scholarly journals Vacillating Behavior of TOM Effect and Adaptive Market Hypothesis: A Firm Level Evidence from Emerging Stock Market of Pakistan

2020 ◽  
Vol 6 (2) ◽  
Author(s):  
Dr. Muhammad Naeem Shahid ◽  
Dr. Khalid Latif ◽  
Ghulam Mujtaba Chaudhary
Keyword(s):  
Decision Making ◽  
Time Variation ◽  
Efficient Market Hypothesis ◽  
Developed Countries ◽  
Test Statistic ◽  
Firm Level ◽  
Time Performance ◽  
Using Data ◽  
Over Time ◽  
Developing And Developed Countries

Through the current study we amplify the available literature on AMH (Adaptive Market Hypothesis) and calendar anomalies because this is the first study of its nature which links TOM effect with AMH which allows the behavior of conventional TOM-effect to swing over time. To fulfill the drive, study investigates daily mean return from PSX of Pakistan using data of 107 firms individually over a longer period of time ranging 1996-2015. To discover the time variation in the levels of predictability of TOM returns, study uses four different sub-samples covering identical length of observations of five years each to investigate how TOM effect has performed over time. There are few studies in the literature investigating TOM effect at firm level and very rare studies examining TOM effect through (AMH), so the current study may be of importance and interest to finance researcher, academicians and practitioners alike. To elucidate the volatility and its varying nature, the study applies GARCH (1,1) regression model which enables for time-variation in volatility of security returns. Kruskal-Wallis test-statistic is used to handle non normality in the equity return series. We find that with the passage of time performance of TOM effect evolves, consistent and aligned with the assertion of AMH. Finally, this study exhibits that behavior of TOM effect is well elucidated by Adaptive Market Hypothesis (AMH) than conventional Efficient Market Hypothesis (EMH). The results may be used for better decision making for investors and the article complements studies on market efficiency and TOM effect in developing and developed countries.

scholarly journals Income, wealth and use of personal protection equipment in the Mekong Delta

2021 ◽  
Author(s):  
Matteo Migheli
Keyword(s):  
Low Income ◽  
Mekong Delta ◽  
Developed Countries ◽  
Household Wealth ◽  
Protective Equipment ◽  
Personal Protection ◽  
Personal Protection Equipment ◽  
Management Techniques ◽  
Using Data ◽  
Developing And Developed Countries

AbstractBoth in developing and developed countries, farmers often do not protect themselves adequately, especially when applying agrochemicals that are dangerous for their health. The issue is relevant because insufficient protection is between the causes leading to intoxication of farmers and workers who handle these products. The literature suggests that both lack of training and information and low income may explain why, especially in developing countries, protective equipment is under-used. Using data from the Mekong Delta, this study addresses the issue of whether income and household wealth may help explaining the use of incomplete protections against pesticides. The results suggest that income, more than wealth, is a reason why Vietnamese farmers operating in the Mekong Delta fail in using adequate protections. In particular, the data suggest that they may prefer to divert resources to increasing the production of their fields or to buying goods that may be used both as protection and as everyday garments. This behaviour leads to underinvestment in some important protective goods. Possible public interventions to mitigate the problem are suggested; in particular, the promotion of integrated pest management techniques could be useful.

scholarly journals Long-Term Orientation as a Resource for Entrepreneurial Orientation in Private Family Firms: The Need for Participative Decision Making

2020 ◽  
Vol 12 (13) ◽  
pp. 5334
Author(s):  
Jelle Schepers ◽  
Wim Voordeckers ◽  
Tensie Steijvers ◽  
Eddy Laveren
Keyword(s):  
Decision Making ◽  
Entrepreneurial Orientation ◽  
Family Firms ◽  
Empirical Support ◽  
Positive Association ◽  
Firm Level ◽  
Central Hypothesis ◽  
Using Data ◽  
Entrepreneurial Activities

Building on the resource-based view (RBV) of the firm, this paper suggests that a family firm’s long-term orientation (LTO) can be an important resource that increases firm-level entrepreneurial orientation (EO). Nevertheless, resource orchestration suggests that managers need to orchestrate their resources in order to realize any potential advantage. Therefore, we hypothesize that a family firm’s LTO entails potential resources to engage in entrepreneurial activities, while a participative decision making (PDM) style serves as coordinating mechanism that helps the firm to manage these resources. Using data from 209 private family firms, the results show a positive association between LTO and EO. Also, PDM was found to positively moderate the LTO-EO relationship, providing empirical support for our central hypothesis.

A New Decision-Making Model for Manufacturing Line Designs in Vietnamese Manufacturing Plants

2020 ◽  
Vol 11 (3) ◽  
pp. 14-29
Author(s):  
Minh D. Nguyen
Keyword(s):  
Decision Making ◽  
Developed Countries ◽  
Manufacturing Plants ◽  
Manufacturing Line ◽  
Proposed Model ◽  
Effective Decision ◽  
Decision Making Model ◽  
Depth Interviews ◽  
Made In ◽  
Developing And Developed Countries

The research aims to introduce a new decision-making model for designing a manufacturing line (ML) project in Vietnamese manufacturing plants. The new model has been built from the theory of made-in-Vietnam lean decision-making model and authenticated via multitude of practical methods (observation, surveys, in-depth interviews, and case studies). This model pursues the method of optimal thinking to make the most effective decision in designing manufacturing lines. The proposed model has been confirmed by practical application. The model would be used not only for Vietnamese enterprises but also for other enterprises in both developing and developed countries.

scholarly journals Wage Inequality and Firm Growth

2017 ◽  
Vol 107 (5) ◽  
pp. 379-383 ◽  
Author(s):  
Holger M. Mueller ◽  
Paige P. Ouimet ◽  
Elena Simintzi
Keyword(s):  
Wage Inequality ◽  
Firm Growth ◽  
Positive Association ◽  
Developed Countries ◽  
Evidence Based ◽  
Firm Level ◽  
Country Level ◽  
Global Trend ◽  
Pay Inequality ◽  
Over Time

We discuss firm-level evidence based on UK data showing that within-firm pay inequality--wage differentials between top- and bottom-level jobs--increases with firm size. Moreover, within-firm pay inequality rises as firms grow larger over time. Lastly, using wage data from 15 developed countries, we document a positive association between aggregate wage inequality at the country level and growth by the largest firms in the country. We conclude that part of what may be perceived as a global trend toward more wage inequality may be driven by an increase in the size of the largest firms in the economy.

Month of Ramadan effect swings and market becomes adaptive

2019 ◽  
Vol 11 (3) ◽  
pp. 661-685
Author(s):  
Muhammad Naeem Shahid ◽  
Abdul Sattar ◽  
Faisal Aftab ◽  
Ali Saeed ◽  
Aamir Abbas
Keyword(s):  
Abnormal Returns ◽  
Efficient Market Hypothesis ◽  
Future Research ◽  
Test Statistic ◽  
Data Set ◽  
Content Type ◽  
Specific Investment ◽  
Portfolio Managers ◽  
Daily Returns ◽  
Over Time

Purpose This paper aims to enhance the existing literature on adaptive market hypothesis (AMH) as this study first time links the month of Ramadan with AMH that permits the performance of well-known Ramadan effect to fluctuate over time. Design/methodology/approach To fulfill the purpose, the authors inspect the daily returns of 107 individual firms listed at Pakistan Stock Exchange over the period of 20 years. To explore the varying degree of return predictability during Ramadan, the authors use four different subsamples comprising equal length of observations of five years each. The authors use a GARCH (1,1) regression model which facilitates for time varying nature of volatility in equity returns. To facilitate the non-normal nature of stock return data, the authors use Kruskal–Wallis test statistic. Findings The authors find that behavior of Ramadan effect evolves over time, as performance of this effect varies from time to time and consistent with AMH. Finally, the paper proposes that AMH is well elucidation of behavior of Ramadan effect than traditional efficient market hypothesis. Research limitations/implications First limitation is related to the choice of sub-sample as the study uses a sub-sample of five years. Second, the authors ignore transection cost (commissions, fee and taxes) as it is freely negotiated and varies between 4 and 10% (Khan, 2013). Due to such varying information we ignore the transaction cost. It is suggested that a sub-sample analysis of long period may be a more appropriate method to elucidate the idea of AMH in future research and suggest the current method could be adapted and helpful to examine other calendar and market anomalies in different equity markets. Practical implications The paper includes implications for investors to choose a better model for investment. Investors can exploit greater returns in future month of Ramadan periods. Furthermore, the researchers can easily extend the methodology used in the study to address multiple issues like adaptive behavior of returns from bonds, real estate investment trusts, cryptocurrencies and trading rules of strategies. Social implications Study confirms from sample t-test and GARCH (1,1) model that Ramadan effect is present in the full and in certain sub-samples; therefore, based on these discrepancies investors can earn abnormal returns by developing specific investment strategies as investors usually make investments in share according to the religious context of Islamic Calendar. The results provide good references for suitable time of investment in stock market. The findings of this study will be helpful to investors and brokers as well as portfolio managers to capture favorable returns across the Islamic calendar. Originality/value The paper identified need to study why behavior of Ramadan effect varies over time. The data set comprises daily returns of 107 individual companies over the period of 20 years to better investigate the varying nature of anomalous effect of month of Ramadan. The findings are valuable for international investors and portfolio managers.

scholarly journals Durability of environment-recruitment relationships in aquatic ecosystems: insights from long-term monitoring in a highly modified estuary and implications for management

2018 ◽  
Author(s):  
Natascia Tamburello ◽  
Brendan M. Connors ◽  
David Fullerton ◽  
Corey C. Phillis
Keyword(s):  
Decision Making ◽  
San Francisco ◽  
Aquatic Ecosystems ◽  
Aquatic Organisms ◽  
Context Dependency ◽  
Conservation Actions ◽  
Using Data ◽  
Inform Decision Making ◽  
Over Time

AbstractThe environment can strongly influence the survival of aquatic organisms and their resulting dynamics. Our understanding of these relationships, typically based on correlations, underpins many contemporary resource management decisions and conservation actions. However, such relationships can break down over time as ecosystems evolve. Even when durable, they may not be very useful for management if they exhibit high variability, context dependency, or non-stationarity. Here, we systematically review the literature to identify trends across environment-recruitment relationships for aquatic taxa from California’s San Francisco Bay and Sacramento-San Joaquin Delta Estuary. This is one of the most heavily modified aquatic ecosystems in North America, and home to numerous species of concern whose relationships with the environment inform regulatory actions and constraints. We retested 23 of these relationships spanning 9 species using data that have accumulated in the years since they were first published (9-40 additional years) to determine whether they persisted. Most relationships were robust (i.e., same or stronger in magnitude) to the addition of new data, but the ability to predict how a species will respond to environmental change did not generally improve with more data. Instead, prediction error generally increased over time and in some cases very quickly, suggesting a rapid regime shift. Our results suggest that more data alone will not necessarily improve the ability of these relationships to inform decision making. We conclude by synthesizing emerging insights from the literature on best practices for the analysis, use, and refinement of environment-recruitment relationships to inform decision making in dynamic ecosystems.

Is Cerebral Palsy Changing in High Resource Settings? Data From the Quebec Cerebral Palsy Registry

2019 ◽  
Vol 34 (10) ◽  
pp. 567-573
Author(s):  
Aristides Hadjinicolaou ◽  
Pamela Ng ◽  
Xun Zhang PhD ◽  
Louise Koclas ◽  
Céline Lamarre ◽  
...  
Keyword(s):  
Risk Factors ◽  
Cerebral Palsy ◽  
Perinatal Care ◽  
Developed Countries ◽  
Birth Cohorts ◽  
Phenotypic Profile ◽  
High Resource ◽  
Using Data ◽  
Associated Risk Factors ◽  
Over Time

Advances in maternal and perinatal care in developed countries have led to improved health outcomes for children. These changes may have impacted the profile of children with a cerebral palsy (CP) and groups at risk for CP over time. Using data from the Canadian CP Registry, the objectives of this retrospective cohort study were to describe the profile of children with CP in Quebec born between 1999 and 2010 and identify possible temporal variation in CP risk factors and phenotypic profile. Our sample consisted of 662 children with CP in Quebec. No change in profile or associated risk factors was observed across the birth cohorts 1999 to 2010. Prematurity remains the largest risk factor for CP in Quebec, and children with CP have multiple comorbidities that contribute to overall CP burden. CP registries offer a unique platform to study spectrum disorders and their longitudinal changes over time.

scholarly journals Behavior of Islamic and Conventional Holiday-Effect and Adaptive Market Hypothesis: A Firm Level Evidence from Emerging Market of Asia

2020 ◽  
Vol 12 (2) ◽  
pp. 199-222
Author(s):  
Muhammad Naeem Shahid ◽  
Abdul Sattar ◽  
Faisal Aftab ◽  
Sumaira Aslam
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Efficient Market Hypothesis ◽  
Return Predictability ◽  
Equal Length ◽  
Efficient Market ◽  
Firm Level ◽  
Holiday Effect ◽  
Daily Returns ◽  
Over Time

This study enhances the existing literature on the Adaptive Market Hypothesis (AMH) and calendar anomalies. The study is a first attempt to link the Islamic and conventional Holidays’ effect with the Adaptive Market Hypothesis that allows the performance of well-known Holiday Effect to fluctuate over time. To fulfil the purpose of the study, the daily returns of 107 individual firms listed in Pakistan Stock Exchange over the period of 20 years (from January 1996 to December 2015) are observed. To explore the varying degree of return predictability of Holiday Effect, the research utilizes four different subsamples comprising an equal length of observations of five years each. It is found that the behavior of the Holiday Effect evolves over time as the performance of this effect varies occasionally and is consistent with AMH. Finally, the paper proposes that the Adaptive Market Hypothesis is a well elucidation of the behavior of the Holiday Effect than traditional Efficient Market Hypothesis (EMH).

Property Rights Regimes, Technological Innovation, and Foreign Direct Investment

2018 ◽  
Vol 7 (3) ◽  
pp. 451-469
Author(s):  
Mark David Nieman ◽  
Cameron G. Thies
Keyword(s):  
Foreign Direct Investment ◽  
Property Rights ◽  
Direct Investment ◽  
Developed Countries ◽  
Random Coefficients ◽  
Marginal Effect ◽  
Democratic Institutions ◽  
Modeling Strategy ◽  
Over Time ◽  
Developing And Developed Countries

We argue that democratic institutions influence property rights in attracting foreign direct investment (FDI) by providing: (1) a coherent logic to the property rights regime that is created in a state and (2) a legitimate way to manage conflicts that arise in dynamic economies. We expect that the marginal effect of property rights in attracting FDI has increased over time with the rate of technological dynamism. We test this using a non-nested multilevel modeling strategy with random coefficients on data from 1970 to 2009. Our results demonstrate that the effect of property rights on attracting FDI is contingent on democratic institutions and that this effect becomes more pronounced over time. This effect holds for both developing and developed countries across all regions.

Stock Market Prediction using Data Mining Techniques

2020 ◽  
pp. 310-313
Author(s):  
Karunesh Makker ◽  
Prince Patel ◽  
Hrishikesh Roy ◽  
Sonali Borse
Keyword(s):  
Neural Network ◽  
Stock Market ◽  
Prediction Model ◽  
Efficient Market Hypothesis ◽  
Deterministic System ◽  
Vast Number ◽  
Factors Influencing ◽  
Number Of Factors ◽  
Using Data ◽  
Robust Prediction

Stock market is a very volatile in-deterministic system with vast number of factors influencing the direction of trend on varying scales and multiple layers. Efficient Market Hypothesis (EMH) states that the market is unbeatable. This makes predicting the uptrend or downtrend a very challenging task. This research aims to combine multiple existing techniques into a much more robust prediction model which can handle various scenarios in which investment can be beneficial. Existing techniques like sentiment analysis or neural network techniques can be too narrow in their approach and can lead to erroneous outcomes for varying scenarios. By combing both techniques, this prediction model can provide more accurate and flexible recommendations. Embedding Technical indicators will guide the investor to minimize the risk and reap better returns.

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