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The effect of Hungry Ghost Festival (HGF) on stock market returns and volatility: An empirical analysis of Asian stock markets 饥饿鬼节对股市收益率和波动性的影响——亚洲股市的实证分析
IF 1.7
IIMB Management Review Pub Date : 2023-09-01 DOI: 10.1016/j.iimb.2023.08.003
Wan Mohd Farid Wan Zakaria , Nur Liyana Mohamed Yousop , Wan Muhd Faez Wan Ibrahim , Sharazad Haris , Syed Khusairi Tuan Azam
{"title":"The effect of Hungry Ghost Festival (HGF) on stock market returns and volatility: An empirical analysis of Asian stock markets","authors":"Wan Mohd Farid Wan Zakaria ,&nbsp;Nur Liyana Mohamed Yousop ,&nbsp;Wan Muhd Faez Wan Ibrahim ,&nbsp;Sharazad Haris ,&nbsp;Syed Khusairi Tuan Azam","doi":"10.1016/j.iimb.2023.08.003","DOIUrl":"10.1016/j.iimb.2023.08.003","url":null,"abstract":"<div><p>This study examines the effect of the Hungry Ghost Festival (HGF) on stock returns and volatility in five Asian stock indices. Shanghai demonstrated the highest average return and dispersion, while Singapore had the lowest. During the HGF, all countries’ kurtosis spiked, except for Philippines and Shanghai, signalling a high-risk investment with high returns. Finally, the current volatility of daily stock returns persists across countries and is influenced by previous shocks. Investment during the HGF may appear riskier and more volatile in some countries, but there is inconclusive evidence to conclude that the HGF had a significant effect on all markets.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 3","pages":"Pages 258-266"},"PeriodicalIF":1.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49351858","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
Factors influencing sustainable outsourcing relationship: An empirical investigation into the Indian coal mining industry 影响可持续外包关系的因素:对印度煤炭采矿业的实证调查
IF 1.7
IIMB Management Review Pub Date : 2023-09-01 DOI: 10.1016/j.iimb.2023.08.002
Mousumi Modak , Khanindra Pathak , Kunal Kanti Ghosh
{"title":"Factors influencing sustainable outsourcing relationship: An empirical investigation into the Indian coal mining industry","authors":"Mousumi Modak ,&nbsp;Khanindra Pathak ,&nbsp;Kunal Kanti Ghosh","doi":"10.1016/j.iimb.2023.08.002","DOIUrl":"10.1016/j.iimb.2023.08.002","url":null,"abstract":"<div><p>Developing a sustainable client–provider relationship in an outsourcing arrangement is important. This study attempts to identify the effects of unexplored antecedents of opportunism in an outsourcing engagement and, subsequently, the significance of opportunism in relation to a sustainable relationship. A structural equation modelling (SEM) approach has been deployed for the empirical evaluation of the hypothesised relationships between the constructs using responses obtained from the executives of the Indian coal mining organisation (ICMO). Results portray the significance of each antecedent, i.e., measurement problem, qualification of service provider, and service provider lock-in in view of undesirable outcomes in an outsourcing relationship.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 3","pages":"Pages 267-285"},"PeriodicalIF":1.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41637139","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
Investment style consistency and performance of Indian fixed income mutual funds 印度固定收益共同基金的投资风格一致性和业绩
IF 1.7
IIMB Management Review Pub Date : 2023-09-01 DOI: 10.1016/j.iimb.2023.07.002
Mayank Patel , Supratim Das Gupta , Vinodh Madhavan
{"title":"Investment style consistency and performance of Indian fixed income mutual funds","authors":"Mayank Patel ,&nbsp;Supratim Das Gupta ,&nbsp;Vinodh Madhavan","doi":"10.1016/j.iimb.2023.07.002","DOIUrl":"10.1016/j.iimb.2023.07.002","url":null,"abstract":"<div><p>In this study, we examine investment style, and style consistency and its relationship with risk-adjusted performance of the Indian fixed income mutual funds (MFs) using a sample of 242 funds across 16 categories over a period from April 2015 to March 2020. Our findings indicate that (a) fund managers practice securities selection, but their securities selection ability fails to improve risk-adjusted returns; (b) higher style consistency leads to better risk-adjusted performance; and (c) investment style and style consistency have considerable impact on fund performance. This is possibly the first comprehensive study that analyses investment style and its relationship with the performance of Indian fixed income MFs and contributes to the growing body of research on performance evaluation of fixed income funds.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 3","pages":"Pages 229-239"},"PeriodicalIF":1.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48537784","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
Predicting the success of the supply chain dyadic relationship: A qualitative study of dyads 预测供应链二元关系的成功:二元关系的定性研究
IF 1.7
IIMB Management Review Pub Date : 2023-09-01 DOI: 10.1016/j.iimb.2023.07.001
Andrew Downard, Himanshu Shee, Ian Sadler
{"title":"Predicting the success of the supply chain dyadic relationship: A qualitative study of dyads","authors":"Andrew Downard,&nbsp;Himanshu Shee,&nbsp;Ian Sadler","doi":"10.1016/j.iimb.2023.07.001","DOIUrl":"10.1016/j.iimb.2023.07.001","url":null,"abstract":"<div><p>Predicting the success of a dyadic relationship during the very early stage of a relationship is quite critical since the existing SCDR elements have limited capabilities. Drawing on transaction cost economics and social exchange theory (SET), this study aims to explore and enhance the SCDR measurement tools that can likely predict putative relationship success. Using mixed methods in a longitudinal study, the research used qualitative interviews with an expert panel of supply chain practitioners and then surveys of selected dyads. Results show that culture matching is perceived to be a key element of the revised SCDR tool, one that will likely predict relationship success. The enhanced tool helps managers to comprehend the importance of organisational culture and its critical role in predicting the dyadic relationship success.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 3","pages":"Pages 199-214"},"PeriodicalIF":1.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46017270","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
Do debt payments beget debt? Evidence from an emerging market 偿还债务会产生债务吗？来自新兴市场的证据
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.05.001
Vishnu K. Ramesh , Aravind Sampath
{"title":"Do debt payments beget debt? Evidence from an emerging market","authors":"Vishnu K. Ramesh ,&nbsp;Aravind Sampath","doi":"10.1016/j.iimb.2023.05.001","DOIUrl":"10.1016/j.iimb.2023.05.001","url":null,"abstract":"<div><p>Do firms generate financial flexibility by retiring debt? Using Indian data, we document that firms channel approximately 39% of current cash flow to repay debt. This higher debt-cash flow sensitivity facilitates firms to maintain investment in the future. Firms prioritise reducing dependency on external finance, increasing investments, and saving cash in the short run. In the long run, firms enhance investments primarily through borrowing. Unlike in developed markets, we find that Indian firms respond symmetrically to positive and negative cash flow shocks by changing their borrowing.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 124-136"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48661926","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
India's low carbon value chain, green debt, and global climate finance architecture 印度低碳价值链、绿色债务与全球气候融资架构
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.03.005
A. Damodaran , Onno van den Heuvel
{"title":"India's low carbon value chain, green debt, and global climate finance architecture","authors":"A. Damodaran ,&nbsp;Onno van den Heuvel","doi":"10.1016/j.iimb.2023.03.005","DOIUrl":"10.1016/j.iimb.2023.03.005","url":null,"abstract":"<div><p>The paper critically evaluates the bottlenecks inherent in India's low carbon value chain that is financed by green bonds and related debt securities. The paper identifies three cardinal limitations of the value chain viz. unviable carbon mitigation projects, insufficient market competitiveness of green bonds issued from India and the inability of refinancing institutions to securitise their liabilities and overcome the problem of asset-liability mismatch. It is argued that a climate financial architecture that overcomes these limitations provides important lessons to the ongoing global efforts to strengthen the financial mechanisms laid down by the Paris Agreement on Climate Change.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 97-107"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47017603","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: 3
Synopses 对照表
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.06.003
{"title":"Synopses","authors":"","doi":"10.1016/j.iimb.2023.06.003","DOIUrl":"https://doi.org/10.1016/j.iimb.2023.06.003","url":null,"abstract":"","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 94-96"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49764998","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
Pandemics and cryptocoins 流行病和加密货币
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.06.002
Afees A. Salisu , Ahamuefula E. Ogbonna , Tirimisiyu F. Oloko
{"title":"Pandemics and cryptocoins","authors":"Afees A. Salisu ,&nbsp;Ahamuefula E. Ogbonna ,&nbsp;Tirimisiyu F. Oloko","doi":"10.1016/j.iimb.2023.06.002","DOIUrl":"10.1016/j.iimb.2023.06.002","url":null,"abstract":"<div><p>This study examines the effect of pandemic-induced uncertainty on cryptocoins (Bitcoin, Ethereum and Ripple). It employs the Westerlund and Narayan (2012, 2015) predictive model to examine the predictability of pandemic-induced uncertainty and our model's forecast performance. We examine the role of asymmetry in uncertainty and the sensitivity of our results to the recently-developed Salisu and Akanni (2020) Global Fear Index. Cryptocoins act as a hedge against uncertainty due to pandemics, albeit with reduced hedging effectiveness in the COVID-19 period. Accounting for asymmetry improves predictability and model forecast performance. Our results may be sensitive to the choice of measure of pandemic-induced uncertainty.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 164-175"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44884720","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
How much does volatility influence stock market returns? Empirical evidence from India 波动性对股市回报的影响有多大来自印度的经验证据
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.05.004
Malvika Saraf, Parthajit Kayal
{"title":"How much does volatility influence stock market returns? Empirical evidence from India","authors":"Malvika Saraf,&nbsp;Parthajit Kayal","doi":"10.1016/j.iimb.2023.05.004","DOIUrl":"10.1016/j.iimb.2023.05.004","url":null,"abstract":"<div><p>The purpose of this paper is to establish and estimate the extent of the volatility anomaly (VA). We examine the impact of the beta, variance, relative-beta, and relative-variance measures on the stock returns for NIFTY500 companies, for the 10-year period 2010-2020. Our empirical findings suggest that the VA is predominant in the medium to long-term, but seems to be negligible in the ultra-short and short time frames. The overall findings suggest that the VA is most significant when the time period considered is three years or more. These results can be highly useful for investors as well as portfolio managers.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 108-123"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46816197","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
New moon day anomalies of Amavasya and Muhurat trading: Gestalting the role of culture and institutions 新月日“Amavasya”和“Muhurat”交易的反常现象：文化和制度作用的孕育
IF 1.7
IIMB Management Review Pub Date : 2023-06-01 DOI: 10.1016/j.iimb.2023.05.003
Avinash Ghalke , Satish Kumar , Ram Kumar Kakani , Kameshwar Rao V.S. Modekurti
{"title":"New moon day anomalies of Amavasya and Muhurat trading: Gestalting the role of culture and institutions","authors":"Avinash Ghalke ,&nbsp;Satish Kumar ,&nbsp;Ram Kumar Kakani ,&nbsp;Kameshwar Rao V.S. Modekurti","doi":"10.1016/j.iimb.2023.05.003","DOIUrl":"10.1016/j.iimb.2023.05.003","url":null,"abstract":"<div><p>We study the socio-cultural ecosystems, along with cross-country investments and global flow of foreign capital in a local milieu, India, having multiple stock exchanges and listed firms. India's varied investor profiles exhibit a marked preference for certain “special” days given their religious beliefs. This study tests the abstinence hypothesis to examine the “new moon day” effect, considered inauspicious by the local dominant investing community, and the duality of minds, based on India's annual festival, Diwali, considered auspicious to make investments and commence any wealth-generating activity (<em>Muhurat</em> trading). We find that the Indian markets generate a significant negative return on a Friday new moon day and a significant positive return on the Muhurat trading day. We propose a profit-making trading strategy that exploits the impact of the new moon day.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"35 2","pages":"Pages 137-148"},"PeriodicalIF":1.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49407679","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
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