Xiaoyue Chen, Bin Li, Tarlok Singh and Andrew C. Worthington
Motivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure…
Abstract
Purpose
Motivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure to Chinese economic policy uncertainty at the individual stock level in large Asian markets.
Design/methodology/approach
We estimate the monthly uncertainty exposure (beta) for each stock and then employ the portfolio-level sorting analysis to investigate the relationship between the China’s uncertainty exposure and the future returns of major Asian markets over multiple trading horizons. The raw returns of the high-minus-low portfolios are then adjusted using conventional asset pricing models to investigate whether the relationship is explained by common risk factors. Finally, we check the robustness of the portfolio-level results through firm-level Fama and MacBeth (1973) regressions.
Findings
Applying portfolio-level sorting analysis, we reveal that exposure to Chinese uncertainty is negatively related to the future returns of large stocks over multiple trading horizons in Japan, Hong Kong and India. We discover this is unexplained by common risk factors, including market, size, value, profitability, investment and momentum, and is robust to the specification of stock-level Fama and MacBeth (1973) regressions.
Research limitations/implications
Our analysis demonstrates the spillover effects of Chinese economic policy uncertainty across the region, provides evidence of China's emerging economic leadership, and offers trading strategies for managing uncertainty risks.
Originality/value
The findings of the study significantly improve our understanding of stock return predictability in Asian markets. Unlike previous studies, our results challenge the leading role of the US by providing a new intra-regional return predictor, namely, China’s uncertainty exposure. These results also evidence the continuing integration of the Asian economy and financial markets. However, contrary findings for some Asian markets point toward certain market-specific features. Compared with market-level research, our analysis provides deeper insights into the performance of individual stocks and is of particular importance to investors and other market participants.
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This study examines the impact of climate legislation on green agricultural production and tests the heterogeneous impact of different types of climate legislation on agricultural…
Abstract
Purpose
This study examines the impact of climate legislation on green agricultural production and tests the heterogeneous impact of different types of climate legislation on agricultural green production.
Design/methodology/approach
In this study, the super-slacks-based measure (super-SBM) model is used to calculate agricultural green total factor productivity (AGTFP). The impact of climate legislation (including legislative acts and executive orders) on AGTFP is examined through regression analysis. The transmission mechanism of climate legislation affecting agricultural green production is further investigated.
Findings
This study shows that climate legislation has a positive long-term effect on AGTFP. It stimulates innovation in agricultural green technology but has a negative impact on resource allocation efficiency. Executive orders have a more significant effect on AGTFP than climate legislative acts. The effectiveness of climate legislation is more significant in countries with stronger legislation. Moreover, climate legislation reduces AGTFP in low-income countries while enhancing AGTFP in high-income countries. This effect is most prominent in upper-middle-income countries.
Originality/value
This study examines the different effects of various types of climate legislation, considering the level of economic development and the strength of the legal system on AGTFP. The findings can offer a global perspective and insights for China’s policymaking.
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Lin Yang, Xiaoyue Lv and Xianbo Zhao
Abnormal behaviors such as rework, backlog, changes and claims generated by project organizations are unavoidable in complex projects. When abnormal behaviors emerge, the…
Abstract
Purpose
Abnormal behaviors such as rework, backlog, changes and claims generated by project organizations are unavoidable in complex projects. When abnormal behaviors emerge, the previously normal state of interactions between organizations will be altered to some extent. However, previous studies have ignored the associations and interactions between organizations in the context of abnormal organizational behaviors (AOBs), making this challenging to cope with AOBs. As a result, the objective of this paper is to explore how to reduce AOBs in complex projects at the organizational level from a network perspective.
Design/methodology/approach
To overcome the inherent limitations of a single case study, this research integrated two data collection methods: questionnaire survey and expert scoring method. The questionnaire survey captured the universal data on the influence possibility of AOBs between complex project organizations and the expert scoring method got the influence probability scores of AOBs between organizations in the case. Using these data, four organizational influence network models of AOBs based on a case were developed to demonstrate how to destroy AOBs networks in complex projects using network attack theory (NAT).
Findings
First, the findings show that controlling AOBs generated by key organizations preferentially and improving the ability of key organizations can weaken AOBs network, enabling more effective coping strategies. Second, the owners, government, material suppliers and designers are identified as key organizations across all four influence networks of AOBs. Third, change and claim behaviors are more manageable from the organizational level.
Practical implications
Project managers can target specific organizations for intervention, weaken the AOBs network by applying NAT and achieve better project outcomes through coping strategies. Additionally, by taking a network perspective, this research provides a novel approach to comprehending the associations and interactions between organizations in the context of complex projects.
Originality/value
This paper proposes a new approach to investigating AOBs in complex projects by simultaneously examining rework, backlog, change and claim. Leveraging NAT as a novel tool for managing the harmful effects of influence networks, this study extends the knowledge body in the field of organizational behavior (OB) management and complex project management.
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Results from this study include a tool for financial literacy through the use of stock exchange websites and a framework for managing stock market information.
Abstract
Purpose
Results from this study include a tool for financial literacy through the use of stock exchange websites and a framework for managing stock market information.
Design/methodology/approach
Prior research suggests that information can significantly influence judgment and decision-making. This paper aims to provide guidance on the characteristics of information disseminated on stock exchange websites and demonstrate the value of these platforms in informing and educating cyber-investors. Based on an exploratory study, the author proposes that information should be examined through three dimensions: nature, support and source. These dimensions are crucial in shaping the behavioral learning of cyber-investors. The study results include a tool for enhancing financial literacy via stock exchange websites and a framework for effectively managing stock market information.
Findings
This study identifies potential areas where improvements can be made by stock exchange Web designers and asset management platforms, particularly life insurance websites. Based on our results and to have a successful and attractive website for cyber-investors, designers must pay close attention to the layout of the website, its navigability, structure, colors and general ergonomics. A good match between these elements and the needs of potential investors will improve the conditions for finding relevant information on stock market websites. Furthermore, ease of access to information contributes to greater satisfaction and loyalty. This finding is in line with Eltkhtash (2013) and Syaeid (2019) who highlight the importance of ease of access to the site.
Originality/value
The exploratory study analyzes information available on four French stock exchange websites: Boursorama, Zonebourse, Abcbourse and Boursier.com. The study offers a set of knowledge that allows cyber-investors to make effective decisions using financial sources. This helps the consultation of stock exchange websites and enables to target the relevant information which provides a more accurate assessment of the evolution of financial assets. Based on our analysis, it appears that investors are more interested in certain criteria at the expense of other information.