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Article
Publication date: 13 June 2016

Hassan Tanha and Michael Dempsey

The purpose of this paper is to assign fair values to options reduces to the attempt to attribute correct implied volatilities. Here, the authors extend the study by Tanha et al.

281

Abstract

Purpose

The purpose of this paper is to assign fair values to options reduces to the attempt to attribute correct implied volatilities. Here, the authors extend the study by Tanha et al. (2014) to determine the impact of macro economic announcements on the option smile.

Design/methodology/approach

First, the authors estimate the implied volatility function in terms of moneyness. The authors next analyse the impact of macroeconomic announcements on the estimated coefficients (b 0, b 1, b 2) by regressing the coefficients on the macroeconomic announcements.

Findings

The authors find that in-the-money options are sensitive to such announcements, but that out-of-the money options are not. This is consistent with the interpretation of investor behaviour from prospect theory.

Originality/value

The systematic pricing errors that have been documented using the Black-Scholes model have stimulated attempts to improve the model predictions. The approach uses DVF model to improve the B-S model.

Details

Review of Behavioral Finance, vol. 8 no. 1
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 2 September 2014

Hassan Tanha, Michael Dempsey and Terrence Hallahan

– The purpose of this paper is to understand that option pricing is the response of option implied volatility (IV) to macroeconomic announcements.

504

Abstract

Purpose

The purpose of this paper is to understand that option pricing is the response of option implied volatility (IV) to macroeconomic announcements.

Design/methodology/approach

The authors use high-frequency data on ASX SPI 200 index options to examine the response of option IV, as well as higher moments of the underlying return distribution, to macroeconomic announcements. Additionally, the authors identify the response of the moments as a function of moneyness of the options.

Findings

The findings suggest that in-the-money and out-of-the money options have difference characteristics in their responses, leading to the conclusion that heterogeneity in investor beliefs and preferences affect option IV through the state price density (SPD) function.

Originality/value

The research contributes to the literature that examines whether IV captures the beliefs of market participants about the likelihood of future states together with the preferences of market participants towards these states. In particular, the authors relate changes in option IV to changes in macroeconomic announcements, through the impact of these announcements on the moments of the SPD function.

Details

Review of Behavioral Finance, vol. 6 no. 1
Type: Research Article
ISSN: 1940-5979

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Publication date: 23 August 2021

Mohammad Nurunnabi

The purpose of this study is to review a synthesis of International Financial Reporting Standards (IFRS) implementation in developing countries in an attempt to provide directions…

Abstract

The purpose of this study is to review a synthesis of International Financial Reporting Standards (IFRS) implementation in developing countries in an attempt to provide directions for future research. The in-depth analysis was performed with the use of the data analysis tool available in the Scopus databases. The study initially reviewed 145 papers and in particular 35 papers were analysed. Fifteen articles (43%) were published in seven journals including International Journal of Accounting, Critical Perspectives on Accounting, Advances in Accounting, International Journal of Accounting and Information Management, Asian Review of Accounting, Journal of Applied Accounting Research, and Asian Journal of Business and Accounting. Specifically, 89% citations were from 14 articles, but 9 (25%) articles were without any citations. Most of the studies focus on qualitative followed by quantitative, and very few studies were based on mixed methods. Researchers should focus on few areas for future research on IFRS implementation in developing countries including theory implications, policy prescriptions, and case of particular standard.

Details

International Financial Reporting Standards Implementation: A Global Experience
Type: Book
ISBN: 978-1-80117-440-4

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Article
Publication date: 2 February 2023

Imranul Hoque, Malek Miguel Maalouf, Moutushi Tanha, Md Shamimul Islam, Mohammad Zahedul Alam and Moniruzzaman Sarker

This study aims to explore the challenges in implementing and sustaining lean in garment supplier factories and the buyer–supplier role in mitigating lean barriers in a typical…

244

Abstract

Purpose

This study aims to explore the challenges in implementing and sustaining lean in garment supplier factories and the buyer–supplier role in mitigating lean barriers in a typical situation and pandemic.

Design/methodology/approach

Following a qualitative research approach and multiple embedded case study method, data were collected through in-depth interviews with senior managers of one lead buyer and their four key garment supplier factories in Bangladesh. Within and cross-case analysis, techniques were applied to understand the context-oriented lean challenges and buyer–supplier role in mitigating the challenges.

Findings

The study findings demonstrate that garment suppliers are less prepared and unsystematic in lean implementation having limited capabilities and less preparation. Moreover, they have limited support from buyers, less commitment from top management and employee resistance to implementing lean. Lean challenges become more intense because of the COVID-19 pandemic. However, buyer–supplier responsible, cooperative and collaborative behaviour can mitigate lean challenges.

Research limitations/implications

Whereas many stakeholders may be responsible for lean challenges, this study explores dyadic role between buyer and supplier only based on a single lead buyer and their four suppliers. Hence future studies could consider more buyers and suppliers for a holistic understanding.

Practical implications

This study could help buyers and suppliers understand the underlying causes of lean implementation challenges in garment supplier factories and their role in sustaining lean reducing the challenges, particularly in a pandemic.

Originality/value

To the best of the authors’ knowledge, for the first time, this study depicts how buyer and supplier can play their due roles to mitigate lean challenges in garment supplier factories in a pandemic situation.

Details

International Journal of Lean Six Sigma, vol. 14 no. 5
Type: Research Article
ISSN: 2040-4166

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Article
Publication date: 17 March 2020

Katarzyna Ługowska and Wojciech Kolanowski

The purpose of this study was to assess the nutritional behavior regarding the frequency of consumption of the main types of food by pregnant women attending antenatal classes in…

211

Abstract

Purpose

The purpose of this study was to assess the nutritional behavior regarding the frequency of consumption of the main types of food by pregnant women attending antenatal classes in comparison to non-attendees.

Design/methodology/approach

A questionnaire survey was conducted in Poland among 200 women in the first pregnancy, 100 of whom were attending antenatal classes and 100 were non-attendees.

Findings

Women attending antenatal classes exhibited more favorable health-related nutritional behaviors in comparison with those not attending. Attendees eat more vegetables and milk products whereas non-attendees declared more processed meat and sweets consumption. Three-fourth of non-attendees and two-fourth of attendees considered their diet as good. It was also found that the level of physical activity of pregnant women attending antenatal classes was significantly higher than among those who did not attend such classes.

Research limitations/implications

A limitation of the study was that it took place in Poland and voices from women of other European countries as well as diverse ethnicities were not represented. In addition, women were interviewed only during their pregnancy, and therefore it was not possible to investigate women's nutritional behaviors after delivery.

Practical implications

This research shows clearly that attending antenatal classes may involve with a beneficial effect on the nutritional behavior of pregnant women. It is expected that once established healthy nutritional habits should be practiced further.

Originality/value

This research is the indication of the important role of antenatal classes in developing more favorable health-related dietary behavior expressed by the participants. To our knowledge in Poland, it is the first time that the nutritional behavior of pregnant women attending and not attending antenatal classes were examined and compared. So far in Poland, the extent and type of nutritional education received by pregnant women across antenatal care has not been examined. This research can contribute to a broader recognition of nutritional knowledge and practice of pregnant women important for the health of mother and her baby.

Details

British Food Journal, vol. 122 no. 4
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 12 March 2024

Nurcan Kilinc-Ata, Abdulkadir Barut and Mücahit Citil

Today, many industries are implementing creative approaches in response to increasing environmental awareness. It is of great importance to answer the question of whether the…

224

Abstract

Purpose

Today, many industries are implementing creative approaches in response to increasing environmental awareness. It is of great importance to answer the question of whether the military sector, one of the most important sectors, can support renewable energy (RE) adaptation. This study aims to examine how military spending affects the supply of RE in 27 Organization for Economic Cooperation and Development (OECD) nations as well as the regulatory function of factors such as innovation, international trade and oil prices between 1990 and 2021.

Design/methodology/approach

The study examines the effects of military spending, income, green innovation, international trade, oil prices and the human development index on the supply of RE using various econometric approaches, which are the cointegration test, moments quantile regression and robustness test.

Findings

The findings demonstrate that all factors, excluding military spending, quite likely affect the expansion of the renewable supply. Military spending negatively influences the RE supply; specifically, a 1% increase in military spending results in a 0.88 reduction in the renewable supply. In addition, whereas income elasticity, trade and human development index in OECD nations are higher in the last quantiles of the regression than in the first quantiles, the influence of military spending and innovation on renewable supply is about the same in all quantiles.

Practical implications

OECD nations must consider the practical implications, which are essential to assess and update the military spending of OECD countries from a green energy perspective to transition to clean energy. Based on the study’s overall findings, the OECD countries should incorporate the advantages of innovation, economic growth and international trade into their clean energy transition strategies to lessen the impact of military spending on renewables.

Originality/value

The study aims to fill a gap in the literature regarding the role of military expenditures in the RE development of an OECD country. In addition, the results of the methodological analysis can be used to guide policymakers on how military spending should be in the field of RE.

Details

International Journal of Energy Sector Management, vol. 18 no. 6
Type: Research Article
ISSN: 1750-6220

Keywords

Available. Open Access. Open Access
Article
Publication date: 31 July 2023

Hanan Naser, Fatima Al-aali, Yomna Abdulla and Rabab Ebrahim

Over the last decade, investments in green energy companies have witnessed noticeable growth rates. However, the glacial pace of the world economic restoration due to COVID-19…

830

Abstract

Purpose

Over the last decade, investments in green energy companies have witnessed noticeable growth rates. However, the glacial pace of the world economic restoration due to COVID-19 pandemic placed a high degree of uncertainty over this market. Therefore, this study investigates the short- and long-term relationships between COVID-19 new cases and WilderHill New Energy Global Innovation Index (NEX) using daily data over the period from January 23, 2020 to February 1, 2023.

Design/methodology/approach

The authors utilize an autoregressive distributed lag bounds testing estimation technique.

Findings

The results show a significant positive impact of COVID-19 new cases on the returns of NEX index in the short run, whereas it has a significant negative impact in the long run. It is also found that the S&P Global Clean Energy Index has a significant positive impact on the returns of NEX index. Although oil has an influential effect on stock returns, the results show insignificant impact.

Practical implications

Governments have the chance to flip this trend by including investment in green energy in their economic growth stimulation policies. Governments should highlight the fundamental advantages of investing in this type of energy such as creating job vacancies while reducing emissions and promoting innovation.

Originality/value

First, as far as the authors are aware, the authors are the first to examine the effect of oil prices on clean energy stocks during COVID-19. Second, the authors contribute to studies on the relationship between oil prices and renewable energy. Third, the authors add to the emerging strand of literature on the impact of COVID-19 on various sectors of the economy. Fourth, the findings of the paper can add to the growing literature on sustainable development goals, in specific the papers related to energy sustainability.

Details

Arab Gulf Journal of Scientific Research, vol. 42 no. 3
Type: Research Article
ISSN: 1985-9899

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Article
Publication date: 29 October 2021

Omid Abdolazimi, Mitra Salehi Esfandarani, Maryam Salehi, Davood Shishebori and Majid Shakhsi-Niaei

This study evaluated the influence of the coronavirus pandemic on the healthcare and non-cold pharmaceutical care distribution supply chain.

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Abstract

Purpose

This study evaluated the influence of the coronavirus pandemic on the healthcare and non-cold pharmaceutical care distribution supply chain.

Design/methodology/approach

The model involves four objective functions to minimize the total costs, environmental impacts, lead time and the probability of a healthcare provider being infected by a sick person was developed. An improved version of the augmented e-constraint method was applied to solve the proposed model for a case study of a distribution company to show the effectiveness of the proposed model. A sensitivity analysis was conducted to identify the sensitive parameters. Finally, two robust models were developed to overcome the innate uncertainty of sensitive parameters.

Findings

The result demonstrated a significant reduction in total costs, environmental impacts, lead time and probability of a healthcare worker being infected from a sick person by 40%, 30%, 75% and 54%, respectively, under the coronavirus pandemic compared to the normal condition. It should be noted that decreasing lead time and disease infection rate could reduce mortality and promote the model's effectiveness.

Practical implications

Implementing this model could assist the healthcare and pharmaceutical distributors to make more informed decisions to minimize the cost, lead time, environmental impacts and enhance their supply chain resiliency.

Originality/value

This study introduced an objective function to consider the coronavirus infection rates among the healthcare workers impacted by the pharmaceutical/healthcare products supply chain. This study considered both economic and environmental consequences caused by the coronavirus pandemic condition, which occurred on a significantly larger scale than past pandemic and epidemic crises.

Details

The International Journal of Logistics Management, vol. 34 no. 2
Type: Research Article
ISSN: 0957-4093

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Article
Publication date: 15 February 2024

Ketki Kaushik and Shruti Shastri

This study aims to assess the nexus among oil price (OP), renewable energy consumption (REC) and trade balance (TB) for India using annual time series data for the time period…

246

Abstract

Purpose

This study aims to assess the nexus among oil price (OP), renewable energy consumption (REC) and trade balance (TB) for India using annual time series data for the time period 1985–2019. In particular, the authors examine whether REC improves India's TB in the context of high oil import dependence.

Design/methodology/approach

The study uses autoregressive distributed lags (ARDL) bound testing approach that has the advantage of yielding estimates of long-run and short-run parameters simultaneously. Moreover, the small sample properties of this approach are superior to other multivariate cointegration techniques. Fully modified ordinary least square (FMOLS) and dynamic ordinary least squares (DOLS) are also applied to test the robustness of the results. The causality among the series is investigated through block exogeneity test based on vector error correction model.

Findings

The findings based on ARDL bounds testing approach indicate that OPs exert a negative impact on TB of India in both long run and short run, whereas REC has a favorable impact on the TB. In particular, 1% increase in OPs decreases TBs by 0.003% and a 1% increase in REC improves TB by 0.011%. The results of FMOLS and DOLS corroborate the findings from ARDL estimates. The results of block exogeneity test suggest unidirectional causation from OPs to TB; OPs to REC and REC to TB.

Practical implications

The study underscore the importance of renewable energy as a potential tool to curtail trade deficits in the context of Indian economy. Our results suggest that the policymakers must pay attention to the hindrances in augmentation of renewable energy usage and try to capitalize on the resulting gains for the TB.

Social implications

Climate change is a major challenge for developing countries like India. Renewable energy sector is considered an important instrument toward attaining the twin objectives of environmental sustainability and employment generation. This study underscores another role of REC as a tool to achieve a sustainable trade position, which may help India save her valuable forex reserves for broader objectives of economic development.

Originality/value

To the best of the authors’ knowledge, this is the first study that probes the dynamic nexus among OPs, REC and TB in Indian context. From a policy standpoint, the study underscores the importance of renewable energy as a potential tool to curtail trade deficits in context of India. From a theoretical perspective, the study extends the literature on the determinants of TB by identifying the role of REC in shaping TB.

Details

Sustainability Accounting, Management and Policy Journal, vol. 15 no. 3
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 4 January 2022

Jabran Khan, Namra Mubarak, Sana Aroos Khattak, Samyia Safdar and Mastura Jaafar

Based on conservation of resources theory, the present study aims to investigate the negative leadership style (i.e. despotic leadership) and its influence on a key dimension of…

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Abstract

Purpose

Based on conservation of resources theory, the present study aims to investigate the negative leadership style (i.e. despotic leadership) and its influence on a key dimension of project success (i.e. project efficiency) directly and indirectly via employees’ job stress. Moreover, this study also aims to investigate the moderating role of resilience on the relationship between despotic leadership and employees’ job stress.

Design/methodology/approach

This study used a time-lagged design and collected data via purposive sampling technique from 342 information technology project employees. Data were analyzed using SPSS 25 and AMOS 24.

Findings

The findings are in line with the proposed relationship, as despotic leadership negatively influences project efficiency via employees’ job stress and resilience plays a vital role in mitigating the effects of despotic leadership on employees' job stress.

Practical implications

The findings of this study provide direction to information technology firms to develop strategies to decrease employees’ stress and increase project efficiency.

Originality/value

This study extends the literature on leadership and information technology projects by examining how despotic leadership influences project efficiency via employees’ job stress. Negative leadership exists in organizations but has not yet been empirically explored; this study finds that it increases subordinates’ stress level and ultimately influences project efficiency.

Details

International Journal of Managing Projects in Business, vol. 15 no. 3
Type: Research Article
ISSN: 1753-8378

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