Information sources and investing decisions – a path modeling approach

2017 ◽  
Vol 43 (8) ◽  
pp. 928-947 ◽  
Author(s):  
Mohammad Tariqul Islam Khan ◽  
Siow-Hooi Tan ◽  
Lee-Lee Chong
Keyword(s):  
Information Processing ◽  
Stock Market ◽  
Institutional Investors ◽  
Information Sources ◽  
Stock Exchange ◽  
Information Source ◽  
Limited Information ◽  
Sources Of Information ◽  
Path Modeling ◽  
Content Type

Purpose Given the special feature of institutional investors in Malaysia, the purpose of this paper is to explore how these investors acquire and employ different information sources in their investing decisions. Design/methodology/approach The study uses self-reported information sources collected via a survey of 66 institutional investors following convenience sampling, and estimates the relationship via Smart-PLS (Partial Least Squares) path modeling. Findings The results suggest that although investors place greater importance on fundamental and technical indicators, they do not implement these information sources in their decisions. Rather, gathering information from economic statistics and ratios, discussion with colleagues, historical returns of the Malaysian stock market, decisions of other market players, specialized press and stock exchange bulletins, and statements of opinion leaders are more closely related to trading, risk taking, and financial asset holding. This finding supports the limited information processing of bounded rationality, irrespective of the type of information source. Practical implications Institutional investors should critically assess the information sources upon which they rely to collect information as irrational information processing may adversely affect the stock market efficiency. Originality/value To the authors’ knowledge, this is the first study to explore the unique features of institutional investors in Malaysia in conjunction with their sources of information, and to identify which sources matter when making investing decisions.

Assessing the influence of social media on tourists’ motivations and image formation of a destination

2015 ◽  
Vol 7 (4) ◽  
pp. 458-482 ◽  
Author(s):  
Isabel Llodra-Riera ◽  
María Pilar Martínez-Ruiz ◽  
Ana Isabel Jiménez-Zarco ◽  
Alicia Izquierdo-Yusta
Keyword(s):  
Social Media ◽  
Theoretical Model ◽  
Information Sources ◽  
Information Source ◽  
Structural Equations ◽  
Integrative Model ◽  
Sources Of Information ◽  
Content Type ◽  
Tourism Sector ◽  
Types Of Information

Purpose – The purpose of this study is to analyse how tourists form the cognitive, affective and unique images of a tourism destination, taking into account that: travellers use user-generated content (UGC) as one of the more important sources of information about the destination, sources of information influence on travellers’ motivation to visit some destination and motivations influence on the dimensions of the destination image. Design/methodology/approach – Taking into account the works of Beerli and Martin (2004), Seabra et al. (2007) and Qu et al. (2011), this paper proposes an integrative model that shows how different types of information sources influence on individuals’ motivations, as well as the different dimensions of the image of the tourist destination are influenced by tourists’ motivations. Moreover, the design and validation of new scales of measures, adapted to the new tourist profile 2.0, is proposed. The model is empirical tested by analysis of 541 national and international tourists, as well as residents in Mallorca: data were analysed using a structural equations model. Findings – The results confirm the strength and robustness of the constructed theoretical model, and contrasting the assumptions made in the work. Likewise, also confirms the validity and adequacy of the proposed new scales of measurement to the current reality of the tourism sector. The principal conclusions obtained are: motivations for visiting a place are influenced by information sources consulted by tourists, among which social media can be included; cognitive image is influenced by travellers’ motivations; and affective image is influenced by cognitive one. From these results, some managerial recommendations are suggested. Research limitations/implications – The present study offers important contributions for both researchers and managers in the field of destination brand image management. At theoretical level, the work provides a deep review of the literature, that has permitted the construction of a strong and robust theoretical model, as well as the design and validation of new measurement tools. Both are designed from the rigour and precision that provides scientific research, allowing the understanding and analysis of the current situation of the tourism sector. On the other hand, the work has important implications on a practical level, providing strategic management and travellers destination marketing organization stakeholders. Originality/value – This study constitutes an initial, but also newness approach to this line of research. The construction of a theoretical model that: contemplates UGC as information source, and considers the direct and moderating relationships between different variables such as information sources, motivations and the various dimensions of the image.

Absence of the weekend effect and industry-style portfolios

2019 ◽  
Vol 12 (4) ◽  
pp. 463-475
Author(s):  
Selma Izadi ◽  
Abdullah Noman
Keyword(s):  
New York ◽  
Stock Market ◽  
Structural Breaks ◽  
Stock Exchange ◽  
Structural Break ◽  
Weekend Effect ◽  
Content Type ◽  
Market Portfolio ◽  
The Us ◽  
Using Data

Purpose The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have argued that the weekend effect has disappeared after 1975. Using data on the market portfolio, they document existence of structural break before 1975 and absence of any weekend effects after that date. The purpose of this study is to contribute some new empirical evidences on the weekend effect for the industry-style portfolios in the US stock market using data over 90 years. Design/methodology/approach The authors re-examine persistence or reversal of the weekend effect in the industry portfolios consisting of The New York Stock Exchange (NYSE), The American Stock Exchange (AMEX) and The National Association of Securities Dealers Automated Quotations exchange (NASDAQ) stocks using daily returns from 1926 to 2017. Our results confirm varying dates for structural breaks across industrial portfolios. Findings As for the existence of weekend effects, the authors get mixed results for different portfolios. However, the overall findings provide broad support for the absence of weekend effects in most of the industrial portfolios as reported in Robins and Smith (2016). In addition, structural breaks for other weekdays and days of the week effects for other days have also been documented in the paper. Originality/value As far as the authors are aware, this paper is the first research that analyzes weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

How Moroccan institutional investors view dividend policy

2017 ◽  
Vol 43 (12) ◽  
pp. 1332-1347 ◽  
Author(s):  
H. Kent Baker ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Stock Prices ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Mail Survey ◽  
High Response Rate ◽  
Content Type ◽  
Listed Firms ◽  
Dividend Policies ◽  
Dividend Payments

Purpose The purpose of this paper is to examine how Moroccan institutional investors view dividend policy. It discusses the importance these investors attach to the dividend policy of their investee firms, how much influence they exercise in shaping investee firms’ dividend policies, their reactions to changes in dividends, and their views on various explanations for paying dividends. Design/methodology/approach A mail survey provides a respondent and firm profile and responses to 28 questions involving various explanations for paying dividends and 30 questions on different dividend issues. Findings Institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Although liquidity needs are a major driver, taxes play little role in shaping dividend preferences. Respondents agree with multiple explanations for paying dividends giving the strongest support to catering, bird-in-the-hand, life cycle, signaling, and agency theories. Research limitations/implications Despite a high response rate, the number of respondents limits partitioning the sample and testing for significant differences between different groups. Practical implications The lack of communication between Casablanca Stock Exchange (CSE) listed firms and institutional investors may depress stock prices and increase volatility. The results suggest agency problems and a weak governance environment at the CSE. Originality/value This study documents the importance that institutional investors place on dividend policy, their reactions to changes in their investees’ dividend policy, and the methods used to influence these firms. It extends previous research by reporting the level of support Moroccan institutional investors give to various explanations for paying dividends.

Sources of Performance Information in the Exercise Setting

1990 ◽  
Vol 12 (1) ◽  
pp. 56-65 ◽  
Author(s):  
Vicki Ebbeck
Keyword(s):  
Goal Setting ◽  
Muscle Development ◽  
Information Sources ◽  
Weight Training ◽  
Function Analysis ◽  
Information Source ◽  
Student Feedback ◽  
Sources Of Information ◽  
Perceived Effort ◽  
Gender Groups

This study examined the sources of information used by adult exercisers to judge performance. Of particular interest was the investigation of gender differences. Subjects, 271 adults (174 males, 97 females) who were enrolled in a university weight training program, completed a questionnaire designed to evaluate the importance of 12 information sources in judging weight training performance: instructor feedback, student feedback, student comparison, changes noticed outside the gym, personal attraction toward the activity, degree of perceived effort exerted in the workout, performance in workout, feedback from others not in the class, goal setting, muscle development, workout improvement over time, and ease in learning new skills. Results revealed a significant discriminant function analysis for gender, with six information sources entering the stepwise procedure: goal setting, student feedback, learning, effort, improvement, and changes noticed outside the gym differentiated the gender groups. Males relied more than females on student feedback as an information source to judge performance. Alternatively, females used effort, goal setting, improvement, and learning as information sources more than males.

Dynamic prediction of Indian stock market: an artificial neural network approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Himanshu Goel ◽  
Narinder Pal Singh
Keyword(s):  
Neural Network ◽  
Artificial Neural Network ◽  
Stock Market ◽  
Institutional Investors ◽  
Time Series Data ◽  
Gradient Algorithm ◽  
Series Data ◽  
Content Type ◽  
Artificial Neural ◽  
Indian Stock Market

Purpose Artificial neural network (ANN) is a powerful technique to forecast the time series data such as the stock market. Therefore, this study aims to predict the Indian stock market closing price using ANNs. Design/methodology/approach The input variables identified from the literature are some macroeconomic variables and a global stock market factor. The study uses an ANN with Scaled Conjugate Gradient Algorithm (SCG) to forecast the Bombay Stock Exchange (BSE) Sensex. Findings The empirical findings reveal that the ANN model is able to achieve 93% accuracy in predicting the BSE Sensex closing prices. Moreover, the results indicate that the Morgan Stanley Capital International world index is the most important variable and the index of industrial production is the least important in predicting Sensex. Research limitations/implications The findings of the study have implications for the investors of all categories such as foreign institutional investors, domestic institutional investors and investment houses. Originality/value The novelty of this study lies in the fact that there are hardly any studies that use ANN to forecast the Indian stock market using macroeconomic indicators.

Comparative analysis of online legal information sources in Indian environment

2016 ◽  
Vol 117 (3/4) ◽  
pp. 251-278 ◽  
Author(s):  
Raj Kumar Bhardwaj ◽  
Margam Madhusudhan
Keyword(s):  
Web 2.0 ◽  
Information Sources ◽  
Evaluation Method ◽  
Information Source ◽  
Full Potential ◽  
Web 2.0 Tools ◽  
Content Type ◽  
Legal Information ◽  
Effective Use ◽  
User Friendly

Purpose – The purpose of this paper is to compare the online legal information sources available in law libraries in India. Design/methodology/approach – Evaluation method followed with the help of specially designed checklist for e-resources in the field of law in India. The structured checklist was designed keeping in view of the objectives and e-resources/databases existing in Indian libraries, comprising 189 dichotomous questions and categorized into 12 broad categories. Findings – The study revealed that the study legal information sources are lagging behind in exploiting the full potential of Web 2.0 features. No study legal information source has integrated Web 2.0 tools with contents and provision to contribute the contents by user any time, irrespective of location, except online legal information system (OLIS). Majority of e-resources are lacking search features, general features, Web 2.0 tools, better help features and provision to contribute contents by the users. Besides this, a mobile-based view is not available in majority of sources, and open access resources are lacking user-friendly features. Of the 16 legal information resources, only five have all the four citations search parameters. The study reveals that the OLIS has the maximum features and ranked “excellent”, followed by Manupatra ranked “average”. Half of study online legal information sources are ranked “needs improvement” and 37.5 per cent ranked “below average”. Practical implications – The findings of the study will not only guide the law librarians to subscribe/renew legal databases in their libraries but also improve the legal information literacy among the users for effective use of online legal information sources. It is hoped that the evaluation of online legal information sources will enhance the user’s awareness and increase the use. Originality/value – The findings of the study will not only guide the legal libraries to improve their online legal information sources, particularly, better help features and integrated content with Web 2.0 tools, but also provide guidelines for newly established legal libraries in India.

Do Indian stock market sentiments impact contemporaneous returns?

2018 ◽  
Vol 7 (3) ◽  
pp. 332-346
Author(s):  
Divya Aggarwal ◽  
Pitabas Mohanty
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Temporal Dynamics ◽  
Stock Exchange ◽  
Principal Component ◽  
Stock Index ◽  
Content Type ◽  
Investor Sentiments ◽  
Indian Stock Market ◽  
The Impact

Purpose The purpose of this paper is to analyse the impact of Indian investor sentiments on contemporaneous stock returns of Bombay Stock Exchange, National Stock Exchange and various sectoral indices in India by developing a sentiment index. Design/methodology/approach The study uses principal component analysis to develop a sentiment index as a proxy for Indian stock market sentiments over a time frame from April 1996 to January 2017. It uses an exploratory approach to identify relevant proxies in building a sentiment index using indirect market measures and macro variables of Indian and US markets. Findings The study finds that there is a significant positive correlation between the sentiment index and stock index returns. Sectors which are more dependent on institutional fund flows show a significant impact of the change in sentiments on their respective sectoral indices. Research limitations/implications The study has used data at a monthly frequency. Analysing higher frequency data can explain short-term temporal dynamics between sentiments and returns better. Further studies can be done to explore whether sentiments can be used to predict stock returns. Practical implications The results imply that one can develop profitable trading strategies by investing in sectors like metals and capital goods, which are more susceptible to generate positive returns when the sentiment index is high. Originality/value The study supplements the existing literature on the impact of investor sentiments on contemporaneous stock returns in the context of a developing market. It identifies relevant proxies of investor sentiments for the Indian stock market.

The role of travel experience and gender on travel information source selection

2017 ◽  
Vol 8 (2) ◽  
pp. 296-310 ◽  
Author(s):  
Bahar Yasin ◽  
Fakhri Baghirov ◽  
Ye Zhang
Keyword(s):  
Information Sources ◽  
Information Source ◽  
Distribution Area ◽  
External Information ◽  
Content Type ◽  
Travel Information ◽  
Travel Agents ◽  
Travel Experience ◽  
Internal Information ◽  
And Gender

Purpose This paper aims to identify the most popular travel information sources used among tourists and investigates how travel information selection differs across travel experience and gender. Design/methodology/approach This study used convenient and quota sampling strategy, questionnaires were distributed to 270 respondents at Sultanahmet and Grand Bazaar areas. A screening question was used to classify respondents. Findings First, past travel experience, travel agent, travel websites and hotel websites are generally the most frequently used travel information sources in destination selection due to conveniences and reliability. Second, first-timers prefer to use external information sources such as Facebook, guidebooks, travel agents and newspapers to gather information about destinations, whereas repeat visitors prefer to use internal information sources such as friends’ suggestions and past travel experience. Lastly, female visitors rely more on internal information sources such as friends’ suggestions and past travel experience. However, males prefer to use external information sources like Facebook, television, blog, travel agents, newspaper and guidebooks in choosing Turkey as a destination. Research limitations/implications Because factors studied, travel information sources selected, number of respondents and questionnaire distribution area are limited, future studies can expand to a bigger area so more respondents could get more reliable results. Practical implications This paper could help tourism industries understand searching behaviours among different types of tourists better to promote businesses in convenient sources and reach target customers easily. Originality/value This paper fulfils an identified need to study how travel information searching behaviours differ among tourists.

Chinese consumer preference for processed food quality attributes and the impact of trust in information sources

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Erpeng Wang ◽  
Zhifeng Gao ◽  
Xuqi Chen
Keyword(s):  
Food Quality ◽  
Private Information ◽  
Information Sources ◽  
Consumer Preference ◽  
Quality Attributes ◽  
Processed Food ◽  
Sources Of Information ◽  
Content Type ◽  
And Behavior ◽  
The Impact

PurposeThe purpose of this paper is to determine important attributes of processed food, consumers’ trust in different information resources, and the impact of trust, demographic and behavior variables on the preference of processed food attributes among Chinese consumers.Design/methodology/approachData of 1,267 participants were collected from four cities in China. A five-point Likert scale was used to measure consumer preference for 12 juice attributes. Consumer trust in nine sources of information on product quality was measured. Cluster analysis was used to segment consumers into groups based on their preference for juice attributes and trust in information sources, respectively. A multinomial logistic model was used to determine the impact of trust, demographic and behavior variables on the preference of juice attributes.FindingsConsumers rate manufacture date, taste and food safety labels as the most important attributes of fruit juice products. Among different information sources, consumers place more trust in private information sources and traditional media. The low trust in different information sources impedes consumer preference for processed food quality attributes.Originality/valueThis research is among the few that examine consumer preference for processed food, such as juice. It identifies four distinct preference groups and trust groups, respectively, based on consumer preference for juice attributes and trust in different information sources. This paper provides important information for processed food companies and policymakers to effectively enact marketing strategies in China.

Categorizing Blogs as Information Sources for Libraries and Information Science

2015 ◽  
pp. 4833-4845
Author(s):  
Mark-Shane Scale ◽  
Anabel Quan-Haase
Keyword(s):  
Social Media ◽  
Information Needs ◽  
Information Sources ◽  
Information Science ◽  
Information Source ◽  
Future Research ◽  
Collection Development ◽  
Sources Of Information ◽  
Additional Information ◽  
Source Category

Blogs are important sources of information currently used in the work of professionals, institutions and academics. Nevertheless, traditional information needs and uses research has not yet discussed where blogs fit in the existing typologies of information sources. Blogs and other types of social media have several characteristics that blur the lines of distinction existent between traditional information source categories. This chapter brings this research problem to the fore. Not only do we examine why blogs do not neatly fit into existing information source categories, but we also deliberate the implications for libraries in terms of the need to consider blogs as an information source to be included in collection development. We discuss the opportunities and possibilities for blogs to be integrated into the collection development efforts of academic and public libraries to better serve patrons. In order to accommodate for blogs and other types of social media as information sources, we propose the introduction of an additional information source category. We suggest new avenues of future research that investigate how blogs are being used to meet information needs in various social settings, such as corporations, health care and educational settings (e.g., higher education, and schools). In this chapter, we develop a framework of how blogs may function as information sources to provide libraries with a better understanding of how blogs are integrated into the context of everyday information seeking. By grouping the ways in which people employ blogs to acquire information, we propose that blogs provide information sources along a continuum ranging from non-fiction to fictional information.

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