scholarly journals Editorial: Governance and regulation - Evidence at micro and macro level

2019 ◽  
Vol 8 (2) ◽  
pp. 4-6
Author(s):  
Christos Kallandranis
Keyword(s):  
Stock Market ◽  
Business Cycles ◽  
Tax Policy ◽  
Macro Level ◽  
Municipal Governance ◽  
Digital Disruption ◽  
The Relationship ◽  
It Skills

The recent volume is devoted to the issues of tax policy, competitiveness, digital disruption, the IT skills of graduates, the relationship between stock market and business cycles and municipal governance.

A Macroeconomic Analysis Of Inventory/Sales Ratios

2011 ◽  
Vol 1 (10) ◽  
Author(s):  
William M. Bassin ◽  
Michael T. Marsh ◽  
Stefanie Walitzer
Keyword(s):  
Business Cycles ◽  
Financial Analysts ◽  
Investment Decisions ◽  
Macro Level ◽  
Private Institutions ◽  
Related Research ◽  
Macroeconomic Analysis ◽  
The Relationship ◽  
The U.S ◽  
Inventory Behavior

Metzlers (1941) research on the relationship between inventory and business cycles initiated serious interest in inventory behavior and its effect on the behavior of firms. A flurry of related research took place in the following two decades. Research of the time clearly demonstrated that, at a macro level, the inventory behaviors are significant features in business cycles. One measure of inventory behavior introduced and analyzed was the inventory-to-sales ratio. We continue to believe that understanding of inventory behavior at both the macro and microeconomic levels is a prerequisite to understanding factors that determine a firms success, and that analysis of the inventory-to-sales ratio is important component of inventory behavior. The U.S. Department of Commerce and other government and private institutions track this ratio and report regularly. Financial analysts use both a company's trend and its comparative value within a sector to make investment decisions.

scholarly journals Investigating the Links between UK House Prices and Share Prices with Copulas

2021 ◽  
Author(s):  
Rakesh K. Bissoondeeal ◽  
Leonidas Tsiaras
Keyword(s):  
Stock Market ◽  
House Prices ◽  
National Level ◽  
Tail Dependence ◽  
Share Prices ◽  
Property Prices ◽  
Left Tail ◽  
The Uk ◽  
The Relationship ◽  
Shared Characteristic

AbstractWe investigate the nonlinear links between the housing and stock markets in the UK using copulas. Our empirical analysis is conducted at both the national and regional levels. We also examine how closely London house prices are linked to those in other parts of the UK. We find that (i) the dependence between the different markets exhibits significant time-variation, (ii) at the national level, the relationship between house prices and the stock market is characterised by left tail dependence, i.e., they are more likely to crash, rather than boom, together, (iii) although left tail dependence with the stock market is a prominent feature of some regions, it is by no means a universally shared characteristic, (iv) the dependence between property prices in London and other parts of the UK displays widespread regional variations.

The voice of others: Identity, alterity and gender normativity among gay men in Israel

2012 ◽  
Vol 41 (2) ◽  
pp. 187-211 ◽  
Author(s):  
Erez Levon
Keyword(s):  
Lived Experience ◽  
Gay Men ◽  
Macro Level ◽  
Male Sexuality ◽  
Gay Identity ◽  
Social Categories ◽  
Gay Male ◽  
And Gender ◽  
The Relationship ◽  
The Voice

AbstractThis article presents an analysis of a slang variety, called oxtšit, as it is described and used by a cohort of gay men in Israel. Unlike many previous analyses of gay slang, I argue that the men described do not use the variety to help construct and affirm an alternative gay identity, but rather that they use it as a form of in-group mockery through which normative and nonnormative articulations of Israeli gay male sexuality are delineated. It is suggested that this discussion has implications for sociolinguistic understandings of “groupness” more broadly, and particularly the relationship between macro-level social categories (like “gay”) and individual lived experience. (Gay slang, Israel, vari-directional voicing, identity/alterity)*

scholarly journals The Regime-Switching Behaviour of Exchange Rates and Frontier Stock Market Prices in Sub-Saharan Africa

2021 ◽  
Vol 14 (3) ◽  
pp. 122
Author(s):  
Maud Korley ◽  
Evangelos Giouvris
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Regime Switching ◽  
Markov Switching ◽  
Sub Saharan Africa ◽  
Var Model ◽  
High Volatility ◽  
Sub Saharan ◽  
The Relationship ◽  
Fx Market

Frontier markets have become increasingly investible, providing diversification opportunities; however, there is very little research (with conflicting results) on the relationship between Foreign Exchange (FX) and frontier stock markets. Understanding this relationship is important for both international investor and policymakers. The Markov-switching Vector Auto Regressive (VAR) model is used to examine the relationship between FX and frontier stock markets. There are two distinct regimes in both the frontier stock market and the FX market: a low-volatility and a high-volatility regime. In contrast with emerging markets characterised by “high volatility/low return”, frontier stock markets provide high (positive) returns in the high-volatility regime. The high-volatility regime is less persistent than the low-volatility regime, contrary to conventional wisdom. The Markov Switching VAR model indicates that the relationship between the FX market and the stock market is regime-dependent. Changes in the stock market have a significant impact on the FX market during both normal (calm) and crisis (turbulent) periods. However, the reverse effect is weak or nonexistent. The stock-oriented model is the prevalent model for Sub-Saharan African (SSA) countries. Irrespective of the regime, there is no relationship between the stock market and the FX market in Cote d’Ivoire. Our results are robust in model selection and degree of comovement.

scholarly journals Sugar Prices vs. Financial Market Uncertainty in the Time of Crisis: Does COVID-19 Induce Structural Changes in the Relationship?

Agriculture ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 93
Author(s):  
Pavel Kotyza ◽  
Katarzyna Czech ◽  
Michał Wielechowski ◽  
Luboš Smutka ◽  
Petr Procházka
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Market ◽  
Structural Breaks ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Market Uncertainty ◽  
Volatility Index ◽  
The Global Financial Crisis ◽  
The Relationship

Securitization of the agricultural commodity market has accelerated since the beginning of the 21st century, particularly in the times of financial market uncertainty and crisis. Sugar belongs to the group of important agricultural commodities. The global financial crisis and the COVID-19 pandemic has caused a substantial increase in the stock market volatility. Moreover, the novel coronavirus hit both the sugar market’s supply and demand side, resulting in sugar stock changes. The paper aims to assess potential structural changes in the relationship between sugar prices and the financial market uncertainty in a crisis time. In more detail, using sequential Bai–Perron tests for structural breaks, we check whether the global financial crisis and the COVID-19 pandemic have induced structural breaks in that relationship. Sugar prices are represented by the S&P GSCI Sugar Index, while the S&P 500 option-implied volatility index (VIX) is used to show stock market uncertainty. To investigate the changes in the relationship between sugar prices and stock market uncertainty, a regression model with a sequential Bai–Perron test for structural breaks is applied for the daily data from 2000–2020. We reveal the existence of two structural breaks in the analysed relationship. The first breakpoint was linked to the global financial crisis outbreak, and the second occurred in December 2011. Surprisingly, the COVID-19 pandemic has not induced the statistically significant structural change. Based on the regression model with Bai–Perron structural changes, we show that from 2000 until the beginning of the global financial crisis, the relationship between the sugar prices and the financial market uncertainty was insignificant. The global financial crisis led to a structural change in the relationship. Since August 2008, we observe a significant and negative relationship between the S&P GSCI Sugar Index and the S&P 500 option-implied volatility index (VIX). Sensitivity analysis conducted for the different financial market uncertainty measures, i.e., the S&P 500 Realized Volatility Index confirms our findings.

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.

Analysing SST 2.0 Tax Burden through the Element of Principle of Good Tax Policy

2021 ◽  
Vol 12 (1) ◽  
pp. 113-113
Author(s):  
Nur Erma Mohamed Jamel ◽  
Nadiah Abd Hamid ◽  
Sarini Azizan ◽  
Roshayani Arshad ◽  
Rani Diana Othman ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Tax Policy ◽  
Well Being ◽  
Tax Burden ◽  
The Public ◽  
Goods And Services ◽  
Regressive Tax ◽  
Development Goals ◽  
The Relationship ◽  
Economic Well Being

Since the 70s, the focus of the Malaysian government on sustainable development is to improve the economic well-being of its society. In September 2015, Malaysia reaffirmed this commitment with the other United Nations countries by implementing the 2030 Agenda for 17 Sustainable Development Goals (SDGs), focusing on the bottom 40% of households (B40). Unfortunately, the implementation of Goods and Services Tax (GST) on 1st April 2015, followed by Sales and Services Tax (SST) 2.0 on 1st September 2018 impacted all income groups especially B40. The public especially B40 claimed that indirect tax is regressive and burdensome (MIER, 2018). Hence, the present study aims to identify the existence of SST 2.0's tax burden assessing through the relationship between elements of guiding principles of good tax policy. Keywords: Sales and Service Tax, enforcement, regressive, tax burden, fairness.

Evaluating E-Book Effectiveness and the Impact on Student Engagement

2021 ◽  
pp. 027347532110351
Author(s):  
Adam C. Merkle ◽  
Linda K. Ferrell ◽  
O. C. Ferrell ◽  
Joe F. Hair
Keyword(s):  
Academic Performance ◽  
Student Engagement ◽  
Student Perceptions ◽  
Perceived Effectiveness ◽  
Spring Semester ◽  
Digital Disruption ◽  
The Impact ◽  
The Relationship ◽  
Shed Light

Marketing curricula are experiencing a digital disruption as e-books and other electronic educational resources replace print textbooks. This study investigates student perceptions about the effectiveness of print textbooks and e-books. Specifically, we focus on the perceived effectiveness of e-books and the impact on student engagement. A field-based quasi-experiment was conducted with a sample of 259 students in the Fall semester, and a follow-up sample of 395 students in the Spring semester. The results show a diverse impact of e-books on student engagement. Some aspects of engagement are positively affected while other aspects of student engagement exhibit a neutral or negative leaning impact. The findings also reflect significant variation in e-book effectiveness depending on the course. Finally, we find that e-books moderate the relationship between textbook effectiveness and academic performance engagement. Highly effective e-books result in higher levels of academic performance engagement. Collectively these findings shed light on the current situation and provide a foundation for additional research to further our understanding about e-book effectiveness and its relationship to student engagement.

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