The monetary policy during shocks: an analysis of large Asian economies’ response to COVID-19

The economies all over the world that have been adversely affected by the COVID-19 pandemic have recently started to devise different strategies to mitigate its consequences. Therefore, in order to dwell deeper into the measures taken by the policy makers around the world, this paper specifically analyzes how the monetary policies have been devised, in response to COVID-19. For this purpose, this paper has taken into consideration a panel of 8 Asian economies that have been affected the most acutely by the virus, have faced multiple lockdowns, and have also experienced other economic restraints, due to this very phenomenon. In order to compare the possible monetary policy options, and their outcomes during the COVID-19 pandemic, this paper refers to the global recession shock, as a valid point of reference. In addition to this, in order to gain access to the empirical evidence, the ARDL methodology has been applied on the quarterly data from 2005Q3 to 2020Q3. The results of the study have indicated that various plans have been taken into consideration, so as to lessen the consequences of these shocks that have trickled down into the respective economies of these countries. That is to put forth that, in the incidence of global recession, the monetary authorities have resorted to a less prudent stance. Whereas, more flexibility, through a persistent decrease in the policy rate has been observed since the pandemic first hit the world. In this regard, our results imply that a successful, efficient and effective response to the economic consequences of COVID-19, would ideally entail a set of remedial policies and structural reforms

Does Faith Has Impact on Investment Return: Evidence From REITs

This paper investigates whether faith has impact on investment returns. Specifically, we choose the Shariah compliance and REITs investment for the purpose of investigation. Synthetic Shariah compliant portfolios are constructed with various interpretation of compliance. We compare the performance of Shariah compliant portfolios with US Equity REIT portfolio during 1993-2017 by examining the abnormal returns using CAPM and Carhart four-factor model. We find no evidence of underperformance or outperformance of the Shariah compliant investments. This is also true during the financial crisis periods which is confirmed by the sub-sample analysis. Our findings suggest that Shariah compliant REIT investor faces no cost or gain in his investments as a result of his faith

Does faith has impact on investment return: evidence from REITs

TThis paper investigates whether faith has impact on investment returns. Specifically, we choose the Shariah compliance and REITs investment for the purpose of investigation. Synthetic Shariah compliant portfolios are constructed with various interpretation of compliance. We compare the performance of Shariah compliant portfolios with US Equity REIT portfolio during 1993–2017 by examining the abnormal returns using CAPM and Carhart four-factor model. We find no evidence of underperformance or outperformance of the Shariah compliant investments. This is also true during the financial crisis periods which is confirmed by the sub-sample analysis. Our findings suggest that Shariah compliant REIT investor faces no cost or gain in his investments as a result of his faith

Analysis of the Risks and Synergies Arising from Corporate Mergers and Acquisitions: Sed on the Case of Greely’s Acquisition of Volvo

Based on the case of Geely’s acquisition of Volvo in 2010, this paper analyzes the reasons for its M&A by applying the SWOT model and analyzes the risks arising from the financial and integration aspects of the company at the time of the M&A, as well as the synergistic effects arising after the M&A, to explore the timing and manner based on which is the most favorable for the corporate M&A. Geely’s acquisition of Volvo is a case of an acquisition of a leading Chinese and European company in a critical industry. By fully exploring and analyzing the impact of various factors on the M&A process, including those involving capital, technology, personnel, culture, etc., as well as the post-acquisition operation and management model, we analyze how to improve corporate competitiveness after the M&A, taking into account the international market environment and industrial logic, and for company leaders in For whether corporate M&A should be carried out, they should understand the strategic positioning and objectives of the company and select objects with strategic significance for M&A. Establish a clear integration plan and objectives, and carefully implement the integration plan after the M&A to ensure the effectiveness of the integration and the implementation effect. Focus on M&A cultural integration, establish a shared corporate culture, and promote collaboration and cooperation among M&A companies to enhance overall value

Information Encoding and Retrieval in Photonic Systems

Photonics is an enabling technology for information communication and is of profound importance in the evolution of information processing. The expeditious proliferation of high volume data applications in recent years further advances photonics from traditional fiber-optic communications to be either the de facto interconnect technology among computing systems, or an emerging solution to active research fields such as neuromorphic photonics. Photonics aims to address new challenges arising in these fields with innovative information encoding and retrieval mechanisms. This thesis starts off discussing novel information encoding and retrieval in traditional fiber-optic communications against security concerns over eavesdropping. Conventional digital cryptography techniques encode data into unreadable codes, but still expose the existence of communication through metadata information. Instead, we propose a steganographic communication scheme to hide the existence of optical communications itself, i.e., optical steganography. We present the first practical steganographic communication system between real computers over long-distance fiber-optic links, and rigorous security evaluations against stealth signal detection. This dissertation then moves on to investigate spike coding, a coding mechanism which benefits from both the bandwidth efficiency of analog pulse encoding and from the digital on/off nature of the spikes. We realize the demand for photonic platform to interface with commonly used digital systems, and present an all-optical digital-to-spike conversion scheme at a single graphene excitable laser. Moreover, we identify the lack of inhibition capability in current brain-inspired photonic hardware, and enable simultaneous excitatory and inhibitory dynamics within a graphene excitable laser. These efforts further lead to the construction of spike-based logic gates and their application to optical encryption of data-carrying spike sequence. This dissertation also puts an unequivocal emphasis on studying an analog photonic approach to address blind source separation problem. State-of-the-art digital approaches digitize redundant multi-dimensional inputs and lacks tunability across multiple frequency bands. We design and fabricate a photonic chip that is capable of processing multi-channel inputs and performing source separation as an analog front-end. Furthermore, we develop novel moment observation algorithms for a variety of multivariate photonic applications. Eventually, we demonstrate a practical blind source separation pipeline for multi-antenna systems receiving microwave signals transmitted over the air

A General Analytical Model of Single-Layer Common-Mode Chokes

To accurately model common-mode (CM) chokes is crucial for ensuring the design and optimization of EMI filters. This letter identifies the limitations of the commonly employed analytical model, which results in significant margin errors when applied to CM chokes. It proposes a comprehensive and more precise analytical model that addresses these errors by considering the influence of time-varying electromagnetic fields and the geometric characteristics of CM chokes. Furthermore, this letter provides a detailed explanation of the physical significance behind the proposed model. Both methods are compared, and the suggested approach is validated through simulations and experiments in four distinct scenarios

Identification and Robustness Analysis of Powertrain Excitation Forces

In order to get the excitation forces of the vehicle powertrain, a six-degree-of-freedom model of the powertrain mounting system is established. Two different identification methods are presented. Through the test of mount dynamic response, the powertrain excitations identified through these two methods are compared. The results show that the powertrain excitations identified through two methods are basically the same, since the mount accelerations at the body side are really small. The identified excitation is verified by comparing the deformation of torque strut. The robustness analysis of the mount acceleration phase affecting the identification results is also proposed. Improving the accuracy of phase in test input is helpful to improve the accuracy of identification results

Portfolio optimization in the era of digital financialization using cryptocurrencies.

The Fourth industrial revolution has seen many innovative technologies that are now challenging traditional economies. The innovative and technological financial instruments are inspiring individuals and expert investors to investigate the broader investment spectrum, and consequently diversify their portfolios. Going beyond the conventional portfolios and developing state-of-the-art strategies that comply with the ever-changing financial and technological advancements are the keys to long term sustainability. Therefore, to cater to the needs of all segments of the society, the investment strategies during the fourth industrial revolution demand exposure to technological and digital financial innovations. This study investigates the impact of diversification with the addition of five cryptocurrencies from November 2015 to November 2019 on four traditional asset portfolios. The results show that the diversification increased the returns in most of the cases, and reduced the portfolio volatility in all portfolios, and also provided higher returns as compared to the traditional portfolios for the same level of risk. This study also revealed that the results might improve when short sales are allowed. Moreover, we can conclude that the addition of multiple cryptocurrencies in a portfolio provides enhanced results for diversification, and Ethereum provides a better diversification opportunity as compared to Bitcoin

Political freedom and financial inclusion:Unraveling social trust and political rent-seeking

This paper delves into the role of political rights in shaping financial inclusion. Despite the acknowledged significance of political institutions in influencing financial systems, there remains limited understanding of the economic origins of the impact of political institutions on financial inclusion. Utilizing data from the 2021 Global Findex database, the study finds that weak political rights significantly reduce the likelihood of individuals possessing financial accounts and using digital financial services. Robustness tests employing an instrumental variable and the difference-in-differences framework confirm that inadequate political rights have a detrimental effect on financial inclusion. By exploring the reasons for financial exclusion and moderating factors, this study provides supportive evidence for the mechanisms of eroded social trust and political rent-seeking as the key constraints that hinder inclusiveness in providing mainstream financial products and services