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1 – 10 of over 2000Vanita Tripathi and Aakanksha Sethi
The purpose of this study is to ascertain how foreign and domestic Exchange Traded Funds (ETFs) investing in Indian equities affect their return volatility and pricing efficiency…
Abstract
Purpose
The purpose of this study is to ascertain how foreign and domestic Exchange Traded Funds (ETFs) investing in Indian equities affect their return volatility and pricing efficiency. Further, we investigate how the difference in market timings affect the impact of ETFs on their constituents. Lastly, we examine how these effects vary during tranquil and turmoil periods in the ETF markets.
Design/methodology/approach
The study is based on quarterly data for stocks comprising the CNX Nifty 50 Index from 2009Q1 to 2019Q3. The data on holdings of 45 domestic and 196 foreign ETFs in the sample stocks were obtained from Thomson Reuters' Eikon. The paper employs a panel-regression methodology with stock and time fixed effects and robust standard errors.
Findings
Foreign ETFs from North America and the Asia Pacific largely have an adverse impact on stocks' return volatility. In times of turmoil, stocks with higher coverage of European, North American and Domestic funds are susceptible to volatility shocks emanating from these regions. European and Asia Pacific ETFs are associated with improved price discovery while North American funds impound a mean-reverting component in stock prices. However, in turbulent markets, both positive and negative impacts of ETFs on pricing efficiency coexist.
Originality/value
To the best of the authors' knowledge, this is the first study that examines the impact of domestic as well as foreign ETFs on the equities of an emerging market. Furthermore, the study is unique as we investigate how the effects of ETFs vary in turbulent and tranquil markets. Moreover, the paper examines the role of asynchronous market timings in determining the ETF impact. The paper adds to the growing literature on the unintended consequences of index-linked products.
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Jamie Kang and Tim Leung
The purpose of this study is to analyze the overnight and intraday returns of the most traded American Depositary Receipts (ADRs) of Asian companies, understand the different…
Abstract
Purpose
The purpose of this study is to analyze the overnight and intraday returns of the most traded American Depositary Receipts (ADRs) of Asian companies, understand the different levels of volatilities realized in these asynchronous markets and develop trading strategies based on empirical findings.
Design/methodology/approach
This study presents an empirical analysis on the overnight and intraday returns of Asian ADRs. The authors propose a measure to quantify the relative contributions of the intraday and overnight returns to the ADR's total volatility. Furthermore, the return difference between S&P500 index and each ADR is fitted to an Ornstein–Uhlenbeck model via maximum-likelihood estimation.
Findings
This study finds that ADRs' overnight returns are more volatile, whereas the intraday returns are significantly more strongly correlated with the US market returns. The return spreads between the S&P500 and ADRs are found to be a mean-reverting time series and motivate a pairs trading strategy.
Research limitations/implications
The methodology used in this study is not limited to Asian ADRs and can be adapted to analyze the overnight and intraday returns of other non-Asian ADRs and stocks.
Practical implications
Investors should be aware of the overnight price fluctuations while intraday traders may consider strategies that capture the mean-reverting return spread between an ADR (or an Exchange-Traded Funds [ETF] of Asian stocks) and the S&P500 index ETF (SPY).
Social implications
ADRs are among the most popular securities for investing in foreign (non-US) companies. The total global investments in ADRs are estimated to be close to US$1tn. Understanding the risks of ADRs is important to not only individual/institutional investors but also regulators.
Originality/value
This study provides a new measure to quantify and compare the relative contributions of volatility by overnight and intraday returns. Optimized pairs trading strategies involving ADRs and ETFs are developed and backtested.
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Tony Tinker is at and Barbara Feknous
The litmus test of asynchronous learning lies not in supporting small groups of elite groups, who are well endowed with computer and communications resources, but in providing for…
Abstract
The litmus test of asynchronous learning lies not in supporting small groups of elite groups, who are well endowed with computer and communications resources, but in providing for oversized classes, whose students are stretched by competing demands of work, family, and academic life, and who have — at best — modest experience and access to computer technology. This case study shows that a hybrid design — of synchronous and asynchronous methods — improves the quality of learning among large classes of undergraduate accounting students. Far from auguring the end of “education‐as‐we‐know‐it” (where a face‐to‐face community is replaced by a server‐in‐a‐box) this mixed strategy provides a useful tool in augmenting traditional learning methods.
Muhammad Mujtaba Asad, Sidra Khan, Fahad Sherwani and Jyoti Sekhar Banerjee
Internet technology in the classroom has become the primary demand of every student in this era. Moreover, information and communication technology aids students' learning…
Abstract
Purpose
Internet technology in the classroom has become the primary demand of every student in this era. Moreover, information and communication technology aids students' learning involvement and progress by providing learning assistance by improved instructor, pupil and interactions with fellows. Using an asynchronous Web-based learning environment (WBLE) is one way to manage such assistance. This study aims to identify to what extent the asynchronous WBLE affects students' interest and motivation in learning mathematics at Shah Abdul Latif University (SALU), Khairpur.
Design/methodology/approach
This research uses a survey research design under a quantitative approach. Therefore, data are collected through a questionnaire about students' motivation and interest in learning mathematics via asynchronous WBLE. Data are collected from the students of four departments (BEd, BSCS, BBA, BS Mathematics) of SALU, Khairpur. However, as the nature of this study is quantitative, both descriptive and inferential statistics were used in the results and discussion, and a one-way ANOVA test was used. The Cronbach alpha test was also used to assess the item's reliability, and the items were found to be acceptable.
Findings
The findings of this study discovered that asynchronous WBLE has a significant impact on students' intrinsic, extrinsic and interest levels. The results indicated that there is a positive impact based on the level of mean range of asynchronous WBLE on mathematics students.
Research limitations/implications
The outcome of this study can be used as a guideline to understand and further plan or develop educational interventions based on the level of motivation and interest of mathematics students towards asynchronous WBLE in other contexts.
Originality/value
This is first study of its nature in the context of Khairpur district of Sindh that emphasizes on the motivation and interest of mathematics students toward asynchronous WBLE.
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The purpose of this article is to compare graduates' score rates in two multiple mini-interview (MMI) stations designed to assess graduates from several academic areas: confidant…
Abstract
Purpose
The purpose of this article is to compare graduates' score rates in two multiple mini-interview (MMI) stations designed to assess graduates from several academic areas: confidant vs stress interview and synchronous vs asynchronous. This relates to three transversal competences (TCs) (learning to learn [LL], positive professional attitude [PPA] and market orientation [MO]) and analyses the impact of global performance during interviews, in the context of the hypothetical hiring decision.
Design/methodology/approach
The paired samples t-test was employed to compare the scores obtained by 130 graduates in two assessment exercises, which were designed to evaluate the same set of TCs. Multiple linear regression models were estimated to model the effect of global performance during the interview on the hypothetical hiring decision.
Findings
Results indicate a significant difference in averages between the graduates' TCs scores in confidant interviews, when compared with stress interviews. However, this is only observed in synchronous evaluations. In both interviews, the assessment of the participant's global performance has a significant effect on the hypothetical hiring decision.
Research limitations/implications
In the confidant interview, the interviewer was also the synchronous evaluator, which may have affected their focus on the evaluation process. The order in which graduates participated in the confidant and stress interviews varied, thus possibly influencing their performance.
Practical implications
The results are relevant for HEIs, graduates and employers involved in the evaluation of TCs.
Originality/value
The article derives from a broader research project which adapted the MMI model to other academic areas. It considers two instruments to evaluate graduates' TCs and two assessment circumstances.
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Panos Louvieris and John Driver
Focuses on the forthcoming next generation Internet’s address system (IPv6) which will potentially redefine the way marketers approach the segmentation of interactive…
Abstract
Focuses on the forthcoming next generation Internet’s address system (IPv6) which will potentially redefine the way marketers approach the segmentation of interactive cybermarkets. Explores the ramifications of Internet‐based purchasing systems to buyer behaviour. Differences and similarities of next generation direct marketing compared with classic and neoclassic direct marketing approaches are evaluated. Sensitivity to changes and differences in customer decision‐loyalty type are explored from the perspective of building high value customer relationships, where decision‐loyalty type is considered to be a key resegmentation variable for personalised interactive cybermarketing.
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Michael Lewis, Alistair Brandon‐Jones, Nigel Slack and Mickey Howard
The paper seeks to analyze the evolution of competitive advantage using both “classic” and “extended” resource‐based theory (RBT). The aim is to examine the different ways in…
Abstract
Purpose
The paper seeks to analyze the evolution of competitive advantage using both “classic” and “extended” resource‐based theory (RBT). The aim is to examine the different ways in which “classic” and “extended” resource‐based advantage develops and how they might combine to create long‐term advantage.
Design/methodology/approach
A single case study method is used to examine the process by which competitive advantage has accumulated over a 50‐year period at Food Services Group Inc., a highly successful food service company based on the West Coast of the USA with an annual growth rate currently running at 10 percent.
Findings
Preliminary conclusions suggest support for the sequential, iterative, and slow‐cycle development model associated with proprietary bounded resources and, the strategic resource‐rigidity paradox. The work also highlights preliminary evidence for a faster cycle development process possible with inter‐firm resources associated with extended resource‐based theory (ERBT) and, long‐run sustainable advantage requiring synchronization and integration of both bounded and relational resources.
Originality/value
This is the first rich empirical study of the way competitive advantage evolves using both RBT and ERBT. The research provides insights into how organizations can combine both classic and extended resources in seeking to establish competitive advantage. It illustrates how unbounded external resources, such as the role of suppliers engaged in new product development, can create an initial advantage for firms who then build on this by investing in bounded resources such as specific skills within their organization.
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John R. Mansfield and Paul J. Royston
This paper aims to provide a detailed overview of the structure of professional valuation practice in the three countries that acceded to the European Union in May 2004 – the…
Abstract
Purpose
This paper aims to provide a detailed overview of the structure of professional valuation practice in the three countries that acceded to the European Union in May 2004 – the Czech Republic, Hungary and Poland. Specifically, it examines the relationship between the bases of valuation and their relationship to external changes in the regulatory systems.
Design/methodology/approach
Based on a critical review of the existing literature, empirical information was obtained through structured interviews with practitioners in the three countries.
Findings
The paper highlights the potential problems that investors can face when commissioning valuations that may not accord with internationally recognised definitions of “market value”. There is a recognised need for consistency and universality in the application of adopted valuation practices.
Research limitations/implications
The research is the first phase of a longer programme.
Originality/value
The paper presents recent evidence of market practice and could inform potential investors or their advisors.
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Uri Ben-Zion and Niklas Wagner
Overnight risk is of particular interest for many market participants including traders who provide liquidity to the market, but also to market participants with longer investment…
Abstract
Overnight risk is of particular interest for many market participants including traders who provide liquidity to the market, but also to market participants with longer investment horizons who want to determine whether a given risk–return tradeoff can justify possible intermediate portfolio hedging transactions. Overnight risk may in particular play a highly significant role in emerging markets, given that information is incorporated into prices at a slower rate and liquidity may hinder a quick unwinding of portfolio positions.
Martin Edward Haran, Daniel Lo, Michael McCord, Peadar Davis and Lay Cheng Lim
The purpose of this paper is to test the extent to which company-specific attributes including market capitalisation, capital structure and investment focus impact upon the…
Abstract
Purpose
The purpose of this paper is to test the extent to which company-specific attributes including market capitalisation, capital structure and investment focus impact upon the performance of European listed real estate companies. Enhanced understanding of firm-level performance drivers is important for investors in order to diversify their investment portfolios and to mitigate company-specific risks at different points in the real estate cycle.
Design/methodology/approach
The study centres on six key listed European real estate markets selected on the basis of market capitalisation, diversity, transparency and maturity. A series of statistical tests are undertaken using EPRA and Bloomberg data for the period of 2007–2017 using 113 listed property companies, all of whom were contemporaneous constituents of EPRA indices in this period. A series of customised performance indices were constructed to evaluate firm-level performance attributes.
Findings
Firm-level attributes collectively account for more variation of risk-adjusted return than sector-level attributes over the investigation period. The impact of firm-specific attributes on performance varies significantly from country to country attributable to the contrasting cyclical property market trends in the pre– and post–Global Financial Crisis period. REITs outperformed non-REITs on a risk-adjusted basis attributed to the strong performance of “niche” market entrants allied with stronger regulatory structure. Finally, the findings showcase that sector specialist firms outperform diversified companies inferring that investors should seek to attain diversification through portfolio-based approaches rather than firm-level strategies.
Practical implications
The results have implications for real estate companies aiming to raise capital internally for growth as higher return on equity in general signals reduced cost of capital. Secondly, the findings should be of practical use to multinationals specialising in international real estate trading in designing their business plans in general and formulating cross-country investment strategies in particular. Last but not least, a more refined conceptualisation of corporate-level performance drivers should complement existing professional practices in relation to business/company appraisal.
Originality/value
The research integrates EPRA and Bloomberg data sets to create a series of bespoke index constructs to measure the impact of firm-specific attributes on European listed real estate companies. Additionally, the authors construct a Herfindahl Index (H.I.) to further the debate on the impacts of diversification within the listed real estate sector. This serves to further heighten investor understanding of investment allocation and portfolio optimisation strategies for the listed real estate sector given the increasingly diverse range of investment opportunities within emerging sub-markets.
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