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.
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.
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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.
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.
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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…
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.
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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…
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.
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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…
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.
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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.
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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…
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.
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…
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.