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Article
Publication date: 7 March 2016

Dinesh Jaisinghani

– The purpose of this paper is to test prominent calendar anomalies for Indian securities markets those are commonly reported for advanced markets.

Abstract

Purpose

The purpose of this paper is to test prominent calendar anomalies for Indian securities markets those are commonly reported for advanced markets.

Design/methodology/approach

The study considers closing values of 11 different indices of National Stock Exchange India, for the period 1994-2014. By using dummy variable regression technique, five different calendar anomalies namely day of the week effect, month of the year effect, mid-year effect, Halloween effect, and trading-month effect are tested. Also, the evidence of volatility clustering has been tested through the application of generalized autoregressive conditional heteroscedasticity (GARCH)-M models.

Findings

The results display weak evidence in support of a positive Wednesday effect. The results also display weak evidence in support of a positive April and December effect. The results show strong evidence in support of a positive September effect. The Halloween effect was not found significant. The test of mid-year effect provides evidence that the returns obtained on the second-half or the year are considerably higher than those obtained during the first half. The test of interactions effects showed possible presence of interactions among various effects. The GARCH-based tests display strong evidence in support of volatility clustering.

Practical implications

The results have several implications for investors, regulators, and researchers. For investors, the trading strategies based on results obtained have been discussed. Similarly, certain key implications for regulators have been described.

Originality/value

The originality of the paper lies in the long time frame and multiple indices covered. Also, the study analyses five different calendar anomalies and the interactions among these effects. These analyses provide useful insights regarding returns predictability for the Indian securities markets.

Details

South Asian Journal of Global Business Research, vol. 5 no. 1
Type: Research Article
ISSN: 2045-4457

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Article
Publication date: 17 January 2020

Dinesh Jaisinghani, Muskan Kaur and Mohd Merajuddin Inamdar

The purpose of this paper is to analyze different seasonal anomalies for the Israeli securities markets for the pre- and post-global financial crisis periods.

Abstract

Purpose

The purpose of this paper is to analyze different seasonal anomalies for the Israeli securities markets for the pre- and post-global financial crisis periods.

Design/methodology/approach

The closing values of six indices of the Tel Aviv Stock Exchange (TASE) of Israel have been considered. The time frame ranges from 2000 to 2018. Further, the overall time frame has been segregated into pre- and post-financial crisis periods. The study employs dummy variable regression technique for assessing different calendar anomalies.

Findings

The results show evidence pertaining to different seasonal anomalies for the Israeli markets. The results specifically show that the anomalies change considerably across the pre- and post-financial crisis periods. The results are more apparent for three anomalies including the day of the week effect, the month of the year effect and the holiday effect. However, anomalies including the Halloween effect and the trading month effect are found to be insignificant across both pre- and post-financial crisis periods.

Originality/value

The study is first of its kind that analyzes different seasonal anomalies across pre- and post-financial crisis periods for the Israeli markets. The study provides newer insights about the overall return patterns observed in different indices of the TASE.

Details

Managerial Finance, vol. 46 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 2 February 2015

Hakim Ben Othman and Anas Kossentini

The purpose of this paper is to explore the underlying assumptions of economic development theories that may support or constrain accounting standard-setting strategies…

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Abstract

Purpose

The purpose of this paper is to explore the underlying assumptions of economic development theories that may support or constrain accounting standard-setting strategies related to IFRS adoption and their potential effects on emerging stock markets (ESMs) development. The authors investigate the country-level association between the extent of IFRS adoption and ESMs development.

Design/methodology/approach

The empirical analysis is based on a dynamic panel model using the generalized method of moments for 50 emerging economies over a period spanning from 2001 to 2007.

Findings

The authors find that a higher level of IFRS adoption affects positively and significantly stock market development (SMD). More specifically, full IFRS adoption for listed firms is substantially associated with SMD. However, the authors find that partial adoption of IFRS might be not only inappropriate and irrelevant, but also significantly harmful to ESMs development. In addition, it is shown that local GAAPs shaped on the basis of IFRS with major changes are at the origin of such counter-intuitive relationships.

Practical implications

This paper has some policy implications for developing countries. In order to enhance ESMs development, it is important to improve financial information quality through full adoption of IFRS. In a global economic system, it is essential to standard-setters as well as market regulators in non-adopter developing countries to require full IFRS adoption.

Originality/value

This paper extends previous work of Larson and Kenny (1996) in establishing relationships between standard-setting strategies faced to IFRS and theories of economic development. The authors investigate the effects of these standard-setting strategies on SMD using a sample of 50 emerging economies.

Details

Journal of Accounting in Emerging Economies, vol. 5 no. 1
Type: Research Article
ISSN: 2042-1168

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Article
Publication date: 13 January 2012

Miroslava Straska, Gregory Waller and Yao Yu

This paper aims to examine whether investment efficiency improves after publicly‐traded firms are taken private.

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1735

Abstract

Purpose

This paper aims to examine whether investment efficiency improves after publicly‐traded firms are taken private.

Design/methodology/approach

The analysis uses univariate comparisons and regression analysis of panel data.

Findings

Before going private, firms' investment ratios and investment opportunities are similar to investment ratios and investment opportunities of peer firms. However, after going private, the investment ratios significantly decrease to levels significantly below the investment ratios of peer firms. Additionally, investment becomes less sensitive to investment opportunities and more sensitive to operating profits and cash holdings. Finally, cash becomes more sensitive to cash‐flow after going private. These results suggest that firms become more financially constrained, under‐invest relative to their industry peers, and invest less efficiently after going private.

Originality/value

Improvements in investment efficiency are often cited as a contributing factor to the value gains associated with going‐private transactions. However, whether investment efficiency improves when firms go private remains unanswered by prior research. In theory, investment efficiency should improve if private firms are shielded from the market pressure for short‐term earnings and better able to invest for long‐term value creation. Conversely, it is possible that the high levels of debt associated with these transactions impose financial constraints that reduce investment efficiency. The results of this study suggest that investment efficiency does not improve after going private.

Details

Managerial Finance, vol. 38 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1990

John Arnold and Nigel Garland

Sandwhich placements in degree courses are often thought to have wide‐ranging benefits for students, employers and educational institutions (CNAA, 1984). Certainly, the…

Abstract

Sandwhich placements in degree courses are often thought to have wide‐ranging benefits for students, employers and educational institutions (CNAA, 1984). Certainly, the student‐orientated goals of a sandwich year as defined by CNAA (1980) are wide‐ranging. A successful sandwich placement should enhance students' capacity to: relate theory to practice, make appropriate career decisions, work effectively with others, understand work situations, and benefit from final year studies. It should also contribute to the student's “personal development”, which means amongst other things their skills and self‐confidence (see also Day, Kelly, Parker and Parr, 1982).

Details

Management Research News, vol. 13 no. 2
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 March 2011

Hai (David) Guo

Unanticipated economic fluctuations exert pressure on state governments to conduct discretionary tax adjustments to balance the budget. Even though states adjust fiscal…

Abstract

Unanticipated economic fluctuations exert pressure on state governments to conduct discretionary tax adjustments to balance the budget. Even though states adjust fiscal policy as the economy fluctuates, the typical cyclical economic factors are not the sole determinant of such adjustments. State government budgeting systems in the United States operate under a variety of fiscal constraints. The tax and expenditure limit (TEL) is a prominent fiscal constraint in state governments. Using a panel dataset covering 47 continental state governments from FY 1988 to FY 2006, this paper examines the impact of TELs on state discretionary tax adjustments. Results from this analysis shows that states with stringent TELs tend to conduct fewer tax cuts when facing potential deficits.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 23 no. 1
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 27 August 2019

Xingbao (Simon) Hu, Yang Yang and Sangwon Park

Online ratings (review valence) have been found to exert a strong influence on hotel room prices. This study aims to systematically synthesize research estimating the…

Abstract

Purpose

Online ratings (review valence) have been found to exert a strong influence on hotel room prices. This study aims to systematically synthesize research estimating the impact of online ratings on room rates using a meta-analytical method.

Design/methodology/approach

From major academic databases, a total of 163 estimates of the effects of online ratings on room rates were coded from 22 studies across different countries through a systematic review of relevant literature. All estimates were converted into elasticity-type effect sizes, and a hierarchical linear meta-regression was used to investigate factors explaining variations in the effect sizes.

Findings

The median elasticity of online ratings on hotel room rates was estimated to be 0.851. Meta-regression results highlighted four categories of factors moderating the size of this elasticity: data characteristics, research settings, variable measures and publication outlet. Among sub-ratings, results revealed value rating and room rating to exert the largest impact on room rates, whereas staff and cleanliness ratings demonstrated non-significant impacts.

Practical implications

This study provides practical implications on the relative importance of different types of online ratings for online reputation and revenue management.

Originality/value

This study represents the first research effort to understand factors moderating the effects of online ratings on hotel room rates based on a quantitative review of the literature. Moreover, this study provides beneficial insights into the specification of empirical hedonic pricing models and data-collection strategies, such as the selection of price variables and choices of model functional forms.

Details

International Journal of Contemporary Hospitality Management, vol. 31 no. 12
Type: Research Article
ISSN: 0959-6119

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Book part
Publication date: 1 January 2001

Peter B. Dixon and Maureen T. Rimmer

Abstract

Details

Dynamic General Equilibrium Modelling for Forecasting and Policy: A Practical Guide and Documentation of MONASH
Type: Book
ISBN: 978-0-44451-260-4

Content available
Article
Publication date: 23 November 2018

Mina E. Tanious

The purpose of this paper is to explore to what extent the economic interdependence can affect the likelihood of conflict between States. Specially, over the past few…

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37996

Abstract

Purpose

The purpose of this paper is to explore to what extent the economic interdependence can affect the likelihood of conflict between States. Specially, over the past few decades, there has been a huge interest in the relationship between economic interdependence and political conflict. Liberals argue that economic interdependence lowers the possibility of war by increasing the weight of trading over the alternative of aggression; interdependent states would rather trade than invade; realists dismiss the liberal argument, arguing that high interdependence increases rather than decreases the probability of war. In anarchy, states must constantly worry about their security.

Design/methodology/approach

This paper highlights the content and level of economic interdependence between China and the USA since the beginning of China’s economic reform in 1979 and examines the impact of economic interdependence between them on their relationship toward Taiwan since 1995 and the probability of conflict.

Findings

Economic interdependence is proved to significantly decrease the onset of conflict between the two parties. This can be shown by comparing the number of armed conflicts during the pre-interdependence period to the number of armed conflicts after the economic interdependence there was an overage of 0.79 militarized interstate disputes (MIDs)/year, compared to 0.26 MIDs/year following China’s economic reforms; also, the length of the hostilities was longer during the pre-interdependence period (with an average of 11.13 months versus 5.33 months).

Originality/Value

This means that economic interdependence does not completely prevent the outbreak of international conflicts, but it also plays a major role in influencing the conflict in terms of the conflict’s intensity, the use of armed force and the number of conflicts that occur between the economic interdependence states.

Details

Review of Economics and Political Science, vol. 4 no. 1
Type: Research Article
ISSN: 2631-3561

Keywords

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Expert briefing
Publication date: 25 March 2015

South Africa's upcoming credit rating and interest rate decisions.

Details

DOI: 10.1108/OXAN-DB198536

ISSN: 2633-304X

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