scholarly journals The effects from the United States and Japan to emerging stock markets in Asia and Vietnam

2020 ◽  
Author(s):  
AISDL
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The United States ◽  
The Philippines ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

scholarly journals The effects from the United States and Japan to emerging stock markets in Asia and Vietnam

2020 ◽  
Vol 3 (4) ◽  
pp. 438-448
Author(s):  
Nguyen Thi Ngan ◽  
Nguyen Thi Diem Hien ◽  
Hoang Trung Nghia
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The United States ◽  
The Philippines ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

scholarly journals The effects from the United States and Japan to emerging stock markets in Asia and Vietnam

2020 ◽  
Author(s):  
Nguyen Thi Ngan
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The United States ◽  
The Philippines ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

scholarly journals The Effects from The U.S. and Japan to Emerging Stock Markets in Asia and Vietnam

2021 ◽  
Author(s):  
SDAG Lab
Keyword(s):  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The Philippines ◽  
Volatility Spillovers ◽  
Return Effect ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the U.S. in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

Structural Breaks in Volatility Transmission from Developed Markets to Major Asian Emerging Markets

2019 ◽  
Vol 18 (2) ◽  
pp. 172-209 ◽  
Author(s):  
Dilip Kumar
Keyword(s):  
Emerging Markets ◽  
Structural Breaks ◽  
Global Financial Crisis ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The United States ◽  
Jel Classification ◽  
Volatility Transmission ◽  
Developed Markets ◽  
Asian Emerging Markets

The study investigates the volatility transmission from developed markets (the United States [US], the United Kingdom [UK] and Japan) to the major Asian emerging markets (India, China, Malaysia, Thailand and Indonesia) during a period from 1996 to 2015. We make use of the opening, high, low and closing prices to estimate unbiased extreme value volatility estimator and implement heterogeneous autoregressive distributed lag (HAR-DL) framework to study the spillover effects. Based on time-varying spillover analysis, we observe sudden changes in the spillover effect during the periods of major crises. Initially, we find evidence of contagion during the period of global financial crisis of 2007–2009. However, after accounting for conditional heteroscedasticity, we observe a decline in the strength of volatility transmission from developed markets to the Asian emerging markets. Moreover, the initial evidence of contagion is not detectable anymore. We also test the economic significance of the findings by implementing three trading strategies based on risk averse and risk-taking investors that make use of the forecasted variance based on HAR-DL specification. Our findings indicate that substantial average annualised gains in returns can be earned based on the lagged volatility components of the USA and the UK. JEL Classification: C32, C58, G01, G15

scholarly journals Unknown Unknowns: Uncertainty About Risk and Stock Returns

2018 ◽  
Vol 53 (4) ◽  
pp. 1615-1651 ◽  
Author(s):  
Guido Baltussen ◽  
Sjoerd van Bekkum ◽  
Bart van der Grient
Keyword(s):  
United States ◽  
Stock Returns ◽  
Stock Prices ◽  
Stock Markets ◽  
The United States ◽  
Pricing Mechanism ◽  
European Stock Markets ◽  
Low Uncertainty ◽  
High Uncertainty

Stocks with high uncertainty about risk, as measured by the volatility of expected volatility (vol-of-vol), robustly underperform stocks with low uncertainty about risk by 8% per year. This vol-of-vol effect is distinct from (combinations of) at least 20 previously documented return predictors, survives many robustness checks, and holds in the United States and across European stock markets. We empirically explore the pricing mechanism behind the vol-of-vol effect. The evidence points toward preference-based explanations and away from alternative explanations. Collectively, our results show that uncertainty about risk is highly relevant for stock prices.

Counterinsurgency in United States Army History, 1860 to 1975

2020 ◽  
Author(s):  
Robert J. Thompson
Keyword(s):  
United States ◽  
Vietnam War ◽  
United States Army ◽  
American History ◽  
The United States ◽  
The Philippines ◽  
Indian Wars ◽  
Empire Building ◽  
Use Of Technology ◽  
The U.S

American history is replete with instances of counterinsurgency. An unsurprising reality considering the United States has always participated in empire building, thus the need to pacify resistance to expansion. For much of its existence, the U.S. has relied on its Army to pacify insurgents. While the U.S. Army used traditional military formations and use of technology to battle peer enemies, the same strategy did not succeed against opponents who relied on speed and surprise. Indeed, in several instances, insurgents sought to fight the U.S. Army on terms that rendered superior manpower and technology irrelevant. By introducing counterinsurgency as a strategy, the U.S. Army attempted to identify and neutralize insurgents and the infrastructure that supported them. Discussions of counterinsurgency include complex terms, thus readers are provided with simplified, yet accurate definitions and explanations. Moreover, understanding the relevant terms provided continuity between conflicts. While certain counterinsurgency measures worked during the American Civil War, the Indian Wars, and in the Philippines, the concept failed during the Vietnam War. The complexities of counterinsurgency require readers to familiarize themselves with its history, relevant scholarship, and terminology—in particular, counterinsurgency, pacification, and infrastructure.

scholarly journals The Gold Standard: A Qualitative Framing Analysis of Newspaper Coverage of Golden Rice in the United States and Philippines

2016 ◽  
pp. 23-37 ◽  
Author(s):  
Taylor K. Ruth ◽  
Joy N. Rumble
Keyword(s):  
United States ◽  
Vitamin A ◽  
The United States ◽  
The Philippines ◽  
Main Topic ◽  
Framing Analysis ◽  
Golden Rice ◽  
Gm Food ◽  
The Media ◽  
The U.S

Vitamin A deficiency (VAD) is a major issue in developing countries and affects approximately 250 million children, and blinding 500,000 a year. A proposed intervention to VAD is Golden Rice, a rice that has been genetically modified (GM) to contain beta-carotene, the precursor to Vitamin A. However, Golden Rice is often associated with negatively perceived GM food. Because the media is the most trusted source in providing food-risk related information, a framing analysis of Golden Rice in United States and Philippine newspapers was conducted to determine past and current frames used to describe the rice. Understanding such frames could help domestic and international extension workers develop effective communication strategies and educational opportunities. In the United States, GM food was typically the main topic, and Golden Rice was used as a supporting argument. Science and humanitarian frames were used to describe the rice in the U.S. articles. Golden Rice was more often the main topic in the Philippine articles, and more frames were identified: human health, science, policy, risk, and conflict. Golden Rice appears to be in the emergence phase of the framing cycle in the U.S. and in the conflict/resolution phase in the Philippines. Extension in the U.S. and the Philippines should provide education toolkits to journalists about Golden Rice and consider providing press releases to shape the frames used by the media. Extension workers in the Philippines should educate consumers and farmers about the science of Golden Rice to help them create informed opinions toward the product.

scholarly journals Same-Sex Marriage: Exploring the Implications of Obergefell v Hodges on the Philippines’ Muslim Law of Marriage and the 1987 Constitution

2017 ◽  
Vol 25 (2) ◽  
pp. 197-227
Author(s):  
Norhabib Bin Suod Sumndad Barodi
Keyword(s):  
United States ◽  
Legal System ◽  
The United States ◽  
The Philippines ◽  
Same Sex ◽  
Same Sex Marriage ◽  
Academic Effort ◽  
Traditional Definition ◽  
Definition Of ◽  
The U.S

In view of the recent development brought about by the decision of the U.S. Supreme Court in Obergefell v. Hodges, jurisdictions that retain the traditional definition of marriage have sufficient reasons to revisit the concept of marriage under their own laws. This article is an academic effort to explore whether the traditional or historic definition of marriage adopted in the Philippines, as articulated in its Constitution and other pertinent laws like the Code of Muslim Personal Laws of the Philippines can withstand the new norm that Obergefell established in the legal system or constitutionalism of the United States. It attempts to project how the issue of same-sex marriage would be treated and decided in the Philippine context had it been an issue for which the Philippine legal system or constitutionalism is made to respond. This article emphasizes the incompatibility of the Obergefell decision with the Islamic definition of marriage and finds that the same decision is not entirely square with how the issue of same-sex marriage will be dealt with in Philippine constitutionalism.

scholarly journals Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?

2021 ◽  
Vol 2021 (056) ◽  
pp. 1-45
Author(s):  
Judit Temesvary ◽  
◽  
Andrew Wei ◽  
Keyword(s):  
United States ◽  
Spillover Effects ◽  
The United States ◽  
Registry Data ◽  
Cross Border ◽  
Foreign Countries ◽  
The U.S

We study how U.S. banks' exposure to the economic fallout due to governments' response to Covid-19 in foreign countries has affected their credit provision to borrowers in the United States. We combine a rarely accessed dataset on U.S. banks' cross-border exposure to borrowers in foreign countries with the most detailed regulatory ("credit registry") data that is available on their U.S.-based lending. We compare the change in the U.S. lending of banks that are more vs. less exposed to the pandemic abroad, during and after the onset of Covid-19 in 2020. We document strong spillover effects: U.S. banks with higher foreign exposures in badly "Covid-19-hit" regions cut their lending in the United States substantially more. This effect is particularly strong for longer-maturity loans and term loans and is robust to controlling for firms’ pandemic exposure.

6. The Doldrums and The New Navy (1865–1900)

2018 ◽  
pp. 57-67
Author(s):  
Craig L. Symonds
Keyword(s):  
United States ◽  
Puerto Rico ◽  
Civil War ◽  
The United States ◽  
The Philippines ◽  
The U.S

‘The doldrums and the new navy (1865–1900)’ describes the period after the end of the Civil War: an era of swift retrenchment with little forward progress. When the Civil War ended, the U.S. Navy boasted 671 warships, yet within a decade, all but a few dozen had been sold off, scrapped, or placed in ordinary—mothballed for a future crisis. The concept of a peacetime standing navy was finally embraced with Congressional approval for new battleships in 1890. The war with Spain in 1898 also resulted in the United States assuming significant authority on Cuba and gaining control of the Philippines, Puerto Rico, Guam, and Wake Island.

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