Your browser doesn't support javascript.
Show: 20 | 50 | 100
Results 1 - 15 de 15
Filter
1.
Borsa Istanbul Review ; 23(1):1-21, 2023.
Article in English | Web of Science | ID: covidwho-2310073

ABSTRACT

Because of the increasing importance of and demand for ethical investment, this paper investigates the dynamics of connectedness between sustainable and Islamic investment in nineteen countries that represent developed and emerging financial markets worldwide. To this end, we apply models proposed by Diebold and Yilmaz and Barunik and Krehlik to explore the overall and frequency-based connectedness between selected ethical investments. Our results reveal evidence of a moderate to strong intra country-level connectedness between sustainable and Is-lamic investment and limited cross-country connectedness between ethical investments. The time-varying connectedness analysis suggests enhanced connectedness during periods of market-wide turmoil, such as the European debt crisis, the Chinese financial crisis, and the COVID-19 pandemic. Moreover, the COVID-19 subsample analysis shows an enhanced and idiosyncratic country-level and cross-country connectedness structure between ethical investments, indicating the evolving nature of the relationship between sustainable and Islamic investment. Copyright (c) 2022 Borsa Istanbul Anonim S,irketi . Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

2.
Emerging Markets Finance and Trade ; 2023.
Article in English | Scopus | ID: covidwho-2300647

ABSTRACT

In view of increasing importance of emerging market currencies in the global foreign exchange markets and the growing concerns regarding the vulnerability of these currencies to global crises, we assess the connectedness of 16 emerging currencies by employing asymmetric domains of time and frequency spanning March 2011 to January 2022. We first notice bidirectional interconnectedness (both positive and negative) among three clusters of sampled exchange rates. The currency contagions follow divergent directions during crisis periods. During US debt selling crisis, there is a short-run negative contagion pointing to the appreciation of currencies. Following the Chinese financial market crisis, emerging market currencies demonstrated devaluation. There is long-run positive contagion (devaluation) in response to European Debt Crisis, Russian Ruble Crisis, Brazilian economic crisis, and Argentinian monetary crisis. The sampled exchange rates demonstrate negative long-run connectedness (appreciation) after COVID-19. The major transmitters to total connectedness are South Africa, Poland, and Mexico and major receivers include Thailand, the Philippines, Malaysia, India, Indonesia, and Egypt. In the long run, China is emerging as a significant transmitter. Our study draws significant policy and practical implications for regulators, investors, and financial market participants. © 2023 Taylor & Francis Group, LLC.

3.
Energy Economics ; 120, 2023.
Article in English | Scopus | ID: covidwho-2250150

ABSTRACT

The adverse effects of the high-power energy consumption by cryptocurrencies on the environment and sustainability have raised the interest of a large body of policymakers and market participants. We apply a network approach to investigate the dependency across clean energy, green markets, and cryptocurrencies from 1 January 2018 to 30 November 2021. Our results indicate that sustainable investments, particularly DJSI and ESGL, play a pivotal role in the network system during the COVID-19 crisis. We find that green bonds are the least integrated with the other financial markets, suggesting their significant role in providing diversification benefits to investors. Rolling windows estimation shows that the dependency across the examined marked increased sharply during the COVID-19 crisis, especially between March 2020 and March 2021, after which it faded and became weak and stable until the end of the sample period. Results of the centrality network are consistent with the dependency network analysis. © 2023

4.
Research in International Business and Finance ; 63, 2022.
Article in English | Web of Science | ID: covidwho-2233135

ABSTRACT

This study provides a comprehensive sentiment connectedness analysis in Asia-Pacific. We implement a time-frequency framework and a quantile connectedness approach while analyzing the impact of three crises: the global financial crisis, the Chinese Stock market turbulence (2015-2016), and the COVID-19 pandemic. We find a significant sentiment spillover across markets, though the magnitude is more pronounced in the long run. Although sentiment connectedness is higher during extreme states of the sentiment than in the average state, the systemic risk intensifies further when the sentiment is exceptionally high. Notably, Japan appears to contribute moderately to the sentiment network, while China is the lowest contributor. The three crises strengthened the total sentiment connectedness, while the COVID-19 pandemic had the most substantial impact. Our sentiment network findings have insightful implications on cultural and behavioral factors that drive sentiment systemic risk in Asia-Pacific.

5.
Economic Research-Ekonomska Istrazivanja ; 35(1):5824-5842, 2022.
Article in English | Web of Science | ID: covidwho-2222186

ABSTRACT

The unprecedented challenges caused by the COVID-19 pandemic have led to a need to re-examine sustainable corporate governance practices. Within this context, the current study investigates the moderated effect of gender-diverse corporate boards on sustainable corporate governance practices in Malaysian financial and non-financial firms during the period 2011-2020, employing the dynamic estimator (S-GMM). During the COVID-19 pandemic, a negative relationship between ownership constructs and Global Reporting Initiative (GRI) indicators is observed in non-financial firms, whereas the opposite is reported for financial firms. Moreover, the moderated effect of gender-diverse boards is only substantiated in financial firms. The findings reveal that sustainable corporate governance is practised in financial firms but not in non-financial firms. Particularly, we draw significant implications for policymakers and regulatory bodies of Malaysia to carefully monitor the implementation of sustainable corporate governance given uncertain circumstances of COVID-19 pandemic. Further, our study is beneficial for academics, practitioners, and research scholars for their future research endeavours.

6.
Journal of International Financial Markets Institutions & Money ; 81, 2022.
Article in English | Web of Science | ID: covidwho-2149900

ABSTRACT

Using 5-minute high-frequency data, we study realized volatility spillovers in major crypto-currencies, employing generalized forecast error variance decomposition. We also include COVID19 period observations and report time-varying and asymmetric connectedness across various cryptocurrencies using realized volatilities and semi-variances. Our study provides diverse connections after distinctly considering good-and bad volatilities, which is unique in the related literature. Bitcoin and Ethereum are central to the system and dominant transmitters of positive shocks, while Litecoin propagates negative shocks abundantly. Ripple and Stellar are the least connected currencies with others, whereas Cardano and EOS are isolated in the network. This feature makes these currencies suitable diversifiers in a portfolio with other cryptocurren-cies. Further, the majority of these connections are asymmetric in the long-and short-run. The time-varying and asymmetric nature of connections offers potentially unique opportunities for diversification and portfolios strategies. Total volatility connectedness is not only significantly enhanced but also changed in its nature during the COVID19 period. We observe no significant changes in results after the robustness check through varying lengths of the rolling-window. The findings are important to crypto investors and regulatory authorities for better diversification strategies and effective market oversight, respectively.

7.
ECONOMIC ANALYSIS AND POLICY ; 75:335-344, 2022.
Article in English | Web of Science | ID: covidwho-1936316

ABSTRACT

With the continuous boom of FinTech, the similar features of different platforms provide effective solutions for small and medium enterprises. This study examines whether FinTech offers useful business mechanisms for SMEs in selected ASEAN countries. The ASEAN countries included in the study are Indonesia, Malaysia, Philippine, Singapore, and Thailand. The study employed factor analysis and segregated the FinTech-SME nexus into five factors. The responses of 300 SME owners were collected through interview questionnaires and surveys. We find that new FinTech and SMEs 'collisions' (our term for new utilization) during COVID-19 are the most important factors in the growth of FinTech and the strength of SMEs. Further, we utilized the Kruskal-Wallis test to validate our results and for ranking the factors alongside the ASEAN countries. We present useful implications for policymakers, regulatory bodies, ASEAN countries, and SMEs for welcoming FinTech solutions to facilitate digital transactions. (c) 2022 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

8.
International Journal of Islamic and Middle Eastern Finance and Management ; ahead-of-print(ahead-of-print):19, 2021.
Article in English | Web of Science | ID: covidwho-1583868

ABSTRACT

Purpose - This study aims to examine the hedge and safe-haven properties of the Sukuk and green bond for the stock markets pre- and during the COVID-19 pandemic period. Design/methodology/approach - To test the hedge and safe-haven characteristics of Sukuk and green bonds for stock markets, the study first uses the methodology proposed by Ratner and Chiu (2013). Next, the authors estimate the hedge ratios and hedge effectiveness of using Sukuk and green bonds in a portfolio with stock markets. Findings - Strong safe-haven features of ethical (green) bonds reveal that adding green bonds into the investment portfolios brings considerable diversification avenues for the investors who tend to take fewer risks in periods of economic stress and turbulence. The hedge ratio and hedge effectiveness estimates reveal that green bonds provide sufficient evidence of the hedge effectiveness for various international stocks. Practical implications - The study has significant implications for faith-based investors, ethical investors, policymakers and regulatory bodies. Religious investors can invest in Sukuk to relish low-risk and interest-free investments, whereas green investors can satisfy their socially responsible motives by investing in these investment streams. Policymakers can direct the businesses to include these diversifiers for portfolio and risk management. Originality/value - The study provides novel insights in the testing hedge and safe-haven attributes of green bonds and Sukuk while using unique methodologies to identify multiple low-risk investors for investors following the uncertain COVID-19 pandemic.

9.
Pakistan Journal of Engineering and Applied Sciences ; 29:72-80, 2021.
Article in English | Scopus | ID: covidwho-1535616

ABSTRACT

In Human-Robot Interaction (HRI) domain the prime focus is laid on the safety of the involved humans. High inertias, velocities and extensive work envelop, particularly of most of the currently used industrial robots, are reasons for the hazards associated with the interaction of humans with robots. Several strategies are being investigated for ensuring safety which includes lightweight robots (LWR), force-limiting control, start-stop monitoring, speed limiting mode, etc. These approaches often require a range of hardware peripherals to be incorporated within and around the robotic system. Alternatively, the use of Virtual Reality (VR) systems to interact with otherwise dangerous robots allows for contactless interaction. In this paper we present a Virtual Reality based arrangement that allows the interaction with the robot from distance, in a virtually created environment, to ensure human safety. Keeping in view the frequent requirements of changes in robot’s movement plan, the proposed scheme demonstrates the capability of programming these plans in the virtual environment as well. We have shown the results of controlling a real robot in VR and the root mean square error (RMSE) between the two joint angles of the real and the virtual robot is 2.61 degrees and 3.08 degrees. This leads to remote/tele-control of the robot which is one of the future demands considering the social impact of COVID-19. © 2021. Pakistan Journal of Engineering and Applied Sciences. All Rights Reserved.

10.
Global Finance Journal ; 49, 2021.
Article in English | Scopus | ID: covidwho-1284100

ABSTRACT

Against the backdrop of the exponentially growing trend in green finance investments and the calls for green recovery in the post-COVID world, this study presents the time-frequency connectedness between green and conventional financial markets by using the spillover models of Diebold and Yilmaz (2012) and Baruník and Křehlík (2018). Covering a sample period from January 01, 2008, to July 31, 2020, we aim to explore the dynamics of connectedness between conventional and green investments in fixed income, equity, and energy markets. Additionally, we determine the role of market-wide uncertainty in altering the connectedness structure by performing a subsample analysis for the ongoing COVID-19 pandemic crisis period. Our results show that competing energy investments are not connected, and there is only one-way spillovers from the conventional bonds in the fixed-income investments. Additionally, we observe a low (high) intergroup connectedness for conventional (green) investments. Moreover, the frequency-based analysis shows that connectedness between these competing markets is more pronounced during the short-run. The subsample analysis for the pandemic crisis period shows similar results except for the disconnection between bond markets in the short-run frequency. Our time-varying analysis shows peaks and troughs in the connectedness between climate-friendly and conventional investments that suggest different global events such as the Eurozone Debt Crisis and Shale Oil Revolution drives the association between alternate investments. Similarly, we observe an enhanced connectedness during the recent COVID-19 period, suggesting that financial stability would be a significant factor in determining the smooth transition to green investments. © 2021 Elsevier Inc.

11.
Frontiers in Environmental Science ; 9:15, 2021.
Article in English | Web of Science | ID: covidwho-1278389

ABSTRACT

COVID-19 has morphed from a health crisis to an economic crisis that affected the global economy through several channels. This paper aims to study the impact of COVID-19 on the time-frequency connectedness between Green Bonds and other financial assets. Our sample includes the global stock market, bond market, oil, USD index, and two popular hedging alternatives, namely Gold and Bitcoin, from May 2013 to August 2020. First, we apply the methodologies of Diebold and Yilmaz (International Journal of Forecasting, 2012, 28(1), 57-66) and Barunk and Krehlk (Journal of Financial Econometrics, 2018, 16(2), 271-296). Then, we estimate hedge ratios and hedge effectiveness of green bonds for other financial assets. Green bonds are found to have a great weight in the overall network, particularly strongly connected with the USD index and bond index. While the bi-directional relationship with USD persists during COVID, the connectedness with conventional bonds is also strengthened. Notably, we find a weak relationship between Green bonds and Bitcoin, both in the short and long run. As portfolio implications, Gold and USD have the highest hedge ratio, which is confirmed by the hedging effectiveness. In contrast, oil and stocks exhibit the lowest hedging effectiveness. Our findings imply that financial assets might have a heterogeneous relationship with green bonds. Furthermore, despite its infancy, it seems that the role of green bond during a crisis should not be ignored, as it can be a hedger for some assets, while a contagion amplifier during crisis times.

12.
Economic Research-Ekonomska Istrazivanja ; 2021.
Article in English | Scopus | ID: covidwho-1205476

ABSTRACT

This study draws a comparison between the Global Financial Crisis (GFC) and the COVID-19 pandemic crisis to assess the safe-haven potential of Islamic stocks for G7 stock markets. We employ the cross-quantilogram framework of Han et al., which considers the non-linearity in the relationship, and thus captures the correlation between the Islamic and G7 stock markets across various quantiles reflecting different market conditions. The analysis also includes the time-varying cross-quantile correlation to observe the evolution of Islamic stocks' safe-haven potential. Our full sample analysis shows that Islamic stocks do not exhibit safe-haven properties for G7 stock markets. During the GFC period, Islamic stocks show some diversification benefits for the G7 stock markets. Notably, Islamic stocks emerged as a robust safe-haven asset for the G7 stock markets during the pandemic crisis. The study carries essential insights for equity investors and regulators of G7 and other countries to implement diversification/hedging strategies that would involve Islamic stocks to protect equity investments and the overall financial system amid the financial downturns. © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.

13.
Resources Policy ; 72, 2021.
Article in English | Scopus | ID: covidwho-1199047

ABSTRACT

In this study, we present the evidence of dramatic changes in the structure and time-varying patterns of volatility connectedness across equities and major commodities (oil, gold, silver and natural gas) in the US economy before and during the COVID-19 outbreak. We utilize high frequency 5-min trading data of most actively traded US ETFs to construct the volatility connectedness network. We compute the intraday volatility estimates using MCS-GARCH model and then employ Diebold and Yilmaz (2012) spillover index approach to approximate volatility spillovers between the financial markets. Our main findings showcase significant impact of COVID-19 pandemic on the volatility linkages of financial markets as the volatility connectedness among the different assets peaked during the outbreak. Other findings and implications of the study are further discussed. © 2021 The Authors

14.
Pacific Accounting Review ; ahead-of-print(ahead-of-print):14, 2021.
Article in English | Web of Science | ID: covidwho-1129412

ABSTRACT

Purpose This study aims to estimate the time-frequency connectedness among global financial markets. It draws a comparison between the full sample and the sample during the COVID-19 pandemic. Design/methodology/approach The study uses the connectedness framework of Diebold and Yilmaz (2012) and Barunik and Krehlik (2018), both of which consider time and frequency connectedness and show that spillover is specific to not only the time domain but also the frequency (short- and long-run) domain. The analysis also includes pairwise connectedness by making use of network analysis. Daily data on the MSCI World Index, Barclays Bloomberg Global Treasury Index, Oil future, Gold future, Dow Jones World Islamic Index and Bitcoin have been used over the period from May 01, 2013 to July 31, 2020. Findings This study finds that cryptocurrency, bond and gold are hedges against both conventional stocks and Islamic stocks on average;however, these are not "safe havens" during an economic crisis, i.e. COVID-19. External shocks, such as COVID-19, strengthen the return connectedness among all six financial markets. Research limitations/implications For investors, the study provides important insights that during external shocks such as COVID-19, there is a spillover effect, and investors are unable to hedge risk between conventional stocks and Islamic stocks. These so-called safe haven investment alternatives suffer from the similar negative impact of systemic financial risk. However, during an external shock such as COVID-19, cryptocurrencies, bonds and gold can be used to hedge risk against conventional stocks, Islamic stocks and oil. Moreover, the findings imply that by engaging in momentum trading, active investors can gain short-run benefits before the market processes any new information. Originality/value The study contributes to the emergent literature investigating the connectedness among financial markets during the COVID-19 pandemic. It provides evidence that the return connectedness among six global financial markets, namely, conventional stocks, Islamic stocks, bond, oil, gold and cryptocurrency, is extremely strong. From a methodological standpoint, this study finds that COVID-19 pandemic shock has a significant short-run impact on the connectedness among financial markets.

15.
Eur Rev Med Pharmacol Sci ; 24(17): 9172-9181, 2020 Sep.
Article in English | MEDLINE | ID: covidwho-790179

ABSTRACT

OBJECTIVE: Our objective was to find an association between exposure of a population to Middle East Respiratory Syndrome Coronavirus (MERS-CoV) and mortality rate due to Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) across different countries worldwide. MATERIALS AND METHODS: To find the relationship between exposure to MERS-CoV and mortality rate due to SARS-CoV-2, we collected and analyzed data of three possible factors that may have resulted in an exposure of a population to MERS-CoV: (1) the number of Middle East Respiratory Syndrome (MERS) cases reported among 16 countries since 2012; (2) data of MERS-CoV seroprevalence in camels across 23 countries, as working with camels increase risk of exposure to MERS-CoV; (3) data of travel history of people from 51 countries to Saudi Arabia was collected on the assumption that travel to a country where MERS is endemic, such as, Saudi Arabia, could also lead to exposure to MERS-CoV. RESULTS: We found a significantly lower number of Coronavirus disease 2019 (COVID-19) deaths per million (deaths/M) of a population in countries that are likely to be exposed to MERS-CoV than otherwise (t-stat=3.686, p<0.01). In addition, the number of COVID-19 deaths/M of a population was significantly lower in countries that reported a higher seroprevalence of MERS-CoV in camels than otherwise (t-stat=4.5077, p<0.01). Regression analysis showed that increased travelling history to Saudi Arabia is likely to be associated with a lower mortality rate due to COVID-19. CONCLUSIONS: This study provides empirical evidence that a population that was at an increased risk of exposure to MERS-CoV had a significantly lower mortality rate due to SARS-CoV-2, which might be due to cross-protective immunity against SARS-CoV-2 in that population because of an earlier exposure to MERS-CoV.


Subject(s)
Coronavirus Infections/mortality , Pneumonia, Viral/mortality , Betacoronavirus/isolation & purification , COVID-19 , Coronavirus Infections/epidemiology , Coronavirus Infections/pathology , Coronavirus Infections/virology , Humans , Pandemics , Pneumonia, Viral/epidemiology , Pneumonia, Viral/pathology , Pneumonia, Viral/virology , Prevalence , Regression Analysis , SARS-CoV-2 , Seroepidemiologic Studies , Survival Rate
SELECTION OF CITATIONS
SEARCH DETAIL