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Gold as Safe Haven for G-7 Stocks and Bonds: A Revisit
No full textInternational audienceWe examine the safe haven property of gold for stock and bond markets of G-7 countries. In doing so, we use the novel vector autoregressive for value-at-risk and the cross-quantilogram methods. These quantile-dependence measures help to examine how gold returns react to stock/bond returns when the markets are in a bearish state. The gold market is comparatively less sensitive to bond market innovations and more sensitive to stock market innovations. The tail dependence analysis, through cross-quantilogram, indicates that stock/bond returns significantly and positively spillover to the gold markets when both markets are in a bearish state. Furthermore, the findings of time-varying quantile dependence analysis, obtained by recursive sample estimations, are analogous to the full sample results. Hence, the evidence suggests that gold does not act as a safe haven for the stock and bond markets. Implications of the results are discussed
An analysis of the intellectual structure of research on the financial economics of precious metals
No full textInternational audienceWe examine the literature on the financial economics of precious metals from a bibliometric and scientometric perspective. We surface the main trends and authors in the area over the last two decades, and provide estimates of the density of the networks of both researchers and research. Clear evidence is provided of an area dominated by a number of high output researchers, with distinct and clear areas of research with little overlap. A probabilistic topic modelling approach is further applied to determine the main topics of research in the area. We conclude that there are significant areas of potential synergy as yet unexploited in this research domain. We also highlight the current topics that can be a particularly important focus for these synergy efforts
The myth of retail pricing policy for developing organic vegetable markets
No full textInternational audienceThis paper examines the effects of retail pricing policy on the diffusion process of organic vegetables. Based on a unique dataset consisting of three-year transaction data from an online fresh produce retailer, we modeled the vegetable diffusion process with price and promotion effects, estimated the brand-level generalized Bass model and compared these effects on organic as well as conventional vegetables. Our findings are two major parts. First, only regular price exhibits significant effects on organic vegetable diffusion, while promotion depth or frequency does not. Furthermore, the negative effect of regular price is stronger for organic vegetables than for conventional vegetables
CEO social status and M&A decision making
No full textInternational audienceOur study demonstrates the impact of CEO ascribed and achieved social status on M&A decision making and shows the firm value consequences from acquisition deals announced by executives with various status levels. Both ascribed (measured through prestigious education) and achieved (measured through receiving awards) social status are shown to be associated with reduced M&A activity and the effect is strongest among executives who possess both status types simultaneously. However, while the influence of ascribed status is permanent, higher achieved status reduces CEO acquisitiveness only in the immediate aftermath of receiving this status boost. Furthermore, while ascribed status has no significant impact on immediate announcement returns, possessing high achieved social status results in significant value destruction around deal announcements
Closing the gap: the Chinese electric vehicle industry owns the road
No full textInternational audienc
Sorry, could you repeat the question? Exploring video‐interview recruitment practice in HRM
No full textInternational audienceHRM has embraced video interviewing through verbal computer‐mediated communication (VCMC) technology. However, empirical research in recruitment remains scant. Drawing on communication theories to analyse data from three studies, we present a conceptual framework explaining VCMC adoption and practice. We argue that VCMC technology has a larger effect on recruitment and selection outcomes than presumed. We broaden signalling theory to video recruitment and posit that interaction effects due to characteristics of the technology and a candidate's personality may affect recruitment outcomes. We also broaden media richness theory by uncovering memory effects arising from multiple interview modes. HR managers should be mindful of these and others limitations highlighted in the study before fully embracing this technology
Who leads the inflation cycle in Europe? Inflation cycle and spillover influence among Eurozone and non-Eurozone economies
No full textInternational audienceThis paper investigates co-influences between inflation cycles of the economies of four Eurozone countries (France, Germany, Spain, and Italy), the United Kingdom (U.K.), and four non-Eurozone countries (Sweden, Denmark, Norway, and Switzerland) by fitting a wavelet-based measure of synchronisation and a directional spillover index. We find evidence of short- and medium-term inflation cycle synchronicity and anticyclical inflation cycle co-movements among the U.K. and the Eurozone and non-Eurozone economies under consideration. The synchronicity of the inflation cycle is more accentuated than the joint anticyclical inflation effects. Inflation cycles of the U.K. and the largest selected Eurozone economies are observed to lead those of the selected non-Eurozone economies. The U.K.‘s inflation cycle, followed by that of Italy, most noticeably influences those of non-Eurozone economies. The inflation cycles of France, Sweden, and Germany are the largest spillover transmitters, while those of Italy and the U.K. are the largest spillover receivers across the Eurozone and non-Eurozone countries under consideration
Measuring internet addiction in Europe-based knowledge societies: a case study of France
No full textInternational audienceThe technological evolution has put a new challenge, internet addiction along with the internet technology before the world. The study intended to collect the data pertaining to internet usage among the residents of France with the help of modified internet addiction test tool, which is originally developed by Widyanto et al. (2011). The study data is collected from 122 respondents. The outputs of the analysis provided interesting insights. It is proved from the analysis that age has more bearing on the level of internet addiction. Yet, subtle factors are playing a role in providing a vague picture about the influence of constructs on internet usage and addiction. During first stage of analysis, the effect of emotional management is not present, during second stage effect of time management is not evident and in third stage of analysis, except the effect of emotional management index no other effect of constructs is found on the internet usage pattern
Tax havens and transfer pricing intensity: Evidence from the French CAC-40 listed firms
No full textInternational audienceMultinational enterprises (MNEs) may use transfer pricing techniques andpolicies to reduce their tax base in higher-tax rate jurisdictions by shifting it tolower-tax rate countries or tax havens. These practices, enhanced by the globali-zation and dematerialization of the economy, have flourished and became a majorissue for supranational organizations, tax authorities and even in the public opinion.This study analyses the impact of intangible assets, firm size, effective tax rate, andleverage on transfer pricing intensity. French publicly listed firms in the CAC-40 were examined during the period from 2012 to 2015. The regression results show thatthe firm size and leverage are positively associated while intangible assets andeffective tax rate are negatively associated with transfer pricing intensity
Risk spillovers between large banks and the financial sector: Asymmetric evidence from Europe
No full textInternational audienceWe investigate the interaction between large banks and the financial sector in Europe using the cross-quantilogram approach of Han et al. (2016). We find evidence of asymmetry in the character of the spillovers between the largest European banks and the European financial sector that are dependent on the market state. Specifically, in bearish markets, the financial sector spillovers on large banks, whereas the reverse occurs during bullish markets. The time-varying analysis confirms the asymmetric character of the network structure