Pathway to cleaner environment: How effective are renewable electricity and financial development approaches?

While Sustainable Development Goals (SDGs) 13 and 7 are increasingly being explored in climate change research, financialization remains a fundamental part of the discourse on clean and renewable energy development. This study focuses on a policy reconfiguration that may be necessary to further advance clean environment in Canada. More precisely, the research evaluates the co-movement of carbon dioxide (CO2) emissions, financial development, renewable electricity and economic growth. The data, which encompass the quarterly periods from 1984Q1 to 2021Q4, are analysed via the novel wavelet local multiple correlation method. This method is capable of capturing the effect of two or three independent variables on the dependant variable at different frequencies and periods. In this study, the results show that economic growth intensifies ecological deterioration in all periods even as renewable electricity utilisation and financial development restrict ecological deterioration in the medium and long term. Additionally, financial development and renewable electricity consumption promote economic growth in the short, medium and long term. On the basis of these findings, a policy agenda that builds on the SDGs is proposed. Although this policy framework aims to achieve the objectives of SDG 13 and 7 in Canada, it may be extended to other developed countries.publishedVersio

Asymmetric Flow-Performance Relationship: Case of Chinese Equity Funds

We investigate the relationship of fund flow and fund performance by using the sample of 557 Chinese equity mutual funds for the period of 11 years. We apply fund fixed effect regression model on unbalanced panel data and find that relationship between fund flow and fund performance is positive. Like previous studies, our findings also exhibit the asymmetric flow-performance relationship which implies that investors' response is more sensitive to good past performance as compared to bad past performance. Furthermore, size and age of fund weaken the flow-performance relationship. Keywords: Fund Flow, Mutual funds, China, Flow-Performance Relationship JEL Classifications: G23, L1

Do mutual funds have consistency in their performance?

Using a comprehensive data set of 714 Chinese mutual funds from 2004 to 2015, the study investigates these funds’ performance persistence by using the Capital Asset Pricing model, the Fama-French three-factor model and the Carhart Four-factor model. For persistence analysis, we categorize mutual funds into eight octiles based on their one year lagged performance and then observe their performance for the subsequent 12 months. We also apply Cross-Product Ratio technique to assess the performance persistence in these Chinese funds. The study finds no significant evidence of persis- tence in the performance of the mutual funds. Winner (loser) funds do not continue to be winner (loser) funds in the subsequent time period. These findings suggest that future performance of funds cannot be predicted based on their past performance.info:eu-repo/semantics/publishedVersio

Dark Triad Traits and Panic Buying

This study investigated possible connections between Paulus and Williams's (2002) dark triad traits and panic buying during the pandemic. The studies coincided with the Phase 2 lockdown enforced as a result of the COVID-19 pandemic in Pakistan. In the first study, consumers scoring higher on a narcissism measure reported less panic buying, whereas people scoring higher on measures of Machiavellianism and psychopathy reported more panic buying under pandemic-induced scarcity conditions. Study two explored the potential mediating influence of psychological vulnerability to account for the disparate relationships between the dark triad traits and pandemic-fueled panic buying. Study 2 found support for the role of psychological vulnerability in mediating this set of relations. © 2022 Elsevier Lt

Investor-advisor Big Five personality similarity and stock trading performance

International audienceThe purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors

Islamic and conventional equity index co-movement and volatility transmission: Evidence from Pakistan

This study investigates the Islamic and conventional Index integration over the period 3rd September, 2008 to 30th September, 2015. This study uses Johansen and Juselius cointegration method for exploring the long run association. The short run association is explored using VECM model. The volatility spillover dynamics is examined using the GARCH and EGARCH models. The robustness of the results is analyzed by using Granger causality method, Variance Decomposition method, and Impulse Response Function. The estimation results show significant long run and short run association between Islamic and Conventional index. Furthermore, this study finds asymmetric bidirectional volatility spillovers between Islamic and conventional index. The findings suggest that domestic investors have low diversification opportunities by adding both Islamic and conventional index in their portfolios. However, international investors can add one of the indices in their portfolios, in order to benefit from portfolio diversification. Keywords: Islamic index, Conventional index, EGARCH, GARCH, Pakista

The Big Five Dyad Congruence and Compulsive Buying: A Case of Service Encounters

This research examines how the Big Five personality congruence between buyers and sellers influences compulsive buying in a dyadic service encounter. We gathered 904 buyer-seller data and computed personality congruence using the difference score technique. The study findings manifested that buyer-seller congruence in agreeableness and openness increases compulsive buying behavior, whereas buyer-seller congruence in neuroticism decreases this behavior. Further analysis showed that pleasure enhancement dampens the negative impact of neurotic congruence on compulsive buying. In contrast, stimulation enhancement strengthens the positive influence of open-minded congruence on compulsive buying. Conclusively, compulsive buyers exhibit varying buying behaviors based on their personality congruence (incongruence) with their corresponding sellers'. Hence, marketing managers should create similar (dissimilar) buyer-seller pairs to boost firms' sales. © 2022 Elsevier Lt

Performance persistence in institutional investment management: The case of Chinese equity funds

This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM) and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles) on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing) funds do not continue to perform well (worse) in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance

Split-share reforms and capital structure adjustment in China: a dynamic panel fractional estimation

International audienceThe purpose of this study is to explain the adjustment rate toward the target capital structure of Chinese nonfinancial listed firms and to investigate the impacts of the split-share reforms (2005–2006) on the capital structure adjustment rate