Mohammed M. Elgammal, Fatma Ehab Ahmed and David G. McMillan
The purpose of this paper is to consider the economic information content within several popular stock market factors and to the extent to which their movements are both explained…
Abstract
Purpose
The purpose of this paper is to consider the economic information content within several popular stock market factors and to the extent to which their movements are both explained by economic variables and can explain future output growth.
Design/methodology/approach
Using US stock portfolios from 1964 to 2019, the authors undertake three related exercises: whether a set of common factors contain independent predictive ability for stock returns, what economic and market variables explain movements in the factors and whether stock market factors have predictive power for future output growth.
Findings
The results show that several of the considered factors do not contain independent information for stock returns. Further, most of these factors are neither explained by economic conditions nor they provide any predictive power for future output growth. Thus, they appear to contain very little economic content. However, the results suggest that the impact of these factors is more prominent with higher macroeconomic risk (contractionary regime).
Research limitations/implications
The stock market factors are more likely to reflect existing market conditions and exhibit a weaker relation with economic conditions and do not act as a window on future behavior.
Practical implications
Fama and French three-factor model still have better explanations for stock returns and economic information more than any other models.
Originality/value
This paper contributes to the literature by examining whether a selection of factors provides unique information when modelling stock returns data. It also investigates what variables can predict movements in the stock market factors. Third, it examines whether the factors exhibit a link with subsequent economic output. This should establish whether the stock market factors contain useful information for stock returns and the macroeconomy or whether the significance of the factor is a result of chance. The results in this paper should advance our understanding of asset price movement and the links between the macroeconomy and financial markets and, thus, be of interest to academics, investors and policy-makers.
Details
Keywords
Anna Sung, Kelvin Leong, Paolo Sironi, Tim O’Reilly and Alison McMillan
The purpose of this paper is to explore two identified knowledge gaps: first, the identification and analysis of online searching trends for Financial Technology (FinTech)-related…
Abstract
Purpose
The purpose of this paper is to explore two identified knowledge gaps: first, the identification and analysis of online searching trends for Financial Technology (FinTech)-related jobs and education information in UK, and second to assess the current strength of the FinTech-related job distribution in terms of job titles and locations in UK, job market in UK and what is required to help it to grow.
Design/methodology/approach
Two sets of data were used in this study in order to fill the two identified knowledge gaps. First, six years’ worth of data, for the period from September 2012 to August 2018 was collected from Google Trends. This was in the form of search term keyword text. The hypothesis was designed correspondingly, and the results were reviewed and evaluated using a relevant statistical tool. Second, relevant data were extracted from the “Indeed” website (www.indeed.co.uk) by means of a simple VBA programme written in Excel. In total, the textual data for 500 job advertisements, including the keyword “FinTech”, were downloaded from that website.
Findings
The authors found that there was a continuously increasing trend in the use of the keyword “fintech” under the category “Jobs and Education” in online searching from September 2012 to August 2018. The authors demonstrated that this trend was statistically significant. In contrast, the trends for searches using both “finance” and “accounting” were slightly decreased over the same period. Furthermore, the authors identified the geographic distribution of the fintech-related jobs in the UK. In regard to job titles, the authors discovered that “manager” was the most frequently searched term, followed by “developer” and “engineer”.
Research limitations/implications
Educators could use this research as a reference in the development of the portfolio of their courses. In addition, the findings from this study could also enable potential participators to reflect on their career development. It is worth noting that the motivations for carrying out an internet search are complex, and each of these needs to be understood. There are many factors that would affect how an information seeker would behave with the obtained information. More work is still needed in order to encourage more people to enter to the FinTech sector.
Originality/value
In the planning stage prior to launching a new course educators often need to justify the market need: this analysis could provide a supporting rationale and enable a new course to launch more quickly. Consequently, the pipeline of talent supply to the sector would also be benefitted. The authors believe this is the first time that a study like this had been conducted to explore specifically the availability and opportunities for FinTech education and retraining in UK. The authors anticipate that this study will become the primary reference for researchers, educators and policy makers engaged in future research or practical applications on related topics.
Details
Keywords
Thomas Wopelka, Ulrike Cihak-Bayr, Claudia Lenauer, Ferenc Ditrói, Sándor Takács, Johannes Sequard-Base and Martin Jech
This paper aims to investigate the wear behaviour of different materials for cylinder liners and piston rings in a linear reciprocating tribometer with special focus on the wear…
Abstract
Purpose
This paper aims to investigate the wear behaviour of different materials for cylinder liners and piston rings in a linear reciprocating tribometer with special focus on the wear of the cylinder liner in the boundary lubrication regime.
Design/methodology/approach
Conventional nitrided steel, as well as diamond-like carbon and chromium nitride-coated piston rings, were tested against cast iron, AlSi and Fe-coated AlSi cylinder liners. The experiments were carried out with samples produced from original engine parts to have the original surface topography available. Radioactive tracer isotopes were used to measure cylinder liner wear continuously, enabling separation of running-in and steady-state wear.
Findings
A ranking of the material pairings with respect to wear behaviour of the cylinder liner was found. Post-test inspection of the cylinder samples by scanning electron microscopy (SEM) revealed differences in the wear mechanisms for the different material combinations. The results show that the running-in and steady-state wear of the liners can be reduced by choosing the appropriate material for the piston ring.
Originality/value
The use of original engine parts in a closely controlled tribometer environment under realistic loading conditions, in conjunction with continuous and highly sensitive wear measurement methods and a detailed SEM analysis of the wear mechanisms, forms an intermediate step between engine testing and laboratory environment testing.
Details
Keywords
Marko Orel, Martin Lukes and Jan Zouhar
This study aims to examine the impact of coworking spaces (CWS) on the wellbeing and entrepreneurial satisfaction of remotely working micro-entrepreneurs, highlighting the role of…
Abstract
Purpose
This study aims to examine the impact of coworking spaces (CWS) on the wellbeing and entrepreneurial satisfaction of remotely working micro-entrepreneurs, highlighting the role of these spaces beyond conventional work locations. It specifically investigates how CWS foster a supportive ecosystem for micro-entrepreneurs, supporting their professional journey.
Design/methodology/approach
Employing a mixed-methodological approach, this study uses nearest-neighbor matching and multiple regressions based on quantitative surveys from a representative sample of micro-entrepreneurs, including those working from CWS, and a qualitative focus group with frequent CWS users. This comprehensive approach allows for a nuanced exploration of the impacts of CWS on micro-entrepreneurs' wellbeing and satisfaction.
Findings
The study finds that micro-entrepreneurs experience significant benefits from utilizing CWS, most notably in terms of wellbeing and work–life balance. These spaces provide valuable support through community building, networking opportunities and structured work environments. The benefits of CWS are particularly pronounced for women and micro-entrepreneurs with young children, aiding in boundary management and mitigating the challenges of social isolation.
Practical implications
We provide clear implications for remotely working micro-entrepreneurs, especially women with young children at home, on why to use CWS as their primary locations. The findings also offer insights for policymakers and CWS providers, underlining the importance of designing CWS environments that meet micro-entrepreneurs' diverse needs.
Originality/value
This study contributes to the existing literature by providing a detailed examination of the utilization of CWS among micro-entrepreneurs and the impact of CWS on their wellbeing and entrepreneurial satisfaction.