1,721,029 research outputs found
The causes and consequences of household financial strain: a systematic review
No full textThe 2007–08 financial crisis caused a deep global recession with lasting effects on economies worldwide. Millions of households in developed countries currently report having difficulty making ends meet. In this paper, we systematically review finance and economics research on household financial strain to identify research gaps. We find that economists could make a valuable contribution to this literature. More analysis involving developed economic theory would provide clarity to partial and sometimes contradictory results. Research could explore aspects of the dynamics of financial strain; heterogeneity in coping strategies and the association with health outcomes. A few themes suggested in other literatures could also be examined such as the relative importance of chronic and acute stress as well as the roles of habituation and sensitization for welfare outcomes.<br/
An index of cryptocurrency environmental attention (ICEA)
Full text linkPurpose – (1) A concern often expressed in relation to cryptocurrencies is the environmental impact associated with increasing energy consumption and mining pollution. Controversy remains regarding how environmental attention and public concerns adversely affect cryptocurrency prices. Therefore, the paper aims to introduce the index of cryptocurrency environmental attention (ICEA), which aims to capture the relative extent of media discussions surrounding the environmental impact of cryptocurrencies. (2) The impacts of cryptocurrency environmental attention on long-term macro-financial markets and economic development remain part of undeveloped research fields. Based on these factors, the paper will further examine the effects of the ICEA on financial markets or economic developments.Design/methodology/approach – (1) The paper introduces a new index to capture cryptocurrency environmental attention in terms of the cryptocurrency response to major related events through gathering a large amount of news stories around cryptocurrency environmental concerns – i.e. >778.2 million news itemsfrom the LexisNexis News & Business database, which can be considered as Big Data – and analysing that rich dataset using variety of quantitative techniques. (2) The vector error correction model (VECM) and structural VECM (SVECM) [impulse response function (IRF), forecast error variance decomposition (FEVD) and historical decomposition (HD)] are useful for characterising the dynamic relationships between ICEA and aggregate economic activities.Findings – (1) The paper has developed a new measure of attention to sustainability concerns of
cryptocurrency markets’ growth, ICEA. (2) ICEA has a significantly positive relationship with the UCRY
indices, volatility index (VIX), Brent crude oil (BCO) and Bitcoin. (3) ICEA has a significantly negative
relationship with the global economic policy uncertainty (GlobalEPU) and global temperature uncertainty
(GTU). Moreover, ICEA has a significantly positive relationship with the industrial production (IP) in the short
term, whilst having a significantly negative relationship in the long term. (4) The HD of the ICEA displays
higher linkages between environmental attention, Bitcoin and UCRY indices around key events that
significantly change the prices of digital assets.
Research limitations/implications – The ICEA is significant in the analysis of whether cryptocurrency
markets are sustainable regarding energy consumption requirements and negative contributions to climate
change. Understanding of the broader impacts of cryptocurrency environmental concerns on cryptocurrency
market volatility, uncertainty and environmental sustainability should be considered and developed.
Moreover, the paper aims to point out future research and policy legislation directions. Notably, the paper poses
the question of how cryptocurrency can be made more sustainable and environmentally friendly and how
governments’ cryptocurrency policies can address the cryptocurrency markets.
Practical implications – (1) The paper develops a cryptocurrency environmental attention index based on
news coverage that captures the extent to which environmental sustainability concerns are discussed in
conjunction with cryptocurrencies. (2) The paper empirically investigates the impacts of cryptocurrency
environmental attention on other financial or economic variables [cryptocurrency uncertainty (UCRY) indices,
Bitcoin, VIX, GlobalEPU, BCO, GTU index and the Organisation for Economic Co-operation and Development
IP index]. (3) The paper provides insights into making the most effective use of online databases in the
development of new indices for financial research.
Social implications – Whilst blockchain technology has a number of useful implications and has great
potential to transform several industries, issues of high-energy consumption and CO2 pollution regarding
cryptocurrency have become some of the main areas of criticism, raising questions about the sustainability of
cryptocurrencies. These results are essential for both policy-makers and for academics, since the results
highlight an urgent need for research addressing the key issues, such as the growth of carbon produced in the
creation of this new digital currency. The results also are important for investors concerned with the ethical
implications and environmental impacts of their investment choices.
Originality/value – (1) The paper provides an efficient new proxy for cryptocurrency and robust empirical
evidence for future research concerning the impact of environmental issues on cryptocurrency markets. (2) The
study successfully links cryptocurrency environmental attention to the financial markets, economic
developments and other volatility and uncertainty measures, which has certain novel implications for the
cryptocurrency literature. (3) The empirical findings of the paper offer useful and up-to-date insights for investors,
guiding policy-makers, regulators and media, enabling the ICEA to evolve into a barometer in the cryptocurrency
era and play a role in, for example, environmental policy development and investment portfolio optimisation
The cryptocurrency uncertainty index
Full text linkWe develop and make available a new Cryptocurrency Uncertainty Index (UCRY) based on news coverage. Our UCRY Index captures two types of the uncertainty: cryptocurrency price uncertainty (UCRY Price) and cryptocurrency policy uncertainty (UCRY Policy). We show that the constructed index has distinct movements around major events in cryptocurrency space. We suggest that this index captures uncertainty beyond Bitcoin, and can be used for academic, policy, and practice-driven research
The determinants of IPO withdrawal – Evidence from Europe
Full text linkWhy do companies not follow through with an IPO after filing for one? This question is investigated by examining common stock IPOs for the largest countries in Europe. We cover 80% of the Western European IPO market over the 2001–2015 period. We establish that the IPO phenomenon of withdrawal is a common feature of equity markets and identify key characteristics that influence the probability of withdrawal. Findings indicate that venture capital or private equity involvement, the presence of negative news, CEO duality, or the intent to retire debt increase the probability of IPO withdrawal. On the other hand, higher levels of corporate governance or trading volume decrease the pssrobability of IPO withdrawal. We argue that imminent agency conflicts and the lack of appropriate control mechanisms can force a company to withdraw from the IPO
Low liquidity beta anomaly in China
Full text linkThe conventional risk-based theory does not reconcile with the liquidity-beta anomaly in China: Low liquidity-beta stocks outperform high liquidity-beta stocks on a risk-adjusted basis. This striking pattern is robust to different weighting schemes, competing factor models, and other well-known return determinants in the cross section. We propose a competing behavioral-based explanation on the low liquidity beta anomaly in China. Consistent with our new perspective, liquidity beta is a negative return predictor in the cross section. Moreover, the time variation of the return differential between low and high liquidity beta stocks is led by investor sentiment after accounting for other possible economic mechanism
The effects of central bank digital currencies news on financial markets
No full textBased on coverage of over 660m news stories from LexisNexis News \& Business between 2015–2021, we provide two new indices around the growing area of Central Bank Digital Currency (CBDC): the CBDC Uncertainty Index (CBDCUI) and CBDC Attention Index (CBDCAI). We show that both indices spiked during news related to new developments in CBDC and in relation to digital currency news items. We demonstrate that CBDC indices have a significant negative relationship with the volatilities of the MSCI World Banks Index, USEPU, and the FTSE All-World Index, and positive with the volatilities of cryptocurrency markets, foreign exchange markets, bond markets, VIX, and gold. Our results suggest that financial markets are more sensitive to CBDC Uncertainty than CBDC Attention as proxy by these indices. These findings contain useful insights to individual and institutional investors, and can guide policymakers, regulators, and the media on how CBDC evolved as a barometer in the new digital-currency era
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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