Global and Regional Sources of Risk in Equity Markets: Evidence from Factor Models with Time-Varying Conditional Skewness

We examine the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. The models allow for conditional heteroskedasticity and time-varying conditional skewness, and permit mean, variance and skewness spillovers to be measured. We find that the pattern of spillovers changed in the late 1990s. When spillovers are allowed to vary with the type of news arriving in a market, we find that local news reduces mean spillovers but increases variance spillovers. News about regional countries increases skewness spilloversAsymmetries, Skewness, Volatility, Spillover, Stock returns, News.

Global and Regional Sources of Risk in Equity Markets: Evidence from Factor Models with Time-Varying Conditional Skewness

This study examines the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. Besides conditional heteroskedasticity, the models allow shocks to have time-varying conditional skewness. The global factor appears less important for market volatility in models that permit time-varying conditional skewness. The influence of regional and global factors on risk is small in most of the markets, except in the late 1990s during which the regional factor accounted for a substantial portion of negative skewness in the markets' returns distribution.Asymmetries, Skewness, Volatility, Spillover, Stock returns

Protection and preservation of traditional cultural expressions & traditional knowledge in handicraft trade: advocating the need for a global cultural policy framework

To protect cultural heritage, advance sustainable lives and economic growth, and promote environmental sustainability, traditional knowledge and cultural expressions in the handicraft sector must be protected. Additionally, it encourages cross-cultural dialogue and mutual respect, highlighting the importance of each community's distinctive contributions to the world's cultural environment. The preservation of cultural legacy and sustainable lifestyles for indigenous populations become more important as the cross-border interchange of commodities and ideas grows. The study highlights the UN Declaration on the Rights of Indigenous Peoples' (UNDRIP) initiatives related to protecting traditional knowledge and traditional cultural expressions along with the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) understanding of tangible and intangible cultural heritage. The study focuses on the limits of the present intellectual property systems in addressing the particular difficulties encountered by indigenous communities and craftspeople, especially due to exploitation done by commercial entities. It promotes the need for a thorough global framework for a cultural policy that acknowledges these groups' collective rights to their traditional cultural manifestations and knowledge. The paper also explores the function of domestic, regional, and global legal frameworks in safeguarding TCE and TK, highlighting instances of effective sui generis systems and their potential advantages. The article concludes by advocating for a comprehensive and inclusive global framework for cultural policy in order to successfully protect traditional cultural expressions and expertise in the handicraft industry