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Article
Publication date: 4 August 2020

Daniella Fjellstrom and Paul Frick

This study aims to develop the concept of competitive productivity focussing on the interplay between national competitive productivity (NCP) and firm competitive…

Abstract

Purpose

This study aims to develop the concept of competitive productivity focussing on the interplay between national competitive productivity (NCP) and firm competitive productivity (FCP) based on the following research question: how does the competitive productivity framework explain the influence that government has on public–private procurement programmes?

Design/methodology/approach

A case study is conducted on the South African Renewable Energy Independent Power Producer Procurement Programme. Data were collected using an exploratory, mixed methods design, starting with national level secondary data on five bid windows between 2011 and 2014, followed by eight in-depth qualitative interviews with industry experts.

Findings

The findings indicate that non-financial factors, such as trust (through consistent and transparent government policy) as well as a pragmatic attitude on the part of government, increased competition and ultimately resulted in a productive procurement process.

Social implications

By understanding what moderating factors influence competitiveness in African procurement programmes, using competitive productivity (CP) as a framework, the research contributes to development of government policy and procurement programmes. Incidentally, there is little doubt that improving infrastructure and in turn a greater percentage of access to electricity leads to increased competitiveness of the nation, firms and individuals, thus enabling companies to grow and operate with more stability.

Originality/value

Originality is demonstrated through the interplay of NCP and FCP, where the constructs of culture, benchmarking and performance were found to have the strongest influence of the six constructs of the CP model.

Article
Publication date: 4 January 2022

Song Cao, Ziran Li, Kees G. Koedijk and Xiang Gao

While the classic futures pricing tool works well for capital markets that are less affected by sentiment, it needs further modification in China's case as retail…

Abstract

Purpose

While the classic futures pricing tool works well for capital markets that are less affected by sentiment, it needs further modification in China's case as retail investors constitute a large portion of the Chinese stock market participants. Their expectations of the rate of return are prone to emotional swings. This paper, therefore, explores the role of investor sentiment in explaining futures basis changes via the channel of implied discount rates.

Design/methodology/approach

Using Chinese equity market data from 2010 to 2019, the authors augment the cost-of-carry model for pricing stock index futures by incorporating the investor sentiment factor. This design allows us to estimate the basis in a better way that reflects the relationship between the underlying index price and its futures price.

Findings

The authors find strong evidence that the measure of Chinese investor sentiment drives the abnormal fluctuations in the basis of China's stock index futures. Moreover, this driving force turns out to be much less prominent for large-cap stocks, liquid contracting frequencies, regulatory loosening periods and mature markets, further verifying the sentiment argument for basis mispricing.

Originality/value

This study contributes to the literature by relying on investor sentiment measures to explain the persistent discount anomaly of index futures basis in China. This finding is of great importance for Chinese investors with the intention to implement arbitrage, hedging and speculation strategies.

Details

China Finance Review International, vol. 12 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 27 June 2018

Arvind Mahajan

The purpose of this paper is to answer a fundamental question – are individual stock picks by a particular internet investment community informative enough to beat the…

Abstract

Purpose

The purpose of this paper is to answer a fundamental question – are individual stock picks by a particular internet investment community informative enough to beat the market? The author observes that the stock picks by the CAPS community are reflective of existing information and portfolios based upon CAPS community stock rankings do not generate abnormal returns. The CAPS community is good at tracking existing performance but, it lacks predictive ability.

Design/methodology/approach

The study uses a unique data set of stock ratings from Motley Fools CAPS community to determine the information content embedded in these ratings. Observing predictive ability of this web-based stock ratings forum will raise questions about the efficiency of the financial markets. The author forms stock portfolios based on stocks’ star ratings, and star rating changes, and test if the long-short portfolio strategy generates significant α after controlling for single, and multi-factor asset pricing models, such as Fama-French three-factor model and Carhart four-factor model.

Findings

The paper finds no evidence that the CAPS community ratings contain “information content,” which can be exploited to generate abnormal returns. CAPS community ratings are good at tracking existing stock performance, but cannot be used to make superior forecasts to generate abnormal returns. The findings are consistent with the efficient market hypothesis. Furthermore, the author provides evidence that CAPS community ratings are themselves determined by stock performance rather than the other way around.

Originality/value

The study employs a unique data set capturing the stock ratings of a very popular web-based investment community to evaluate its ability to make better than random forecasts. Besides applying well-accepted asset pricing models to generate α, the study conducts causality tests to discern a causal relation between stock ratings and stock performance.

Details

Journal of Advances in Management Research, vol. 15 no. 3
Type: Research Article
ISSN: 0972-7981

Keywords

Article
Publication date: 11 March 2021

Bei Chen and Quan Gan

This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.

Abstract

Purpose

This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.

Design/methodology/approach

This paper proposes a gambling activity measure by jointly considering open interest and moneyness of out-of-the-money (OTM) individual equity call options.

Findings

The new measure, CallMoney, captures excessive optimism during the dot-com bubble, the oil price bubble and the pre-GFC stock market bubble. CallMoney robustly and negatively predicts both OTM and at-the-money call option returns cross-sectionally. The option return predictability of CallMoney is stronger when stock price is further from its 52-weeks high, capital gains overhang is lower, and when information uncertainty of the underlying stock is higher. CallMoney also robustly and negatively predicts cross-sectional stock returns.

Originality/value

The gambling measure has the advantages of being economically intuitive, model-free, easy to measure. The measure performs more robustly than existing lottery measures with respect to option and stock return predictability and more reliably captures the overpricing of options and stocks. The work helps understanding the gambling related anomalies in equity option returns and stock returns.

Details

Review of Behavioral Finance, vol. 14 no. 3
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 14 September 2020

Qiang Bu and Jeffrey Forrest

The purpose of this study is to investigate whether the direct and indirect sentiment measures are similar in explaining mutual fund performance.

Abstract

Purpose

The purpose of this study is to investigate whether the direct and indirect sentiment measures are similar in explaining mutual fund performance.

Design/methodology/approach

The authors examine the role of direct and indirect sentiment measures on fund performance in two scenarios. One is when a sentiment measure is added to market models, and the other is when it used independently. Also, the authors propose a system science theory to explain the findings.

Findings

The authors find that both direct and indirect sentiment measures are integral to the benchmark models to explain fund performance. However, while the explanatory power of the direct sentiment index is robust when used independently or collectively, the indirect sentiment measures can explain fund performance only when used along with other market factors.

Originality/value

Given the number of sentiment measures, it is critical to determine whether these measures contain the same information of sentiment. This paper represents the first study on this topic.

Details

International Journal of Managerial Finance, vol. 17 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Book part
Publication date: 16 December 2009

Jeffrey S. Racine

The R environment for statistical computing and graphics (R Development Core Team, 2008) offers practitioners a rich set of statistical methods ranging from random number…

Abstract

The R environment for statistical computing and graphics (R Development Core Team, 2008) offers practitioners a rich set of statistical methods ranging from random number generation and optimization methods through regression, panel data, and time series methods, by way of illustration. The standard R distribution (base R) comes preloaded with a rich variety of functionality useful for applied econometricians. This functionality is enhanced by user-supplied packages made available via R servers that are mirrored around the world. Of interest in this chapter are methods for estimating nonparametric and semiparametric models. We summarize many of the facilities in R and consider some tools that might be of interest to those wishing to work with nonparametric methods who want to avoid resorting to programming in C or Fortran but need the speed of compiled code as opposed to interpreted code such as Gauss or Matlab by way of example. We encourage those working in the field to strongly consider implementing their methods in the R environment thereby making their work accessible to the widest possible audience via an open collaborative forum.

Details

Nonparametric Econometric Methods
Type: Book
ISBN: 978-1-84950-624-3

Article
Publication date: 27 May 2021

Muhammad Fakhruddin Irfan Sazali, Maleeka Abdullah Hilmy, Norshafarina Shari, Lilik Herawati, Nurul Izza Nordin and Zulhabri Othman

Calorie restricted diets are known to improve health and promote healthy aging. This happens because of controlled inflammation and metabolism in the body. This study aims…

Abstract

Purpose

Calorie restricted diets are known to improve health and promote healthy aging. This happens because of controlled inflammation and metabolism in the body. This study aims to evaluate the differences in anthropometric and biochemical parameters in Sprague Dawley (SD) rats because of consumption of a calorie restricted diet.

Design/methodology/approach

The study divided SD rats (n = 15) into 3 groups consuming high calorie intake (HCI), medium calorie intake and low calorie intake (LCI). Anthropometric parameters were determined through measurement of abdominal circumference (AC), thoracic circumference (TC), body length and body weight (BW). Biochemical parameters analyzed in this study were fasting blood glucose level and full blood lipid profile. Nutritional status was obtained based on food consumption, energy intake (EI) and food efficiency rate. Measurements were taken for a period of four weeks.

Findings

Analysis on anthropometric parameters indicates a significant difference in mean BW between HCI (230.44 ± 1.47 g) and LCI (188.54 ± 1.50 g). There is a significant difference in abdominal TC ratio (p < 0.001; F = 13.599) in the LCI group (1.01 ± 0.00714) compared to the HCI group (1.04 ± 0.00858). Post hoc for nutrition parameters indicates a significant difference in mean EI between HCI (9.71 ± 0.006 kJ) and LCI (3.21 ± 0.001 kJ). There is a significant effect (p < 0.0001; F = 3042872.02) of EI on rats in all three groups. HDL levels were significantly higher (p < 0.0001; F = 1536.89) in the LCI group (68.60 ± 0.55 mg/dL) compared to the HCI group (49.40 ± 0.55 mg/dL). The Pearson’s correlation results show a strong positive correlation in EI with BW (p < 0.01; r = 0.988), AC (p < 0.01; r = 0.970) and body mass index (p < 0.01; r = 0.972).

Originality/value

Low calorie diet has been proven to affect anthropometric development and has shown improvements in biochemical parameters of the rats. This may result in healthy aging which could prevent later-life diseases.

Details

Nutrition & Food Science , vol. 51 no. 8
Type: Research Article
ISSN: 0034-6659

Keywords

Article
Publication date: 4 November 2013

Anup Kumar, Kampan Mukherjee and Narendra Kumar

– The objective of this work is to develop a model that can be used for simulation of different parameters including price, subjected to different control strategies.

Abstract

Purpose

The objective of this work is to develop a model that can be used for simulation of different parameters including price, subjected to different control strategies.

Design/methodology/approach

The entire supply chain can be modelled by combining the transfer function into a closed loop system. The transfer function of each entity in the supply chain can be obtained by using the control theory tools. The model can be approximated as a linear discrete system with various operating constants, like lead time, price, order policy and supply.

Findings

The continuous replenishment ordering policy for a distribution node in a supply chain was analyzed using the z-transform. Characteristic equations of the closed loop transfer function are obtained. The bullwhip (BW) effect is analyzed. Study proves that the BW effect is in evitable if the standard heuristic ordering policy is employed with demand forecasting; also the paper analysed price supply trade-off for dynamic demand and supply. Simulation results show that BW is less in PI and simple p-only with cascade control. Robust control and PD, PID control results are not shown in this literature, and it is subject to further research.

Originality/value

Research is original, it can be applicable in today's dynamic world, due to globalization, it is necessary to have a automated machine that can handle most of supply chain decision.

Details

Business Process Management Journal, vol. 19 no. 6
Type: Research Article
ISSN: 1463-7154

Keywords

Article
Publication date: 14 April 2022

Dave Berger

This study creates a measure of investor sentiment directly from retail trader activity to identify misvaluation and to examine the link between sentiment and subsequent returns.

Abstract

Purpose

This study creates a measure of investor sentiment directly from retail trader activity to identify misvaluation and to examine the link between sentiment and subsequent returns.

Design/methodology/approach

Using investor reports from a large discount brokerage that include measures of activity such as net buying, net new accounts and net new assets, this study creates a measure of retail trader sentiment using principal components. This study examines the relation between sentiment and returns through conditional mean and regression analyses.

Findings

Retail sentiment activity coincides with aggregate Google Trends search data and firms with the greatest sensitivity to retail sentiment tend to be small, young and volatile. Periods of high retail sentiment precede poor subsequent market returns. Cross-sectional results detail the strongest impact on subsequent returns within difficult to value or difficult to arbitrage firms.

Originality/value

This study links a rich measure of retail trader activity to subsequent market and cross-sectional returns. These results deepen our understanding of noise trader risk and aggregate investor sentiment.

Details

Review of Accounting and Finance, vol. 21 no. 2
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 23 February 2022

Mansourou Samba Garba and Sherazede Bouderbala

The purpose of this study is to investigate the effect of olive cake (OC) on oxidant/antioxidant biomarkers, lipase activity and on the histological analysis of epididymal…

Abstract

Purpose

The purpose of this study is to investigate the effect of olive cake (OC) on oxidant/antioxidant biomarkers, lipase activity and on the histological analysis of epididymal fat, in high-fat diet (HFD)-induced obese rats.

Design/methodology/approach

Male obese rats were divided into two groups and were fed an HFD supplemented (HFD-OC) or not (HFD) with OC for 28 days. A control group was fed a standard diet for the same experimental period.

Findings

HFD significantly increased body weight, which was reduced by OC in the HFD-OC compared to HFD (p = 0.038). Lipase activity was higher (52%; p = 0.009) in the HFD group than the control group. Administration of OC to the obese rats decreased significantly this activity (38%; p = 0.025) compared to the HFD group. Serum thiobarbituric acid-reactive substances, lipid hydroperoxide and advanced oxidation protein products levels were significantly increased in the HFD group than the control group (p = 0.032, p = 0.023 and p = 0.017, respectively). These levels were significantly reduced in HFD-OC compared to the HFD group (p = 0.030, p = 0.021 and p = 0.010, respectively). Superoxide dismutase, glutathione peroxidase and catalase activities were decreased (53%; p = 0.04), (61%; p = 0.03) and (32%; p = 0.002), in the HFD group than the control group. OC restored these activities (46%; p = 0.01), (58%; p = 0.003) and (30%; p = 0.0003) in the HFD-OC rats than the HFD rats. Consumption of the HFD resulted in adipocyte hypertrophy. Indeed, epididymal adipocyte size was significantly larger in the HFD group than the control group (p = 0.0001), whereas it was reduced in the HFD-OC compared to the HFD group (p = 0.012).

Originality/value

OC possesses an anti-obesity effect. This effect might be mediated by lipase inhibition, reduced oxidative stress and increased antioxidant activities. In addition, the reduction of fat accumulation in adipose tissue by OC consumption is reflected by reducing adipocyte size.

Details

Nutrition & Food Science , vol. 52 no. 8
Type: Research Article
ISSN: 0034-6659

Keywords

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