Daniel Liston-Perez and Juan Pablo Gutierrez
The purpose of this paper is to examine the temporal impact of individual and institutional investor sentiment on sin stock returns.
Abstract
Purpose
The purpose of this paper is to examine the temporal impact of individual and institutional investor sentiment on sin stock returns.
Design/methodology/approach
The authors estimate vector autoregressive models (VARs) to assess the dynamic relationships amongst pure sin returns and both types of investor sentiment. The justification for estimating VARs is that it allows one to study the potential influence that shocks (i.e. innovations) in individual and institutional investor sentiment might have on pure sin returns over time. Sin stock returns are separated into a market-based and pure sin component. Additionally, the authors split both measures of investor sentiment into rational- and irrational-based components.
Findings
This study finds that shocks to both individual and institutional rational-based sentiment positively influence pure sin returns for up to four months. However, irrational-based shocks have a positive, weaker and insignificant effect on pure sin returns. In addition, the results for the pure sin portfolio are compared to the S&P 500 and a comparables portfolio. The results show that sin stocks are less responsive than the S&P and the comparables portfolio to shocks in investor sentiment.
Originality/value
This study addresses some of the limitations found in the only prior study of sin stocks and investor sentiment (Perez Liston, 2016). Specially, this study investigates the link between sin stocks and sentiment in a dynamic context and also focuses the analysis on pure sin returns.
Details
Keywords
Daniel Liston-Perez, Patricio Torres-Palacio and Sidika Gulfem Bayram
The purpose of this paper is to test whether investor sentiment is a significant predictor of future Mexican stock market returns. It also estimates the dynamic correlation…
Abstract
Purpose
The purpose of this paper is to test whether investor sentiment is a significant predictor of future Mexican stock market returns. It also estimates the dynamic correlation between investor sentiment and equity returns. Finally, it examines if investor sentiment innovations impact unexpected returns for a variety of portfolios.
Design/methodology/approach
This study utilizes predictive regressions to determine if sentiment can predict Mexican equity returns. Multivariate GARCH models are estimated to examine the time-varying correlations between investor sentiment and equity returns.
Findings
The results show that Mexican investor sentiment is a significant predictor of Mexican equity returns for up to 24 months ahead. The findings show that high levels of sentiment today are associated with lower equity returns over the near term. Furthermore, multivariate GARCH estimations indicate that the correlation between investor sentiment and equity returns is not static and varies considerably over time. Finally, the findings indicate that sentiment innovations are significantly correlated with unexpected returns, reinforcing the notion that unexplained sentiment fluctuations lead to unexplained changes in stock market returns. Overall, these results suggest that investor sentiment is a significant source of risk for the Mexican stock market.
Originality/value
This study seeks to further our understanding of how behavioral factors influence and predict Mexican equity returns.
Details
Keywords
The purpose of this paper is to quantify beta for an online gambling portfolio in the UK and investigates whether it is time-varying. It also examines the dynamic correlations of…
Abstract
Purpose
The purpose of this paper is to quantify beta for an online gambling portfolio in the UK and investigates whether it is time-varying. It also examines the dynamic correlations of the online gambling portfolio with both the market and socially responsible portfolios. In addition, this paper documents the effect of important UK gambling legislation on the betas and correlations of the online gambling portfolio.
Design/methodology/approach
This study uses static and time-varying models (e.g. rolling regressions, multivariate GARCH models) to estimate betas and correlations for a portfolio of UK online gambling stocks.
Findings
This study finds that beta for the online gambling portfolio is less than 1, indicative of defensiveness toward the market, a result that is consistent with prior literature for sin stocks. In addition, the conditional correlation between the market and online gambling portfolio is small when compared to the correlation of the market and socially responsible portfolios. Findings suggest that the adoption of the Gambling Act 2005 increases the conditional correlation between the market and online gambling portfolio and it also increases the conditional betas for the online gambling portfolio.
Research limitations/implications
This paper serves as a starting point for future research on online gambling stocks. Going forward, studies can focus on the financial performance or accounting performance of online gambling stocks.
Originality/value
This empirical investigation provides insight into the risk characteristics of publicly listed online gambling companies in the UK.
Daniel Perez Liston and Gökçe Soydemir
The purpose of this paper is to investigate relative portfolio performance between sin stock returns and faith‐based returns.
Abstract
Purpose
The purpose of this paper is to investigate relative portfolio performance between sin stock returns and faith‐based returns.
Design/methodology/approach
Similar to Hong and Kacperczyk, Jensen's alpha was utilized to conduct tests along with three asset‐pricing models and rolling regression technique to reveal that faith‐based and sin betas move in opposite directions during most of the sample period.
Findings
Norm‐neglect was found, in that Jensen's alpha is positive and significant for the sin portfolio. Further, evidence in favor of norm‐conforming investor behavior was found, where Jensen's alpha is negative and significant for the faith‐based portfolio. These findings provide evidence that the sin portfolio outperforms the faith‐based portfolio relative to the market. A rolling regression technique reveals that faith‐based and sin betas tend to move in opposite directions during most of the sample period. The evidence suggests that faith‐based beta has an average estimated beta of one, mimicking the market. The sin portfolio, however, has an average estimated beta of one‐half. Finally, the reward‐to‐risk measure, Sharpe ratio, is statistically higher for the sin portfolio relative to the faith‐based portfolio.
Originality/value
This paper contributes to the literature in the following distinct ways. First, three asset‐pricing models are estimated to examine Jensen's alpha for sin and faith‐based portfolios. Second, a rolling regression procedure is used to examine the dynamic behavior relative to the market of the sin and faith‐based portfolios. Third, use is made of the Jobson and Korkie test, which allows for statistical comparisons of Sharpe ratios. Lastly, daily instead of monthly data and a different sample period are used to examine the research questions posed in this study.
Details
Keywords
In this chapter, the author critically examines the deeply entrenched practices and theories within counselor education, revealing their roots in historically dominant…
Abstract
In this chapter, the author critically examines the deeply entrenched practices and theories within counselor education, revealing their roots in historically dominant, Eurocentric, and often racially oppressive assumptions. This study brings to light the pervasive impact of these traditional approaches, illuminating their role in perpetuating racial oppression and disparities in mental health care. The author presents a compelling argument for adopting Critical Race Theory (CRT) as an effective pedagogical and clinical practice framework in the counseling profession, a step toward its much-needed liberation. CRT's tenets are examined as a robust alternative, promoting socially just outcomes in counseling and psychotherapy. The article highlights CRT's capacity to address the well-established relationship between racism, white supremacy, and minority mental health. It proposes a groundbreaking model for praxis, predicated on CRT, which holds potential not only to challenge and disrupt oppressive structures but also to pave the way for the liberation of both the oppressed and the oppressor. This seminal work prompts a re-envisioning of counselor education, asserting a call for a transformative shift toward a liberation-based, social justice pedagogy.
Details
Keywords
Abdullahi Babatunde Saka and Daniel W.M. Chan
This paper aims to review the status of development of building information modelling (BIM), its trends and themes across the six continents of the world.
Abstract
Purpose
This paper aims to review the status of development of building information modelling (BIM), its trends and themes across the six continents of the world.
Design/methodology/approach
A total of 914 journal articles sought from the search engine of Web of Science (WOS) based on the country/region option of the WOS to group them into continents. A best-fit approach was then applied in selecting the suitable software programmes for the scientometric analysis and comparisons and deductions were made.
Findings
The findings revealed that there are differences in the development of BIM across the six continents of the world. South America and Africa are lagging in the BIM research and Australia and Asia are growing, whilst Europe and North America are ahead. In addition, there exist differences in the research themes and trends in these continents as against the single view presented in extant studies.
Originality/value
This study introduced a new approach to carry out a comparative and taxonomic review and has provided both academic researchers and industrial practitioners with a clear status of development of BIM research and the trend across the six continents of the world.
Details
Keywords
Timothy O. Olawumi and Daniel W.M. Chan
The purpose of this paper is to explore building information modeling (BIM) implementation and practices in developed economies by developing a benchmarking model that will…
Abstract
Purpose
The purpose of this paper is to explore building information modeling (BIM) implementation and practices in developed economies by developing a benchmarking model that will enhance BIM adoption and implementation in developing countries.
Design/methodology/approach
The research design adopted a qualitative approach which includes the desktop review of the extant literature as well as case study reviews of ten BIM projects using an explanatory case study technique to form the foundation upon which the study proposed the model. The moving basis heuristics technique was adopted to develop the scoring system.
Findings
The BIM benchmarking model and assessment template were developed which consisted of three-level concepts modeled to aid project organizations and project team in developing countries to assess and score the level of improvement and implementation of BIM in a project. A desktop review of BIM projects in developed countries demonstrated the significant improvements and benefits possible through the implementation of the established BIM benchmarking model.
Practical implications
The assessment template in conjunction with the benchmarking model is useful for a comparative evaluation of similar BIM projects and benchmarking purposes. The study also discussed how current findings extends and contradicts previous findings.
Originality/value
The findings have provided policymakers, construction stakeholders and professional bodies in the construction industry in developing countries with valuable insights and counter-intuitive perspective that could facilitate the uptake of BIM in construction projects.
Details
Keywords
Simona Curiello, Enrica Iannuzzi, Dirk Meissner and Claudio Nigro
This work provides an overview of academic articles on the application of artificial intelligence (AI) in healthcare. It delves into the innovation process, encompassing a…
Abstract
Purpose
This work provides an overview of academic articles on the application of artificial intelligence (AI) in healthcare. It delves into the innovation process, encompassing a two-stage trajectory of exploration and development followed by dissemination and adoption. To illuminate the transition from the first to the second stage, we use prospect theory (PT) to offer insights into the effects of risk and uncertainty on individual decision-making, which potentially lead to partially irrational choices. The primary objective is to discern whether clinical decision support systems (CDSSs) can serve as effective means of “cognitive debiasing”, thus countering the perceived risks.
Design/methodology/approach
This study presents a comprehensive systematic literature review (SLR) of the adoption of clinical decision support systems (CDSSs) in healthcare. We selected English articles dated 2013–2023 from Scopus, Web of Science and PubMed, found using keywords such as “Artificial Intelligence,” “Healthcare” and “CDSS.” A bibliometric analysis was conducted to evaluate literature productivity and its impact on this topic.
Findings
Of 322 articles, 113 met the eligibility criteria. These pointed to a widespread reluctance among physicians to adopt AI systems, primarily due to trust-related issues. Although our systematic literature review underscores the positive effects of AI in healthcare, it barely addresses the associated risks.
Research limitations/implications
This study has certain limitations, including potential concerns regarding generalizability, biases in the literature review and reliance on theoretical frameworks that lack empirical evidence.
Originality/value
The uniqueness of this study lies in its examination of healthcare professionals’ perceptions of the risks associated with implementing AI systems. Moreover, it addresses liability issues involving a range of stakeholders, including algorithm developers, Internet of Things (IoT) manufacturers, communication systems and cybersecurity providers.
Details
Keywords
Hadi Sarvari, Daniel W.M. Chan, Abeer Imad Sahib, Nimesha Sahani Jayasena, Mansooreh Rakhshanifar and Ghufran Al-Gburi
The average lifetime of a building in Iran is only one-quarter of the reported global average lifespan. A major reason why buildings in Iran have shorter service life is…
Abstract
Purpose
The average lifetime of a building in Iran is only one-quarter of the reported global average lifespan. A major reason why buildings in Iran have shorter service life is attributed to the inappropriate selection of the facility repair and maintenance (R&M) methods. Hence, selecting the appropriate R&M methods is critical in upholding or even extending the lifespan of the building. The purpose of this paper is to determine the main criteria for selecting the suitable R&M methods of commercial real estate (CRE) in Iran as a major challenge encountered by the Iranian construction industry.
Design/methodology/approach
The total number of identified criteria (related to the selection of the suitable R&M methods) is 16, which is divided into five clusters (referred as main criteria in this study): human resources; flexibility and technical capability; safety and risk; cost of maintenance; and facilities and technology. To analyze the identified criteria, the expert opinions were collected through both face-to-face interviews and distribution of Delphi survey questionnaires. A total of 12 industrial experts in the construction industry were invited to participate in a Delphi survey to solicit their perceptions and opinions on the identified criteria in this research.
Findings
The findings indicated that, among the five main criteria, the cost of maintenance is the most important criteria for selecting appropriate R&M methods of CRE in Iran. In addition, the criterion of facilities and technology was recognized as the least important among the main criteria.
Originality/value
The research, significantly, justified the configuration of non-compliance with the practice and its deliverables and developed a diagnostic study on the grounds of failure in the Iranian construction industry regarding the issues which are threatening the expected and desirable outcomes. The research achievements and suggested effective recommendations can serve as a useful policy and consultative instrument for the relevant stakeholders in the construction industry engaged in building R&M work.
Details
Keywords
Hashem Aghazadeh, Elham Beheshti Jazan Abadi and Farzad Zandi
The purpose of the present study is to investigate the antecedents of export performance and branding advantage, as a key type of competitive advantage in export markets among…
Abstract
Purpose
The purpose of the present study is to investigate the antecedents of export performance and branding advantage, as a key type of competitive advantage in export markets among entrepreneurs and managers of agri-food exporters.
Design/methodology/approach
A sample of entrepreneurs from 182 exporting firms of the agriculture and food industry participated in a cross-sectional survey. The data were collected by a self-reporting questionnaire and partial least squares were used to analyse the data and assess the path model.
Findings
Results revealed that experiential resources strongly promote communication capabilities. Also, communication, distribution and product development capabilities contribute to the creation of the branding advantage in export markets. In addition, a positive relationship between the branding advantage and export performance of agri-food products is confirmed.
Research limitations/implications
The study targets exporters of agri-food products. Hence, the results should be interpreted regarding the context of low-technology firms. Further, this paper delineates branding advantage considerations that managers need to account for to achieve effective exporting. Practitioners can efficaciously exploit resources to achieve a competitive advantage, considering that they focus on building capabilities, and in particular, communication capabilities.
Originality/value
The present study highlights the role of the branding advantage as an important type of competitive advantage in international entrepreneurship and export markets. It attempts to examine the combined relationships of resources and capabilities with branding advantage and export performance.