Cannabis Stocks Returns: The Role of Liquidity and Investors’ Attention via Google Metrics

This paper studies one of the most popular investment themes over recent years, investing in the cannabis industry. In particular, it investigates relationships between investor attention, as proxied by Google Trends, and stock market activities, i.e., return, volatility, and liquidity. To this end, in the empirical analysis we study how liquidity and investors’ attention affect the return dynamics of an investment in cannabis stocks by augmenting the three-factor Fama–French model. In addition, we use a vector autoregressive approach and the impulse response function to measure shock transmission between the variables under consideration. Our empirical findings show that there is a statistically positive relationship between cannabis stock returns and liquidity. We also find that increased investors’ attention results in higher returns.

Fiscal Policy, Monetary Policy and Price Volatility: Evidence from an Emerging Economy

Vietnam is an Asian emerging country, which now is ranked in the group of the fastest-gro-wing economies worldwide. However, this economy has faced galloping inflation in recent years. So the Vietnamese experience is a valuable reference for the policymakers in the developing world in order to successfully control price volatility. Our study applies the Vector autoregressive method, the Johansen cointegration test, and the Granger causality test to examine the impact of fiscal and monetary policy on price volatility in Vietnam with a quarterly data sample collected over the period from 2004 to 2018. The study results confirm the existence of a long-term cointegration relationship between these policies and price volatility in Vietnam. Besides, the variance decomposition and impulse response function also show that the impact of these policies on inflation is clear, however, the fiscal policy more strongly affects inflation than the monetary policy. Finally, the Granger causality test also indicates one-way causality relationships from the government expenditure as well as the exchange rate to price volatility in the study period.

The Linkage between Chittagong Stock Market and Dhaka Stock Market

This paper aims at determining the relationship between the two domestic stock markets of Bangladesh – the Chittagong Stock Market (CSE) and the Dhaka Stock Market (DSE). The daily stock price indices that represent the performance of the two stock markets are collected. In order to find out the interdependent relationship, the Engle-Granger Cointegration test, Granger Causality test, Impulse Response Function, and Variance Decomposition Analysis are employed in this paper. The main finding of this study is that both the stock markets are related in the long run. However, there is a one-way short-run effect from the DSE on the CSE market. The CSE market quickly responds to the shock in the DSE market. But, the DSE market is not responsive to the CSE market. The variance decomposition analysis shows that most of the shocks in the CSE market are explained by its own market. On the other hand, a small number of shocks in the DSE market are explained by the CSE market as well as its own market.

The Dynamic Iinterrelationships Between Fiscal and Monetary Policies in Jordan

This study aims to answer the question: What is the nature of the relationship between fiscal and monetary policy in Jordan? Are the two policies complementary to each other, alternatives, or go in opposite directions?. This study applies the vector autoregression VAR, the Impulse Response Function test, the Granger Causality test, and the. Variance Decomposition Analysis. The results showed that there is a bidirectional causal relationship between government expenditures and money supply, as well as a bidirectional causal relationship between tax revenues and money supply, the main conclusion that the fiscal policy through the use of government expenditures and tax revenues and the monetary policy through the money supply go in the same direction, and complement each other, this is supported by the fact that the expansionary fiscal policy in Jordan during the study period was also accompanied by an expansionary monetary policy. The monetary authority sets interest rates on loans and there is no significant role for fiscal policy instruments in influencing the interest rate in Jordan. The study recommends harmonization between the declared and implemented policy. Each authority should serve its goals with independence and complementarity between the two policies. In this case, coordination means preventing extremism in pursuing an expansionary or contractionary policy from this or that authority, what is required is that the Central Bank and the Ministry of Finance agree on coordination, integration and balance between objectives.

Detection of Building Response Changes Using Deconvolution Interferometry: A Case Study in Bogota, Colombia

Seismic structural health monitoring allows for the continuous evaluation of engineering structures by monitoring changes in the structural response that can potentially localize associated damage that has occurred. For the first time in Colombia, a permanent and continuous monitoring network has been deployed in a 14-story ecofriendly steel-frame building combined with a reinforced concrete structure in downtown Bogota. The six three-component ETNA-2 accelerometers recorded continuously for 225 days between July 2019 and February 2020. We use deconvolution-based seismic interferometry to calculate the impulse response function (IRF) using earthquake and ambient-vibration data and a stretching technique to estimate velocity variations before and after the Ml 6.0 Mesetas earthquake and its aftershock sequence. A consistent and probably permanent velocity variation (2% reduction) is detected for the building using ambient-vibration data. In contrast, a 10% velocity reduction is observed just after the mainshock using earthquake-based IRFs showing a quick recovery to about 2%. A combination of both earthquake-based and ambient-vibration-based deconvolution interferometry provides a more complete picture of the state of health of engineering structures.

How and When Factors of Agricultural Contribution Influence Urbanization: A Historical Analysis of Tibet

Agriculture Powers Urbanization. How and when agriculture influences urbanization in underdeveloped regions remain poorly understood from an agricultural contribution perspective, specifically the food contribution (FDC), raw materials contribution (MLC), labor contribution (LRC), and market contribution (MTC). This study investigated this issue in the context of Tibet. A Granger causality test (GCT), the impulse response function (IRF), and variance decomposition (VD) were used. The GCT results demonstrated that agricultural contribution factors (ACFs), Granger-cause urbanization, and the IRF and VD results demonstrated that the influences of ACFs on urbanization were various and asynchronous. Both MTC and LRC quickly and positively respond to urbanization; however, LRC currently influences urbanization, whereas MTC influences urbanization currently and in the future. Both MLC and FDC negatively and slowly respond to urbanization; however, MLC currently influences urbanization, whereas FDC will influence urbanization in the future. This study’s findings depict changing trajectories of the role of ACFs in urbanization, elucidating urban–rural transformation.

Experimental and Numerical Dynamic Identification of an Aerostatic Electro-Spindle

This paper proposes a method to experimentally identify the main modal parameters, i.e., natural frequencies and damping ratios, of an aerostatic spindle for printed board circuit drilling. A variety of methods is applied to the impulse-response function of the spindle in the presence of zero rotational speed and different supply pressures. Moreover, the paper describes the non-linear numerical model of the spindle, which consists of a four-degree-of-freedom (DOF) rigid and unsymmetrical rotor supported by two aerostatic bearings. The main goal of the work is to validate the developed non-linear numerical model through the proposed identification procedure and the performed experimental tests. The comparison proves satisfactory, and the possible sources of uncertainty are conjectured.

Investigating the Relationship between Composite, Islamic, and Conventional Indexes in Indonesia

Apart from the question of whether all indexes in financial markets are driven by similar factors, this study examines the long and short-run relationships between the composite index (JKSE), Islamic index (JII), and pure non-Islamic index (NST7) in the Indonesia financial market. The results show that there is at least one cointegrated equation among the JKSE, JII, and NST7. Furthermore, the output from VECM shows that only the JII has a significant long-run relationship with the JKSE. In the case of short-run relationships, the JII and NST7 do not significantly affect the JKSE, while the JII was significantly influenced by the JKSE. Otherwise, the Impulse Response Function shows that a shock on the JII will negatively affect both the JKSE and the NST7, while a shock on the NST7 is not very influential on the JKSE or the JII.

Analysis of the Propagation Effects of Remittances on the Vulnerability of External Trade of the Republic of Moldova

In the Republic of Moldova remittances have become a much-discussed subject, the country ranking among the economies with the highest share of remittances in terms of GDP. What is more, remittances, unlike FDI, external trade and other sources of income, seem to have a significant impact on economic growth. Republic of Moldova is a small open economy vulnerable to external shocks. We will examine the effect of remittances on the balance of trade by creating an econometric model. Am attempt has also been made to capture the positive and negative spillovers that migrants’ remittances have on a country’s socio-economic development. Within the research a variety of analytical tools are employed including Granger causality tests, unit root tests, coupled with a structural vector auto regression (SVAR), impulse response function (IRF) analyses and variance decomposition. We find that net trade and remittances are closely associated and follow an almost identical path. Remittances have strong effect on the growth of negative net trade of the Republic of Moldova.

Wavelet Characterizations for Investigating Nonlinear Oscillators

This study investigates the wavelet-based system identification capabilities on determining the system nonlinearity based on the system impulse response function. Wavelet estimates of the instantaneous envelopes and instantaneous frequency are used to plot the system backbone curve. This wavelet estimate is then used to estimate the values of the parameter for the system. Two weakly nonlinear oscillators, which are the Duffing and the Van der Pol oscillators, have been analyzed using this wavelet approach. A case study based on a model of an oscillating flap wave energy converter (OFWEC) was also discussed in this study. Based on the results, it was shown that this technique is recommended for nonlinear system identification provided the impulse response of the system can be captured. This technique is also suitable when the system's form is unknown and for estimating the instantaneous frequency even when the impulse responses were polluted with noise.