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Article
Publication date: 4 December 2017

Rachel Sayers, John Levendis and Mehmet Dicle

The purpose of this paper is to determine the nature of the wage gap between genders and sexual orientation.

828

Abstract

Purpose

The purpose of this paper is to determine the nature of the wage gap between genders and sexual orientation.

Design/methodology/approach

The paper uses OLS on pooled repeated cross-sections.

Findings

The differences in wages between gay/straight men and women mirror what would be expected from labor force attachment more so than direct heterosexism.

Research limitations/implications

The authors use a functional definition of sexual preference that reflects whether the respondent had sex with someone of the same gender in the same year. It does not ask whether the person identifies publicly as gay/lesbian/bisexual.

Originality/value

The authors verify and extend earlier findings on the sexual orientation and gendered wage gap.

Details

International Journal of Social Economics, vol. 44 no. 12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 12 March 2018

Mehmet F. Dicle and John Levendis

The purpose of this paper is to hypothesize two channels in which market volatility affects initial public offering (IPO) activity.

738

Abstract

Purpose

The purpose of this paper is to hypothesize two channels in which market volatility affects initial public offering (IPO) activity.

Design/methodology/approach

First, CEOs time the market for IPOs and volatility makes this decision process harder. Second, risk-averse IPO investors become more reluctant toward IPOs during periods of higher volatility for their after-IPO returns.

Findings

The authors provide evidence that higher market volatility leads to lower IPO activity, supporting these hypotheses. More importantly, the authors show that it is not the realized volatility, but rather the implied (expected) volatility, that causes lower IPO activity.

Research limitations/implications

While there may be many companies that are ready to have IPOs, they may be simply waiting for a more opportune time which may not necessarily be a period of high prices but of low volatility.

Practical implications

The public policy prescription is clear: if IPOs are to be encouraged, then regulatory policies should be constructed with the aim of reducing volatility.

Originality/value

This study is the first (to the authors’ knowledge) to argue that it is not the realized volatility which most affects the IPO decisions of executives, entrepreneurs and investors.

Details

Journal of Entrepreneurship and Public Policy, vol. 7 no. 1
Type: Research Article
ISSN: 2045-2101

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Article
Publication date: 31 October 2008

Russell McKenzie and John Levendis

The purpose of this paper is to investigate the various forms of the classical wages fund, and especially the claim that J.S. Mill reversed his position on the nature of the wages…

551

Abstract

Purpose

The purpose of this paper is to investigate the various forms of the classical wages fund, and especially the claim that J.S. Mill reversed his position on the nature of the wages fund.

Design/methodology/approach

Textual research from original publications of Adam Smith, David Ricardo and J.S. Mill, as well as references to current interpretations of their work are used in this paper.

Findings

Although J.S. Mill was a supporter of the classical wages fund model, he did not consistently embrace its assumption of a fixed fund. His comment in his Principles that the “discretion of the capitalist” influences the size of the fund contradicts this assumption. Without consistent support for this component of the doctrine, the “recantation” loses its historical significance, in that it is simply a reaffirmation of the views which Mill held throughout.

Research limitations/implications

It is hoped this paper can close the book on the debate on Mill's supposed recantation. There was no recantation because Mill held no firm position to recant.

Originality/value

It is understood that no one has made the connection between Mill's recantation and his other inconsistencies regarding aspects of the wages fund.

Details

Humanomics, vol. 24 no. 4
Type: Research Article
ISSN: 0828-8666

Keywords

Available. Content available
Article
Publication date: 6 June 2008

Walter Block

398

Abstract

Details

International Journal of Social Economics, vol. 35 no. 7
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 15 January 2020

Selma Izadi and Abdullah Noman

The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have…

148

Abstract

Purpose

The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have argued that the weekend effect has disappeared after 1975. Using data on the market portfolio, they document existence of structural break before 1975 and absence of any weekend effects after that date. The purpose of this study is to contribute some new empirical evidences on the weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

Design/methodology/approach

The authors re-examine persistence or reversal of the weekend effect in the industry portfolios consisting of The New York Stock Exchange (NYSE), The American Stock Exchange (AMEX) and The National Association of Securities Dealers Automated Quotations exchange (NASDAQ) stocks using daily returns from 1926 to 2017. Our results confirm varying dates for structural breaks across industrial portfolios.

Findings

As for the existence of weekend effects, the authors get mixed results for different portfolios. However, the overall findings provide broad support for the absence of weekend effects in most of the industrial portfolios as reported in Robins and Smith (2016). In addition, structural breaks for other weekdays and days of the week effects for other days have also been documented in the paper.

Originality/value

As far as the authors are aware, this paper is the first research that analyzes weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

Details

Journal of Financial Economic Policy, vol. 12 no. 4
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 11 June 2018

Elda du Toit, John Henry Hall and Rudra Prakash Pradhan

The presence of a day-of-the-week effect has been investigated by many researchers over many years, using a variety of financial data and methods. However, differences in…

479

Abstract

Purpose

The presence of a day-of-the-week effect has been investigated by many researchers over many years, using a variety of financial data and methods. However, differences in methodology between studies could have led to conflicting results. The purpose of this paper is to expand on an existing study to observe whether an analysis of the same data set with some added years and using a different statistical technique provide the same results.

Design/methodology/approach

The study examines the presence of a day-of-the-week effect on the Johannesburg Stock Exchange (JSE) indices for the period March 1995-2016, using a GARCH model.

Findings

The findings show that, contrary to the original study, the day-of-the week effect is present in both volatility and return equations. The highest and lowest returns are observed on Monday and Friday, respectively, while volatility is observed on all five days from Monday to Friday.

Originality/value

This study adds to the existing literature on day-of-the-week effect of JSE indices, where different patterns or, in some cases, no pattern have been noted. Few previous studies on the day-of-the-week effect observed the effect at micro-level for separate industries or made use of a GARCH model. The present study thus expands on the study of Mbululu and Chipeta (2012), by adding four additional observation years and using a different statistical technique, to observe differences that arise from a different time period and statistical technique. The results indicate that a day-of-the-week effect is mostly a function of the statistical technique applied.

Details

African Journal of Economic and Management Studies, vol. 9 no. 2
Type: Research Article
ISSN: 2040-0705

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Book part
Publication date: 13 May 2024

Mohamed Ismail Mohamed Riyath, Narayanage Jayantha Dewasiri, Mohamed Abdul Majeed Mohamed Siraju, Athambawa Jahfer and Kiran Sood

Purpose: This study investigates internal/own shock in the domestic market and three external volatility spillovers from India, the UK, and the USA to the Sri Lanka stock market…

Abstract

Purpose: This study investigates internal/own shock in the domestic market and three external volatility spillovers from India, the UK, and the USA to the Sri Lanka stock market.

Need for the Study: The external market’s internal/own shocks and volatility spillovers influence portfolio choices in domestic stock market returns. Hence, it is required to investigate the internal shock in the domestic market and the external volatility spillovers from other countries.

Methodology: This study employs a quantitative method using ARMA(1,1)-GARCH(1,1) model. All Share Price Index (ASPI) is the proxy for the Colombo Stock Exchange (CSE) stock return. It uses daily time-series data from 1st April 2010 to 21st June 2023.

Findings: The findings revealed that internal/own and external shocks substantially impact the stock price volatility in CSE. Significant volatility clusters and persistence with extended memory in ASPI confirm internal/own shock in the market. Furthermore, CSE receives significant volatility shock from the USA, confirming external shock. This study’s findings highlight the importance of considering internal and external shocks in portfolio decision-making.

Practical Implications: Understanding the influence of internal shocks helps investors manage their portfolios and adapt to market volatility. Recognising significant volatility spillovers from external markets, especially the USA, informs diversification strategies. From a policy standpoint, the study emphasises the need for robust regulations and risk management measures to address shocks in domestic and global markets. This study adds value to the literature by assessing the sources of volatility shocks in the CSE, employing the ARMA-GARCH, a sophisticated econometrics model, to capture stock returns volatility, enhancing understanding of the CSE’s volatility dynamics.

Details

VUCA and Other Analytics in Business Resilience, Part A
Type: Book
ISBN: 978-1-83753-902-4

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Article
Publication date: 4 August 2021

Siti Hafsah Zulkarnain and Muhammad Najib Razali

This study is aimed to identify the attributes for a valuation approach of flood risk exposure, in particular for residential property. With frequent flood events in Malaysia…

302

Abstract

Purpose

This study is aimed to identify the attributes for a valuation approach of flood risk exposure, in particular for residential property. With frequent flood events in Malaysia, there is a need for valuation methods to evolve and represent the increased risk of natural disasters.

Design/methodology/approach

This study employed the Delphi method which is a systematic and interactive research technique in obtaining variables for a valuation approach for residential property exposed to flood risk.

Findings

Results from the Delphi method revealed four categories of attributes, namely environmental, locational, structural and economical.

Originality/value

The findings from this research will transform the valuation approach in Malaysia to identify the value of residential property exposed to flood risk. The determination of variables will represent the current risk in valuations, especially for residential property in flood-prone areas.

Details

Property Management, vol. 40 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 4 December 2017

Godwin Oscar Offong and Joyce Costello

The purpose of this paper is to investigate how individual attitudes toward using enterprise social media (ESM) impact trust, explicit and tacit knowledge sharing as well as work…

1444

Abstract

Purpose

The purpose of this paper is to investigate how individual attitudes toward using enterprise social media (ESM) impact trust, explicit and tacit knowledge sharing as well as work performance in emerging economies.

Design/methodology/approach

The authors use data from a survey of 293 employed individuals in Lagos, Nigeria, who work at organizations that have ESM systems.

Findings

The authors find that ESM usage is significantly associated with trust. However, ESM usage does not impact explicit or tacit knowledge transfer.

Practical implications

This paper provides empirical evidence that individuals who perceive high levels of performance expectancy will engage in ESM usage which in turn increases trust amongst colleagues. Human resource managers can argue that by adopting ESM, they can facilitate improved trust and collaboration through online engagement amongst employees. This is important for multi-national organizations wanting to expand into emerging economies where the organization and local workforce need to foster trust in knowledge sharing.

Originality/value

There has been little evidence regarding HRM use of ESM in emerging economies. By understanding individual attitudes toward ESM and how the use impacts knowledge sharing, the academic discussions concerning use of technology to enhance knowledge sharing can continue to evolve.

Details

Evidence-based HRM: a Global Forum for Empirical Scholarship, vol. 5 no. 3
Type: Research Article
ISSN: 2049-3983

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