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This study investigates the asymmetric effects of unanticipated monetary shocks on stock prices in India over the period 1994M4–2018M11. We find that the evolution of stock prices is state-dependent across different monetary policy processes. Unanticipated monetary shocks appear to have significantly asymmetrically lagged effects on stock prices, namely: (i) the positive effect of negative unanticipated shocks in bull markets; and (ii) the negative effect of positive unanticipated shocks in bear markets. Our findings imply that monetary policy-markers should attend to these situations for the future of money-supply policies to diminish the degree of uncertainty about the money supply in adjusting stock prices.
The first section of the textbook includes topics that reveal the mechanisms and tools of corporate governance, the second-the assessment of its quality. The texts of 10 lectures with diagrams and illustrations are presented. A number of topics involve practical training in the package Mathcad or similar. Solutions of problems, including program listings, are given. Meets the requirements of the Federal state educational standards of higher education of the last generation. For undergraduate and graduate students studying in the areas of "Economics", "Management" and "Sociology", teachers and graduate students of economic universities, and can also be useful to managers and specialists of both financial and non-financial companies.
This article is written in English.
The purpose of this work is to critically evaluate the evolution of risk factors and factor models. A systematic and structured literature review is carried out to observe and understand the past trends and extant patterns/themes in the present research area, evaluate contributions and summarize knowledge, thereby identifying limitations, implications and potential directions of further research. The main message from the study is that evolution of risk factors and factor models are continuous and endless development. Still today over 300 risk factors are identified by the researchers and many other yet to be discovered but out of them all only few are significantly responsible in explaining the stock markets risk return relationship. Study classifies risk factors into two groups: global and specific risk factors. Study answer the question ‘whether evolution of risk factors and factor models are endless development’. Finally, the present study gives an appropriate direction to the future studies to be taken in terms of risk factors and factor models. Due to continuous evolution and changing of nature of the risk factor it seems quite impossible to have a stable efficient factor models that can explain stock market risk return relationship globally in long run.
A maiden attempt has been made to study India's first offshore LIDAR-based wind profiling at Gulf of Khambhat. Both time series and panel data are used to derive the study conclusions. Quantile and panel analysis of the wind profiling done and based on that study finds interesting results. Study finds that wind characteristics are not constant over the quantiles and even change the polarisation. Study also concludes that wind dispersion is highly positively related to the wind speed. Finally, study concludes that there is no cross-sectional (12 sectors: 40 to 200 m) random effect. Study findings have high policy implications.
The purpose of this paper is to analyse simultaneously the effect of attendance at the stadium on the size of the TV audience, taking into account the effect of price and uncertainty of outcome hypothesis on both the TV audience and stadium attendance. The paper assumes that a home-team effect exists and influences potential spectators’ decision to go to the stadium or to stay at home.
The data set consists of all 228 matches broadcast live and on open air from the Brazilian League across the seasons 2013–2015. The econometric approach of the present paper is based on three simultaneous equations through the Three-Stage Least Square estimator. This method is chosen in order to avoid endogeneity between ticket prices and live attendance and, consequently, with the television audience, too.
This work finds a correlation between TV audience and attendance at the stadium. However, it has been demonstrated that those matches that are more expensive have a larger TV audience. Scheduling and UO appear to be relevant for TVs and clubs. Scheduling is relevant, as weekend matches have a smaller TV audience but higher attendance at the stadium.
The findings indicate that Brazilian football clubs should find optimal prices for matches in order to maximise both TV audience and attendance.
Analysing simultaneously the effect of attendance at the stadium on the size of the TV audience, taking into account the effect of price on all three of these variables, is new. Another novel aspect is the use of data on audience size to observe a possible substitution effect. The authors also distinguish between home and away matches, assuming that a home-team effect exists and influences potential spectators’ decision to go to the stadium or to stay at home.
The article is written in English.
In this paper, we evaluate the cross sectional relationship between firm characteristics, financial leverage, and stock returns for Indian market. The study finds that there is a strong size and value effect existing in the return pattern of stocks. Further the study finds a complex pattern between leverage and stock returns in Indian context. GRS test confirm the robustness of three factor models with market, size and leverage over Fama-French three factor model in most of the cases. Wald test confirms that the effect of value and leverage are same in determining the portfolio returns in most of the cases. So, while making investment decisions along with size one should consider both the firm specific variables value and leverage as size and value alone cannot disentangle all the variation in equity returns due to firm specific productivity from the variation due to financial leverage. Further study finds that portfolios formed using size (MC) breakpoints is sensitive to the results, whereas value (P/B) and leverage (D/E) breakpoints are insensitive to the result.
Diverse kinds of knowledge are vital for each organization that would successfully compete today in an international scenario. The emergent relevance of knowledge and its management in an even more complex environment opens up the possibility to analyze, investigate and deepen our understanding on different aspects related to several functional areas in business management. Nowadays, firms that create new knowledge and apply it effectively and efficiently will be successful at creating competitive advantages. The choices of the firms in selecting and applying different knowledge process (such as knowledge sourcing, transferring and exploiting) as well as knowledge tools may be crucial. Thus, the role of knowledge as the key source of potential advantage for organizations and indeed whole economies is still a hot debate in the international landscape. This book develops insights for the management of knowledge in cross-functional business areas to originate an innovative approach to the classical Knowledge Management (KM) field. This book provides a fresh perspective on different knowledge related topics in an international landscape, highlighting the key role of knowledge and its management in business activities. Overall, the primary aim of this book is to extend our understandings on how KM can be helpful in several cross-functional management areas, such as strategic management, finance, HRM and innovation as well as in different business circumstances such as M&A, internationalization processes and risk management.
High rates of growth of the ICO market and its excess returns stipulate a significant
interest of investors to projects which use initial token allocation (ICO) for attracting
investments. This work takes into account the fact that even a potentially profitable project
may fail to collect the required amount of money and to start placing tokens on the stock
exchange. We are speaking about success of an ICO-campaign for fund raising. In order to
estimate the influence of factors and check the suggested research hypotheses, logistic
regression was used. The selection included 672 projects. As a dependent variable, the
proportion of the amount collected in the ICO process from the required value is selected.
Depending on the tested hypothesis the influencing variables took into account the presence of
a pre-sale stage and the bounty program and also the price of the token, the upper limit of fund
raising, the duration of the ICO-campaign and the number of team members. The work results
allow token emitters to substantiate managing the success of the ICO-campaign of the project
and the investors to see whether it deserves their attention. Besides, the obtained materials can
be useful for specialists in forming the legal framework of token transactions.
Prior research into the relationship between firm ownership structure and board of director independence has been conducted in a variety of international settings and has led to mixed results. Given this divergence, we meta-analyze 127 studies in order to test whether different types of owners (if a firm's ownership lies mainly in the hands of managers, families or institutions) explain these mixed results. We also examine whether the institutional context (civil, common or emerging legal system) may moderate the relationship between ownership concentration and type of owner and board independence. We find that ownership concentration has a significant negative relation with board independence in common law countries, and when firms are under managerial or family control. In contrast, the relation is positive for firms in civil law countries or for firms owned by institutional investors. Thus, our paper reveals differences in the relation between ownership concentration and board of director independence contingent on type of owner and the institutional context in which the firm operates. Our researchhaspracticalimplicationsforpractitionersandpolicymakers, and provides them with certain guide lines aimed at achieving the most efficient design for corporate governance mechanisms.
Despite the wide range of alternatives that have been proposed by
academics and practitioners, the Sharpe ratio remains one of the most popular metrics used to
evaluate investment performance. In the proposed research, risks and returns are analysed on
the European Monetary Union bonds market, with different bonds ratings and maturities,
during the period from 2005 to 2017. The past and current trends and patterns in bond returns
are defined using the methods of statistic, correlation and econometric analysis. It was shown
that the bond returns are not normally distributed, and that the return distribution depends on
bond maturity and the economic situation in the market. The relation between volatility and
bond maturity and the Sharpe ratio appeared to be non-linear and not consistent over time.
However, the hypothesis about the inverse relation between the Sharpe ratio and bond
maturity is not supported by the evidence. Finally, with the help of time-series models it was
proven that in the period 2005–2017, the returns on European Monetary Union bonds market
tend to decline over time. We used ARIMA models for analysis of the residuals from the
This study examines using a complex systems approach, the reciprocal relationships between innovation, internationalization, and organizational learning in small businesses. After analyzing 54 companies and purposefully selecting 12 particularly information‐rich cases, we find that these three key activities are reciprocally linked to each other, forming a complex circular system. The firms’ evolution also shows that faced with various change elements, the system evolved toward adopting one of up to four patterns of interaction, characterized by low and high incremental and radical innovation, local and global internationalization, and adaptive and generative learning. The findings are relevant to scholars, managers, and policymakers.
The present study focuses on five cryptocurrencies co-movements physiognomies both in time and frequency domain. The present study highlighted several interesting facts related to cryptocurrencies co-movements both in time and frequency domain that have high policy and investment implications. Overall wavelet coherence diagrams clearly indicate about the very short and long contagion effect among the cryptocurrency pairs for the whole study period. The contagion effect is different at different time scales. Finally wavelet clustering diagram indicates that by investing only in XBP and BitCoin cryptocurrencies investors are not going to get any benefit from diversification. This predictable co-movements pattern among the cryptocurrencies could be the basic investment strategies to gain maximum profit by diversifying the risk in cryptocurrency investments.
The article discusses the features of energy service contracts as
one of the types of state-business interaction in the form of a publicprivate
partnership. The purpose of the article is to analyze the main
problems accompanying the implementation of energy service contracts
on the basis of a case analysis and to develop recommendations for those
who are at the stage of concluding such agreements. The following causes
of problems between the parties to the energy service contracts are
highlighted: methodological, organizational and financial. The following
recommendations are developed based on the experience of participation
in forensic examinations:1) careful study of the methodology for
calculating savings using energy audit;2) the method of calculating the
economic effect should be an integral part of the energy service
contract;3)careful management of documents in order to be able to begin
to resolve the conflict in the pretrial order according to the Civil Code;4)
the contractor must make sure that there are economic benefits based on
detailed calculations of indicators such as payback period, net present
value of the project, internal rate of return, which it is mandatory to
compare with the cost of financial resources used in the project.
Student loans represent a conventional form for increasing access to higher education. However, students usually take all risks from these loans, and companies obtain most of benefits. In this paper, a model for sponsoring student loans by companies is discussed. Basically, companies and governments provide financial assistance for students. However, companies can provide guarantees for students based on their academic results, i.e. the better academic results are, the more benefits a student obtains, including guaranteed employment after graduation in case of high academic performance. Application of such a model can motivate students to show better performance, and bridge the gap between university education and further employment. Student loans are supposed to become less risky and more motivational that can result in greater competition among applicants in universities that leads to a greater talent level of admitted students. As a result, job positions can be filled with more talented people to produce greater outcomes and higher tax payments in the long run. Moreover, options for companies to save money on salaries and tax payments are discussed.
The present study focused on one of the important South Asian nations—Sri Lanka—to examine the role of idiosyncratic volatility in asset prices. A four-factor model with idiosyncratic volatility was designed for capturing the market, size, value and idiosyncratic risk yields better than Fama and French’s (J Financ Econ 33:3–56, 1993) three-factor model and performance of the model. Fama–MacBeth’s cross-sectional regression, residual graphs and GRS test all confirm the superiority of four-factor model over 2 three-factor models. For all MC- and IVOL-based portfolios, idiosyncratic volatility is negatively related to the expected returns and positively related for all PB-based portfolios. Finally, study findings confirm that there is a high importance for idiosyncratic volatility risk factor while considering investment decision in Colombo stock exchange. Hence, investor should compensate for holding such risk factors in the portfolio.
The aim of the present chapter is to deliver an overview of professional football leagues, tournaments, and competitions. The first section is related to geographical issues, as professional football tournaments are usually organised taking into account geographical levels, like domestic (i.e., regional, national, etc.) and international (i.e., continental and world level) perspectives. Then, the most common competitive designs are explained – such as round robin and knockout championships – in the second section. The third section explains some of the main constraints of football scheduling such as breaks, travel distances, and carry-over effects. The fourth section describes scheduling optimisations, giving some real examples and their achievements. The last section is dedicated to the changes that professional football leagues have been making, finishing with some concluding remarks.
We document the geographic concentration patterns of Russian manufacturing using detailed microgeographic data. About 80% of three‐digit industries are significantly agglomerated, and a similar share of three‐digit industry pairs is significantly coagglomerated. Industry pairs with stronger buyer–supplier links—as measured using Russian input–output tables—tend to be slightly more coagglomerated. This result is robust to instrumental variable estimation using either Canadian or US instruments. Using Canadian ad valorem transport costs as a proxy for transport costs in Russia, we further find that industries with higher transport costs are more dispersed, and industry pairs with higher transport costs are less coagglomerated.
Currently, innovations are the main competitive advantage of small-sized enterprises in many developed countries. Innovative activities of microenterprises in Russia, making over 93% of small business, stay beyond reporting and specialised research. Given that, the objective of the research was a revealing interrelation of the results of microenterprises’ activities and the innovative activities of enterprises in regions. Collections of statistical reports by the Russian Federal State Statistics Service as well as independent research materials, were used as information sources. Federal subjects were used as objects, correlation and regression analysis was the research methodology. The primary attention in the paper is paid to the possibility of indirect assessment of microenterprises’ innovative activities in regions, looking for factors and forms of their interaction assisting the development of the potential of this small group of economic agents. As a result, it was found out that intensity of microenterprises’ distribution, strengthened by intermediary’s (mediator’s) influence, is mostly interrelated with innovative activities, with the region’s e-development index serving as mediator.
Compared with other emerging and former command economies, Russia has low levels of entrepreneurial activity and exceptionally low levels of reported entrepreneurial intentions. Drawing on the theory of planned behaviour (TPB), this paper aims to examine the determinants of entrepreneurial intentions in Russia.
Using individual level data from two waves (2013 and 2018) of the Global Entrepreneurship Monitor (GEM) survey, the paper presents a range of semi-nonparametric logistic regressions estimating the determinants of reported entrepreneurial intention among the Russian adult population not already engaged in entrepreneurial activity. These data allow for the first empirical exploration of the TPB in the Russian context.
The results provide evidence in support of two (“attitudes” and “perceived behavioural control”), from three, origins of the theory of planned behaviour. Firstly, positive attitudes towards entrepreneurship, in the form of employment seeking and direct (own experience) or indirect (experience through social networks) entrepreneurial knowledge are both positively associated with intention. Secondly, individuals who consider their environment to be conducive to entrepreneurship and who believe they have the knowledge and skills required to be entrepreneurs are more likely to intend entrepreneurial action.
In view of the limited entrepreneurial activity and low levels of reported entrepreneurial intention in Russia, it is important to understand the drivers of these intentions if the appropriate policy responses are to be identified and adopted. This research represents the first substantive efforts to comprehensively examine the determinants of entrepreneurial intentions for Russia and allows us to propose several policy relevant conclusions.