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Article
Publication date: 7 September 2015

Dinesh Kumar Sharma and Meenakshi Malhotra

Guar Seed crop is ruling the Indian International business mainly due to its application as a drilling fluid in shale energy industry concentrated in the USA. One of the…

Abstract

Purpose

Guar Seed crop is ruling the Indian International business mainly due to its application as a drilling fluid in shale energy industry concentrated in the USA. One of the allegations against futures market is its possible role in increasing the volatility of underlying physical market prices. Suspension of guar seed futures contract in 2012 at National Commodity Derivatives Exchange of India (NCDEX)-India, has reignited the controversy and raised an alarm bell to peek into obscure world of Indian commodity derivatives market. Against the backdrop of fiasco in guar futures trading, the purpose of this paper is to investigate whether sudden surge in futures trading volume leads to increase in the volatility of spot market prices.

Design/methodology/approach

Guar seed spot returns volatility is modeled as a GARCH (1, 1) process. Futures trading volume and open interest are segregated into expected and unexpected components. The data are analyzed from 2004 to 2011 using Augmented GARCH model to study the contemporaneous relationship between spot volatility and unexpected futures trading activity and Granger Causality test for examining the dynamic relationship between them and ascertaining causality.

Findings

Augmented GARCH model reports positive relationship between unexpected futures trading volume (UTV) and spot returns volatility, and, Granger Causality flows from UTV to spot volatility. Therefore, when the level of futures trading volume increases unexpectedly, the volatility of spot prices increases pointing toward the destabilizing impact of futures trading. However, hedger’s activity, represented by open interest is not seen to have any causal/destabilizing impact on spot price volatility of guar seed.

Practical implications

The study provides empirical evidence to support the concern of regulators, genuine hedgers and other traders about the presence of excessive speculation and market manipulations perpetrated through futures market that is disturbing the underlying physical market instead of strengthening it by aiding in price discovery and risk mitigation.

Originality/value

There are very few studies which have empirically investigated the temporal relation between volume and volatility in Indian agricultural commodity markets. With guar seed as a special case the present study investigates statistically the impact of futures trading on spot price volatility. In light of the findings of the study, the curb imposed on guar seed futures trading in 2012 was justified.

Details

Agricultural Finance Review, vol. 75 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 1 March 1989

D.T. Nguyen

This article shows that partial price stabilisation is superior tocomplete price stabilisation in stabilising national export earnings invirtually all situations and is…

Abstract

This article shows that partial price stabilisation is superior to complete price stabilisation in stabilising national export earnings in virtually all situations and is more likely to stabilise national than world export earnings, in contrast to the findings of an earlier study. It also shows that the kind of partial price stabilisation achievable in practice is almost certain to reduce instability in the export earnings from each commodity for every exporting country.

Details

Journal of Economic Studies, vol. 16 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

Book part
Publication date: 21 January 2022

Charlotte Haines Lyon

This chapter will detail the methodologies and methods used in a research project aimed to develop a working democratic model of parent engagement in a coastal primary…

Abstract

This chapter will detail the methodologies and methods used in a research project aimed to develop a working democratic model of parent engagement in a coastal primary school in England. Building on John Macmurray's (1958/2012) insistence that learning to live and act in relationship with each other is vital to democracy and thus education, the project involved working with a group of parents who explored different ways of working with and relating to the school. Initially, the study involved using Community Philosophy (SAPERE, 2015) which provided a forum to discuss, problematise and develop new concepts and forms of parent engagement. As the research project continued, it was necessary to take a post-structuralist turn and develop a more dissensual approach to both parent engagement and research. This chapter explores the need for such an approach argues for a re-conceptualisation of action research as the rope makers tool, the fid, an approach that ruptures understandings and the status quo. The implications of such an approach are explored, especially the need for a destabilising approach to methodology and research ethics.

Details

Repositioning Out-of-School Learning
Type: Book
ISBN: 978-1-78769-739-3

Keywords

Article
Publication date: 1 October 1960

D.J. Johns and P.C. Parks

The effect of structural damping on panel flutter has received little treatment in the literature but the available information suggests that such an effect may be…

Abstract

The effect of structural damping on panel flutter has received little treatment in the literature but the available information suggests that such an effect may be destabilizing. By considering a two‐dimensional, simply‐supported panel and using linear piston theory for the aerodynamic forces an analysis is presented in which the effect of hysteretic structural damping is considered. The main emphasis is on flat unbuckled panels, although a brief investigation of buckled panels is also presented, and it is concluded that there is an interdependence of structural and aerodynamic damping, which in the range of Mach numbers for which piston theory is valid, shows the destabilizing effect of structural damping. This effect is apparently more pronounced at high altitudes. A comprehensive bibliography of panel flutter is also included.

Details

Aircraft Engineering and Aerospace Technology, vol. 32 no. 10
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 13 March 2009

Roger B. Mason and Gavin Staude

The purpose of this paper is to propose that the choice of marketing tactics is influenced by the company's external environment. It aims to illustrate the marketing…

4189

Abstract

Purpose

The purpose of this paper is to propose that the choice of marketing tactics is influenced by the company's external environment. It aims to illustrate the marketing tactics suggested for a complex, turbulent environment, when marketing and the environment are viewed through a complexity lens.

Design/methodology/approach

A marketing mix model, derived from complexity literature, was assessed via a multiple case study to identify the type of marketing mix suggested for a complex, turbulent environment. The study was exploratory, using in‐depth interviews with two companies in the IT industry.

Findings

The results tentatively confirmed that the more successful company used a destabilizing marketing mix, and suggest that using complexity theory to develop marketing tactics could be helpful in turbulent environments.

Research limitations/implications

The findings are limited by the study's exploratory, qualitative nature and the small sample. Generalizing should be done with care and therefore further research with larger samples and in different environments is recommended.

Practical implications

The paper will benefit marketers by emphasizing a new way to consider future marketing activities of their companies. The model can assist marketers to identify the tactics to use, dependent on the nature of their environment.

Originality/value

Most work on complexity in marketing has concentrated on strategy, with little emphasis on tactics and the marketing mix. Therefore, the paper is an important contribution to the understanding of marketing mix choices, of interest to both practising marketers and marketing academics.

Details

Industrial Management & Data Systems, vol. 109 no. 2
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 11 May 2015

Helen Murphy and Pauline Rafferty

The purpose of this paper is to explore relationships between social tagging and key poststructuralist principles; to devise and construct an analytical framework through…

1323

Abstract

Purpose

The purpose of this paper is to explore relationships between social tagging and key poststructuralist principles; to devise and construct an analytical framework through which key poststructuralist principles are converted into workable research questions and applied to analyse Librarything tags, and to assess the validity of performing such an analysis. The research hypothesis is that tagging represents an imperfect analogy for the poststructuralist project.

Design/methodology/approach

Tags from LibraryThing and from a library OPAC were compared and constrasted with Library of Congress Subject Headings (LCSH) and publishers’ descriptions. Research questions derived from poststructuralism, asked whether tags destabilise meaning, whether and how far the death of the author is expressed in tags, and whether tags deconstruct LCSH.

Findings

Tags can temporarily destabilise meaning by obfuscating the structure of a word. Meaning is destabilised, perhaps only momentarily, and then it is recreated; it might resemble the original meaning, or it may not, however any attempt to make tags useful or functional necessarily imposes some form of structure. The analysis indicates that in tagging, the author, if not dead, is ignored. Authoritative interpretations are not pervasively mimicked in the tags. In relation to LCSH, tagging decentres the dominant view, but neither exposes nor judges it. Nor does tagging achieve the final stage of the deconstructive process, showing the dominant view to be a constructed reality.

Originality/value

This is one of very few studies to have attempted a critical theoretical approach to social tagging. It offers a novel methodological approach to undertaking analysis based on poststructuralist theory.

Details

Journal of Documentation, vol. 71 no. 3
Type: Research Article
ISSN: 0022-0418

Keywords

Article
Publication date: 10 October 2016

Jaemin Kim, Joon-Seok Kim and Sean Sehyun Yoo

The authors investigate the 2008-2009 short-sales ban in Korea, one of the most comprehensive and restrictive short-selling bans worldwide. The purpose of this paper is to…

Abstract

Purpose

The authors investigate the 2008-2009 short-sales ban in Korea, one of the most comprehensive and restrictive short-selling bans worldwide. The purpose of this paper is to examine: whether the ban stopped a destabilizing effect, if there was any, of short-selling activities; whether the ban improved or deteriorated the informational efficiency or the price discovery process of the stock market; and whether the ban had any impact on market liquidity.

Design/methodology/approach

Multiple regression; vector autoregression analysis; and generalized autoregressive conditional heteroskedasticity analysis.

Findings

The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect. On the contrary, the short-selling ban is associated with an increase in return volatility and a deterioration of the price discovery process, particularly for the stocks without derivatives traded on them. The authors also find evidence of a liquidity decrease for short-sale intensive stocks. However, the evidence is inconclusive as to whether the market efficiency and liquidity changes are solely the result of the short-sales ban or the compound effects of both the ban and the concurrent progress of the financial crisis.

Originality/value

The literature does not provide a conclusive view on the effects of short-sales or restrictions thereof on the stock market. Also, the existing research on recent worldwide shorting bans often lack empirical scope (e.g. 32 stocks for UK; three weeks for USA). In contrast, the short-sales ban in the Korean stock market, one of the most comprehensive and restrictive short-selling bans worldwide, lasted for eight months for all the listed stocks and is still in effect for financial stocks. The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect.

Details

International Journal of Managerial Finance, vol. 12 no. 5
Type: Research Article
ISSN: 1743-9132

Keywords

Executive summary
Publication date: 11 May 2022

IRAQ: Iranian involvement is destabilising

Details

DOI: 10.1108/OXAN-ES270124

ISSN: 2633-304X

Keywords

Geographic
Topical
Book part
Publication date: 27 September 2011

Mangesh Tayde and S.V.D. Nageswara Rao

Purpose – The aggregate investment by foreign institutional investors (FIIs) in the Indian stock market is significant compared to that by domestic institutions and…

Abstract

Purpose – The aggregate investment by foreign institutional investors (FIIs) in the Indian stock market is significant compared to that by domestic institutions and individual (retail) investors. The question of whether FIIs exhibit herding and positive feedback trading while investing in the Indian stock markets has not been examined so far. This study is an attempt to fill the gap and contribute to the existing evidence on foreign portfolio investment in India.

Methodology/approach – We have analyzed the daily data on purchases and sales of securities by FIIs sourced from the Securities and Exchange Board of India (SEBI), and the Bombay Stock Exchange (BSE). We have adopted the approach of Lakonishok et al. (1992), and Wermers (1999) to examine herding and positive feedback trading by foreign investors.

Findings – Our results suggest that FIIs exhibit herding and positive feedback trading during different phases of the stock market. This observed behavior is prominent in but not restricted to large cap stocks as they enjoy better liquidity.

Social implication – The herding and positive feedback trading by FIIs is a cause for concern for government of India, capital market regulator (SEBI), and the country's central bank (RBI) as it adversely affects stock prices and volatility. They are required to formulate and implement a suitable policy response given their objective of protecting the interests of small investors in the market. They may also have to monitor the purchases and sales of equities by FIIs in general and of better performing large cap stocks in particular.

Executive summary
Publication date: 16 March 2022

LIBYA: Rival governments will destabilise country

Details

DOI: 10.1108/OXAN-ES268009

ISSN: 2633-304X

Keywords

Geographic
Topical
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