study sheds light on the role of intermediaries in the configuration of the entrepreneurial identities of Mexican SPOs and BMIs, as well as several externalities generated during the process of capturing the social and economic value, especially when social innovations are focussed on solving societal, economic and ecological social problems.Research limitations/implicationsThe first limitation is related to the analysis of intermediaries within the social entrepreneurship ecosystem, which needs more conceptual and empirical evidence. The second limitation is that the analysis focussed only on intervened SPOs, as the authors did not control for non-intervened SPOs. Thus, this allows for future in-depth analysis of intermediary efficiency in a focus group (intervened SPOs) and a control group (non-intervened SPOs).Practical implicationsThe study also provides insights for Mexican SPOs on how a social entrepreneurship identity helps to capture the value creation of social innovations within an innovation ecosystem. Indeed, it is strongly aligned with the United Nations' Social Development Goals.Originality/valueThe study enhances the discussion about how intermediaries could encourage social entrepreneurial identity, as well as how intermediary intervention could facilitate the design and implementation of BMIs in the innovation ecosystem.

The leadership role of women in social regeneration in the UK

2005 ◽  
Vol 18 (2) ◽  
pp. 128-138 ◽  
Author(s):  
Su Maddock
Keyword(s):  
Decision Making ◽  
Design Methodology ◽  
Leadership Role ◽  
Chief Executives ◽  
Content Type ◽  
Transforming Leadership ◽  
Role Of Women ◽  
The Uk ◽  
Insight Into

PurposeProposes that arguing for greater access for women is essential but not sufficient to drive equality or the spirit of diversity.Design/methodology/approachExplores the role that women and others can play in broadening agendas and in transforming managerial and regeneration practices.FindingsA few innovative chief executives are leading the way and showing what transforming leadership is about in practice. In spite of this the intransigent lack of diversity within decision‐making bodies produces a brake on positive social change.Originality/valueProvides an insight into the leadership role of women in social regeneration.

Organizational leadership role in the delivery of sustainable construction projects in UK

2015 ◽  
Vol 5 (2) ◽  
pp. 154-169 ◽  
Author(s):  
Alex Opoku ◽  
Heather Cruickshank ◽  
Vian Ahmed
Keyword(s):  
Construction Industry ◽  
Organizational Leadership ◽  
Structured Interview ◽  
Leadership Role ◽  
Sustainable Construction ◽  
Clear Understanding ◽  
Content Type ◽  
Construction Organizations ◽  
Sustainability Practices

Purpose – Sustainable construction project delivery should be supported by committed and inspirational leadership, with a clear understanding of the sustainability challenge. Construction organizations need intra-organizational leadership that provides the collective vision, strategy and direction towards the shared common goal of a sustainable future. The purpose of this paper is to examine the role of intra-organizational leadership within UK construction organizations charged with the promotion of sustainability practices. Design/methodology/approach – The study adopts a mixed method approach with qualitative data collected through semi-structured interview with 15 leaders, followed by an industry-wide survey of 200 intra-organizational leaders in contractor and consultant organizations in the UK construction industry. Findings – The analysis of the data revealed that, the most important role of intra-organizational leadership in promoting sustainable construction practices is to formulate policies, implement procedures and disseminate best practices throughout the organization . Originality/value – Nothing has been written on intra-organizational leadership role in promoting sustainability practices in the construction industry. Although leadership and sustainability has been widely covered as separate issues this study provides the empirical evidence of the link between leadership and sustainability in construction.

Measuring communication competence and effectiveness of ASHAs (accredited social health activist) in their leadership role at rural settings of Uttar Pradesh (India)

2016 ◽  
Vol 29 (1) ◽  
pp. 69-81 ◽  
Author(s):  
Archana Shrivastava ◽  
Arun Srivastava
Keyword(s):  
Communication Skills ◽  
Critical Role ◽  
Communication Competence ◽  
Uttar Pradesh ◽  
Effective Communication ◽  
Leadership Role ◽  
Social Health ◽  
Content Type ◽  
Maternal And Newborn

Purpose – This paper aims to find out accredited social health activists’ (ASHA) communication competence and effectiveness while working as leaders with groups in the rural setting. ASHA, as the “first point of contact” for pregnant women in rural areas, plays a significant role in building awareness and disseminating key information at critical times (e.g. antenatal and post-natal period), promotes healthy maternal and newborn care practices and facilitates identification and referral of maternal and newborn complications. ASHA plays critical role of a leader in bridging the gap between health system and community. In the entire process, effective communication competency is the key to her effectiveness. Design/methodology/approach – The study adopts seven items from the farmers communication (FACOM) scale of communication measures developed by Udai Pareek and Y.P Singh. Preliminary editing of the items was done keeping certain points in mind such as the items should not be judgemental, should be acts of behaviour, should be observable and should be simple. This scale was adopted for the study, as it was designed to measure farmers’ communication competence and suited the context. The evaluation criteria included the seven essential elements of communication identified in the FACOM scale. Findings – Results from the study identified a need to sensitise ASHAs on the critical role of effective communication and need for investing more in building her capacity for health communication. The trainings being imparted to ASHAs have to be strengthened in terms of communication skills. They should focus upon developing all three variables of communication skills equally and integrating them to get desired results. Research limitations/implications – The study was conducted in one state while the programme is running across the country. The sample size was small. Practical implications – The learning of the study will help in developing a better understanding of the beneficiaries’ perspectives and their expectations regarding ASHAs communication process in the leadership role which she performs. Such understanding will not only be instructive but may also prove transformative for the benefit of both ASHAs and her community, whose support is critical to the success of the programme. This learning will feed into the policy planning and communication and capacity building strategy of the ASHA programme and may lead to better and more effective strategies and tools of communication. Originality/value – Research study is original. Keeping the observers’ status in mind, questionnaire was translated in Hindi language. Twenty ASHAs were selected randomly from small villages of Uttar Pradesh, the largest state in India. The scale was presented to at least five observers (all females) for one ASHA. These observers/judges were the ones who knew ASHA well and with whom she had communicated at some point of time as part of her work.

ESG and corporate financial performance: the mediating role of green innovation: UK common law versus Germany civil law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Salim Chouaibi ◽  
Jamel Chouaibi ◽  
Matteo Rossi
Keyword(s):  
Financial Performance ◽  
Firm Value ◽  
Mediation Effect ◽  
Green Innovation ◽  
Content Type ◽  
Mediating Role ◽  
Thomson Reuters ◽  
The Board Of Directors ◽  
The Relationship

PurposeThe purpose of this paper is to investigate the direct and indirect links between environmental, social and governance (ESG) practices and financial performance using the mediate role of green innovation.Design/methodology/approachTo test the current study hypotheses, the authors applied linear regressions with a panel data using the Thomson Reuters ASSET4 and Bloomberg database from a sample of 115 UK and 90 Germany companies selected from the ESG index over the period 2005–2019.FindingsThe results show that the strengths ESG increase the firm value and the weaknesses decrease it. In addition, the authors find that green innovation fully mediates the relationship between ESG practices and financial performance in UK and Germany.Practical implicationsThe findings provide interesting implications to academics practitioners and regulators who are interested in discovering ESG score, financial performance and green innovation. The results also provide insights to regulators and the board of directors on future growth opportunities for the company and the country.Originality/valueThis study is unique in examining the mediation effect of green innovation on the relationship between ESG practices and financial performance.

Sign in / Sign up

Export Citation Format

Share Document