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Article
Publication date: 21 May 2024

Evangelos Vasileiou, Elroi Hadad and Martha Oikonomou

We examine the aggregate price trend of the Greek housing market from a behavioral perspective.

Abstract

Purpose

We examine the aggregate price trend of the Greek housing market from a behavioral perspective.

Design/methodology/approach

We construct a behavioral real estate sentiment index, based on relevant real estate search terms from Google Trends and websites, and examine its association with real estate price distributions and trends. By employing EGARCH(1,1) on the New Apartments Index data from the Bank of Greece, we capture real estate price volatility and asymmetric effects resulting from changes in the real estate search index. Enhancing robustness, macroeconomic variables are added to the mean equation. Additionally, a run test assesses the efficiency of the Greek housing market.

Findings

The results show a significant relationship between the Greek housing market and our real estate sentiment index; an increase (decrease) in search activity, indicating a growing interest in the real estate market, is strongly linked to potential increases (decreases) in real estate prices. These results remain robust across various estimation procedures and control variables. These findings underscore the influential role of real estate sentiment on the Greek housing market and highlight the importance of considering behavioral factors when analyzing and predicting trends in the housing market.

Originality/value

To investigate the behavioral effect on the Greek housing market, we construct our behavioral pattern indexes using Google search-based sentiment data from Google Trends. Additionally, we incorporate the Google Trend index as an explanatory variable in the EGARCH mean equation to evaluate the influence of online search behavior on the dynamics and prices of the Greek housing market.

Details

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

Keywords

Article
Publication date: 15 May 2024

Chad M. Fiechter, Megan N. Hughes, Sarah A. Atkinson, James Mintert and Michael R. Langemeier

Farmer sentiment may be an important indicator for the agricultural sector, similar to the way that consumer sentiment is linked to the general economy. This study uses the Purdue…

Abstract

Purpose

Farmer sentiment may be an important indicator for the agricultural sector, similar to the way that consumer sentiment is linked to the general economy. This study uses the Purdue University–CME Group Ag Economy Barometer to test the degree to which farmer sentiment is correlated with demand for United States Department of Agriculture Farm Service Agency (FSA) direct loan applications.

Design/methodology/approach

We estimate the dynamics between farmer sentiment and applications to FSA direct operating or farm ownership loans using monthly measures of farmer sentiment and loan applications from October 2015 to April 2023 and pairwise vector autoregression.

Findings

A negative relationship exists between farmer sentiment and FSA direct operating loan applications. In contrast, a positive relationship exists between farmer sentiment and FSA direct farm ownership loan applications. Together, the estimated nonzero relationships suggests that the Ag Economy Barometer may be a leading indicator for the Agricultural Economy and that FSA loan programs play a nuanced role in the agricultural credit market.

Originality/value

This study uses unique data sources to further the discussion on the link between farmer sentiment and real economic outcomes and the role of an important US Federal Government farmer lending program: FSA direct loans.

Details

Agricultural Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0002-1466

Keywords

Open Access
Article
Publication date: 20 May 2024

Sharneet 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.

Details

China Accounting and Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1029-807X

Keywords

Article
Publication date: 14 May 2024

Gal Yavetz

To explore a potential relationship between politicians’ media background and social media success through an analysis of content and engagement strategies adopted by three…

Abstract

Purpose

To explore a potential relationship between politicians’ media background and social media success through an analysis of content and engagement strategies adopted by three consecutive Israeli prime ministers on their official Facebook pages.

Design/methodology/approach

A detailed comparative content analysis of a total of 1,242 posts published by three Israeli prime ministers – Benjamin Netanyahu, Yair Lapid and Naftali Bennett – on the same official Facebook account, “the Prime Minister of Israel,” during their respective terms. Metrics like engagement rates, content distribution and media type utilization were considered.

Findings

All analyzed prime ministers exhibited consistent messaging strategies, suggesting a standardized approach to digital political communication. However, we found no correlation between a politician’s media background and their success on social media. Instead, decisive determinants of engagement outcomes were factors like longstanding political exposure and familiarity.

Practical implications

The observed uniformity in leaders’ messaging strategies indicates a prevalent standardized approach in digital political communication, revealing potential avenues for innovation and diversification.

Originality/value

This research challenges the prevailing notion that background in media inherently benefits digital political engagement, emphasizing the significance of political experience. The results provide new insights into the evolving landscape of political communication. Using signaling theory to evaluate how digital content reveals leaders’ intentions and credibility, our findings provide new insights into political communication in the digital era.

Details

Online Information Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1468-4527

Keywords

Article
Publication date: 16 May 2024

Sayantan Bandhu Majumder

The purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil…

Abstract

Purpose

The purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.

Design/methodology/approach

Using the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.

Findings

Both gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.

Originality/value

The paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.

Details

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

Keywords

Open Access
Article
Publication date: 17 May 2024

Mahak Sharma, Rose Antony, Ashu Sharma and Tugrul Daim

Supply chains need to be made viable in this volatile and competitive market, which could be possible through digitalization. This study is an attempt to explore the role of…

Abstract

Purpose

Supply chains need to be made viable in this volatile and competitive market, which could be possible through digitalization. This study is an attempt to explore the role of Industry 4.0, smart supply chain, supply chain agility and supply chain resilience on sustainable business performance from the lens of natural resource-based view.

Design/methodology/approach

The study tests the proposed model using a covariance-based structural equation modelling and further investigates the ranking of each construct using the artificial neural networks approach in AMOS and SPSS respectively. A total of 234 respondents selected using purposive sampling aided in capturing the industry practices across supply chains in the UK. The full collinearity test was carried out to study the common method bias and the content validity was carried out using the item content validity index and scale content validity index. The convergent and discriminant validity of the constructs and mediation study was carried out in SPSS and AMOS V.23.

Findings

The results are overtly inferring the significant impact of Industry 4.0 practices on creating smart and ultimately sustainable supply chains. A partial relationship is established between Industry 4.0 and supply chain agility through a smart supply chain. This work empirically reinstates the combined significance of green practices, Industry 4.0, smart supply chain, supply chain agility and supply chain resilience on sustainable business value. The study also uses the ANN approach to determine the relative importance of each significant variable found in SEM analysis. ANN determines the ranking among the significant variables, i.e. supply chain resilience > green practices > Industry 4.0> smart supply chain > supply chain agility presented in descending order.

Originality/value

This study is a novel attempt to establish the role of digitalization in SCs for attaining sustainable business value, providing empirical support to the mediating role of supply chain agility, supply chain resilience and smart supply chain and manifests a significant integrated framework. This work reinforces the integrated model that combines all the constructs dealt with in silos so far in prior literature.

Article
Publication date: 20 May 2024

Abdullah Al Masud and Burhan Uluyol

Initial Public Offering (IPO) is a major milestone for a company. It allows a private company to issue shares to a much broader group of investors and become public. But…

Abstract

Purpose

Initial Public Offering (IPO) is a major milestone for a company. It allows a private company to issue shares to a much broader group of investors and become public. But conclusive evidence of the driving forces behind investors’ demand is yet to be identified. Therefore, the major purpose of this study is to assess the level of investors’ demand in IPO and how investors’ demand in IPOs is affected.

Design/methodology/approach

The study will employ 80 IPO companies of a Muslim-majority country, Bangladesh, starting from 2013 to 2021 with application of linear and quantile regressions. Apart from that, t-test will be used to compare means of groups of Shariah-compliant and non-Shariah-compliant firms and IPOs under fixed-price and book-building mechanism.

Findings

Oversubscription is higher for IPOs issued through fixed-price method compared to book-building method, but no significant difference is found in oversubscription for Shariah firms compared to non-Shariah firms based on t-tests. The authors found IPO size, firm size, IPO risk, proportion of shares offered to public, and bank interest rate to have significant impact on the IPO demand. Some models found non-Shariah compliance status of IPO companies to be a significant factor for the investors to demand IPO. Quantile regression results found board independence to have a positive association with larger, less-subscribed firms and board size to have a negative relation with IPO demand, for smaller firms with high demand.

Research limitations/implications

Future studies may apply the findings to other settings, especially into the reasons behind preference for non-Shariah-compliant firms and higher demand for IPOs during higher interest rate. Equity issuing firms and issue managers can benefit from this study by wisely deciding on the proportion of shares for public, issue size and board of director composition. Shariah considerations cannot be ignored given that more information on Shariah compliance is disseminated among investors despite current non-preference for Shariah-compliant IPOs. On the other hand, institutional investors and general investors should consider firm-specific, governance and macroeconomic factors in IPO investment. Likewise, regulators would do well to bring in quality IPOs with characteristics mentioned in this study for ensuring stability of the market.

Originality/value

The main contribution of the study is identifying determinants of IPO demand: faith, governance, macro issues – understanding whether one or many of the above factors drive investor demand in IPOs of a Muslim-majority country will be the main contribution.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 21 May 2024

David Amani

Despite the importance of tourism ethnocentrism in emerging tourism destinations, there is limited, but growing, research interest in this area. This study aims to respond to…

Abstract

Purpose

Despite the importance of tourism ethnocentrism in emerging tourism destinations, there is limited, but growing, research interest in this area. This study aims to respond to current calls for investigating mechanisms that can promote tourism ethnocentrism in both emerging and developed tourism destinations.

Details

Tourism Critiques: Practice and Theory, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2633-1225

Keywords

Article
Publication date: 21 May 2024

Manel Mahjoubi and Jamel Eddine Henchiri

This paper aims to investigate the effect of the economic policy uncertainty (EPU), geopolitical risk (GPR) and climate policy uncertainty (CPU) of USA on Bitcoin volatility from…

Abstract

Purpose

This paper aims to investigate the effect of the economic policy uncertainty (EPU), geopolitical risk (GPR) and climate policy uncertainty (CPU) of USA on Bitcoin volatility from August 2010 to August 2022.

Design/methodology/approach

In this paper, the authors have adopted the empirical strategy of Yen and Cheng (2021), who modified volatility model of Wang and Yen (2019), and the authors use an OLS regression with Newey-West error term.

Findings

The results using OLS regression with Newey–West error term suggest that the cryptocurrency market could have hedge or safe-haven properties against EPU and geopolitical uncertainty. While the authors find that the CPU has a negative impact on the volatility of the bitcoin market. Hence, the authors expect climate and environmental changes, as well as indiscriminate energy consumption, to play a more important role in increasing Bitcoin price volatility, in the future.

Originality/value

This study has two implications. First, to the best of the authors’ knowledge, the study is the first to extend the discussion on the effect of dimensions of uncertainty on the volatility of Bitcoin. Second, in contrast to previous studies, this study can be considered as the first to examine the role of climate change in predicting the volatility of bitcoin. This paper contributes to the literature on volatility forecasting of cryptocurrency in two ways. First, the authors discuss volatility forecasting of Bitcoin using the effects of three dimensions of uncertainty of USA (EPU, GPR and CPU). Second, based on the empirical results, the authors show that cryptocurrency can be a good hedging tool against EPU and GPR risk. But the cryptocurrency cannot be a hedging tool against CPU risk, especially with the high risks and climatic changes that threaten the environment.

Details

Journal of Financial Economic Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 16 May 2024

Yunyun Yuan, Pingqing Liu, Bin Liu and Zunkang Cui

This study aims to investigate how small talk interaction affects knowledge sharing, examining the mediating role of interpersonal trust (affect- and cognition-based trust) and…

Abstract

Purpose

This study aims to investigate how small talk interaction affects knowledge sharing, examining the mediating role of interpersonal trust (affect- and cognition-based trust) and the moderating role of perceived similarity among the mechanisms of small talk and knowledge sharing.

Design/methodology/approach

This research conducts complementary studies and collects multi-culture and multi-wave data to test research hypotheses and adopts structural equation modeling to validate the whole conceptual model.

Findings

The research findings first reveal two trust mechanisms linking small talk and knowledge sharing. Meanwhile, the perceived similarity between employees, specifically, strengthens the affective pathway of trust rather than the cognitive pathway of trust.

Originality/value

This study combines Interaction Ritual Theory and constructs a dual-facilitating pathway approach that aims to reveal the impact of small talk on knowledge sharing, describing how and when small talk could generate a positive effect on knowledge sharing. This research provides intriguing and dynamic insights into understanding knowledge sharing processes.

Details

Journal of Knowledge Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1367-3270

Keywords

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