scholarly journals Have institutional investors stocks portfolio strategies affected oil prices in a financialization context?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Antonio Focacci
Keyword(s):  
Financial Markets ◽  
Design Methodology ◽  
Management Strategies ◽  
Oil Prices ◽  
Content Type ◽  
Vector Autoregressive ◽  
Portfolio Strategies ◽  
Financial Perspective ◽  
Key Factor ◽  
Stock Indexes

Purpose The purpose of this paper is to investigate whether management strategies implemented by non-commercial traders may be identified as a key factor in affecting oil price paths in the conventional pre- and post-financialization periods. Design/methodology/approach By using a vector autoregressive approach the dynamic analysis of the daily stock indexes for some of the most important world economies and the oil prices is conducted starting from 1992 to the end of 2020. Findings The findings do not support the idea that the financial markets act as a privileged conduit in transmitting the shocks to the oil spot quotations. Originality/value Such a direct assessment has not been previously proposed in literature wherein – under a financial perspective – the returns are generally taken into consideration.

scholarly journals The future of financial markets and regulation: what strategy for Europe?

foresight ◽  
2014 ◽  
Vol 16 (2) ◽  
pp. 95-108 ◽  
Author(s):  
Jean-Baptiste Gossé ◽  
Dominique Plihon
Keyword(s):  
Financial Markets ◽  
Capital Market ◽  
Financial Stability ◽  
Design Methodology ◽  
Financial Integration ◽  
Content Type ◽  
Realistic Option ◽  
The Future ◽  
Unstable Environment ◽  
Insight Into

Purpose – This article aims to provide insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. Design/methodology/approach – First the authors define the potential changes in financial markets and then the tools available for the regulator to tame them. Finally, they build five scenarios according to the main evolutions observed on the financial markets and on the tools used by the regulator to modify these trends. Findings – Among the five scenarios defined, two present highly unstable features since the regulator refuses to choose between financial opening and independently determining how to regulate finance in order to preserve financial stability. Three of them achieve financial stability. However, they are more or less efficient or feasible. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst, because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: this level of coordination seems much more realistic than the global one; the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the “European government” might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world. Originality/value – Foresight studies on financial markets and regulation are quite rare. This may be explained by the difficulty to forecast what will be their evolution in the coming decades, not least because finance is fundamentally unstable. This paper provides a framework to consider what could be the best strategy of regulators in such an unstable environment.

Exploration of factors leading to successful mediation

2017 ◽  
Vol 28 (1) ◽  
pp. 24-49 ◽  
Author(s):  
Yafei Zhang ◽  
Li Chen
Keyword(s):  
Data Analysis ◽  
Design Methodology ◽  
Information Dissemination ◽  
Gold Medal ◽  
Chinese Society ◽  
Content Type ◽  
Effective Factors ◽  
Key Factor ◽  
Contemporary Chinese

Purpose The purpose of this study is to explore possible factors leading to a successful mediation in Chinese mediation shows. In China, media always play an indispensable role in information dissemination, morality advocacy and policy explanation. Design/methodology/approach This paper employed content analysis of 166 episodes of one representative mediation show, Gold Medal Mediation, and regression technique in data analysis. Findings Results of ordinal regression suggested that “secret talking”, rather than transparency, between disputants had significant influence on successful mediation. Function of mediators is limited in reaching full mediation. The effective factors leading to full mediation include compromise of rights, secret talking, attitude of the observer cohort. It suggests that the role of mediator is limited, rather than being over-exaggerated, in successful mediation. The successful mediation is largely dependent on disputants’ motivations. Additionally, “compromise of rights” by disputants is a key factor in solving disputes. Research limitations/implications Findings of this study revealed the role of Chinese mediation shows in propagating mediation in contemporary Chinese society and supporting upheld morality values. Due to the nature of the chosen mediation show, some disputes take more than one episode to solve. However, this study looks at each episode without considering the integrity of the dispute. That is, if the disputes take two episodes, the coder codes the two episodes as two separate disputes instead of looking at it as one dispute. Originality/value By exploring various aspects of mediations shows, including the role of mediators, disputants and a cohort of observers, this study can both explicitly show predicted factors to successful mediations on the shows, and can implicitly examine the power and perceived justification of mediation in contemporary China via media.

Volatility discovery in cryptocurrency markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thomas Dimpfl ◽  
Dalia Elshiaty
Keyword(s):  
Design Methodology ◽  
Stochastic Volatility Model ◽  
Discrete Version ◽  
Data Series ◽  
Content Type ◽  
Vector Autoregressive ◽  
Volatility Model ◽  
Information Shares ◽  
The Common ◽  
To Come

PurposeCryptocurrency markets are notoriously noisy, but not all markets might behave in the exact same way. Therefore, the aim of this paper is to investigate which one of the cryptocurrency markets contributes the most to the common volatility component inherent in the market.Design/methodology/approachThe paper extracts each of the cryptocurrency's markets' latent volatility using a stochastic volatility model and, subsequently, models their dynamics in a fractionally cointegrated vector autoregressive model. The authors use the refinement of Lien and Shrestha (2009, J. Futures Mark) to come up with unique Hasbrouck (1995, J. Finance) information shares.FindingsThe authors’ findings indicate that Bitfinex is the leading market for Bitcoin and Ripple, while Bitstamp dominates for Ethereum and Litecoin. Based on the dominant market for each cryptocurrency, the authors find that the volatility of Bitcoin explains most of the volatility among the different cryptocurrencies.Research limitations/implicationsThe authors’ findings are limited by the availability of the cryptocurrency data. Apart from Bitcoin, the data series for the other cryptocurrencies are not long enough to ensure the precision of the authors’ estimates.Originality/valueTo date, only price discovery in cryptocurrencies has been studied and identified. This paper extends the current literature into the realm of volatility discovery. In addition, the authors propose a discrete version for the evolution of a markets fundamental volatility, extending the work of Dias et al. (2018).

The effect of auditor narcissism on audit market competition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hojat Mohammadi ◽  
Mahdi Salehi ◽  
Meysam Arabzadeh ◽  
Hassan Ghodrati
Keyword(s):  
Financial Markets ◽  
Significant Relationship ◽  
Design Methodology ◽  
Audit Quality ◽  
Stock Exchange ◽  
Market Competition ◽  
Competitive Pressure ◽  
Content Type ◽  
Listed Firms ◽  
Audit Market

Purpose This paper aims to assess auditor narcissism’s effect on audit market competition (auditor concentration, clients’ concentration and competitive pressure). Design/methodology/approach This paper’s method is descriptive-correlational based on published information from listed firms on the Tehran Stock Exchange from 2012 to 2018 using a sample of 188 firms (1,310 observations). The method used for hypothesis testing is linear regression using panel data. Findings The results show a negative and significant relationship between auditor narcissism and audit market competition and its indices, including auditor concentration, clients’ concentration and competitive pressure. Moreover, a positive and significant relationship was observed between audit quality and audit market competition and its indices, including auditor concentration, client concentration and competitive pressure. Originality/value To analyzes competition indices in the audit market (auditor concentration, clients’ concentration and competitive pressure). The variable is assessed once more using the exploratory factor analysis of the so-called three variables single variable, named audit market competition. So the central question of the study is investigated within a broader sense. Moreover, as the present study is carried out in the emergent financial markets with extremely competitive audit markets to figure out the effect of auditors’ intrinsic characteristics on such markets’ competitiveness, it can provide useful information in this field.

Viewing organised crime and terrorist organisations through the financial threats they pose to society

2018 ◽  
Vol 25 (4) ◽  
pp. 940-950
Author(s):  
Thomas Ren
Keyword(s):  
Case Studies ◽  
Design Methodology ◽  
Conceptual Models ◽  
Real Life ◽  
Organised Crime ◽  
Meaningful Difference ◽  
Content Type ◽  
Financial Perspective ◽  
Enterprise Theory

Purpose The purpose of this paper is to examine whether there is a meaningful difference, viewed from a financial perspective, in distinguishing between organised crime and terrorist organisations, with regard to the control and mitigation of the threats that they pose to society. Design/methodology/approach The paper uses conceptual models obtained from enterprise theory and economics, as well as criminology, and makes use of case studies through the application of these models. Findings The paper finds that when viewed from a financial perspective, there is no meaningful difference in distinguishing between the groups because many have undergone processes of convergence and transformation, such that they assume each other’s operational and motivational characteristics. However, the answer also depends on how precisely one defines each type of illicit group as well as the transitions they undergo. Originality/value The value of this paper is that it applies two separate models on interactions between organised crime and terrorist organisations, the terror–crime continuum and interaction spectrum, to real life situations. After assessing their validity for more recent examples of such illicit groups, it then provides a balanced argument as to distinguishing between organised crime and terrorism. One limitation towards the paper’s originality, however, is that it draws mainly from pre-existing literature.

Elephants in the room

Facilities ◽  
2015 ◽  
Vol 33 (5/6) ◽  
pp. 412-423
Author(s):  
Bert Smit ◽  
Roy C. Wood
Keyword(s):  
Design Methodology ◽  
Management Strategies ◽  
Environmental Design ◽  
Human Dimensions ◽  
Facilities Management ◽  
Content Type ◽  
Direct Relevance ◽  
Management Concepts ◽  
Key Issues ◽  
Conceptual Paper

Purpose – This paper aims to develop an understanding of the potential for application of facilities management concepts and principles in the context of the “zoo sector”. Design/methodology/approach – The paper is a conceptual one and begins with a narrative designed to provide sufficient background to understanding key issues relevant to the practice of facilities management in zoological and similar institutions, including the implications of conservational/scientific and display imperatives of zoological facilities for facilities management. We then consider how these issues can be worked through in the context of four broad dimensions of facilities management: strategies for the management of stakeholder behaviour (non-human animals, personnel and visitors); building and environmental design (including space usage); safety, security and health; and “miscellaneous” services. The paper concludes by providing a provisional framework for further research into facilities management in the zoo sector. Findings – As a conceptual paper, there are no empirical findings. Conceptually, the paper offers an initial and simple framework for interpreting the possible application of facilities management in zoological and related facilities. Originality/value – In a search of the two principal journals in the field of facilities management, nothing could be found of direct relevance to the management of facilities in zoological and similar organizations. This paper is thus a singular contribution to the field. Conceptually, the authors attribute neglect of the topic to the distinctive traditions in the study of facilities management, which, at the risk of caricature, emphasise either the pre-eminence of a building and building services approach to facilities management, or an approach which is almost exclusively focused on the “human” dimensions to the discipline.

A guide on empirical tests of the EMH

2019 ◽  
Vol 18 (2) ◽  
pp. 268-295
Author(s):  
David Peón ◽  
Manel Antelo ◽  
Anxo Calvo
Keyword(s):  
Financial Markets ◽  
Design Methodology ◽  
Recent Literature ◽  
Asset Price ◽  
Efficient Market Hypothesis ◽  
Price Formation ◽  
Content Type ◽  
Economic Fundamentals ◽  
Empirical Tests ◽  
Available Information

Purpose The efficient market hypothesis (EMH) states that asset prices in financial markets always reflect all available information about economic fundamentals. The purpose of this paper is to provide a guide as to which predictions of the EMH seem to be borne out by empirical evidence. Design/methodology/approach Rather than following the classic three groups of tests for the different forms of EMH that are common in the literature, the authors consider how the two alternative definitions of the EMH and the joint hypothesis problem impact on the tests and leave the controversy unsolved. The authors briefly report the antecedents, the main theoretical and empirical contributions and recent literature on each type of tests. Findings Eventually, as a summary for each type of tests, the authors provide a critical view on the main sources of acrimony between the alternative schools of thought in understanding asset price formation. Originality/value The paper may be seen as an up-to-date introductory review for researchers on the different tests of the EMH performed, and for newcomers to understand the key sources of acrimony between rationalists and behaviorists.

Returns and volatility spillovers among cryptocurrency portfolios

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ismail Olaleke Fasanya ◽  
Oluwatomisin Oyewole ◽  
Temitope Odudu
Keyword(s):  
Design Methodology ◽  
Asset Returns ◽  
Volatility Spillover ◽  
Content Type ◽  
Vector Autoregressive ◽  
Volatility Spillovers ◽  
Dynamic Relationship ◽  
Major Market ◽  
Daily Data ◽  
Variance Decompositions

PurposeThis paper examines the return and volatility spillovers among major cryptocurrency using daily data from 10/08/2015 to 15/04/2018.Design/methodology/approachThe authors employ the Dielbold and Yilmaz (2012) spillover approach and rolling sample analysis to capture the inherent secular and cyclical movements in the cryptocurrency market.FindingsThe authors show that there is substantial difference between the behaviour of the cryptocurrency portfolios return and volatility spillover indices over time. The authors find evidence of interdependence among cryptocurrency portfolios given the spillover indices. While the return spillover index reveals increased integration among the currency portfolios, the volatility spillover index experiences significant bursts during major market crises. Interestingly, return and volatility spillovers exhibit both trends and bursts respectively.Originality/valueThis study makes a methodological contribution by adopting Dielbold and Yilmaz (2012) approach to quantify the returns and volatility transmissions among cryptocurrencies. To the best of our knowledge, little or no study has adopted the Dielbold and Yilmaz (2012) methodology to investigate this dynamic relationship in the cryptocurrencies market. The Dielbold and Yilmaz (2012) approach provides a simple and intuitive measure of interdependence of asset returns and volatilities by exploiting the generalized vector autoregressive framework, which produces variance decompositions that are unaffected by ordering.

scholarly journals Information leaks before CEO change: financial gain and ethical cost

2020 ◽  
Vol 24 (1) ◽  
pp. 19-29
Author(s):  
Gregor Halff ◽  
Anne Gregory
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Design Methodology ◽  
Fortune 500 ◽  
Content Type ◽  
The Public ◽  
Financial Gain ◽  
Fortune 500 Companies ◽  
Search Patterns ◽  
A Company

PurposeThe purpose of this paper is to investigate whether there are information leaks immediately before CEOs change and – if so – whether some investors take financial advantage of such prior knowledge. It thirdly investigates the ethical, practical and professional options for communication managers to deal with such situations.Design/methodology/approachWorking from sentiment theory of financial markets, the authors studied Internet search patterns for incoming CEO names and stock market movements immediately prior to the public mention or speculation of CEO change.FindingsThe authors find that in nearly a quarter of CEO changes at Fortune 500 companies, the name of the future CEO seems to have been leaked. Additionally, nearly half of those companies also experience extreme, otherwise unexplainable movements in the stock market.Originality/valueThis paper discovers the prevalence of extreme stock market movements for a company when the name of that company's next CEO has likely been leaked. Such leaks are an opportunity for unscrupulous investors, but they create ethical dilemmas for organizations. Communication managers typically respond by organizing tighter governance. However, to keep up with the speed of information and investments traveling through algorithms, organizing radical transparency could become an alternative instead.

Bitcoin, Litecoin, and the Euro: an annualized volatility analysis

2019 ◽  
Vol 37 (2) ◽  
pp. 229-242 ◽  
Author(s):  
Cynthia Miglietti ◽  
Zdenka Kubosova ◽  
Nicole Skulanova
Keyword(s):  
Exchange Rate ◽  
Financial Markets ◽  
Design Methodology ◽  
Daily Basis ◽  
Information Criteria ◽  
Content Type ◽  
Statistical Measures ◽  
Augmented Dickey Fuller ◽  
Volatility Analysis ◽  
Exchange Rate Changes

Purpose This paper aims to empirically investigate the volatility of Bitcoin, Litecoin and the Euro. Design/methodology/approach The authors use quantitative methodologies to assess the annualized volatility of two cryptocurrencies and one international fiat currency. The exchange rate of the currencies is monitored on a daily basis using 1,460 observations from January 1, 2014 to December 31, 2017. The models used include the augmented Dickey–Fuller test, Akaike Information Criteria, autocorrelation function and exchange rate changes determining which currency is the most volatile. Findings The findings indicate, based on the statistical measures used, including the standard deviation of selected currencies and annualized volatility, that Litecoin is more volatile than Bitcoin and the Euro and that Bitcoin is more volatile than the Euro. This furthers previous research on cryptocurrency volatility. Originality/value The paper provides compelling evidence about the volatility of Litecoin and Bitcoin. The volatility of cryptocurrencies is furthered with data that are more current. The findings are important for investors, financial markets and central banks.

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