A growing body of research suggests that having more women in the boardroom leads to better corporate social responsibility (CSR) performance. However, much this work views CSR-enhancing effect directors as largely driven by their moral orientations and rarely considers other underlying mechanisms. Moreover, less explored are firm-specific conditions under which such CSR-promoting roles female might be performed (or less) effectively. In paper, we seek bridge gap literature (1) proposing an...

In this paper, we investigate the effect of an epidemic outbreak on consumer expenditures. light scanner panel data consumers’ debit and credit card transactions, present empirical evidence that outbreaks cause considerable disruption in total expenditures with significant heterogeneity across categories. Our findings strongly imply customers alter their behaviors to reduce risk infection. The estimated is qualitatively different from other macroeconomic factors. implications research...

Bitcoin is defined as digital money within a decentralized peer-to-peer payment network. It hybrid between fiat currency and commodity without intrinsic value independent of any government or monetary authority. This paper analyses the question whether medium exchange an asset more specifically, what its current usage will prevail in future given characteristics. We analyse statistical properties find that it uncorrelated with traditional classes such stocks, bonds commodities both normal...

Purpose Art investment is generally believed to be risky with a high expected return. In this paper, we empirically find that art investors’ behavior consistent general belief, showing consistency between their perception and behavior. Design/methodology/approach Using the Fama–French asset pricing factor models, conduct an empirical investigation into fine arts in relation financial risk factors. The return profiles of investments are then compared those traditional determine alignment...

The European carbon emission trading market is critical in achieving planned reduction for global sustainable growth. This paper investigates various statistical methods forecasting the (CO2 hereafter) price movements. builds a predictive regression model of CO2 movements with past returns commodities and financial products. In paper, 22 functional forms five different classifiers are employed forecast. Results indicate that Brent crude futures, natural gas (NG), Financial Times Stock...

This paper investigates why general Moving Average (MA) trading rules are widely used by technical analysts and others. We assume stationary processes for prices we derive the autocorrelation function an MA rule. Based on our results, conjecture that amplification is one of reasons such popular. Using simulated show rule may be popular because it can identify price momentum a simple way assessing exploiting structure without necessarily knowing its precise structure. then, provides empirical...

In this article, we analyze a dual currency regime with fiat and digital investigate potential crowding-out effects of or under the framework traditional monetary economic model. We find that crowding out occurs only extreme assumptions, i.e., extremely high costs associated use (medium exchange store value) one low other currency.

This paper looks at various definitions of momentum then investigates a particular definition via statistical model where the asset price is assumed to follow log Ornstein–Uhlenbeck process. Momentum term that widely used describe behaviour but not clearly defined in terms models. The results we derive show determined by autocorrelation and positive momentum, as commonly understood, would require explosive prices.

AbstractThis paper provides a new theoretical approach to investigate the sensitivity of familiar beta capital asset pricing model length return measurement interval; phenomenon known as intervalling effect. By setting problem in continuous time setting, and using exact results, we are able generalize existing results literature. We derive an expression for function horizon h, conditional on current t. show that is monotonic h conditions it be increasing or decreasing.Keywords:...

<h3>Background</h3> Cervical disc arthroplasty (CDA) has emerged as an alternative to anterior cervical discectomy and fusion (ACDF) for the treatment of pathologies. Studies are on-going assess long term outcomes CDA. This study assessed safety efficacy Prestige^® LP Disc at 84-months follow up. <h3>Methods</h3> Prospective data from 280 CDA patients with single-level disease radiculopathy or myelopathy were compared 265 historical control ACDF patients. Clinical radiographic up...

In this paper, we carefully investigate previous literature to extract 10 relevant factors explain the hospital profitability and build an econometrically well-specified model of explaining that does not suffer from omitted variable bias. Then provide empirical evidence a common belief objective function varies with type hospital. We identified distinct functions for three types hospitals: for-profit hospitals are driven by overarching agreed-upon goal profit maximization shareholders;...

This study analyzes sovereign risk contagion between four East Asian economies (China, Hong Kong, Japan, and Korea) its structural changes through the Global Financial Crisis (GFC) European Debt (EDC) by applying mixture of time-varying copulas to those economies' credit default swap (CDS) spreads.This article first finds a strong from US PIIGS CDS markets intraregional within markets. Second, impact is different according whether it measured linear (Gaussian) or upper tail dependence....

This paper investigates the impact of equity return autocorrelation on financial market efficiency via intervalling effect. A simple model is proposed to show that degree effect related security autocorrelation. more general version Levy and Levhari hypothesis find autocorrelations returns determines existence direction size are dependent autocorrelations. Empirical evidence latter presented.

Discretionary accruals reflect the management’s accounting choices made within flexibility of standards. can be used by management to better economic value firm and signal their private information about a firm’s future prospects market, but they also opportunistically managers. However, prior literature documents mixed evidence related content in discretionary accruals. Thus, we examine association between analysts’ forecast dispersion provide further on Moreover, as greater external...

Unobserved sector‐wide common shocks cause the issue of cross‐sectional dependence ( CSD ) in panel data modelling stock returns. In this study we apply two econometric techniques: seemingly unrelated regression approach and a Bayesian estimator for models with factor structural errors, to allow within particular sector. By applying these monthly returns S&amp;P100 companies from six sectors over 10 years, can capture measure heterogeneous impacts not only observed individual company...