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Purpose: This study is the first to investigate the causal relationship between Bitcoin and equity price returns by sectors. Previous studies have focused on aggregated indices such as S&P500, Nasdaq and Dow Jones, but this study uses mixed frequency and disaggregated data at the sectoral level. This allows the authors to examine the nature, direction and strength of causality between Bitcoin and equity prices in different sectors in more detail. Design/methodology/approach: This paper utilizes an Unrestricted Asymmetric Mixed Data Sampling (U-AMIDAS) model to investigate the effect of high-frequency Bitcoin returns on a low-frequency series equity returns. This study also examines causality running from equity to Bitcoin returns by sector. The sample period covers United States (US) data from 3 Jan 2011 to 14 April 2023 across nine sectors: materials, energy, financial, industrial, technology, consumer staples, utilities, health and consumer discretionary. Findings: The study found that there is no causality running from Bitcoin to equity returns in any sector except for the technology sector. In the tech sector, lagged Bitcoin returns Granger cause changes in future equity prices asymmetrically. This means that falling Bitcoin prices significantly influence the tech sector during market pullbacks, but the opposite cannot be said during market rallies. The findings are consistent with those of other studies that have established that during market pullbacks, individual asset prices have a tendency to decline together, whereas during market rallies, they have a tendency to rise independently. In contrast, this study finds evidence of causality running from all sectors of the equity market to Bitcoin. Practical implications: The findings have significant implications for investors and fund managers, emphasizing the need to consider the asymmetric causality between Bitcoin and the tech sector. Investors should avoid excessive exposure to both Bitcoin and tech stocks in their portfolio, as this may lead to significant drawdowns during market corrections. Diversification across different asset classes and sectors may be a more prudent strategy to mitigate such risks. Originality/value: The study's findings underscore the need for investors to pay close attention to the frequency and disaggregation of data by sector in order to fully understand the true extent of the relationship between Bitcoin and the equity market. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the dynamic and asymmetric linkage between crude oil, oil uncertainty, and the United States (US) equity markets across various horizons and tails using a combination of a time-frequency approach, Granger causality, and quantile-on-quantile regression from January 2020 to December 2022. The empirical results indicate that causal relationships and the dynamic co-movement between crude oil, oil implied volatility, and the Dow Jones industrial and transportation indices are confirmed across various frequencies through wavelet-based Granger causality and wavelet coherence. Then, the wavelet-based quantile-on-quantile regression shows that the relationship between oil, oil implied volatility, and both US equity markets is heterogeneous and asymmetric across short-and long-run horizons, in particular. The findings provide new insights into the sensitivity of US stock markets to oil shocks across various time frequencies and tails, offering several portfolio implications useful for heterogeneous investors and portfolio managers. [ABSTRACT FROM AUTHOR]

Global financial cycles have become a growing concern for scholars and policymakers. Recent research has identified these cycles as originating in American markets, at least in part due to policy innovations in the United States. We articulate a previously unidentified, but powerful, mechanism that influence growth (and growth volatility) in the global economy: expansions in the American financial cycle disproportionately affect global credit conditions, leading to a higher incidence of gross capital inflow surges that subsequently create a boom‐bust growth dynamic in recipient economies. We evaluate this argument with an extensive empirical examination of 102 countries from 1975 to 2011 and find substantial support for the argument: US financial market developments produce capital flow cycles that challenge the ability of policymakers to stabilize their macroeconomies. We disaggregate capital flows and find that interbank lending plays a crucial role in driving these outcomes, with the results exhibiting a high degree of robustness to alternative specifications. Domestic policy tools alone may be insufficiently powerful to counteract volatility induced by these capital waves emanating from the core of the global financial system. [ABSTRACT FROM AUTHOR]

The role of underwriters is altered in new seasoned equity offering deal types in which the offering follows quickly after its announcement. Controlling for the endogenous matching between issuing firms and underwriters, we find increased underwriter reputation mitigates the immediate price impact of announcing an accelerated bookbuilt offering, exacerbates the price impact of announcing a bought offering, and has no immediate price impact for fully marketed deals. In contrast, underwriter reputation positively affects price outcomes for fully marketed deals around the offer date. Reputation effects are not apparent in the absence of controlling for the endogenous matching. [ABSTRACT FROM AUTHOR]

Using daily data since 2017, we disentangle China-specific structural shocks driving Chinese financial markets and examine spillovers across global markets. The novelty of this paper consists of simultaneously identifying China shocks with shocks emanating from the United States and shocks to global risk sentiment - two major forces driving global financial markets - to ensure that China spillover estimates do not reflect common factors. Our results show that shocks originating in China have material impacts on global equity markets, although spillovers are much smaller than those following shocks in the United States, or those triggered by shifts in global risk sentiment. By contrast, shocks from China account for a significant proportion of variation in global commodity prices, more on a par with those of the United States. Nevertheless, spillovers from China can be significantly amplified in an environment of heightened global volatility, or when the shocks are large. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the association of COVID-19 confirmed cases and deaths with mental health, unemployment and financial markets-related search terms for the USA, the UK, India and worldwide using Google Trends. Design/methodology/approach: The authors use Spearman's rank correlation coefficients to assess the relationship between relative search volumes (RSVs) and mental health, unemployment and financial markets-related search terms, with the total confirmed COVID-19 cases as well as deaths in the USA, UK, India and worldwide. The sample period starts from the day 100 cases were reported for the first time, which is 7 March 2020, 13 March 2020, 23 March 2020 and 28 January 2020 for the US, the UK, India and worldwide, respectively, and ends on 25 June 2020. Findings: The results indicate a significant increase in anxiety, depression and stress leading to sleeping disorders or insomnia, further deteriorating mental health. The RSVs of employment are negatively significant, implying that people are hesitant to search for new jobs due to being susceptible to exposure, imposed lockdown and social distancing measures and changing employment patterns. The RSVs for financial terms exhibit the varying associations of COVID-19 cases and deaths with the stock market, loans, rent, etc. Research limitations/implications: This study has implications for the policymakers, health experts and the government. The state governments must provide proper medical facilities and holistic care to the affected population. It may be noted that the findings of this study only lead us to conclude about the relationship between COVID-19 cases and deaths and Google Trends searches, and do not as such indicate the effect on actual behaviour. Originality/value: To the best of the authors' knowledge, this is the first attempt to investigate the relationship between the number of COVID-19 cases and deaths in the USA, UK and India and at the global level and RSVs for mental health-related, job-related and financial keywords. [ABSTRACT FROM AUTHOR]

In 2020, the National Association Of Securities Dealers Automated Quotations ("Nasdaq ) proposed a comply-or-explain governance rule to the Securities and Exchange Commission ("SEC"), aimed at increasing diversity in companies listed on its exchange. The resulting listing rule-approved by the SEC in 2021-was met with a mixed chorus of cheers and jeers from the public and regulated companies. Missing from that chorus, however, was an analysis of the eljectiveness of Nasdaq's approach in using a flexible, predominantly international comply-or-explain governance model to regulate the companies listed on its exchange. Framed as a disclosure code, Nasdaq's Listing Rule 5605(t)(2) requires listed companies to either have at least two diverse board members or provide an explanation for why the company has .failed to do so. Comply-or-explain governance represents an attempt by regulators to meet the needs of companies while also nudging companies in the direction of a best practice-which in Nasdaq's case is to have two diverse board members. Widely used in Europe, the governance approach toes the line between mandating compliance and allowing companies to adjust the code to their needs. However, inherent in the flexibility allowed for by comply-or-explain governance comes certain flaws prevalent in international jurisdictions that can result in minimal adoption and consequently minimal change. This Comment assesses Nasdaq's Listing Rule 56050(2)for its likely impact in boardrooms of the more than 3,000 companies listed on its exchange, highlighting critical gaps that could result in the aspirational code. This Comment then proposes a solution to the Rule to fill the gaps through increased Nasdaq monitoring and publication without overextending the exchange beyond its constitutional or statutory limits. [ABSTRACT FROM AUTHOR]

In this study, we examine the influence of global factors in driving connectedness among Unite States and emerging stock markets. For this purpose, we employ widely recognized approaches of and Barunik and Krehlik to estimate connectedness among the underlying markets in time‐frequency domains. Also, we use the tests proposed by Péguin‐Feissolle and Teräsvirta to examine the impact of global factors on the transmission relationship between United States and emerging stock markets utilizing the non‐linear causality tests. The findings validate the influential role of global factors in channeling overall total spillovers between United States and emerging stock markets. However, the results for individual emerging markets show some degree of heterogeneous impact of global factors in driving connectedness across different emerging stock markets. Our robustness results also confirm the main findings. Important implications of findings are discussed for portfolio managers and policymakers. [ABSTRACT FROM AUTHOR]

The massive blackout that occurred in August 2003 left over 50 million people in the northeastern and midwestern parts of the United States without electricity and caused billions of dollars in economic losses. This event highlighted the importance of sustainable and resilient energy infrastructure. Our study examines the impact of this blackout on the sustainability of financial markets by analyzing the liquidity and information asymmetry of U.S. stocks listed on major exchanges. Our results show that the blackout had a negative impact on the financial market's liquidity, as evidenced by a significant widening of bid–ask spreads and a decrease in the market quality index. We also find an increase in information asymmetry during the blackout period, as measured by higher realized spreads. Furthermore, our study reveals that the blackout had a border impact on global financial markets and the negative effect on liquidity persisted even after two weeks. [ABSTRACT FROM AUTHOR]

The green bond market has significantly improved in recent years thanks to the development of financial instruments and the rising climate change concerns. Given this backdrop, this paper investigates the effects of returns in different financial markets, i.e. the United States Treasury Bonds, the Standard & Poor's stock market, the United States Dollar, Gold, Crude Oil, and Bitcoin on the Green Bond returns (the Standard & Poor's Green Bond Index) from September 17, 2014, to September 1, 2022. The results from the robust linear and machine learning estimators indicate that the returns of the United States Treasury Bonds and the United States Dollar are negatively related to the Green Bond returns. Meanwhile, Gold returns positively affect Green Bond returns. The quantile regression estimations of Machado–Santos Silva also show that these findings are valid in different quantiles. The paper also discusses policy implications related to climate change and the development of financial instruments to promote green investments. [ABSTRACT FROM AUTHOR]

The resurgence of Special Purpose Acquisition Companies ("SPACs") in the U.S. securities market has demonstrated potential as an alternative to the traditional initial public offering ("IPO"). However, the evolution of SPACs from their fraudulent "blank check" ancestors has left the Securities and Exchange Commission ("SEC") weary of SPACs' continued presence in the market. Currently, SPACs exist as an exception to Rule 419 and the Penny Stock Reform Act of 1990, thereby allowing them to escape the rigorous disclosure requirements that not only eradicated their ancestors, but also significantly burdened the timeline of the traditional IPO process. While many consider SPACs a unique opportunity for non-institutional investors to reap benefits similar to those seen in private equity, a closer look into their evolution in the market suggests an entirely different conclusion. This Comment offers a critical assessment of the SPAC structure and advances unique regulatory solutions. It begins with a focus on the landscape surrounding the SPAC structure, looking to the evolution of securities market regulations and the rise and evolution of the SPAC as an alternative to the traditional IPO. Following discussions on the various tensions present in the current form, this Comment sheds light on persistent issues lingering within the current form, illustrating the necessity for SPAC reform. Finally, this Comment proposes four solutions--bringing back investor voice, mitigating dilution to the investors, tidying disclosure requirements, and revisiting due diligence--and argues the need for SPAC creators to accept guidance from the SEC and look inward to SPAC performance to undergo self-reform in order to avoid the possibility of SPACs being regulated out of existence. [ABSTRACT FROM AUTHOR]

In this article, the authors analyze the impact of environmental, social, and governance (ESG) investing on stock returns. For this purpose, they follow the notion that higher ESG awareness of investors increases the prices of sustainable stocks. If so, one can hypothesize two opposing relationships for the return: a positive short-term effect and a negative long-term effect. To empirically separate between these two effects, they use Google Trend data as a proxy for ESG awareness. Examining data from 2010 to 2020 from the US and the European Economic and Monetary Union (EMU) markets, the authors find empirical evidence supporting both hypotheses. Moreover, the results show on the individual firm level that sustainable stocks have less exposure to an ESG-Factor and thus earn a lower ESG premium. The comparison of both markets shows that the US market is more mature than the EMU market regarding the transition from a state in which investors do not consider ESG to a state in which investors do consider ESG. [ABSTRACT FROM AUTHOR]

International diversification has hurt US-based investors for over 30 years, but the long-run case for it remains relevant. Both financial theory and common sense favor international diversification, which is buttressed by empirical evidence that is very supportive at longer horizons and for active strategies. Finally, it would be dangerous to extrapolate the post-1990 outperformance of US equities, as it mainly reflects rising relative valuations. If anything, the current richness of US equities may point to prospective underperformance. [ABSTRACT FROM AUTHOR]

Summary: We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. The effects are significant for several weeks or quarters. Decomposing the trade policy shocks further suggests that trade policy uncertainty dominates tariff level effects. Chinese trade policy shocks against the United States further hurt US stocks. [ABSTRACT FROM AUTHOR]

Purpose: This paper examines the time-varying return connectedness between renewable energy, oil, precious metals, the Gulf Council Cooperation region and the United States stock markets during two successive crises: the pandemic Covid-19 and the 2022 Russo-Ukrainian war. The main objective is to investigate the effect of the Covid-19 pandemic and the Russo-Ukrainian war on the connectedness between the considered stock markets. Design/methodology/approach: This paper uses the time-varying parameter vector autoregression approach, which represents an extension of the Spillover approach (Diebold and Yilmaz, 2009, 2012, 2014), to examine the time-varying connectedness among stock markets. Findings: This paper reflects the effect of the two crises on the stock markets in terms of shock transmission degree. We find that the United States and renewable energy stock markets are the main net emitters of shocks during the global period and not just during the two considered crises sub-periods. Oil stock market is both an emitter and a receiver of shocks against Gulf Council Cooperation region and United States markets during the full sample period, which may be due to price fluctuation especially during the two crises sub-periods, which suggests that the future is for renewable energy. Originality/value: This paper examines the effect of the two recent and successive crises, the Covid-19 pandemic and the 2022 Russo-Ukrainian war, on the connectedness among traditional stock markets (the United States and Gulf Council Cooperation region) and commodities stock markets (renewable energy, oil and precious metals). [ABSTRACT FROM AUTHOR]

Through this document, it was possible to analyze the main characteristics of the volume of scientific production regarding the study of the variables Omnichannel depending on the Financial Markets. A bibliometric analysis was proposed to analyze details such as Year of Publication, Country of Origin of the publication, Area of Knowledge in which the published research is carried out and the Type of Publication most frequently used by the authors of each document published in high-impact journals indexed in the Scopus database during the period between 2017 and 2022. Among the main findings, it was possible to determine that, for the execution of the different research methodologies, the report of 578 scientific documents related to the study of Omnichannel depending on financial markets was achieved. The maximum number of publications in a year was 183 papers submitted in 2022. The country of origin of the institutions that reported the highest number of records in Scopus was the United States with 160 documents. The area of knowledge with the greatest influence at the time of executing the research projects that resulted in scientific publications was Business, Administration and Accounting, which contributed great theoretical material in a total of 513 publications. Finally, the type of publication most frequently used to publicize findings from the analysis of the aforementioned variables was the Article, which represented 70% of the total scientific production. [ABSTRACT FROM AUTHOR]

The paper looks at the results of Apergis, Christou and Kynigakis (2019) and proposes a novel model that allows time variation in volatility, skewness and kurtosis, based on multivariate stable distributions. The analysis also looks at bank sector CDS, insurance sector CDS, sovereign bonds, equity and volatility indices. The findings corroborate their results and indicate significant evidence of contagion, especially through the channels of co‐skewness and co‐kurtosis. In addition, it establishes a higher order channel of causality between co‐skewness and co‐kurtosis. [ABSTRACT FROM AUTHOR]

Using a machine-learning technique known as random forests, we analyze the role of investor confidence in forecasting monthly aggregate realized stock-market volatility of the United States (US), over and above a wide-array of macroeconomic and financial variables. We estimate random forests on data for a period from 2001 to 2020, and study horizons up to one year by computing forecasts for recursive and a rolling estimation window. We find that investor confidence, and especially investor confidence uncertainty has out-of-sample predictive value for overall realized volatility, as well as its "good" and "bad" variants. Our results have important implications for investors and policymakers. [ABSTRACT FROM AUTHOR]

This study examines the role of the global financial cycle (GFCy) in the propagation of uncertainty shocks from the United States to other national economies using a large‐scale global vector autoregressive model of 33 countries. Although the dominant role of US uncertainty over global economic dynamics is established, the findings highlight the moderating role of the GFCy in the spillover effects of uncertainty shocks. The US uncertainty shocks, compared with own‐domestic uncertainty shocks, are found to have a more prominent negative impact on output during stressed market conditions, implied by low values of the GFCy, while the impact turns largely insignificant during high GFCy states. The findings provide evidence in favour of a US uncertainty spillover multiplier, suggesting that the design of monetary policy as a response to US uncertainty needs to be contingent on the state of the integrated global financial markets, captured by the GFCy. [ABSTRACT FROM AUTHOR]

Agency mortgage‐backed securities (MBSs) with diverse characteristics are traded in parallel through individualized specified pool (SP) contracts and standardized to‐be‐announced (TBA) contracts with delivery flexibility. This parallel trading environment generates distinctive effects on MBS pricing and trading: (i) Although cheapest‐to‐deliver (CTD) issues are present in TBA trading and absent from SP trading by design, MBS heterogeneity associated with CTD discounts affects SP yields positively, with the effect stronger for lower‐value SPs; (ii) high selling pressure amplifies the effects of MBS heterogeneity on SP yields; and (iii) greater MBS heterogeneity dampens SP and TBA trading activities but increases their ratio. [ABSTRACT FROM AUTHOR]

The world is facing the most severe economic crisis it has seen in decades. This crisis originated in the financial sector of developed economies and was caused by the problem of subprime mortgages and the collapse of mortgage-backed securities in the United States. The financial crisis had immediate repercussions in developing countries which were closely linked to global financial markets through the flight of capital to safe havens and the rapid flight of capital from emerging market economies to advanced economies, in particular the States. -United. At the same time, the world's population is hit by a food crisis, energy crisis, climate change, poverty and uncertainty about the future. Despite their economic size, the industrialized countries fell into recession. Developing countries will be more affected by this crisis. Trade and investment liberalization erode domestic agriculture and industry. People in developing countries are noticing a decline in development assistance due to financial difficulties around the world. The objective of this article is to propose an initial assessment of the effects of the financial and economic crisis on developing countries and in particular on third Mediterranean countries, the conclusions and the main recommendations. [ABSTRACT FROM AUTHOR]

Stock exchange operators compete for order flow by setting "make" fees for limit orders and "take" fees for market orders. When traders can quote continuous prices, exchange operators compete on total fee, because traders can choose prices that perfectly neutralize any fee division. The 1-cent minimum tick size, however, prevents traders from neutralizing fee division. The nonneutrality of division between make and take fees (1) allows an exchange operator to establish exchanges that differ in fee structure to engage in second-degree price discrimination and (2) destroys the Bertrand equilibrium, leads to frequent fee changes, and encourages entries of new exchanges. Received May 29, 2016; editorial decision April 19, 2018 by Editor Robin Greenwood. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

In this study, we empirically examine the relationship between U.S. immigrants' intentions to emigrate from the U.S. and their financial market participation. Researchers have explored several determinants of immigrants' financial market participation, namely the characteristics of the immigrants and their country of origin. However, one determinant that has not been explored, due to lack of data, is immigrants' intentions to emigrate from the host country. Using data from the New Immigrant Survey, we find that immigrants with intentions to emigrate from the U.S. are more likely to participate in the financial markets relative to their counterparts with no such intentions. The results also indicate that married immigrants with intentions to emigrate from the U.S. are less likely to own a checking or savings account than immigrants who are not married. In addition, immigrants with the intent to emigrate from the U.S. are more likely to purchase stocks, corporate bonds, or both as they get older. [ABSTRACT FROM AUTHOR]

This study aims to explain the relationship between price and financial stability in monetary policy designs that have developed since the 1990s and to empirically examine the relationship between price and financial stability in the monetary policy designs of the US. To this effect, the study examines the time-varying structure of the relationship between price and financial stability in the US, where monetary policies are designed to achieve price stability, full employment and moderate long-term interest rate targets using the TVP-SVAR model for the period 1993:12-2020:12. The results of the study demonstrate the presence of a reciprocal relationship within the scope of the new environment hypothesis, which varies over time between price and financial stability in the US over the study period. These results broadly suggest the necessity of redesigning monetary policies in the US based on the propositions of the new environment hypothesis and considering the varying structure of the relationships, symmetrical or asymmetrical, between monetary and financial stability variables over time. [ABSTRACT FROM AUTHOR]

Large institutional investors own an increasing share of the equity markets in the United States. The implications of this development for financial markets are still unclear. The paper presents novel empirical evidence that ownership by large institutions predicts higher volatility and greater noise in stock prices as well as greater fragility in times of crisis. When studying the channel, we find that large institutional investors exhibit traits of granularity (i.e., subunits within a firm display correlated behavior), which reduces diversification of idiosyncratic shocks. Thus, large institutions trade larger volumes and induce greater price impact. This paper was accepted by David Simchi-Levi, finance. [ABSTRACT FROM AUTHOR]

Using a large panel of credit card accounts, we examine the dynamics of credit card borrowing and repayment in the United States and what these imply for the expected costs of credit card debt to consumers. Our analysis reveals that: (a) credit cards are predominantly used to borrow, (b) card debt is sustained for long periods and balances frequently rise before being repaid, and (c) this debt is potentially more costly than anticipated. Specifically, we document that 82% of outstanding balances are debt and that 70% of this debt accrues to those borrowing continuously for a year or more. The expected annualized cost of an episode of continuous borrowing is 28% of its initial balance, or 13 percentage points. higher than the average annual percentage rate. Moreover, credit scores decline during episodes, further raising the expected cost of borrowing on a card. [ABSTRACT FROM AUTHOR]

Prediction markets trade securities with final prices contingent on the outcome of future events, for example, who will win the next political election. We show how the outcome of a United States presidential election, information captured by prediction markets, impacts global financial markets. We investigate the existence of a causal relationship between various prediction markets and global financial markets time series for over 27 different countries and regions using Dow Jones Global Indexes. We construct vector auto‐regressive models and use the Toda–Yamamoto causality test to deal with non‐stationary time series. Preliminary results indicate that prediction markets may be used to predict some global financial markets. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Administration & Economics is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the social value of "completing" anonymous markets that would not naturally survive and did not historically exist. [ABSTRACT FROM AUTHOR]

The Federal Reserve's influence on the economy and financial markets is substantial and well-recognized by market participants. Over the past few years, both the financial and popular media have been obsessed with Fed actions and speculation on potential Fed actions. While advisors and clients closely monitor monetary policy actions, there is confusion about the implications these actions have for stock market returns. This analysis documents the association between both general stock market returns and equity sector returns during expansive, indeterminate, and restrictive monetary policy conditions. Advisors can use the results to both condition clients' expectations and make portfolio adjustments to take advantage of historical patterns in equity sector returns. [ABSTRACT FROM AUTHOR]

We compare reactions in the prices and trading patterns of common stocks and closed-end funds (CEFs), securities with substantially different investor clienteles, to the Sept. 11, 2001 terrorist attacks. When the market reopened 6 days later, retail investors sold and there were sharp price declines, even in assets with net institutional buying. In the subsequent 2 weeks, price reversals were substantially security specific and thus not simply due to improved systematic sentiment. Consistent with microstructure theory, comparisons between CEFs and common stocks show the speed of these reversals depended significantly on the relative quality and availability of information about fundamental values. [ABSTRACT FROM AUTHOR]

Around the 1860s, technological advancements in transport, communication and warehousing, contributed to the emergence of world markets for many staple commodities (e.g., cotton, wheat). At the same time, the economic needs of the companies involved in this commercial revolution stimulated the growth of markets for securities and shares. The growing complexity of global markets created propitious conditions for the emergence of a class of professional speculators. Initially, the frenzy that accompanied this process seemed to confirm traditional views, which identified speculation with gambling. With time, however, a new scientific literature emerged. Focussing on the last decade of the nineteenth century up to the early 1920s in the UK and US, our analysis brings to light how contributors to this new literature made the case for speculation against conventional wisdom. In so doing, they were not blind to the downside effects of speculation as a possible source of resource misallocation. Nevertheless, they chose to emphasise its constructive side, basing their arguments on the case of commodity markets, where the idea of a long-run equilibrium price to be attained by speculation appeared plausible. They employed the same arguments in the case of the stock exchange, downplaying differences between the two markets although they were well aware of them. Thus economists played a crucial role in convincing policymakers of the beneficial effects of the new speculative instruments, against the hostility of a large part of public opinion. Futures and their use for the purpose of short selling, the most controversial of the new trading practices, were gradually accepted and regarded as legitimate commercial transactions. On the other hand, options continued to attract suspicion for a long time and to be kept in a limbo between disreputable and acceptable operations. The paper expands the existing literature on the subject by providing the first systematic reconstruction of the shared analytical arguments that, in spite of differences between authors and contexts, contributed to making speculation gradually accepted in the UK and US. [ABSTRACT FROM AUTHOR]

This study focusses on the high growth of Latino-owned businesses (LOBs) in the United States during the last two decades and the constraints these businesses face during their start-up and development stages. During this period, the number of LOBs increased faster than businesses owned by other racial and ethnic groups. The study also addresses the following aspects of Latino business ownership: 1) the main reasons U.S. Latinos decide to become business owners; 2) their reluctance to seek loans from formal financial markets; 3) internal and external factors that limit Latino business owner participation in financial markets, 4) and the internal and external factors that banks and other financial institutions face when working with Latino businesspeople. We found important gaps in access to credit between LOBs and two comparison groups: i) Equally-Latino & non-Latino firms and ii) White-owned businesses. [ABSTRACT FROM AUTHOR]

This study used the Survey of Earned Doctorates, World Bank economic data of the doctoral students' home country, and hierarchical linear modeling analysis to examine the effects of financial factors and home-country macroeconomic indicators on international doctoral students' labor market destinations. We found that wealth disparities and economic opportunities in the home country affect international doctoral student outcomes. Higher gross national income per capita was associated with decreased likelihood of remaining in the United States, while higher unemployment rates in the home country significantly increased the likelihood of remaining in the United States. The study reveals a need to develop career services support for international doctoral students that are tailored to their needs as well as the need to internationalize the curriculum to support those who will eventually return to their home country. [ABSTRACT FROM AUTHOR]

Copyright of Economic Researcher Review is the property of Association of Arab Universities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

More and more music therapists in the United States are entering into private practice. For a private practice to survive, a therapist must make sound financial and marketing decisions that can have wide-ranging implications on the success of the business. Clear and current recommendations from music therapists in private practice can help those wanting to go into private practice as well as those already in private practice. The purpose of this study was to identify a current descriptive profile of music therapists in private practice in the United States as well as marketing and financial recommendations. In addition, comparing this survey with previous surveys can reveal possible trends in the field. Music therapists (N = 745) who self-identified as being self-employed or in private practice were sent a survey designed by the researchers. A total of 193 respondents returned the survey revealing that current therapists in private practice are better educated and value the internet and social media for marketing and session implementation more than respondents of previous surveys. Respondents recommend that music therapists in private practice continually learn by taking business classes and consulting with business experts; diversify funding sources, service options, and populations served; and connect with music therapists and nonmusic therapists in the community. [ABSTRACT FROM AUTHOR]

Uncertainty is known to have negative impact on financial markets through its effects on investors' decisions. In the wake of the "Great Recession", quite a few recent studies have highlighted the role of uncertainty in predicting in-sample movements of interest rates. Since in-sample predictability does not guarantee out-of-sample forecasting gains, in this paper, we used historical daily and monthly data for the US to forecast mean and volatility of interest rate. The results show that changes in uncertainty measure movements fail to add any significant statistical gains to the forecast of interest rates for the US. In other words, policy makers in the US are not likely to improve their accuracy of future movements of the policy rate's mean and volatility by incorporating information derived from changes in metrics of uncertainty. [ABSTRACT FROM AUTHOR]

This paper documents pervasive evidence of intra-industry reversals in monthly returns. Unlike the conventional reversal strategy based on stock returns relative to the market portfolio, we document intra-industry return reversals that are larger in magnitude, consistently present over time, and prevalent across subgroups of stocks, including large and liquid stocks. These return reversals are driven by order imbalances and noninformational shocks. Consistent with reversals representing compensation for supplying liquidity, intra-industry reversals are stronger following aggregate market declines and volatile times, reflecting binding capital constraints and limited risk-bearing capacity of liquidity providers. [ABSTRACT FROM PUBLISHER]

There are many speculations, and some empirical indications in recent literature, that manufacturing firms are particularly prone to greenwashing, a practice by which such firms make misleading claims regarding their environmental performance or that of their products. Simultaneously, very recent evidence suggests that the representative investor has developed a preference for ESG (Environmental, Social, Governance) investments, a so-called "warm-glow" preference. The purpose of this paper is to provide a theoretical explanation why the preference for warm-glow investing may disappear if investors perceive firms in a sector to be greenwashing. We hypothesize that given the ubiquitous contemporary focus on greenwashing, rational investors will factor this greenwashing into their investment decisions. To test this, we investigate patterns of association of ESG scores, and both operating and stock performance for 3,245 listed firms, over a period of two decades, comparing the manufacturing and services sectors in the United States, Europe, and major Asian markets. We find that warm-glow investment is present within the services sector across all regions, but in the manufacturing sector we find noticeable regional differences. In particular, we find ESG-performance patterns for manufacturing firms in the United States that we consider consistent with perceptions of greenwashing. The contribution of this paper is to provide a nuanced perspective on how investors preferences change in relation to industry perceptions. The novelty in our study is two-fold: on the one hand, bringing the problem of greenwashing to the emergent literature on warm-glow investing; on the other, introducing warm-glow investing to the emergent literature on greenwashing. [Display omitted] • We theorize industry differences in ESG impact on firm performance. • The absence of warm-glow investing is attributed to perceived greenwashing. • We discuss implications of perceived greenwashing for manufacturing firms. • Investors exhibit a warm-glow preference within the services sector only. [ABSTRACT FROM AUTHOR]