Nonlinear Correlation of Stock and Commodity Indices in Emerging and Developed Market

2013 ◽  
pp. 63-87 ◽  
Author(s):  
Kousik Guhathakurta ◽  
Sharad Nath Bhattacharya ◽  
Santo Banerjee ◽  
Basabi Bhattacharya
Keyword(s):  
Emerging Market ◽  
Power Spectrum Analysis ◽  
Strong Impact ◽  
Indian Market ◽  
Data Set ◽  
Recurrence Analysis ◽  
Daily Movement ◽  
Wealth Management ◽  
The Us ◽  
Indian Data

The interrelationship between stock and commodity markets has been an issue of interest for both the academia and practitioners in the field of investment and wealth management. Traditionally, commodity has been a popular avenue for diversification in a mixed portfolio. However, this works well as long as there is little or no correlation between the two markets. This chapter presents an empirical investigation of the daily movement of stock and commodity index of two different countries to throw some light on the interrelationship between stock and commodity market. The uniqueness of this study lies in the choice of markets as also the methodology. The authors have chosen a developed market, viz., the US market, and an emerging market, viz., the Indian market. This study uses the major stock and commodity indices respectively for both countries for a period of three years. For analysis the authors have used the tools from nonlinear dynamics like recurrence analysis, power spectrum analysis, and delay based cross-correlation function. The investigation revealed that the dynamics of the time path of daily movement of Indian stock and commodity exchanges are much similar in nature while those of the US market are quite different. This chapter also models the respective time series using Geometric Brownian Motion and finds that the Indian data set performed much better than the US ones. This has a strong impact on strategy for designing mixed portfolios in Indian market.

Avenues to News and Diverse News Exposure Online: Comparing Direct Navigation, Social Media, News Aggregators, Search Queries, and Article Hyperlinks

2021 ◽  
pp. 194016122110091
Author(s):  
Magdalena Wojcieszak ◽  
Ericka Menchen-Trevino ◽  
Joao F. F. Goncalves ◽  
Brian Weeks
Keyword(s):  
Social Media ◽  
Search Engines ◽  
Direct Access ◽  
Data Set ◽  
Individual Level ◽  
News Sources ◽  
Internet Users ◽  
News Websites ◽  
The Us ◽  
Social Media Platforms

The online environment dramatically expands the number of ways people can encounter news but there remain questions of whether these abundant opportunities facilitate news exposure diversity. This project examines key questions regarding how internet users arrive at news and what kinds of news they encounter. We account for a multiplicity of avenues to news online, some of which have never been analyzed: (1) direct access to news websites, (2) social networks, (3) news aggregators, (4) search engines, (5) webmail, and (6) hyperlinks in news. We examine the extent to which each avenue promotes news exposure and also exposes users to news sources that are left leaning, right leaning, and centrist. When combined with information on individual political leanings, we show the extent of dissimilar, centrist, or congenial exposure resulting from each avenue. We rely on web browsing history records from 636 social media users in the US paired with survey self-reports, a unique data set that allows us to examine both aggregate and individual-level exposure. Visits to news websites account for about 2 percent of the total number of visits to URLs and are unevenly distributed among users. The most widespread ways of accessing news are search engines and social media platforms (and hyperlinks within news sites once people arrive at news). The two former avenues also increase dissimilar news exposure, compared to accessing news directly, yet direct news access drives the highest proportion of centrist exposure.

How do resources and diversification strategy explain the performance consequences of internationalization?

2014 ◽  
Vol 52 (5) ◽  
pp. 897-915 ◽  
Author(s):  
Yan Chen ◽  
Yiwei Jiang ◽  
Chengqi Wang ◽  
Wen Chung Hsu
Keyword(s):  
Emerging Market ◽  
Product Diversification ◽  
Firm Resources ◽  
Diversification Strategy ◽  
Data Set ◽  
Content Type ◽  
Listed Firms ◽  
Performance Consequences ◽  
Performance Effects ◽  
And Performance

Purpose – The purpose of this paper is to examine how firm resources and diversification strategy explain the performance consequences of internationalization of emerging market enterprises. Design/methodology/approach – The paper conducts a regression analysis by using a novel panel data set comprising of 685 listed Chinese firms over the period of 2008-2011. Findings – The results show that the relationship between internationalization and performance is inverse U-shaped. Further, marketing resources play a greater role in enhancing the performance effects of internationalization than technological resources do. Related product diversification enhances the performance effects, while unrelated product diversification does the contrary. Research limitations/implications – The study focusses on listed firms in one country, and as a result, the findings cannot be generalized to non-listed firms and firms in other countries. Practical implications – This paper offers guidelines for international managers to improve performance of internationalization by developing a particular type of resources and diversification strategy. Originality/value – This paper extends the literature on the functional form of the internationalization-performance relationship, and further suggests that the analysis of the performance consequences of internationalization should go beyond the nexus between internationalization and performance, and focusses on firm-specific resources and strategies that may facilitate or constrain the performance effects of internationalization.

scholarly journals Subnational institutions and open innovation: evidence from China

2017 ◽  
Vol 55 (9) ◽  
pp. 1942-1955 ◽  
Author(s):  
Fei Sun ◽  
Junjie Hong ◽  
Xiuying Ma ◽  
Chengqi Wang
Keyword(s):  
Open Innovation ◽  
Design Methodology ◽  
Emerging Market ◽  
Market Development ◽  
Data Set ◽  
Content Type ◽  
Complementary Effect ◽  
Performance Consequences ◽  
Prior Literature ◽  
External Actors

Purpose The purpose of this paper is to examine how subnational institutions within a country explain the performance consequences of open innovation (OI) in emerging market enterprises (EMEs). Design/methodology/approach The paper conducts a regression analysis by using a novel panel data set comprising of 438 innovative Chinese firms over the period of 2008-2011. Findings The authors show that although on average openness to external actors improves innovation performance this effect is pronounced for EMEs that operate in subnational regions with a higher level of intellectual property rights (IPR) enforcement and of factor market development. The findings point to the context-dependent nature of OI strategy and the complementary effect of institutional parameters in emerging markets and help to reconcile the contrasting findings regarding the effect of OI in the prior literature. Originality/value This paper extends the literature on OI by suggesting that the analysis of the performance consequences of OI strategy should go beyond the nexus between OI and firm performance, and instead, focus on subnational-specific institutions, such as region-specific IPR enforcement, factor market development and intermediation market development, that may facilitate or constrain the effect of OI model.

scholarly journals Productivity in the US Housing Industry: Total Factor and Public Firms

2021 ◽  
Vol 10 (1) ◽  
Author(s):  
Michael S. Puddicombe
Keyword(s):  
Primary Source ◽  
Basic Question ◽  
Wealth Accumulation ◽  
Single Family ◽  
Time Series Regression ◽  
Data Set ◽  
Public Firms ◽  
The Us ◽  
Home Sales ◽  
Housing Industry

Productivity is widely recognized as one of the main contributors to increased economic and societal wellbeing. Unfortunately, productivity has been extremely difficult to operationalize in a repeatable context in the construction sector. The result is a lack of consensus on the basic question of whether there has been improvement or decline in the productivity of the sector. This study focuses on productivity in the housing industry. Productivity is especially important in this industry, as in addition to providing shelter, the housing market is the primary source of wealth accumulation in the US. An individual’s ability to enter this market will be a function of affordability which will be effected by the productivity of the industry. The combination of academic and societal impacts suggests that there is a need to address a fundamental question: what is the status of productivity in the housing industry. In order to address this question a data base was compiled from the 10-Ks of the largest, long lived, US companies in the single family housing industry. The result is a panel data set that consists of information on 11 firms over a 15-year period. These 11 firms were responsible for approximately 25% of all new home sales in any given year. The data set was analysed with random effects GLS time series regression. The results indicate that, at best, the housing industry has seen negligible total productivity growth.

scholarly journals The potential influence of interest groups on the us foreign policy: A case of Kosovo

2017 ◽  
pp. 413-428 ◽  
Author(s):  
Miroslav Mitrovic
Keyword(s):  
Foreign Policy ◽  
Interest Groups ◽  
Us Foreign Policy ◽  
Strong Impact ◽  
Potential Influence ◽  
Interest Representation ◽  
Effective Implementation ◽  
The Us ◽  
Analysis And Synthesis ◽  
Policy Arena

Current developments in the world geopolitical arena indicate that the US foreign policy has a strong impact on global and regional scene. At same time, interest representation or lobbying is legally based and professionally legitimized activity, which is under regulatory observation of authorities and general public. In this paper, the author discusses organizational forms of political interest representation, as well as the models of lobbying in the US foreign policy. Moreover, the results of the organized influence on the US foreign policy decisions through the participation of Albanian interest groups in support of the implementation of the so-called ?Republic of Kosovo? project are presented in the paper. The methodology of content analysis and synthesis of conclusions induced the resultant indicators of the effective implementation of the interest representation strategy. Conclusions point to the potentials of organized and strategically planned lob?bying activities toward the US institutions in support of achieving national interest in foreign policy arena.

scholarly journals Using Common Features to Investigate Common Growth Cycles for BRICS Countries

2018 ◽  
Vol 21 (4) ◽  
pp. 589-615
Author(s):  
Bruno Ricardo Delalibera ◽  
João Victor Issler ◽  
Roberto Castello Branco
Keyword(s):  
Emerging Market ◽  
Emerging Market Economies ◽  
Growth Cycles ◽  
Common Features ◽  
Developed Economies ◽  
Brics Countries ◽  
The Us ◽  
Short And Long Term ◽  
The Common

This paper examines the short and long-term co-movement of large  emerging market economies -- the BRICS countries -- by applying the  econometric techniques and the tests proposed in the common-feature literature. Despite their dissimilarities, given the rising trade linkages among the BRICS over the last 20 years one should expect their cycles to be  synchronized. Our empirical findings fully support this hypothesis. The evidence holds also for the co-movement between the BRICS and developed  economies, the US and the Eurozone, which may reflect the effects of  globalization.

scholarly journals Contrarian and Momentum Strategies in the Indian Capital Market

2002 ◽  
Vol 27 (1) ◽  
pp. 13-20 ◽  
Author(s):  
Sanjay Sehgal ◽  
I Balakrishnan
Keyword(s):  
Stock Returns ◽  
Indian Market ◽  
Momentum Effect ◽  
Short Term ◽  
Momentum Strategy ◽  
Momentum Strategies ◽  
Holding Period ◽  
The Us ◽  
One Year

The study attempts to evaluate if there are any systematic patterns in stock returns for the Indian market. The empirical findings reveal that there is a reversal in long-term returns, once the short-term momentum effect has been controlled by maintaining a one year gap between portfolio formation period and the portfolio holding period. A contrarian strategy based on long-term past returns provides moderately positive returns. Further, there is a continuation in short-term returns and a momentum strategy based on it provides significantly positive payoffs. The results in general are in conformity with those for developed capital markets such as the US.

Abstract T P274: Accreditation Status of Outpatient Cerebrovascular Testing Facilities Among Medicare Beneficiaries: The VALUE (Vascular Accreditation, Location & Utilization Evaluation) Study

Stroke ◽  
2015 ◽  
Vol 46 (suppl_1) ◽  
Author(s):  
Scott C Brown ◽  
Kefeng Wang ◽  
Chuanhui Dong ◽  
Mary B Farrell ◽  
Gary V Heller ◽  
...  
Keyword(s):  
Geographical Distribution ◽  
Stroke Care ◽  
Evaluation Study ◽  
Medicare Beneficiaries ◽  
Limited Information ◽  
Data Set ◽  
Total N ◽  
Testing Procedures ◽  
Outpatient Procedures ◽  
The Us

OBJECTIVE: Accreditation of cerebrovascular ultrasound laboratories by the Intersocietal Accreditation Commission (IAC) or equivalent bodies is supported by The Joint Commission certification of stroke centers. Limited information exists on the accreditation status and geographic distribution of these testing facilities in the US. The aims were to: (1) Identify the proportion of IAC accredited vascular testing facilities used by Medicare beneficiaries for outpatient cerebrovascular testing services; (2) Describe the geographical distribution of these facilities; and (3) Identify variation in the types and volumes of cerebrovascular testing procedures by accreditation status. METHODS: As a part of the VALUE (Vascular Accreditation, Location & Utilization Evaluation) Study, we examined the proportion of IAC accredited facilities that conducted cerebrovascular testing in a 5% CMS random Outpatient Limited Data Set (LDS) for the US in 2011 and investigated their geographical distribution using the Medicare Provider of Services (POS) file. RESULTS: Of the 7,864 total facilities billing Medicare for cerebrovascular testing procedures, only 22% (n=1,723) were IAC accredited. The percentage of facilities conducting cerebrovascular testing that were IAC accredited varied by region (Χ2[3]=400.4, p<0.0001), with 43%, 21%, 17% and 13% located in the Northeast, South, Midwest, and West, respectively. However, when examining the total number of cerebrovascular outpatient procedures conducted in 2011 (total n=38,646), 41% (15,729) were conducted in IAC accredited facilities. Moreover, when examining procedure type across all sites, 98% (38,011) of all cerebrovascular testing procedures conducted were carotid duplex, of which 41% (15,417) were conducted in IAC accredited facilities. In contrast, 1% (n=315) of all cerebrovascular procedures were transcranial (TCD), of which 56% (n=177) were conducted in IAC accredited facilities. CONCLUSIONS: The proportion of IAC accredited facilities conducting outpatient cerebrovascular testing is low and varies by region. The growing number of certified stroke centers should be accompanied by more accredited vascular testing facilities that could potentially improve quality of stroke care.

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