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1 – 10 of 370Sharneet Singh Jagirdar and Pradeep Kumar Gupta
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships…
Abstract
Purpose
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships arising from such diverse seminal studies have been identified to address the research gaps.
Design/methodology/approach
The studies for this review were identified and screened from electronic databases to compile a comprehensive list of 200 relevant studies for inclusion in this review and summarized for the cognizance of researchers.
Findings
The study finds a coherence to complex theoretical documentation of more than a century of evolution on investment strategy in stock markets, capturing the characteristics of time with a chronological study of events.
Research limitations/implications
There were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and English language bias.
Practical implications
Practitioners can refine investment strategies by incorporating behavioral finance insights and recognizing the influence of psychological biases. Strategies span value, growth, contrarian, or momentum indicators. Mitigating overconfidence bias supports effective risk management. Social media sentiment analysis facilitates real-time decision-making. Adapting to evolving market liquidity curbs volatility risks. Identifying biases guides investor education initiatives.
Originality/value
This paper is an original attempt to pictorially depict the seminal works in stock market investment strategies of more than a hundred years.
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Qingmei Tan, Muhammad Haroon Rasheed and Muhammad Shahid Rasheed
Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a…
Abstract
Purpose
Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.
Design/methodology/approach
Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.
Findings
The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.
Originality/value
This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.
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Kiri Mealings and Joerg M. Buchholz
The Listen to Learn for Life (L3) Assessment Framework is a framework that outlines how to systematically assess the links between the classroom environment, listening, learning…
Abstract
Purpose
The Listen to Learn for Life (L3) Assessment Framework is a framework that outlines how to systematically assess the links between the classroom environment, listening, learning and well-being. The purpose of this paper is to review the published literature to understand what is known about the characterisation of activity component of the L3 Assessment Framework and determine what is not known and needs to be investigated in future research.
Design/methodology/approach
Literature reviews (Web searches for systematic, scoping or general reviews; scoping reviews following the preferred reporting items for systematic reviews and meta-analyses extension for scoping reviews protocol; and extended Web searches) were conducted to characterise lecture, group work and independent work activities in terms of the perceptual setting, source degradation and transmission degradation.
Findings
Most research that has been conducted is for classrooms in general and does not specify results specifically for lecture, group work and independent work, which is important for understanding how the learning environment changes with the different activities. What is known about the lecture, group work and independent work activities are discussed; however, it is noted that this often comes from only a few studies. Future research areas to contribute to this literature as well as fill current research gaps are proposed.
Originality/value
To the best of the authors’ knowledge, this paper is the first review paper to synthesize previous research characterising the classroom environment for different activities using the L3 Assessment Framework. It provides an analysis of the limitations of existing literature and proposes future research to help fill in these gaps.
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Investigation of the anomalies associated with crashes and jackpots in the Chinese stock market.
Abstract
Purpose
Investigation of the anomalies associated with crashes and jackpots in the Chinese stock market.
Design/methodology/approach
We propose a logit model to predict the events of crashes and jackpots in the Chinese stock market. The model introduces a new variable of the price-to-sales ratio and takes into account the market states, Up and Down.
Findings
The anomalies associated with crashes and jackpots are not related to variations in economic conditions, but are associated with limits to arbitrage. High-liquidity stocks have strong mispricing effects. The institutions’ speculative trading will push liquid stock prices further away from their fundamentals but avoid buying illiquid stocks with a higher probability of price crashes and jackpots.
Originality/value
We propose a logit model to predict the extreme events of both crash and jackpot in the Chinese stock market. Our model effectively disentangles from CRASHP and JACKP. Compared with the traditional model, it substantially enhances in-sample and out-sample predictions. Based on the predictions of the extreme events, we find two strong and robust pricing effects associated with ex ante CRASHP and JACKP in the Chinese stock market.
Xinmin Tian, Zhiqiang Zhang, Cheng Zhang and Mingyu Gao
Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country…
Abstract
Purpose
Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries.
Design/methodology/approach
From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation.
Findings
The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information.
Originality/value
China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.
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Yewei Ouyang, Guoqing Huang and Shiyi He
There are many safety hazards in construction workplaces, and inattention to the hazards is the main reason why construction workers failed to identify the hazards. Reasonably…
Abstract
Purpose
There are many safety hazards in construction workplaces, and inattention to the hazards is the main reason why construction workers failed to identify the hazards. Reasonably allocating attention during hazard identification is critical for construction workers’ safety. However, adverse working environments in job sites may undermine workers’ attention. Previous studies failed to investigate the impacts of environmental factors on attention allocation, which hinders taking appropriate measures to eliminate safety incidents when encountering adverse working environments. This study aims to examine the effects of workplace noise and heat exposure on workers’ attention allocation during construction hazard identification to fill the research gap.
Design/methodology/approach
This study applied an experimental study where a within-subject experiment was designed. Fifteen construction workers were invited to perform hazard identification tasks in panoramic virtual reality. They were exposed to three noise levels (60, 85 and 100 dBA) in four thermal conditions (26°C, 50% RH; 33°C, 50% RH; 30°C, 70% RH; 33°C, 70% RH). Their eye movements were recorded to indicate their attention allocation under each condition.
Findings
The results show that noise exposure reduced workers’ attention to hazardous areas and the impacts increased with the noise level. Heat exposure also reduced the attention, but it did not increase with the heat stress but with subjects’ thermal discomfort. The attention was impacted more by noise than heat exposure. Noise exposure in the hot climate should be more noteworthy because lower levels of noise would lead to significant changes. These visual characteristics led to poorer identification accuracy.
Originality/value
This study could extend the understanding of the relationship between adverse environmental factors and construction safety. Understanding the intrinsic reasons for workers' failed identification may also provide insights for the industry to enhance construction safety under adverse environments.
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Wei-Chao Yang, Guo-Zhi Li, E Deng, De-Hui Ouyang and Zhi-Peng Lu
Sustainable urban rail transit requires noise barriers. However, these barriers’ durability varies due to the differing aerodynamic impacts they experience. The purpose of this…
Abstract
Purpose
Sustainable urban rail transit requires noise barriers. However, these barriers’ durability varies due to the differing aerodynamic impacts they experience. The purpose of this paper is to investigate the aerodynamic discrepancies of trains when they meet within two types of rectangular noise barriers: fully enclosed (FERNB) and semi-enclosed with vertical plates (SERNBVB). The research also considers the sensitivity of the scale ratio in these scenarios.
Design/methodology/approach
A 1:16 scaled moving model test analyzed spatiotemporal patterns and discrepancies in aerodynamic pressures during train meetings. Three-dimensional computational fluid dynamics models, with scale ratios of 1:1, 1:8 and 1:16, used the improved delayed detached eddy simulation turbulence model and slip grid technique. Comparing scale ratios on aerodynamic pressure discrepancies between the two types of noise barriers and revealing the flow field mechanism were done. The goal is to establish the relationship between aerodynamic pressure at scale and in full scale.
Findings
The aerodynamic pressure on SERNBVB is influenced by the train’s head and tail waves, whereas for FERNB, it is affected by pressure wave and head-tail waves. Notably, SERNBVB's aerodynamic pressure is more sensitive to changes in scale ratio. As the scale ratio decreases, the aerodynamic pressure on the noise barrier gradually increases.
Originality/value
A train-meeting moving model test is conducted within the noise barrier. Comparison of aerodynamic discrepancies during train meets between two types of rectangular noise barriers and the relationship between the scale and the full scale are established considering the modeling scale ratio.
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Peng Xie, Hongwei Du, Jiming Wu and Ting Chen
In prior literature, online endorsement system allowing the users to “like” or “dislike” shared information is found very useful in information filtering and trust elicitation in…
Abstract
Purpose
In prior literature, online endorsement system allowing the users to “like” or “dislike” shared information is found very useful in information filtering and trust elicitation in most social networks. This paper shows that such systems could fail in the context of investment communities due to several psychological biases.
Design/methodology/approach
This study develops a series of regression analyses to model the “like”/“dislike” voting process and whether or not such endorsement distinguishes between valuable information and noise. Trading simulations are also used to validate the practical implications of the findings.
Findings
The main findings of this research are twofold: (1) in the context of investment communities, online endorsement system fails to signify value-relevant information and (2) bullish information and “wisdom over the past event” information receive more “likes” and fewer “dislikes” on average, but they underperform in stock market price discovery.
Originality/value
This study demonstrates that biased endorsement may lead to the failure of the online endorsement system as information gatekeeper in investment communities. Two underlying mechanisms are proposed and tested. This study opens up new research opportunities to investigate the causes of biased endorsement in online environment and motivates the development of alternative information filtering systems.
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This study investigates the influence of nonfinancial 8-K disclosures released during the earnings announcement window on the abnormal trading activities of individual investors.
Abstract
Purpose
This study investigates the influence of nonfinancial 8-K disclosures released during the earnings announcement window on the abnormal trading activities of individual investors.
Design/methodology/approach
We employ regression analysis in this empirical study to examine the impact of nonfinancial 8-K filings on individual investors' abnormal trading activities.
Findings
Our results reveal that individual investors exhibit higher levels of abnormal trading activities when firms release nonfinancial 8-Ks during the (0,1) window of earnings announcements. This effect is observed for both buyer-initiated and seller-initiated transactions and is particularly pronounced for firms reporting an operating loss. Negative sentiment in 8-Ks significantly intensifies such effect. Additionally, we find that buy-sell consensus increases significantly with concurrent nonfinancial 8-Ks. This suggests that 8-Ks may reduce information noise, leading individuals to trade with greater conviction.
Originality/value
Our study examines the joint influence of nonfinancial 8-Ks and earnings announcements on individual investors' trading activities, thereby providing a novel perspective on the mechanisms through which 8-K filings affect individual investors' trading behaviors.
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Eziaku Onyeizu Rasheed and James Olabode Bamidele Rotimi
Achieving an appropriate indoor environment quality (IEQ) is crucial to a green office environment. Whilst much research has been carried out across the globe on the ideal IEQ for…
Abstract
Purpose
Achieving an appropriate indoor environment quality (IEQ) is crucial to a green office environment. Whilst much research has been carried out across the globe on the ideal IEQ for green offices, little is known about which indoor environment New Zealand office workers prefer and regard as most appropriate. This study investigated New Zealand office workers' preference for a green environment.
Design/methodology/approach
Workers were conveniently selected for a questionnaire survey study from two major cities in the country – Wellington and Auckland. The perception of 149 workers was analysed and discussed based on the workers' demographics. The responses to each question were analysed based on the mean, standard deviation, frequency of responses and difference in opinion.
Findings
The results showed that workers' preferences for an ideal IEQ in green work environments depend largely on demographics. New Zealand office workers prefer work environments to have more fresh air and rely on mixed-mode ventilation and lighting systems. Also New Zealand office workers like to have better acoustic quality with less distraction and background noise. Regarding temperature, workers prefer workspaces to be neither cooler nor warmer. Unique to New Zealand workers, the workers prefer to have some (not complete) individual control over the IEQ in offices.
Research limitations/implications
This study was conducted in the summer season, which could have impacted the responses received. Also the sample size was limited to two major cities in the country. Further studies should be conducted in other regions and during different seasons.
Practical implications
This study provides the opportunity for more studies in this area of research and highlights significant findings worthy of critical investigations. The results of this study benefit various stakeholders, such as facilities managers and workplace designers, and support proactive response approaches to achieving building occupants' preferences for an ideal work environment.
Originality/value
This study is the first research in New Zealand to explore worker preferences of IEQ that is not limited to a particular building, expanding the body of knowledge on workers' perception of the ideal work environment in the country.
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