Market overreaction, firm-specific information and macroeconomic variables in US and Chinese markets during COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ooi Kok Loang ◽  
Zamri Ahmad
Keyword(s):  
Unemployment Rate ◽  
Stock Return ◽  
Design Methodology ◽  
Specific Information ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Real Gdp ◽  
Chinese Markets ◽  
The Impact ◽  
Loser Portfolio

PurposeThis study examines the impact of firm-specific information and macroeconomic variables on market overreaction of US and Chinese winner and loser portfolio before and during COVID-19.Design/methodology/approachThe firm-specific information includes firm size, volume, volatility, return of asset (ROA), return of equity (ROE), earning per share (EPS) and quick ratio while the macroeconomic variables are export rate, import rate, real GDP, nominal GDP, FDI, IPI and unemployment rate. Besides, one-third of the top performance stocks are categorized as winner portfolio while one-third of lowest performance stocks are categorized as loser portfolio. This study uses AECR to indicate stock return and measure market overreaction. GAECR is used to determine contrarian profit. The data range of pre-COVID-19 is from 1-Jan-2015 to 31-Dec-2019 while the period of COVID-19 is from 1-Jan-2020 to 31-Dec-2020.FindingsIn pre-COVID-19, firm-specific information (volatility, ROA, ROE and EPS) and macroeconomic variables are found to be correlated to stock return in US and Chinese portfolios except Chinese winner portfolio. Nonetheless, the impact of firm-specific information has vanished and macroeconomic variables are significant to stock return in COVID-19. It shows that investors rely on the economic indicators to trade in turbulent period due to emergence of COVID-19 as a disruption in market. Furthermore, US and Chinese portfolios are overreacted during COVID-19. Chinese loser portfolio has higher tendency of overreaction than US loser portfolio while US winner portfolio has higher tendency of overreaction than Chinese winner portfolio.Originality/valueThe results of this study assists academician, practitioners and investors on understanding and create awareness to the existence of market overreaction and the determinants that can cause the phenomenon.

Characterizing peer-judged answer quality on academic Q&A sites

2018 ◽  
Vol 70 (3) ◽  
pp. 269-287 ◽  
Author(s):  
Lei Li ◽  
Daqing He ◽  
Chengzhi Zhang ◽  
Li Geng ◽  
Ke Zhang
Keyword(s):  
Design Methodology ◽  
Specific Information ◽  
High Quality ◽  
Content Type ◽  
Social Question ◽  
History Of Art ◽  
History Of ◽  
Answer Quality ◽  
The Impact

Purpose Academic social (question and answer) Q&A sites are now utilised by millions of scholars and researchers for seeking and sharing discipline-specific information. However, little is known about the factors that can affect their votes on the quality of an answer, nor how the discipline might influence these factors. The paper aims to discuss this issue. Design/methodology/approach Using 1,021 answers collected over three disciplines (library and information services, history of art, and astrophysics) in ResearchGate, statistical analysis is performed to identify the characteristics of high-quality academic answers, and comparisons were made across the three disciplines. In particular, two major categories of characteristics of the answer provider and answer content were extracted and examined. Findings The results reveal that high-quality answers on academic social Q&A sites tend to possess two characteristics: first, they are provided by scholars with higher academic reputations (e.g. more followers, etc.); and second, they provide objective information (e.g. longer answer with fewer subjective opinions). However, the impact of these factors varies across disciplines, e.g., objectivity is more favourable in physics than in other disciplines. Originality/value The study is envisioned to help academic Q&A sites to select and recommend high-quality answers across different disciplines, especially in a cold-start scenario where the answer has not received enough judgements from peers.

The effects of materialism on consumer evaluation of sustainable synthetic (lab-grown) products

2020 ◽  
Vol 37 (5) ◽  
pp. 579-590
Author(s):  
Jessica Keech ◽  
Maureen Morrin ◽  
Jeffrey Steven Podoshen
Keyword(s):  
Design Methodology ◽  
Socially Responsible ◽  
Content Type ◽  
Consumer Evaluation ◽  
Positioning Strategy ◽  
Consumer Markets ◽  
The Future ◽  
Promotion Strategies ◽  
Alternative Sources ◽  
The Impact

Purpose The increasing desire of consumers for socially responsible luxury products combined with fluctuating supplies in consumer markets are leading various industries to seek alternative sources to be able to meet the needs of its customers. One possible solution that may meet the demands of the future is lab-grown products. Because these products confer multiple benefits, this study aims to investigate the most effective ways to appeal to consumers by aligning the benefits of the products with their values as marketers seek to find effective promotion for these items. Design/methodology/approach We examine the effectiveness of an ethical positioning strategy for two types of luxury lab-grown (synthetic) products among high versus low materialism consumers in three experiments. Findings Findings suggest that a positioning strategy stressing product ethicality is more effective for low materialism consumers, whereas the strategy is less effective, and may even backfire, for high materialism consumers. The impact on social status consumers perceive from a lab-grown product explains why this effect occurs among low materialism consumers. Therefore, marketers should take caution and use specific appeals for different segments based on values such as consumers’ materialism levels. Originality/value If lab-grown products represent the wave of the future, it is important to understand how consumers will respond to this emerging technology and how promotion strategies may enhance their evaluation.

Embedding employability within higher education for the profession of policing

2019 ◽  
Vol 9 (3) ◽  
pp. 319-328
Author(s):  
Ian Pepper ◽  
Ruth McGrath
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Research Study ◽  
Longitudinal Research ◽  
Evidence Base ◽  
Content Type ◽  
Educational Provision ◽  
Professional Body ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to evaluate the impact of an employability module, the College of Policing Certificate in Knowledge of Policing (CKP), on students’ career aspirations, their confidence and wish to join the police along with the appropriateness of the module. This will inform the implementation of employability as part of the College of Policing-managed Police Education Qualifications Framework (PEQF). Design/methodology/approach A three-year longitudinal research study used mixed methods across four points in time to evaluate the impact on students studying the employability module. Findings The research suggests that the employability-focussed CKP was useful as an introduction to policing, it developed interest in the police and enhanced the confidence of learners applying to join. Lessons learnt from the CKP should be considered during the implementation of the PEQF. Research limitations/implications The ability to generalise findings across different groups is limited as other influences may impact on a learner’s confidence and employability. However, the implications for the PEQF curriculum are worthy of consideration. Practical implications As the police service moves towards standardised higher educational provision and evolution of policing as a profession, lessons can be learnt from the CKP with regards to the future employability of graduates. Originality/value Enhancing the employability evidence base, focussing on policing, the research identified aspects which may impact on graduates completing a degree mapped to the PEQF. The research is therefore of value to higher education and the professional body for policing.

scholarly journals The impact of economic factors on the relationships between psychological contract breach and work outcomes: a meta-analysis

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thushel Jayaweera ◽  
Matthijs Bal ◽  
Katharina Chudzikowski ◽  
Simon de Jong
Keyword(s):  
Job Performance ◽  
Unemployment Rate ◽  
Psychological Contract ◽  
Inflation Rate ◽  
Meta Analysis ◽  
Psychological Contract Breach ◽  
Contract Breach ◽  
Content Type ◽  
Outcome Relationship ◽  
The Impact

PurposeThe purpose of this paper is to explore the macroeconomic factors that may moderate the psychological contract breach (PCB) and work outcome relationship.Design/methodology/approachThis study conducted a meta-analysis based on data from 134 studies.FindingsThe study revealed that the inflation rate and the unemployment rate of a country moderated the association among employee PCB, job performance and turnover.Research limitations/implicationsThe availability of more detailed macroeconomic data against the PCB and outcome relationship for other countries and studies examining the impact of micro-economic data for PCB and outcome relationship would provide a better understanding of the context.Practical implicationsThe authors believe that the results highlight the importance of the national economy since it impacts individual outcomes following a breach.Social implicationsEmployment policies to capture the impact of macroeconomic circumstances as discussed.Originality/valueOne of the valuable contributions made by this paper is that the authors capture the current accumulative knowledge regarding the breach and performance and breach and turnover relationship. Second, the study examines how the inflation rate and unemployment rate could moderate the association between PCB and job performance and turnover.

Investigation on the shaft voltage generation of large synchronous turboalternators

2020 ◽  
Vol 39 (5) ◽  
pp. 1145-1156
Author(s):  
Kevin Darques ◽  
Abdelmounaïm Tounzi ◽  
Yvonnick Le-menach ◽  
Karim Beddek
Keyword(s):  
Finite Element ◽  
Design Methodology ◽  
Short Circuit ◽  
Element Model ◽  
Stator Winding ◽  
Content Type ◽  
Voltage Generation ◽  
The Impact ◽  
Investigation Process ◽  
Circulating Currents

Purpose This paper aims to go deeper on the analysis of the shaft voltage of large turbogenerators. The main interest of this study is the investigation process developed. Design/methodology/approach The analysis of the shaft voltage because of several defects is based on a two-dimensional (2D) finite element modeling. This 2D finite element model is used to determine the shaft voltage because of eccentricities or rotor short-circuit. Findings Dynamic eccentricities and rotor short circuit do not have an inherent impact on the shaft voltage. Circulating currents in the stator winding because of defects impact the shaft voltage. Originality/value The original value of this paper is the investigation process developed. This study proposes to quantify the impact of a smooth stator and then to explore the contribution of the real stator winding on the shaft voltage.

Gated communities in Ankara: are they a tool of social segregation?

2017 ◽  
Vol 10 (5) ◽  
pp. 687-702
Author(s):  
Leyla Alkan-Gökler
Keyword(s):  
Socioeconomic Status ◽  
Design Methodology ◽  
Gated Communities ◽  
Content Type ◽  
Positive View ◽  
Social Segregation ◽  
Show Evidence ◽  
Local Residents ◽  
Almost All ◽  
The Impact

Purpose Gated communities, surrounded by walls or fences, have emerged as a new trend in almost all cities in Turkey, and are homogenous in terms of the socioeconomic status of their occupants. Within these communities, several facilities and services are provided that are available only to the residents, with restrictions on access from the outside, and this has led to criticisms of social segregation. This study aims to analyze the impact of these communities on social segregation in Ankara, through two different surveys aimed at investigating the attitudes of the residents of local neighborhoods and gated communities toward each other. Design/methodology/approach This paper analyzes how the process of gating has affected social segregation in Ankara through two separate surveys: with the residents of gated communities and with the residents of local neighborhoods around these gated communities. Findings The study revealed that the residents of gated communities tended to have a positive view of the residents of local neighborhoods. In contrast, the responses of the local residents show evidence of feelings of social segregation, based on the presence of the high walls, fences and guards that are in place to keep them out of the community. Originality/value This study shows that, although segregation from the rest of the society is not the main reason for gating, the emergence of gated communities in Ankara leads inevitably to a socially and economically segregated city in which local residents feel excluded from these gated areas.

Does knowing overcome wanting? The impact of consumer knowledge and materialism upon credit card selection with young consumers

2015 ◽  
Vol 16 (1) ◽  
pp. 50-70 ◽  
Author(s):  
Jakob Cakarnis ◽  
Steve Peter D'Alessandro
Keyword(s):  
Comparative Study ◽  
Survey Research ◽  
Credit Card ◽  
Design Methodology ◽  
Credit Cards ◽  
Consumer Knowledge ◽  
Content Type ◽  
Young Professionals ◽  
The Impact ◽  
Selection Of

Purpose – This paper investigates the determinants of credit card use and misuse by student and young professionals. Critical to the research is the impact of materialism and knowledge on selection of the appropriate credit card. Design/methodology/approach – This study uses survey research and partial least squares to investigate credit card behaviors of students versus young professionals. Findings – In a comparative study of young professionals and students, it was found that consumer knowledge, as expected, leads to better consumer selection of credit cards. Materialism was also found to increase the motivation for more optimal consumer outcomes. For more experienced consumers, such as young professionals, it was found that despite them being more knowledgeable, they were more likely to select a credit card based on impulse. Originality/value – This paper examines how materialism may in fact encourage some consumers to make better decisions because they are more motivated to develop better knowledge. It also shows how better credit card selection may inhibit impulse purchasing.

Handling negative publicity

2017 ◽  
Vol 21 (3) ◽  
pp. 267-286 ◽  
Author(s):  
Angie Chung ◽  
Hua Jiang
Keyword(s):  
Network Theory ◽  
Design Methodology ◽  
Content Type ◽  
Csr Communication ◽  
Subject Design ◽  
Negative Publicity ◽  
Associative Network Theory ◽  
Corporate Social ◽  
The Impact

Purpose Based on the framing theory and the associative network theory, the purpose of this paper is to develop and test a model that examines the impact of employing corporate social responsibility (CSR) communication in apology statements after negative publicity. Specifically, this study examines the role of CSR fit and CSR history in reducing anger and negative word-of-mouth (NWOM). This study also examines whether perceived CSR motivation and skepticism toward the apology statement mediate the effect of CSR fit and CSR history on anger and NWOM. Design/methodology/approach This study was a 2×2 between-subject design manipulating CSR fit (high or low) and CSR history (long or short). Findings The findings of this study suggest that strategically employing CSR communication in an apology statement after negative publicity may reduce negative consumer reactions. Originality/value The effects of CSR history and CSR fit have been studied in different contexts, but the effects of mentioning the two components in terms of apology statements had been understudied. This paper fulfills an identified need to study how employing CSR communication in apology statements after negative publicity can mitigate negative audience reactions.

Curbing electronic shopper perceived opportunism and encouraging trust

2017 ◽  
Vol 117 (10) ◽  
pp. 2210-2226 ◽  
Author(s):  
Sonia San-Martín ◽  
Nadia Jimenez
Keyword(s):  
Information Asymmetry ◽  
Structural Equation ◽  
Design Methodology ◽  
External Quality ◽  
Content Type ◽  
Theoretical Approaches ◽  
Quality Signals ◽  
The Impact ◽  
Relevant Factors ◽  
Analyze Data

Purpose Consumers can face a situation of information asymmetry in electronic shopping (ES). The purpose of this paper to examine the relationships between: relational variables such as satisfaction, trust and perceived opportunism; and website cues (cognitive signals such as security and personalization, and experiential signals, such as design and entertainment). Design/methodology/approach The paper opted for the structural equation methodology to analyze data collected from 447 Spanish e-shoppers. Findings Results show different factors that relate to satisfaction, trust and perceived opportunism in ES. Satisfactory experience with ES and entertainment emerge as the most relevant factors to achieve trust and prevent perceived opportunism in e-commerce. Originality/value The five contributions of this study are: the introduction of variables from several theoretical approaches to the study of an agency problem in e-commerce; the study of different ways to gain buyer trust and reduce perceived opportunism in an electronic shopper-vendor relationship; the application of signaling theory as part of the process of helping the principal (e-shopper) to solve their shopping problem in a context of information asymmetry; the analysis of the impact of external cues from e-vendor/site, which allows for a comparison between internal experiences and external quality signals; and the study of entertainment as an important hedonic variable in order to have satisfied and confident e-shoppers.

Macroeconomic fundamentals and dynamics of the Indian rupee-dollar exchange rate

2015 ◽  
Vol 7 (4) ◽  
pp. 301-326 ◽  
Author(s):  
Chandan Sharma ◽  
Rajat Setia
Keyword(s):  
Exchange Rate ◽  
Structural Break ◽  
Cointegration Analysis ◽  
Least Square ◽  
Dollar Exchange Rate ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Indian Rupee ◽  
Macroeconomic Fundamentals ◽  
The Impact

Purpose – This paper aims to examine the relationship between Indian rupee-US dollar exchange rate and the macroeconomic fundamentals for the post-economic reform period. Design/methodology/approach – The authors have used an empirical model which includes a range of important macroeconomic variables based on the basic monetary theories of exchange rate determination. At the first stage of the analysis, they have tested structural break in the data. Subsequently, they have employed the fully modified ordinary least square, Wald’s coefficient restriction and impulse response functions (IRF) to estimate the monetary model in the long- and short-run horizons. Findings – Results of analyses indicate that the macroeconomic fundamentals determine exchange rate in a significant way, but their effect varies sizably across the periods. The IRF illustrate the importance of interest rate in controlling exchange rate volatility. Practical implications – The analysis of the behavior of inter-relationship among macroeconomic variables will help policymakers in a deep-rooted understanding of this complex and time-varying relationship. Originality/value – Most of the existing studies have tested the impact of a single or a few macroeconomic fundamentals on exchange rate. But in the present study, we have tested the impact of a range of important variables, i.e. money supply, real income or output, price level and trade balance. Further, considering the importance of structural breaks in data, they authors have employed standard tests of structural break and incorporated the issue in the cointegration analysis.

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