Adaptive calendar effects and volume of extra returns in the cryptocurrency market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sashikanta Khuntia ◽  
J.K. Pattanayak
Keyword(s):  
Return Predictability ◽  
Significant Implication ◽  
Content Type ◽  
Calendar Effects ◽  
Year Effect ◽  
Rolling Window ◽  
Window Approach ◽  
Autoregressive Conditional Heteroscedasticity ◽  
Practical Implications ◽  
Better Than

PurposeThis study broadly attempts to explore adaptive or dynamics patterns of calendar effects existed in the cryptocurrency market as per the adaptive market hypothesis (AMH) framework. Another agendum of this study is to investigate the quantum of extra returns which may result from the presence of calendar effects.Design/methodology/approachThe present study considers both parametric and non-parametric approaches to verify calendar effects empirically. Specifically, this study has implemented Generalised Autoregressive Conditional Heteroscedasticity (1, 1) and Kruskal–Wallis tests in the rolling window approach to reveal adaptive patterns of calendar effects. Additionally, the present study has used the implied trading strategy to evaluate the volume of excess returns resulted from calendar effects than buy-and-hold (BH) strategy.FindingsThe overall results of the current study exhibit that calendar effect in the cryptocurrency market is dynamic rather than static which indicates the calendar effect is a time-varying phenomenon. Moreover, this study also confirmed that ITS is not suitable to obtain extra returns despite the existence of calendar effects.Research limitations/implicationsThe present study has covered some broad aspects of calendar anomalies in the cryptocurrency market, keeping aside certain other limitations which need to be addressed in the following dimensions. Future studies may aim at addressing issues like, Turn-of-the-Year effect, Halloween effect, weather effect, and Month-of-the-Year effects, and try to explore the reasons of presence of dynamic patterns of calendar effects.Practical implicationsThe significant implication of this study is that it alerts investors about market return predictability due to calendar patterns or effects in different periods. It also suggests the period in which the ITS can perform better than the BH strategy.Originality/valueIt is the first study in the cryptocurrency literature which has adopted the AMH framework to verify adaptive calendar effects or anomalies. Furthermore, this study, instead of a mere examination of the presence of calendar effects, has evaluated the potential of calendar effects to produce extra returns through trading strategies.

Synthetic individual binaural audio delivery by pinna image processing

2014 ◽  
Vol 10 (3) ◽  
pp. 239-254 ◽  
Author(s):  
Simone Spagnol ◽  
Michele Geronazzo ◽  
Davide Rocchesso ◽  
Federico Avanzini
Keyword(s):  
Sound Source ◽  
Low Complexity ◽  
Head Orientation ◽  
Sound Sources ◽  
Content Type ◽  
Localization Test ◽  
Subjective Measurements ◽  
Head Related Transfer Function ◽  
Practical Implications ◽  
Better Than

Purpose – The purpose of this paper is to present a system for customized binaural audio delivery based on the extraction of relevant features from a 2-D representation of the listener’s pinna. Design/methodology/approach – The most significant pinna contours are extracted by means of multi-flash imaging, and they provide values for the parameters of a structural head-related transfer function (HRTF) model. The HRTF model spatializes a given sound file according to the listener’s head orientation, tracked by sensor-equipped headphones, with respect to the virtual sound source. Findings – A preliminary localization test shows that the model is able to statically render the elevation of a virtual sound source better than non-individual HRTFs. Research limitations/implications – Results encourage a deeper analysis of the psychoacoustic impact that the individualized HRTF model has on perceived elevation of virtual sound sources. Practical implications – The model has low complexity and is suitable for implementation on mobile devices. The resulting hardware/software package will hopefully allow an easy and low-tech fruition of custom spatial audio to any user. Originality/value – The authors show that custom binaural audio can be successfully deployed without the need of cumbersome subjective measurements.

scholarly journals Organising household consumption and occupational proportions

2018 ◽  
Vol 26 (4) ◽  
pp. 748-772
Author(s):  
Tolu Olarewaju
Keyword(s):  
Developing Countries ◽  
Occupational Status ◽  
Household Consumption ◽  
Quantile Regressions ◽  
Content Type ◽  
Self Employment ◽  
Causality Tests ◽  
Positive Effect ◽  
Practical Implications ◽  
Better Than

Purpose The purpose of this paper is to contribute to the occupational status and entrepreneurship research in developing countries by proposing that there are implications for household consumption depending on the occupational status proportion of households. When the occupational proportion of the household changes, household consumption is affected. This effect also changes depending on what quantile level the household is in terms of household consumption. Design/methodology/approach The paper makes use of OLS and quantile regressions to examine 6,919 households comprising 40,294 individuals from the 2009 Nigerian Living standards measurement survey. Findings The paper finds that there are implications for household consumption based on the proportion of individuals in each occupational category. The contributions of each employment proportion changes at different quantiles with self-employed individuals increasing household consumption at the lower quantiles but reducing household consumption at the upper quantiles. Crucially, having a higher proportion of unemployed individuals in the household is oftentimes better than having a higher proportion of own account self-employed individuals. Research limitations/implications This paper offers new insights into how occupation proportion influences household consumption in developing countries. As a result, the household could seek to organise its members in such a way as to maximise combined household consumption, as diverse occupational statuses contribute differently to the household consumption at different quantile levels. The nature of the data used in this study however does not allow for causality tests. Practical implications The proportion of employment statuses in the household has implications for household consumption and so the mix of employment in the household is important. The self-employed could also be involved in activities to enhance household consumption that are not captured by labour income. However, self-employment does not seem to always have a positive effect on household consumption and sometimes unemployment might be better. Originality/value The paper provides a new way to view the household as an organising entity in terms of how it can allocate employment proportions to maximise household consumption.

scholarly journals Better than before: the resilient organization in crisis mode

2018 ◽  
Vol 39 (1) ◽  
pp. 32-42 ◽  
Author(s):  
Epaminondas Koronis ◽  
Stavros Ponis
Keyword(s):  
Crisis Management ◽  
Design Methodology ◽  
Organizational Characteristics ◽  
Managerial Ability ◽  
Organizational Survival ◽  
Research Directions ◽  
Learning Abilities ◽  
Content Type ◽  
Practical Implications ◽  
Better Than

Purpose The paper aims to adopt a strategic view of organizational survival and argue that preparedness, responsiveness, adaptability and learning abilities constitute organizational drivers of resilience and provide a new direction on crisis management. Design/methodology/approach As a conceptual and literature exploration, the methodological focus is to combine various concepts within a unified model for resilience. Findings The proposed conceptual model highlights the need for strategic reconfigurations toward the construction of a resilience culture and the development of a supporting social capital in organizations. It also portrays organizational survival and sustainability as being dependent on strategic characteristics rather than on the managerial ability to handle situations and manage crisis. Research limitations/implications In this paper, implications, methodological concerns in the study of resilience and further research directions have been presented. Practical implications The paper approaches a new way of thinking about crises and provides a set of cultural and organizational characteristics that would increase resilience and crisis management abilities. Originality/value While organizations are nowadays more than ever affected by disruptions and crises, their inherent ability and strategies to protect their sustainability have been undertheorized. This paper aims at contributing to a growing and fruitful discussion.

The influence of different advertisement messages and levels of religiosity on attitude and purchase intention

2020 ◽  
Vol 13 (2) ◽  
pp. 339-356
Author(s):  
Erol Ustaahmetoğlu
Keyword(s):  
Purchase Intention ◽  
Consumer Attitudes ◽  
Social Judgment ◽  
Theoretical Development ◽  
Significant Implication ◽  
Content Type ◽  
Social Judgment Theory ◽  
Purchasing Intention ◽  
Significant Difference ◽  
Practical Implications

Purpose Although religiosity and advertising messages have been extensively examined in the existing literature separately, studies which correlatively examine both these aspects are very limited. This paper aims to reveal the influence of the widely used religious messages on consumer attitudes and of purchase intentions on subjects with different levels of religiosity. Design/methodology/approach In this study, four different printed advertising messages with and without religious messages were developed for two different products. In this respect, the consumer attitudes toward advertisements and the degree to which purchase intention changed were measured. Findings The attitude and purchase intention toward the advertisements with religious messages was found to have a higher mean value compared to the advertisements without religious messages, and a statistically significant difference was found between the two. The highly religious participants’ attitudes and purchasing intention toward the advertisements with religious messages differed as compared to the participants with low levels of religiosity. Research limitations/implications Indeed, it was observed that the attitude toward different advertising messages and purchase intention differed regarding the level of religiosity. In the last section of the study, the influence of the level of religiosity on purchasing intention and consumer attitudes has been discussed with academic and practical results. Practical implications This study has also extended the practical implications of social judgment theory, which suggests that the further the consumers’ initial position to the new message the less is the acceptance of that message, and it contributes to its methodological and theoretical development. Whether a religious advertisement message is considered more or less acceptable depends on the level of religiosity and the positioning strategy adopted in the advertisement. In the present study, it is observed that as the level of religiosity increases, purchase intention and the attitude towards the advertisement with religious message increase in permissible(halal) goods. However, when prohibited (haram) services are considered, an increase in the subjects' level of religiosity brings about a decrease in the purchase intention and the attitude towards the advertisement with religious message. Therefore, this study validates social judgment theory. Social implications A significant implication for the marketing practitioners is that religiosity could be one of the criteria in segmenting market. A religiously prohibited product might gradually feel more irritating as the intensity of religious message increases in an advertisement. Thus, it is an important consideration for an organization offering faith-based products in mono-religious societies. Clearly, marketers need to be very careful when they use religious symbols in the secular marketplace, which raises the question – What factors underlie a positive response to religious message use in advertisement? Originality/value Religion was a taboo subject in society in the recent past; it has not been comprehensively investigated in marketing literature; moreover, it is evident that this situation continues to exist at present. It can, therefore, be said that the efforts to conceptualize religion’s influence on marketing and consumer behavior have been scarce.

Forecasting stock returns in Saudi Arabia and Malaysia

2018 ◽  
Vol 17 (2) ◽  
pp. 259-279 ◽  
Author(s):  
Abdelmonem Oueslati ◽  
Yacine Hammami
Keyword(s):  
Saudi Arabia ◽  
Stock Returns ◽  
Equity Premium ◽  
Return Predictability ◽  
Excess Returns ◽  
Content Type ◽  
Forecasting Method ◽  
The Us ◽  
Diffusion Index ◽  
Practical Implications

Purpose This paper aims to investigate the performance of various return forecasting variables and methods in Saudi Arabia and Malaysia. The authors document that market excess returns in Saudi Arabia are predicted by changes in oil prices, the dividend yield and inflation, whereas the equity premium in Malaysia is predicted only by the US market excess returns. In both countries, the authors find that the diffusion index is the best forecasting method and stock return predictability is stronger in expansions than in recessions. To interpret the findings, the authors perform two tests. The empirical results suggest irrational pricing in Malaysia and rationally time-varying expected returns in Saudi Arabia. Design/methodology/approach The authors apply the state-of-the-art in-sample and out-of-sample forecasting techniques to predict stock returns in Saudi Arabia and Malaysia. Findings The Saudi equity premium is predicted by oil prices, dividend yield and inflation. The Malaysian equity premium is predicted by the US market excess returns. In both countries, the authors find that the diffusion index is the best forecasting method. In both countries, predictability is stronger in expansions than in recessions. The tests suggest irrational pricing in Malaysia and rationality in Saudi Arabia. Practical implications The empirical results have some practical implications. The fact that stock returns are predictable in Saudi Arabia makes it possible for policymakers to better evaluate future business conditions, and thus to take appropriate decisions regarding economic and monetary policy. In Malaysia, the results of this study have interesting implications for portfolio management. The fact that the Malaysian market seems to be inefficient suggests the presence of strong opportunities for sophisticated investors, such as hedge and mutual funds. Originality/value First, there are no papers that have studied the return predictability in Saudi Arabia in spite of its importance as an emerging market. Second, the methods that combine all predictive variables such as the diffusion index or the kitchen sink methods have not been implemented in emerging markets. Third, this paper is the first study to deal with time-varying short-horizon predictability in emerging countries.

The effect of the valence of sponsorship information on consumers’ attitudes toward the sponsor brand

2019 ◽  
Vol 20 (4) ◽  
pp. 603-616 ◽  
Author(s):  
Christopher Dick
Keyword(s):  
Boundary Condition ◽  
Experimental Research ◽  
Design Methodology ◽  
Strong Influence ◽  
Content Type ◽  
Different Types ◽  
Negative Condition ◽  
Practical Implications ◽  
Practical Recommendations ◽  
Better Than

Purpose To date, research on sponsorship considers the effects of only positive or only negative sponsorship information on consumers’ attitudes toward the sponsor brand. However, in practice, sometimes mixed information (positive and negative) is available that influences consumers’ sponsor evaluations. To mirror the information situation of the real world, the purpose of this paper is to investigate how the valence of sponsorship information (only positive vs mixed vs only negative) and the strength of sponsorship information (weak vs strong) influence the consumers’ attitudes toward the sponsor brand. Design/methodology/approach This research uses an experimental research design (n=210). Data were collected among students of a German university. Findings The results reveal that when the strength of information was weak, attitudes in the mixed information condition were not significantly worse than in the only positive condition and significantly better than in the only negative condition. In addition, when the strength of information was strong, attitudes in the mixed information condition were significantly worse than in the only positive condition and significantly better than in the only negative condition. Practical implications This study offers several practical recommendations regarding the sponsors’ evaluation of their investments and the decision to maintain or exit the sponsorship of a controversial object. Originality/value This study expands the research on the effects of available sponsorship information on consumers’ sponsor evaluation. The present research highlights the effects of different types of sponsorship information on consumers’ attitudes and considers the strength of information as a boundary condition of these effects.

RATR of adaptive angular-sector segmentation based on grey incidence analysis model

2017 ◽  
Vol 7 (1) ◽  
pp. 71-79
Author(s):  
Yongsheng Xiao ◽  
Lizhen Huang ◽  
Jianjiang Zhou
Keyword(s):  
Automatic Target Recognition ◽  
Analysis Model ◽  
Content Type ◽  
Angular Sector ◽  
Grey Incidence Analysis ◽  
Radar Automatic Target Recognition ◽  
Incidence Analysis ◽  
Practical Implications ◽  
Better Than ◽  
High Resolution Range Profile

Purpose The purpose of this paper is to solve the azimuth sensitivity of a high-resolution range profile (HRRP), which is one of the biggest obstacles faced by a radar automatic target recognition (RATR) system. Design/methodology/approach Aimed at addressing the shortcomings of the equal angular-sector segmentation based on the scatterer model, an adaptive angular-sector segmentation is proposed on the basis of grey incidence analysis (GIA). Findings The main conclusions reached are as follows. First, the adaptive angular-sector segmentation in terms of GIA is suitable for RATR based on the HRRP; and, second, the adaptive angular-sector segmentation based on the type-B degree of grey incidence model is better than the Deng-Si degree of grey incidence model and the degree of grey slope incidence model. Practical implications The outcome obtained in this paper can be selected for the RATR application. Originality/value This paper has been built on the basis of previous research achievements, and a new RATR method of adaptive angular-sector segmentation is presented based on the GIA.

The great divorce: the freeing of markets from communities and from moral constraint

Humanomics ◽  
2014 ◽  
Vol 30 (3) ◽  
pp. 186-198
Author(s):  
Kenneth W. Stikkers
Keyword(s):  
Design Methodology ◽  
Adam Smith ◽  
Social Economics ◽  
Content Type ◽  
Classical Economics ◽  
Modern Capitalism ◽  
Extended Analysis ◽  
Practical Implications ◽  
Moral Constraint ◽  
Better Than

Purpose – This paper aims to explain how economics severed itself from the moral constraint of community and from ethics. Design/methodology/approach – The paper utilizes respected economic histories (e.g. Tawney, Polanyi, Heilbroner) and analyzes central theoretical texts of modern capitalism (e.g. Adam Smith). Findings – This paper concludes that the divorce of economics from community and ethics had historical causes, beginning with enclosure, and was then theoretically justified by the classical economics. Practical implications – The paper suggests that, if social economics wish to reconnect economics with ethics, they need first to understand and to contend with, better than they have, the enormity of the historical and theoretical forces that drove the two apart in the first place. Originality/value – While many social economists argue for the need to connect economics with ethics, few if any have offered an extended analysis of their divorce.

The three laws of business combinations: how to create value by remixing assets

2015 ◽  
Vol 43 (5) ◽  
pp. 18-23 ◽  
Author(s):  
Benjamin Gomes-Casseres
Keyword(s):  
Design Methodology ◽  
Fundamental Unit ◽  
Business Combinations ◽  
Unit Of Analysis ◽  
Content Type ◽  
Use Of Resources ◽  
The Right ◽  
Practical Implications ◽  
Share Value ◽  
Better Than

Purpose – The author defines and discusses the three laws of business combinations that are essential to a profitable use of resources. Design/methodology/approach – The author shows how applying these laws is necessary for success. Findings – All business combinations must have the potential to create joint value, must be governed to realize this value, and must share value in a way that provides a reward to each party’s investment Practical implications – In remix strategy, the fundamental unit of analysis is the combination of resources that yields value. That combination competes with other combinations. Some combinations will gain advantage over others because they encompass just the right resources; others will gain advantage because they manage their collective resources better than others do. Originality/value – The author’s insight is that instead seeing competition as a battle of firm vs. firm, practitioners need to understand how bundles of resources compete, regardless of whether they are organized as firms.

“Prevention is better than cure”: challenges in engaging employees through gamification

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Manish Gupta ◽  
Abhishek Behl ◽  
YLN Kumar
Keyword(s):  
Sampling Technique ◽  
Snowball Sampling ◽  
Structured Interviews ◽  
Content Type ◽  
Hr Practices ◽  
Online Mode ◽  
Specific Factors ◽  
Game Elements ◽  
Practical Implications ◽  
Better Than

PurposeGamification, the use of game elements and techniques in the non-game contexts, is gaining popularity among human resources (HR) in an online mode. This paper intertwines the flow and engagement theories to know the challenges faced by companies in India in implementing gamification in their various HR practices to engage their employees.Design/methodology/approachSemi-structured interviews of only the information-rich cases including game designers and HR practitioners were conducted using snowball sampling technique. The interviews were transcribed and were analysed using thematic analysis.FindingsThree reviewed themes emerged from the data labelled as organization-, employee- and job-specific factors. Separate thematic maps drawn for each of the reviewed themes give particulars pertaining to the issues highlighted by the game designers and the HR practitioners in gamification.Practical implicationsThe results of the study are expected to help the organizations make an informed decision about whether they should go ahead with risking their resources as they expect improved engagement levels at work.Originality/valueThe findings contribute to the online engagement literature by exploring its antecedents in the context of gamification of HR practices for higher engagement at work.

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