Emmanuel Joel Aikins Abakah, Nader Trabelsi, Aviral Kumar Tiwari and Samia Nasreen
This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and…
Abstract
Purpose
This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and during different market conditions, and their implications for portfolio management.
Design/methodology/approach
We use Time-varying parameter vector autoregressive and quantile frequency connectedness approach models for the connectedness framework, in conjunction with Diebold and Yilmaz’s connectivity approach. Additionally, we use the minimum connectedness portfolio model to highlight implications for portfolio management.
Findings
Regarding the uncertainty of the whole system, we show a small contribution from Bitcoin and Fintech, with a higher contribution from the four Asian Tigers (Taiwan, Singapore, Hong Kong and Thailand). The quantile and frequency analyses also demonstrate that the link among assets is symmetric, with short-term spillovers having the largest influence. Finally, Bitcoins and Fintech stocks are excellent diversification and hedging instruments for Asian equity investors.
Practical implications
There is an instantaneous, symmetric and dynamic return and volatility spillover between Asian stock markets, Fintech and Bitcoin. This conclusion should be considered by investors and portfolio managers when creating risk diversification strategies, as well as by policymakers when implementing their financial stability policies.
Originality/value
The study’s major contribution is to analyze the volatility spillover between Bitcoin, Fintech and Asian stock markets, which is dynamic, symmetric and immediate.
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Mariam Shahzadi, Muhammad Faraz Riaz, Sofia Anwar and Samia Nasreen
Strengthening the middle class has become a major policy goal in both developed and developing economies due to its social, economic, cultural and political importance. Keeping in…
Abstract
Purpose
Strengthening the middle class has become a major policy goal in both developed and developing economies due to its social, economic, cultural and political importance. Keeping in view the importance of middle class, the purpose of this paper is to measure the size of the middle class in the province of Punjab (the biggest province of Pakistan by population).
Design/methodology/approach
The study calculates a weighted composite index to measure the size of the middle class in the province of Punjab using the microcosmic data set, and the Pakistan Social and Living Standards Measurement 2010-2011 survey data set. The index is composed of five major socioeconomic dimensions, that is, income, occupation, education, lifestyle and housing. The above-mentioned dimensions are weighted through “principal component analysis”.
Findings
The results show that 46 percent of the population of Punjab falls in the middle class. Furthermore, the findings explain that middle class is generally an urban phenomenon in Punjab with relatively high level of education and non-manual occupations.
Originality/value
Only a limited research is available for measuring the middle class in Pakistan. The current research is an attempt to fill this gap by providing some important insight to the research in this area.
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Thilini Chathurika Gamage, Narayanage Jayantha Dewasiri, Athula Gnanapala and Mananage Shanika Hansini Rathnasiri
South Asian countries have recently shown tremendous advancement in Information and Communication Technology (ICT) deployment and have been identified as one of the…
Abstract
South Asian countries have recently shown tremendous advancement in Information and Communication Technology (ICT) deployment and have been identified as one of the fastest-growing regions in the world. This chapter reviews 43 state-of-the-art scholarly articles on the role of ICT in accelerating economic growth by fostering innovations in South Asian countries. A seven-step approach to the literature review is used for synthesizing relevant data. The findings indicate that although many South Asian countries understood ICT innovations as an approach that provides a competitive edge to business firms and the country's economic growth, their full potential remains untapped due to many barriers. Some significant barriers include the digital divide, ICT infrastructure, existing ICT policies, and data governance and social trust. The results of this chapter would help policymakers understand the vital role of ICT in fostering innovation and uplifting economic growth in the South Asian region.
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The study compares all three versions of sustainable development goal (SDG) India index and assess the pace and direction of each State/UT for the attainment of SDGs by 2030. The…
Abstract
The study compares all three versions of sustainable development goal (SDG) India index and assess the pace and direction of each State/UT for the attainment of SDGs by 2030. The study is an attempt to scrutinise performance of each indicator of every State and UT of India across 16 SDGs from 2018 to 2020. For this purpose, 13 SDGs with 56 indicators for first version, 16 SDGs with 101 indictors from second version and 115 indicators across 16 SDGs from third version of SDG India Index are investigated. Instead of relining NITI Aayog's indexing methodology, the study uses the same dataset to assess the distance of each state from national target for SDG. Cursorily, it also derives statistical projections of duration required by each State/UT for achieving particular indicator and goal at large. The investigation derives statistical projections of duration required by each State/UT for achieving a particular indicator and goal at large.
Based on the progress made by each State/UT, distance from present conditions are categorised as a Very far (distance less than 0%), Far (distance from 1% to 25%), Near (distance from 26% to 50%), Very Near (distance from 51% to 75%), Achieving target (76%–100%).
The conclusion of the study intends to highlight the benefits and challenges for adopting indexing or ranking approach to monitor the sub-national level progress made for attainment SDGs.
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J. Sahaya Shabu, E. Joseph Rubert and J. Divya Merry Malar
Event studies have gained lots of popularity and momentum since 1960. It is an effective method to understand the event impact on the variables being tested. This paper aims to…
Abstract
Event studies have gained lots of popularity and momentum since 1960. It is an effective method to understand the event impact on the variables being tested. This paper aims to examine the reaction of Indian stock market to Russo–Ukrainian Crisis 2022, it is to understand the efficiency of Indian stock market for international events and how information content flow into the market is reflected in the stock prices and how the whole market reacts to the new information. The Event Study methodology is employed in this paper to investigate the effect of an event (Russo–Ukrainian Crisis) on a specific dependent variable (Stock Prices). The Small, Mid and Large cap indices of the Indian Stock exchange were taken for the Event Study. However, the abnormal return, standard deviation and t-statistics were calculated to examine the event effect on stock prices. It is found that there is a significant negative effect of the event on the stock prices.
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The purpose of this study is to validate the impact of economic and financial development along with energy consumption on environmental degradation using dynamic panel data…
Abstract
Purpose
The purpose of this study is to validate the impact of economic and financial development along with energy consumption on environmental degradation using dynamic panel data models for the period 1980-2010. The study uses three sub-panels constructed on the basis of income level to make panel data analysis more meaningful.
Design/methodology/approach
Larsson et al. panel cointegration technique, fully modified ordinary least squares and vector error correction model causality analysis are applied for empirical estimation.
Findings
Main empirical findings demonstrate that financial development reduces environmental degradation in the high-income panel and increases environmental degradation in the middle- and low-income panels. Hypothesis of the environmental Kuznets curve is accepted in all income panels. Granger causality results show the evidence of bidirectional causality between financial development and CO2 emission in the high-income panel, and unidirectional causality from financial development to CO2 emission in the middle- and low-income panels.
Originality/value
In empirical literature, only a few studies explain the effect of financial development on environment. The present study is an effort to fill this gap by exploring the effect of economic and financial development on environmental degradation.
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Saira Arsh, Samia Nasreen and Xuan-Hoa Nghiem
The adoption and usage of information and communication technology (ICT) has introduced transformation in the tourism arena with ICT applications extensively used in tourism…
Abstract
The adoption and usage of information and communication technology (ICT) has introduced transformation in the tourism arena with ICT applications extensively used in tourism industry. In addition to ICT, an advanced infrastructure is essential for the development of tourism industry. Thus, the goal of present research is to probe the impact of ICT and infrastructure on tourism development (TD) in 28 Asian economies using method of moments panel quantile regression (MM-QR) model introduced by Machado and Silva (2019) applied to a panel data from 2008 to 2020. Empirical findings demonstrate that there is an asymmetric non-linear effect of ICT and infrastructure through all quantile range. This indicates that ICT has negative effect on TD in poor countries while positive impact in rich countries. Negative impact in poor countries may be due to higher establishment cost and information technology (IT) productivity paradox. However, results confirm the importance of ICT and infrastructure in endorsing the development of tourism sector in Asian nations by lessening time and money costs and facilitating travelers.
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The world of investing has changed drastically. Investors are willing to invest the companies that give high priority to environmental, social and governance issues (ESG). This…
Abstract
The world of investing has changed drastically. Investors are willing to invest the companies that give high priority to environmental, social and governance issues (ESG). This study delves into the performance of the BSE CARBONEX index in comparison to the BSE 100, BSE Sensex, BSE Energy and BSE Oil & Gas. It seeks to examine the impact of calendar anomalies, particularly focusing on the day-of-the-week effect, on these indices. To accomplish this, daily closing prices of the BSE CARBONEX, BSE 100, BSE Sensex, BSE Energy and BSE Oil & Gas were gathered from the BSE official website. The study period was divided into three segments: the full period, period I (2017–2020) and period II (2020–2022). The study's findings reveal that throughout the full period, period I and period II, BSE Energy exhibited the highest mean daily return compared to the other selected indices. There appears to be a discernible Tuesday effect on the daily average mean returns of BSE CARBONEX, BSE 100, BSE Sensex, BSE Energy and BSE Oil & Gas in both the full sample period and period II. Results from ordinary least squares (OLS) analysis by day indicate a notably high positive and statistically significant daily return on Tuesdays, particularly during the full sample period and period II. Furthermore, the GARCH (1,1) model suggests a significant Tuesday effect on the BSE Energy and BSE Oil & Gas indices.
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Srishti Nagarajan and Ekta Duggal
The present study aims to provide an overview of the life insurance industry in India and scrutinise various dimensions impacting life insurance uptake in accordance with the…
Abstract
The present study aims to provide an overview of the life insurance industry in India and scrutinise various dimensions impacting life insurance uptake in accordance with the views of the management representatives. An exploratory study was assumed by conducting in-depth face-to-face/telephonic interviews with six employees and one agent affiliated to the most prominent life insurance companies operating in India. The interviews focused on operation of life insurance companies in general, their work culture, approach towards individuals/customers, steps taken to attract and retain their human capital (agents), the overall impact of reforms on the life insurance industry and their tactics which make them unique in the market. The study observed that life insurance uptake in India is discernibly affected by an individual's financial knowledge, needs and the level of trust they have on the company apart from brand of the life insurance company and grievance redressal system. It was also found that reforms (Foreign Direct Investment (FDI) Policy, entry of private players) did bring about a difference in work culture, improved employment opportunities and increased the reach of the insurance industry in the country. The study highlights dimensions that life insurance companies constantly work/need to work upon to remain at the zenith of success, broadens the horizons of the life insurance industry in an emerging nation like India as it is one of the few studies to have probed the management's outlook of the Indian life insurance industry and holds scope for future theoretical investigation and development of a comprehensive model as well.