发布求助
文献互助 智能选刊 最新文献

Economics and Business Review最新文献

筛选
英文 中文
Does volatility mediate the impact of analyst recommendations on herding in Malaysian stock market? 波动率是否介导了分析师建议对马来西亚股市羊群效应的影响?
IF 0.7
Economics and Business Review Pub Date : 2021-12-01 DOI: 10.18559/ebr.2021.4.4
Ooi Kok Loang, Zamri Ahmad
{"title":"Does volatility mediate the impact of analyst recommendations on herding in Malaysian stock market?","authors":"Ooi Kok Loang, Zamri Ahmad","doi":"10.18559/ebr.2021.4.4","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.4","url":null,"abstract":"Abstract This study examines the mediating role of volatility on the relationship between analyst recommendations and herding in the Malaysian stock market by using data from 2010 to 2020. Volatility is measured by realized volatility and the Parkinson estimator. The empirical evidence suggests that herding exists and realized volatility intervenes in the direct relationship between analyst recommendations and herding. The release of analyst recommendations causes realized volatility to fluctuate and investors are triggered by the volatility, which in turn follow the crowd to herd. Nonetheless, the Parkinson estimator is found to be insignificant, which infers that investors have anchor bias and rely on previous day stock prices to trade and herd. This paper provides an alternative explanation to the direct relationship and enhances the study of information-based herding. It contributes to academicians, practitioners, investors and policymakers to understand the herding of investors in responding to the arrival of new information.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81426152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
A synthesis of evolutionary and behavioural economics 进化经济学和行为经济学的综合
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.3
J. Polowczyk
{"title":"A synthesis of evolutionary and behavioural economics","authors":"J. Polowczyk","doi":"10.18559/ebr.2021.3.3","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.3","url":null,"abstract":"Abstract The article presents the current state of evolutionary economics against the backdrop of changes related to the potential use of the achievements of other social sciences, in particular psychology, as well as dynamically developing neuroscience. The article suggests a synthesis of evolutionary and behavioural economics concepts as a logical consequence of evolutionary cooperation processes in social sciences. Interdisciplinary initiatives create new perspectives on generation synergy effects for all participants. Contemporary evolutionary economists present the nature of ongoing innovation-driven economic change as a long evolutionary process. The main creator of the econosphere as a global system is a man–entrepreneur who is also the result of evolutionary processes. For this reason evolutionary economics should take into account the results of behavioural economics’ research based on modern psychology and neuro-science. The cornerstone of evolutionary and behavioural economics synthesis are the theories of Adam Smith which should be regarded as his holistic intellectual heritage.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87045498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Analysis of the relationship between countercyclical capital buffer and performance and risk indicators of the banking sector 逆周期资本缓冲与银行业绩效及风险指标的关系分析
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.7
F. Yıldırım
{"title":"Analysis of the relationship between countercyclical capital buffer and performance and risk indicators of the banking sector","authors":"F. Yıldırım","doi":"10.18559/ebr.2021.3.7","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.7","url":null,"abstract":"Abstract This study aims to explain the association between the quarterly data obtained over the period 2007: Q2–2020: Q3 for Turkey and the countercyclical capital buffer (CCyB) proposed within the framework of Basel III with banking performance and risk indicators. For this purpose the association among the variables was analyzed using the ARDL model and by performing the Toda Yamamoto (T-Y) causality test. According to the analysis results, it was determined that the CCyB has a statistically significant and positive relationship with the capital adequacy indicators of the banks in the long-run, however, it has a statistically significant and negative relationship with the asset quality risk and currency risk indicators. In the short-run it was determined that the CCyB has a statistically significant and positive relationship with the capital adequacy, profitability and liquidity indicators and similar to the long-term relationship, it has a statistically significant and negative relationship with the asset quality risk and exchange rate risk indicators. According to the causality test results, a statistically significant and unilateral causality running from the indicators of capital adequacy, asset quality and exchange rate risk to the CCyB was detected. The obtained estimation results indicate that the CCyB can be increased by policymakers during the periods when the performance indicators of the banking sector rise, whereas can be decreased by policymakers during the periods when the risk indicators of the sector rise. Furthermore, the results of the study asserted that the CCyB was an appropriate instrument for mitigating the macroeconomic and systemic risks for Turkey.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76107083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach 经济危机对土耳其政策协调的扭曲效应:阈值GMM方法
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.6
Metin Teti̇k, M. Yıldırım
{"title":"Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach","authors":"Metin Teti̇k, M. Yıldırım","doi":"10.18559/ebr.2021.3.6","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.6","url":null,"abstract":"Abstract This study investigates the interaction between fiscal and monetary policies and how crises affect the coordination between policymakers in Turkey. This study’s novelty is that a nonlinear Taylor rule indicating monetary policy response function is estimated based on the Threshold Generalized Method of Moments (Threshold GMM) methodology over the period January 2006—March 2020. The empirical findings reveal that when fiscal policy has an expansionary stage, especially in crises times, the policy interest rate does not react significantly to the inflation gap, output gap and real effective exchange rate gap in expansionary periods. On the contrary the policy interest rate gives statistically important responses to these variables during contractionary fiscal policy periods. Thus, the effectiveness of the Taylor rule appears in a period of contractionary fiscal policy. This situation gives rise to the significant policy implication that the monetary policymaker’s success in controlling inflation increases with the contractionary fiscal policy. Finally, it has been observed that effective coordination between monetary and fiscal policies did not occur during crisis periods, but compatible coordination was achieved in other periods.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78053193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What did it take for Lucas to set up ‘useful’ analogue systems in monetary business cycle theory? 卢卡斯是如何在货币经济周期理论中建立起“有用的”模拟系统的?
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.5
Peter Galbács
{"title":"What did it take for Lucas to set up ‘useful’ analogue systems in monetary business cycle theory?","authors":"Peter Galbács","doi":"10.18559/ebr.2021.3.5","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.5","url":null,"abstract":"Abstract This paper provides a look into what Lucas meant by the term ‘analogue systems’ and how he conceived making them useful. It is argued that any model with remarkable predictive success can be regarded as an analogue system, the term is thus neutral in terms of usefulness. To be useful Lucas supposed models to meet further requirements. These prerequisites are introduced in two steps in the paper. First, some properties of ‘useless’ Keynesian macroeconometric models come to the fore as contrasting cases. Second, it is argued that Lucas suggested two assumptions as the keys to usefulness for he conceived them as referring to genuine components of social reality and hence as true propositions. One is money as a causal instrument and the other is the choice-theoretic framework to describe the causal mechanisms underlying large-scale fluctuations. Extensive quotes from Lucas’s unpublished materials underpin the claims.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73706277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic fluctuations in a model with an overlapping structure of employment 就业重叠结构模型中的经济波动
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.2
Toyoki Matsue
{"title":"Economic fluctuations in a model with an overlapping structure of employment","authors":"Toyoki Matsue","doi":"10.18559/ebr.2021.3.2","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.2","url":null,"abstract":"Abstract This study presents a dynamic general equilibrium model with an explicit employment period and investigates economic fluctuations to a temporary productivity shock. Numerical experiments indicate oscillatory responses of new hiring and employment to the shock which are not observed in a standard flexible price model. The explicit employment period constructs an overlapping structure of employment which results in the oscillatory response. This study also examines the effects of change in employment period to economic fluctuations and shows that the variations in new hiring are higher when the employment period is long.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87704753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial sustainability: An annotated bibliography 财务可持续性:注释书目
IF 0.7
Economics and Business Review Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.4
Shivam Kakati, Arup Roy
{"title":"Financial sustainability: An annotated bibliography","authors":"Shivam Kakati, Arup Roy","doi":"10.18559/ebr.2021.3.4","DOIUrl":"https://doi.org/10.18559/ebr.2021.3.4","url":null,"abstract":"Abstract The literature on financial sustainability is scattered in such a way that a synthesis is indispensable. The present study on an annotated bibliography of financial sustainability seeks to fill this particular gap by presenting a collation of published literature in the sphere. The sectorial analysis depicted that ability to cover the costs from its own resources and ability to pay debt were the key dimensions to measure financial sustainability. The majority of the studies were found in the public sector covering local governments and central governments particularly in such European countries as Spain, Italy and England. Earning enough resources, asset sustainability and the ability to repay obligations are the three dimensions to assess financial sustainability. The study also pointed out the key research areas, variables and analytical tools among other trends in the literature. The present study assists the future researchers in reviewing the literature on financial sustainability and developing research methodology.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90439963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The impact of environmental, social and corporate governance responsibility on the cost of short-and long-term debt 环境、社会和公司治理责任对短期和长期债务成本的影响
IF 0.7
Economics and Business Review Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.6
Piotr Ratajczak, Grzegorz Mikołajewicz
{"title":"The impact of environmental, social and corporate governance responsibility on the cost of short-and long-term debt","authors":"Piotr Ratajczak, Grzegorz Mikołajewicz","doi":"10.18559/ebr.2021.2.6","DOIUrl":"https://doi.org/10.18559/ebr.2021.2.6","url":null,"abstract":"Abstract The aim of the paper is to examine the impact of environmental, social and corporate governance (ESG) responsibility on the short- and long-term cost of debt. Linear regression was applied to a unique dataset on CSR and cost of debt for 300 companies recognized in 2017 by Corporate Knights as the most sustainable companies in the world. The question about the link between CSR and cost of debt is important as there is still ongoing debate as to whether business should undertake activities in the field of CSR—managers and other stakeholders are still unsure of the outcomes. The findings show that the involvement in environmental issues decreases the cost of long-term debt whereas the involvement in social issues brings benefits to short- and long-term debt. Surprisingly the greater the involvement in corporate governance, the higher the cost of debt in all time horizons. Managers should expect a lower cost of debt from environmental and social activities mostly in the long run. Corporate governance expenditures may in turn be seen as a waste of company resources, cost of forgone opportunities, or—optionally—as an over-investment. The main novelty is the breakdown of CSR into three dimensions while examining various term structures of corporate debt.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78431184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Small area quantile estimation based on distribution function using linear mixed models 基于线性混合模型分布函数的小面积分位数估计
IF 0.7
Economics and Business Review Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.7
Tomasz Stachurski
{"title":"Small area quantile estimation based on distribution function using linear mixed models","authors":"Tomasz Stachurski","doi":"10.18559/ebr.2021.2.7","DOIUrl":"https://doi.org/10.18559/ebr.2021.2.7","url":null,"abstract":"Abstract In economic studies researchers are often interested in the estimation of the distribution function or certain functions of the distribution function such as quantiles. This work focuses on the estimation quantiles as inverses of the estimates of the distribution function in the presence of auxiliary information that is correlated with the study variable. In the paper a plug-in estimator of the distribution function is proposed which is used to obtain quantiles in the population and in the small areas. Performance of the proposed method is compared with other estimators of the distribution function and quantiles using the simulation study. The obtained results show that the proposed method usually has smaller relative biases and relative RMSE comparing to other methods of obtaining quantiles based on inverting the distribution function.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81654451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On some analogies between one-criterion decision making under uncertainty and multi-criteria decision making under certainty 不确定条件下的单准则决策与确定条件下的多准则决策的类比
IF 0.7
Economics and Business Review Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.3
Helena Gaspars-Wieloch
{"title":"On some analogies between one-criterion decision making under uncertainty and multi-criteria decision making under certainty","authors":"Helena Gaspars-Wieloch","doi":"10.18559/ebr.2021.2.3","DOIUrl":"https://doi.org/10.18559/ebr.2021.2.3","url":null,"abstract":"Abstract One-criterion decision making under uncertainty (1-DM/U) is related to situations in which the decision maker (DM) evaluates the alternatives on the basis of one objective, but e.g. due to numerous uncertain future factors some parameters of the problem are not deterministic. Instead of entirely known paramaters, a set of possible scenarios is available. Multi-criteria decision making under certainty (M-DM/C) concerns cases where the DM assesses particular options in terms of many objectives. The parameters are known. Therefore, scenario planning is redundant. Both issues are investigated by many researchers and practitioners, since real economic decision problems are usually at least uncertain or multi-objective. In the paper, numerous analogies between 1-DM/U and M-DM/C are revealed. Some of them have existed for many decades, but others, so far, have not been developed. A careful examination of all the similarities enables an improvement of existing methods and a formulation of new algorithms for 1-DM/U and M-DM/C. The article presents six pairs of similar procedures and contains the description of three novel approaches created by analogy to existing ones.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76826600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信