Search results

We aim to examine the impact of COVID-19 on the efficiency of Gold and Bitcoin returns. In particular, our efficiency tests are based on the popular calendar anomaly, the turn-of-the-month (TOM) effect in these markets.

We define the TOM days as the final trading day of a month and initial three trading days of the immediate next month. To understand the TOM effect, we estimate the typical Ordinary Least Squares (OLS) regression model using the Heteroskedasticity and Autocorrelation Consistent (HAC) standard errors and covariances.

Though in the full sample, a positive and significant TOM effect is observed only for Bitcoin, during COVID period, the TOM effect appears in Gold returns and becomes stronger for Bitcoin, implying that the considered securities become inefficient during COVID period.

Based on these results, we create a trading strategy which is found to surpass the buy-and-hold strategy for both the full sample as well as the COVID period for Bitcoin while only during the COVID period for Gold. Our results provide useful implications for investors and policymakers as the Gold and Bitcoin markets can be timed by taking positions especially based on the behavior of the TOM effect.

We examine the TOM effect in the two important securities – Gold and Bitcoin. Though, a few studies have examined this anomaly in currency, equity and cryptocurrency markets, however, they have not considered the Gold market. Additionally, no study has examined the impact of COVID-19 on the TOM effect in these markets, and hence, market efficiency. We believe that our study is the first to examine the TOM effect in these markets simultaneously.

The attention-based view (ABV) of the firm highlights the role of decision makers’ attention in firm behavior. The ABV vastly improves our understanding of decision makers’ focus of attention; how that focus is situated in an organization’s procedural and communication channels; and how the distribution of the focus of attention among decision makers participating in those procedural and communication channels affects their understanding of a situation, their motivation to act, and, ultimately, their behavior. Significant progress has been made in recent years in refining and extending the ABV. However, the role of individual differences in the capacity to read other people’s desires, intentions, knowledge, and beliefs – that is, the theory of mind (ToM) – has remained on the sidelines. The ToM is a natural complement to the ABV. In this study, we explore how the ToM allows for an understanding of the advantage that organizations have over markets within the ABV.

The turn-of-the-month (TOM) effect is observed as one of the seasonalities in many markets. The author examines the TOM effect in the KOSDAQ market and finds that the effect is significant. The TOM effect in the KOSDAQ market is not due to size, turn-of-the-year, turn-of-the-quarter or index rebalancing effect. The author also finds that individual and institutional traders do not trade and buy more stocks at the TOM than on the rest days, not consistent with existing explanations of the increased liquidity by individual investors or institutional window-dressing activity. When the author investigated the net buying volume and net turnover of each investor, the net volume and turnover of individual investors at the TOM were significantly lower than those on the other days, rejecting the hypothesis of their increased demand. Interestingly, net foreign volumes at the TOM are significantly higher than on the other days. Finally, using panel regressions, the author finds that stocks with a higher net buying volume of foreigners for the TOM period tend to have higher returns, while stocks with a higher net buying volume of individual traders for the TOM period are likely to have lower returns. The results confirm that the TOM effect is not due to the increased demand of individual investors. Instead, higher net buying volume by foreigners may partially cause the TOM effect. Therefore, this study contributes to the literature by revealing the presence of the TOM effect in the KOSDAQ market and the foreign role in the anomaly in the market even mainly traded by retail investors.

This study aims to examine the presence of the day-of-the-week (DOW), January and turn-of-month (TOM) effect in 20 currency pairs against the US dollar, from January, 1995 to December, 2014.

Ordinary least square with GARCH (1,1) framework is used to examine the presence of DOW, January and TOM effect to test the efficiency of the currency markets. The sample period is later divided into two sub-periods of equal length, that is, from 1995 to 2004 and 2005 to 2014, to explore the time-varying behavior of the calendar anomalies. Further, the authors also use the non-parametric technique, the Kruskal–Wallis test, to provide robustness check for the results.

For the DOW effect, the results indicate that the returns on Monday and Wednesday are negative and lower than the returns on Thursday and Friday which show positive and higher returns. The returns of all the currencies are higher (lower) in January (TOM trading days) and lower (higher) during rest of the year (non-TOM trading days). However, these calendar anomalies seem to have disappeared for almost all currencies during 2005 to 2014 and indicate that the markets have achieved a higher degree of efficiency in the later part of the sample.

The results have important implications for both traders and investors. The findings suggest that the investors might not be able to earn excess profits by timing their positions in some particular currencies taking the advantage of DOW, January or TOM effect, which in turn indicates that the currency markets have become more efficient with time. The results might be appealing to the practitioners as well in a way that they can consider the state of financial market for financial decision-making.

The findings of lower returns on Monday and Wednesday and high returns during Thursday and Friday for all the currencies indicate that the foreign investors can take the advantage by going short on Monday and Wednesday and long on Thursday and Friday. Similarly, the returns of all the currencies are higher (lower) in January (TOM trading days) and lower (higher) during rest of the year (non-TOM trading days). During this period, investors in the currency markets could benefit themselves by taking long (short) positions in January (TOM trading days) and short (long) positions during rest of the year (non-TOM trading days).

The author provides a pioneer study on the presence of calendar anomalies (DOW, TOM and the January effect) across a wide range of currencies using 20 years of data from January 1995 to December 2014. To the best of the author’s knowledge, no study has examined the presence of January effect in the currency market; therefore, the author provides the first study in which January effect in a number of currencies is investigated.

The purpose of this paper is to review the care management of a man with a traumatic brain injury (TBI) from a family member’s perspective.

The paper provides a case history of “Tom” both prior to his TBI and after.

Tom was the subject of a safeguarding adults case review in Somerset following his death in 2014. Ultimately the paper highlights the shortcomings and failures in the care Tom received by various organisations which ultimately contributed to his suicide.

The paper highlights the need for more effective communication between professionals managing the care of those with TBI. Furthermore, professionals need training in the need for mental capacity assessments and improved safeguarding and risk assessments with adults with TBI.

This paper provides insight into the needs of an adult with TBI from the perspective of a family member who is also a trained psychologist.

There has been little empirical investigation into the theoretical relationship between moral reasoning and offending in people with intellectual disabilities (ID). The purpose of this paper is to compare offending and non-offending ID groups on a new measure of social-moral awareness, and on theory of mind (ToM).

A between groups design was used. The scores of 21 male offenders and 21 male non-offenders, all with ID and matched for IQ, were compared on the Social-Moral Awareness Test (SMAT) and on two ToM tasks.

There was no significant difference in SMAT scores or on first- or second-order ToM tasks between offending and non-offending groups. Better ToM performance significantly predicted higher SMAT scores and non-offending groups. Better ToM performance significantly predicted higher SMAT scores.

Results were inconsistent with previous research. Further work is required to establish the validity and theoretical underpinnings of the SMAT. Development in the measurement of ToM for people with ID is also required.

This is the first use of the SMAT with a population of offenders who have ID. The findings suggest caution in its use in clinical settings.

In 1997 Tom was a 32‐year‐old man with a diagnosis of severe intellectual disability and autism who engaged in high‐rate challenging behaviour. Tom's out‐of‐area placement was about to break down and he needed help urgently. For 16 months specialist challenging behaviour services supported Tom directly in a single‐occupancy service. They conducted functional assessment and delivered multi‐level intervention, including medication withdrawal, environmental enrichment, skills teaching, augmented communication and targeted behavioural intervention. Support was then transferred to mainstream learning disability services. Following intervention, the rate of challenging behaviour shown by Tom fell significantly from more than 200 instances per day to almost none. Community involvement and engagement increased. Tom moved into shared accommodation with support from mainstream learning disability services at no additional cost. Improvement at intervention was still apparent 10 years later. Tom's story adds to a growing number of articles showing how focused intervention can deliver lasting improvement in quality of life. Four aspects of Tom's story are discussed in the light of the Mansell Report.

This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.

A test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.

A TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.

The data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.

These results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.

The daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.

The purpose if this paper is to examine the turn-of-the-month effect in the equity market of three major emerging countries – Brazil, India and China – from January 2000 to December 2017.

Ordinary least square regression analysis is used to examine the presence of the turn-of-the-month effect and to test the efficiency of the emerging stock markets. The characteristics of the returns during the turn-of-the-month days are compared with that of the non-turn-of-the-month trading days.

The average returns during turn-of-the-month days for all the considered emerging market indices are significantly higher than the non-turn-of-the-month days for the full sample. For the subsample analysis, the average returns for Brazil and India for pre-GFC period are higher on the turn-of-the-month days than on the non-turn-of-the-month days. However, the effect disappears in China during the GFC period. During the crisis period, the results show that the turn-of-the-month effect disappears in Brazil and India, whereas for China, the effect is significant. For the post-GFC period, the-turn-of-the-month effect reappears for all the countries.

The results have important implications for both traders and investors. The authors’ results indicate that the market participants can time the stock markets of these countries by taking long positions especially during the times when the turn-of-the-month effect is highly significant.

To the best of the authors’ knowledge, this paper is the first to study the turn-of-the-month effect, in the key emerging countries such as Brazil, China and India. Second, the authors divide the sample into three subperiods based on the 2008 GFC such as pre-GFC, GFC and post-GFC to understand the dynamic behavior of turn-of-the-month effect over time. Most importantly, the authors control for the day-of-the-week effect while examining the turn-of-the-month effect.