Quantifying the hedge and safe-haven properties of bond markets for cryptocurrency indices

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sitara Karim ◽  
Muhammad Abubakr Naeem ◽  
Nawazish Mirza ◽  
Jessica Paule-Vianez
Keyword(s):  
Design Methodology ◽  
Garch Model ◽  
Bond Markets ◽  
The Novel ◽  
Safe Haven ◽  
Content Type ◽  
Financial Firms ◽  
Regulatory Bodies ◽  
Uncertainty Indices ◽  
Practical Implications

PurposeThis study quantified the hedge and safe haven features of bond markets for multiple cryptocurrency indices from June 2014 to April 2021 to highlight whether bond markets offer hedging facilities to uncertainty indices of cryptocurrencies.Design/methodology/approachThe authors employed the methodology of Baur and McDermott (2010) and AGDCC-GARCH model to measure the hedge and safe-haven characteristics of three bond markets (BBGT, SPGB and SKUK) for three uncertainty indexes of cryptocurrencies (UCRPR, UCRPO and ICEA).FindingsThe authors find that bond markets are neither hedge nor safe havens except for SKUK which is a safe haven investment for cryptocurrency indices and offers substantial diversification during the periods of economic fragility. In addition, the hedge effectiveness of SPGB outperforms other bonds during crisis periods and provides sufficient diversification potential for cryptocurrency indices.Practical implicationsThe findings are important for policymakers, regulatory bodies, financial firms and investors in assessing hedge and safe haven characteristics of bond markets against cryptocurrency indices.Originality/valueEmploying the novel methodology of AGDCC-GARCH with three different bond markets and three uncertainty indices of cryptocurrencies, the current study adds to the existing strand of literature in terms of quantifying hedge and safe-haven attributes of bond markets for cryptocurrency uncertainty indexes.

Emerald – a 16-rotor multicopter for stereo imaging

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Svetoslav Zabunov ◽  
Garo Mardirossian ◽  
Katia Strelnitski
Keyword(s):  
Design Methodology ◽  
The Novel ◽  
Stereo Imaging ◽  
Content Type ◽  
Rotor Design ◽  
Novel Concept ◽  
Novel Design ◽  
Practical Implications ◽  
Prototype Testing

Purpose The current manuscript aims to propose a novel multirotor design. Design/methodology/approach This paper presents a novel 16-rotor multicopter design named Emerald. The novel design innovations and benefits are disclosed. Comparison to existing 16-rotor designs is carried out. Implementation areas where the novel idea shall yield benefit are discussed. A prototype of the presented design is described. Findings The herein proposed 16-rotor design has a number of benefits over existing 16-rotor multicopters. The paper elaborates on those advantages. Research limitations/implications The research was limited to prototype testing, as the presented design is a novel concept. Practical implications The motivation to research and develop this novel design is implementing the vehicle for stereoscopic photography and reconnaissance. The design is also applicable to carrying payloads while flying indoors.

Edge controller – a small UAVs distributed avionics paradigm

2019 ◽  
Vol 92 (2) ◽  
pp. 229-236
Author(s):  
Svetoslav Zabunov ◽  
Roumen Nedkov
Keyword(s):  
Unmanned Aerial Vehicles ◽  
Design Methodology ◽  
The Novel ◽  
Functional Requirements ◽  
New Paradigm ◽  
Content Type ◽  
Novel Approach ◽  
Novel Concept ◽  
Practical Implications ◽  
Structure And Design

Purpose This paper aims to reveal the authors’ conceptual and experimental work on an innovative avionics paradigm for small unmanned aerial vehicles (UAVs). Design/methodology/approach This novel approach stipulates that, rather than being centralized at the autopilot, control of avionics devices is instead distributed among controllers – spread over the airframe span, in response to avionics devices’ natural location requirements. The latter controllers are herein referred to as edge controllers by the first author. Findings The edge controller manifests increased efficiency in a number of functions, some of which are unburdened from the autopilot. The edge controller establishes a new paradigm of structure and design of small UAVs avionics such that any functionality related to the periphery of the airframe is implemented in the controller. Research limitations/implications The research encompasses a workbench prototype testing on a breadboard, as the presented idea is a novel concept. Further, another test has been conducted with four controllers mounted on a quadcopter; results from the vertical attitude sustenance are disclosed herein. Practical implications The motivation behind developing this paradigm was the need to position certain avionics devices at different locations on the airframe. Due to their inherent functional requirements, most of these devices have hitherto been placed at the periphery of the aircraft construction. Originality/value The current paper describes the novel avionics paradigm, compares it to the standard approach and further reveals two experimental setups with testing results.

The impact of corporate governance code on earnings management in listed non-financial firms

2017 ◽  
Vol 7 (4) ◽  
pp. 428-444 ◽  
Author(s):  
Erick Rading Outa ◽  
Paul Eisenberg ◽  
Peterson K. Ozili
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Design Methodology ◽  
Explanatory Variable ◽  
Content Type ◽  
Listed Firms ◽  
Financial Firms ◽  
New Institutions ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to examine whether voluntary corporate governance (CG) code issued in 2002 constrain earnings management (EM) among listed non-finance companies in Kenya. Design/methodology/approach Using a panel data of 338-firm year’s observations between 2005 and 2014, the authors test the hypothesis that CG constrains EM in non-finance firms listed in Kenya. The authors regress discretionary accruals (DA) against a developed Corporate Governance Index (CGI). Findings The overall results show that DA is not significantly related to CG suggesting the voluntary CG code does not deter EM in non-finance companies in Kenya. Practical implications Evidence of income decreasing\increasing accruals implies EM still exists among the listed firms. This suggests that policymakers may need to consider radical actions including alternative or new CG approaches and new institutions to improve the effectiveness of CG. Originality/value This study extends existing studies by including composite CG as possible explanatory variable for constraining EM. The authors contribute to the debate by demonstrating that the voluntary CG code in Kenya is not effective in constraining DA and therefore the current initiatives by the regulator to change the current CG code are appropriately directed.

ESMA issues Brexit opinions to EU regulators: a warning shot not only to the UK but also to the EU27

2017 ◽  
Vol 18 (4) ◽  
pp. 50-52
Author(s):  
William Yonge ◽  
Simon Currie
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Financial Firms ◽  
Practical Guidance ◽  
The Uk ◽  
Practical Implications ◽  
The Eu

Purpose To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks that arise as a result of increased requests from financial market participants to relocate activities and functions in the EU27 following the UK’s decision to withdraw from the EU, and the expected regulatory response to those risks. Design/methodology/approach Discusses the possible relocation of financial firms, activities and functions following the UK’s decision to withdraw from EU; the resulting cross-sectoral regulatory and supervisory arbitrage risks that ESMA foresees; nine principles that ESMA enumerates to guide its regulatory response to those risks; some common themes that emerge from ESMA’s July Opinions; and the implications for UK firms and trading venues seeking to establish a presence in the EU 27. Findings ESMA foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share. Practical implications UK firms and trading venues seeking to establish a presence in the EU27 from which to operate will need to give detailed consideration and focus to the resources and operational substance which will need to be located in the jurisdiction in which that presence is established. Originality/value Practical guidance from experienced financial services, securities and fund management lawyers.

Which form of innovation is most appropriate?

2018 ◽  
Vol 34 (9) ◽  
pp. 4-6
Keyword(s):  
Case Studies ◽  
Design Methodology ◽  
Reading Time ◽  
Innovation Strategy ◽  
The Novel ◽  
Content Type ◽  
Pertinent Information ◽  
Exploratory Innovation ◽  
Practical Implications ◽  
Gain Access

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Firms determining their innovation strategy should consider how they connect with other companies. In a close-knit network, it is most appropriate to share knowledge and resources in order to enhance current offerings. But in a network characterized by diversity among members, firms would benefit more by acting as the broker to fill structural holes and gain access to the novel ideas, knowledge and resources needed to implement exploratory innovation. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

scholarly journals The determinants of tax-haven use: evidence from Canada

2019 ◽  
Vol 21 (1) ◽  
pp. 142-162
Author(s):  
Yosra Fourati Makni ◽  
Anis Maaloul ◽  
Rabeb Dabbebi
Keyword(s):  
Design Methodology ◽  
Probit Regression ◽  
Tax Havens ◽  
Content Type ◽  
Financial Firms ◽  
Tax Haven ◽  
Alternative Measures ◽  
Withholding Taxes ◽  
Practical Implications ◽  
Thin Capitalization

Purpose The purpose of this paper is to investigate the determinants of tax-haven use of publicly listed Canadian firms. Design/methodology/approach Based on alternative measures of tax havens (TH) and referring to a sample of 235 Canadian firms over the period of 2014–2015, probit-regression analyses are used to examine the determinants of tax-haven use. Findings The authors provide evidence that multinationality, intangible assets, thin capitalization, withholding taxes, equity-based management remuneration and tax fees paid to auditing firms are positively associated with TH use. Furthermore, the authors show that the variable relating to R&D intensity is positively associated with TH use. The authors also document that strong corporate-governance structures are negatively associated with TH use. Research limitations/implications This study is only limited to Canadian firms, so the results may not be generalizable to other countries. Practical implications The results may assist tax watchdogs in their efforts to understand the tax behavior held by Canadian firms. They may also be interesting for tax authorities in planning enforcement activities. Originality/value This study uses a sample from publicly listed financial and non-financial firms. It also uses various lists of TH published by various competent sources (IMF, 2000, 2007; TJN, 2005; OECD, 2012). The findings corroborate the recent media attention about the extensive use of TH by Canadian firms.

Management discussion and analysis: a tone analysis on US financial listed companies

2019 ◽  
Vol 58 (3) ◽  
pp. 510-525
Author(s):  
Carlo Caserio ◽  
Delio Panaro ◽  
Sara Trucco
Keyword(s):  
Impression Management ◽  
Design Methodology ◽  
Management Strategies ◽  
Policy Makers ◽  
Content Type ◽  
Financial Firms ◽  
Financial Conditions ◽  
The Usa ◽  
One Year ◽  
Practical Implications

Purpose The purpose of this paper is to investigate whether financial companies of the USA are inclined to manipulate the management discussion and analysis (MD&A) tone and thus to follow impression management behaviours. Also, the paper proposes a tone analysis of MD&As conducted by comparing the tone of MD&As of one year with financial conditions of the same year and the next. Design/methodology/approach The tone analysis is conducted on two sub-samples of US-listed financial companies, unhealthy firms and healthy firms, which experienced different financial conditions between 2002 and 2011. Findings With regard to healthy firms, MD&A tone is useful to explain the current year’s performance and helps to predict next year performance, whereas, with reference to unhealthy companies, managers use the tone to pursue impression management strategies, by using more positive words and more future-oriented words than healthy companies. Research limitations/implications This study analyses the correlation between MD&A tone at time t and financial performance at time t and t+1, it does not investigate other time spans. The empirical results of this study cannot be generalized to other countries. Practical implications Main implications are addressed to regulators and policy makers, which may contrast impression management through a more effective regulation. Another implication regards investors, who cannot fully rely on MD&As of unhealthy companies. Originality/value This study analyses financial companies, rather neglected by the literature on MD&A tone. Results suggest that financial firms are also inclined to engage in impression management. This research would be useful for investors who base their decisions on qualitative analysis, interested in understanding to what extent the MD&A narratives are reliable.

FEA-based investigation of the generating capability of a novel hybrid excited claw pole alternator with improved cost-effectiveness

2014 ◽  
Vol 33 (5) ◽  
pp. 1642-1652
Author(s):  
Rabeb Rebhi ◽  
Amina Ibala ◽  
Ahmed Masmoudi
Keyword(s):  
Cost Effectiveness ◽  
Design Methodology ◽  
Experimental Validation ◽  
Cost Benefit ◽  
The Novel ◽  
Element Analysis ◽  
Content Type ◽  
Magnetic Features ◽  
Novel Concept ◽  
Practical Implications

Purpose – The purpose of this paper is to investigate the generating capability of a novel hybrid excited brushless claw pole alternator (HEBCPA) with improved cost-effectiveness gained thanks to the substitution the rotor NdFeB-made permanent magnet (PM) with ferrite ones. Design/methodology/approach – The investigation of the magnetic features of the novel HEBCPA has been carried out using a 3D finite element analysis (FEA). Findings – It has been found that the machine generating capability is not affected by the substitution of the single rotor NdFeB-made PM by stator and rotor ferrite-made ones, which represents a crucial cost benefit. Research limitations/implications – An experimental validation of the features computed by FEA shall be considered as an outlook of the present work. Practical implications – The novel HEBCPA could be of great interest for automotive generating systems. Originality/value – The proposed HEBCPA with ferrite-made PMs is a novel concept.

The best practices to excel at people analytics

2017 ◽  
Vol 4 (2) ◽  
pp. 137-144 ◽  
Author(s):  
David Green
Keyword(s):  
Best Practices ◽  
Design Methodology ◽  
The Novel ◽  
Content Type ◽  
The Common ◽  
Hr Managers ◽  
A Company ◽  
Personnel Policies ◽  
Practical Implications

Purpose Given its relative novelty, the field of people analytics remains rather obscure in terms of its success criteria. The purpose of this paper is to unveil some of the hidden secrets of people analytics. Design/methodology/approach The paper reviews the common characteristics of those companies who have already been successful with it in their operations to date. Findings These 16 best practices cover the role of the CHRO and the employees as well as HR’s general position within a company. Practical implications While not all of the 16 best practices need to be in place, incorporating a few of them will provide significant benefit to businesses and employees. Social implications While several of the best practices laid out in this paper directly impact personnel policies, they also all empower HR managers to be a force for good through optimised people analytics. Originality/value The paper presents a hitherto scattered set of best practices as forerunners in the novel field of people analytics.

Integration, implementation and reporting outlooks of sustainability in higher education institutions (HEIs): index and case base validation

2020 ◽  
Vol 22 (1) ◽  
pp. 120-137
Author(s):  
Muhammad Zahid ◽  
Haseeb Ur Rahman ◽  
Wajahat Ali ◽  
Muhammad Nauman Habib ◽  
Fazaila Shad
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Higher Education Institutions ◽  
Integration Framework ◽  
Content Type ◽  
Research Activities ◽  
The Social ◽  
Theoretical Significance ◽  
Regulatory Bodies ◽  
Practical Implications

Purpose The integration of sustainability is more matured in the corporate sector. However, the topic received less attention in higher education institutions (HEIs). Therefore, this study aims to conceptualize an integration framework and proposes sustainability integration and implementation index in the HEIs. Design/methodology/approach The index was developed from previous literature. For the implementation of the index, three universities were selected. The required data collected from websites, internal documents and interviews with the high officials of these universities. Findings Sample universities have somehow inclination toward the broad agenda of sustainable development, but still, they lack integration, implementation and reporting of their sustainable practices. Moreover, the departments have positive and practical intent toward sustainability especially regarding the environment, designing curriculum, teaching, research activities and volunteerism. However, in assessment, the social and economic contributions of these universities revealed to be somewhat mild. The findings also evidenced heterogeneity among the sample institutions to follow the said agenda which reflects a lack of awareness and policy or a centralized or regulatory push from the top. Research limitations/implications The study is limited to three universities in Khyber Pakhtunkhwa, Pakistan. Hence, in the future, the framework and index may be tested in other universities of the country or region. Nevertheless, the study carries theoretical significance in the literature of sustainability. Practical implications The study has practical implications for academia, regulatory bodies and universities to integrate, implement and report sustainability in HEIs. Originality/value The study proposes and validates the sustainability integration and implementation index in HEIs. The index is unique and has originality or value particularly for HEIs of the developing countries.

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