scholarly journals Mean–variance relationship and uncertainty

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jun Sik Kim
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Investor Sentiment ◽  
Conditional Variance ◽  
Uncertainty Factor ◽  
The Mean ◽  
The Impact ◽  
Mean Variance ◽  
Low Uncertainty ◽  
High Uncertainty

This study investigates the impact of uncertainty on the mean-variance relationship. We find that the stock market's expected excess return is positively related to the market's conditional variances and implied variance during low uncertainty periods but unrelated or negatively related to conditional variances and implied variance during high uncertainty periods. Our empirical evidence is consistent with investors' attitudes toward uncertainty and risk, firms' fundamentals and leverage effects varying with uncertainty. Additionally, we discover that the negative relationship between returns and contemporaneous innovations of conditional variance and the positive relationship between returns and contemporaneous innovations of implied variance are significant during low uncertainty periods. Furthermore, our results are robust to changing the base assets to mimic the uncertainty factor and removing the effect of investor sentiment.

scholarly journals Employee Behaviors toward Using and Saving Energy at Work. The Impact of Personality Traits

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3404
Author(s):  
Dawid Szostek
Keyword(s):  
Personality Traits ◽  
Energy Saving ◽  
Organizational Citizenship ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Organizational Citizenship Behaviors ◽  
Equation Modeling ◽  
Future Research ◽  
Citizenship Behaviors ◽  
The Impact

The purpose of the article is to determine how personality traits (extraversion, neuroticism, conscientiousness, agreeableness and openness to experience) affect organizational citizenship behaviors for the environment (OCBE), especially in the context of energy saving. The purpose is also to verify the hypothesis that this impact is significantly moderated by individuals’ demographic characteristic (sex, age, length of service, work type and economic sector of employment). To achieve the purposes, a survey was conducted in 2020 on 454 working people from Poland. The analysis was based on structural equation modeling (SEM). The research model assumed that particular types of personality affect direct and indirect OCBEs, including energy-saving patterns. The model also included the aforementioned demographic characteristics of respondents. I proved that personality traits have a significant impact on direct and indirect organizational citizenship behaviors for the environment. In the case of direct OCBEs, the energy-saving items that were most significantly affected by employee personality were: I am a person who turns off my lights when leaving my office for any reason; I am a person who turns off the lights in a vacant room; I am a person who makes sure all of the lights are turned off if I am the last to leave. The strongest predicators were Neuroticism (negative relationship) and Agreeableness (positive relationship) for direct OCBE, but Extraversion (positive relationship) and Agreeableness (negative relationship) for indirect OCBE. The impact of an individual’s personality on OCBE was significantly moderated mainly for indirect behaviors. This applied to all the analyzed demographic variables, but it was stronger for women, employees aged up to 40 years, those with 10 years or more experience, office/clerical workers, and public sector employees. The article discusses the theoretical framework, research limitations, future research directions and practical implications.

scholarly journals The Impact of Investor Sentiment on Return of Different Industries in Pakistan

2017 ◽  
pp. 1-23
Author(s):  
Sumayya Chughtai Et al.,
Keyword(s):  
Stock Returns ◽  
Principle Component Analysis ◽  
Negative Relationship ◽  
Investor Sentiment ◽  
Differential Impact ◽  
Future Period ◽  
Market Sentiment ◽  
Available Information ◽  
The Impact ◽  
The Relationship

We classify stocks in different industries to measure industrial sentiment based on principle component analysis in order to examine whether investor sentiment exerts a differential impact on stock returns across different industries. After having constructed industry-level sentiment indices we construct a composite investor sentiment index. Our results suggest that investor sentiment negatively affects current as well as future stock returns in Pakistan over the examined period. However, we find that the influence of investor sentiment varies substantially across different industries. We also find that the market sentiment index has a negative relationship with both current and future stock returns. We also show that the direction of the relationship between return and sentiment remains same for the current and future period. This indicates that investors overreact to the available information and mispricing exists for a prolonged time. Our results confirm that sentiment driven mispricing persists for upcoming time and stock markets are not fully efficient to adjust instantaneously.

On the Impact of Government Institutions on Economic Growth and Income Inequality in Russia

2019 ◽  
Vol 7 (3) ◽  
pp. 14-17
Author(s):  
Леонид Басовский ◽  
Leonid Basovskiy ◽  
В. Бабанов ◽  
V. Babanov ◽  
Елена Басовская ◽  
...  
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Income Distribution ◽  
Local Governments ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Government Officials ◽  
Government Institutions ◽  
State And Local ◽  
The Impact

In order to assess the extent to which the institutions of government in the current conditions in recent years in Russia — the activity of government officials and local governments affected economic growth, the correlation of the number of this category of workers with the growth rates of the economy was evaluated. The results show that by 2002 the positive correlation between the number of employees of state bodies and local self-government and the rate of economic growth was a negative one. The activities of employees of state and local governments began to slow down economic growth in the country. In order to assess how the change in the level of inequality of income distribution in modern Russia is due to the activities of employees of state-shock authorities and local self-government, its relation to the number of employees in this category of funds, which reflects the degree of income inequality, was evaluated. The results show that by 2011 the negative relationship between the number of employees of state bodies and local governments and the level of inequality of income distribution of growth replaced by a positive relationship. The activities of employees of state and local governments began to contribute to reducing the level of inequality of income distribution in the country.

scholarly journals Impact of enforcement and corporate governance attributes on performance

2016 ◽  
Vol 13 (4) ◽  
pp. 50-60
Author(s):  
José Villanueva García ◽  
Maria Antonia García-Benau ◽  
Ana Zorio Grima
Keyword(s):  
Corporate Governance ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Structural Equations ◽  
Company Performance ◽  
Consolidated Financial Statements ◽  
Significant Positive Relationship ◽  
Enforcement Action ◽  
Financial Scandals ◽  
The Impact

Since 2005, consolidated financial statements of European listed groups have been prepared according to IFRS. Nevertheless, the recent economic crisis on top of financial scandals has highlighted the role of oversight agencies and the importance of corporate governance. The purpose of this study is to look into the impact of corporate governance and the work of the Spanish Securities Exchange Commission (CNMV) on the performance of Spanish listed groups; as well as observing the links between enforcement actions and corporate governance. In a sample of 116 Spanish listed groups during the period 2005-2011 we have applied structural equations model (SEM) for hypothesis testing. The results obtained suggest there is a significant positive relationship between the corporate governance variables and company performance and a significant negative relationship between enforcement and performance. We also identify a significant positive relationship between enforcement action and corporate governance, which validates the theoretical model proposed.

scholarly journals Working Capital Management and the Profitability of Non- Financial Firms Listed on the Zimbabwe Stock Exchange (ZSE)

2014 ◽  
Vol 9 (1) ◽  
Author(s):  
Walter Gachira ◽  
Washington Chiwanzwa ◽  
Dingilizwe Jacob Nkomo ◽  
Runesu Chikore
Keyword(s):  
Firm Value ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Financial Firms ◽  
Cash Conversion Cycle ◽  
The Impact

Working capital is essential for the day-to-day operations of a firm. The study examines the impact of working capital management on the profitability of non-financial firms listed on the Zimbabwe Stock Exchange (ZSE). Using panel data methodology, the direction and extent of the impact of working capital management on profitability is scrutinised. The regression analysis is based on a panel sample of 39 non-financial firms listed on the ZSE from 2009 to 2013, the period under which the Zimbabwean economy has been operating under the multicurrency system. It was found that there is a positive relationship between debtors’ days and firm’s profitability, a negative relationship between creditors’ days and profitability and a positive relationship between firm’s cash conversion cycle and its profitability. There is some negative relationship between current ratio and profitability, while inventory turnover days and profitability are positively related. Debt to asset ratio as a control variable has a significant negative relationship with firm value and profitability. The results of the study show that for the companies included in the sample, there are mixed effects of the components of working capital on firm performance. Managers can thus create value for shareholders by taking note of the existence of such relationships and take measures that enhance firm profitability.

scholarly journals Mergers, Acquisitions and Financial Performance: A Study of Selected Financial Institutions

2019 ◽  
Vol 9 (1) ◽  
pp. 36-44
Author(s):  
Tarila Boloupremo ◽  
Samson Ogege
Keyword(s):  
Mergers And Acquisitions ◽  
Capital Structure ◽  
Financial Performance ◽  
Financial Institutions ◽  
Significant Relationship ◽  
Positive Relationship ◽  
Cost Control ◽  
Control Variable ◽  
Negative Relationship ◽  
The Impact

The aim of the study is to examine the impact of mergers and acquisition on financial performance in the Nigerian financial system. The study examined selected financial institutions in the banking sector. Specifically, some financial indicators such as asset profile, credit risk, capital structure, liquidity, size and cost control ratios, were extracted from the audited financial reports of the selected banks for the period 2000-2010 to compare the performance of the selected financial institutions in the ex-ante period and compare these performance with the ex post period of their mergers and acquisitions. Longitudinal and time series analyses were employed to observe the performance of the selected banks. Results from the analysis suggest that credit risks showed a better post merger performance, but were statistically insignificant and negatively related with the performance of the selected financial institution pre-merger. Asset profile was found to be significant and positively related with post-merger in relation to the performance of the selected financial institutions, but it was insignificant and negatively related to the financial performance of the selected firms pre-merger. Capital structure of the selected firms was found to be significant and positively related to the performance of the firms’ pre-merger, but insignificant and negatively related to the performance of the firms post-merger. Liquidity of the firms indicated a significant and positive relationship with the performance of the banks pre-merger. However, post merger result indicates that, there was no significant and positive relationship between the liquidity of the firms and financial performance post-merger. The size of the selected banks indicated a significant relationship with their performance in both the pre-merger and post-merger periods. The cost control variable indicated a statistically significant and negative relationship with the performance of the banks post-merger period, but showed no significant relationship with performance of the banks in the pre-merger period. Finally, the results indicate that mergers and acquisitions can have significant impact on the performance of the selected financial institutions in Nigeria.

scholarly journals Anatomical analysis of the pelvis to identify any predisposing anatomical factors for ischiofemoral space pathology: a retrospective study

2020 ◽  
Vol 93 (1108) ◽  
pp. 20190556 ◽  
Author(s):  
Maria Pilar López-Royo ◽  
Esther Valero-Tena ◽  
Mercedes Roca
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Morphological Characteristics ◽  
Anatomical Structures ◽  
Significant Positive Relationship ◽  
Anatomical Analysis ◽  
Conventional Mri ◽  
Ischiofemoral Space ◽  
The Mean ◽  
Hip Mri

Objective: Anatomical analysis of the hips and pelvis was performed using MRI to evaluate morphological characteristics and associations between them. We identified correlations between the ischiofemoral space (IFS), quadratus femoris space (QFS), femoral version angle (FVA) and cervicodiaphyseal angle (CDA). Methods: This study involved a retrospective search of a database of consecutive reports of adult hip MRI examinations carried out between January and September 2016. Patients with a medical history likely to affect pelvic and hip morphometry were excluded. Results: A total of 137 adult patients were enrolled in the study (45.3% males and 54.7% females), with a mean age of 50.16 ± 13.87 years. The mean IFS was 20.88 ± 5.96 mm, mean QFS was 15.2 ± 6.18 mm, mean FVA was 12.43 ± 6.98, and mean CDA was 121.27 ± 4.6°. The IFS measurements were significantly correlated with femoral measurements (p = 0.025). These visible differences showed a slight negative relationship (−0.191), and females had a smaller distance between these anatomical structures than males (p < 0.001). Females had a significantly smaller QFS than males (12.42 ± 5.94 vs 18.73 ± 4.48 mm, p = 0.000). There was a small but significant positive relationship between CDA and FVA (p = 0.022), with a correlation coefficient of 0.195. Conclusion: A higher FVA was correlated with a smaller IFS. Furthermore, an increase in the CDA appeared in tandem with an increase in the FVA. Advances in knowledge: A single conventional MRI sequence can alert us to how anatomical factors could predispose individuals to a decrease in IFS.

Study of Indian bank shows psychological contract breach (PCB) during restructuring has impact on stress

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Keyword(s):  
Psychological Contract ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Job Involvement ◽  
Psychological Contract Breach ◽  
Job Outcomes ◽  
Contract Breach ◽  
Content Type ◽  
Employee Stress ◽  
The Impact

Purpose Restructuring is a common strategy to increase competitiveness, but a lot of the time it is unsuccessful. The author believes this is likely to be because of “psychological contract breach” (PCB), but says the phenomenon has not been studied much. Another factor, he says, is the high level of stress caused by the restructuring. Therefore, the researcher wanted to study the impact of both the psychological contract breach and stress on employee job outcomes during restructuring. Design/methodology/approach Data was collected from bank employees using a questionnaire. A total of 322 completed questionnaires were used in the analysis. There were also 30 interviews with native employees of SBI to find out their opinions of working with bank associate employees. There were 17 questions covering PCB, job stress, job involvement and organizational citizenship behaviour (OCB). Findings The results confirmed Hypothesis 1, Hypothesis 2 and Hypothesis 3. Therefore, the author’s research proved a positive relationship between PCB and employee stress, a significant negative relationship between employee stress and job involvement, and a significant positive relationship between job involvement and OCB. However, analysis rejected three other hypotheses. Although there was a change in stress, job involvement and OCB after the merger, it was not significant. Originality/value The study was a significant contribution to research because few previous studies have dealt with the impact of organizational restructuring on stress and job outcomes in India.

Were Bifaces used as Mobile Cores by Clovis Foragers in the North American Lower Great Lakes Region? An Archaeological Test of Experimentally Derived Quantitative Predictions

2013 ◽  
Vol 78 (1) ◽  
pp. 166-180 ◽  
Author(s):  
Metin I. Eren ◽  
Brian N. Andrews
Keyword(s):  
Great Lakes ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Great Lakes Region ◽  
Flake Thickness ◽  
The North ◽  
Strong Positive Relationship ◽  
The Mean ◽  
Experimental Replication ◽  
Mitigating Behavior

AbstractThe notion that Paleoindians used bifaces as “mobile cores” is widespread in Late Pleistocene lithic research, although it can be difficult to test empirically. Here, we use experimental replication to establish two quantitative predictions that would be indicative of biface-core transport. If bifaces are being used as mobile cores, then we should see among a group of sites of varying toolstone procurement distances (a) a negative relationship between toolstone procurement distance and the mean unifacial tool maximum-thickness value from each site; and (b) a negative relationship between toolstone procurement distance and the variability (standard deviation) of maximum flake thickness values from each site. We then test these predictions against data from six Clovis sites of varying toolstone procurement distance in the Lower Great Lakes region. The results show that both sets of data possess a strong, positive relationship with increasing toolstone procurement distance, which is inconsistent with the notion that biface-cores were transported. Since the Clovis presence in the Lower Great Lakes is widely acknowledged to be a colonization pulse, we conclude that the lack of biface-core transport there is an economizing and risk-mitigating behavior consistent with the models of Kuhn (1994) and Meltzer (2002, 2003, 2004).

scholarly journals ALLOCENTRISM AND CONSUMER ETHNOCENTRISM: THE EFFECTS OF SOCIAL IDENTITY ON PURCHASE INTENTION

2008 ◽  
Vol 36 (8) ◽  
pp. 1097-1110 ◽  
Author(s):  
Yu-An Huang ◽  
Ian Phau ◽  
Chad Lin ◽  
Hsien-Jui Chung ◽  
Koong Hao-Chiang Lin
Keyword(s):  
Social Identity ◽  
Purchase Intention ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Mediating Effect ◽  
Consumer Ethnocentrism ◽  
Mediating Role ◽  
Korean Wave ◽  
Strong Positive Relationship ◽  
The Impact

In this article the authors examine the effects of allocentrism and consumer ethnocentrism (CET) on intentions to purchase domestic versus imported products, focusing on the current phenomenon of the “Korean Wave” in Taiwan. Results based on data collected from 433 mall intercept interviews in Taiwan indicate that there is a strong positive relationship between allocentrism toward parents and CET. However, a significantly negative relationship between allocentrism toward friends and CET was also found. It was also found that friends' in-group attitude toward Korean television dramas has a mediating effect of allocentrism toward friends on CET and CET on intention to buy Korean products. In this study, it was found that CET played a mediating role between allocentrism toward parents and friends and purchase intention. This ethnocentric effect was attributed to parental and friends' in-groups which significantly enhanced and reduced, respectively, the impact of intergroup discrimination, making national identification a less obvious and important social category. These findings have significant implications for domestic and foreign marketers.

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