Search results

21 – 30 of 655
Open Access
Article
Publication date: 10 January 2023

Orlando Telles Souza and João Vinícius França Carvalho

This study aims to analyze the efficient market hypothesis (EMH) of cryptocurrencies on multiple platforms by observing whether there is a discrepancy in the levels of efficiency…

1528

Abstract

Purpose

This study aims to analyze the efficient market hypothesis (EMH) of cryptocurrencies on multiple platforms by observing whether there is a discrepancy in the levels of efficiency between different exchanges. Additionally, EMH is tested in a multivariate way: whether the prices of the same cryptocurrencies traded on different exchanges are temporally related to each other. ADF and KPSS tests, whereas the vector autoregression model of order p – VAR(p) – for multivariate system.

Findings

Both Bitcoin and Ethereum show efficiency in the weak form on the main platforms in each market alone. However, when estimating a VAR(p) between prices among exchanges, there was evidence of Granger causality between cryptocurrencies in all exchanges, suggesting that EMH is not adequate due to cross information.

Practical implications

It is essential to assess the cryptocurrency market in a multivariate way, not only to favor its maturation process, but also to promote a broad understanding of its inherent risks. Thus, it will be possible to develop financial products that are actively managed in a more sophisticated cryptocurrency market.

Social implications

There is a possibility of performing arbitrage on different exchanges and market assets through cross-exchanges. Thus, emphasizing the need for regulation of exchanges in the digital asset market, as an eventual price manipulation on a single platform can impact others, which generates various distortions.

Originality/value

This study is the first to find evidence of cross-information for the same (and other) cryptocurrencies among different exchanges.

Details

Revista de Gestão, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1809-2276

Keywords

Article
Publication date: 1 March 1999

Patrick Wilson and John Okunev

Understanding cyclical activity is an important component of efficient portfolio management. Property appraisal models that do not explicitly take into account cyclical…

2204

Abstract

Understanding cyclical activity is an important component of efficient portfolio management. Property appraisal models that do not explicitly take into account cyclical fluctuations may produce unrealistic valuation estimates resulting in property assets being incorrectly added to or removed from the general investment portfolio. In this paper we use conventional spectral analysis techniques to examine property and financial assets for evidence of cycles and co‐cycles. One finding is that the very pronounced cyclical patterns that appear in direct real estate markets and the economy as a whole are very much less obvious once they have filtered through to securitised property markets and financial assets markets.

Details

Journal of Property Investment & Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Book part
Publication date: 14 August 2015

Stefania Albanesi, Claudia Olivetti and María José Prados

We document three new facts about gender differences in executive compensation. First, female executives receive lower share of incentive pay in total compensation relative to…

Abstract

We document three new facts about gender differences in executive compensation. First, female executives receive lower share of incentive pay in total compensation relative to males. This difference accounts for 93% of the gender gap in total pay. Second, the compensation of female executives displays lower pay-performance sensitivity. A $1 million dollar increase in firm value generates a $17,150 increase in firm-specific wealth for male executives and a $1,670 increase for females. Third, female executives are more exposed to bad firm performance and less exposed to good firm performance relative to male executives. We find no link between firm performance and the gender of top executives. We discuss evidence on differences in preferences and the cost of managerial effort by gender and examine the resulting predictions for the structure of compensation. We consider two paradigms for the pay-setting process, the efficient contracting model and the “managerial power” or skimming view. The efficient contracting model can explain the first two facts. Only the skimming view is consistent with the third fact. This suggests that the gender differentials in executive compensation may be inefficient.

Details

Gender in the Labor Market
Type: Book
ISBN: 978-1-78560-141-5

Keywords

Article
Publication date: 1 October 2006

William C. Auden, Joshua D. Shackman and Marina H. Onken

The paper seeks to address four key Top Management Team (TMT) demographic characteristics in their relationship with firm performance: age, functional background, educational…

6665

Abstract

Purpose

The paper seeks to address four key Top Management Team (TMT) demographic characteristics in their relationship with firm performance: age, functional background, educational field, and team tenure. The study extends research on the TMT by explicitly introducing team performance as a new context measured in the form of International Risk Management Factor, in addition to demographic characteristic effects. International Risk Management Factor is developed based on multiple international risks trading off theory. In order to calculate that factor International Risk Management Index is introduced.

Design/methodology/approach

In the paper a sample of 212 firms was used, including 4,009 executives; also four hypotheses were tested. The hypotheses were tested using multiple regression analysis.

Findings

The findings in this paper support the proposition that top management team is an appropriate unit of study, due to its impact on firm performance. The results indicate that there is a significant correlation between TMT demographic characteristics and firm performance. This study concluded that three of the proposed four TMT demographic characteristics, including age, functional background, and team tenure influence firm performance. Results validate the proposition that TMT demographic characteristics show a significant positive correlation with firm performance, particularly when the accounting measure is applied. In addition, Top Management Team performance was positively correlated to team tenure, suggesting that as team tenure progresses team performance improves.

Originality/value

The paper differs in many features from previous research. Some of the most important aspects include scope of the study, scale of the sample, complexity of the moderated variable, uniqueness of moderated variable operationalization, and innovation in calculating International Risk Management Factor. For the first time, the study focuses exclusively on Top Management Team performance. The concept, which captures complexity of all TMT characteristics, is not included in demographic characteristics of TMT.

Details

Team Performance Management: An International Journal, vol. 12 no. 7/8
Type: Research Article
ISSN: 1352-7592

Keywords

Article
Publication date: 16 August 2019

Naomi E. Boyd, Gulnara R. Zaynutdinova, Michael Burdette and Nathan Burks

The purpose of this paper is to expand the domain of experiential learning by sharing the experiences of establishing and developing student managed investment fund (SMIF) at West…

Abstract

Purpose

The purpose of this paper is to expand the domain of experiential learning by sharing the experiences of establishing and developing student managed investment fund (SMIF) at West Virginia University (WVU).

Design/methodology/approach

This paper discusses the structure and performance of the SMIF at WVU within the context of experiential learning literature in financial education.

Findings

The adopted structure and coordination of SMIF appears to be effective in bridging the gap between classroom and the professional world, while significantly enhancing student experiential learning opportunities, engagement and professional preparedness.

Originality/value

The paper presents experience of launching and operating a SMIF at WVU, which has recently joined the ranks of R1 research universities. While the importance of research productivity has been on the rise, the significance of strengthening student experiences has also been growing and maintaining the balanced approach can be challenging. Enrollment in WVUs undergraduate finance program grew 33 percent over the past three years. With growing enrollment and competitiveness of finance degree programs, experiential learning opportunities like WVU’s SMIF are an essential for an evolving curriculum.

Details

Managerial Finance, vol. 46 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 21 November 2022

Viet Hoang Le, Hans-Jörg von Mettenheim, Stéphane Goutte and Fei Liu

The purpose of this paper is to analyze the market response of the aerospace and defense industry and the airline industry to the ongoing conflict between Ukraine and Russia based…

Abstract

Purpose

The purpose of this paper is to analyze the market response of the aerospace and defense industry and the airline industry to the ongoing conflict between Ukraine and Russia based on the sentiments from war-related news articles over the period from October 2021 to June 2022.

Design/methodology/approach

The study uses the news article database of Global Database of Events, Languages and Tone (GDELT) to create a new set of variables that reflect the news sentiment regarding war and conflict. By investigating the newly created sentiment variables in combination with traditional event study methodology, the authors seek to find out whether sentiment indicators can be helpful to rationalize the evolution of the different stock markets before and after the conflict.

Findings

The authors' results point out a significant negative impact of the war on the airline market and a positive impact on the defense market. The authors' study also introduces a new set of war-related news-based sentiment variables that is significant to explain the evolution of the two markets before and after the war. The relationships between this study's new set of variables and the performance of the two markets are also proven to be significantly impacted by the invasion.

Originality/value

To the best of the authors' knowledge, this is the first research to use the news sentiment related to the topic of war and conflict to explain the market movement of different industries during the Ukraine invasion.

Details

The Journal of Risk Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 1 December 2003

Clark Eustace

This article presents an interpretation of some major changes affecting the competitive behaviour of firms today. The underlying postulate is a shift from tangible to intangible…

3965

Abstract

This article presents an interpretation of some major changes affecting the competitive behaviour of firms today. The underlying postulate is a shift from tangible to intangible factors of competitive advantage – from natural resources, machinery and financial capital, now regarded as commodities, to “non‐price” factors of competition. The accelerating pace of value‐chain erosion is driving a relentless search for new factors of differentiation and market leverage, with the result that firms are trying to create, maintain or invade monopolies founded on intangibles. This has led to some subtle, but highly significant, shifts in the economy, which have gone largely undetected. Accordingly, the paper argues the case for transparency, and calls for much richer disclosure of the real asset base of firms and public enterprises. In developing these ideas, the paper presents a new perspective on the knowledge value chain, and concludes by examining some of the challenges for the European policy community, based on the preliminary results of the PRISM research initiative.

Details

Journal of Intellectual Capital, vol. 4 no. 4
Type: Research Article
ISSN: 1469-1930

Keywords

Article
Publication date: 30 July 2018

Harjeet Bhabra and Ashrafee Tanvir Hossain

The purpose of this paper is to analyze and compare the influence of the Sarbanes–Oxley (SOX) Act of the USA and the Canadian SOX (C-SOX) through the comparison of corporate…

Abstract

Purpose

The purpose of this paper is to analyze and compare the influence of the Sarbanes–Oxley (SOX) Act of the USA and the Canadian SOX (C-SOX) through the comparison of corporate acquisitions in these two countries.

Design/methodology/approach

The final sample includes 1,187 merger and tender offers undertaken by publicly traded (TSX listed) Canadian firms between 1990 and 2016. The authors use standard event study methodology (Patell, 1976) and Berkovitch and Narayanan’s (1993) seminal method to examine announcement period performance and deal motive, respectively.

Findings

The findings support the pro-regulation hypothesis which states that stricter regulations are more useful. Cross-listed acquirers exposed to SOX regime performed much better (both short- and long-term) than non-cross-listed counterparts with only C-SOX exposure. These findings are both statistically and economically significant.

Research limitations/implications

This study has direct implications as it provides evidence to the legislatures of the provinces, as well as to the federal government, that stricter regulations are effective and Canada should enact additional corporate legislation. Canada may have fared well in the past, but dynamics are changing and may further change in the future, and therefore, timely and stricter corporate legislation are more appropriate.

Practical implications

This study has direct implications as it provides evidence to the legislatures of the provinces, as well as to the federal government, that stricter regulations are effective and Canada should enact additional corporate legislation. Canada may have fared well in the past, but dynamics are changing and may further change in the future, and therefore, timely and stricter corporate legislation are more appropriate.

Originality/value

This study contributes to the growing literature of SOX-related studies. This is the first study to investigate comprehensively the differences between the two laws enacted by these neighboring countries. As USA and Canada share largely integrated capital markets and are each other’s biggest trading partner, this genre of research has great value. It is a timely study as the Canadian Federal Government is looking into standardizing corporate legislation across provinces and territories.

Details

Managerial Finance, vol. 44 no. 8
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 1 October 2015

Nilanjan Basu, Imants Paeglis and Mohammad Rahnamaei

We examine the influence of ownership structure on a blockholder’s power in a firm. We first describe the presence and ownership stakes of blockholders in a comprehensive sample…

Abstract

We examine the influence of ownership structure on a blockholder’s power in a firm. We first describe the presence and ownership stakes of blockholders in a comprehensive sample of US firms. We develop a measure of the influence of the ownership structure on a blockholder’s power and show that an average blockholder loses 12% of her potential power due to the presence and size of the ownership stakes of other blockholders. Further, the influence of ownership structure varies systematically with a blockholder’s rank and identity, with the second and nonfamily manager blockholders experiencing the largest loss of power.

Details

International Corporate Governance
Type: Book
ISBN: 978-1-78560-355-6

Keywords

Article
Publication date: 2 January 2023

Adel Ali Al-Qadasi

Motivated by the growing interest of governance regulators and researchers on internal audit function (IAF), this study examines the influence of family ownership on the levels of…

Abstract

Purpose

Motivated by the growing interest of governance regulators and researchers on internal audit function (IAF), this study examines the influence of family ownership on the levels of investment in IAF.

Design/methodology/approach

A sample of Malaysian listed companies for the period 2009 to 2016 is used. To test our hypothesis, the authors use pooled panel data regression based on two-way cluster-robust standard errors (firm and year).

Findings

The findings show that family ownership is negatively related to investment in IAF; in particular, investment in IAF is lower for family companies than non-family companies.

Originality/value

This study contributes to existing knowledge of IAF, and it provides significant insights for regulators and managers into the variation in governance structures between family and non-family companies, particularly in emerging markets in which substantial family ownership is common.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

21 – 30 of 655