Directional predictability between returns and volume in cryptocurrencies markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Panos Fousekis ◽  
Vasilis Grigoriadis
Keyword(s):  
High Volume ◽  
Stationary Time Series ◽  
Temporal Association ◽  
Informational Efficiency ◽  
Content Type ◽  
Low Levels ◽  
The Cross ◽  
Trading Volumes ◽  
Directional Predictability ◽  
The Empirical Analysis

Purpose This paper aims to identify and quantify directional predictability between returns and volume in major cryptocurrencies markets. Design/methodology/approach The empirical analysis relies on the cross-quantilogram approach that allows one to assess the temporal (lag-lead) association between two stationary time series at different parts of their joint distribution. The data are daily prices and trading volumes from four markets (Bitcoin, Ethereum, Ripple and Litecoin). Findings Extreme returns either positive or negative tend to lead high volume levels. Low levels of trading activity have in general no information content about future returns; high levels, however, tend to precede extreme positive returns. Originality/value This is the first work that uses the cross-quantilogram approach to assess the temporal association between returns and volume in cryptocurrencies markets. The findings provide new insights about the informational efficiency of these markets and the traders’ strategies.

scholarly journals The emergence of coercive federal Australian labour law, 1901–2020

2021 ◽  
pp. 002218562110039
Author(s):  
Eugene Schofield-Georgeson
Keyword(s):  
Industrial Relations ◽  
High Volume ◽  
Union Power ◽  
Labour Law ◽  
Industrial Environment ◽  
The Past ◽  
Low Levels ◽  
Labour Legislation ◽  
Employment Legislation

Over the past two decades, industrial relations scholarship has observed a trend towards an increasingly punitive industrial environment along with the ‘re-regulation’ of labour law. Absent from much of this literature, however, has been an empirical and historical measurement or comparison of the scale and quality of this systemic change. By surveying coercive and penal federal industrial legislation over the period 1901–2020, this study shows empirically that over the last 40 years, there has been a steep increase in the amount of coercive federal labour legislation in Australia. It further measures and compares the volume of coercive labour legislation enacted specifically against ‘labour’ and ‘capital’ or both throughout the same period (1901–2020). Analysis reveals a correlation between a high volume of coercive labour legislation with low levels of trade union power and organisation. Argued here is that coercive labour legislation has been crucial to transitioning from a liberal conciliation and arbitration model of Australian industrial relations towards a neoliberal framework of employment legislation. In the former, regulation was more collective, informal and egalitarian (embodied by the sociological concept of ‘associative democracy’). Under a neoliberal framework, regulation is now more individualised, technical, punitive and rarely enforced, resulting in less equal material outcomes.

When do job insecure employees adapt to change?

2019 ◽  
Vol 25 (3) ◽  
pp. 271-286 ◽  
Author(s):  
Kristi N. Lavigne ◽  
Victoria L. Whitaker ◽  
Dustin K. Jundt ◽  
Mindy K. Shoss
Keyword(s):  
Job Insecurity ◽  
Small Sample ◽  
Adaptive Performance ◽  
Work Behaviors ◽  
Content Type ◽  
Work Tasks ◽  
Main Effect ◽  
Low Levels ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to examine the relationship between job insecurity and adaptive performance (AP), contingent on changes to core work tasks, which we position as a situational cue to employees regarding important work behaviors. Design/methodology/approach Employees and their supervisors were invited to participate in the study. Supervisors were asked to provide ratings of employees’ AP and changes to core tasks; employees reported on job insecurity. Findings As predicted, changes to core tasks moderated the relationship between job insecurity and AP. Job insecurity was negatively related to AP for those experiencing low levels of change, but was not related to AP for those experiencing high levels of change. Counter to expectations, no main effect of job insecurity was found. Research limitations/implications This study employed a fairly small sample of workers from two organizations, which could limit generalizability. Practical implications The study identifies changes to core tasks as a boundary condition for the job insecurity–AP relationship. Findings suggest that organizations may not observe deleterious consequences of job insecurity on AP when changes to core tasks are high. Originality/value Few researchers have examined boundary conditions of the impact of job insecurity on AP. Furthermore, inconsistent findings regarding the link between job insecurity and AP have emerged. This study fills the gap and expands upon previous research by examining changes to core tasks as a condition under which job insecurity does not pose an issue for AP.

Employee emotional displays in the extended service encounter

2019 ◽  
Vol 31 (1) ◽  
pp. 115-136 ◽  
Author(s):  
Magnus Soderlund ◽  
Hanna Berg
Keyword(s):  
Marketing Communications ◽  
Emotional Expressions ◽  
Service Firms ◽  
Still Images ◽  
Content Type ◽  
Emotional Displays ◽  
Service Setting ◽  
Low Levels ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to examine the impact of happiness expressed by service firm employees when they are depicted in marketing communications materials, such as printed ads and videos. Design/methodology/approach Two experiments were conducted in a fitness service setting, in which employee display of happiness was manipulated (low vs high). Findings Both experiments showed that expressions of high levels of happiness produced a more positive attitude toward the service employee than expressions of low levels of happiness. Moreover, the impact of the expression of happiness on the evaluation of the employee was mediated by several variables, which suggests that the influence of depicted employees’ emotional expressions can take several routes. Practical implications The results imply that service firms should not only be mindful about which specific employee they select for appearing in marketing communications materials, they should also pay attention to the emotional displays of selected employees. Originality/value The present study contributes to previous research by assessing a set of potential mediators to explain why displays of happiness influence consumers, and by examining these effects in a marketing communications setting in which the customer is exposed to still images or video-based representations of the employee. The present study also focuses explicitly on happiness rather than on smiles.

Disposition effect at the market level: evidence from Indian stock market

2019 ◽  
Vol 12 (2) ◽  
pp. 69-82
Author(s):  
Sravani Bharandev ◽  
Sapar Narayan Rao
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Reference Points ◽  
Disposition Effect ◽  
Content Type ◽  
Ex Post ◽  
Abnormal Trading Volume ◽  
The Difference ◽  
Trading Volumes ◽  
Indian Stock Market

Purpose The purpose of this paper is to test the disposition effect at market level and propose an appropriate reference point for testing disposition at market level. Design/methodology/approach This is an empirical study conducted on 500 index stocks of NSE500 (National Stock Exchange). Winning and losing days for each stock are calculated using 52-week high and low prices as reference points. To test disposition effect, abnormal trading volumes of stocks are regressed on their percentage of winning (losing) days. Further using ANOVA, the difference between mean of percentage of winning (losing) days of high abnormal trading volume deciles and low abnormal trading volume deciles is tested. Findings Results show that a stock’s abnormal trading volume is positively influenced by the percentage of winning days whereas percentage of losing days show no such effect. Findings are consistent even after controlling for volatility and liquidity. ANOVA results show the presence of high percentage of winning days in higher deciles of abnormal trading volumes and no such pattern in case of losing days confirms the presence of disposition effect. Further an ex post analysis indicates that disposition prone investors accumulate losses. Originality/value This is the first study, which proposes the use of 52-week high and low prices as reference points to test the market-level disposition effect. Findings of this study enhance the limited literature available on disposition effect in emerging markets by providing evidence from Indian stock markets.

scholarly journals Coordination of K+Transporters in Neurospora: TRK1 Is Scarce and Constitutive, while HAK1 Is Abundant and Highly Regulated

2013 ◽  
Vol 12 (5) ◽  
pp. 684-696 ◽  
Author(s):  
Alberto Rivetta ◽  
Kenneth E. Allen ◽  
Carolyn W. Slayman ◽  
Clifford L. Slayman
Keyword(s):  
Atp Hydrolysis ◽  
Model Organism ◽  
Carbon Starvation ◽  
Transmembrane Helices ◽  
Content Type ◽  
Biochemical Genetic ◽  
Low Levels ◽  
Electrophysiological Characterization ◽  
Low K ◽  
Potassium Limitation

ABSTRACTFungi, plants, and bacteria accumulate potassium via two distinct molecular machines not directly coupled to ATP hydrolysis. The first, designated TRK, HKT, or KTR, has eight transmembrane helices and is folded like known potassium channels, while the second, designated HAK, KT, or KUP, has 12 transmembrane helices and resembles MFS class proteins. One of each type functions in the model organismNeurospora crassa, where both are readily accessible for biochemical, genetic, and electrophysiological characterization. We have now determined the operating balance between Trk1p and Hak1p under several important conditions, including potassium limitation and carbon starvation. Growth measurements, epitope tagging, and quantitative Western blotting have shown the geneHAK1to be much more highly regulated than isTRK1. This conclusion follows from three experimental results: (i) Trk1p is expressed constitutively but at low levels, and it is barely sensitive to extracellular [K+] and/or the coexpression ofHAK1; (ii) Hak1p is abundant but is markedly depressed by elevated extracellular concentrations of K+and by coexpression ofTRK1; and (iii) Carbon starvation slowly enhances Hak1p expression and depresses Trk1p expression, yielding steady-state Hak1p:Trk1p ratios of ∼500:1,viz., 10- to 50-fold larger than that in K+- and carbon-replete cells. Additionally, it appears that both potassium transporters can adjust kinetically to sustained low-K+stress by means of progressively increasing transporter affinity for extracellular K+. The underlying observations are (iv) that K+influx via Trk1p remains nearly constant at ∼9 mM/h when extracellular K+is progressively depleted below 0.05 mM and (v) that K+influx via Hak1p remains at ∼3 mM/h when extracellular K+is depleted below 0.1 mM.

Linkages between cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles

2016 ◽  
Vol 9 (2) ◽  
pp. 123-146 ◽  
Author(s):  
Kim Hiang Liow
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Business Cycles ◽  
Spillover Effects ◽  
Real Estate Market ◽  
Stock Market Index ◽  
Content Type ◽  
Market Index ◽  
Cross Country ◽  
The Cross

Purpose This research aims to investigate whether and to what extent the co-movements of cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles are linked across G7 from February 1990 to June 2014. Design/methodology/approach The empirical approaches include correlation analysis on Hodrick–Prescott (HP) cycles, HP cycle return spillovers effects using Diebold and Yilmaz’s (2012) spillover index methodology, as well as Croux et al.’s (2001) dynamic correlation and cohesion methodology. Findings There are fairly strong cycle-return spillover effects between the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles. The interactions among the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles in G7 are less positively pronounced or exhibit counter-cyclical behavior at the traditional business cycle (medium-term) frequency band when “pure” stock market cycles are considered. Research limitations/implications The research is subject to the usual limitations concerning empirical research. Practical implications This study finds that real estate is an important factor in influencing the degree and behavior of the relationship between cross-country business cycles and cross-country stock market cycles in G7. It provides important empirical insights for portfolio investors to understand and forecast the differential benefits and pitfalls of portfolio diversification in the long-, medium- and short-cycle horizons, as well as for research studying the linkages between the real economy and financial sectors. Originality/value In adding to the existing body of knowledge concerning economic globalization and financial market interdependence, this study evaluates the linkages between business cycles, stock market cycles and public real estate market cycles cross G7 and adds to the academic real estate literature. Because public real estate market is a subset of stock market, our approach is to use an original stock market index, as well as a “pure” stock market index (with the influence of real estate market removed) to offer additional empirical insights from two key complementary perspectives.

Ownership as a determinant of chairperson activity: a study of Nordic listed companies

2015 ◽  
Vol 7 (4) ◽  
pp. 412-428
Author(s):  
Tor Brunzell ◽  
Jarkko Peltomäki
Keyword(s):  
Working Hours ◽  
Chief Executive ◽  
Ownership Concentration ◽  
Content Type ◽  
Listed Firms ◽  
Concentrated Ownership ◽  
The Board Of Directors ◽  
The Impact ◽  
The Empirical Analysis ◽  
A Company

Purpose – The purpose of this study is to explicitly focus on the roles of ownership concentration, ownership by the board, the chief executive officer (CEO) and the chairperson in the involvement and capabilities of chairpersons and other governors in their work. Design/methodology/approach – In this study, the authors investigate the impact of the concentration of ownership, the ownership of the board, the CEO and the chairperson on the chairperson’s activity when the roles of the chairperson and the CEO are separated The empirical analysis of this study is based on a survey sent to Nordic listed firms. Findings – The results show that the ownership characteristics of a company are important in determining the chairperson’s working hours, the chairperson’s communication with the CEO and the performance of governance activity. In addition, the authors found that while the ownership of the chairperson and the board of directors and ownership concentration improve governance activity, CEO ownership may undermine governance activity. Research limitations/implications – The primary implication of the study is that both ownership by internal governors and ownership concentration play an important role in determining the involvement of internal corporate governors. Originality/value – The study provides unique evidence that ownership by the chairperson, concentrated ownership and ownership by the board can potentially mitigate the costs of separating the roles of the chairperson and the CEO.

Resolution of brain edema in severe brain injury at controlled high and low intracranial pressures

1984 ◽  
Vol 61 (4) ◽  
pp. 707-712 ◽  
Author(s):  
Meihong Cao ◽  
He Lisheng ◽  
Sun Shouzheng
Keyword(s):  
Cerebrospinal Fluid ◽  
Brain Injury ◽  
Brain Edema ◽  
External Ventricular Drainage ◽  
Blue Dye ◽  
Severe Brain Injury ◽  
Content Type ◽  
Intracranial Pressures ◽  
Low Levels ◽  
Cerebrospinal Fluid Protein

✓ A series of 87 patients with severe brain injury were studied. Intracranial pressure (ICP) monitoring and external ventricular drainage were used to control ICP at high and low levels. Clearance of ytterbium-169-labeled diethylenetriaminepentaacetic acid (169Yb-DTPA), Evans blue dye, and ventricular cerebrospinal fluid protein was measured at the two ICP levels over consecutive periods of 4 hours to confirm clearance of brain edema. The results support the hypothesis that brain edema is in part absorbed in the cerebrospinal fluid via transventricular flow.

An investigation of the mass-market fashion design process

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Prabod Dharshana Munasinghe ◽  
D.G.K. Dissanayake ◽  
Angela Druckman
Keyword(s):  
Design Process ◽  
Market Design ◽  
High Volume ◽  
Design Stage ◽  
Fashion Design ◽  
Structured Interviews ◽  
Mass Market ◽  
Content Type ◽  
Responsible Consumption ◽  
The Impact

Purpose The process of fashion design varies between market segments, yet these variations have not yet been properly explored. This study aims to examine the fashion design process as practised at the mass-market level, as this is the most vibrant and the largest market segment in terms of production volumes and sales. Design/methodology/approach It is observed that 15 semi-structured interviews were conducted with mass-market fashion designers. Key activities of the mass-market design process were identified and a comparative analysis was conducted with the general design process. Findings The mass-market design process is found to prioritise profits rather than aesthetic aspects, with the buyer exercising more power than the designer. This hinders creativity, which, in turn, may impede a move towards more environmentally benign designs. Originality/value The clothing industry is responsible for high environmental impacts and many of these impacts arise through decisions made in the design stage. In particular, the mass-market for clothing because of its high volume of sales and fast throughput, accounts for a great deal of the impact. However, little is understood about the design process that is practised in the mass-fashion market. This paper fills the gap by developing a framework that describes the mass-market design process. Understanding the design process will enable progress to be made towards achieving the United Nations Sustainable Development Goal 12: Responsible Consumption and Production.

Cross-listing of real estate investment trusts (REITs)

2017 ◽  
Vol 35 (5) ◽  
pp. 509-527
Author(s):  
Kim Hin David Ho ◽  
Kwame Addae-Dapaah ◽  
Fang Rui Lina Peck
Keyword(s):  
Real Estate ◽  
Foreign Market ◽  
Real Estate Investment Trusts ◽  
Domestic Market ◽  
Risk Exposure ◽  
Real Estate Investment ◽  
Content Type ◽  
Cross Listing ◽  
Market Beta ◽  
The Cross

Purpose The purpose of this paper is to examine the common stock price reaction and the changes to the risk exposure of the cross-listing for real estate investment trusts (REITs). Design/methodology/approach The paper adopts the event study methodology to assess the abnormal returns (ARs). Pre- and post-cross-listing changes in the risk exposure for the domestic and foreign markets are examined, via a modified two-factor international asset pricing model. A comparison is made for two broad cross-listings, namely, the depositary receipts and the dual ordinary listings, to examine the impacts from institutional differences. Findings Cross-listed REITs generally experience positive and significant ARs throughout the event window, implying significant superior returns associated with the cross-listing for REITs. On systematic risks, REITs exhibit significant decline in their domestic market β coefficients after the cross-listing. However, the foreign market β coefficients do not yield conclusive evidence when compared across the sample. Research limitations/implications Results are consistent with prudential asset allocation for potential diversification gains from the cross-listing, as the reduction from the domestic market beta is more significant than changes in the foreign market beta. Practical implications The results and findings should incentivise REIT managers to explore viable cross-listing. Social implications Such cross-listing for REITs should enhance risk diversification. Originality/value This is a pioneer study on cross-listing of REITs. It provides a basis for investment decision making, and could provoke further research and discussion.

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