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The purpose of this study is to understand how and why consumers engage in market-shaping activities on behalf of firms.
Abstract
Purpose
The purpose of this study is to understand how and why consumers engage in market-shaping activities on behalf of firms.
Design/methodology/approach
This study uses a combination of archival, netnographic and interview methods to examine how consumers responded to the entry of Tesla into the U.S. automotive market.
Findings
Consumers are driven to engage in supportive institutional work by the culturally resonant ideologies embodied in Tesla’s strategic orientation. This work takes both discursive and practical forms and sees consumers adopting responsibilities typically associated with other actors, including activists and sales professionals.
Originality/value
In developing an account of an understudied phenomenon – consumers’ firm-supportive market shaping – this research extends theorization around institutional work and cultural branding.
Details
Keywords
The authors compare sentiment level with sentiment shock from different angles to determine which measure better captures the relationship between sentiment and stock returns.
Abstract
Purpose
The authors compare sentiment level with sentiment shock from different angles to determine which measure better captures the relationship between sentiment and stock returns.
Design/methodology/approach
This paper examines the relationship between investor sentiment and contemporaneous stock returns. It also proposes a model of systems science to explain the empirical findings.
Findings
The authors find that sentiment shock has a higher explanatory power on stock returns than sentiment itself, and sentiment shock beta exhibits a much higher statistical significance than sentiment beta. Compared with sentiment level, sentiment shock has a more robust linkage to the market factors and the sentiment shock is more responsive to stock returns.
Originality/value
This is the first study to compare sentiment level and sentiment shock. It concludes that sentiment shock is a better indicator of the relationship between investor sentiment and contemporary stock returns.
Details
Keywords
The author examines the impact these efficient factors have on factor model comparison tests in US returns using the Bayesian model scan approach of Chib et al. (2020), and Chib…
Abstract
Purpose
The author examines the impact these efficient factors have on factor model comparison tests in US returns using the Bayesian model scan approach of Chib et al. (2020), and Chib et al.(2022).
Design/methodology/approach
Ehsani and Linnainmaa (2022) show that time-series efficient investment factors in US stock returns span and earn 40% higher Sharpe ratios than the original factors.
Findings
The author shows that the optimal asset pricing model is an eight-factor model which contains efficient versions of the market factor, value factor (HML) and long-horizon behavioral factor (FIN). The findings show that efficient factors enhance the performance of US factor model performance. The top performing asset pricing model does not change in recent data.
Originality/value
The author is the only one to examine if the efficient factors developed by Ehsani and Linnainmaa (2022) have an impact on model comparison tests in US stock returns.
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Keywords
Shailendra Singh, Mahesh Sarva and Nitin Gupta
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and…
Abstract
Purpose
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era.
Design/methodology/approach
The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas.
Findings
Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators.
Research limitations/implications
The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far.
Practical implications
Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior.
Originality/value
This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.
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Keywords
Asif Khan, Ashfaq Khan, Tazeem Ali Shah, Mohammad Nisar Khattak and Rawan Abukhait
Using Pakistan's public sector higher education institutions as the study site, this study aims to empirically substantiate, under the theoretical underpinnings of job enrichment…
Abstract
Purpose
Using Pakistan's public sector higher education institutions as the study site, this study aims to empirically substantiate, under the theoretical underpinnings of job enrichment theory (Hackman and Oldham, 1976) and Maslow's (1943) theory of the hierarchy of needs, the impact of flexible work practices (FWPs), on employee work engagement and organizational attractiveness, with the mediating lens of work life enrichment.
Design/methodology/approach
Field data were collected at five higher education institutions located in the Islamabad Capital Territory (ICT) of Pakistan, using the convenience sampling technique and analyzed under the quantitative research paradigm.
Findings
This study substantiates with an empirical evidence that flexible work practices (FWPs) have a significant positive impact on both employee work engagement and organizational attractiveness. Markedly, the study findings reveal that the said impact is significantly stronger than that of sabbaticals. Furthermore, the study reveals that the positive relationship is mediated by work life enrichment, signaling its significance in understanding FWP's such impact on employee work engagement and organizational attractiveness.
Practical implications
The study findings provide significant implications for academia, practitioners, and policymakers, in evidence-based recommendations for higher education institutions to design and implement FWPs that are effective in enhancing employee work engagement and organizational attractiveness, and, in turn, leading to improved organizational performance.
Originality/value
This research study provides a novel contribution to the existing literature by exploring the combined impact of flexible work practices on employee work engagement and organizational attractiveness in the peculiar context of Pakistan's public sector higher education institutions. Additionally, the study's focus on the mediating role of work life enrichment further adds to its novelty.
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