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Book part
Publication date: 30 September 2020

Barry Eidlin and Michael A. McCarthy

Social class has long existed in tension with other forms of social difference such as race, gender, and sexuality, both in academic and popular debate. While…

Abstract

Social class has long existed in tension with other forms of social difference such as race, gender, and sexuality, both in academic and popular debate. While Marxist-influenced class primacy perspectives gained prominence in US sociology in the 1970s, they faded from view by the 1990s, replaced by perspectives focusing on culture and institutions or on intersectional analyses of how multiple forms of social difference shape durable patterns of disempowerment and marginalization. More recently, class and capitalism have reasserted their place on the academic agenda, but continue to coexist uneasily with analyses of oppression and social difference. Here we discuss possibilities for bridging the gap between studies of class and other forms of social difference. We contend that these categories are best understood in relation to each other when situated in a larger system with its own endogenous dynamics and tendencies, namely capitalism. After providing an historical account of the fraught relationship between studies of class and other forms of social difference, we propose a theoretical model for integrating understandings of class and social difference using Wright et al.‘s concept of dynamic asymmetry. This shifts us away from discussions of which factors are most important in general toward concrete discussions of how these factors interact in particular cases and processes. We contend that class and other forms of social difference should not be studied primarily as traits embodied in individuals, but rather with respect to how these differences are organized in relation to each other within a framework shaped by the dynamics of capitalist development.

Details

Rethinking Class and Social Difference
Type: Book
ISBN: 978-1-83982-020-5

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Article
Publication date: 19 February 2018

Marek Michalski, Jose-Luis Montes-Botella and Ram Narasimhan

This paper aims to examine the non-linear aspects of the relationship between asymmetry and performance in supply chains (SCs), under varying intensities of collaboration…

Abstract

Purpose

This paper aims to examine the non-linear aspects of the relationship between asymmetry and performance in supply chains (SCs), under varying intensities of collaboration and integration.

Design/methodology/approach

The paper offers a useful new approach to designing strategic elements of supply chain management (SCM) relationships. Using the partial least squares method, an empirical study of 66 companies in Spain has been conducted to clarify contemporary relationships, suggest new directions and ultimately contribute toward developing SCM theory.

Findings

The influences of asymmetry on performance in varying collaboration and integration contexts are shown to be unstable and have non-linear paths. It is inappropriate for all firms to collaborate or integrate continually, even for a prescribed period. Furthermore, due to asymmetry, SCM processes are more complex.

Research limitations/implications

The results’ validity may be limited to contexts specific to Spanish SCs. It would be valuable to investigate the impact of asymmetry on firms’ performance and relationships in other markets.

Practical implications

Collaborations and integration between partners in a SC might change the role of asymmetry from restraining to improving performance. The best way to improve performance in asymmetric relationships is to collaborate. Certain dimensions of integration and full integration are not necessarily required to improve firms’ performance under asymmetry conditions.

Originality/value

The study adds a new viewpoint on SCM by suggesting that not all collaboration and integration developments lead directly to improved performance.

Details

Supply Chain Management: An International Journal, vol. 23 no. 1
Type: Research Article
ISSN: 1359-8546

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Article
Publication date: 10 March 2020

Huthaifa Alqaralleh

This paper aims to investigate the nonlinear dynamics in the effects of oil price shocks on the exchange rate for a sample from the Group of Twenty (G20) over the period…

Abstract

Purpose

This paper aims to investigate the nonlinear dynamics in the effects of oil price shocks on the exchange rate for a sample from the Group of Twenty (G20) over the period 1994:1-2019:1.

Design/methodology/approach

Using monthly time series data covering the period1994:1-2019:1, the author first use the non-parametric triples test of Randles et al. (1980) to ascertain the existence of asymmetric properties in the sample of exchange rates. Then the author used the nonlinear ARDL cointegration approach developed by Shin et al. (2014) to examine the reaction of these exchange rates to the oil price shocks.

Findings

This study has identified significant evidence that the exchange rate is asymmetrically distributed, with the effect that high appreciation of the exchange rate is followed by slower depreciation. The NARDL results support such asymmetry even more strongly because in the test the exchange rate is shown to react differently in the long term to positive and negative shocks in oil prices. Another major finding was that the speed of adjustment differed over the sample, as the cumulative dynamic multipliers effect highlighted.

Research limitations/implications

This change in direction and the employment of non-linear technique can be to obtain better insight into the model specification, which the author believes, will not only enhance the findings in the literature but also enhance forecasting and decision-making.

Practical implications

A practical implication of this change is the possibility that policymakers and participants concerned with exchange rate stability should intervene in the market to alleviate the unfavourable impact of oil price shocks on the exchange rate.

Originality/value

Addressing this nonlinear dynamic in the effects of oil price shocks on the exchange rate have at least the following two important reasons: asymmetry and regime change are types of nonlinearities that affect the market dynamics, especially, over marked sample period with such financial crises as the global financial crises of 2007, thereby violating the linear models. Adopting an asymmetric cointegration technique permits to incorporate cointegrated positive and negative components of the considered series.

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International Journal of Energy Sector Management, vol. 14 no. 4
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 11 May 2018

Venessa S. Tchamyou, Simplice A. Asongu and Jacinta C. Nwachukwu

The purpose of this paper is to investigate the effects of information asymmetry (between the realized return and the expected return) on market timing in the mutual fund industry.

Abstract

Purpose

The purpose of this paper is to investigate the effects of information asymmetry (between the realized return and the expected return) on market timing in the mutual fund industry.

Design/methodology/approach

For the purpose, the authors use a panel of 1,488 active open-end mutual funds for the period 2004-2013. The authors use fund-specific time-dynamic betas. The information asymmetry is measured as the standard deviation of idiosyncratic risk. The data set is decomposed into five market fundamentals in order to emphasis the policy implications of the findings with respect to: equity, fixed income, allocation, alternative, and tax-preferred mutual funds. The empirical evidence is based on endogeneity-robust difference and system generalized method of moments.

Findings

The following findings are established. First, the information asymmetry broadly follows the same trend as volatility, with a higher sensitivity to market risk exposure. Second, fund managers tend to raise (cutback) their risk exposure in time of high (low) market liquidity. Third, there is evidence of convergence in equity funds. The authors may, therefore, infer that equity funds with lower market risk exposure are catching-up with their counterparts with higher exposure to fluctuation in market conditions.

Originality/value

The paper complements the sparse literature on market timing in the mutual fund industry with time-dynamic betas, information asymmetry and an endogeneity-robust empirical approach.

Details

International Journal of Managerial Finance, vol. 14 no. 5
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 26 June 2020

Sercan Demiralay, Nikolaos Hourvouliades and Athanasios Fassas

This paper aims to examine dynamic equicorrelations (DECO) and directional volatility spillover effects among four energy futures markets, namely, West Texas Intermediate…

Abstract

Purpose

This paper aims to examine dynamic equicorrelations (DECO) and directional volatility spillover effects among four energy futures markets, namely, West Texas Intermediate crude oil, heating oil, natural gas and reformulated blendstock for oxygenate blending gasoline, by using a multivariate fractionally integrated asymmetric power ARCH–DECO–generalized autoregressive conditional heteroskedasticity (GARCH) model and the spillover index technique.

Design/methodology/approach

The empirical analysis uses the dynamic equicorrelation model of Engle and Kelly (2012) to examine time-varying correlations at equilibrium. The authors further analyze dynamic volatility transmission among energy futures by using Diebold and Yilmaz (2012) dynamic spillover index based on generalized value-at-risk framework.

Findings

The empirical results provide evidence of heightened equicorrelations at times of financial turmoil. More specifically, the dynamic spillover analysis shows that volatility is transmitted predominantly from crude oil to the other markets and risk transfer among four markets exhibits asymmetries. Spillovers are found to be highly responsive to dramatic events such as the 9/11 terror attack, 2008–2009 global financial crisis and 2014–2016 oil glut.

Practical implications

The results of this study have important practical implications for investors, portfolio managers and energy policymakers as the presence of time-varying co-movements and spillovers suggests the need for dynamic trading strategies. There are also implications regarding risk management practices, as there is evidence of increased volatility transmission at times of financial turmoil and uncertainty. Finally, the results provide insights to policymakers in a better understanding of the spillover dynamics.

Originality/value

This paper investigates the DECOs and spillover effects among crude oil, natural gas, heating oil and gasoline futures markets. To the best of the knowledge, this is one of a few studies that examine co-movements and risk transfer in energy futures in a comprehensive framework.

Details

Studies in Economics and Finance, vol. 37 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 2 October 2017

Haitao Qi, Zilong Liu and Yan Lang

The symmetrical valve is usually used in the hydraulic servo control system to control the asymmetrical cylinder, but this system’s structure involves asymmetry, and so…

Abstract

Purpose

The symmetrical valve is usually used in the hydraulic servo control system to control the asymmetrical cylinder, but this system’s structure involves asymmetry, and so its dynamic characteristics are asymmetrical, which causes issues in the control system of symmetric response. The purpose of this paper is to achieve the aim of symmetric control.

Design/methodology/approach

In this paper, the authors proposed a method that combined wavelet neural network (WNN) and model reference adaptive control. The reference model determined the dynamic response that the system was expected to achieve, and the WNN adaptive control made the system follow the reference model to achieve the purpose of symmetric control.

Findings

The experimental results show that the method can achieve a more accurate symmetric control and position control compared with the solutions via the classical PID control.

Originality/value

The proposed combination of the WNN and the reference model can effectively compensate for the asymmetry of dynamic response of the asymmetric cylinder in forward and return directions, which can be extended to deal with other classes of applications.

Details

Engineering Computations, vol. 34 no. 7
Type: Research Article
ISSN: 0264-4401

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Article
Publication date: 30 June 2020

Richard K. Ayisi

High inflation levels remain a challenge in macroeconomic stabilization policies among developing economies. Oil price is identified as an important driver of inflation…

Abstract

Purpose

High inflation levels remain a challenge in macroeconomic stabilization policies among developing economies. Oil price is identified as an important driver of inflation. In the wake of high and unstable international oil prices, the question regarding the relationship between inflation and crude oil prices, and its implication for economic welfare has become a fundamental empirical issue.

Design/methodology/approach

This question is explored by estimating a non-linear autoregressive distribution lags (NARDL) model of inflation-oil nexus that examined the asymmetric response of inflation to oil price changes. The study then derived the welfare implication of the asymmetric responses, with implications for the petroleum pricing regime in Ghana.

Findings

The study found that inflation responds asymmetrically to oil prices in the long-run but not in the short-run. The welfare cost associated with the asymmetric response increases with increasing rate.

Practical implications

The findings of this study have some implications for petroleum product pricing in Ghana. Recently, Ghana has moved from regulating petroleum prices to the automatic adjustment system. By this policy, petroleum prices change in tandem with the crude oil prices and exchange rates on the international market. Whiles this policy might be comparatively efficient, the evidence of asymmetric response of inflation to changes in oil prices raises some issues about the welfare effect of the policy.

Originality/value

The paper contributes to the literature on the inflation-oil price nexus by investigating critical questions that remain puzzling. These questions include; Does inflation respond asymmetrically to the positive and negative shock of equal magnitude in oil prices? Does inflation response to the asymmetry changes in oil prices have any implications for the welfare of the country? Is the effect of oil price changes pernicious?

Details

African Journal of Economic and Management Studies, vol. 12 no. 1
Type: Research Article
ISSN: 2040-0705

Keywords

Content available
Article
Publication date: 5 August 2021

Anthanasius Fomum Tita and Pieter Opperman

Homeownership provides shelter and is a vital component of wealth, and house purchase signifies a lifetime achievement for many households. For South Africa confronted…

Abstract

Purpose

Homeownership provides shelter and is a vital component of wealth, and house purchase signifies a lifetime achievement for many households. For South Africa confronted with social and structural challenges, homeownership by the low and lower middle-income household is pivotal for its structural transformation process. In spite of these potential benefits, research on the affordable housing market in the context of South Africa is limited. This study aims to contribute to this knowledge gap by answering the question “do changes in household income per capita have a symmetric or asymmetric effect on affordable house prices?”

Design/methodology/approach

A survey of the international literature on house prices and income revealed that linear modelling that assumes symmetric reaction of macroeconomic variables dominates the empirical strategy. This linearity assumption is restrictive and fails to capture possible asymmetric dynamics inherent in the housing market. The authors address this empirical limitation by using asymmetric non-linear autoregressive distributed lag models that can test and detect the existence of asymmetry in both the long and short run using data from 1985Q1 to 2016Q3.

Findings

The results revealed the presence of an asymmetric long-run relationship between affordable house prices and household income per capita. The estimated asymmetric long-run coefficients of logIncome[+] and logIncome[−] are 1.080 and −4.354, respectively, implying that a 1% increase/decrease in household income per capita induces a 1.08% rise/4.35% decline in affordable house prices everything being equal. The positive increase in affordable house prices creates wealth, helps low and middle-income household climb the property ladder and can reduce inequality, which provides support for the country’s structural transformation process. Conversely, a decline in affordable house prices tends to reduce wealth and widen inequality.

Practical implications

This paper recommends both supply- and demand-side policies to support affordable housing development. Supply-side stimulants should include incentives to attract developers to affordable markets such as municipal serviced land and tax credit. Demand-side policy should focus on asset-based welfare policy; for example, the current Finance Linked Income Subsidy Programme (FLISP). Efficient management and coordination of the FLISP are essential to enhance the affordability of first-time buyers. Given the enormous size of the affordable property market, the practice of mortgage securitization by financial institutions should be monitored, as a persistent decline in income can trigger a systemic risk to the economy.

Social implications

The study results illustrate the importance of homeownership by low- and middle-income households and that the development of the affordable market segment can boost wealth creation and reduce residential segregation. This, in turn, provides support to the country’s structural transformation process.

Originality/value

The affordable housing market in South Africa is of strategic importance to the economy, accounting for 71.4% of all residential properties. Homeownership by low and lower middle-income households creates wealth, reduces wealth inequality and improves revenue collection for local governments. This paper contributes to the empirical literature by modelling the asymmetric behaviour of affordable house prices to changes in household income per capita and other macroeconomic fundamentals. Based on available evidence, this is the first attempt to examine the dynamic asymmetry between affordable house prices and household income per capita in South Africa.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 22 March 2019

Longwei Wang, Xiaodong Li and Min Zhang

The purpose of this paper is to empirically investigate the effects of cooperation history on contractual governance and the moderating effects of dependence asymmetry on…

Abstract

Purpose

The purpose of this paper is to empirically investigate the effects of cooperation history on contractual governance and the moderating effects of dependence asymmetry on those relationships from the perspective of a weaker firm in emergent economies. Drawing from resource dependence theory and contingency theory, this paper develops a conceptual model to investigate the impact of cooperation history on contractual governance.

Design/methodology/approach

The authors use data from 188 buyer–supplier relationships in China

Findings

The authors find that cooperation history is positively associated with contractual governance when dependence asymmetry is high but negatively associated with contractual governance when dependence asymmetry is low. Furthermore, the negative moderating effect of dependence asymmetry on the relationship between cooperation history and contractual complexity is stronger than the relationship between cooperation history and contract enforcement.

Originality/value

This study contributes to a better understanding of how cooperation history affects contractual governance with respect to the various levels of dependence on partners by incorporating a contingency view. This study also advances the literature on interfirm governance by distinguishing contractual governance into contractual complexity and contract enforcement.

Details

Baltic Journal of Management, vol. 14 no. 3
Type: Research Article
ISSN: 1746-5265

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Article
Publication date: 19 December 2018

Huthaifa Alqaralleh

This paper aims to examine asymmetries in the house price cycle and to understand the dynamic of housing prices, incorporating macroeconomic variables at regional and…

Abstract

Purpose

This paper aims to examine asymmetries in the house price cycle and to understand the dynamic of housing prices, incorporating macroeconomic variables at regional and country level, namely, housing affordability, the unemployment rate, mortgage rate and inflation rate.

Design/methodology/approach

To highlight significant differences in the asymmetric patterns of house prices between regions, the STAR model is adopted.

Findings

The authors highlight significant differences in the asymmetric patterns of house prices between regions, in which some areas showed asymmetric response over the housing cycle; here the LSTAR model outperforms other models. In contrast, some regions (the South West and the North West) showed symmetric properties in the tails of the cycle; therefore, the ESTAR model was adopted in their case.

Practical implications

Being limited to a few fundamentals, this study opens an avenue for further research to investigate this dynamic using in addition such demand-supply factors as land supply, construction cost and loans made for housing. These findings can also be used to examine whether other models such as ARIMA, exponential smoothing or artificial neural networks can more accurately forecast housing prices.

Originality/value

The present paper aims to highlight housing affordability as a cause of asymmetric behaviour in house prices. Put differently, the authors seek to understand the dynamics of housing prices with other fundamentals incorporating macroeconomic variables in regions and country level data as a means of achieving a more concise result.

Details

International Journal of Housing Markets and Analysis, vol. 12 no. 3
Type: Research Article
ISSN: 1753-8270

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