This paper explores the impact of the COVID-19 pandemic on the connectedness of stock indexes in the group of developed and emerging economies known as the ASEAN+3. We derived our empirical findings from the Diebold and Yilmaz (DY12) and Baruník and Křehlík (BK18) spillover methods, using daily data from 10 May 2005 to 24 February 2021. We show that the COVID-19 pandemic has had a bigger impact on the return and volatilities of ASEAN+3 stock markets than previous economic turmoil, such as the 2008 global financial crisis and the 2009–2012 European debt crisis. Using a frequency domain methodology, we find evidence that return spillovers mostly occur in the short-term, while volatility connectedness is more pronounced in the long-term. The Singapore stock market primarily acts the as top transmitter in returns and volatilities, whereas Vietnam has become the top receiver of shocks in returns. We also demonstrate that it is possible to replicate the frequency-domain connectedness measures of BK18 with a DY12 methodology. Using a series decomposed with a wavelet-based approach, we find that the total spillover indices for short-, medium-, and long-term frequencies computed with the DY12 approach are comparable to the within connectedness indices of BK18. Our results have important policy implications for investors, regulators, and policy makers.
Given the widespread transfer of trading to electronic platforms we ask whether such trading is more efficient than open outcry. Examining the Crude Palm Oil (CPO) market from 1995:06 to 2008:07, our findings, derived from a novel threshold autoregressive relative efficiency measure, are that efficiency is conditional on: (i) volatility; (ii) the maturity of the futures contract; and (iii) the market trading system. Specifically, when volatility is high, open outcry is superior for shorter maturities and electronic trading for longer maturities. These results suggest an efficiency skew and that there may be benefits to the coexistence of trading mechanisms.
This study investigates the effect of efficient working capital management and working capital policies on the performance of manufacturing firms in Malaysia between 2010 and 2016. To achieve the objective, this study uses balanced panel data of 143 manufacturing firms that are listed on the Main Market of Bursa Malaysia. The results show that cash conversion cycle, which is used as a proxy of efficiency working capital management, is significantly negative in having an effect on the economic value added, which is used as a proxy of firm performance. Moreover, the results show that the ratio of current assets to total asset, which is used as a proxy of working capital investment policy, has a significant and positive effect on the firm performance. However, the results show that the ratio of current liabilities to total asset, which is used as a proxy of working capital financing policy, has no effect on the firm performance. The results of the study imply that the manufacturing firms in Malaysia can increase their economic value added by adopting efficient working capital management which is to reduce their cash conversion cycle. In addition, the manufacturing firms in Malaysia can improve their economic value added by adopting a conservative working capital investment policy.
The study attempted to assess how family background, and peer role affect the saving decisions of working youth in Pakistan. Current study also attempted to measure the effect of financial literacy as mediator between relationship of peer role and family back ground with saving decisions of working youth. Working youth among different organizations with total of 309 responses were collected through stratified random sampling. Using structural equation modeling through Smart PLS3, the study found that the significant effect of peer role on saving, and financial literacy. On other side family background shown insignificant effect on saving decisions but significant effect on financial literacy. Furthermore this study also found significant effect of financial literacy on saving decisions. Additionally this research shown mediated effect of family background and peer role on saving decisions through financial literacy. Findings of this study shaded the light that how family background, peer role have influenced saving decisions directly and indirectly through mediation by financial literacy. This research framework was tested under life cycle hypothesis and relative income hypothesis. Further policy makers could design policies and arranging training workshops for financial literacy awareness among working youth, as it is already highlighted that youth is also lacking in financial literacy (
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
customersupport@researchsolutions.com
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.