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The purpose of this paper is to present a coherence analysis to evaluate the resilience for a critical infrastructure (CI). This is the new way to evaluate the CI and demonstrate that the authors need to pass from the protection towards resilience.

The authors use two approaches for this research. First is a consequence-based approach to evaluate the resilience. This approach has been used many times for evaluating the interdependencies between CIs. The second is a systemic approach to characterize the system and doing the coherence analysis.

This paper presents a methodology to evaluate the coherence in a context of CIs protection. The coherence analysis in resilience is a new concept and the first result to the application seems very good for the user of the research.

The originality of this paper is the coherence analysis applied to a resilience evaluation. The criteria for coherence analysis is innovative and it is a new way to consider the resilience and the relation between an organization and it is partners. Another value is the need for a wider scope in the analysis of hazards and how to address them that includes the infrastructure system itself, but also other related organizations and infrastructure systems.

The purpose of this paper is to investigate the volatility spectral of five major public real estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods.

First, univariate spectral analysis is concerned with discovering price cycles for the respective real estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two real estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC.

The authors find that whilst none of the public real estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the public real estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the public real estate markets examined due to the crisis.

The implication of this research is that benefits to investors from international real estate diversification may not be as great during the present time compared to previous periods because national public real estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be realized.

Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major public real estate markets has practical implications for ongoing international real estate investment strategies, particularly for the USA/UK and Asian portfolio managers.

This paper contributes to the limited research on the cyclical return and co-movement dynamics among major public real estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed public real estate markets in international investing.

The purpose of this paper is to examine contagion among the major world markets during the last 25 years and propose a new way to analyze contagion with wavelet methods.

The analysis uses a novel way to study contagion using wavelet methods. The comparison is made between co‐movements at different time scales. Co‐movement methods of the discrete wavelet transform and the continuous wavelet transform are applied.

Clear signs of contagion among the major markets are found. Short time scale co‐movements increase during the major crisis while long time scale co‐movements remain approximately at the same level. In addition, gradually increasing interdependence between markets is found.

Because of the chosen method, the approach is limited to large data sets.

The research has practical implications to portfolio managers etc. who wish to have better view of the dynamics of the international equity markets.

The research uses novel wavelet methods to analyze world equity markets. These methods allow the markets to be analyzed in the whole state space.

Considering the different motivation for the creation of each of these cryptocurrencies, the purpose of this paper is to examine whether there is a dominant external factor in the cryptocurrency world. Using a novel two-step time and frequency independent methodology, the authors examine a large scope of cryptocurrencies and external factors within the same period, and analytical framework.

The examined cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, Monero and Dash. In total, 18 external factors from 5 factor families are selected based on the mining motivation of these cryptocurrencies. The study first examines discrete wavelet transform-based (WTB) correlations, reduce the dimension and focuson relevant pairs. Selected pairs are further examined by wavelet coherence to capture the intermittent nature of the relationships allowing the most needed “Flexibility of frequency and time domains”.

Each coin appears to operate as a unique character with the exception of Bitcoin and Litecoin. There is no prominent external driver. The cryptocurrency market is not a clear substitute for a specific factor or market. Two-step WTB filtered wavelet coherence analysis help us to analyze a large number of factor without the loss of focus. The co-movements within the cryptocurrencies spillover from Ethereum to altcoins and later to Bitcoin.

The study presents one of the first examples of two-step WTB filtered wavelet coherence analysis. The methodology suggests an approach for simultaneous examination of large number of variables. The scope of the study provides a rather holistic view of the co-movements of external factors and major cryptocurrencies.

This study aims to close a gap in the relevant literature by investigating the causal linkage between financial risk (FR) and economic risk (ER) in China for the period 1985Q1–2018Q4.

Based on the aim of the present study, Toda Yamamoto causality and wavelet coherence tests are used to capture the relationship between FR and ER in China.

The findings from wavelet coherence reveal that there is feedback causality between FR and ER in China at different frequencies and different periods between 1985 and 2018. The consistency of the findings from wavelet coherence is confirmed by the outcomes of Toda Yamamoto causality test.

Although this study provides strong and consistent empirical findings for China, further studies should consider advancing the argument by focusing on different emerging markets.

Results are crucial for policy decision-making and can be used by researchers and macro-economic policymakers to take an action, if necessary, by implementing more appropriate or alternative economic and financial decisions.

To the best of the author’s knowledge, this relationship in China has not been comprehensively explored by using newly developed econometrics techniques. Therefore, this study is likely to open a debate about the literature as the study concludes with a discussion on short- and long-run implications for policymakers in China.

This study examines co-movements between global Islamic index and heterogeneous rated/maturity sukuk. It tests the impact of financial uncertainty on these movements.

Firstly, we conduct a bivariate wavelet analysis to assess the co-movements between stocks and sukuk indexes. Secondly, we use General dynamic factor model and stochastic volatility to construct financial uncertainty index from Islamic stock indexes. Finally, we run regression analysis to determine the impact of uncertainty on the obtained correlations.

Our results suggest the absence of flight to quality phenomenon since correlations are positive especially at a short investment horizon. There is evidence of contagion phenomena across assets. Financial uncertainty may be considered as a determinant of stock-sukuk co-movements. Our results show that a rise in financial uncertainty induces correlation to move in the opposite direction in the short term, (exception for correlation with AA-Rated sukuk). However, the sign of stock market uncertainty becomes positive in the long term, which leads sukuk and stocks to move in the same direction (exception for 1–3 Year and AA Rated sukuk).

Investors may combine sukuk with 1–3 Year maturity and AA Rated when considering long holding periods. Further, all sukuk categories provide diversification benefit in time high financial uncertainty expectation for AA Rated sukuk when considering short holding periods.

To the best of our best knowledge, our study is the first investigation of the impact of financial uncertainty on Stock-sukuk co-movements and provides recommendation considering sukuk with different characteristics.

This paper aims to explore the characteristics of the co-occurrence network of online tags and propose new approaches of applying social network analysis by utilising social tagging in order to organise data.

The authors collected online resources labelled “tag” from 7 November 2004 to 31 October 2011 from the CiteULike website, comprising 684 papers and their URLs, titles and data on tagging (users, times, and tags). They examined the co-occurrence network of online tags by using the analyses of social networks, including the analysis of coherence, the analysis of centricity and core to periphery categorical analysis.

Some features of the co-occurrence of online tags are as follows: the internet is subject to the “small world” phenomenon, as well as being “scale-free”. The structure of the internet reflects stable areas of core knowledge. In addition to five possible applications of social network analysis, social tagging has the greatest significance in organising online resources.

This research finds that co-occurrence of tags online is an effective way to organise and index data. Some suggestions are provided on the organisation of online resources.

Until now, scholars have devoted insufficient attention to theories of place reputation – at the city, region and country levels. Furthermore, the literature does suggest a theoretical link between country reputation and country-of-origin (COO). To foster an alignment between country reputation and place management, this paper aims to trace the advance of country branding and nation branding, as deriving place management recommendations from studies on country reputation. Therefore, this work is grounded on the consistent principle in the current literature – that a place must first improve itself via development and management before it can create a positive reputation via communications; it is fundamental, geographically, to work on the development initiatives towards the improvement of a place.

This is a conceptual paper based on literature search on country reputation published in the past decade (2005-2015).

The analysis indicates that nine papers have been published on country reputation since 2005, but none of them deal with principles of place management. This paper also consolidates the field’s decades-long theoretical evolution into a visual diagram. To close, it concludes by highlighting the need for theoretical and managerial advancements involving principles from place reputation and place management, which could help countries achieve sustainable prosperity.

As limitations, this conceptual paper lacks review of each country in the evolutionary timeline regarding country branding and nation branding. As another limitation, this paper focused specifically on theoretical contributions and did not address the administrative challenges implied by the sub-themes. Indeed, there is much complexity involved with aligning government policies with internal and external stakeholders.

Inspire academia, government and citizens to be engaged with the sustainable prosperity of their country through initiatives of place management and development.

The present study provides additional evidence with respect to the evolution of COO to country reputation, considering studies on nation branding and country branding, towards place management. To date, this is the first publication that offers an extensive examination of country reputation. Thus, the principal theoretical implication of this study is that place management and place reputation can be aligned to develop and improve places (cities, regions and countries) for sustainable prosperity.

The purpose of this paper is to investigate the cross-spectra of stock, real estate and bond of ten selected Asian economies in the pre- and post-global financial crisis periods to detect whether there is greater cyclical co-movement post-financial crisis, and whether any observed increased co-movement measures the outcomes of contagion or integration.

Co-spectral approach is the proper econometric tool to deliver economic insight for this research.

Results indicate that Asian stock markets, and to a lesser degree, bond and real estate markets are more correlated post-financial crisis. Similarly, Asian financial markets have experienced increased co-movements with the US financial markets post-financial crisis. Moreover, these observed increased co-movements measure the outcomes of contagion in some cases of within-asset and cross-asset classes, as well as for some cross-US-Asian asset factor relationships along the high-frequency components of between two and four weeks. The stock markets are the most contagious, followed by the real estate markets and bond markets.

The results provide short-term investors with additional co-movement information at higher frequencies in order to identify short-term fluctuations of different asset classes. The empirical study also underscores the role of Asian real estate in investment portfolios in a mixed real estate, stock and bond context from a frequency domain perspective.

The practical implication of this research is that benefits to investors from international diversification may not be as great during the present time compared to previous periods because financial/asset market movements have become more correlated. However, it does not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the values are still between low and moderate range, indicating that some diversification benefits may still be realized.

In advancing the body of knowledge in international financial markets, this research is probably the first study to consider a multi-asset class portfolio context that includes stock, real estate and bond across the ten Asian economies and the USA in a single study. The frequency domain analysis conducted in this paper adds to the understanding of real estate, stock and bond market co-movement, integration and contagion dynamics, as well as the Asian cross-asset factor and US-Asian asset factor relationships in global mixed-investing environment.

Shared understandings of curriculum reform within and between the levels of the educational system are suggested to be crucial for the reform to take root. The purpose of this paper is to explore variation in perceived curriculum coherence and school impact among state- and district-level stakeholders.

The participants (n=666) included state- and district-level stakeholders involved in a national curriculum reform in Finland. Latent profile analysis was employed to identify profiles based on participants’ perceptions of the core curriculum’s coherence and the reform’s impact on school development.

Two profiles were identified: high coherence and impact, and lower consistency of the intended direction and impact. State-level stakeholders had higher odds of belonging to the high coherence and impact profile than their district-level counterparts.

The results imply that more attention needs to be paid in developing a shared and coherent understanding particularly of the intended direction of the core curriculum as well as the reform’s effects on school-level development among state- and district-level stakeholders.

The study contributes to the literature on curriculum reform by shedding light on the variation in perceived curriculum coherence and school impact of those responsible for a large-scale national curriculum reform process at different levels of the educational system.