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Article
Publication date: 8 August 2023

Sivakumar Sundararajan and Senthil Arasu Balasubramanian

This study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously…

Abstract

Purpose

This study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data.

Design/methodology/approach

This study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission.

Findings

This study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature.

Practical implications

These findings can potentially help market participants, policymakers, stock exchanges and regulators.

Originality/value

Unlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 14 August 2023

Ana Junça-Silva, Henrique Duarte and Susana C. Santos

Discovering opportunities is a key entrepreneurship competence for those who want to start their own business and who choose to enter the workforce. In this study, the authors…

Abstract

Purpose

Discovering opportunities is a key entrepreneurship competence for those who want to start their own business and who choose to enter the workforce. In this study, the authors focus on the antecedents of the ability to discover entrepreneurial opportunities by uncovering how and when students' personal initiative (Frese and Fay, 2001) leads to an increase in this key competency. The purpose of this study was to examine the role of risk-taking and creativity in the interplay between personal initiative and opportunity discovery competencies among university students.

Design/methodology/approach

Data were collected with a self-assessment tool in two moments in time, using a sample of 103 university students from Portugal enrolled in an entrepreneurship course. The authors measured personal initiative and entrepreneurial risk-taking at the beginning of the entrepreneurship course (Time 1). Two months later (Time 2), by the end of an entrepreneurship course, the authors measured creativity and opportunity discovery abilities.

Findings

The results of this study showed that risk-taking mediates the effect of personal initiative on opportunity discovery and that creativity interacts with risk-taking and opportunity discovery. Specifically, the authors found that the relationship between entrepreneurial risk-taking and opportunity discovery is positive and statistically significant when students display average or above-average creativity. The indirect effect of the personal initiative on opportunity discovery through entrepreneurial risk-taking seems to increase when the student's creativity increases, as the index of moderated mediation is positive.

Research limitations/implications

As with all studies, there are limitations to work of this study. First, data of this study is restricted to a sample of students from Portugal. As such, the authors should be careful about generalizations concerning students from other cultural settings; entrepreneurship competencies can differ across countries. Second, the findings of the present study are based on students’ self-reports regarding their own entrepreneurship competencies.

Originality/value

This work can inspire entrepreneurship educators to look at the entrepreneurship competencies models holistically and inspire future work to explore the relationship patterns between entrepreneurial competencies.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 18 no. 1
Type: Research Article
ISSN: 1750-6204

Keywords

Open Access
Article
Publication date: 29 September 2022

Francis Donbesuur, Magnus Hultman, Nathaniel Boso and Pejvak Oghazi

The aim of the study is to examine the effects of opportunity creation and discovery on the performance of family firms. Specifically, from the tenets of dynamic capabilities and…

Abstract

Purpose

The aim of the study is to examine the effects of opportunity creation and discovery on the performance of family firms. Specifically, from the tenets of dynamic capabilities and organizational contingency perspectives, this study proposes and tests a framework of how family firms' creation and discovery behavior impact venture growth and the conditions under which such impact can vary.

Design/methodology/approach

The study uses moderated-hierarchical regression to analyze survey data from 156 family-owned small and medium-sized enterprises (SMEs) operating within a sub-Saharan African economy.

Findings

The findings indicate that creation behavior has a curvilinear U-shaped relationship with venture growth, while discovery behavior has a direct positive relationship with venture growth. Further analysis reveals that the curvilinearity of the U-shaped relationship between creation and venture growth will be stronger for older family firms than for younger ones.

Research limitations/implications

The study findings may be limited by the cross-sectional nature of the data and the specific focus on family firms only.

Practical implications

The results highlight the significance of pursuing both opportunities among family firms. In fact, both creation and discovery opportunities are significant drivers of family firm growth, albeit in different capacities. Relatedly, managers of older family firms (compared to younger firms) can invest more in exploiting creative opportunities.

Social implications

From these findings, governments and other stakeholders should create enabling environment and institutional frameworks conducive to exploiting opportunities by entrepreneurial firms.

Originality/value

The study is novel – as it provides unique findings on the performance implications of creation and discovery behavior of entrepreneurial family firms within developing economies.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 29 no. 1
Type: Research Article
ISSN: 1355-2554

Keywords

Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

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Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 8 March 2019

Meg Galasso, Rachael Anne Cohen and Angie Thorpe Pusnik

The purpose of this paper is to illustrate why libraries should develop instructional plans to further integrate Web-scale discovery services into the academy, as well as propose…

Abstract

Purpose

The purpose of this paper is to illustrate why libraries should develop instructional plans to further integrate Web-scale discovery services into the academy, as well as propose a three-fold delivery plan to achieve this goal.

Design/methodology/approach

This paper documents a strategy to integrate Web-scale discovery services into library training and instruction for multiple audiences. The strategy is informed by past analysis of discovery service search queries.

Findings

It presents a three-part training plan that can be applied to multiple audiences, universities/colleges and even discovery service platforms.

Practical implications

The strategies and practices detailed in this paper are easily adaptable to other institutions that currently subscribe to Web-scale discovery service products.

Originality/value

This paper introduces an innovative approach toward transforming Web-scale discovery instruction across the academy, based on search query analysis.

Details

Reference Services Review, vol. 47 no. 1
Type: Research Article
ISSN: 0090-7324

Keywords

Article
Publication date: 20 June 2016

Sanjay Garg, Kirit Modi and Sanjay Chaudhary

Web services play vital role in the development of emerging technologies such as Cloud computing and Internet of Things. Although, there is a close relationship among the discovery

Abstract

Purpose

Web services play vital role in the development of emerging technologies such as Cloud computing and Internet of Things. Although, there is a close relationship among the discovery, selection and composition tasks of Web services, research community has treated these challenges at individual level rather to focus on them collectively for developing efficient solution, which is the purpose of this work. This paper aims to propose an approach to integrate the service discovery, selection and composition of Semantic Web services on runtime basis.

Design/methodology/approach

The proposed approach defined as a quality of service (QoS)-aware approach is based on QoS model to perform discovery, selection and composition tasks at runtime to enhance the user satisfaction and quality guarantee by incorporating non-functional parameters such as response time and throughput with the Web services and user request. In this paper, the proposed approach is based on ontology for semantic description of Web services, which provides interoperability and automation in the Web services tasks.

Findings

This work proposed an integrated framework of Web service discovery, selection and composition which supports end user to search, select and compose the Web services at runtime using semantic description and non-functional requirements. The proposed approach is evaluated by various data sets from the Web Service Challenge 2009 (WSC-2009) to show the efficiency of this work. A use case scenario of Healthcare Information System is implemented using proposed work to demonstrate the usability and requirement the proposed approach.

Originality/value

The main contribution of this paper is to develop an integrated approach of Semantic Web services discovery, selection and composition by using the non-functional requirements.

Details

International Journal of Web Information Systems, vol. 12 no. 2
Type: Research Article
ISSN: 1744-0084

Keywords

Article
Publication date: 11 October 2021

Manogna R.L. and Aswini Kumar Mishra

Market efficiency leads to transparent and fair price discovery of commodity markets, thus enhancing the value chain for competitive benefit. The purpose of this paper is to…

Abstract

Purpose

Market efficiency leads to transparent and fair price discovery of commodity markets, thus enhancing the value chain for competitive benefit. The purpose of this paper is to investigate the market efficiency of Indian agricultural commodities at spot, futures and mandi markets apart from exploring price risk management in these markets.

Design/methodology/approach

This study uses Johansen co-integration, vector error correction model and granger causality for analyzing market efficiency of the nine most liquid agricultural commodities across three markets, namely, spot, futures and mandi. All these nine commodities are traded on National Commodity and Derivatives Exchange.

Findings

The statistical results indicate price discovery exists in the mandi market and spot market leading to futures prices. Mandi price returns are seen to negatively influence futures returns in the case of cotton seed, guar seed and spot returns in the case of jeera, coriander and chana. For castor seed, the three markets are seen to have no long run relationship. The results of Granger causality reveal short run relationship between all the three markets in the case of soybean seed and coriander. In these commodities, prices in all three markets are capable of predicting the prices in the other markets. For the case of cottonseed, Rape Mustard seed, jeera, guar seed, the results indicate unidirectional causality between the mandi markets and the other two markets.

Research limitations/implications

These results shall facilitate policymakers to explore intervention through integrated agri-platform (IAP) in price discovery and market efficiency.

Practical implications

The results of this study are useful in understanding the price discovery of mandi markets and its role in the spot and futures market. Agricultural commodities price discovery depends upon the integration of all these three markets. Introduction of IAP as described in the paper shall facilitate price risk management apart from improving the efficiency of price discovery.

Originality/value

To the best of the knowledge, this is the first study considering mandi, spot and futures prices in the price discovery process in India. In addition, this study found the role of mandi markets in serving the economic function of price discovery and price risk management. Hence, suggests for policy intervention for Indian agricultural commodities to manage price risk.

Article
Publication date: 2 August 2013

Preedip Balaji Babu and M. Krishnamurthy

The purpose of this paper is to analyse the paradigm shift of library automation to resource discovery by exploring the applications of resource discovery. The present status of…

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Abstract

Purpose

The purpose of this paper is to analyse the paradigm shift of library automation to resource discovery by exploring the applications of resource discovery. The present status of India on adapting resource discovery applications is discussed.

Design/methodology/approach

An evaluative method to examine the status quo of India automation and resource discovery scenario is drawn with a related literature review. Moreover, various pertinent global challenges of embracing discovery tools in the digital environment are highlighted.

Findings

The growth of the Indian library automation industry is booming. However, library software adaptation, next‐generation catalogue enhancements and community development avenues are dearth, seemingly remote and far from satisfactory.

Originality/value

The paper focuses on the emerging scenario of resource discovery applications with an overview of global challenges.

Details

The Electronic Library, vol. 31 no. 4
Type: Research Article
ISSN: 0264-0473

Keywords

Article
Publication date: 16 December 2019

Hai Guo, Jintong Tang and Zelong Wei

By integrating the resource management perspective and the optimal distinctiveness perspective, the purpose of this paper is to explain how firms configure their managerial ties…

Abstract

Purpose

By integrating the resource management perspective and the optimal distinctiveness perspective, the purpose of this paper is to explain how firms configure their managerial ties and competences to identify entrepreneurial opportunities.

Design/methodology/approach

Using survey data collected from 238 firms in a transition economy, this paper tests a model of firms’ exploration and exploitation competences under which managerial ties promote or constrain opportunity discovery.

Findings

The paper finds that managerial ties are positively related to opportunity discovery. More importantly, competence exploration strengthens the impact of business ties on opportunity discovery, whereas it weakens the impact of political ties. On the contrary, competence exploitation strengthens the effect of political ties on opportunity discovery, whereas it weakens the impact of business ties.

Originality/value

First, the findings enrich the social network perspective of opportunity recognition by linking managerial social ties to opportunity discovery in the context of a transition economy. Second, this paper adds to current understanding of the resource management perspective and the optimal distinctiveness perspective by exploring the fit between different managerial ties (business ties vs political ties) and different competences (exploration vs exploitation) in contributing to opportunity discovery.

Details

Management Decision, vol. 58 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

Open Access
Article
Publication date: 24 May 2021

A.N. Vijayakumar

Transparent and fair price discovery is essential to commodity market participants in the trade value chain for competitive benefit. The purpose of this paper is to investigate…

2521

Abstract

Purpose

Transparent and fair price discovery is essential to commodity market participants in the trade value chain for competitive benefit. The purpose of this paper is to investigate the price discovery of Indian cardamom at e-auction, spot and futures markets in addition to the existence of the day of the week effect at e-auction apart from exploring a novel price risk management framework.

Design/methodology/approach

This study used Johansen co-integration, vector error correction model, Granger causality and regression with dummy variables to understand a day of the week effect in high-value agri-commodity of cardamom e-auction prices. These price data were based on authenticated sources of Spices Board India and Multi Commodity Exchange of India Ltd.

Findings

The statistical results indicate price discovery exists in the e-auction market and it leads to spot and futures prices. cardamom e-auction prices are negatively related to cardamom futures and positively related to spot prices. It also finds the non-existence of the day of the week effect in the high-value cardamom e-auction system in India. The study revealed that a cardamom e-auction is more active in price discovery than a cardamom futures contract.

Research limitations/implications

These results shall facilitate policymakers to explore intervention of online forward market mechanism at the national level to ensure price discovery and market efficiency. However, the study did not explore reasons for the non-equilibrium of a cardamom futures contract with spot and e-auction market.

Practical implications

The results of this study are useful in understanding the price discovery of cardamom e-auction and its role in the spot and futures market. Cardamom price discovery depends upon the e-auction system; any change of auction policy shall be binding on Indian cardamom prices. The introduction of an online forward market mechanism as described in the paper shall facilitate price risk management apart from improving the efficiency of price discovery.

Originality/value

This is the first study considering cardamom e-auction, spot and futures prices in the price discovery process in India. Statistical results of a day of the week effect clearly show no significant volatility of cardamom prices during the week. Besides, this study did not find the role of cardamom futures contracts intended to serve the economic function of price discovery and price risk management. Hence, suggests policy intervention for implementing an online Forward Market mechanism for Indian cardamom to ensure market efficiency and manage price risk.

Details

Vilakshan - XIMB Journal of Management, vol. 19 no. 1
Type: Research Article
ISSN: 0973-1954

Keywords

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