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Article
Publication date: 19 August 2009

Massoud Metghalchi, Jianjun Du and Yixi Ning

This paper tests two moving average technical trading rules for four Asian markets. Our results indicate that moving average rules do indeed have predictive power and can discern…

471

Abstract

This paper tests two moving average technical trading rules for four Asian markets. Our results indicate that moving average rules do indeed have predictive power and can discern recurring price patterns for profitable trading. Moreover, our results support the hypothesis that technical trading rules can outperform the buy‐and‐hold strategy. Break‐even one‐way trading costs are estimated to be high for all four markets. To confirm the test outcome, robust tests based on bootstrap and the related t‐tests among the markets are also carried out. We conclude from the statistical results that moving average rules are valid and indeed have predictive power. It is implied that the trading rules may be used to design a trading strategy that will beat the buy‐and‐hold strategy in the Hong Kong, Singapore, South Korea, and Taiwan markets. The contribution of the current study is that this is the first validation test of trading rules using four markets at a similar development stage and culture tradition; and in the tests, we use most current and longer periods than the periods used in previous literature. Our robust tests are unique and considered distribution‐free.

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Multinational Business Review, vol. 17 no. 3
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 6 July 2021

Yacine Hammami and Sabrine Kharrat

The purpose of the paper is to show that order flows determine exchange rate dynamics because they carry information about nonfundamental factors besides macroeconomic…

160

Abstract

Purpose

The purpose of the paper is to show that order flows determine exchange rate dynamics because they carry information about nonfundamental factors besides macroeconomic fundamentals.

Design/methodology/approach

To understand the role of nonfundamental factors in driving order flows, this study uses two approaches. Initially, Evans and Rime (2016) VAR framework is followed to study the incremental information transmitted by order flow compared to macroeconomic variables. Then, the study uses the settings in which Rime et al. (2010) conduct their empirical work, which gives the researcher more latitude in specifying the identity of the factors that drive order flows.

Findings

The findings evidence that order flows explain the dynamics of the TND/USD exchange rate. The results highlight that order flows convey information about technical strategies, the currency systematic factors and political risk. This study also documents the presence of a Ramadan effect in exchange rates and order flows.

Originality/value

This study makes four contributions to the literature. First, it complements the literature on the FX microstructure of emerging markets. The study investigates the information content carried by order flows, while the previous literature has focused solely on examining the explanatory power of order flows to explain exchange rates in emerging countries. The second contribution is that the study demonstrates formally that order flows determine exchange rates because they transmit information about nonfundamental factors. Third, this study is the first to examine whether order flows convey information about technical analysis. Four, the study relates order flow to nontraditional factors that are relevant to the Tunisian FX market.

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Managerial Finance, vol. 47 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 25 February 2020

Long Ma and Chei Sian Lee

Despite the advantages of MOOCs (Massive Online Open Courses), the adoption rate is still low, especially in less developed countries. The present study aims to investigate the…

876

Abstract

Purpose

Despite the advantages of MOOCs (Massive Online Open Courses), the adoption rate is still low, especially in less developed countries. The present study aims to investigate the drivers and barriers faced by adopters and non-adopters of MOOCs, and examine how these factors influence the intention of MOOC adoption.

Design/methodology/approach

A survey questionnaire was developed to measure how the identified factors may impact adopters and non-adopters' intention of using MOOCs. Through both offline and online channels, 1018 valid questionnaires were collected in China. Multiple regression analysis was applied to test the influential factors for adopters and non-adopters of MOOCs.

Findings

This study found that the drivers (i.e. perceived usefulness, performance-to-cost value, and self-regulation) have similar effects on both adopters and non-adopters on intention to adopt MOOCs. What differs between the two groups are the barriers to MOOC adoption. While adopters considered educational tradition and peers' impact as major barriers, non-adopters regarded lack of publicity and relevant information to be an obstacle. In addition, both adopters and non-adopters were hindered by the lack of accessibility and instructions.

Research limitations/implications

As all the participants of this study were from one country in Asia, the findings may not be applicable to explain the situation of MOOC adoption in other countries with different social and cultural context.

Originality/value

In addition to the perceptions of adopters, this study also reveals the perceptions of non-adopters of MOOCs, which has seldom been investigated. In addition, this study focuses on the context of economically disadvantaged regions which have been neglected in previous studies of MOOC adoption.

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Online Information Review, vol. 44 no. 3
Type: Research Article
ISSN: 1468-4527

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Article
Publication date: 30 May 2019

Barbara Dömötör and Kata Váradi

The purpose of this paper is to investigate the possibility of monitoring stress on stock markets from the perspective of a central counterparty (CCP). Due to their balanced…

124

Abstract

Purpose

The purpose of this paper is to investigate the possibility of monitoring stress on stock markets from the perspective of a central counterparty (CCP). Due to their balanced positions, CCPs are exposed to extreme price movements in both directions; thus, the major risk for them derives from extreme returns and market illiquidity. The authors examined the connection of the stress alarms of return- and liquidity-based measures to find an objective basis for stress measurement.

Design/methodology/approach

The authors defined two types of stress measures: indicators based on extreme returns and liquidity. It is suggested that the stress indicators should be based on the existing risk management methodology that examines different risk measure oversteps. The stress signals of the past nine years on the German stock market were analyzed. The authors investigated the connection between the chosen stress measures to obtain a robust measure for alarming stress.

Findings

Although extreme returns and illiquidity are both characteristics of stress, the correlation of returns- and liquidity-based stress indicators is low when taking daily values. On the other hand, the moving averages of the indicators correlate significantly in the case of measures of downward and upward extreme returns and liquidity measured by the relative spread. The results are robust enough to be used for monitoring stress periods.

Originality/value

This paper contributes to understanding the characteristics of stress periods and points to the fact that stress signals measured by different aspects can also differ within the same asset class. The moving averages of returns- and relative spread-based indicators, however, could provide a cost-effective quantitative support for the risk management of a CCP and make the margin calculation predictable for clearing members as well.

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Studies in Economics and Finance, vol. 36 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 1 February 2000

Yaw A. Debrah and Ian G. Smith

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on…

11596

Abstract

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.

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Management Research News, vol. 23 no. 2/3/4
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 April 2005

Li‐teh Sun

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American…

814

Abstract

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

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International Journal of Sociology and Social Policy, vol. 25 no. 4/5
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 May 1998

Brian H. Kleiner

Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence…

5446

Abstract

Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence down into manageable chunks, covering: age discrimination in the workplace; discrimination against African‐Americans; sex discrimination in the workplace; same sex sexual harassment; how to investigate and prove disability discrimination; sexual harassment in the military; when the main US job‐discrimination law applies to small companies; how to investigate and prove racial discrimination; developments concerning race discrimination in the workplace; developments concerning the Equal Pay Act; developments concerning discrimination against workers with HIV or AIDS; developments concerning discrimination based on refusal of family care leave; developments concerning discrimination against gay or lesbian employees; developments concerning discrimination based on colour; how to investigate and prove discrimination concerning based on colour; developments concerning the Equal Pay Act; using statistics in employment discrimination cases; race discrimination in the workplace; developments concerning gender discrimination in the workplace; discrimination in Japanese organizations in America; discrimination in the entertainment industry; discrimination in the utility industry; understanding and effectively managing national origin discrimination; how to investigate and prove hiring discrimination based on colour; and, finally, how to investigate sexual harassment in the workplace.

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Equal Opportunities International, vol. 17 no. 3/4/5
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 1 September 1998

Andreas C. Christofi

Refers to previous research on the yields of default‐free securities and uses the Nelson‐Siegel model for estimating yield curve as a basis for developing a model which decomposes…

374

Abstract

Refers to previous research on the yields of default‐free securities and uses the Nelson‐Siegel model for estimating yield curve as a basis for developing a model which decomposes the risk premium into long‐term risk, two factors influencing the rate of decay (curvature) and a feed back factor. Applies this to 1984‐1993 data for treasury bills to test for predictive validity and shows that the feedback factor (prediction error of the most recent period) improves this by around 10 per cent. Goes on to apply a multivariate exponential GARCH process to the components to produce a prediction model for the term structure of interest rates. Promises further research to refine this estimation and compare it with the expectations hypothesis as a basis for strategy.

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Managerial Finance, vol. 24 no. 9/10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 31 May 2022

Kyung Young Lee, Sumin Han, Soo Il Shin and Sung-Byung Yang

This study aims to apply the information system success model (ISSM) to examine the relationships among actual use, use continuance intention, user satisfaction and net benefits…

1494

Abstract

Purpose

This study aims to apply the information system success model (ISSM) to examine the relationships among actual use, use continuance intention, user satisfaction and net benefits in the context of quick-service restaurant (QSR) patrons using two contactless technologies (CT): self-service kiosks (SSK) and mobile applications (MA) for food ordering. The study also investigates the moderating roles of social interaction anxiety (SIA) and language proficiency (LP) in the abovementioned relationships.

Design/methodology/approach

Survey data from 421 QSR patrons with experience using McDonald's SSK and MA were collected and analyzed through a seemingly unrelated regressions (SUR) technique.

Findings

Research findings reveal positive associations among actual use, use continuance intention and satisfaction with CT (i.e. SSK and MA). The actual use and satisfaction with CT are positively associated with individual benefits, leading to improved patron satisfaction with QSR. Findings also reveal that, in the case of MA, SIA positively moderates relationships between actual use/satisfaction and individual benefits and between satisfaction and organizational benefit, while LP shows negative moderating effects on those relationships.

Originality/value

This study is one of the first attempts to present empirical evidence of constructs in the ISSM (actual use, use continuance intention, satisfaction and individual/organizational benefits) in the context of QSR patrons using SSK and MA. It also shows that using MA can address some patrons' psychological problems interacting with others in their food-ordering processes.

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Article
Publication date: 1 September 1998

Tom W. Miller, Bernell Stone and Harold R. Silver

Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of…

769

Abstract

Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of variables studies. Applies these ideas to returns on treasury bills and government bonds for 1,000 business days ending in March 1997 to obtain a set of three endogenous factors for the term structure of interest rates, forecasts returns for one‐day and 30‐day horizons and produces a time series of the forecast errors for eight short‐term interest rates. Compares the results with those from a single factor autoregessive forecasting model and finds that although their accuracy is similar for short horizons, the multifactor model is superior for longer horizons and shorter time to maturity.

Details

Managerial Finance, vol. 24 no. 9/10
Type: Research Article
ISSN: 0307-4358

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