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This study examines herding behaviour in commodity markets amid two major global upheavals: the Russo–Ukraine conflict and the COVID-19 pandemic.
Abstract
Purpose
This study examines herding behaviour in commodity markets amid two major global upheavals: the Russo–Ukraine conflict and the COVID-19 pandemic.
Design/methodology/approach
By analysing 18 commodity futures worldwide, the study examines herding trends in metals, livestock, energy and grains sectors. The applied methodology combines static and dynamic approaches by incorporating cross-sectional absolute deviations (CSAD) and a time-varying parameter (TVP) regression model extended by Markov Chain Monte Carlo (MCMC) sampling to adequately reflect the complexity of herding behaviour in different market scenarios.
Findings
Our results show clear differences in herd behaviour during these crises. The Russia–Ukraine war led to relatively subdued herding behaviour in commodities, suggesting a limited impact of geopolitical turmoil on collective market behaviour. In stark contrast, the outbreak of the COVID-19 pandemic significantly amplified herding behaviour, particularly in the energy and livestock sectors.
Originality/value
This discrepancy emphasises the different impact of a health crisis versus a geopolitical conflict on market dynamics. This study makes an important contribution to the existing literature as it is one of the first studies to contrast herding behaviour in commodity markets during these two crises. Our results show that not all crises produce comparable market reactions, which underlines the importance of the crisis context when analysing financial market behaviour.
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The purpose of this study is to examine how the implementation of edge computing can enhance the progress of the circular economy within supply chains and to address the…
Abstract
Purpose
The purpose of this study is to examine how the implementation of edge computing can enhance the progress of the circular economy within supply chains and to address the challenges and best practices associated with this emerging technology.
Design/methodology/approach
This study utilized a streamlined evaluation technique that employed Latent Dirichlet Allocation modeling for thorough content analysis. Extensive searches were conducted among prominent publishers, including IEEE, Elsevier, Springer, Wiley, MDPI and Hindawi, utilizing pertinent keywords associated with edge computing, circular economy, sustainability and supply chain. The search process yielded a total of 103 articles, with the keywords being searched specifically within the titles or abstracts of these articles.
Findings
There has been a notable rise in the volume of scholarly articles dedicated to edge computing in the circular economy and supply chain management. After conducting a thorough examination of the published papers, three main research themes were identified, focused on technology, optimization and circular economy and sustainability. Edge computing adoption in supply chains results in a more responsive, efficient and agile supply chain, leading to enhanced decision-making capabilities and improved customer satisfaction. However, the adoption also poses challenges, such as data integration, security concerns, device management, connectivity and cost.
Originality/value
This paper offers valuable insights into the research trends of edge computing in the circular economy and supply chains, highlighting its significant role in optimizing supply chain operations and advancing the circular economy by processing and analyzing real time data generated by the internet of Things, sensors and other state-of-the-art tools and devices.
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The purpose of this study is to investigate the interplay between fiscal dominance and monetary policy in South Africa from 1960 to 2023.
Abstract
Purpose
The purpose of this study is to investigate the interplay between fiscal dominance and monetary policy in South Africa from 1960 to 2023.
Design/methodology/approach
The study employs a structural vector autoregression (SVAR) medel to analyze the relationship between fiscal dominance and monetary policy. Short-term and long-term shocks of government borrowing and deficits are examined to understand their impact on inflation dynamics.
Findings
Fiscal dominance has a significant effect both in the short and long run. There is evidence that government debt and deficits increase inflation, overriding the effects of monetary policy aimed at maintaining price stability. On the other hand, the study reveals that money supply shocks have a greater effect in reducing fiscal dominance compared to interest rate shocks. The variance movement on inflation is significantly explained by government debt and deficits. This emphasizes the persistence of inflationary pressures associated with fiscal dominance, highlighting the importance of effective policy interventions to mitigate inflationary risks.
Originality/value
This study contributes to the existing literature by providing insights into the dynamics of fiscal dominance in South Africa. Moreover, this study extends the theoretical framework of the fiscal theory of the price level (FTPL) and the government budget constraint. This study contributes valuable insights into the dynamics of fiscal dominance in South Africa and offers guidance for policymakers in formulating strategies to safeguard economic stability.
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Juliette I. Franqueville, James G. Scott and Ofodike A. Ezekoye
The COVID-19 pandemic dramatically affected the fire service: stay-at-home orders and potential exposure hazards disrupted standard fire service operations and incident patterns…
Abstract
Purpose
The COVID-19 pandemic dramatically affected the fire service: stay-at-home orders and potential exposure hazards disrupted standard fire service operations and incident patterns. The ability to predict incident volume during such disruptions is crucial for dynamic and efficient staff allocation planning. This work proposes a model to quantify the relationship between the increase in “residential mobility” (i.e. time spent at home) due to COVID-19 and fire and emergency medical services (EMS) call volume at the onset of the pandemic (February – May 2020). Understanding this relationship is beneficial should mobility disruptions of this scale occur again.
Design/methodology/approach
The analysis was run on 56 fire departments that subscribe to the National Fire Operations Reporting System (NFORS). This platform enables fire departments to report and visualize operational data. The model consists of a Bayesian hierarchical model. Text comments reported by first responders were also analyzed to provide additional context for the types of incidents that drive the model’s results.
Findings
Overall, a 1% increase in residential mobility (i.e. time spent at home) was associated with a 1.43% and 0.46% drop in EMS and fire call volume, respectively. Around 89% and 21% of departments had a significant decrease in EMS and fire call volume, respectively, as time spent at home increased.
Originality/value
A few papers have investigated the impact of COVID-19 on fire incidents in a few locations, but none have covered an extensive number of fire departments. Additionally, no studies have investigated the relationship between mobility and fire department call volumes.
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The impact of export promotion programs (EPPs) on the intensive margin of exports remains somewhat uncertain. This study tackles a crucial question: does export promotion enhance…
Abstract
Purpose
The impact of export promotion programs (EPPs) on the intensive margin of exports remains somewhat uncertain. This study tackles a crucial question: does export promotion enhance firm-level intensive margin of exports?
Design/methodology/approach
We draw upon comprehensive empirical research conducted up to 2023. We collected 951 estimates, constructed 22 variables, captured diverse contexts and employed a meta-analytical approach to scrutinize the considerable variation in findings.
Findings
The overall meta-effect, after filtering out publication bias, is positive and statistically significant. Firms receiving EPP support exhibit an export intensity that is 1–9% higher than firms not participating in such programs. Assessing the mechanisms through which EPPs bolster this, we observe that support in the form of various services plays a more substantial role compared to assistance in the form of financial resources.
Research limitations/implications
Evaluating EPPs and their activities in terms of social welfare falls beyond the scope of this paper, which specifically focuses on the benefits of EPPs to export intensity. Subsequent research should undertake a comprehensive evaluation, considering both economic impacts and costs for accurate assessments of welfare. We also suggest that future meta-analyses explore other dimensions of firm-level performance linked to EPPs.
Practical implications
Publication bias distorts the impacts of EPPs, leading to an overstatement of their actual effects. Adjusting for publication bias, the practical significance of EPPs for a country’s trade intensity appears to be limited. Additionally, the provision of diverse activities and services primarily contributes to the amplification of export margins as compared to subsidies and grants. While larger firms initially benefit more from EPPs, these effects are found to be transitory.
Originality/value
This is the first meta-analysis scrutinizing the impact of EPPs, specifically concentrating on the firm-level intensive margin of exports.
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Faten Ben Bouheni, Mouwafac Sidaoui, Dima Leshchinskii, Bryan Zaremba and Mousa Albashrawi
The purpose of this study is to investigate how the implementation of digital banking services (mobile applications) by globally systemically important banks (G-SIBs) affects…
Abstract
Purpose
The purpose of this study is to investigate how the implementation of digital banking services (mobile applications) by globally systemically important banks (G-SIBs) affects banks’ performance in the USA and Europe from 2005 to 2022.
Design/methodology/approach
The study employs advanced econometric methods to analyze the link between deposits and banking performance, utilizing linear regressions and multivariate Bayesian regressions.
Findings
Our results indicate that customer deposits positively impact a bank’s performance after the introduction of the mobile application feature of check deposits, whereas social risk negatively impacts banking financial performance. These findings support the hypothesis that technology implementation improves the profitability and growth of traditional banks.
Research limitations/implications
While findings are robust econometrically in linear and Bayesian regressions, variables reflecting the digitalization of banks remain limited. For instance, the number of mobile users or the volume of digital transactions per bank since the implementation of the mobile app is not available.
Practical implications
In a rapidly growing technology and constantly changing customers behaviors, this research has practical implications from bankers’ perspective to continue the technological innovation efforts and from regulators’ perspective to strengthen requirements for the digital banking services.
Social implications
We provide empirical evidence that including a banking app for smartphones’ users for remote banking services benefit the financial performance of banks. However, the social risk remains significant for banks in terms of customers' satisfaction, data privacy and cybersecurity.
Originality/value
This paper employs an innovative approach to create a mobile app “discriminatory” factor and examine the relationship between deposits and banks’ performance before and after the introduction of a mobile app for too-big-to-fail banks in Europe and the USA. Additionally, we consider the social risk component of the ESG score, as a bank’s decision to implement mobile applications and technology for its customers potentially affects social risks associated with customer satisfaction and technology usability.
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Yupaporn Areepong and Saowanit Sukparungsee
The purpose of this paper is to investigate and review the impact of the use of statistical quality control (SQC) development and analytical and numerical methods on average run…
Abstract
Purpose
The purpose of this paper is to investigate and review the impact of the use of statistical quality control (SQC) development and analytical and numerical methods on average run length for econometric applications.
Design/methodology/approach
This study used several academic databases to survey and analyze the literature on SQC tools, their characteristics and applications. The surveys covered both parametric and nonparametric SQC.
Findings
This survey paper reviews the literature both control charts and methodology to evaluate an average run length (ARL) which the SQC charts can be applied to any data. Because of the nonparametric control chart is an alternative effective to standard control charts. The mixed nonparametric control chart can overcome the assumption of normality and independence. In addition, there are several analytical and numerical methods for determining the ARL, those of methods; Markov Chain, Martingales, Numerical Integral Equation and Explicit formulas which use less time consuming but accuracy. New ideas of mixed parametric and nonparametric control charts are effective alternatives for econometric applications.
Originality/value
In terms of mixed nonparametric control charts, this can be applied to all data which no limitation in using of the proposed control chart. In particular, the data consist of volatility and fluctuation usually occurred in econometric solutions. Furthermore, to find the ARL as a performance measure, an explicit formula for the ARL of time series data can be derived using the integral equation and its accuracy can be verified using the numerical integral equation.
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Hassan Th. Alassafi, Khalid S. Al-Gahtani, Abdulmohsen S. Almohsen and Abdullah M. Alsugair
Heating, ventilating, air-conditioning and cooling (HVAC) systems are crucial in daily health-care facility services. Design-related defects can lead to maintenance issues…
Abstract
Purpose
Heating, ventilating, air-conditioning and cooling (HVAC) systems are crucial in daily health-care facility services. Design-related defects can lead to maintenance issues, causing service disruptions and cost overruns. These defects can be avoided if a link between the early design stages and maintenance feedback is established. This study aims to use experts’ experience in HVAC maintenance in health-care facilities to list and evaluate the risk of each maintenance issue caused by a design defect, supported by the literature.
Design/methodology/approach
Following semistructured interviews with experts, 41 maintenance issues were identified as the most encountered issues. Subsequently, a survey was conducted in which 44 participants evaluated the probability and impact of each design-caused issue.
Findings
Chillers were identified as the HVAC components most prone to design defects and cost impact. However, air distribution ducts and air handling units are the most critical HVAC components for maintaining healthy conditions inside health-care facilities.
Research limitations/implications
The unavailability of comprehensive data on the cost impacts of all design-related defects from multiple health-care facilities limits the ability of HVAC designers to furnish case studies and quantitative approaches.
Originality/value
This study helps HVAC designers acquire prior knowledge of decisions that may have led to unnecessary and avoidable maintenance. These design-related maintenance issues may cause unfavorable health and cost consequences.
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Kessara Kanchanapoom and Jongsawas Chongwatpol
Customer lifetime value (CLV) is one of the key indicators to measure the success or health of an organization. How can an organization assess the organization's customers'…
Abstract
Purpose
Customer lifetime value (CLV) is one of the key indicators to measure the success or health of an organization. How can an organization assess the organization's customers' lifetime value (LTV) and offer relevant strategies to retain prospective and profitable customers? This study offers an integrated view of different methods for calculating CLVs for both loyalty members and non-membership customers.
Design/methodology/approach
This study outlines eleven methods for calculating CLV considering (1) the deterministic aspect of NPV (Net present value) models in both finite and infinite timespans, (2) the geometric pattern and (3) the probabilistic aspect of parameter estimates through simulation modeling along with (4) the migration models for including “the probability that customers will return in the future” as a key input for CLV calculation.
Findings
The CLV models are validated in the context of complementary and alternative medicine (CAM)in the healthcare industry. The results show that understanding CLV can help the organization develop strategies to retain valuable customers while maintaining profit margins.
Originality/value
The integrated CLV models provide an overview of the mathematical estimation of LTVs depending on the nature of the customers and the business circumstances and can be applied to other business settings.
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Samir K H. Safi, Olajide Idris Sanusi and Afreen Arif
This study aims to evaluate linear mixed data sampling (MIDAS), nonlinear artificial neural networks (ANNs) and a hybrid approach for exploiting high-frequency information to…
Abstract
Purpose
This study aims to evaluate linear mixed data sampling (MIDAS), nonlinear artificial neural networks (ANNs) and a hybrid approach for exploiting high-frequency information to improve low-frequency gross domestic product (GDP) forecasting. Their capabilities are assessed through direct forecasting comparisons.
Design/methodology/approach
This study compares quarterly GDP forecasts from unrestricted MIDAS (UMIDAS), standalone ANN and ANN-enhanced MIDAS models using five monthly predictors. Rigorous empirical analysis of recent US data is supplemented by Monte Carlo simulations to validate findings.
Findings
The empirical results and simulations demonstrate that the hybrid ANN-MIDAS performs best for short-term predictions, whereas UMIDAS is more robust for long-term forecasts. The integration of ANNs into MIDAS provides modeling flexibility and accuracy gains for near-term forecasts.
Research limitations/implications
The model comparisons are limited to five selected monthly indicators. Expanding the variables and alternative data processing techniques may reveal further insights. Longer analysis horizons could identify structural breaks in relationships.
Practical implications
The findings guide researchers and policymakers in leveraging mixed frequencies amidst data complexity. Appropriate modeling choices based on context and forecast horizon can maximize accuracy.
Social implications
Enhanced GDP forecasting supports improved policy and business decisions, benefiting economic performance and societal welfare. More accurate predictions build stakeholder confidence and trust in statistics underlying critical choices.
Originality/value
This direct forecasting comparison offers unique large-scale simulation evidence on harnessing mixed frequencies with leading statistical and machine learning techniques. The results elucidate their complementarity for short-term versus long-term modeling.
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