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The purpose of this paper is to examine the day-of-the-week effects of Bitcoin (BTC) markets on the exchange level from January 2014 to September 2018.

The in-depth study on the day-of-the-week effects is conducted by using data consisting of Bitcoin prices denominated in 20 fiat currencies from 23 Bitcoin trading exchanges through the method of rolling sample for calendar effect proposed by Zhang et al. (2017).

It is shown by the empirical results that different patterns of the day-of-the-week effects are observed on Bitcoin denominated in various fiat currencies by referring to the price data collected from exchanges. Furthermore, the patterns of the day-of-the-week effects are also available after adjusting Bitcoin prices denominated in domestic currencies into USD.

Because of the discontinuity of data for some daily return series, estimation with dynamic variance is not applicable. It is assumed that the error item follows normal distribution with constant variance.

The day-of-the-week effects are wide-spread in Bitcoin markets, and they are not mainly caused by movements of foreign exchange rates. Actually, empirical findings in this study provide evidence for inefficiency of Bitcoin markets.

The purpose of this paper is to investigate how the selection of return distribution impacts estimated volatility in China’s stock market.

The authors use a Bayesian analysis of fat-tailed stochastic volatility (SV) model with Student’s t-distribution, and conduct an out-of-sample test with realized volatility.

Empirical analysis results indicate that fat-tailed SV model performs better in capturing the dynamics of daily returns. The authors find that asymmetry, holiday and day of the week effects are detected in estimated volatility. However, the out-of-sample comparison shows that fat-tailed SV models fail to outperform SV models with normal distribution in fitting and predicting realized volatility.

The contribution of this paper to existing literature is twofold. First, it proves that fat-tailed SV models with Student’s t-distribution perform better than normally distributed SV models in fitting daily returns of China’s stock market. Second, this paper takes asymmetry, holiday and day of the week effects into consideration at the same time in the fat-tailed SV model.

The ongoing paradigm shift in the energy sector holds paramount implications for the realization of the sustainable development goals, encompassing critical domains such as resource optimization, environmental stewardship and workforce opportunities. Concurrently, this transformative trajectory within the power sector possesses a dual-edged nature; it may ameliorate certain challenges while accentuating others. In light of the burgeoning research stream on open innovation, this study aims to examine the intricate dynamics of knowledge-based industry-university-research networking, with an overarching objective to elucidate and calibrate the equilibrium of ambidextrous innovation within power systems.

The authors scrutinize the role of different innovation organizations in three innovation models: ambidextrous, exploitative and exploratory, and use a multiobjective decision analysis method-entropy weight TOPSIS. The research was conducted within the sphere of the power industry, and the authors mined data from the widely used PatSnap database.

Results show that the breadth of knowledge search and the strength of an organization’s direct relationships are crucial for ambidextrous innovation, with research institutions having the highest impact. In contrast, for exploitative innovation, depth of knowledge search, the number of R&D patents and the number of innovative products are paramount, with universities playing the most significant role. For exploratory innovation, the depth of knowledge search and the quality of two-mode network relations are vital, with research institutions yielding the best effect. Regional analysis reveals Beijing as the primary hub for ambidextrous and exploratory innovation organizations, while Jiangsu leads for exploitative innovation.

The study offers valuable implications to cope with the dynamic state of ambidextrous innovation performance of the entire power system. In light of the findings, the dynamic state of ambidextrous innovation performance within the power system can be adeptly managed. By emphasizing a balance between exploratory and exploitative strategies, stakeholders are better positioned to respond to evolving challenges and opportunities. Thus, the study offers pivotal guidance to ensure sustained adaptability and growth in the power sector’s innovation landscape.

The primary originality is to extend and refine the theoretical understanding of ambidextrous innovation within power systems. By integrating several theoretical frameworks, including social network theory, knowledge-based theory and resource-based theory, the authors enrich the theoretical landscape of power system ambidextrous innovation. Also, this inclusive examination of two-mode network structures, including the interplay between knowledge and cooperation networks, unveils the intricate interdependencies between these networks and the ambidextrous innovation of power systems. This approach significantly widens the theoretical parameters of innovation network research.

Although scholars have investigated how social entrepreneurs create and develop social enterprises in the penurious stable environment, how they are created in the penurious unstable environment has yet been overlooked. The purpose of this paper is to address this research gap by exploring how internally displaced individuals, despite the lack of resources, create and develop a social enterprise to serve the other displaced population in the war and conflict zones.

Underpinned by a biographical research design, in-depth interviews with internally displaced individuals who have created social enterprises in the war and conflict zones were undertaken. Three social entrepreneurs were chosen for this study from three different social enterprises that are created by internally displaced individuals to serve the other internally displaced people of three different countries, namely, Pakistan, Afghanistan and Syria.

The single and cross-case analysis found that internally displaced individuals deploy bricolage strategy, for example, reconfiguration of pre-existing resources and competencies (both internal and external), to start up a social venture in the war and conflict zones. They utilise pre-existing internal resources, mainly human capital, and external resources, through a frugal approach towards resources acquisitions. The authors also found that the displaced social entrepreneurs utilise resources of other displaced individuals, for example, networks, volunteers, local knowledge and financial supports mainly from older arrivals, and develop their own enterprise ecosystem within the host location to co-create and co-develop social enterprise and social values for all of them.

The findings show that internally displaced individuals utilise bricolage strategies to create and develop socially entrepreneurial venture to serve other internally displaced individuals in the war and conflict zones. As the findings are based on three case studies, for confirmatory approach, a quantitative study with a large sample size is necessary. Furthermore, as the differences in economic, cultural and linguistic in between the home and host locations can have impact on the creation and the development of a social venture, they should be considered in the future studies.

This study contributes to the limited literature and studies on social entrepreneurship, specifically, to the context of unstable penurious environment. It also contributes to the literature on bricolage by extending its application from penurious stable environment to the penurious unstable environment. By exploring what and how internal and external resources are utilised to create and develop a socially entrepreneurial venture in a war and conflict zones, this study has added value to the literature on not only bricolage but also entrepreneurship in war and conflict zones.