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Article
Publication date: 10 March 2020

Gagari Chakrabarti and Chitrakalpa Sen

The purpose of this study is to explore the inherent instability, if any, in the context of investment in stocks of environment friendly companies (or the “green” stocks) across…

993

Abstract

Purpose

The purpose of this study is to explore the inherent instability, if any, in the context of investment in stocks of environment friendly companies (or the “green” stocks) across the globe using the time series momentum (TSM) trading strategies.

Design/methodology/approach

Using the monthly data for the Green Indexes from the USA, the Europe and the Asia-Pacific region over 2003-2019, the authors construct TSM trading strategies to examine the efficacy of regional Green Indexes as well as two diversified global green portfolios to offer abnormal return to attract investors, particularly speculators. The authors’ explore further whether such strategies could operate as hedging instrument. A comparison of results across different regions helps the authors establish a universal nature, if any, of investment in green stocks.

Findings

The study finds that regional Green Indexes are unable to outperform the market. The global green portfolios perform significantly better. The inefficacy of the relevant time series momentum trading strategies rules out the possibility of speculations. However, the number of profitable momentum strategies is significantly higher for the diversified portfolios in longer run. The portfolios perform significantly better in outperforming the buy-only strategies as well. The stable market, escalated demand and the resulting increment in valuation of green stocks make adoption of greener technologies a choice rather than a forced obligation. This offers a solution to the problem of Tragedy of Common.

Originality/value

Sustained increase in investment in green stocks is crucial from an environment perspective, as better valuation of their stocks would indubitably convince firms to reduce their carbon footprints. A continued enthusiasm however would require investors’ faith in it. Presence of momentum profit would invite speculators leading to irrational exuberance, dwindling confidence and consequent fragility. Literature on green investment is relatively sparse with the threat of its vulnerability issues left largely unnoticed. The authors’ study fills these gaps.

Details

Studies in Economics and Finance, vol. 37 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 1 June 2002

Barrie O. Pettman and Richard Dobbins

This issue is a selected bibliography covering the subject of leadership.

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Abstract

This issue is a selected bibliography covering the subject of leadership.

Details

Equal Opportunities International, vol. 21 no. 4/5/6
Type: Research Article
ISSN: 0261-0159

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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Article
Publication date: 14 February 2022

Wenjun Jiang, Shuli Liu and Susan Li

Green economy and economic development with high quality have set higher requirements for the development of the urban logistics industry. It can grasp the recent development…

233

Abstract

Purpose

Green economy and economic development with high quality have set higher requirements for the development of the urban logistics industry. It can grasp the recent development level of the urban logistics industry by measuring its environmental efficiency to guide its future development direction. The purpose of this study is to improve the environmental efficiency and development level of the urban logistics industry by using a reasonable evaluation method.

Design/methodology/approach

This paper uses information entropy to directly aggregate index weights from different models to acquire comprehensive index weights (CIWs) for calculating peer-evaluation efficiency. Then, we weight self and peer-efficiencies to obtain final efficiency. The environmental efficiencies of the urban logistics industry in Anhui Province in 2019 are obtained according to the above method.

Findings

Several findings are summarized below. The logistics industry in Anhui is in urgent need of improving environmental efficiency. The environmental efficiency of the logistics industry in North Anhui is the highest one, showing that the logistics industry in North Anhui has achieved a relative balance between economic development and environmental protection. Their final cross-efficiency values based on the CIWs are smaller than those based on the comprehensive efficiency. And the environmental efficiency of almost all urban logistics industries is lower than its economic efficiency. The findings show that the proposed method is feasible and more reasonable. More economic implications and suggestions are proposed.

Originality/value

This paper proposes an extended cross-efficiency evaluation method based on information entropy to measure the environmental efficiency of the urban logistics industry, effectively avoiding the overestimation of efficiency results.

Details

Journal of Modelling in Management, vol. 18 no. 2
Type: Research Article
ISSN: 1746-5664

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Book part
Publication date: 1 January 2005

Naresh K. Malhotra, Betsy Rush Charles and Can Uslay

Abstract

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

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Article
Publication date: 1 September 2015

Şule Taşlı Pektaş, N. Şule Aybar, N. Yaprak Savut and Hunt McKinnon

The success of the efforts for green building depends largely on integrating such approaches with building design education. However, most of the existing studies on green

93

Abstract

The success of the efforts for green building depends largely on integrating such approaches with building design education. However, most of the existing studies on green building have focused on the technical issues, while its socio-cultural and educational aspects have been less examined. In order to alleviate the problem, this paper presents an international workshop that explores how green building design can be taught in a global teamwork project using a green building assessment system, Leadership in Energy and Environmental Design (LEED) checklist as a framework and examples of vernacular architecture as precedents. The results of an empirical survey reveals a gap between students' general learning about green building in a developing and a developed country and suggests that a collaborative project experience may facilitate bridging the gap and exchanging technical and cultural information related to sustainability.

Details

Open House International, vol. 40 no. 3
Type: Research Article
ISSN: 0168-2601

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Article
Publication date: 8 May 2017

Kening Liu and Huaming Song

This paper focuses on how the producer inspires his cooperative research partner to reduce carbon emission, by developing a menu of incentive contracts both in research and…

2076

Abstract

Purpose

This paper focuses on how the producer inspires his cooperative research partner to reduce carbon emission, by developing a menu of incentive contracts both in research and development (R&D) stage and recycling stage.

Design/methodology/approach

The proposed mechanism combines the researcher with the producer in a two-staged closed-loop system. Based on the concept that the producer takes the environmental responsibility, this paper designs a dynamically updating contract for the producer to encourage low-carbon efforts. Meanwhile, the producer offers a menu of contracts against the asymmetric information, that is, the R&D partner owns private information on his low-carbon R&D capability. According to incentive mechanism, the researcher decides whether to tell the truth and how much effort she would exert in R&D and recycling stages.

Findings

Discriminating between different types of researchers hurts the producer’s profit. But the updated screening contract can inspire researchers to tell the truth and is beneficial in reducing carbon emissions in the two stages. The results give the optimal solutions of the incentive mechanism. The low-type researcher only obtains reservation profit, whereas the high-type is given more to induce the information.

Originality/value

This paper proposes a strategy of updating the contract factors for avoiding adverse selection and moral hazard. Considering the environmental responsibility of waste products, the producer would like to encourage low-carbon designs among the R&D partners in a closed-loop supply chain.

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Book part
Publication date: 27 May 2017

Abstract

Details

University Partnerships for Pre-Service and Teacher Development
Type: Book
ISBN: 978-1-78714-265-7

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Book part
Publication date: 13 December 2013

Federico Echenique and Ivana Komunjer

In this article we design an econometric test for monotone comparative statics (MCS) often found in models with multiple equilibria. Our test exploits the observable implications…

Abstract

In this article we design an econometric test for monotone comparative statics (MCS) often found in models with multiple equilibria. Our test exploits the observable implications of the MCS prediction: that the extreme (high and low) conditiona l quantiles of the dependent variable increase monotonically with the explanatory variable. The main contribution of the article is to derive a likelihood-ratio test, which to the best of our knowledge is the first econometric test of MCS proposed in the literature. The test is an asymptotic “chi-bar squared” test for order restrictions on intermediate conditional quantiles. The key features of our approach are: (1) we do not need to estimate the underlying nonparametric model relating the dependent and explanatory variables to the latent disturbances; (2) we make few assumptions on the cardinality, location, or probabilities over equilibria. In particular, one can implement our test without assuming an equilibrium selection rule.

Details

Structural Econometric Models
Type: Book
ISBN: 978-1-78350-052-9

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Book part
Publication date: 6 June 2023

Free Access. Free Access

Abstract

Details

Airlines and Developing Countries
Type: Book
ISBN: 978-1-80455-861-4

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