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This paper presents 6 time-series that have negative correlation with KOSPI200 Index and a quantitative trading methodology based on stochastic control chart using these time-series. The proposed quantitative trading framework detects trade (long or short) timing by monitoring whether a time-series touches 4 trigger lines, which play a role as control limits in control chart. In other words, a time-series upwardly touches one of trigger line, then the framework take a short position on KOSPI200 Index Futures, while in case of downward touch, it takes a long position. The 6 time-series are derived from VKOSPI and USD Futures Index that are negatively correlated with KOSPI200 Index, and have a significance that prevents disclosure of trading strategies by processing and transforming the original time-series. Computational experiments using real KOSPI200 futures index for recent 4 years are conducted to show the excellence of the proposed investment strategies against benchmark strategies under quantitative trading framework.

Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and non-economic activities. Researchers have increasingly focused on the adoption and use of ICT by small and medium enterprises (SMEs) as the economic development of a country is largely dependent on them. Following the success of ICT utilisation in SMEs in developed countries, many developing countries are looking to utilise the potential of the technology to develop SMEs. Past studies have shown that the contribution of ICT to the performance of SMEs is not clear and certain. Thus, it is crucial to determine the effectiveness of ICT in generating firm performance since this has implications for SMEs’ expenditure on the technology. This research examines the diffusion of ICT among SMEs with respect to the typical stages from innovation adoption to post-adoption, by analysing the actual usage of ICT and value creation. The mediating effects of integration and utilisation on SME performance are also studied. Grounded in the innovation diffusion literature, institutional theory and resource-based theory, this study has developed a comprehensive integrated research model focused on the research objectives. Following a positivist research paradigm, this study employs a mixed-method research approach. A preliminary conceptual framework is developed through an extensive literature review and is refined by results from an in-depth field study. During the field study, a total of 11 SME owners or decision-makers were interviewed. The recorded interviews were transcribed and analysed using NVivo 10 to refine the model to develop the research hypotheses. The final research model is composed of 30 first-order and five higher-order constructs which involve both reflective and formative measures. Partial least squares-based structural equation modelling (PLS-SEM) is employed to test the theoretical model with a cross-sectional data set of 282 SMEs in Bangladesh. Survey data were collected using a structured questionnaire issued to SMEs selected by applying a stratified random sampling technique. The structural equation modelling utilises a two-step procedure of data analysis. Prior to estimating the structural model, the measurement model is examined for construct validity of the study variables (i.e. convergent and discriminant validity).

The estimates show cognitive evaluation as an important antecedent for expectation which is shaped primarily by the entrepreneurs’ beliefs (perception) and also influenced by the owners’ innovativeness and culture. Culture further influences expectation. The study finds that facilitating condition, environmental pressure and country readiness are important antecedents of expectation and ICT use. The results also reveal that integration and the degree of ICT utilisation significantly affect SMEs’ performance. Surprisingly, the findings do not reveal any significant impact of ICT usage on performance which apparently suggests the possibility of the ICT productivity paradox. However, the analysis finally proves the non-existence of the paradox by demonstrating the mediating role of ICT integration and degree of utilisation explain the influence of information technology (IT) usage on firm performance which is consistent with the resource-based theory. The results suggest that the use of ICT can enhance SMEs’ performance if the technology is integrated and properly utilised. SME owners or managers, interested stakeholders and policy makers may follow the study’s outcomes and focus on ICT integration and degree of utilisation with a view to attaining superior organisational performance.

This study urges concerned business enterprises and government to look at the environmental and cultural factors with a view to achieving ICT usage success in terms of enhanced firm performance. In particular, improving organisational practices and procedures by eliminating the traditional power distance inside organisations and implementing necessary rules and regulations are important actions for managing environmental and cultural uncertainties. The application of a Bengali user interface may help to ensure the productivity of ICT use by SMEs in Bangladesh. Establishing a favourable national technology infrastructure and legal environment may contribute positively to improving the overall situation. This study also suggests some changes and modifications in the country’s existing policies and strategies. The government and policy makers should undertake mass promotional programs to disseminate information about the various uses of computers and their contribution in developing better organisational performance. Organising specialised training programs for SME capacity building may succeed in attaining the motivation for SMEs to use ICT. Ensuring easy access to the technology by providing loans, grants and subsidies is important. Various stakeholders, partners and related organisations should come forward to support government policies and priorities in order to ensure the productive use of ICT among SMEs which finally will help to foster Bangladesh’s economic development.

Notes that many authors have supported the value of integrating qualitative and quantitative approaches within a research design to address research questions that aim both to develop or extend theory and test its application. Presents research which explores two alternative approaches to conducting qualitative interviews within an integrated research method. Aims to determine how those different approaches can enhance the design of the quantitative component of the research, and contribute to the interpretation of the quantitative data. Concludes that the findings indicate the importance of adopting both qualitative interview techniques within this combined approach, while completing a comprehensive review of the literature. Suggests that this will develop a theoretical framework and quantitative design, and assist in the interpretation of the quantitative data. The qualitative components of two outshopping studies, each study having a combined qualitative/quantitative research design, were selected to illustrate the nature of the data produced through each qualitative interviewing technique and the contribution of the data to the interpretation of the quantitative findings.

This study aims to quantitatively identify the impact of major economic and political factors on the US apparel imports from its 15 major trading partners between 1995 and 2006.

Ordinary‐least‐square (OLS) regression under a gravity model framework was utilized to construct the analysis. The determinants of US apparel imports were determined and their significance and direction of change over the period were quantified.

First, the growths of GDP and population both in the USA and within its trading partners have been drivers of US apparel import growth, while greater geographic distance between a trading partner and the USA significantly impedes its exports to the USA. Second, the positive impact on the US apparel imports from the supplying country's infrastructure development, literacy rate and its language commonality with the USA shows that these factors are pivotal to being a competitive US apparel supplier. Finally, preferential market access is proven to be crucial for suppliers to increase apparel exports to the USA.

In future work, the impact of these factors on disaggregated apparel categories could be investigated. Some emerging issues such as non‐tariff barriers could be exploited.

The findings reveal that the US apparel sourcing decisions are made on the basis of many different costs, not only labour cost, but also economic condition, government policy, infrastructure, transport time and cost, language/culture commonality etc.

The study provides a springboard for empirically analyzing the US apparel imports under a gravity model framework. The conclusions are drawn based on solid quantitative evidence.

This paper seeks to provide foreign exchange risk measurement/management techniques and strategies that can be applied to investment and trading portfolios in emerging financial markets, such as the Moroccan foreign exchange market, with the objective of setting up the basis of a methodology/procedure for the measurement, management and control of foreign exchange exposures in the day‐to‐day trading operations.

Demonstrates a proactive approach for the measurements, management and control of market risk exposure for financial trading portfolios that contain foreign exchange securities. This approach is based on the renowned concept of value‐at‐risk (VAR) along with the creation of a software tool utilizing matrix‐algebra technique. In order to illustrate the proper use of VAR and stress‐testing methods, real‐world examples and practical reports of foreign exchange trading risk management are presented for the Moroccan Dirham.

To this end, several case studies were achieved with the objective of setting up a practical framework of trading risk measurement and control reports in addition to the inception of procedures for the calculation of VAR's limits. Moreover, the effects of hedging of foreign exchange trading exposures with reciprocal equity trading positions were explored and quantified. Finally, initial empirical tests of the long‐term behavior of the Moroccan foreign exchange and debt markets were quantified and analyzed.

In this work, key foreign exchange trading risk management methods, rules and procedures that financial entities, regulators and policymakers should consider in setting up their daily foreign exchange trading risk management objectives are examined and adapted to the specific needs of emerging markets, such as in the context of the Moroccan foreign exchange market.

This paper fills a gap in the foreign exchange risk management literature especially in the emerging markets perspective. The risk management procedures that are discussed in this work will aid financial markets' participants, regulators and policymakers in founding sound and up‐to‐date policies to handle foreign exchange risk exposures.

A composite sentiment index (CSI) from quantitative proxy sentiment indicators is likely to be a lag sentiment measure as it reflects only the information absorbed in the market. Information theories and behavioral finance research suggest that market prices may not adjust to all the available information at a point in time. This study hypothesizes that the sentiment from the unincorporated information may provide possible market leads. Thus, this paper aims to discuss a method to identify the un-incorporated qualitative Sentiment from information unadjusted in the market price to test whether sentiment polarity from the information can impact stock returns. Factoring market sentiment extracted from unincorporated information (residual sentiment or sentiment backlog) in CSI is an essential step for developing an integrated sentiment index to explain deviation in asset prices from their intrinsic value. Identifying the unincorporated Sentiment also helps in text analytics to distinguish between current and future market sentiment.

Initially, this study collects the news from various textual sources and runs the NVivo tool to compute the corpus data’s sentiment polarity. Subsequently, using the predictability horizon technique, this paper mines the unincorporated component of the news’s sentiment polarity. This study regresses three months’ sentiment polarity (the current period and its lags for two months) on the NIFTY50 index of the National Stock Exchange of India. If the three-month lags are significant, it indicates that news sentiment from the three months is unabsorbed and is likely to impact the future NIFTY50 index. The sentiment is also conditionally tested for firm size, volatility and specific industry sector-dependence. This paper discusses the implications of the results.

Based on information theories and empirical findings, the paper demonstrates that it is possible to identify unincorporated information and extract the sentiment polarity to predict future market direction. The sentiment polarity variables are significant for the current period and two-month lags. The magnitude of the sentiment polarity coefficient has decreased from the current period to lag one and lag two. This study finds that the unabsorbed component or backlog of news consisted of mainly negative market news or unconfirmed news of the previous period, as illustrated in Tables 1 and 2 and Figure 2. The findings on unadjusted news effects vary with firm size, volatility and sectoral indices as depicted in Figures 3, 4, 5 and 6.

The related literature on sentiment index describes top-down/ bottom-up models using quantitative proxy sentiment indicators and natural language processing (NLP)/machine learning approaches to compute the sentiment from qualitative information to explain variance in market returns. NLP approaches use current period sentiment to understand market trends ignoring the unadjusted sentiment carried from the previous period. The underlying assumption here is that the market adjusts to all available information instantly, which is proved false in various empirical studies backed by information theories. The paper discusses a novel approach to identify and extract sentiment from unincorporated information, which is a critical sentiment measure for developing a holistic sentiment index, both in text analytics and in top-down quantitative models. Practitioners may use the methodology in the algorithmic trading models and conduct stock market research.

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.

The purpose of the study is to check whether Indian high net worth individual (HNI) investors are suffering from overconfidence bias in personal life and in-stock investment approach. The study is to benchmark an ideal behaviour that an investor should exhibit under the overconfidence bias.

Both qualitative and quantitative methods were used to study the Indian HNI investors with overconfidence bias. As a first step, an exploratory study was conducted to identify the variables to define overconfidence bias. An extensive literature review along with in-depth interviews was conducted amongst investors, fund managers and the subject experts to check the content validity of the variables. The survey instrument was designed based on the objective of the study and theoretical framework. Both descriptive and inferential statistical tools such as the Z proportion test, logistic regression and structural equation model were applied to test the hypotheses.

It was found that there is a moderate impact of overconfidence bias amongst the investors both in normal life and whilst making investments in stock. This study found the influence of overconfidence bias in stock investment with respect to forecasting of the stock price movements, overtrading, overanalysis and overreaction.

This paper will help in understanding the Indian HNI investors’ behaviour under the impact of overconfidence bias. There is an empirical study to understand the implication of overconfidence bias on stock investors specifically for the HNI investors.

This study gives an insight into the fund managers to understand the Indian HNI investment behaviour. It is also helpful for HNI investors to understand and correct their behavioural biases related to overconfidence.

This paper will guide investors to understand the symptoms and repercussions of overconfidence bias in stock investment. They can also realize the subtle impact of overconfidence bias in personal and professional life, thus preventing them from making losses.

This work is the extension of the works of Terrace Odean on behavioural finance in the Indian Stock Investors' context. The concept of overconfidence bias and its implications of finance were developed by Kahneman and Tversky, and later by other behavioural finance researchers such as Malmendier, Hirshleifer, DeBondt, Odean, Barber, Shefrin and others. This paper studies stock investing behaviour with specific reference to Indian HNI investors.

The objective of this study is to investigate how country risk, different political actions from the government and bureaucratic behavior influence the activities in industry supply chains (SCs) in emerging markets. The main objective of this study is to investigate the influence of these external stakeholders’ elements to the demand-side and supply-side drivers and barriers for improving competitiveness of Ready-Made Garment (RMG) industry in the way of analyzing supply chain. Considering the phenomenon of recent change in the RMG business environment and the competitiveness issues this study uses the principles of stakeholder and resource dependence theory and aims to find out some factors which influence to make an efficient supply chain for improving competitiveness. The RMG industry of Bangladesh is the case application of this study. Following a positivist paradigm, this study adopts a two phase sequential mixed-method research design consisting of qualitative and quantitative approaches. A tentative research model is developed first based on extensive literature review. Qualitative field study is then carried out to fine tune the initial research model. Findings from the qualitative method are also used to develop measures and instruments for the next phase of quantitative method. A survey is carried out with sample of top and middle level executives of different garment companies of Dhaka city in Bangladesh and the collected quantitative data are analyzed by partial least square-based structural equation modeling. The findings support eight hypotheses. From the analysis the external stakeholders’ elements like bureaucratic behavior and country risk have significant influence to the barriers. From the internal stakeholders’ point of view the manufacturers’ and buyers’ drivers have significant influence on the competitiveness. Therefore, stakeholders need to take proper action to reduce the barriers and increase the drivers, as the drivers have positive influence to improve competitiveness.

This study has both theoretical and practical contributions. This study represents an important contribution to the theory by integrating two theoretical perceptions to identify factors of the RMG industry’s SC that affect the competitiveness of the RMG industry. This research study contributes to the understanding of both external and internal stakeholders of national and international perspectives in the RMG (textile and clothing) business. It combines the insights of stakeholder and resource dependence theories along with the concept of the SC in improving effectiveness. In a practical sense, this study certainly contributes to the Bangladeshi RMG industry. In accordance with the desire of the RMG manufacturers, the research has shown that some influential constructs of the RMG industry’s SC affect the competitiveness of the RMG industry. The outcome of the study is useful for various stakeholders of the Bangladeshi RMG industry sector ranging from the government to various private organizations. The applications of this study are extendable through further adaptation in other industries and various geographic contexts.