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Abstract

Details

Understanding Financial Risk Management, Third Edition
Type: Book
ISBN: 978-1-83753-253-7

Article
Publication date: 15 February 2024

Ketki Kaushik and Shruti Shastri

This study aims to assess the nexus among oil price (OP), renewable energy consumption (REC) and trade balance (TB) for India using annual time series data for the time period…

Abstract

Purpose

This study aims to assess the nexus among oil price (OP), renewable energy consumption (REC) and trade balance (TB) for India using annual time series data for the time period 1985–2019. In particular, the authors examine whether REC improves India's TB in the context of high oil import dependence.

Design/methodology/approach

The study uses autoregressive distributed lags (ARDL) bound testing approach that has the advantage of yielding estimates of long-run and short-run parameters simultaneously. Moreover, the small sample properties of this approach are superior to other multivariate cointegration techniques. Fully modified ordinary least square (FMOLS) and dynamic ordinary least squares (DOLS) are also applied to test the robustness of the results. The causality among the series is investigated through block exogeneity test based on vector error correction model.

Findings

The findings based on ARDL bounds testing approach indicate that OPs exert a negative impact on TB of India in both long run and short run, whereas REC has a favorable impact on the TB. In particular, 1% increase in OPs decreases TBs by 0.003% and a 1% increase in REC improves TB by 0.011%. The results of FMOLS and DOLS corroborate the findings from ARDL estimates. The results of block exogeneity test suggest unidirectional causation from OPs to TB; OPs to REC and REC to TB.

Practical implications

The study underscore the importance of renewable energy as a potential tool to curtail trade deficits in the context of Indian economy. Our results suggest that the policymakers must pay attention to the hindrances in augmentation of renewable energy usage and try to capitalize on the resulting gains for the TB.

Social implications

Climate change is a major challenge for developing countries like India. Renewable energy sector is considered an important instrument toward attaining the twin objectives of environmental sustainability and employment generation. This study underscores another role of REC as a tool to achieve a sustainable trade position, which may help India save her valuable forex reserves for broader objectives of economic development.

Originality/value

To the best of the authors’ knowledge, this is the first study that probes the dynamic nexus among OPs, REC and TB in Indian context. From a policy standpoint, the study underscores the importance of renewable energy as a potential tool to curtail trade deficits in context of India. From a theoretical perspective, the study extends the literature on the determinants of TB by identifying the role of REC in shaping TB.

Details

Sustainability Accounting, Management and Policy Journal, vol. 15 no. 3
Type: Research Article
ISSN: 2040-8021

Keywords

Open Access
Article
Publication date: 12 December 2023

Robert Mwanyepedza and Syden Mishi

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary…

Abstract

Purpose

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

Design/methodology/approach

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Findings

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

Originality/value

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 7
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 10 April 2024

Vibha Mahajan, Jyoti Sharma, Abhilasha Singh, Stefano Bresciani and Gazi Mahabubul Alam

The purpose of this study is to get an understanding regarding the clusters of middle management employees on the basis of their knowledge sharing behaviour. Designing knowledge…

Abstract

Purpose

The purpose of this study is to get an understanding regarding the clusters of middle management employees on the basis of their knowledge sharing behaviour. Designing knowledge sharing behaviors with a distinct focus for a specified group of employees can be an effective and productive one. As it is often argued that the cluster of employees labeled as “middle management” is the key player for knowledge sharing behaviors – a subject of this study that intends to contribute to management strategy to enhance organizational effectiveness and subsequently to its knowledge sharing phenomona.

Design/methodology/approach

Cluster analysis was adopted as key tool as a part of quantitative method to accumulate the data from 597 employees who are working within the middle management of service sector located in the union territory of India named Jammu and Kashmir.

Findings

Three distinct segments namely – “knowledge sharing adepts (KSA),” “knowledge sharing scrupulous (KSC)” and “knowledge sharing servitudes (KSE)” as the prime domains of knowledge sharing behavior are identified.

Research limitations/implications

To draw a narrow focus, the study was limited to the service sector of a union territory in India, hence the findings may not be generalized. Furthermore, as knowledge sharing behavior of individuals is always evolved out of social and historical practices, findings of this cross-sectional study should ideally be needed to be updated time to time through further research.

Practical implications

Cluster dynamicism of knowledge sharing behavior based on the differentiated and specified group of employee functions distinctly which in turn increases the organizational productivity with a particular focus on the mid-management of the service sector – a key managerial implication of this study.

Originality/value

To the best of the authors’ knowledge, this research paper is the first of its kind in Jammu and Kashmir adding value to the international literature in the area of knowledge sharing behaviors of service sector.

Details

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

Keywords

Article
Publication date: 3 January 2023

Chin Tiong Cheng and Gabriel Hoh Teck Ling

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely…

Abstract

Purpose

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes.

Design/methodology/approach

To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS).

Findings

Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively.

Practical implications

Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices.

Originality/value

By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Content available
Book part
Publication date: 27 May 2024

Angelo Corelli

Abstract

Details

Understanding Financial Risk Management, Third Edition
Type: Book
ISBN: 978-1-83753-253-7

Open Access
Article
Publication date: 6 May 2024

Fernanda Cigainski Lisbinski and Heloisa Lee Burnquist

This article aims to investigate how institutional characteristics affect the level of financial development of economies collectively and compare between developed and…

Abstract

Purpose

This article aims to investigate how institutional characteristics affect the level of financial development of economies collectively and compare between developed and undeveloped economies.

Design/methodology/approach

A dynamic panel with 131 countries, including developed and developing ones, was utilized; the estimators of the generalized method of moments system (GMM system) model were selected because they have econometric characteristics more suitable for analysis, providing superior statistical precision compared to traditional linear estimation methods.

Findings

The results from the full panel suggest that concrete and well-defined institutions are important for financial development, confirming previous research, with a more limited scope than the present work.

Research limitations/implications

Limitations of this research include the availability of data for all countries worldwide, which would make the research broader and more complete.

Originality/value

A panel of countries was used, divided into developed and developing countries, to analyze the impact of institutional variables on the financial development of these countries, which is one of the differentiators of this work. Another differentiator of this research is the presentation of estimates in six different configurations, with emphasis on the GMM system model in one and two steps, allowing for comparison between results.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Article
Publication date: 30 April 2024

Lin Kang, Junjie Chen, Jie Wang and Yaqi Wei

In order to meet the different quality of service (QoS) requirements of vehicle-to-infrastructure (V2I) and multiple vehicle-to-vehicle (V2V) links in vehicle networks, an…

Abstract

Purpose

In order to meet the different quality of service (QoS) requirements of vehicle-to-infrastructure (V2I) and multiple vehicle-to-vehicle (V2V) links in vehicle networks, an efficient V2V spectrum access mechanism is proposed in this paper.

Design/methodology/approach

A long-short-term-memory-based multi-agent hybrid proximal policy optimization (LSTM-H-PPO) algorithm is proposed, through which the distributed spectrum access and continuous power control of V2V link are realized.

Findings

Simulation results show that compared with the baseline algorithm, the proposed algorithm has significant advantages in terms of total system capacity, payload delivery success rate of V2V link and convergence speed.

Originality/value

The LSTM layer uses the time sequence information to estimate the accurate system state, which ensures the choice of V2V spectrum access based on local observation effective. The hybrid PPO framework shares training parameters among agents which speeds up the entire training process. The proposed algorithm adopts the mode of centralized training and distributed execution, so that the agent can achieve the optimal spectrum access based on local observation information with less signaling overhead.

Details

International Journal of Intelligent Computing and Cybernetics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-378X

Keywords

Open Access
Article
Publication date: 12 April 2023

Michael O'Neill and Gulasekaran Rajaguru

The authors analyse six actively traded VIX Exchange Traded Products (ETPs) including 1x long, −1x inverse and 2x leveraged products. The authors assess their impact on the VIX…

1027

Abstract

Purpose

The authors analyse six actively traded VIX Exchange Traded Products (ETPs) including 1x long, −1x inverse and 2x leveraged products. The authors assess their impact on the VIX Futures index benchmark.

Design/methodology/approach

Long-run causal relations between daily price movements in ETPs and futures are established, and the impact of rebalancing activity of leveraged and inverse ETPs evidenced through causal relations in the last 30 min of daily trading.

Findings

High frequency lead lag relations are observed, demonstrating opportunities for arbitrage, although these tend to be short-lived and only material in times of market dislocation.

Originality/value

The causal relations between VXX and VIX Futures are well established with leads and lags generally found to be short-lived and arbitrage relations holding. The authors go further to capture 1x long, −1x inverse as well as 2x leveraged ETNs and the corresponding ETFs, to give a broad representation across the ETP market. The authors establish causal relations between inverse and leveraged products where causal relations are not yet documented.

Details

Journal of Accounting Literature, vol. 46 no. 2
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 15 December 2022

Mumtaz Ali, Ahmed Samour, Foday Joof and Turgut Tursoy

This study aims to assess how real income, oil prices and gold prices affect housing prices in China from 2010 to 2021.

Abstract

Purpose

This study aims to assess how real income, oil prices and gold prices affect housing prices in China from 2010 to 2021.

Design/methodology/approach

This study uses a novel bootstrap autoregressive distributed lag (ARDL) testing to empirically analyze the short and long links among the tested variables.

Findings

The ARDL estimations demonstrate a positive impact of oil price shocks and real income on housing market prices in both the phrases of the short and long run. Furthermore, the results reveal that gold price shocks negatively affect housing prices both in the short and long run. The result can be attributed to China’s housing market and advanced infrastructure, resulting in a drop in housing prices as gold prices increase. Additionally, the prediction of housing market prices will provide a base and direction for housing market investors to forecast housing prices and avoid losses.

Originality/value

To the best of the authors’ knowledge, this is the first attempt to analyze the effect of gold price shocks on housing market prices in China.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

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