scholarly journals Investment Decisions with Endogeneity: A Dirichlet Tree Analysis

2021 ◽  
Vol 14 (7) ◽  
pp. 299
Author(s):  
Mahsa Samsami ◽  
Ralf Wagner
Keyword(s):  
Dirichlet Process ◽  
Trading Volume ◽  
Positive Impact ◽  
Digital Marketing ◽  
Dirichlet Process Mixture ◽  
Endogenous Factors ◽  
Polya Trees ◽  
Marketing Variables ◽  
The Impact ◽  
Biased Estimates

Ignoring endogeneity when assessing investors’ decisions carries the risk of biased estimates for the influence of exogeneous marketing variables. This study shows how to overcome this challenge by using Pólya trees in the quantification of impacts on investors’ decisions. A total of 2255 investors recruited for this study received and opened a digital marketing newsletter about investing daily. Given the nature of investors’ decisions characterized by heterogeneity and endogeneity, the response model is assessed with the Dirichlet process mixture and estimated with the Markov chain Monte Carlo method. Digital marketing substantially exceeds the impact of investor experience, but both have a significant positive impact on investors’ trading volume. Findings obtained with the Dirichlet process mixture as a flexible model indicate that digital marketing even with latent endogenous factors makes an underlying contribution to the investors’ actions in the stock market.

The Impact of Regulatory Standards, Interest Rates and Trading Volume on Volatility Transmission between Cross-Listed European Equities

2009 ◽  
Vol 10 (1) ◽  
pp. 89-105
Author(s):  
Koulakiotis Dasilas ◽  
Tolikas Molyneux
Keyword(s):  
Interest Rates ◽  
Stock Markets ◽  
Trading Volume ◽  
Positive Impact ◽  
Stock Exchanges ◽  
Volatility Transmission ◽  
Volatility Spillovers ◽  
Regulatory Standards ◽  
European Stock Markets ◽  
The Impact

This paper investigates the relationship between volatility transmission and stock market regulatory structures, interest rates and trading volume for European securities which are cross-listed on stock exchanges of higher, lower or similar regulatory standards compared to their home stock markets. The empirical results suggested that the regulatory environment has a significant impact on volatility spillovers and the level of interest rates and trading volume have a positive impact on the magnitude and persistence of these volatility spillovers. These findings have potentially important implications for both regulators and investors who are concerned with the effectiveness of legislation aiming to harmonise the European stock markets and the effects of volatility transmission on investment positions across European stock markets.

HOW DOES BLOCKCHAIN PARTICIPATION AFFECT THE CRYPTOCURRENCY MARKET?

2020 ◽  
pp. 1-24
Author(s):  
YI LI ◽  
WEI ZHANG ◽  
PENGFEI WANG
Keyword(s):  
Trading Volume ◽  
Positive Impact ◽  
Granger Causality Test ◽  
Realized Volatility ◽  
Var Model ◽  
Alternative Measure ◽  
Theoretical Studies ◽  
Causality Test ◽  
Vector Autoregressive ◽  
The Impact

Taking the unique advantage of the cryptocurrency market setting, this paper examines the relationships between blockchain participation and returns, trading volume and realized volatility of main cryptocurrencies (i.e., Bitcoin, Ethereum and Litecoin). Dissimilar to previous theoretical studies that model the influencing factors on participation, we employ the number of unique from addresses 1 as the proxy for cryptocurrency investors’ blockchain participation and further explore the impact of such participation. By using vector autoregressive (VAR) model, we find that the blockchain participation has a significant and positive impact on the next day’s trading volume and realized volatility for the main cryptocurrencies. Our results are robust to the Granger causality test and alternative measure for blockchain participation.

scholarly journals Stock Market Reforms and Stock Market Performance

2021 ◽  
Vol 12 (2) ◽  
pp. 202
Author(s):  
Karthigai Prakasam Chellaswamy ◽  
Natchimuthu N ◽  
Muhammadriyaj Faniband
Keyword(s):  
Stock Market ◽  
Trading Volume ◽  
Positive Impact ◽  
Market Performance ◽  
Market Reforms ◽  
Disclosure Requirements ◽  
Stock Market Performance ◽  
Event Study Method ◽  
Unfair Trade ◽  
The Impact

This paper analyses the impact of stock market reforms on the stock market performance in India using regression based event-study method. We consider nine stock market reforms introduced from 1998 to 2018. We find that the impact of stock market reforms on Nifty trading volume and Nifty return is different. This paper documents that the impact of the additional volatility measures, T+3 and T+2 settlement cycles, and margin provisions for intra-day crystallized losses reforms show a positive impact on trading volume post-reform. In contrast, internet trading, prohibition of fraudulent and unfair trade practices, delisting of equity shares, substantial acquisition of shares and takeovers listing obligations and disclosure requirements reforms decrease the trading volume post-reform. Our results of Nifty return reveal that the additional volatility measures, the T+2 settlement cycle, the prohibition of fraudulent and unfair trade practices, substantial acquisition of shares and takeovers, listing obligations and disclosure requirements have a significant and positive impact on return post-reform. It is evident that the impact of all nine stock market reforms is insignificant on Nifty return.

scholarly journals THE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300

2021 ◽  
Vol 24 (4) ◽  
pp. 124-141
Author(s):  
Saddam Hossain ◽  
Beáta Gavurová ◽  
Xianghui Yuan ◽  
Morshadul Hasan ◽  
Judit Oláh
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Trading Volume ◽  
Negative Impact ◽  
Positive Impact ◽  
Empirical Method ◽  
Monday Morning ◽  
Strategy Analysis ◽  
High Level ◽  
The Impact

This paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.

scholarly journals DEVELOPMENT OF AGRICULTURAL LOCAL TERRITORIES UNDER THE INFLUENCE OF NATURAL-EXOGENOUS FACTORS

2019 ◽  
Vol 3 (3) ◽  
pp. 44-47
Author(s):  
Irina Kovaleva
Keyword(s):  
Positive Impact ◽  
Economic Factor ◽  
Positive Influence ◽  
Negative Effects ◽  
Resource Potential ◽  
Endogenous Factors ◽  
Altai Region ◽  
Exogenous Factors ◽  
Favorable Conditions ◽  
The Impact

The article discusses the impact of the major exogenous factors on the development and effective functioning of the local territories. Notion of the regional economic development is based on the research that study factors, characteristics and conditions for economic growth. In this sense, the study of the influence of exogenous factors is a new scientific direction, which allows, based on an analysis of the degree of influence of these factors, to determine strategic directions for the prospective development of local territories by optimizing the use of resource potential and the production of products and services taking into account the specifics of the local territory. As a result, the analysis identifies the determinants that affect the development of local territories: economic, informational, socio-cultural and public ones. The economic factor is assessed in terms of fiscal policy in the region and is evaluated as a factor in the adverse effect, in view of the traditional subsidy of the region. Factors with positive influence on the development of local territories can be classified as informational, socio-cultural and public. Thus, we can conclude that there are both positive and negative effects of endogenous factors in the region. All in all, the majority of natural and exogenous factors in the Altai Region have a positive impact, thereby creating favorable conditions for the functioning of local territories in the region.

scholarly journals Fiscal Policy, Factors of Endogenous Growth and Dynamics of Slovenian Exports

2021 ◽  
Vol 32 (1) ◽  
pp. 27-34
Author(s):  
France Krizanic ◽  
Sabina Hodzic ◽  
Borut Vojinovic
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Financial Incentives ◽  
Positive Impact ◽  
Technological Development ◽  
Panel Data Analysis ◽  
Modern World ◽  
Investment Incentives ◽  
Endogenous Factors ◽  
The Impact

In the modern world of rapidly changing technologies, fiscal policy engagement is also needed to promote and adapt to these changes. In order to achieve economic growth, every country needs to ensure an adequate institutional environment and financial incentives for technological development. These investment incentives operate through tax system directly or indirectly. The aim of the paper is to assess the impact of Slovenia's endogenous economic growth factors on exports in the 2009–2016 period. A panel data analysis was applied to obtain empirical results. The analysis showed that a 1% real increase in government subsidies to the economy over three subsequent years increases real investment in research and development by 0.45%, and after a two-year period yields a 0.27% increase in employment of persons with higher education. The latter has a 0.14 % positive impact on the growth of exports after another three-year term. In addition to endogenous factors of economic growth in the Slovenian case, exports are also affected by the dynamics of real world trade, by the dynamics of exchange rates corrected for relative prices, and by the dynamics of wage rates.

scholarly journals Evaluating habitat-fishery interactions: Submerged aquatic vegetation and blue crab fishery in the Chesapeake Bay

2020 ◽  
Vol 2 (2) ◽  
pp. 207-217
Author(s):  
Nikolaos Mykoniatis ◽  
◽  
Richard Ready ◽  
Keyword(s):  
Chesapeake Bay ◽  
Blue Crab ◽  
Submerged Aquatic Vegetation ◽  
Aquatic Vegetation ◽  
Positive Impact ◽  
Model Misspecification ◽  
Alternative Approaches ◽  
The Impact ◽  
Biased Estimates ◽  
Species Productivity

This paper investigates habitat-fisheries interaction between two important resources in the Chesapeake Bay: blue crabs and submerged aquatic vegetation (SAV). A habitat can be essential to a species (the species is driven to extinction without it), facultative (more habitat means more of the species, but species can exist at some level without any of the habitat) or irrelevant (more habitat is not associated with more of the species). An empirical bioeconomic model that allows for all three possible relationships was estimated and two alternative approaches were used to test whether SAV matters for the crab stock. Our results indicate that a model that incorrectly assumes that habitat is essential to a species can result in model misspecification and biased estimates of the impact of habitat on species productivity. Using a model that assumes an essential relationship, we find that SAV has a significant positive impact on blue crab productivity (p<0.001). However, in a more general model, we failed to reject the null hypothesis that SAV is irrelevant for crabs in the Bay (p>0.05).

Use of Bivariate Dirichlet Process Mixture Spatial Model to Estimate Active Transportation-Related Crash Counts

2018 ◽  
Vol 2672 (38) ◽  
pp. 105-115 ◽  
Author(s):  
Wen Cheng ◽  
Gurdiljot Singh Gill ◽  
Tom Vo ◽  
Jiao Zhou ◽  
Taha Sakrani
Keyword(s):  
Dirichlet Process ◽  
Spatial Model ◽  
Unobserved Heterogeneity ◽  
Random Effect ◽  
Evaluation Criteria ◽  
Active Transportation ◽  
Parametric Models ◽  
Dirichlet Process Mixture ◽  
Pedestrian Crashes ◽  
The Impact

The current paper presents the comprehensive analysis of a bivariate Dirichlet process mixture spatial model for estimation of pedestrian and bicycle crash counts. This study focuses on active transportation at traffic analysis zone (TAZ) level by developing a semi-parametric model that accounts for the unobserved heterogeneity by combining the strengths of bivariate specification for correlation among crash modes; spatial random effects for the impact of neighboring TAZs; and Dirichlet process mixture for random intercept. Three alternate models, one Dirichlet and two parametric, are also developed for comparison based on different criteria. Bicycle and pedestrian crashes are observed to share three influential variables: the positive correlation of K12 student enrollment; the bike-lane density; and the percentage of arterial roads. The heterogeneity error term demonstrates the presence of statistically significant correlation among the bicycle and pedestrian crashes, whereas the spatial random effect term indicates the absence of a significant correlation for the area under focus. The Dirichlet models are consistently superior to non-Dirichlet ones under all evaluation criteria. Moreover, the Dirichlet models exhibit the capability to identify latent distinct subpopulations and suggest that the normal assumption of intercept associated with traditional parametric models does not hold true for the TAZ-level crash dataset of the current study.

scholarly journals The Impact of Brand Image and Corporate Branding on Consumer’s Choice: The Role of Brand Equity

2016 ◽  
Vol 8 (1) ◽  
pp. 98 ◽  
Author(s):  
Methaq Ahmed Sallam
Keyword(s):  
Brand Equity ◽  
Corporate Branding ◽  
Brand Image ◽  
Positive Impact ◽  
Independent Variables ◽  
Marketing Variables ◽  
Smart Mobile Phone ◽  
Smart Mobile ◽  
The Impact

<p>Brand equity is an important issue in marketing construct, which has been shown to influence important marketing variables such as consumer's choice. The aim of this study is to explore the role of independent variables e.g. (brand image and corporate branding) on brand equity and the impact of brand equity on consumer's choice. When the customers own positive aspects of a company and its product e.g. brand image, corporate branding they usually form brand equity and this lead them to have a choice from the products and services of the company. This study develops a framework that explains how independent variables e.g. (brand image and corporate branding) effect on dependent variable which is called consumer’s choice, when brand equity is mediating. A study carried out in Saudi Arabia using 105 respondents as consumers who used any type of smart mobile phone. Path analysis confirmed that, corporate brand had more positive impact on brand equity while the results showed that brand image had no impact on brand equity. In addition, the study illustrated that brand equity had positive impact on customer’s choice.</p>

scholarly journals The Use Social Media For The Continuity Of The Covid 19 Pandemic Era Business

2021 ◽  
Vol 2 (1) ◽  
pp. 51-55
Author(s):  
Yayuk Yuliana ◽  
Vera Kristiana
Keyword(s):  
Social Media ◽  
Positive Impact ◽  
Digital Marketing ◽  
Economic Resilience ◽  
Social Distancing ◽  
Use Of Social Media ◽  
The Impact

Pandemic Covid - 19 to share the impact that beyond the usual to the various areas, especially the zone 's economy , businesses Trigona stone frog that role is shared contribution that goodly great against the restoration of health is not separated affected from pandemic Covid - 19, in the study is looking at all where utilization social media face book for the sustainability of the business of aquaculture Trigona stone frog amid the pandemic Covid - 19. The study is wearing the procedure qualitative with approach of phenomenology . The study is to verify if the use of social media facebook that attempted by the group cultivation Trigona has suitable procedure is not only the Digital marketing has shared a positive impact amid the Covid -19 pandemic on the economic resilience of the trigona stone frog business by always carrying out the process of creating and distributing objects to consumers but always complying with the provisions of Social Distancing where . The use of media social via facebook calculated need for applied especially in the middle of the Pandemic Covid - 19 for reducing the loss of context with consumers but business is always running .   Keywords : Pandemic Covid- 19, Facebook, Trigona

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