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Open Access
Article
Publication date: 14 August 2020

Abdelkader Derbali, Lamia Jamel, Monia Ben Ltaifa, Ahmed K. Elnagar and Ali Lamouchi

This paper provides an important perspective to the predictive capacity of Fed and European Central Bank (ECB) meeting dates and production announcements for the dynamic…

1056

Abstract

Purpose

This paper provides an important perspective to the predictive capacity of Fed and European Central Bank (ECB) meeting dates and production announcements for the dynamic conditional correlation (DCC) between Bitcoin and energy commodities returns and volatilities during the period from August 11, 2015 to March 31, 2018.

Design/methodology/approach

To assess empirically the unanticipated component of the US and ECB monetary policy, the authors pursue the Kuttner's approach and use the federal funds futures and the ECB funds futures to assess the surprise component. The authors use the approach of DCC as introduced by Engle (2002) during the period from August 11, 2015 to March 31, 2018.

Findings

The authors’ results suggest strong significant DCCs between Bitcoin and energy commodity markets if monetary policy surprises are incorporated in variance. These results confirmed the financialization of Bitcoin and commodity energy markets. Finally, the DCC between Bitcoin and energy commodity markets appears to respond considerably more in the case of Fed surprises than ECB surprises.

Originality/value

This study is a crucial topic for policymakers and portfolio risk managers.

Details

Journal of Capital Markets Studies, vol. 4 no. 1
Type: Research Article
ISSN: 2514-4774

Keywords

Content available
Article
Publication date: 1 December 1999

42

Abstract

Details

European Business Review, vol. 99 no. 6
Type: Research Article
ISSN: 0955-534X

Open Access
Article
Publication date: 13 November 2020

Charalampos Basdekis, Apostolos Christopoulos, Ioannis Katsampoxakis and Alexandros Lyras

The goal of this paper is twofold: to assess the influence of specific corporate and market features on automobiles and parts sector's profitability in Euro area and to identify…

5911

Abstract

Purpose

The goal of this paper is twofold: to assess the influence of specific corporate and market features on automobiles and parts sector's profitability in Euro area and to identify this particular sector's optimum debt level.

Design/methodology/approach

For the paper's purposes, the authors applied a panel data analysis on an annual basis for the period 2005–2017.

Findings

There is a strong statistical significance of debt ratio, growth domestic product per capita growth, E.C.'s economic sentiment index (ESI), the European Central Bank key interest rate and the Euro area crisis on sector's profitability, while weak statistical significance appears to emerge for the firm's size. Moreover, the authors find average 14.4% profitability for the entire sector of the Euro area, without significant fluctuations among firms and/or during the examined time period. Another interesting finding of this study is that results are consistent with the theory of Modigliani Miller that financial leverage at a “low” level is beneficial for the firm, but beyond a turning point, it becomes counterproductive. This turning point for the automobiles and parts sector in Euro area has been computed at 47.3%.

Originality/value

The paper focuses on issues of profitability, capital structure and optimal debt ratio of an important sector of the economy, the automotive sector. As regards the Euro area automotive sector, it is a dynamic sector with a significant multiplier effect for the European economy as it is strongly correlated with other industrial sectors as chemicals, steel, textiles, information technology and so forth, having an outstanding multiplier effect on the economy.

Details

Journal of Capital Markets Studies, vol. 4 no. 2
Type: Research Article
ISSN: 2514-4774

Keywords

Open Access
Article
Publication date: 2 February 2023

Xian Wang, Yijian Zhao, Qingyi Wang, Huang Yixing and Gabedava George

This paper focuses on the orientation of the economy expressed in the communication of the Central Economic Work Conference (CEWC) of China and its relation with the stock market…

Abstract

Purpose

This paper focuses on the orientation of the economy expressed in the communication of the Central Economic Work Conference (CEWC) of China and its relation with the stock market. This study seeks to explore which orientation of the economy may have a stronger impact on the rise of the stock market. It proposes words connoting orientation of the economy (WOE) that is closely related to the stock market, and different WOE has different impacts on the stock market in terms of intensity. The study aims to provide investors with better investment strategies by identifying the stronger developmental WOE.

Design/methodology/approach

The paper opted for an exploratory study using the textual analysis approach, based on a corpus of 28 CEWC communications spanning from 1994 to 2021. The raw corpus amounted to 50,754 words in total that are treated with noise reduction method and record an effective corpus of 39,591.

Findings

The paper provides empirical insights into the close relationship of the WOE of the CEWC to the stock market, and different WOE has different impacts on the stock market in terms of intensity. It suggests that WOE connoting development may forecast a rising stock market if it is nearly 40% higher than the other two WOEs by impact index.

Research limitations/implications

As WOE is only proven in the CEWC, this paper has its limitations in the scope of samples. It is necessary to apply WOE to more Central Bank communication (CBC) and countries. It is desirable to apply the Gunning–Fog index.

Practical implications

The paper includes implications for investors to read out the orientation of the economy and the degree of different WOEs. Investors are keener to know “what” degree of the CEWC leads to the rise/fall of the stock market. The impact index can be an indicator of a tendency of the stock market, which upgrades the rationality of investment decisions.

Social implications

This paper fulfills words connoting the orientation of economy as an identified linguistic feature, which the impact of CEWC on stockmarket can be measured.

Originality/value

Previous academic research studies mostly focus on the impact on stock market from the language features of CBC, rather than that from the more influential body, CEWC communication. This study seeks to provide the relationship of CEWC communication and the time length of the impact on the stock prices.

Details

Journal of Capital Markets Studies, vol. 7 no. 1
Type: Research Article
ISSN: 2514-4774

Keywords

Content available
Article
Publication date: 3 October 2008

Julie McLeod

444

Abstract

Details

Records Management Journal, vol. 18 no. 3
Type: Research Article
ISSN: 0956-5698

Content available
Article
Publication date: 10 July 2017

David T. Llewellyn, Maria J. Nieto, Thomas F. Huertas and Charles Enoch

630

Abstract

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 3
Type: Research Article
ISSN: 1358-1988

Open Access
Article
Publication date: 18 January 2024

Paola Ferretti, Cristina Gonnella and Pierluigi Martino

Drawing insights from institutional theory, this paper aims to examine whether and to what extent banks have reconfigured their management control systems (MCSs) in response to…

1015

Abstract

Purpose

Drawing insights from institutional theory, this paper aims to examine whether and to what extent banks have reconfigured their management control systems (MCSs) in response to growing institutional pressures towards sustainability, understood as environmental, social and governance (ESG) issues.

Design/methodology/approach

The authors conducted an exploratory study at the three largest Italian banking groups to shed light on changes made in MCSs to account for ESG issues. The analysis is based on 12 semi-structured interviews with managers from the sustainability and controls areas, as well as from other relevant operational areas particularly concerned with the integration process of ESG issues. Additionally, secondary data sources were used. The Malmi and Brown (2008) MCS framework, consisting of a package of five types of formal and informal control mechanisms, was used to structure and analyse the empirical data.

Findings

The examined banks widely implemented numerous changes to their MCSs as a response to the heightened sustainability pressures from regulatory bodies and stakeholders. In particular, with the exception of action planning, the results show an extensive integration of ESG issues into the five control mechanisms of Malmi and Brown’s framework, namely, long-term planning, cybernetic, reward/compensation, administrative and cultural controls.

Practical implications

By identifying the approaches banks followed in reconfiguring traditional MCSs, this research sheds light on how adequate MCSs can promote banks’ “sustainable behaviours”. The results can, thus, contribute to defining best practices on how MCSs can be redesigned to support the integration of ESG issues into the banks’ way of doing business.

Originality/value

Overall, the findings support the theoretical assertion that institutional pressures influence the design of banks’ MCSs, and that both formal and informal controls are necessary to ensure a real engagement towards sustainability. More specifically, this study reveals that MCSs, by encompassing both formal and informal controls, are central to enabling banks to appropriately understand, plan and control the transition towards business models fully oriented to the integration of ESG issues. Thereby, this allows banks to effectively respond to the increased stakeholder demands around ESG concerns.

Details

Meditari Accountancy Research, vol. 32 no. 7
Type: Research Article
ISSN: 2049-372X

Keywords

Content available
Article
Publication date: 1 August 1999

Scarlett Palmer

334

Abstract

Details

Journal of Property Investment & Finance, vol. 17 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Open Access
Article
Publication date: 23 May 2022

Egidio Palmieri, Enrico Fioravante Geretto and Maurizio Polato

This paper aims to verify the presence of a management model that confirms or not the one size fits all hypothesis expressed in terms of risk-return. This study will test the…

1088

Abstract

Purpose

This paper aims to verify the presence of a management model that confirms or not the one size fits all hypothesis expressed in terms of risk-return. This study will test the existence of stickiness phenomena and discuss the relevance of business model analysis integration with the risk assessment process.

Design/methodology/approach

The sample consists of 60 credit institutions operating in Europe for 20 years of observations. This study proposes a classification of banks’ business models (BMs) based on an agglomerative hierarchical clustering algorithm analyzing their performance according to risk and return dimensions. To confirm BM stickiness, the authors verify the tendency and frequency with which a bank migrates to other BMs after exogenous events.

Findings

The results show that it is impossible to define a single model that responds to the one size fits all logic, and there is a tendency to adapt the BM to exogenous factors. In this context, there is a propensity for smaller- and medium-sized institutions to change their BM more frequently than larger institutions.

Practical implications

Quantitative metrics seem to be only able to represent partially the intrinsic dynamics of BMs, and to include these metrics, it is necessary to resort to a holistic view of the BM.

Originality/value

This paper provides evidence that BMs’ stickiness indicated in the literature seems to weaken in conjunction with extraordinary events that can undermine institutions’ margins.

Details

Journal of Financial Regulation and Compliance, vol. 31 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Content available
Book part
Publication date: 1 April 2007

Manoranjan Dutta

Abstract

Details

European Union and the Euro Revolution
Type: Book
ISBN: 978-1-84950-827-8

1 – 10 of 221