Numerous articles have been written to prove or to disapprove the hypothesis of market efficiency. The purpose of this paper is to apply the forecast accuracy measure, mean…
Abstract
Purpose
Numerous articles have been written to prove or to disapprove the hypothesis of market efficiency. The purpose of this paper is to apply the forecast accuracy measure, mean absolute deviation (MAD), to check the validity of the hypothesis.
Design/methodology/approach
Forecast accuracies from applying different simple moving average methods to independently identically distributed (i.i.d.) or near i.i.d. normal time series are assessed by MAD. When moving period n is greater than m, then the mean of the MADs from the MA with n moving periods will be smaller than the mean of the MADs from the MA with m moving periods.
Findings
In this study, when different MAs are applied to four near i.i.d. finance time series from Fama’s papers, the MAD cannot distinguish the differences among MA methods with various moving periods. This contradiction implies that the four finance time series in Fama’s papers may not be i.i.d and implies that the market is not efficient.
Research limitations/implications
The finding is only based on simulation and four near i.i.d. time series studied in Fama’s papers in 1965 and 1970.
Practical implications
The study shows that that the differences of the rates of returns from Johns Manville, Goodyear, Owens Illinois, and General Electric studied are not i.i.d. and that the market is not efficient. It refutes what Fama (1965, 1970) has claimed.
Social implications
When the market is not efficient, investors may gain profit from the market.
Originality/value
Based on the literature review, this is the first study to use the forecast accuracy measure, MAD, for market efficiency.
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Louie Ren, Peter Ren and Yong Glasure
The purpose of this paper is to examine three different forms of returns based on the price difference, percentage change, and difference in logarithm price from moving average…
Abstract
Purpose
The purpose of this paper is to examine three different forms of returns based on the price difference, percentage change, and difference in logarithm price from moving average buy-sell trading rule. Statistical linear correlation, the means of returns from buy/sell days, and the flexibility of long-term moving periods are examined.
Design/methodology/approach
Traditional linear correlations, pairwise student t-test, and ϕ coefficient for two binary buy/sell decision variables are studied from the simple block bootstrap (convenience) sampling from S&P, Dow Jones, and NASDAQ price indices from January 29, 1985 to January 6, 2016.
Findings
The authors find that different forms of returns from MA(1-50) are strongly linearly correlated via 150 simple block bootstrap (convenience) samples from S&P, Dow Jones, and NASDAQ price indices from January 29, 1985 to January 6, 2016. In other words, the price differences, the percentage returns, and logarithmic returns are exchangeable for returns from S&P, Dow Jones, and NASDAQ. The authors refute the claims from Metghalchi et al.’s (2005, 2011) papers and Brock et al.’s (1992) paper. The authors conclude that the market is efficient and investors cannot gain benefits from moving average technical trading rule. Lastly, the authors find that the decisions from MA(1-50) and MA(1-200) are highly correlated; therefore, the length of periods used in long-period moving average is flexible.
Originality/value
It is one of the first studies about different forms of returns, their conclusions on the market efficiency, and the flexibility of long-term moving period for moving average buy/sell technical rules.
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Louie Ren, Peter Ren and Yong Glasure
The purpose of this paper is to examine the profitability from various simple trading range break-out rules on the NASDAQ index.
Abstract
Purpose
The purpose of this paper is to examine the profitability from various simple trading range break-out rules on the NASDAQ index.
Design/methodology/approach
Runs test is used to test whether the returns from every other days on buy and sell days are random. If they are not random, then the Student T-test will not be applicable to test the predictive power for profitability from the simple trading range break-out rules on the NASDAQ index.
Findings
Empirical study in this paper shows that the returns on buy and sell days are not random via runs test. Therefore, the simple trading range break-out rules cannot lead to the conclusion that they have the predictive power for profitability from the T-test. Applying the simple trading range break-out rule to NASDAQ does not support or overturn the market efficiency hypothesis.
Research limitations/implications
The study is only based on the five simple trading range break-out rules from 9,311 daily closing prices on the NASDAQ over the period of February 5, 1971 to December 12, 2007. It can serve as a counter example for other studies about the predictive power of profitability from different trading rules.
Practical implications
Contrary to numerous previous research works, the study shows that the simple trading range break-out rules have no predictive power for profitability, and should not be used to test the market efficiency.
Originality/value
Based on the literature review, the study is one of the first empirical studies showing the returns on buy and sell days are not independent, and the authors cannot conclude that the trading range break-out rules have the predictive power for profitability on the NASDAQ index.
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The purpose of this paper is to look at the power of the Student t-test applied to two independent samples when returns from AR(1) process are categorized into two samples by…
Abstract
Purpose
The purpose of this paper is to look at the power of the Student t-test applied to two independent samples when returns from AR(1) process are categorized into two samples by moving average buy-sell trading rule.
Design/methodology/approach
Simulation and empirical study for returns from NASDAQ via bootstrapping resampling method are conducted.
Findings
The authors conclude that applying the MA Trading Rule followed by Student t-test is not appropriate for analyzing market efficiency.
Originality/value
Moving average buy-sell trading rule is widely used in finance to test if the market is efficient. In this paper, it is one of the first kind of research to examine the power of the test via simulation and empirical study.
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This paper seeks to discuss the genealogical sources for Chinese immigrants as well as the settlement of Chinese in the USA and the historical evolution of Chinese names, their…
Abstract
Purpose
This paper seeks to discuss the genealogical sources for Chinese immigrants as well as the settlement of Chinese in the USA and the historical evolution of Chinese names, their origins, arrangement and development. It aims to cover the origins of various classes of Chinese surnames, followed by the content description of a traditional genealogical book for jiapu.
Design/methodology/approach
The paper researches the various ways that a Chinese person can find out about their ancestry.
Findings
The paper reveals the roles of libraries, including serving the needs of patrons interested in genealogical research, preserving and interpreting information through oral and family history projects and collaborating with other libraries through interlibrary loan, document delivery, library consortia, collection management and international resource‐sharing.
Research limitations/implications
The study provides information on where and how to locate the genealogical resources for researching the genealogy of a Chinese family.
Originality/value
The paper analyzes the value of genealogical research as a documentary source for population history, life expectancy in a clan, marriages and family connections, as well as lineage organizations and inter‐lineage relations.
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Wan-Ju Chou and Bor-Shiuan Cheng
While current management theory is largely based on economic assumptions, there is evidence to suggest capitalism is at a crossroads. Humanistic management is accordingly proposed…
Abstract
Purpose
While current management theory is largely based on economic assumptions, there is evidence to suggest capitalism is at a crossroads. Humanistic management is accordingly proposed as an alternative new paradigm. The present study follows this approach in considering Confucianism as a humanistic practice. The purpose of this study is to explore humanistic leadership displayed by a Confucian leader and how he/she presents humanistic concern in corporate management to pursue the common good.
Design/methodology/approach
This study adopted a structured–pragmatic–situational approach to conduct a case study and collected data from three sources: semi-structured interviews, consultant observations and archival data.
Findings
The findings reveal that a Confucian leader takes all stakeholders' interests into account while engaging in corporate management and displays humanistic behaviors toward the stakeholders that are in line with five Confucian virtues. The leader cultivates the employees as Confucian humanistic agents. These employees accordingly act as bridges to transmit the humanistic spirit to their customers and other industries in the same market. To initiate an industry change to achieve collective welfare, a Confucian leader must first influence his/her primary stakeholders. The primary stakeholders next collectively influence the secondary stakeholders (i.e. the industry). Consequently, the overall goal of the common good is ultimately sustained.
Originality/value
This study identifies valuable practical implications for humanistic practices in corporate management from a Confucian perspective. In addition, this study takes a significant academic step forward by illuminating the humanistic paradigm.
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Using a Constrained Choice Theory framework, this paper will identify variation in choosing the constraint-reflective priorities of budget, taste, or health by sociodemographic…
Abstract
Purpose
Using a Constrained Choice Theory framework, this paper will identify variation in choosing the constraint-reflective priorities of budget, taste, or health by sociodemographic group, familial status, and weight category. Identifying which groups experience unique constraints will allow for customized healthy eating programs to address barriers specific to each group.
Methodology/approach
Data are derived from a paper survey of families with children in Lexington, KY and analyzed using logistic regression.
Findings
The results of this study confirm that some sociodemographic groups are more likely to choose priorities that reflect contextual constraints in their lives than others. In particular, having a higher income reduces likelihood of prioritizing budget and increases chances of prioritizing taste. Being married or cohabitating is correlated with choosing health, but having more children reduces the likelihood of prioritizing health. Being obese correlates with increased likelihood of prioritizing budget. Membership in each of these categories reflects constraints on which foods are purchased for the home.
Social implications
Families are encouraged to improve their diets by eating at home, but families face many constraints when choosing healthy foods at the grocery store. Understanding the constraints experienced by various groups when shopping for food will lead to health policy that more fully addresses barriers to healthy eating for groups with disproportionately high incidence of diet-related disease.
Originality/value
This paper extends Constrained Choice Theory by applying it to a new aspect of health, purchasing groceries, and also by examining a wider variety of sociodemographic groups than previous research.
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Seyi S. Stephen, Ayodeji E. Oke, Clinton O. Aigbavboa, Opeoluwa I. Akinradewo, Pelumi E. Adetoro and Matthew Ikuabe
The chapter discussed the comprehensive integration of whole life cycle (WLC) principles in construction, mainly focusing on its application in stealth construction. It outlined…
Abstract
The chapter discussed the comprehensive integration of whole life cycle (WLC) principles in construction, mainly focusing on its application in stealth construction. It outlined the challenges of implementing WLC practices, emphasising the need for proactive planning and meticulous execution. The study highlighted key aspects of the WLC in stealth construction, including considerations for building design, energy transmission, visibility management, and security countermeasures. Additionally, it underscores the importance of addressing environmental protection, health and safety, project delivery duration, economy, and aesthetics throughout the construction process to ensure the development of resilient, sustainable, and visually appealing structures that meet the needs of present and future generations.
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Kristin Turney, Britni L. Adams, Emma Conner, Rebecca Goodsell and Janet Muñiz
The rapid growth of mass incarceration in the United States means that a historically unprecedented number of children are exposed to paternal incarceration. Despite a growing…
Abstract
The rapid growth of mass incarceration in the United States means that a historically unprecedented number of children are exposed to paternal incarceration. Despite a growing literature investigating the intergenerational consequences of incarceration, little research collects information from the children who experience paternal incarceration. In this chapter, we describe an ongoing data collection effort, the Jail & Family Life Study, a longitudinal in-depth interview study designed to understand the consequences of paternal incarceration for families and children. Part of this study involves conducting in-depth interviews with 8- to 17-year-old children of incarcerated fathers during and after the father’s incarceration. First, we document the challenges and strategies to gaining access to children of incarcerated fathers, paying particular attention to the role of children’s mothers and caregivers in facilitating this access. Second, we document the challenges and strategies to developing rapport with this group of vulnerable children. Third, we describe the opportunities that children can provide for researchers. Taken together, these findings suggest that it is both challenging and imperative to incorporate children into research on the collateral consequences of incarceration.
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This article discusses the reasons and discourses adopted by the Hong Kong Special Administrative Region Government (Hong Kong SAR Government), with Mr Tung Chee Hwa as the Chief…
Abstract
This article discusses the reasons and discourses adopted by the Hong Kong Special Administrative Region Government (Hong Kong SAR Government), with Mr Tung Chee Hwa as the Chief Executive, in preparing young people to become more mature and responsible. In the Hong Kong context this means they should be willing to fulfil community obligations and opt for consultation rather than confrontation should individual or community rights be sought. Confucianism, named after Confucius (551‐479 BCE), has been and still is a vast and complicated system of philosophies, morals, rituals, and ideas, which for well over 2,000 years has informed and inspired the thinking and practice of countless people in Chinese societies and Asian countries in all important areas, including the economy and the polity (Tu, 1998a; Berthrong & Berthrong, 2000; Yao, 2002). Put simply, the goal of Confucian life is to create a peaceful world, with its ethical emphasis placed on the cultivation of the self and the promotion of harmonious and respectful relations with other people in different spheres of human activities.