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1 – 10 of 118Muhammad Rehan, Jahanzaib Alvi and Umair Lakhani
The primary purpose of this research is to identify and compare the multifractal behavior of different sectors during these crises and analyze their implications on market…
Abstract
Purpose
The primary purpose of this research is to identify and compare the multifractal behavior of different sectors during these crises and analyze their implications on market efficiency.
Design/methodology/approach
We used multifractal detrended fluctuation analysis (MF-DFA) to analyze stock returns from various sectors of the Moscow Stock Exchange (MOEX) in between two significant periods. The COVID-19 pandemic (January 1, 2020, to December 31, 2021) and the Russia–Ukraine conflict (RUC) (January 1, 2022, to June 30, 2023). This method witnesses multifractality in financial time series data and tests the persistency and efficiency levels of each sector to provide meaningful insights.
Findings
Results showcased persistent multifractal behavior across all sectors in between the COVID-19 pandemic and the RUC, spotting heightened arbitrage opportunities in the MOEX. The pandemic reported a greater speculative behavior, with the telecommunication and oil and gas sectors exhibiting reduced efficiency, recommending abnormal return potential. In contrast, financials and metals and mining sectors displayed increased efficiency, witnessing strong economic performance. Findings may enhance understanding of market dynamics during crises and provide strategic insights for the MOEX’s investors.
Practical implications
Understanding the multifractal properties and efficiency of different sectors during crisis periods is of paramount importance for investors and policymakers. The identified arbitrage opportunities and efficiency variations can aid investors in optimizing their investment strategies during such critical market conditions. Policymakers can also leverage these insights to implement measures that bolster economic stability and development during crisis periods.
Originality/value
This research contributes to the existing body of knowledge by providing a comprehensive analysis of multifractal properties and efficiency in the context of the MOEX during two major crises. The application of MF-DFA to sectoral stock returns during these events adds originality to the study. The findings offer valuable implications for practitioners, researchers and policymakers seeking to navigate financial markets during turbulent times and enhance overall market resilience.
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Nicola Cobelli and Silvia Blasi
This paper explores the Adoption of Technological Innovation (ATI) in the healthcare industry. It investigates how the literature has evolved, and what are the emerging innovation…
Abstract
Purpose
This paper explores the Adoption of Technological Innovation (ATI) in the healthcare industry. It investigates how the literature has evolved, and what are the emerging innovation dimensions in the healthcare industry adoption studies.
Design/methodology/approach
We followed a mixed-method approach combining bibliometric methods and topic modeling, with 57 papers being deeply analyzed.
Findings
Our results identify three latent topics. The first one is related to the digitalization in healthcare with a specific focus on the COVID-19 pandemic. The second one groups up the word combinations dealing with the research models and their constructs. The third one refers to the healthcare systems/professionals and their resistance to ATI.
Research limitations/implications
The study’s sample selection focused on scientific journals included in the Academic Journal Guide and in the FT Research Rank. However, the paper identifies trends that offer managerial insights for stakeholders in the healthcare industry.
Practical implications
ATI has the potential to revolutionize the health service delivery system and to decentralize services traditionally provided in hospitals or medical centers. All this would contribute to a reduction in waiting lists and the provision of proximity services.
Originality/value
The originality of the paper lies in the combination of two methods: bibliometric analysis and topic modeling. This approach allowed us to understand the ATI evolutions in the healthcare industry.
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Bernardo Cerqueira de Lima, Renata Maria Abrantes Baracho, Thomas Mandl and Patricia Baracho Porto
Social media platforms that disseminate scientific information to the public during the COVID-19 pandemic highlighted the importance of the topic of scientific communication…
Abstract
Purpose
Social media platforms that disseminate scientific information to the public during the COVID-19 pandemic highlighted the importance of the topic of scientific communication. Content creators in the field, as well as researchers who study the impact of scientific information online, are interested in how people react to these information resources and how they judge them. This study aims to devise a framework for extracting large social media datasets and find specific feedback to content delivery, enabling scientific content creators to gain insights into how the public perceives scientific information.
Design/methodology/approach
To collect public reactions to scientific information, the study focused on Twitter users who are doctors, researchers, science communicators or representatives of research institutes, and processed their replies for two years from the start of the pandemic. The study aimed in developing a solution powered by topic modeling enhanced by manual validation and other machine learning techniques, such as word embeddings, that is capable of filtering massive social media datasets in search of documents related to reactions to scientific communication. The architecture developed in this paper can be replicated for finding any documents related to niche topics in social media data. As a final step of our framework, we also fine-tuned a large language model to be able to perform the classification task with even more accuracy, forgoing the need of more human validation after the first step.
Findings
We provided a framework capable of receiving a large document dataset, and, with the help of with a small degree of human validation at different stages, is able to filter out documents within the corpus that are relevant to a very underrepresented niche theme inside the database, with much higher precision than traditional state-of-the-art machine learning algorithms. Performance was improved even further by the fine-tuning of a large language model based on BERT, which would allow for the use of such model to classify even larger unseen datasets in search of reactions to scientific communication without the need for further manual validation or topic modeling.
Research limitations/implications
The challenges of scientific communication are even higher with the rampant increase of misinformation in social media, and the difficulty of competing in a saturated attention economy of the social media landscape. Our study aimed at creating a solution that could be used by scientific content creators to better locate and understand constructive feedback toward their content and how it is received, which can be hidden as a minor subject between hundreds of thousands of comments. By leveraging an ensemble of techniques ranging from heuristics to state-of-the-art machine learning algorithms, we created a framework that is able to detect texts related to very niche subjects in very large datasets, with just a small amount of examples of texts related to the subject being given as input.
Practical implications
With this tool, scientific content creators can sift through their social media following and quickly understand how to adapt their content to their current user’s needs and standards of content consumption.
Originality/value
This study aimed to find reactions to scientific communication in social media. We applied three methods with human intervention and compared their performance. This study shows for the first time, the topics of interest which were discussed in Brazil during the COVID-19 pandemic.
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This paper investigates potential safe haven assets for Middle East and North Africa (MENA) stock markets during the uncertainty period of the COVID-19 pandemic.
Abstract
Purpose
This paper investigates potential safe haven assets for Middle East and North Africa (MENA) stock markets during the uncertainty period of the COVID-19 pandemic.
Design/methodology/approach
This study applies the dynamic conditional correlation–generalized autoregressive conditionally heteroskedastic (DCC-GARCH) model and the Diebold–Yilmaz spillover index for ten MENA stock markets, three precious metals and Bitcoin for the period 2013–2021.
Findings
Empirical results show, on the one hand, that the COVID-19 crisis risk has been transmitted to MENA stock markets through volatility spillover across markets. This has increased the conditional volatility for all markets. On the other hand, findings point out that the dynamic correlation between the precious metals/Bitcoin and stock markets is not stable and switches between low positive and negative values during the period under studies. Extending analysis to portfolio management, results reveal that investors should include precious metals/Bitcoin in their portfolio of stocks in order to reduce the risk of the portfolio. Finally, for the period of COVID-19, the analysis concludes that gold preserves its traditional role as a safe haven for MENA stock markets during the pandemic, while Bitcoin fails to provide this property.
Practical implications
These results have several implications for international investors, risk managers and financial analysts in terms of portfolio diversifications and hedging strategies. Indeed, the exploration of the volatility connectedness between financial, commodity and cryptocurrency markets becomes an essential task for all market participants during the COVID-19 outbreak. Such analysis can help investors and portfolio managers to evaluate the risk of investments in the MENA stock markets during the crisis period and to achieve the optimal diversification strategy and hedging instruments.
Originality/value
The paper interests MENA stock markets that experienced the last decade a substantial development in terms of market capitalization and number of listed firms. To the author’s knowledge, this is the first study that investigates the dynamic correlation between MENA stock markets and four potential safe haven assets, including three precious metals and Bitcoin. In addition, the paper employs two types of models, namely the DCC-GARCH model and the Diebold-Yilmaz spillover index.
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K. Sandar Kyaw, Yun Luo and Glauco De Vita
This study empirically examines the moderating role of geopolitical risk on the tourism–economic growth nexus by applying a recent geopolitical risk indicator developed by…
Abstract
Purpose
This study empirically examines the moderating role of geopolitical risk on the tourism–economic growth nexus by applying a recent geopolitical risk indicator developed by Caldara and Iacoviello (2022) in a cross-country panel data growth model context for a sample of 24 countries.
Design/methodology/approach
A Dummy Variable Least Squares panel data model, nonparametric covariance matrix estimator and SYS-GMM estimation techniques are employed for the analysis. The authors capture the GPR moderating effect by disaggregating the cross-country sample according to low versus high country GPR score and through a GPR interaction coefficient. Several controls are included in the models such as gross fixed capital formation and—consistent with Barro (1990)—government consumption. Trade openness is used to account for the export-led growth effect. In line with neoclassical growth theory (e.g. Barro, 1991), the authors also include the real interest rate, to account for policy makers' commitment to macroeconomic stability, financial depth, as a proxy for financial development, population growth and the level of secondary school education. The authors also control for unobserved country-specific and time-invariant effects.
Findings
The research finds that the interaction term of geopolitical risk significantly contributes to the predictive ability of the regression and provides empirical evidence that confirms that only in low geopolitical risk countries international tourism positively and significantly contributes to economic growth. Important theoretical and policy implications flow from these findings.
Originality/value
The study not only contributes to advancing academic knowledge on the tourism–growth nexus, it also has impact beyond academia. Many countries have in the past pursued and many continue to pursue, tourism specialization and/or tourism-led growth strategies based on the theoretically well-established and empirically validated positive link between inbound tourism and economic growth. The findings alert policy makers in such countries to the significant moderating role that geopolitical risk plays in affecting the above-mentioned relationship and to the importance of prioritizing geopolitical stability as a policy precursor for the successful implementation of such strategies.
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Emmanuel Joel Aikins Abakah, Nader Trabelsi, Aviral Kumar Tiwari and Samia Nasreen
This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and…
Abstract
Purpose
This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and during different market conditions, and their implications for portfolio management.
Design/methodology/approach
We use Time-varying parameter vector autoregressive and quantile frequency connectedness approach models for the connectedness framework, in conjunction with Diebold and Yilmaz’s connectivity approach. Additionally, we use the minimum connectedness portfolio model to highlight implications for portfolio management.
Findings
Regarding the uncertainty of the whole system, we show a small contribution from Bitcoin and Fintech, with a higher contribution from the four Asian Tigers (Taiwan, Singapore, Hong Kong and Thailand). The quantile and frequency analyses also demonstrate that the link among assets is symmetric, with short-term spillovers having the largest influence. Finally, Bitcoins and Fintech stocks are excellent diversification and hedging instruments for Asian equity investors.
Practical implications
There is an instantaneous, symmetric and dynamic return and volatility spillover between Asian stock markets, Fintech and Bitcoin. This conclusion should be considered by investors and portfolio managers when creating risk diversification strategies, as well as by policymakers when implementing their financial stability policies.
Originality/value
The study’s major contribution is to analyze the volatility spillover between Bitcoin, Fintech and Asian stock markets, which is dynamic, symmetric and immediate.
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Shinta Amalina Hazrati Havidz, Maria Divina Santoso, Theodore Alexander and Caroline Caroline
This study aims to identify the financial attributes of non-fungible tokens (NFTs) as safe havens, hedges or diversifiers against traditional (stock indices, foreign exchange…
Abstract
Purpose
This study aims to identify the financial attributes of non-fungible tokens (NFTs) as safe havens, hedges or diversifiers against traditional (stock indices, foreign exchange, gold and government bonds) and digital (Bitcoin and Ethereum) assets.
Design/methodology/approach
The quantile via moments was utilized, and the data spanned from 20 September 2021 to 31 January 2022. The authors incorporated feasible generalized least squares (FGLS) and difference-generalized method of moments (diff-GMM) as the robustness check.
Findings
Overall, NFTs offer strongly safe havens, hedging and diversifier attributes against cryptocurrencies, while weak properties for traditional assets. The specific findings are: (1) Bored Ape Yacht Club (BAYC) serves as a strong hedge for Bitcoin during market rise; (2) Mutant Ape Yacht Club (MAYC) serves as a strong safe haven against Bitcoin during market bull; (3) Crypto punk (CP) provides strong safe havens properties for gold during market turmoil while serving as a strong hedge against gold and Bitcoin on average and (4) the three blue-chip NFTs are powered by Ethereum blockchain, thus serving as a diversifier against Ethereum.
Practical implications
Bitcoin investors are suggested to include NFTs in their investment portfolio to mitigate the losses when Bitcoin falls. Meanwhile, the inclusion of crypto punk is advised for risk-averse investors who invest in gold. NFTs are powered by the Ethereum blockchain, indicating co-movement among them and thus, serve as diversifiers. Policymakers and regulators are suggested to watch closely over NFTs' great development and restructure the existing policies and thus, stabilization of asset markets can be achieved.
Originality/value
The originality aspects are: (1) focusing on the three blue-chip NFTs (i.e. BAYC, MAYC and CP) that are categorized as the largest NFTs by floor market capitalization; (2) testing the NFT attributes (safe havens, hedges or diversifiers) against traditional and digital assets, a.k.a., cryptocurrencies and (3) panel setting on 14 countries with the highest NFT users.
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Helga Mayr and Christian Baumgartner
Amid multiple crises and increasing volatility, sustainable development is a pressing concern. Higher Education for Sustainable Development, especially Responsible Management…
Abstract
Amid multiple crises and increasing volatility, sustainable development is a pressing concern. Higher Education for Sustainable Development, especially Responsible Management Education (RME), drives transformative change by fostering new perspectives on work, decision-making and leadership. Conferences serve as pivotal sustainability discussion platforms, yet many remain traditional and lack interactive student engagement. This hinders active involvement and collaborative problem-solving. The Global Goals Design Jam, a dynamic, nontraditional format explored in this study offers an alternative approach. By blending design thinking and playful learning and constructivist learning methods, the Global Goals Design Jam offers a space for collaborative and creative Sustainable Development Goals (SDGs) solutions. At the ninth Responsible Management Education Research Conference (RMERC) in September 2022, students from various universities took part in a Global Goals Design Jam. The current prestudy postulates that participation in a Global Goals Design Jam is primarily associated with positive attributes related to emotions and a sense of coherence. The potential for empowering learners to navigate real-world complexities and contribute to sustainability is highlighted, establishing formats like the Global Goals Design Jam as a valuable addition to educational conferences with a sustainability focus. The results also highlight potentials and limitations of the format and provide insights into further research requirements.
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Nicola Castellano, Roberto Del Gobbo and Lorenzo Leto
The concept of productivity is central to performance management and decision-making, although it is complex and multifaceted. This paper aims to describe a methodology based on…
Abstract
Purpose
The concept of productivity is central to performance management and decision-making, although it is complex and multifaceted. This paper aims to describe a methodology based on the use of Big Data in a cluster analysis combined with a data envelopment analysis (DEA) that provides accurate and reliable productivity measures in a large network of retailers.
Design/methodology/approach
The methodology is described using a case study of a leading kitchen furniture producer. More specifically, Big Data is used in a two-step analysis prior to the DEA to automatically cluster a large number of retailers into groups that are homogeneous in terms of structural and environmental factors and assess a within-the-group level of productivity of the retailers.
Findings
The proposed methodology helps reduce the heterogeneity among the units analysed, which is a major concern in DEA applications. The data-driven factorial and clustering technique allows for maximum within-group homogeneity and between-group heterogeneity by reducing subjective bias and dimensionality, which is embedded with the use of Big Data.
Practical implications
The use of Big Data in clustering applied to productivity analysis can provide managers with data-driven information about the structural and socio-economic characteristics of retailers' catchment areas, which is important in establishing potential productivity performance and optimizing resource allocation. The improved productivity indexes enable the setting of targets that are coherent with retailers' potential, which increases motivation and commitment.
Originality/value
This article proposes an innovative technique to enhance the accuracy of productivity measures through the use of Big Data clustering and DEA. To the best of the authors’ knowledge, no attempts have been made to benefit from the use of Big Data in the literature on retail store productivity.
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Research serves to elucidate and tackle real-world issues (e.g. capitalizing opportunities and solving problems). Critical to research is the concept of validity, which gauges the…
Abstract
Purpose
Research serves to elucidate and tackle real-world issues (e.g. capitalizing opportunities and solving problems). Critical to research is the concept of validity, which gauges the extent to which research is adequate and appropriate in representing what it intends to measure and test. In this vein, this article aims to present a typology of validity to aid researchers in this endeavor.
Design/methodology/approach
Employing a synthesis approach informed by the 3Es of expertise, experience, and exposure, this article maintains a sharp focus on delineating the concept of validity and presenting its typology.
Findings
This article emphasizes the importance of validity and explains how and when different types of validity can be established. First and foremost, content validity and face validity are prerequisites assessed before data collection, whereas convergent validity and discriminant validity come into play during the evaluation of the measurement model post-data collection, while nomological validity and predictive validity are crucial in the evaluation of the structural model following the evaluation of the measurement model. Additionally, content, face, convergent and discriminant validity contribute to construct validity as they pertain to concept(s), while nomological and predictive validity contribute to criterion validity as they relate to relationship(s). Last but not least, content and face validity are established by humans, thereby contributing to the assessment of substantive significance, whereas convergent, discriminant, nomological and predictive validity are established by statistics, thereby contributing to the assessment of statistical significance.
Originality/value
This article contributes to a deeper understanding of validity’s multifaceted nature in research, providing a practical guide for its application across various research stages.
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