An EM/MCMC Markov-witching GARCH behavioral algorithm for random-length lumber futures trading

This paper tests using two-regime Markov-switching models with asymmetric, time-varying exponential generalized autoregressive conditional heteroskedasticity (MS-EGARCH) variances in random-length lumber futures trading. By assuming a two-regime context (a low s=1 and high s=2 volatility), a trading algorithm was simulated with the following trading rule: invest in lumber futures if the probability of being in the high-volatility regime s=2 is lower or equal to 50%, or invest in the 3-month U.S. Treasury bills (TBills) otherwise. The rationale tested in this paper was that using a two-regime Markov-switching (MS) algorithm leads to an overperformance against a buy-and-hold strategy in lumber futures. To extend the current literature in MS trading algorithms, two location parameter scenarios were simulated. The first uses an unconditional mean or expected value (no factors), and the second incorporates market and behavioral factors. With weekly simulations form 2 January 1994 to 28 July 2023, the results suggest that using MS-EGARCH models in a no-factors scenario is appropriate for active lumber futures trading with an accumulated return of 158.33%. Also, the results suggest that it is not useful to add market and behavioral factors in the MS-GARCH estimation because it leads to a lower performance.Junta de Extremadura | Ref. GR2116

How Do Quality Practices Affect the Results?: The Experience of Thalassotherapy Centres in Spain

Most thalassotherapy centres in Spain do not have any quality certification but they are carrying out several actions of quality management in an attempt to obtain better results. Consequently, the aim of this research is to study if the implementation of quality practices on thalassotherapy centres has the same impact on companies’ results as on the results of those companies that got the quality certifications. In addition, the relationships between different factors considered are going to be studied. Our sample is composed of Spanish thalassotherapy centres, and the statistical technique used is based on structural equation modelling, in particular partial least squares (PLS) regression. The data were provided by the answers given by 31 managers (70.45% of the selected sample) to a structured questionnaire based on previous research and statistically validated. The results of this research allow us to conclude that these kinds of organizations have implemented informal practices to improve the quality of the service in terms of leadership, personnel management, alliances, and resources and show that the practices that have been carried out by these centres to enhance the quality of the service have an impact on companies’ results. Managers of these kinds of establishments that want to improve customer results should focus their efforts on continuous improvement, whereas, if they are pursuing enhancement of other results, their efforts should be focused on process management

Entrepreneurship, innovation and inequality : exploring territorial dynamics and development

The ongoing advances in technology have brought significant improvements in the processing speed and storage of large volumes of data. Tech-savvy organisations have already started using big data with a goal to improve their decision making, agility and customer-centric approaches. Today, many tourism marketers are hyper-targeting consumers with real-time mobile ad campaigns to drive conversions. They use analytics to identify how exogenous variables, including the broader economy, competitive offerings and even the weather can affect their organisational performance. Similarly, the smaller enterprises are economically gathering and storing data from each and every customer transaction. They use analytics to customise their offerings and improve their customer engagement. Therefore, this chapter builds on the previous theoretical underpinnings on smart tourism. It clarifies how smart, disruptive technologies have led to endless opportunities for tourism and hospitality marketers to gain a competitive advantage. It explains how they are leveraging themselves by utilising contemporary marketing strategies and tactics that are customer-focused. The researcher examines the use of big data, analytics, programmatic advertising and blockchain technologies in the realms of tourism and hospitality.peer-reviewe

Modeling oil price uncertainty effects on economic growth in Mexico: a sector-level analysis

This paper analyzes the impact of international oil price uncertainty on the different economic sectors (primary, secondary, and tertiary) in Mexico in the period 1993:1–2020:4 through a bivariate structural vector autoregressive (VAR) model with a generalized autoregressive conditional heteroskedasticity (GARCH) in mean to capture the impact of oil volatility on economic growth at the sectoral level of economic activity. The results show that the uncertainty of the international price of oil has a differentiated effect on the different sectors of economic activity in Mexico since it does not influence the primary sector; it negatively impacts the secondary sector, and there is mixed evidence in the tertiary sector. Additionally, evidence is provided that both positive and negative shocks to the international oil price have asymmetric effects at the sectoral level in Mexico. The results highlight the need to implement public policies, at the country level, that help mitigate the effect of uncertainty in the oil market and promote economic stability at the sector level.Financiado para publicación en acceso aberto: Universidade de Vigo/CISU

The influence of motivations and barriers in the benefits. An empirical study of EMAS certified business in Spain

The main objective of this research is to analyze through a structured questionnaire, the influence of the motivations that lead companies to implement Eco-Management and Audit Scheme (EMAS) and the barriers found in the benefits perceived by companies, as well as, the degree of difficulty perceived for the implementation of the different requirements to be fulfilled, which are established in the regulation. An extensive review of the academic literature published on motivations, barriers, difficulties and benefits in environmental standards has been carried out in order to establish the working hypotheses which refer to the relationship between motivations, barriers with the benefits and degree of difficulty in implementing the requirements. The empirical investigation was carried out in a sample of 114 of the 255 companies of the Autonomous Community of Galicia (Spain) that have EMAS certification. The methodology used was the use of the application of a regression analysis to test the hypotheses; previously the measurement scales were validated and an exploratory factorial analysis was applied in order to determine the structure of the different variables considered in the study. The results show that the motivations affect the benefits positively and on the contrary, affect the barriers negatively (reduce them) and it was observed that the greater the barriers, the lower the benefits obtained from the implementation of EMAS (negative influence). The proposed regression models show the joint influence of the motivations and barriers on the benefits considered.info:eu-repo/semantics/acceptedVersio

Using Markov-Switching models in US stocks optimal portfolio selection in a Black–Litterman context (Part 1)

In this study, we tested the benefit of using Markov-Switching (M-S) models to forecast the views of the 26 most traded stocks in the US in a Black–Litterman (B–L) optimal selection context. With weekly historical data of these stocks from 1 January 1980, we estimated and simulated (from 7 January 2000, to 7 February 2022) three portfolios that used M-S views in each stock and blended them with the market equilibrium views in a B–L context. Our position was that the B–L optimal portfolios could generate alpha (extra return) against a buy-and-hold and an actively managed portfolio with sample portfolio parameters (à la Markowitz, SampP). Our results suggest that the outperformance of the B–L managed portfolios holds only in the short term. In the long-term, the performance of the B–L portfolios, the SampP, and the market portfolio are statistically equal in terms of returns or their mean–variance efficiency in an ex-ante or ex-post analysis.Junta de Extremadur

FRECUENCIA DE DEFECTOS DEL ESMALTE DENTARIO EN NIÑOS EN UNA I.E. PARTICULAR; PUCALÁ – PERÚ, 2019

Objetivo: Identificar el defecto de esmalte más frecuente en niños de la I.E María de Fátima-Pucalá-Chiclayo, Perú. Materiales: Estudio de tipo cuantitativo y diseño descriptivo, la muestra estuvo conformada por 50 niños con una edad promedio de 8 a 11 años. Resultados: Los resultados demostraron que la alteración más frecuente fue opacidad delimitada con un 48%, seguida de la opacidad difusa 44% y la hipoplasia 30%, la menos frecuente fueron otros defectos, según la edad a los 9 años, en el sexo femenino a un 52% y en el masculino en un 48%.                                                                               Conclusiones: La frecuencia de los defectos del esmalte fue similar a la reportada por otros estudios; se sugiere implementar programas preventivos enfocados en defectos del desarrollo del esmalte en esta població

Spanish journal of finance and accounting (SJFA): mapping of knowledge over the last 25 years

The Spanish Journal of Finance and Accounting (SJFA) is a leading international journal in the field of accounting and finance, which was founded in 1972 with the aim of serving as a platform for dissemination at the service of academics, researchers and accounting and business professionals. The aim of this research is to examine the development of the SJFA journal from its creation to the present day, with the purpose of identifying the journal’s trend through published articles, authors, the most productive institutions and countries, and research topics, as well as citation patterns (most cited papers and typology of citing articles). The methodology used is bibliometric analysis and the data on which the bibliometric indicators are applied are taken from the Scopus database. This study also develops a graphical mapping of the bibliometric material by using the visualisation of similarities software. These graphs represent keyword co-occurrence, citation and co-citation analysis, and Journal Co-citation Analysis. The results show a significant growth of the journal over time, both in terms of the number and diversity of documents published and citations received, which has contributed to the positive evolution in terms of its impact and visibility. It is noteworthy that the journal is becoming more geographically diverse. The main topics covered in the journal are accounting and auditing management, and performance management. Papers dealing with topics related to management accounting, auditing, and management control, together with earnings management, accounting history and accounting regulation, stand out in terms of number of papers. Both topics are mediated by the subject of corporate governance.European Regional Development Fund of the European Union | Ref. GR2116

Leaders' sustainability competences and small and medium‐sized enterprises outcomes: the role of social entrepreneurial orientation

Financiado para publicación en acceso aberto: Universidade de Vigo/CISUGThe market for socially conscious products and services has grown exponentially in the last years. Consequently, adding social value is among the great challenges that companies have to face nowadays. In view of this, companies need leaders with a set of specific skills that prepares them to act and compete in this new environment. This is especially true for small and medium-sized enterprises (SMEs), which are even more dependent on their leaders' competences. The aim of this article is to analyse the influence of leaders' sustainability competences on the social entrepreneurial orientation of SMEs of the tourism sector, as well as the influence of this strategy on the firm's performance. The methodology used to validate the measurement scales is exploratory and confirmatory factor analysis and the structural equation modelling technique is applied to analyse the causal relationships proposed in the model. The results show that sustainability competences positively affect social entrepreneurial orientation; specifically, the social risk-taking and proactivity competence has a positive influence on the economic and social performance of SMEs, and in particular, on their green innovation performance. These results highlight the key role that leaders' competences have in SMEs' social orientation and thus, the importance of training in competences for sustainable development