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Article

Kim Abildgren

The Spanish Flu 1918–1920 saw a high degree of excess mortality among young and healthy adults. The purpose of this paper is a further exploration of the hypothesis that…

Abstract

Purpose

The Spanish Flu 1918–1920 saw a high degree of excess mortality among young and healthy adults. The purpose of this paper is a further exploration of the hypothesis that high mortality risk during The Spanish Flu in Copenhagen was associated with early life exposure to The Russian Flu 1889–1892.

Design/methodology/approach

Based on 37,000 individual-level death records in a new unique database from The Copenhagen City Archives combined with approximate cohort-specific population totals interpolated from official censuses of population, the author compiles monthly time series on all-cause mortality rates 1916–1922 in Copenhagen by gender and one-year birth cohorts. The author then analyses birth cohort effects on mortality risk during The Spanish Flu using regression analysis.

Findings

The author finds support for hypotheses relating early life exposure to The Russian Flu to mortality risk during The Spanish Flu. Some indications of possible gender heterogeneity during the first wave of The Spanish Flu – not found in previous studies – should be a topic for future research based on data from other countries.

Originality/value

Due to lack of individual-level death records with exact dates of birth and death, previous studies on The Spanish Flu in Denmark and many other countries have relied on data with lower birth cohort resolutions than the one-year birth cohorts used in this study. The analysis in this paper illustrates how archival Big Data can be used to gain new insights in studies on historical pandemics.

Details

Information Discovery and Delivery, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-6247

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Article

John Overby, Mike Rayburn, Kevin Hammond and David C. Wyld

The war in Iraq, the threat of terrorism and the Severe Acute Respiratory Syndrome (SARS) epidemic have made international business activities increasingly difficult and…

Abstract

The war in Iraq, the threat of terrorism and the Severe Acute Respiratory Syndrome (SARS) epidemic have made international business activities increasingly difficult and risky. The worldwide economic downturn and slow growth in domestic markets are forcing companies to depend more than ever on overseas trade. SARS emerged in China in November 2002 and has spread to 26 countries. The SARS epidemic has caused the most severe economic crisis in Southeast Asia since the wave of bank failures and currency devaluations that swept the region five years ago. The SARS epidemic has prompted health officials to implement travel advisories and restrictions, in order to defer nonessential travel to regions of Asia with large numbers of SARS cases. They are enforcing quarantine and isolation measures in major cities to try and limit the spread of SARS. The President of the United States has signed an executive order adding SARS to the list of communicable diseases that can be quarantined. A major disruption in China could paralyze just‐in‐time supply chains and cause an economic crisis for retailers and other businesses worldwide. The SARS epidemic has caused many economists to drastically reduce their economic‐growth forecasts for Asia. New infectious diseases, such as SARS, can emerge and easily travel around the globe, infecting less‐resilient hosts and mutating because of the influence of viruses and bacteria in their new environment. Health officials are even more concerned about the pandemic disaster that hasn’t happened, but may still. However, the SARS epidemic has created positive economic benefits for some companies.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 16 no. 1
Type: Research Article
ISSN: 1355-5855

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Article

Kunjana Malik, Sakshi Sharma and Manmeet Kaur

The outbreak of the coronavirus disease 2019 (COVID-19) pandemic is an unprecedented shock to the BRICS (Brazil, Russia, India, China, South Africa) economy and their…

Abstract

Purpose

The outbreak of the coronavirus disease 2019 (COVID-19) pandemic is an unprecedented shock to the BRICS (Brazil, Russia, India, China, South Africa) economy and their financial markets have plummeted significantly due to it. This paper adds to the recent literature on contagion due to spillover by uniquely examining the presence of pairwise contagion or volatility transmissions in stock markets returns of India, Brazil, Russia, China and USA prior to and during COVID-19 pandemic period.

Design/methodology/approach

In this study, the generalised autoregressive conditional heteroskedasticity (GARCH) by Bollerslev (1986) under diagonal parameterization is used to estimate multivariate GARCH framework also known as BEKK (Baba EngleKraft and Kroner) model on stock market returns of BRIC nations and the US.

Findings

The empirical results show that the model captures the volatility spillovers and display statistical significance for own past mean and volatility with both short- and long-run persistence effects. Own volatility spillovers (Heatwave phenomenon) have been found to be highest for the US, China and Brazil compared to Russia and India. The coefficients indicate persistence of volatility for each country in terms of its own past errors. The highest and long-term spillover effect is found between US and Russia. The results recommend that Russia is least vulnerable to outside shocks. Finally after examining the pairwise results, it is suggested that the BRIC countries stock indices have exhibited volatility spillover due to the COVID-19 pandemic.

Research limitations/implications

The study may be extended to include other emerging market economies under a dynamic framework.

Practical implications

Researchers and policymakers may draw useful insights on cross-market interdependencies regarding the spillovers in BRIC countries' stock markets. It also helps design international portfolio diversification strategies and in constructing optimal portfolios during COVID and in a post-COVID world.

Originality/value

COVID-19 has been an improbable event in the history of the world which can have a large impact on the financial economies across the emerging countries. This event can be deemed to be informative enough to measure the co-movements of the equity markets amongst cross-country return series, which has not been investigated so far for BRIC nations.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

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Article

Tiiu Paas and Andres Kuusk

The purpose of this paper is to give an overview of variability of empirical results of several financial contagion studies, taking into account the role of financial…

Abstract

Purpose

The purpose of this paper is to give an overview of variability of empirical results of several financial contagion studies, taking into account the role of financial markets, data sets and the applied definitions and methods that may explain the variability of empirical evidence.

Design/methodology/approach

The authors used qualitative analysis of published research materials about previous financial crises and analyzed the variability of empirical results of around 75 studies of financial contagion, taking into account the particularities of financial markets, data sets and tests methods.

Findings

The results of the analysis show that empirical studies provide heterogeneous results depending on applied definitions and methods, as well as chosen crises, destination countries and financial indices. Summing up all the relevant empirical findings the results supporting the contagion hypothesis are in clear dominance, but taking into account differences in definitions and testing methodologies the research did not reveal clear results as to which evidence dominates or should dominate.

Research limitations/implications

The authors conclude that solely qualitative analysis of published research materials about previous financial crises does not give sufficient information to elaborate proper management measures to prevent serious consequences of financial crises. The authors propose that it is possible to obtain a more adequate picture of financial contagion by using a meta‐analysis, which the authors are planning to do in future studies.

Practical implications

The paper provides information about some reasons that explain the variability of the results that are presented in the empirical studies about financial contagion. This information can be used for elaborating policy proposals and regulations that can help alleviate possible negative consequences of financial contagion. The paper shows the way for future articles summarising financial contagion.

Originality/value

The study sums up previous findings on the field of financial contagion and shows the insufficiency of the traditional literature review to accomplish that task.

Details

Baltic Journal of Management, vol. 7 no. 1
Type: Research Article
ISSN: 1746-5265

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Book part

Mary T. Rodgers and James E. Payne

We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906…

Abstract

We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906 and 1907 through the medium of copper prices. Results from our vector autoregressive models and copper stockpile data support our argument that a copper commodity price channel may have been active in transmitting the Bank’s policy to the New York markets. Archival evidence suggests that the plunge in copper prices may have partially triggered both the initiation and the failure of an attempt to corner the shares of United Copper, and in turn, the bank and trust company runs related to that transaction’s failure. We suggest that the substantial short-term uncertainties accompanying the development of the copper-intensive electrical and telecommunications industries likely played a role in the plunge in copper prices. Additionally, we find evidence that the copper price transmission mechanism was also likely active in five other countries that year. While we do not argue that copper caused the 1907 crisis, we suggest that it was an active policy transmission channel amplifying the classic effect that was already spreading through the money market channel. If the bust in copper prices partially triggered the 1907 panic, then it provides additional evidence that contractionary monetary policy may have had an unintended, adverse consequence of contributing to a bank panic and, therefore, supports other recent findings that monetary policy deliberations might benefit from considering the policy impact on asset prices.

Details

Research in Economic History
Type: Book
ISBN: 978-1-78756-582-1

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Book part

Louis Gagnon and G.Andrew Karolyi

Using intraday prices for the S&P 500 and Nikkei Stock Average stock indexes and aggregate trading volume for the New York and Tokyo Stock Exchanges, we show how short-run…

Abstract

Using intraday prices for the S&P 500 and Nikkei Stock Average stock indexes and aggregate trading volume for the New York and Tokyo Stock Exchanges, we show how short-run comovements between national stock market returns vary over time in a way related to the trading volume and liquidity in those markets. We frame our analysis in the context of the heterogeneous-agent models of trading developed by Campbell, Grossman and Wang (1993) and Blume, Easley and O’Hara (1994) and Wang (1994) which predict that trading volume acts as a signal of the information content of a given price move. While we find that there exists significant short-run dependence in returns and volatility between Japan and the U.S., we offer new evidence that these return “spillovers” are sensitive to interactions with trading volume in those markets. The cross-market effects with volume are revealed in both close-to-open and open-to-close returns and often exhibit non-linear patterns that are not predicted by theory.

Details

The Japanese Finance: Corporate Finance and Capital Markets in ...
Type: Book
ISBN: 978-1-84950-246-7

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Article

Emmanuel Carsamer

The concept of co-movement has witnessed a resurgence in the international finance literature in recent years after the black swan events. This might be due to a renewed…

Abstract

Purpose

The concept of co-movement has witnessed a resurgence in the international finance literature in recent years after the black swan events. This might be due to a renewed focus on globalization and financial market integration in the world over. The purpose of this paper is to examine the dynamic linkages in the foreign exchange market resulting from recent globalization and financial market integration in Africa.

Design/methodology/approach

A conceptual framework was adapted from the extant literature and was used as the basis of modeling foreign exchange market in Africa. This paper adopts a quantitative research approach and opted for dynamic panel data analysis to empirically unearth the determinants of foreign exchange market co-movement.

Findings

It is interesting to note that exchange rate co-movements were externally determined. Robust support was found for trade intensity, competition and world interest rate on foreign exchange rates co-movement, but regional interest rate differential decreased it. These findings clearly demonstrate the level of financial development and challenges that sometimes exist in exchange rate policy implementation by policy makers in Africa.

Research limitations/implications

Future research might incorporate bilateral investment into the model of exchange rate correlation.

Originality/value

Studies focussing on simultaneous consideration of intensity, trade competition and capital account openness to exchange rate correlations in the contexts of Africa are almost non-existent, and this study makes an important contribution in not only addressing this imbalance but also more importantly improving the relatively parsimonious literature on foreign exchange co-movement.

Details

Journal of Economic Studies, vol. 43 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

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Case study

Andrey Shapenko, Vladimir Korovkin and Benoit Leleux

Entrepreneurship, Innovation Management, Bringing Technology to Market, International Growth Strategy from Emerging Markets, Russia, B2B Marketing.

Abstract

Subject area

Entrepreneurship, Innovation Management, Bringing Technology to Market, International Growth Strategy from Emerging Markets, Russia, B2B Marketing.

Study level/applicability

MBA and executive education programs, technology management programs and electives.

Case overview

The case investigates the 20-years growth story of ABBYY, one of the most successful Russian technological companies in a global market. It covers the company’s roots, development of unique technology, evolution of products, market development and globalization and discusses a strategic threat from Google Translate to the company’s sustainable position and its business model.

Expected learning outcomes

The expected learning outcome is to discuss the key issues associated with establishing, growing and globalizing technology-driven business in an emerging market: bringing technology to market, defining customer value proposition, entering overseas markets from Russia, building partnerships, developing organizational structure to fit growth, financing rapid growth and solving “Innovator’s Dilemma”.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 3: Entrepreneurship.

Details

Emerald Emerging Markets Case Studies, vol. 8 no. 2
Type: Case Study
ISSN: 2045-0621

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Article

KimHiang Liow and Qing Ye

This paper aims to investigate volatility causality and return contagion on nine international securitized real estate markets by appealing to Markov-switching (MS) regime…

Abstract

Purpose

This paper aims to investigate volatility causality and return contagion on nine international securitized real estate markets by appealing to Markov-switching (MS) regime approach, from July 1992 to June 2014.

Design/methodology/approach

An MS causality interaction model (Psaradakis et al., 2005), an MS vector auto-regression mode (Krolzig, 1997) and a multivariate return contagion model (Dungey et al., 2005) were used to implement the empirical investigations.

Findings

There exist regime shifts in the volatility causality pattern, with the volatility causality effects more pronounced during high volatility periods. During high volatility period, real estate markets’ causality interactions and inter-linkages contribute to strong spillover effect that leads to extreme volatility. However, there is relatively limited return contagion evidence in the securitized real estate markets examined. As such, the US financial crisis might probably be due to cross-market interdependence rather than contagion.

Research limitations/implications

Because international investors incorporate into their portfolio allocation not only the long-run price relationship but also the short-run market volatility connectedness and return correlation structure, the results of this MS causality and contagion study have provided valuable information on the evaluation of regime-dependent securitized real estate market risk, as well as useful guidance on asset allocation and portfolio management decisions for institutional investors.

Practical implications

Financial crisis is one of the key determinants of cross-market volatility interactions. Portfolio managers should be alerted of the observation that the US and the other developed securitized real estate markets are increasingly sharing “common market cycles” in recent years, thereby diminishing the diversification benefits. For policymakers, this research indicates that the volatilities of the US securitized real estate market could be helpful to predict those of other developed markets. It is also important for them to pay attention to those potential risk factors behind the amplified causality, contagion and volatility spillover at times of crisis. Finally, a wider implication for policymakers is to manage the transmission channels through which global stock market return and volatility shocks can affect the local economies and domestic financial markets, including securitized real estate markets.

Originality/value

Real estate investments have emerged to show low correlation with stocks and bonds and contributed to portfolio optimization. With real estate that can serve as a type of consumption commodity and an investment tool, the risk-return profile of real estate is different from that of the underlying stock markets. Therefore, the performance and investment dynamics and real estate-stock link are not theoretically expected to be similar, that requires separate empirical investigations. This paper aims to stand out from the many papers on the same or similar topics in the application of the three MS methodologies to regime-dependent real estate market integration.

Details

Journal of European Real Estate Research, vol. 11 no. 2
Type: Research Article
ISSN: 1753-9269

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Book part

Bang Nam Jeon

This paper provides evidence of financial linkages across countries as a channel of contagion of currency crises in the case of the 1997 Asian crisis using high-frequency…

Abstract

This paper provides evidence of financial linkages across countries as a channel of contagion of currency crises in the case of the 1997 Asian crisis using high-frequency data, focusing on the hardest hit countries in the region: Thailand, Indonesia, Malaysia, and Korea. Stock markets in the region were found to play an important role in transmitting initial and local shocks beyond its country of origin to other emerging economies during the 1997 crisis. Stock market linkages seem to have contributed importantly to the quick and wide-scale contagion of the ensuing exchange rate crisis across countries in the 1997 Asian crisis episode.

Details

Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century
Type: Book
ISBN: 978-0-76231-258-0

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