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Does more energy consumption support economic growth in net energy-importing countries?
Get PDFPurpose. This study aims to examine the effects of energy consumption on economic growth by means of a panel data analysis of 75 net energy-importing countries for the period 1990 to 2012.
Design/methodology/approach. For the purpose of the analysis, the countries are classified into two groups, and each group is then classified into subgroups. The first group is formed based on the energy import dependence of the countries and is classified into two subgroups according to whether their dependence is greater than or less than 50 per cent. The second group is formed based on the income level of the countries and is classified into four subgroups, specifically, low-income economies, lower-middle-income economies, upper-middle-income economies and high-income economies.
Findings. The findings obtained for both panel data and for each country indicate that there is a positive and statistically significant relationship between energy consumption and economic growth over the long term such that energy consumption contributes more to economic growth as the import dependence of the country decreases. Moreover, the effect of energy consumption on economic growth decreases as the income level of the country increases. This indicates that the efficient use of energy is as important as energy consumption, which is regarded as an important indicator of economic development.
Originality/value. The authors expect that these findings will make a valuable contribution to the results of future studies, as they analyze the relationships among the variables by including the energy intensities of the countries.
Doi: https://doi.org/10.1108/JEFAS-01-2017-001
Editorial
Get PDFThis is the 43rd issue of the Journal of Economics, Finance and Administrative Science, edited by Emerald Publishing and indexed to the most prestigious databases, like Scopus. Also, we are ranked in the third percentile in Scimago.
This is the result of a rigorous work that takes into account the demanding academic standards. The first article, “Effects of the celebration of a sporting mega-event on a local economy. The case of The World Games 2013 Cali”, measures the economic impact of an event that attracts many people and mobilizes great resources in this Colombian city.
Doi: https://doi.org/10.1108/JEFAS-11-2017-05
The role of liquidity in asset pricing: the special case of the Portuguese Stock Market
Get PDFPurpose. The aim of this paper is to examine the role of liquidity in asset pricing in a tiny market, such as the Portuguese. The unique setting of the Lisbon Stock Exchange with regards to changes in classification from an emerging to a developed stock market, allows an original answer to whether changes in the development of the market affect the role of liquidity in asset pricing.
Design/methodology/approach. The authors propose and compare two alternative implications of liquidity in asset pricing: as a desirable characteristic of stocks and as a source of systematic risk. In contrast to prior research for major stock markets, they use the proportion of zero returns which is an appropriated measure of liquidity in tiny markets and propose the separated effects of illiquidity in a capital asset pricing model framework over the whole sample period as well as in two sub-samples, depending on the change in classification of the Portuguese market, from an emerging to a developed one.
Findings. The overall results of the study show that individual illiquidity affects Portuguese stock returns. However, in contrast to previous evidence from other markets, they show that the most traded stocks (hence the most liquid stocks) exhibit larger returns. In addition, they show that the illiquidity effects on stock returns were higher and more significant in the period from January 1988 to November 1997, during which the Portuguese stock market was still an emerging market.
Research limitations/implications. These findings are relevant for investors when they make their investment decisions and for market regulators because they reflect the need of improving the competitiveness of the Portuguese stock market. Additionally, these findings are a challenge for academics because they exhibit the need for providing alternative theories for tiny markets such as the Portuguese one.
Practical implications. The results have important implications for individual and institutional investors who can take into account the peculiar effect of liquidity in stock returns to make proper investment decision.
Originality/value. The Portuguese market provides a natural experimental area to analyse the role of liquidity in asset pricing, because it is a tiny market and during the period studied it changed from an emerging to a developed exclusively focuses on the US and major European stock markets, whereas studies for the Portuguese one are scarce. In this context, the study provides an alternative methodological approach with results that differ from those theoretically expected. Thus, these findings are a challenge for academics and open a theoretical and a practical debatestock market. Moreover, the authors have to highlight that previous evidence almost.
Doi: https://doi.org/10.1108/JEFAS-12-2016-000
The use of the recognition heuristic as an investment strategy in European stock markets
Get PDFPurpose. People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive decisions with fewer resources, even if it leads to suboptimal choices. When applied to financial markets, the recognition heuristic predicts that investors acquire the stocks that they are aware of, thereby inflating the price of the most recognized stocks. This paper aims to study the profitability against the market of the most recognized stocks in Europe.
Design/methodology/approach. In this paper, the authors perform a survey and use Google Trends to study the profitability against the market of the most recognized stocks in Europe.
Findings. The authors conclude that a recognition heuristic portfolio yields poorer returns than a market portfolio. In contrast, from the data collected on Google Trends, weak evidence was found that strong increases in companies monthly search volumes may lead to abnormal returns in the following month.
Research limitations/implications. The applied investment strategy does not account for transaction costs, which may jeopardize its profitability given the fact that it is necessary to revise the portfolio on a monthly basis. Despite the results obtained, they are useful to understanding the performance of recognition heuristic strategies over a comprehensive time horizon, and it would be interesting to depict its viability during different market conditions. This analysis could provide additional information about a preferable scenario for employing our strategies and, ultimately, enhance the profitability of recognition heuristic strategies.
Practical implications. Through the exhaustive analysis performed here on the recognition heuristic in the European stock market, it is possible to conclude that no evidence was found for the viability of exploring this type of strategy. In fact, the investors would always gain better returns when adopting a passive investment strategy. Therefore, it would be wise to assume that the European market presents at least a degree of efficiency where no investment would yield abnormal returns following the recognition heuristic.
Originality/value. The main objective of this paper is to study the performance of the recognition heuristic in the financial markets and to contribute to the knowledge in this field. Although many authors have already studied this heuristic when applied to financial markets, there is a lack of consensus in the literature.
Doi: https://doi.org/10.1108/JEFAS-01-2017-001
Editorial
Get PDFWe are proud to announce the first issue of 2017 published by Emerald Publishing Limited from the UK. Over the years, the JEFAS has gained a presence in the world of business and finance thanks to the rigorous selection of articles and the academic quality of the authors. We have chosen this publishing house because of its seriousness and prestigious work, which will help us to firmly keep the high level of our journal.
This issue contains six articles. The first one is an empirical paper entitled: “Using a naive Bayesian classifier methodology for loan risk assessment: evidence from a Tunisian commercial bank”, which addresses the question of default prediction of short term loans for a Tunisian commercial bank. The technique was conducted, and the results show that the good classification rate is in order of 63.85 per cent.
Doi: https://doi.org/10.1108/JEFAS-06-2017-04
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Get PDFPropósito. En el artículo se presenta una síntesis del impacto sobre la producción y el empleo generado por la realización de un megaevento deportivo en la ciudad de Cali, Colombia.
Diseño/metodología/enfoque. El impacto se estima a través de los efectos sistemáticos producidos por las actividades de inversión/gasto de los agentes identificados y los consecuentes efectos multiplicadores capturados a partir de un modelo insumo-producto.
Hallazgos. La realización de los Juegos Mundiales significó un nuevo flujo de ingreso monetario a la ciudad de Cali, de $101.036 millones de pesos (=53,4 millones de dólares) y se generaron 9.598 puestos de trabajo (=7.711 empleos de tiempo completo). Adicionalmente, se atrajo a la ciudad a 2.174 turistas internacionales y 11.250 turistas nacionales.
Originalidad/valor. El artículo aporta aspectos innovadores metodológicamente útiles para futuros estudios de impacto económico en ciudades poco turísticas situadas en países en vías desarrollo.
Doi. https://doi.org/10.1108/JEFAS-01-2017-0012
In this issue
Get PDFWe are proud to release the 41th issue of the Journal of Economics, Finance and Administrative Science. Since our indexation in Scopus, the journal has achieved the ranking Q4 in Scimago with an impactfactor very close to journals with several years of publication. This issue contains several papers related to Applied Finance, Labor Economics and Corporate Governance, which are within the scope of the journal. The authors come fromdifferentplaces worldwide guaranteeing the possibility to increase the impact factor within the most prestigious databases. Scimago contains the database of 20 000 peer review journals around the Globe.
Doi: https://doi.org/10.1016/j.jefas.2016.09.00
The short-term response of the Hispanic noncitizen population to anti-illegal immigration legislation The case of Arizona SB 1070
Get PDFPurpose. This paper aims to examine the short-term effect of the Arizona Immigration Law of 2010 (SB 1070) on the noncitizen Hispanic state population.
Design/methodology/approach. To get a consistent estimate of this effect, a synthetic control method has been used to calculate a suitable counterfactual.
Findings. Results indicate that this bill produced a statistically significant short-term reduction in the proportion of noncitizen Hispanics in Arizona between 10 and 15 per cent. However, the evidence suggests that this effect vanishes after a few months.
Originality/value. These findings are consistent with previous evidence of the high mobility of the undocumented population in the US, and contribute to the understanding of the effects of federal and statelevel immigration legislation.
Doi: https://doi.org/10.1108/JEFAS-02-2017-003
Capital structure management differences in Latin American and US firms after 2008 crisis
Get PDFPurpose. This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels.
Design/methodology/approach. The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square.
Findings. The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms.
Originality/value. This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared.
Doi: https://doi.org/10.1108/JEFAS-01-2017-000
In this issue
Get PDFWe are proud to present the 40th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). Our journal is indexed in prestigious databases, like Scopus, Redalyc, Gale, Econ Lit and Scielo. The goal is keep maintaining the profile to be indexed in the most prestigious databases worldwide. After being indexed to Scopus, we have received several papers to be evaluated by our journal, which is edited by Elsevier. The ratio of rejection is approximately 40% and the time to process the articles has been delayed due to the high amount of submissions. We always attempt to maintain the high standards in edition according to the databases parameters. This issue presents six empirical articles that were approved by our process of blinded referee report.
Doi: https://doi.org/10.1016/j.jefas.2016.04.00