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1 – 4 of 4Saliha Theiri, Ramzi Nekhili and Jahangir Sultan
This study examine the response of liquidity of Bitcoin and Ethereum to the Russia-Ukraine war in an event study context and investigate whether the war had a transitory or a…
Abstract
Purpose
This study examine the response of liquidity of Bitcoin and Ethereum to the Russia-Ukraine war in an event study context and investigate whether the war had a transitory or a permanent effect on cryptocurrency liquidity.
Design/methodology/approach
A event study was applied to hourly transactions on Bitcoin and Ethereum cryptocurrencies from 1/02/2022 to 31/03/2022. This is period is subdivided in two sample periods to capture transitory and permanent effects. The transitory effect is investigated over a window spanning -20 and +20 days. For a more extended post-event period, a linear regression model was applied to analyze the effects of other factors on the liquidity risk of BTC and ETH.
Findings
The findings reveal a significant but temporary impact of the Russia–Ukraine war on the liquidity of Bitcoin and Ethereum. Liquidity levels have increased within the first two days around the event day and then returned to the pre-event level after that. However, the response of BTC and ETH cryptocurrencies' liquidities to the Russian invasion of Ukraine is not uniform.
Originality/value
This is the first paper that assesses the liquidity level of two major cryptocurrencies (Bitcoin and Ethereum) in response to an extreme event: the Russia–Ukraine war. The hypothesis is that trading in the cryptocurrency market will increase due to market participants' goal of evading regulatory sanctions. Furthermore, market participants may also take advantage of cryptocurrencies' popularity as safe-haven assets.
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Walid Mensi, Ramzi Nekhili, Xuan Vinh Vo and Sang Hoon Kang
This paper examines dynamic return spillovers and connectedness networks among international stock exchange markets. The authors account for asymmetry by distinguishing between…
Abstract
Purpose
This paper examines dynamic return spillovers and connectedness networks among international stock exchange markets. The authors account for asymmetry by distinguishing between positive and negative returns.
Design/methodology/approach
This paper employs the spillover index of Diebold and Yilmaz (2012) to measure the volatility spillover index for total, positive and negative volatility.
Findings
The results show time-varying and asymmetric volatility spillovers among the stock markets under investigation. During the coronavirus disease 2019 (COVID-19) pandemic, bad volatility spillovers are more pronounced and dominated over good volatility spillovers, indicating contagion effects.
Originality/value
The presence of confirmed COVID-19 cases positively (negatively) affects the good and bad spillovers under low and intermediate (upper) quantiles. Both types of spillovers at various quantiles agree also influenced by the number of COVID-19 deaths.
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Melodena Stephens Balakrishnan, Ramzi Nekhili and Clifford Lewis
This study matches destination brand components with motives and identifies those components that are most important for the consumer during various stages of the decision…
Abstract
Purpose
This study matches destination brand components with motives and identifies those components that are most important for the consumer during various stages of the decision process. This study also aims to classify various functional and symbolic brand components. The findings take the customers' point‐of‐view in identifying those descriptors that affect consumer choice preference and create destination loyalty.
Design/methodology/approach
The research is exploratory. Through a detailed literature review, destination brand components are identified, simplified and then classified as symbolic or functional. They are also classified by motive. The review is followed by a quantitative study that uses open‐ended questions to find the relationship between destination brand components and the stage of decision making. This study also presents a conceptual model with taxonomy of brand components.
Findings
Functional brand components seem to play a major role in a consumer's description of place brands during the various decision making stages. This finding highlights the importance of stressing functional components in the destination's branding strategy.
Originality/value
This study is the first of its type and can serve as a platform for future research, practically helping destinations create more effective communication.
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Nadia Toumi, Ramzi Benkraiem and Amal Hamrouni
This paper aims to investigate board director disciplinary and cognitive influence on corporate value creation.
Abstract
Purpose
This paper aims to investigate board director disciplinary and cognitive influence on corporate value creation.
Design/methodology/approach
Fixed-effect regressions are used to check whether gender diversity, education, independence and size of the board of directors affect measures of corporate value creation.
Findings
The empirical results show that corporate value creation is positively influenced by the cross effect of the board independence and the presence of women. They also point out a positive impact of the cross effect of board independence and management education. They reveal that the board of directors contributes significantly to corporate value creation, particularly when there is a mix of independent, female and management-qualified directors.
Originality/value
The evidence presented and discussed in this paper should be of interest to managers and regulators. The methodological approach and the empirical results extend the existing literature. They enrich the limited empirical research devoted to this theme, especially in a continental European context, i.e. France. They shed light on the effect of board of directors’ disciplinary and cognitive influence on corporate value creation.
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