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Trang Nguyen, Taha Chaiechi, Lynne Eagle and David Low
Growth enterprise market (GEM) in Hong Kong is acknowledged as one of the world’s most successful examples of small and medium enterprise (SME) stock market. The purpose of this…
Abstract
Purpose
Growth enterprise market (GEM) in Hong Kong is acknowledged as one of the world’s most successful examples of small and medium enterprise (SME) stock market. The purpose of this paper is to examine the evolving efficiency and dual long memory in the GEM. This paper also explores the joint impacts of thin trading, structural breaks and inflation on the dual long memory.
Design/methodology/approach
State-space GARCH-M model, Kalman filter estimation, factor-adjustment techniques and fractionally integrated models: ARFIMA–FIGARCH, ARFIMA–FIAPARCH and ARFIMA–HYGARCH are adopted for the empirical analysis.
Findings
The results indicate that the GEM is still weak-form inefficient but shows a tendency towards efficiency over time except during the global financial crisis. There also exists a stationary long-memory property in the market return and volatility; however, these long-memory properties weaken in magnitude and/or statistical significance when the joint impacts of the three aforementioned factors were taken into account.
Research limitations/implications
A forecasts of the hedging model that capture dual long memory could provide investors further insights into risk management of investments in the GEM.
Practical implications
The findings of this study are relevant to market authorities in improving the GEM market efficiency and investors in modelling hedging strategies for the GEM.
Originality/value
This study is the first to investigate the evolving efficiency and dual long memory in an SME stock market, and the joint impacts of thin trading, structural breaks and inflation on the dual long memory.
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Jeeyeon Jeannie Hahm, Karin Weber, Donald Getz and Rhodri Thomas
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Crystal Abidin and Megan Lindsay Brown
Although the early conversations of microcelebrity centered on Anglo-centric theories and context despite the varied backgrounds and cultural context of microcelebrity, this…
Abstract
Although the early conversations of microcelebrity centered on Anglo-centric theories and context despite the varied backgrounds and cultural context of microcelebrity, this compilation of chapters seeks to assess and reframe the applications and uptake of microcelebrity around the world. Each of the chapters in this anthology contribute to expand the theoretical concept and contextualize the history and cultural affairs of those who are famous online. The case studies provide examples of how a microcelebrity emerges to fame because of their exposure and interaction within a group of niche users, a specific online community, or a specific cultural and geographical context through the social networks that emerge online. Academic scholarship on microcelebrity has crossed methodologies, disciplines and platforms demonstrating the wide appeal as the influence of these figures are on the rise. As preparation for the reader, this chapter offers a brief history of current scholarship, with an emphasis on shifting knowledge production away from an Anglo and Global North perspective. The introduction chapter serves as a road map for the reader breaking down each of the three sections of the book – norms, labors, and activism. Lastly, the co-editors have outlined different ways to read the text group chapters according to reader interest.
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