The dynamic interaction between investor attention and green security market: an empirical study based on Baidu index

PurposeThis paper aims to explore the interaction between investor attention and green security markets, including green bonds and stocks.Design/methodology/approachThis study takes the Baidu index of “green finance” as the proxy for investor attention and constructs several generalized prediction error variance decomposition models to investigate the interdependence. It further analyzes the dynamic interaction between investor attention and the return and volatility of green security markets using the rolling time window.FindingsThe empirical analysis and robustness test results reveal that the spillovers between investor attention and the return and volatility of the green bond market are relatively stable. In contrast, the spillover level between investor attention and the green stock market displays significant time-varying and asymmetric effects. Moreover, the volatility spillover between investor attention and green securities is vulnerable to major financial events, while the return spillover is extremely sensitive to market performance.Originality/valueThe conclusion further expands the practical application and theoretical framework of behavioral finance in green finance and provides a new reference for investors and regulators. Besides, this study also lays a theoretical basis for investors to focus on the practical application of volatility prediction and risk management in green securities.

COVID-19 The Global Pandemic: Learning & Take Out for National Pension System (NPS)

The SARS Cov-2 (Covid 19) pandemic has shaken the whole world; it has brought the business, education, industry, transport, communications, travel, hospitality almost all the economic activities to a standstill. Accordingly, it has adversely affected the financial markets and stock exchanges across the globe. The stock exchanges, may it be New York Stock Exchange, Dow Jones, London Stock Exchange, Nikkei, Bombay Stock Exchange or National Stock Exchange experienced an unprecedented plunge of 40 to 50% in a period few weeks. This new dynamic of volatility possesses serious questions about the market driven National Pension System (NPS) which endeavor to ensure smooth retirement life for Indian elderly. The volatility in security market will significantly impact the fund managers’ performance and accordingly the retirement benefit of the subscriber. This article has investigated the impacts of pandemic on fund manager’s risk returns profile. We have used three industry standard risk-adjusted returns parameters such as Sharpe ratio, Treynor Ratio and Jensen’s alpha to evaluate the performance of NPS pension fund managers selected under study. The study has also explored the learning from such unexpected crisis for the policy makers for future preparedness. On the basis of finding, it has suggested some measures for long run sustainability of schemes under NPS. Keywords : NPS, PFRDA, Defined benefit, Defined contribution, Pension fund managers, Risk adjusted returns, COVID-19.

How Behavioral Factors Influence Investment Performance of Individual Investors in Pakistan Stock Market: A Moderated Mediation Approach

The primary objective of study is to know the influence of behavioral factors on investor’s investment decision and investment performance. Four behavioral factors as herding, prospect factors and market factors are used in this study and financial literacy as a moderating variable among the behavioral factors and investment decision. We use the questionnaire to collect primary data from individual investors actually trading in Pakistan Stock Exchange. For data analysis, we utilize AMOS software and Hayes Process tool in two stages. The findings reveal that behavioral factors positively influence investment decision and investment performance. But there is no moderating role of financial literacy. In addition to these, individual investors and security organizations can ultimately take advantage from the results of this research as a guide for their analysis and forecasting of security market trends in order to maximize the outcome and to improve their investment efficiency. Further, study recommended investigation of all investor types and in all financial markets including the behaviors of institutional investors along with behavioral financial factors; we should consider some economic factors that could have an impact on investors' decisions.

SECURITY MARKET UNDER CONDITIONS OF COVID-19

The article is devoted to the analysis of the state of the international securities market during a pandemic. The fundamentals of the functioning of the securities market, technologies for conducting various transactions with securities during the quarantine period associated with the Covid-19 epidemic are considered. The results of the impact of the COVID-19 pandemic on the global economy at the end of 2020 were reviewed. The study uses an analytical approach based on the analysis of global statistics on COVID-19. The main negative trends of the modern world economy caused by the increase in economic costs under the influence of the spread of the COVID-19 pandemic are summarized. The study used demographic indicators of the countries of the world, data on the dynamics of oil prices, stock indices, and statistical data on world trade. Based on the analysis of economic policy measures taken in the leading countries of the world to smooth out the negative consequences of the spread of the global COVID-19 pandemic, proposals were formulated for the economic policy of conducting operations in the securities market in the context of the COVID-19 pandemic.

ENSURING FOOD SECURITY IN KAZAKHSTAN: THEORY, METHODOLOGY AND PRACTICE OF AGRIBUSINESS DEVELOPMENT

The article presents the theoretical foundations and summarizes scientific and methodological provisions on the problems of food security, market development, competi-tion, formation of competitiveness of products, production, and producers in market conditions of management, taking into account domestic and foreign experience. The structure of the country's food potential and elements of increasing its competitiveness are described. The article notes the importance of developing and strengthening the country's agro-industrial complex as the basis for its food supply. The problem of food security in the modern world is primarily related to the prob-lem of hunger and malnutrition of the population, the protection of state interests, including en-suring and maintaining socio-economic stability in the country, and meeting the vital need for food. The article describes the theoretical and methodological foundations of the development of agriculture.

An Empirical Analysis of the Efficient Market Hypothesis in China’s Stock Market

The efficient market hypothesis is one of the most important theories in finance. According to this hypothesis, in a stock market with sound laws, good functions, high transparencies, and extensive competitions, all valuable information is timely, accurately, and fully reflected in the trend of stock prices including the current and future values of enterprises. Unless there are market manipulations, it would be impossible for investors to gain more above the average profits in the market by analyzing former prices. Since the efficient market hypothesis has been introduced, it has become an interest in the empirical research of the security market. It is one of the most controversial investment theories and there are many evidences supporting and also opposing this hypothesis. Nevertheless, this hypothesis still holds an important status in the basic framework of mainstream theories in modern financial markets. By analyzing simulated investment transactions in regard to stock trading of three different enterprises, this paper verified that the efficient market hypothesis is partially valid.

Indian Debt Market: Need for More Reforms

The Indian debt market while made out of securities, both Government and Corporate, is really overwhelmed by G-Sec with more than 90 per cent of Indian debt market, leaving little space for corporate securities. The focal government securities are the dominating and most fluid segments of the security market. Nonetheless, regardless of the expanded volumes, the quantity of members is restricted to around two dozen dynamic players. The focal government securities are the dominating and most fluid segments of the security market. Nonetheless, regardless of the expanded volumes, the quantity of members is restricted to around two dozen dynamic players. Since a lion's share of members is AAA – evaluated and 80 per cent of exchange is immediate, there exist settlement hazards. The market would further develop once uniform guidelines on accounting, valuation and so on are in place. Therefore, this paper highlights the need for more reform in Indian debt market.