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1 – 10 of over 6000Mohamed Shaker Ahmed, Adel Alsamman and Kaouther Chebbi
This paper aims to investigate feedback trading and autocorrelation behavior in the cryptocurrency market.
Abstract
Purpose
This paper aims to investigate feedback trading and autocorrelation behavior in the cryptocurrency market.
Design/methodology/approach
It uses the GJR-GARCH model to investigate feedback trading in the cryptocurrency market.
Findings
The findings show a negative relationship between trading volume and autocorrelation in the cryptocurrency market. The GJR-GARCH model shows that only the USD Coin and Binance USD show an asymmetric effect or leverage effect. Interestingly, other cryptocurrencies such as Ethereum, Binance Coin, Ripple, Solana, Cardano and Bitcoin Cash show the opposite behavior of the leverage effect. The findings of the GJR-GARCH model also show positive feedback trading for USD Coin, Binance USD, Ripple, Solana and Bitcoin Cash and negative feedback trading for Ethereum and Cardano only.
Originality/value
This paper contributes to the literature by extending Sentana and Wadhwani (1992) to explore the presence of feedback trading in the cryptocurrency market using a sample of the most active cryptocurrencies other than Bitcoin, namely, Ethereum, USD coin, Binance Coin, Binance USD, Ripple, Cardano, Solana and Bitcoin Cash.
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Edirimuni Nadeesh Rangana de Silva
South Asia is a region urgently seeking development, although it has failed in regional integration. It is the second least integrated region regarding the number of Free Trade…
Abstract
Purpose
South Asia is a region urgently seeking development, although it has failed in regional integration. It is the second least integrated region regarding the number of Free Trade Agreements (FTAs) and can thus be recognised as a missing bloc in the global multilateral system. This study aims to focus on South Asian FTAs and explores the problems of the inter-relations and compatibility between the systemic and regional trade systems.
Design/methodology/approach
The study proposes a framework to benchmark the compatibility of South Asian FTAs with WTO rules. Primary data from 2000 to 2020, including descriptive analyses of reports, legal text of the FTAs, official documents and factual presentations, have been collected and analysed through thematic analysis using the proposed framework.
Findings
The study finds that, although South Asian FTAs meet most of the WTO requirements, they are not progressing toward facilitating and promoting trade. Data from 2000 to 2020 show us that South Asian FTAs have not significantly impacted trade between themselves. The study argues that, although South Asian FTAs fulfil some benchmarks, they show only a lukewarm interest in contributing to the international trading system as building blocs. It is therefore recommended that the case of South Asian trade liberalisation must be understood contextually and be given careful and exclusive attention by the WTO.
Originality/value
As such, this study is the first to claim that South Asian FTAs are not fully compatible with the WTO rules. They remain a missing regional bloc in the multilateral system, rather than a building bloc or a stumbling bloc, delaying the region’s opportunity to develop as a region and within the larger system.
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Tiago Ferreira Barcelos and Kaio Glauber Vital Costa
This study aims to analyze and compare the relationship between international trade in global value chains (GVC) and greenhouse gas (GHG) emissions for Brazil and China from 2000…
Abstract
Purpose
This study aims to analyze and compare the relationship between international trade in global value chains (GVC) and greenhouse gas (GHG) emissions for Brazil and China from 2000 to 2016.
Design/methodology/approach
The input-output method apply to multiregional tables from Eora-26 to decompose the GHG emissions of the Brazilian and Chinese productive structure.
Findings
The data reveals that Chinese production and consumption emissions are associated with power generation and energy-intensive industries, a significant concern among national and international policymakers. For Brazil, the largest territorial emissions captured by the metrics come from services and traditional industry, which reveals room for improving energy efficiency. The analysis sought to emphasize how the productive structure and dynamics of international trade have repercussions on the environmental dimension, to promote arguments that guide the execution of a more sustainable, productive and commercial development strategy and offer inputs to advance discussions on the attribution of climate responsibility.
Research limitations/implications
The metrics did not capture emissions related to land use and deforestation, which are representative of Brazilian emissions.
Originality/value
Comparative analysis of emissions embodied in traditional sectoral trade flows and GVC, on backward and forward sides, for developing countries with the main economic regions of the world.
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Harold Delfín Angulo Bustinza, Bruno de Souza and Roberto De la Cruz Rojas
Xiaojie Xu and Yun Zhang
For policymakers and participants of financial markets, predictions of trading volumes of financial indices are important issues. This study aims to address such a prediction…
Abstract
Purpose
For policymakers and participants of financial markets, predictions of trading volumes of financial indices are important issues. This study aims to address such a prediction problem based on the CSI300 nearby futures by using high-frequency data recorded each minute from the launch date of the futures to roughly two years after constituent stocks of the futures all becoming shortable, a time period witnessing significantly increased trading activities.
Design/methodology/approach
In order to answer questions as follows, this study adopts the neural network for modeling the irregular trading volume series of the CSI300 nearby futures: are the research able to utilize the lags of the trading volume series to make predictions; if this is the case, how far can the predictions go and how accurate can the predictions be; can this research use predictive information from trading volumes of the CSI300 spot and first distant futures for improving prediction accuracy and what is the corresponding magnitude; how sophisticated is the model; and how robust are its predictions?
Findings
The results of this study show that a simple neural network model could be constructed with 10 hidden neurons to robustly predict the trading volume of the CSI300 nearby futures using 1–20 min ahead trading volume data. The model leads to the root mean square error of about 955 contracts. Utilizing additional predictive information from trading volumes of the CSI300 spot and first distant futures could further benefit prediction accuracy and the magnitude of improvements is about 1–2%. This benefit is particularly significant when the trading volume of the CSI300 nearby futures is close to be zero. Another benefit, at the cost of the model becoming slightly more sophisticated with more hidden neurons, is that predictions could be generated through 1–30 min ahead trading volume data.
Originality/value
The results of this study could be used for multiple purposes, including designing financial index trading systems and platforms, monitoring systematic financial risks and building financial index price forecasting.
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Yuefeng Cen, Minglu Wang, Gang Cen, Yongping Cai, Cheng Zhao and Zhigang Cheng
The stock indexes are an important issue for investors, and in this paper good trading strategies will be aimed to be adopted according to the accurate prediction of the stock…
Abstract
Purpose
The stock indexes are an important issue for investors, and in this paper good trading strategies will be aimed to be adopted according to the accurate prediction of the stock indexes to chase high returns.
Design/methodology/approach
To avoid the problem of insufficient financial data for daily stock indexes prediction during modeling, a data augmentation method based on time scale transformation (DATT) was introduced. After that, a new deep learning model which combined DATT and NGRU (DATT-nested gated recurrent units (NGRU)) was proposed for stock indexes prediction. The proposed models and their competitive models were used to test the stock indexes prediction and simulated trading in five stock markets of China and the United States.
Findings
The experimental results demonstrated that both NGRU and DATT-NGRU outperformed the other recurrent neural network (RNN) models in the daily stock indexes prediction.
Originality/value
A novel RNN with NGRU and data augmentation is proposed. It uses the nested structure to increase the depth of the deep learning model.
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Nida Rahman and Krishan Sharma
Regional comprehensive economic partnership (RCEP) is understood as the world's largest trading bloc given its contribution to the world output (30%). The mega trade bloc brings…
Abstract
Purpose
Regional comprehensive economic partnership (RCEP) is understood as the world's largest trading bloc given its contribution to the world output (30%). The mega trade bloc brings together 15 countries of East Asia, Southeast Asia and Oceania to eliminate tariff and non-tariff barriers in goods and services trade. The study suggests the importance of sector specific reforms for Malaysia to strengthen domestic capability.
Design/methodology/approach
The analytical framework constructs upon the partial equilibrium analysis and uses WITS SMART simulations.
Findings
The study finds that Malaysia's elimination of tariffs under the RCEP will cause a surge in imports from developed member countries of RCEP like Australia, South Korea and Japan. The study also finds a trade diversion in countries such as India. The empirical results establishes that RCEP would further strengthen intra-ASEAN trade.
Research limitations/implications
The study explores select sectors of the manufacturing industry in Malaysia.
Practical implications
The implementation of RCEP would impact the manufacturing sector immensely, especially in sectors like electrical machinery and equipment and inorganic chemicals, which are two of the major trading commodities of the Malaysian economy.
Social implications
Any trade agreement has a larger impact on the society. It may raise income, boost the consumer preferences and create or erode consumer welfare. The study reports the consumer welfare effect of the implementation of RCEP in Malaysia.
Originality/value
The study is the first attempt to do a partial equilibrium analysis for the electrical machinery and equipment sector and inorganic chemicals sector of Malaysia using both aggregated and disaggregated data at HS two-digit and HS six-digit level.
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Manuel Lobato, Mario Jordi Maura, Javier Rodriguez and Herminio Romero-Perez
This study aims to examine investor attention by exploring the trading behavior of investors in US-based exchange traded funds (ETFs) of countries active in the Federation…
Abstract
Purpose
This study aims to examine investor attention by exploring the trading behavior of investors in US-based exchange traded funds (ETFs) of countries active in the Federation Internationale de Football Association (FIFA) World Cups.
Design/methodology/approach
The present study employs event study methodology to measure abnormal returns and excess trading volume of country-specific ETFs during six FIFA World Cups. The sample of ETFs includes 19 participating countries.
Findings
Consistent with investor behavior that might be explained by attention effect, the study finds that country-specific ETFs from participating countries do indeed behave differently during FIFA World Cups events. The authors find significant evidence of abnormal trading volume and, albeit weaker, abnormal returns during cups.
Originality/value
This study contributes to the literature on investor behavior, linking investor attention with salient sports events.
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Know your customer (KYC), accounting standards, issuance, clearing, and trade settlement became the major barrier to implement accounting, accountability and assurance process in…
Abstract
Purpose
Know your customer (KYC), accounting standards, issuance, clearing, and trade settlement became the major barrier to implement accounting, accountability and assurance process in supply chain finance (SCF). Blockchain technology features have the potential to solve accounting problems. This research focuses on exploring how blockchain technology provides solutions to overcome the barriers of accounting process in SCF. The benefits, opportunities, costs and risks related to blockchain adoption are also explored.
Design/methodology/approach
Multi-case study and qualitative methods are used with a framework based on blockchain role to overcome the accounting process barriers. Ten blockchain projects in SCF and 29 interviews of participants as a unit of analysis are considered.
Findings
The findings indicate that blockchain technology offers solutions to solve accounting, accountability and assurance problems in SCF. Validity, verification, smart contracts, automation and enduring data on trade transactions potentially solve those barriers. However, it is also necessary to consider costs such as implementation, technology, education and integration costs. Then there are possible risks such as regulatory compliance, operational, code development and scalability risk. This finding reflects the current status of blockchain technology roles in SCF.
Research limitations/implications
This study unveils blockchain's SCF accounting potential, emphasizing multi-case method limitations and future research prospects. Diverse contexts challenge findings' applicability, warranting cross-industry studies for deeper insights. Addressing selection bias and integrating quantitative measures can enhance understanding of blockchain's accounting impact.
Practical implications
Accounting professionals can get an idea of the future direction and impact of blockchain technology on accounting, accountability and assurance processes.
Originality/value
This study provides initial findings on the potential, costs and risks of blockchain that is beneficial for parties involved in SCF, especially for banks and insurance underwriters. In addition, the findings also provide direction for the contribution of blockchain technology to accounting theory in the future.
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