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The purpose of this stud is to analyze the financialization effect on oil prices.
Abstract
Purpose
The purpose of this stud is to analyze the financialization effect on oil prices.
Design/methodology/approach
This study applied the technique of multibreak point analysis with Bai and Perron test plus VAR methodology.
Findings
Findings revealed that there was no effect on oil prices.
Originality/value
To the best of the author’s knowledge, this is the first paper combining the multibreakpoint analysis with VAR for the period analyzed in the present work.
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Keywords
Samya Tahir, Sadaf Ehsan, Mohammad Kabir Hassan and Qamar Uz Zaman
This study examines the moderating effects of low and high levels of voluntary disclosures (VDs) between corporate governance and information asymmetry (IA).
Abstract
Purpose
This study examines the moderating effects of low and high levels of voluntary disclosures (VDs) between corporate governance and information asymmetry (IA).
Design/methodology/approach
The study used PROCESS macro to construct bootstrap confidence intervals at the 95% level to estimate the model, and “simple slope analysis” to visualize the model.
Findings
The better corporate governance provides a monitoring mechanism that disseminates private information and reduces IA. The effect of corporate governance on IA is contingent on the levels of VDs within a firm, and this relationship is strengthened when the level of VDs within a firm is high, and results remain consistent when levels of sub-indices are high. Additional analysis reveals that effective boards and audit committees reduce IA. Increased inside, an associated company, family and foreign ownership exacerbate IA, whereas institutional owners act as effective monitors to overcome informational disadvantages.
Practical implications
The findings provide implications for policymakers to promote corporate governance and more relevant reporting practices as effective mechanisms for protecting shareholders' rights and attenuating IA in capital markets.
Originality/value
The study is valuable to understand the strength of the relationship between corporate governance and information asymmetries based on the moderating role of different VD levels.
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Keywords
The purpose of this paper is to investigate whether management strategies implemented by non-commercial traders may be identified as a key factor in affecting oil price paths in…
Abstract
Purpose
The purpose of this paper is to investigate whether management strategies implemented by non-commercial traders may be identified as a key factor in affecting oil price paths in the conventional pre- and post-financialization periods.
Design/methodology/approach
By using a vector autoregressive approach the dynamic analysis of the daily stock indexes for some of the most important world economies and the oil prices is conducted starting from 1992 to the end of 2020.
Findings
The findings do not support the idea that the financial markets act as a privileged conduit in transmitting the shocks to the oil spot quotations.
Originality/value
Such a direct assessment has not been previously proposed in literature wherein – under a financial perspective – the returns are generally taken into consideration.
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