Osman Ulas Aktas, Lawrence Kryzanowski and Jie Zhang
This paper aims to analyze the impact of price-limit hits by hit type and when such hits start and stop using intraday trades and quotes at a one-second frequency for firms…
Abstract
Purpose
This paper aims to analyze the impact of price-limit hits by hit type and when such hits start and stop using intraday trades and quotes at a one-second frequency for firms included in the BIST-50 index during the 13-months starting with March 2008. Like the recent COVID-19 period, this period includes the heightened stress in global financial markets in September 2008.
Design/methodology/approach
Using intra-day trades and quotes at a one-second frequency, the authors examine the market effects of price limits for firms included in the BIST-50 index during the global financial crisis. The authors compare the values of various metrics for 60 min centered on price-limit hit periods. The authors conduct robustness tests using auto regressive integrated moving average (ARIMA) models with trade-by-trade and with 3-min returns.
Findings
The findings are supportive of the following hypotheses: magnet price effects, greater informational asymmetric effects of market quality and each version of price discovery. Results are robust using samples differentiated by cross-listed status, same-day quotes instead of transaction prices and equidistant and trade-by-trade returns.
Originality/value
The authors use intraday data to reduce measurement error that is particularly pronounced when daily data are used to assess price limits that start and/or stop during a trading session. The authors contribute to the micro-structure literature by using ARIMA models with trade-by-trade and 3-min returns to alleviate some bias due to the autocorrelations in returns around price-limit hits in the presence of a magnet effect. The authors include some recent regulation changes in various countries to illustrate the importance of circuit breakers using price limits during COVID-19.
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Keywords
Safak Kaya, Esref Arac, Fethiye Akgul, Senol Comoglu, Sehmuz Kaya, Songul Araç, Yesim Yildiz, Seyit Ali Buyuktuna, Bircan Kayaaslan, Emine Parlak, Birol Baysal, Faruk Karakecili, Elif Zelal Balik, Ali Akkoç, Kevser Ozdemir, Seyhmus Kavak, Suat Ali Dogan, Emrah Günay, Semsi Nur Karabela, Mehmet Cabalak, Yasemin Cag, Veli Avci, Yasemin Durdu, Zehra Kaya, Damla Kilic, Halis Yerlikaya, Hüseyin Tarakçı, Osman Mentes, Ayse Sağmak Tartar, Adem Kose, Omer Faruk Alakus, Ulas Aktas, Halil Komek and Selcuk Aksoz
This paper aims to determine the knowledge and attitudes of the physicians regarding human immunodeficiency virus (HIV)/acquired immune deficiency syndrome (AIDS), to emphasize…
Abstract
Purpose
This paper aims to determine the knowledge and attitudes of the physicians regarding human immunodeficiency virus (HIV)/acquired immune deficiency syndrome (AIDS), to emphasize that these patients exist and they will exist in the future and to raise awareness so as to prevent that their rights to treatment are revoked.
Design/methodology/approach
The survey was conducted via a link sent through an online system. Random physicians from 81 cities of the country were invited to the survey. The survey has 41 questions regarding knowledge and attitudes in total, including epidemiological information such as age, gender and title.
Findings
A total of 3,107 physicians has voluntarily participated in the study. In total, 2,195 (70.7%) are internal physicians and 912 (29.3%) are surgical physicians among the participant physicians. In total, 1,452 (46.7%) of the participants are specialist physicians, 608 (19.6%) of the participants are practising physician and the rest of it is physician assistants, academicians and dentists, respectively.
Originality/value
In this study, it has been found out that the physicians have a lack of knowledge on HIV/AIDS and they adopt a discriminatory attitude towards HIV-positive persons. HIV-positive patients who are exposed to discrimination and scared of being uncovered refrain from applying to hospitals for treatment, which puts public health into jeopardy due to the high viral load and these patients are faced with difficulties in coping with both medical and emotional load of the disease.
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Lawrence Kryzanowski and Trang Phuong Tran
This paper aims to test the extent to which downward bias due to a floating-point exception in probability of informed trading (PIN) estimates obtained using the Easley, Hvidkjaer…
Abstract
Purpose
This paper aims to test the extent to which downward bias due to a floating-point exception in probability of informed trading (PIN) estimates obtained using the Easley, Hvidkjaer and O’Hara (EHO; 2002) method is remedied using the Yan and Zhang (YZ; 2012) method. The paper also aims to test the sample-size sensitivity of EHO PIN and identify PIN determinants for acquirers and targets in the biotech sector.
Design/methodology/approach
EHO and YZ PIN performances are compared for US biotech acquirers and targets around their mergers and acquisition (M&A) announcements. The sampling method of Kryzanowski and Lazrak (2007) is used to assess sample-size sensitivity of announcement window EHO PIN estimates. Cross-sectional regressions are estimated to identify PIN determinants.
Findings
EHO and YZ PIN are not significantly different. EHO PIN exhibits significant sample-size sensitivity. Information leakage prior to M&A announcements is strongly affected by some firm characteristics. Significant determinants of PIN behavior around M&A announcements include insider and institutional holdings and research and development (R&D) expense.
Research limitations/implications
Findings imply that PIN partially reflects the activities of insiders and other informed investors about takeover intentions. Subsequent research can examine PIN behavior around pre-announcement rumors for M&As in the same or other industries and for potential targets that are peers of the M&A targets.
Originality/value
This paper contributes to the ongoing debate in the empirical finance literature on whether PIN measures informed trading by examining its behavior and the importance of some methodological issues associated with its use in examining market behavior around M&A announcements.
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Ahmet Aktas, A. Akin Aksu and Beykan çizel
Tourism movements are increasingly of interest as economic, social and cultural events, which annually, and on a country basis make one destination more popular than another…
Abstract
Tourism movements are increasingly of interest as economic, social and cultural events, which annually, and on a country basis make one destination more popular than another. Additionally, tourism is an important factor for establishing international peace, cultural and trade activities between human beings, increasing employment, furthering interaction between communities and bringing financial support to economies. In the tourism sphere, competing countries are trying to cope with each other by mentioning and emphasizing their differences. In this context, using the tourist supply in an efficient and productive way will increase the level of tourism support to countries and to regions on a large scale. In order to reach this aim, analysing and examining the differences in tourist demand in certain periods have key importance. The aim of this research is to examine the profiles and expectations of tourists coming to the Antalya Region of Turkey.
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This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said…
Abstract
Purpose
This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said differences based on the potential for risk to occur and risk from a Shariah perspective.
Design/methodology/approach
This study’s methodology is qualitative, in which the data are collected through library research and field studies. The library research is conducted by examining books, articles, statutes and related circulars. From the practical aspect, field studies were conducted in an unstructured interview method with officers used in Islamic banks. The snowball method was used to determine the number of Islamic banks to be studied until no new information was obtained on the different practices of tawarruq munazzam contracts based on personal financing products.
Findings
The results show that there are differences in the practice of tawarruq munazzam contracts based on personal financing products practised by the Islamic banks studied. These differences have brought significant influence in determining the level of Shariah risk potentials and Shariah risks, respectively. The results also show that the highest number of the Shariah risk potential and Shariah risk in the Islamic financial institutions (IFIs) studied is 10 i.e. covering the issues of customer engagement, wa’ad (promise), commodity asset, gharar (uncertainty), wakalah (representative), ta’wid and gharamah, the willing but not an able debtor, qalb dayn and two prices in a transaction. Meanwhile, the least amount of the Shariah risk potential and Shariah risk in the IFIs studied is four, i.e. covering the issues of customer engagement, wakalah, the willing but not an able debtor and two prices in a transaction. Findings prove that there are opportunities for IFIs to minimise Shariah risk potential and risk in the personal financing products offered.
Research limitations/implications
This study is limited to the practice of tawarruq munazzam contracts based on personal financing products practised by IFIs in Malaysia.
Practical implications
The differences in the tawarruq munazzam contract practice show the distinctive elements in both Shariah risk potential and Shariah risk. Therefore, the findings of this study can be a guideline for IFIs to improve the practice of tawarruq munazzam contracts, especially in personal financing products in minimising Shariah risk potential and Shariah risk.
Social implications
The public confidence in Islamic banking is increasing as Islamic banks can minimise the Shariah risk potential and Shariah risk in tawarruq munazzam contracts based on the personal financing products offered.
Originality/value
This study analyses the differences in the practice of tawarruq munazzam contracts based on personal financing products by IFIs in Malaysia, which can impact Shariah risk potential and Shariah risk.