Search results

The aim of this study is to investigate the role of efficiency in capital asset pricing. The paper explores the impact of a four-factor model that involves an efficiency factor on the returns of Nasdaq technology firms.

The paper relies on data of 147 firms from July 2007 to June 2017 to examine the impact of efficiency on stock returns. The performances of the capital asset pricing model (CAPM), Fama–French three-factor model and the proposed four-factor model are evaluated based on the time series regression method. The parameters such as the GRS F-statistic and adjusted R² are used to compare the relative performances of all models.

The results show that all factors of the models are found to be valid in asset pricing. Also, the paper provides evidence that the explanatory power of the proposed four-factor model outperforms the explanatory power of the CAPM and Fama–French three-factor model.

Unlike most asset pricing studies, this paper presents a new asset pricing model by adding the efficiency factor to the Fama–French three-factor model. It is documented that the efficiency factor increases the predictive ability of stock returns. Evidence implies that investors consider efficiency as one of the main factors in pricing their assets.

The purpose of this paper is to scrutinize three different points: How safe haven properties of precious metals (gold, silver, platinum and palladium) differentiate in two recent major crises such as the Global Financial Crisis (GFC) and the COVID-19 pandemic? How safe haven properties of precious metals change by the severity and the duration of shocks? and whether precious metals have hedge properties or not in normal conditions against different stock markets.

To analyze the time-varying behavior of precious metals with respect to stock market returns, the authors used the rolling window approach. After obtaining the time-varying beta series that way, the authors regressed the beta series on different severities of stock market shocks.

The findings show that the number of safe haven precious metals increases in the COVID-19 pandemic period compared to the GFC. Furthermore, the number of safe haven precious metals increases as the severity of shocks increases and the duration of them extended. Finally, in the absence of an extreme market condition, only gold has strong hedge asset properties.

To the best of the authors’ knowledge, this study is the first that examines the safe haven and hedge properties of all tradable precious metals against seven major stock markets. Besides this, it presents a comparative analysis for the safe haven properties of precious metals in terms of two major crises.

Globalization, along with its technological developments, has brought important changes and developments in all sectors and led to innovation and modernization. In the tourism industry, the concept of smart destination, derived from the concept of smart city, has become widespread to meet the changing needs of tourists. In this context, smart technologies have started to be used in destinations, but more than technology in destinations is needed in terms of sustainability. To ensure sustainability in tourism, these smart technologies must also be eco-friendly. Smart destinations and eco-friendly practices are important for the sustainable development of the tourism industry. The use of technology in destinations can increase sustainability and efficiency, while using eco-friendly practices can protect and preserve the natural environment. In this study, first of all, smart destinations and the characteristics of smart destinations are discussed. Then, smart tourism and related eco-friendly practices are argued. Following this, information about the future of smart destinations is given, and assumptions are mentioned. Afterward, problems and solutions are discussed. Finally, the study has been completed with the conclusion part. The findings of the study revealed that the concept of green especially comes to the fore in smart destinations, that there are studies to prevent all kinds of pollution (air, noise, etc.), and applications such as smart parking systems, smart lighting systems, augmented reality (AR), and virtual reality (VR) are given importance.

Examines the ninth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.