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1.
The Journal of the Economics of Ageing ; JOUR: 100420,
Article in English | ScienceDirect | ID: covidwho-2105338

ABSTRACT

In response to the COVID-19 pandemic, the Chilean Congress approved three laws between July 2020 and April 2021 that allowed early withdrawals of pension funds without any eligibility constraints. In this paper, we use nationwide survey data to examine the factors associated with people’s assessments about the suitability of these policies in the context of the pandemic, with a particular focus on trust and political ideology. We find that respondents that declare high levels of trust in Chile’s pension system, financial system, and political institutions and actors tend to oppose early withdrawal policies. Similarly, respondents on the right of the political spectrum and those that voted for the incumbent president, who opposed this policy, also declare opposition to early withdrawals. Overall, our findings suggest that political attitudes and beliefs are associated with policy views on changes to Chile’s pension-fund system and that support for early withdrawal policies may be driven by lack of confidence in institutions.

2.
Frontiers in Education ; JOUR, 7.
Article in English | Scopus | ID: covidwho-2099125

ABSTRACT

One area of research that has important implications for preventing school failure is concerned with “resilient students,” or those children and youth learners who succeed in school despite the presence of adverse circumstances. However, this concept supposes a reductionist vision of the phenomenon of educational resilience by considering the individual as an object of intervention, as well as assuming deficits and limitations to it: its socioeconomic, cultural and linguistic condition. In contrast, we understand resilience as an available resource that transcends the individual and is integrated within a given territory, region or city. The aim of this paper is therefore to propose the incorporation of a new term in the available literature, namely, “community socio-educational resilience (CSER),” inspired in the term “community resilience.” To this end, the new term is defined, characterized and illustrated from an experience carried out during lockdown due to COVID-19. By “CSER” we mean the engagement of different social, cultural and educational agents in the design and implementation of creative and transformative educational practices that challenge such adversity and uncertain circumstances as those deriving from the COVID-19 pandemic (i.e., home confinement, remote teaching). Five fundamental dimensions of the construct are proposed and suggestions for educational practice are discussed. Copyright © 2022 Iglesias, Esteban-Guitart, Puyaltó and Montserrat.

3.
Sustainability Accounting, Management and Policy Journal ; JOUR
Article in English | Web of Science | ID: covidwho-2097582

ABSTRACT

Purpose The purpose of this study is to examine the dynamic connectedness and volatility spillovers between commodities and corporations exhibiting the best environmental, social and governance (ESG) practices. In addition, the authors determine the optimal hedge ratios and portfolio weights for ESG and commodity investors and portfolio managers. Design/methodology/approach This study uses the novel frequency connectedness framework to point out volatility spillover between ESG indices covering the USA, developed and emerging markets and commodity indices, including energy (crude oil, natural gas and heating oil), industrial metals (aluminum, copper, zinc, nickel and lead) and precious metals (gold and silver) by using daily data between January 3, 2011 and May 26, 2021, covering significant socio-economic developments and the COVID-19 outbreak. Findings The results of this study suggest a total connectedness index at a mediocre level, mainly driven by the shocks creating uncertainty in the short term. And the results indicate that all ESG indices are net volatility transmitters, and all commodity indices other than crude oil and copper are net volatility receivers. Practical implications The results imply statistically significant hedging and portfolio diversification opportunities to investors and portfolio managers across the asset classes, proven by the hedging effectiveness analyses. Social implications This study provides implications for policymakers focusing on the risk of contagion among the commodity and ESG markets during turbulent periods to ensure international financial stability. Originality/value This study contributes to the existing literature by differentiating ESG portfolios as the USA, developed and developing markets and examining dynamic connectedness and volatility spillovers between ESG portfolios and commodities with a different technique. This study also contributes by considering COVID-19 outbreak.

4.
Int Rev Financ Anal ; 84: 102387, 2022 Nov.
Article in English | MEDLINE | ID: covidwho-2069189

ABSTRACT

Sustainable investing has gained significant momentum over the past few years. In this paper, we study the performance and flows of sustainable equity mutual funds in recent years through the COVID-19 pandemic. We find that the high-sustainable funds perform better than the low-sustainable ones by between 1.32% and 6.96% annually. This outperformance significantly increases during the COVID-19 pandemic-induced market crash and the post-crash pandemic. Similarly, we find that high-sustainable funds attract significantly more investments (or suffer less outflow) than the low-sustainable funds by between 5.28% and 5.76% per annum. These flow differences increase considerably during the market crash, consistent with the 'flight-to-quality' effect. We also find that the high-sustainable funds attract significantly more investment during the post-crash pandemic than before the crash. This suggests that investors consider sustainable investing a necessity (not a luxury good), and their taste/attitude towards sustainable investing has changed - now they prioritize 'investing with a conscience.'

5.
Journal of Investment Strategies ; 11(2):11-46, 2022.
Article in English | Scopus | ID: covidwho-2056745

ABSTRACT

After years of expansion, the alternative Undertakings for Collective Investment in Transferable Securities (UCITS) market experienced wide fluctuations in performance during the Covid-19 market crisis. Using a novel quantitative process that utilizes Premialab Pure Factors, we identify seven clusters within a universe of 323 alternative UCITS based on their performance and factor characteristics. Investors can gain additional insights into their current or prospective alternative UCITS holdings by observing their performance in the context of the relevant cluster. © 2022 Infopro Digital Risk (IP) Limited.

6.
International Journal of Management & Decision Making ; 21(4):339-378, 2022.
Article in English | ProQuest Central | ID: covidwho-2054417

ABSTRACT

This paper examines the impact of COVID-19 on the performance of select equity linked savings scheme (ELSS) funds in India for two different time periods namely June 2019 (before COVID-19) and June 2021 (after COVID-19) using risk, return and market perception based criteria. We use a hybrid multi-criteria decision-making (MCDM) framework of level based weight assessment (LBWA) and measurement of alternatives and ranking according to compromise solution (MARCOS). We test the group harmony using Kendall's concordance coefficient. We find that the result is validated and shows stability in the sensitivity analysis. To the best of our knowledge, the present work is the first of its kind that assesses the impact of COVID-19 on asset management companies (AMC) of ELSS funds from multiple perspectives. We observe that AMCs are unable to maintain their performance and ranks which suggests a highly competitive and fragmented nature of India's growing ELSS funds.

7.
Global Policy ; 13(4):579-584, 2022.
Article in English | ProQuest Central | ID: covidwho-2037875

ABSTRACT

Since the beginning of the COVID‐19 crises the establishment of new state‐owned funds with expiration dates has accelerated. This new type of fund acquires shares or silent partnerships, or it would take over other components of a company's equity. Through recapitalization, the state funds' assets grow when the injection of capital is needed and the funds shrinks during periods of economic recovery. In other words, the expiration date ensures the eventual transfer of equity stakes to private ownership. While this is a sensible choice for avoiding generous public handouts for ailing firms some unintended long‐term risks remain. Many debt and equity investments have been directed into sectors such as the automotive, energy, or aviation industries. These sectors will face increasing pressure in the future due to structural and policy‐induced changes (e.g., decarbonization efforts to reduce climate change).

8.
Journal of Financial and Quantitative Analysis ; 57(6):2251, 2022.
Article in English | ProQuest Central | ID: covidwho-2036718

ABSTRACT

Using detailed data on company visits by Chinese mutual funds, we provide direct evidence of mutual fund information acquisition activities and the consequent informational advantages mutual funds establish in local firms. Mutual funds are more likely to visit local and nearby firms both in and outside of their portfolios, but the ease of travel between fund and firm locations can substantially alleviate geographic distance constraints. Company visits by mutual funds are strongly associated with both fund trading activities and fund trading performance. Our results show that geographic constraints and costly information acquisition amplify information asymmetry in financial markets.

9.
Journal of Asset Management ; 2022.
Article in English | Web of Science | ID: covidwho-2016978

ABSTRACT

Turn of the month (TOM) is a widely recognized anomaly and studied majorly in the context with equity markets. However, the global mutual fund market has not been much exposed to empirical testing of the TOM anomaly and the implication thereof. This study has dual objectives of not only investigating if the TOM effect persists in the world of equity mutual funds but also proposing an investment strategy to exploit the TOM anomaly to mutual fund investors. The study examines 40 equity mutual funds across 6 different geographies and 2 multi-geographic segments. For the sample period of 15 years (2005-2020), crucially covering financial crisis as well as an outbreak of the Covid-19 pandemic this study confirms a statistically significant effect of TOM for 23 out of 40 funds. Based on findings, the paper proposes a staggered investment strategy to investors in mutual funds for entry and exit to exploit the TOM effect for return enhancement.

10.
Research Series - Economic Policy Research Centre 2022. (157):52 pp. 39 ref. ; 2022.
Article in English | CAB Abstracts | ID: covidwho-2011810

ABSTRACT

Background: Uganda's budget authority has faced increased fiscal pressure caused by a sudden drop in revenues from the economic slowdown and new expenditure pressures associated with COVID-19 impacts. Consequently, the country has responded by reprioritizing the budget towards 7 sectors, i.e., agriculture, health, education, trade and industry, social development, works and energy. These sectors respond to the government's objective of increasing household and firm production and productivity, providing jobs, reducing the health impacts of coronavirus, supporting poverty reduction efforts, promoting exports and enhancing economic growth. Methods and Data: This paper estimates public development budget allocative and technical efficiency for 7 priority sectors that address government policy objectives. Both allocative and technical efficiency are analysed using ratio calculation. However, for some cases, technical efficiency is analysed based on the difference between target and actual outcomes. We calculate the ratios for the 7 sectors based on the votes and outputs. Furthermore, we use a threshold of 80%, which we deem sufficient to determine whether a budget output is inefficient or not. Budget outputs below 80% are considered to be underperforming. Data on allocative efficiency was provided by MoFPED directorate of budget and that on technical efficiency from budget performance reports. The study period considered for this paper runs from 2016/17 to 2020/21. Findings: While we observe high allocative efficiency in a majority of the proposed reprioritisation sectors, there is much variation in budget funds and their utilisation due to: i. A missing link between policy objectives and budgets. Notably, there is a mismatch between wage and non-wage or capital expenditure (CAPEX) allocations, implying inadequate human resources are required to implement the policy objectives, consequently leading to poor outcomes despite the funding provided for CAPEX. This was endemic in the agriculture and health sectors. ii. Duplication of budget outputs reduces flexibility and accountability and increases monitoring costs. This calls for the consolidation of similar budget outputs, but this should be done with consultation from key stakeholders. iii. There are variations in utilisation of domestic relative to the external development financing with unmet outcomes. This could be a case of stringent donor monitoring requirements and delays in procurement. This calls for strict monitoring of the domestic development financing to ensure results. iv. Relatedly, health budgets exhibit an over-reliance on external financing. However, donor funds are largely not integrated into government budgets and may challenge any planned re-allocation. Hence, there is a need to open a discussion with the donors on the possibility of re-channelling financing to other key priority sectors/outputs in line with the country's short-term goals. v. Generally, as observed in the health and education sectors, budgeting is still based on the output/ institution-based system rather than service. This makes it complex to pool resources, spend and strategically purchase goods and services. There is a need to build stronger linkages between budget allocations and sector priorities. This can also enable the implementation of strategic purchasing and incentivize accountability for sector performance. vi. In addition, there is generally an absence of proper transition towards programme-based budgeting (PBB). For example, numerous budget outputs in the trade, tourism and industry sector do not have performance indicators that weaken the link between strategies, annual plans, sector policies and budgets. vii. Generally, we recommend that new road construction should be paused in the short term so that the available funds can be rechannelled to other urgent and critical areas.

11.
International Journal of Early Childhood Special Education ; 14(5):3859-3866, 2022.
Article in English | Web of Science | ID: covidwho-2006511

ABSTRACT

Consistent performance evaluation of mutual funds is crucial for investors and fund managers. In India mutual funds have not been as favourable investment options as in other developedcountries.The Indian mutual fund industry continuesextremely underpenetrated. India's AUM-to-GDP ratio is about 14% as compared to a worldwide average of 75-80% in March 2022. The equity AUM-to-GDP ratio is only 5%. Though, the situation is expected to change in the years to come.Retail investors are becoming more and more interested in mutual fund investments as per data shown by AMFI. The retail investors in the mutual funds' assets under management was 24%, which indicates an increase of 300 bps in September 2021 against the number in September 2020.In addition, AMFI's campaign 'Mutual Fund Sahi Hai' has attracted retail investors from smaller cities. To extend the investor base for mutual funds in India, it is essential to know the impact of income on monthly investment behaviour of investors towards mutual funds during COVID-19, and impact of investor awareness program on monthly investment. In these circumstances, the present research work is dedicated to achieving these objectives. The data were collected from individual investors from different states of India in 2022.The study aims to find out the impact of income andawareness programs on monthly investments towards mutual funds investment during COVID-19.An attempt has also been made to study the level of impact of 'Mutual Fund Sahi Hai' campaign on the retail investors. The data analysis has been done with the SPSS software and by using multivariate and bivariate techniques.

12.
TURAN : Stratejik Arastirmalar Merkezi ; 14:423-432, 2022.
Article in Azerbaijani | ProQuest Central | ID: covidwho-1994607

ABSTRACT

Reqemsal bankçılıq pandemiyanın yayıldığı ve mehz banklara ehtiyac duyulduğu bir dövrde hem ölkeye, hemde ölke vetendaşlarına elverişli mühit yaradır. Mehz bu sebebden reqemsal bankçılığın inkişaf etdirilmesi ve bu sahede olan problemlerin helli dövrümüzün en aktual meselelerinden biridir. Meqalenin meqsediCOVÍD-19 pandemiyasının reqemsal bank xidmetlerine tesirini öyrenmekdir. Tedqiqat işinde analiz, sintez, qruplaşdırma, müqayise ve qrafik tedqiqat metodları kimi elmi metod ve üsullardan istifade edilmişdir. Meqalenin informasiya bazasınıAzerbaycan Respublikasının Merkezi Bankının ve kommersiya banklarının resmi saytlarında yerleşdirilmiş elektron melumatlar, Azerbaycan Dövlet Statistika Komitesinin statistik melumatları, o cümleden BVF ve Dünya Bankının hesabatları, deloittenin resmi melumatları, habele bu mövzuda yazılmış meqale ve derslikler teşkil edir. Covid-19 pandemiyası ile elaqedar praktiki olaraq materialların toplanmasında çetinlikler yaranmışdır. Bundan elave mövzu ile elaqedar yerli alimlerin araşdırmalarının ve Azerbaycan dilinde menbelerin azlığı da tedqiqatın mehdudiyyetleri kimi qebul edile biler. Tedqiqat işinin praktiki ehemiyyeti pandemiya şeraitinde reqemsal bankçılığın ehemiyyetinin esaslandırılması ile müeyyen olunur. Tedqiqatın işinin fundamental müddeaları ve neticeleri ölkenin bank sisteminin modernleşdirilmesi prosesinde istifade oluna biler.Alternate :Digital banking creates a favorable environment for both the country and its citizens at a time when the pandemic is spreading and banks are needed. That is why the development of digital banking and the solution of problems in this area is one of the most pressing issues of our time. The purpose of the thesis is to study the impact of the COVID-19 pandemic on digital banking services. Scientific methods and techniques such as analysis, synthesis, grouping, comparison and graphical research methods were used in the research work. The research database consists of electronic data posted on the official websites of the Central Bank of the Republic of Azerbaijan and commercial banks, statistical data of the State Statistics Committee of Azerbaijan, including IMF and World Bank reports, official data of the Deloitte, as well as articles and textbooks. Due to the Covid-19 pandemic, there were practical difficulties in collecting materials. In addition, the lack of research by local scholars on the subject and the lack of sources in the Azerbaijani language can also be seen as a limitation of research.

13.
Energies ; 15(15):5697, 2022.
Article in English | ProQuest Central | ID: covidwho-1993964

ABSTRACT

The purpose of this study is to explore the impact of pollution control on industrial production efficiency in 31 provinces and cities in the Yellow River and Non-Yellow River basins in China from 2013 to 2017, using the methods of the directional distance function (hereinafter referred to as DDF) and the technology gap ratio (hereinafter referred to as TGR) in parallel, while taking the industrial production sector (labor force, total capital formation, energy consumption and industrial water consumption) and the pollution control sector (wastewater treatment funds and waste gas treatment funds) as input variables. Undesirable outputs (total wastewater discharge, lead, SO2 and smoke and dust in wastewater) and an ideal output variable (industrial output value) are taken as output variables. It is found that the total efficiency of DDF in the Non-Yellow River Basin is 0.9793, which is slightly better than 0.9688 in the Yellow River Basin. Among the 17 provinces and cities with a total efficiency of 1, only Shandong and Sichuan are located in the Yellow River Basin. The TGR values of 31 provinces, cities and administrative regions are less than 1, and the average TGR value of the Yellow River Basin is 0.3825, which is lower than the average TGR value of the Non-Yellow River Basin of 0.5234. We can start by improving the allocation of manpower and capital, implementing the use of pollution prevention and control funds, improving the technical level of industrial production, improving pollutant emission, and increasing output value to improve overall efficiency performance. This study uses the parallel method, taking the industrial production department and the pollution control department as inputs, to objectively evaluate the changes in industrial production efficiency and technology gap in the Yellow River and Non-Yellow River basins, which is conducive to mastering the situation of pollution control and industrial production efficiency, and provides the reference for SDG-6- and SDG-9-related policy making.

14.
International Journal of Consumer Studies ; 2022.
Article in English | Scopus | ID: covidwho-1992811

ABSTRACT

The current study intends to identify the behavioural antecedents of investors' attitude and investment intention toward mutual funds using a robust SEM-ANN approach. It focuses on novel factors in the purview of the COVID-19 pandemic, increasing digitalization and social media usage. The research outcome indicates that attitude (ATB), awareness (AW) and investment decision involvement (IDI) have a significant positive relation with investment intention (BI). In contrast, perceived barrier (PBR) negatively relates to investment intention. Herd behaviour (HB) and social media influence (SMI) do not influence investment intention toward mutual funds. Moreover, all the tested predictors share direct relation with the attitude toward mutual fund investment, barring perceived risk (PR), which has an inverse relationship. As per the outcome of ANN sensitivity analysis, attitude is the most crucial determinant of investment intention. It is followed by awareness (AW), perceived barriers (PBR) and investment decision involvement (IDI). Among the significant determinants of attitude, self-efficacy (SE) is the most important determinant, followed by perceived usefulness (PU), perceived emergency (PEMER), subjective norms (SN) and perceived risk (PR). © 2022 John Wiley & Sons Ltd.

15.
Finance Research Letters ; : 103249, 2022.
Article in English | ScienceDirect | ID: covidwho-1983086

ABSTRACT

We investigate the drivers and impact of suspending redemptions for European mutual funds. Using a novel data set of funds that suspended redemptions during the COVID19 market turmoil in March 2020, we find that illiquid funds invested in real estate are substantially more likely to suspend than other funds. Suspensions are also strongly correlated with funds’ cash holdings, leverage, age and the availability of ex-ante liquidity tools. We also find that suspensions result in lower inflows for the suspending funds once they re-open and for associated non-suspending funds belonging to the same asset management company, suggesting spillover effects from suspensions.

16.
International Conference on Business and Technology, ICBT 2021 ; 487:337-356, 2023.
Article in English | Scopus | ID: covidwho-1971406

ABSTRACT

The outbreak situation of the COVID-2019 pandemic is an Unpredictable shock to the world economy. World Economy faces the slowdown of share market prices, especially the value of mutual fund value decreases. Companies and Businessmen primarily invested in the mutual funds to play a safer role, modify their risk into the return, and increase the Net Assets Value (NAV). This study attempts to describe the state of mutual funds in India during this COVID 2019 period. Thus the performance of mutual funds when compared with before and during COVID 2019, the proposed model specifies on testing the performance of mutual funds both in the public and private sectors and attains to access the impact of COVID 2019 on mutual funds. The author has used correlation for finding out the relation of COVID 2019 and Mutual Funds. This paper mainly addresses the causes of investors during economic fluctuation and the return of top mutual companies by comparing the return of 1 year and during these last three months. COVID 2019 is not only on particular sectors;it affects almost every sector like construction, manufacturing, business, agriculture. While all the sectors are affected by COVID 2019 pandemics, it hits the society and the economy;once the economy comes down, the inflation rate increase, the Forex rate will increase, and it affects our whole country. In this paper, the author included sectors that are affected and their performance now and how well the different types of funds are performing, which will be helpful for the reader to analyze the affected areas. The paper concluded with the help of a survey and statistical tools whether the investors can make a further payment and hold for some period or continue with the investment whatever situation crisis impacts our economy. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

17.
Management Science ; 2022.
Article in English | Web of Science | ID: covidwho-1968829

ABSTRACT

We examine how childcare inequalities in the home affect the work productivity of female talent, using unique data on the family structures of hedge fund managers and the exogenous shock from school closures during the early COVID-19 pandemic response. We find that female managers??? ability to generate abnormal returns is curbed by 9% on average in the shock-month of school closures, providing a direct measure of the cost of unpaid care work. This effect is driven by mothers and especially mothers with young children. With increasing calls for more female representation in all layers of the economy and the efforts exerted toward that goal, there is reason for concern that these efforts might not factor in as the pandemic has uncovered how women in general and mothers in particular bear both the burden of unpaid care work and the subsequent cost to their paid work.

18.
Ekonomia i Prawo ; 21(2):449-461, 2022.
Article in English | ProQuest Central | ID: covidwho-1964630

ABSTRACT

Motivation: European funds are these kinds of goods for which effective demand exceeds supply. The market value of European projects in Poland is estimated at approximately PLN 1125,44 bn, of which the EU co-financing is PLN 664,29 bn. Their effective use depends on the quality of the institutions responsible for their aggregation, allocation and proper expenditure (in accordance with the EU policies). Aim: The analysis of mechanisms determining the market game on the European project market in Poland in the light of the new institutional economics. Particular attention will be paid to the administrative tools that facilitate efficient long-distance communication between the parties to a project co-financing contract (central ICT system SL2014). Results: ICT systems constitute a part of a wider phenomenon commonly referred to as e-administration. It may be regarded as an institution in the meaning of the new institutional economics. This institution reduces the transaction costs related to handling European projects as well as the transaction costs in other areas connected with public governance. Wherever the e-administration can be applied (e-administration may be found useful in the case of public health emergencies that were triggered by the SARS-CoV-2 pandemic). Central ICT system SL2014 (as an element of e-administration) significantly reduced transaction costs in the field of handling European projects in the 2014–2020 financial perspective.

19.
Webology ; 19(2):3952-3969, 2022.
Article in English | ProQuest Central | ID: covidwho-1958084

ABSTRACT

This paper discusses the influence of various revenue streams (government grants, student fees, internally generated revenue, and endowment trust funds) on the financial sustainability of Kenyan public universities from the perspective of resource dependency theory. A longitudinal survey research approach was used and the final sample consisted of 31 public chartered universities in Kenya that had operated continuously for more than five years as of 2015. Panel data were extracted from the annual financial statements of these universities and other secondary data sources for the period from 2015 to 2020. A random effects regression model was applied to determine the correlation between the different revenue streams and financial sustainability. This study found that both government grants and student fees have significant relationships with the current ratio. By contrast, internally generated revenue and endowment trust funds have insignificant relationships with the current ratio. Not only do this study's findings contribute to existing empirical literature, but the results will also be beneficial to multiple stakeholders, such as university management, stakeholders, and researchers.

20.
1st International Conference on Technologies for Smart Green Connected Society 2021, ICTSGS 2021 ; 107:19803-19811, 2022.
Article in English | Scopus | ID: covidwho-1950354

ABSTRACT

The hyperbolic discounting dimensions of investment decisions in gold exchange-traded funds do not appear in the existing literature and no study has been conducted with a focus on gold exchange-traded funds to understand the impact of time inconsistency on the investment decision in a gold exchange-traded investment. This study is exploring the impact of behavioral factors on investment decisions in gold ETFs during the pandemic situation. Hence, this study has relevance in terms of analyzing and determining the hyperbolic investor behavior for investment in gold ETFs. Research helps to understand the impact of hyperbolic discounts on gold ETF investment decisions understand the impact of behavioral elements on gold ETF investment decisions - Research can provide insight into reasonable and illogical patterns of Investor behavior influencing investment decisions. © The Electrochemical Society

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