Liquidity of financial markets: a review

2019 ◽  
Vol 37 (2) ◽  
pp. 201-227 ◽  
Author(s):  
Abhinava Tripathi ◽  
Alok Dixit ◽  
Vipul Vipul
Keyword(s):  
Emerging Markets ◽  
Financial Markets ◽  
Return Predictability ◽  
Research Papers ◽  
Ongoing Research ◽  
Content Type ◽  
Research Areas ◽  
Comprehensive Collection ◽  
Depth Analysis

Purpose The purpose of this study is to systematically review and analyze the literature in the area of liquidity of financial markets. The study summarizes the key findings and approaches and highlights the research gaps in the extant literature. Design/methodology/approach A variety of reputed databases are utilized to select 100 research papers, from a large pool of nearly 3,000 research papers spanning between 1972 and 2018 using systematic literature review methodology. The selected research papers are organized to provide an in-depth analysis and an account of the ongoing research in the area of liquidity. The study uses bibliometric network visualization and word-cloud analyses to compile and analyze the literature. Findings The study summarizes the recent approaches in the liquidity research on aspects such as methodologies followed, variables applied, sub-areas covered, and the types of economies and markets covered. The article shows that the literature on liquidity in the emerging markets (e.g. China and India) is deficient. Overall, the following research areas related to liquidity need further exploration in the context of emerging markets: liquidity beyond the best bid-ask quotes, intraday return predictability using microstructure variables (e.g. order imbalances), impact of algorithmic-trading and volatility of liquidity. Originality/value To the best of authors’ knowledge, in the recent past, a detailed account of the literature on liquidity has not been published. It provides a comprehensive collection and classification of the literature on the liquidity of financial markets. This would be helpful to the future researchers, academics and practitioners in the area of financial markets.

The future of sustainable supply chains: a novel tertiary-systematic methodology

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Piera Centobelli ◽  
Roberto Cerchione ◽  
Livio Cricelli ◽  
Emilio Esposito ◽  
Serena Strazzullo
Keyword(s):  
New Classification ◽  
Bottom Line ◽  
Content Type ◽  
Main Research ◽  
Sustainable Supply Chains ◽  
Research Areas ◽  
Research Fields ◽  
Research Perspectives ◽  
Systematic Methodology

Purpose In recent years, economic, environmental and social sustainability has become one of the fastest-growing research fields. The number of primary and secondary papers addressing the triple bottom line is growing significantly, and the supply chain (SC) management discipline is in the same wave. Therefore, this paper aims to propose a novel tertiary systematic methodology to explore, aggregate, categorise and analyse the findings provided by secondary studies. Design/methodology/approach A novel tertiary systematic literature review approach, including 94 secondary studies, is proposed and used to analyse sustainable SC literature. The papers have been analysed using a research protocol, including descriptive and content analysis criteria. Findings This tertiary study does not only provide an overview of the literature on the topic of sustainability in SCs but also goes further, drawing up a categorisation of main research areas and research perspectives adopted by previous researchers. The paper also presents a rank of research gaps and an updated and a prioritised agenda. Originality/value This paper provides a novel interpretation of the research topics addressed by the secondary studies and presents a new classification of the literature gaps and their evolution. Finally, a dynamic research compass for both academicians and practitioners is presented.

Starting points for a new researcher in behavioral finance

2016 ◽  
Vol 12 (1) ◽  
pp. 92-103 ◽  
Author(s):  
Jim Yuh Huang ◽  
Joseph C.P. Shieh ◽  
Yu-Cheng Kao
Keyword(s):  
Literature Review ◽  
Financial Markets ◽  
Behavioral Finance ◽  
Research Papers ◽  
Content Type ◽  
The Past ◽  
Significant Area ◽  
Considerable Impact ◽  
Number Of Publications ◽  
New Literature

Purpose – The purpose of this paper is to systematically consolidate and analyze papers in behavioral finance in the past 20 years, and to provide an overall introduction to scholars and professionals in the industry who may be interested in behavioral finance in the future. Design/methodology/approach – The research is based on searching keywords in databases of ISI Web of Science (WOS). Survey data covers the period from 1995 to 2013, with 124 journals and 347 articles. The authors are committed to finding the number of publications and times cited in the field of behavioral finance to measure the contribution of active researchers. Findings – More research papers in behavioral finance are emerging, making it a significant area of study. Most of the papers can be classified as empirical or theory. The number of papers in the review class should be increased to assist scholars and professionals in understanding behavioral finance and its application. A number of personal and institutional main contributors have been making a considerable impact on the field of behavioral finance. With the vigorous development of financial markets all around the world, more and more scholars are becoming involved in behavioral finance research. Research limitations/implications – Articles published earlier than 1995 or not included in the WOS database cannot be included in the research; however, this does not diminish the contribution of older scholars in any way. Moreover, the research does not include non-SCI/SSCI articles. Originality/value – Unlike a traditional literature review, which classifies and elaborates different research paths (Subrahmanyam, 2007), the research adopts the ISI WOS database as a tool for analysis. This new literature review methodology enables us to systematically consolidate and analyze papers in behavioral finance.

Limit order books: a systematic review of literature

2020 ◽  
Vol 12 (4) ◽  
pp. 505-541
Author(s):  
Abhinava Tripathi ◽  
Vipul Vipul ◽  
Alok Dixit
Keyword(s):  
Financial Markets ◽  
Information Dissemination ◽  
Future Research ◽  
Order Book ◽  
Limit Order ◽  
Content Type ◽  
Research Areas ◽  
Order Books ◽  
Intelligent Models ◽  
Limit Order Books

Purpose This study aims to provide a systematic literature review of the research study in the area of limit order book (LOB) mechanism of trading and its implications for market efficiency. The study attempts to document the recent theoretical developments and empirical findings from the literature exhaustively and identifies the research gaps for future research. Design/methodology/approach The study uses seven reputable databases to select 2,514 research studies spanning over 1981-2018 (finally compressed to a pool of 103 articles, based on relevance and impact). The study uses bibliometric network visualization and text analytics to categorize and examine the literature. The chosen articles are compiled and analyzed to provide a comprehensive account of the current research on LOBs. Findings The recent LOB literature is summarized on various criteria as follows: sub-areas, the types of economies and markets, methodologies and the LOB measures. The review identifies a dearth of studies on the LOBs in emerging markets. It suggests the potential research areas as intraday studies in emerging LOB markets; application of market indicators based on deeper levels of LOB, beyond the best prices; market fragmentation, order routing decision and its impact on order execution quality; optimal display of LOB levels; liquidity dynamics in quote-driven markets vis-à-vis LOB markets; effect of high-frequency trading on market microstructure; application of advanced techniques (e.g. machine learning models, zero-intelligent models); relationship between the trading speed, order aggressiveness, shape and resilience of the order book and informed trading; and information content of the auxiliary order submission strategies, including cancellation, amendments and hidden orders. Originality/value For the past 15 years, to the best of the knowledge, a comprehensive review of the literature on LOBs has not been published. The financial markets have transformed significantly over this period, driven by the adoption of LOBs, low latency trading and technological advancements in information dissemination. This article provides an extensive collection and classification of the literature on LOBs. This would be useful for the practitioners, future researchers and academics in the area of financial markets.

Firmer forecasts for 2020 world growth are unrealistic

2019 ◽  
Keyword(s):  
Emerging Markets ◽  
Financial Markets ◽  
World Economy ◽  
Content Type ◽  
Steady Growth ◽  
The Us ◽  
The World ◽  
Bank Of Japan

Significance Trade activity has been sharply downgraded: five years ago, the Fund expected 5.6% trade volumes growth this year. Now it sees 1.1%, one-third of the pace it forecast in April. The dichotomy between the Fund describing the recovery as “precarious”, and nonetheless predicting strong or steady growth for 2020, suggests that it perhaps has more faith in the precariousness than in the 2020-21 estimates. Impacts Growth is slowing in 90% of the world economy; this will rise if emerging markets such as Turkey and Iran suffer a double-dip recession. Targeting 2% inflation is becoming inappropriate for the ECB, the Bank of Japan and even the US Fed; thus, monetary innovation is likely. Financial markets focus on tariffs and the chances of a US-China deal, but this is misleading as non-tariff barriers are much larger.

A scientometric analysis of DESIDOC Journal of Library & Information Technology (2010-2014)

2016 ◽  
Vol 33 (7) ◽  
pp. 8-12 ◽  
Author(s):  
Imran Khan
Keyword(s):  
Information Technology ◽  
Information Science ◽  
Scientometric Analysis ◽  
Original Research ◽  
New Delhi ◽  
Research Papers ◽  
Content Type ◽  
Depth Analysis ◽  
Important Quality ◽  
Number Of Citations

Purpose This paper aims to perform a scientometric analysis of DESIDOC Journal of Library and Information Technology (DJLIT) to find out the quality, popularity and impact of the international journal published by DESIDOC. Design/methodology/approach Scientometric analysis of five volumes (from Volume No. 30 to 34) from the year 2010 to 2014 of DJLIT covering 30 issues containing 307 contributions was performed. All the bibliographic details were noted and recorded in tabular form for the purpose of in-depth analysis. Based on the analysis of the recorded data, findings have been presented. Findings The study shows a trend of gradual growth in contributions published during the period of study, with an average number of 61 contributions per volume of the journal. Maximum number of contributions/research papers (70) were found to be published in the year 2012, whereas the minimum (50) in the year 2010. The study reveals that DJLIT gives maximum importance to the original research papers for the purpose of publishing, which attained top position of publications with a total of 277 (90.23 per cent). A maximum number of contributions during the period of study are from joint authors, with a total of 188 (61.24 per cent). Maximum number of contributions are from India, with a total of 273 (88.93 per cent). New Delhi, Maharashtra and Karnataka were found to be the biggest domestic contributors during the period of study, with 68 (24.91 per cent), 39 (14.29 per cent) and 30 (10.99 per cent) contributions, respectively. It appears that the coverage of DJLIT, even being an international journal in the field of library and information science (LIS), is not very broad and its scope is broadly confined to India only. Majority of the authors preferred journals as their major source of information, providing the highest number of citations totaling 2,447 (51.89 per cent), while websites attained the second position with 1,015 (21.52 per cent) citations, followed by books with 613 (13 per cent) citations. The study further reveals that maximum number of citations totaling 1,109 (23.52 per cent) out of 4,716 were received in the year 2013, while least citations totaling 700 (14.84 per cent) were recorded in the year 2010. One of the most important quality of DJLIT is that it has great concern for emerging and new tools, techniques and technologies in the LIS profession and their impact and application in the field. The journal regularly publishes special issues in every volume on such themes that have great impact on the LIS profession, and it has published 16 special issues on various important themes during the period of study. DJLIT, having free online access through the internet, is the highly preferred journal for communication, knowledge acquisition and reference by the LIS professionals. The journal has great potential of attaining new heights of popularity and impact all over the world in the LIS profession. It is suggested that the journal should try to get high-quality papers from foreign authors too, which may be useful in enhancing its global impact and reputation. Research limitations/implications The present study is confined to the data collected from 30 issues of the five volumes of the DJLIT from the year 2010 to 2014, while the journal is continuously being published since the year 1981. Hence, the results may vary if the studies of different blocks of the years of publication of the journal are performed. The present study may not be fully representative in all the results, but it gives a trend regarding publication of the DJLIT. Originality/value Scientometric analysis of journals has been attempted in very few numbers. Hence, the present study will be a source of idea to other researchers.

Learning analytics stakeholders' expectations in higher education institutions: a literature review

2020 ◽  
Vol 38 (1) ◽  
pp. 33-48
Author(s):  
Mai Mahmoud ◽  
Georgios Dafoulas ◽  
Rasha Abd ElAziz ◽  
Noha Saleeb
Keyword(s):  
Literature Review ◽  
Learning Analytics ◽  
Design Methodology ◽  
Data Availability ◽  
Research Papers ◽  
Ongoing Research ◽  
Content Type ◽  
Culture Integration ◽  
The Status ◽  
Descriptive Approach

PurposeThe objective of this paper is to present a comprehensive review of the literature on learning analytics (LA) stakeholders' expectations to reveal the status of ongoing research in this area and to highlight gaps in research.Design/methodology/approachConducting a literature review is a well-known method to establish knowledge and interpret the domain under examination (Snyder, 2019). In this paper, a descriptive approach was used to investigate the different research methods used to tackle LA stakeholders' expectations, which depends on summarising the studies' content and minimising the reviewer's interpretation.FindingsMost of the studies have used interviews and focus groups without testing isolated variables. Moreover, it was concluded that LA awareness and perception are affected by a lack of resources, technical skills, trustworthiness, data availability, accessibility, organisational culture, integration and lack of technology. 10;This paper sheds light on research on LA stakeholders' expectations and highlights the need for investigating developing countries' context in order to test the perception and impact of LA. The study has focussed mainly on papers published in journals, which may have led to missing some previous research papers.Originality/valueLiterature review studies provide an overview of the existing LA literature from general focus to analytical methods. As it is a broad topic, this paper focuses on reviewing studies about stakeholders, which will give a fuller understanding of how their expectations are being discussed beyond the currently assumed benefits of LA.

DevOps for information management systems

2018 ◽  
Vol 48 (1) ◽  
pp. 122-139 ◽  
Author(s):  
Asif Qumer Gill ◽  
Abhishek Loumish ◽  
Isha Riyat ◽  
Sungyoup Han
Keyword(s):  
Information Management ◽  
The Body ◽  
Management Systems ◽  
Process Technology ◽  
Ongoing Research ◽  
Content Type ◽  
Research Areas ◽  
Continuous Delivery ◽  
Information Management Systems ◽  
Build System

Purpose Development and operations (DevOps) is complex in nature. Organizations are unsure how to effectively establish a DevOps capability for the continuous delivery of information management systems. This paper aims to compile and analyze DevOps by applying the well-known systematic literature review (SLR) approach. This review is intended to provide a knowledge base to support the informed, effective and less risky adoption of DevOps for information management systems. Design/methodology/approach In this qualitative research study, the SLR method was applied to identify 3,790 papers, of which, 32 relevant papers were selected and reviewed. Findings The results are organized using the well-known ISO/IEC 24744 metamodel elements: people (roles), process, technology and artifacts. In total 11 major roles, 6 processes, 23 technologies, 5 artifacts and 7 challenges (including 6 corresponding solutions) were found. DevOps engineer is becoming a newly identified role. Continuous delivery pipeline and continuous improvement are the most highlighted major DevOps processes. Build system technology is becoming the key focus of DevOps. Finally, major challenges are around people and culture and the misunderstanding of DevOps. Potential research areas are: DevOps analytics, artifacts and tool–chain integration. Research limitations/implications The research findings will serve as a resource for both practitioners and researchers who have interest in the research and adoption of DevOps for information management systems. Originality/value This paper provides a comprehensive systematic review of the body of knowledge to support the ongoing research and adoption of emerging trends of DevOps for information management systems.

scholarly journals Regularized Simple Graph Convolution (SGC) for improved interpretability of large datasets

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Phuong Pho ◽  
Alexander V. Mantzaris
Keyword(s):  
Large Datasets ◽  
Journal Articles ◽  
Relevant Research ◽  
Research Papers ◽  
Ongoing Research ◽  
Network Information ◽  
Research Task ◽  
Data Points ◽  
Time Required

Abstract Classification of data points which correspond to complex entities such as people or journal articles is a ongoing research task. Notable applications are recommendation systems for customer behaviors based upon their features or past purchases and in academia labeling relevant research papers in order to reduce the reading time required. The features that can be extracted are many and result in large datasets which are a challenge to process with complex machine learning methodologies. There is also an issue on how this is presented and how to interpret the parameterizations beyond the classification accuracies. This work shows how the network information contained in an adjacency matrix allows improved classification of entities through their associations and how the framework of the SGC provide an expressive and fast approach. The proposed regularized SGC incorporates shrinkage upon three different aspects of the projection vectors to reduce the number of parameters, the size of the parameters and the directions between the vectors to produce more meaningful interpretations.

Research impact of general and funded papers

2016 ◽  
Vol 40 (4) ◽  
pp. 472-480 ◽  
Author(s):  
Cheng-Che Shen ◽  
Ya-Han Hu ◽  
Wei-Chao Lin ◽  
Chih-Fong Tsai ◽  
Shih-Wen Ke
Keyword(s):  
Citation Analysis ◽  
Research Impact ◽  
Analysis Method ◽  
Research Papers ◽  
Content Type ◽  
Highly Cited Papers ◽  
Research Areas ◽  
Research Problems ◽  
Number Of Citations ◽  
Highly Cited

Purpose – The purpose of this paper is to focus on examining the research impact of papers written with and without funding. Specifically, the citation analysis method is used to compare the general and funded papers published in two leading international conferences, which are ACM SIGIR and ACM SIGKDD. Design/methodology/approach – The authors investigate the number of general and funded papers to see whether the number of funded papers is larger than the number of general papers. In addition, the total citations and the number of highly cited papers with and without funding are also compared. Findings – The analysis results of ACM SIGIR papers show that in most cases the number of funded papers is larger than the number of general papers. Moreover, the total captions, the average number of citations per paper, and the number of highly cited papers all reveal the superiority of funded papers over general papers. However, the findings are somewhat different for the ACM SIGKDD papers. This may be because ACM SIGIR began much earlier than ACM SIGKDD, which relates to the maturity of the research problems addressed in these two conferences. Originality/value – The value of this paper is the first attempt at examining the research impact of general and funded research papers by the citation analysis method. The research impact of other research areas can be further investigated by other analysis methods.

Heterogeneous investors and deterioration of market integrity: an analysis of market manipulation cases

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Syed Qasim Shah ◽  
Izlin Ismail ◽  
Aidial Rizal bin Shahrin
Keyword(s):  
Emerging Markets ◽  
Financial Markets ◽  
Institutional Investors ◽  
Individual Investors ◽  
Market Manipulation ◽  
Content Type ◽  
Developed Markets ◽  
Individual Ownership ◽  
The Empirical Analysis

Purpose The purpose of this study is to empirically test the role of heterogeneous investor’s, i.e. institutional investors, individuals and insiders in deteriorating market integrity. Design/methodology/approach The research is conducted by examining the participants of 244 market manipulation cases of East Asian emerging and developed financial markets for the period of 2001–2016. The empirical analysis is conducted using panel logistic regression. Findings The results show that firms with higher institutional ownership are most likely to be manipulated in both markets. Insiders are potential manipulators in developed markets and deteriorate market integrity. In contrast, individual investors behave differently in both markets. In developed markets, firms with high individual ownership are less likely to be manipulated while in emerging markets, firms with individual ownership are more prone to manipulation because of substantial participation by individual investors which invites manipulative practices. Additionally, the authors found that firms with a higher proportion of passive institutional investors are less likely to be manipulated in emerging markets. Originality/value This study contributes to the existing literature by identifying the potential manipulators in the financial markets who deteriorate market integrity with the additional focus of subdivision of institutional investors as active institutional investors and passive institutional investor. The findings are helpful for regulators in designing policies to ensure market integrity and to enforce the role of institutional investors and insiders.

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