Recent Submissions

  • Intraday and interday distribution of stock returns and their asymmetric conditional volatility: firm-level evidence

    Balaban, Ercan; Ozgen, Tolga; Karidis, Socrates; University of Bedfordshire; Craig Associates; Coventry University London (Elsevier, 2018-02-21)
    This paper is a pioneering effort to jointly analyze the intraday and interday distribution of stock returns and their asymmetric time varying volatility using firm level data from an emerging stock market, namely, the Bourse Istanbul. The joint intraday and interday distribution analysis is based on the two trading sessions with a two-hour lunch break and the trading days of week. The asymmetric time varying volatility is based on the Threshold Generalized Autoregressive Conditional Heteroscedasticity-in-Mean [TGARCH(1,1)-M] model with systematic risk entering the return generating process. This is a unique framework to simultaneously test (i) the weak-form informational efficiency, (ii) the conditional total risk-return relationship and the systematic risk effects, and (iii) volatility persistence and asymmetry in volatility. The firm level intraday data sets are used for the period 1995 to 2015. Firstly, a strong result can be pronounced for a positive return effect for the second trading session of Thursdays followed by the second session of Fridays. The first session of Wednesdays is more associated with a stock price decline. The volatility is the highest in the second session of Mondays. Although the second session of Thursdays sees a volatility increase referring to a positive risk-return relationship, Fridays do not have any significant volatility increase. This can be seen as a true anomaly where we could observe higher returns with lower volatility. Secondly, it can be concluded that only the systematic risk is priced for the great majority of the selected firms. In addition, we cannot observe a significant asymmetry in the volatility in most cases. Finally, it is found that the financial companies have a significantly higher systematic risk than the industrial companies.
  • Impact of board gender diversity on dividend payments: evidence from some emerging economies

    Saeed, Abubakr; Sameer, Muhammad; COMSATS Institute of Information Technology, Pakistan; University of Bedfordshire (Science direct, 2017-05-06)
    This study investigates the impact of board gender diversity on dividend payments in the context of emerging economies. Using a dataset of listed firms from India, China and Russia over the period 2007–2014, we find strong and robust evidence indicating that board gender diversity is negatively related to cash dividend payments in all emerging economies. Moreover, we find that state-ownership positively moderates the relationship between gender diversity and dividend payments. However, this effect is observed only for China and Russia. In additional analyses, we find that the negative link between board gender diversity and dividend payments is more pronounced during the financial crisis. However, the moderating role of state-ownership does not remain significant during the financial crisis.
  • What are the possible future research directions for bank’s credit risk assessment research? A systematic review

    Win, Sandar; University of Bedfordshire (Springer Verlag (Germany), 2018-03-11)
    Banking prudence and efficiency to manage their risks in different business cycle and environment would help to alleviate crises and losses. Hence, the effective assessment of credit risk is an essential component of a comprehensive technique to credit risk assessment and critical to the long-run of not only banking institutions but also the economy as a whole. Therefore, it has received a great interest from scholars across finance and economics to investigate such assessments by banks in different countries using diverse theoretical underpinnings and methodologies. Hence, this paper is developed to review analytical conceptualisations of credit risks assessments that have been developed in the academic literature. By means of a systematic review, it provides a comprehensive analysis that encompasses approaches used in research papers. There has been no prior review on analytical conceptualisations in this area. Moreover, this review is done in a systematic manner, i.e. categorising journal articles into different categories such as purposes, perspectives and methodologies through a transparent and thorough process. Thus, it will be able to provide an objective review. Finally, the paper will outline the evolution of methodologies and theoretical underpinnings in credit risk management research and a landscape for possible future research directions
  • A SERVQUAL approach to identifying the influences of service quality on leasing market segment in the German financial sector

    Ramanathan, Usha; Win, Sandar; Wien, Andreas (Emerald, 2017-06-19)
    Purpose – The purpose of this paper is to determine the nature of the relationship between service quality and desired customer behaviours in the leasing market using an appropriate service quality measurement model. We take a step further by recognising the possible differences in influence of service quality in private and corporate customers, and those business dealings with low, medium and high lease values. Design/methodology/approach – We use deduction method to test the SERVQUAL in the German leasing market and the relationship between customer satisfaction and desired behavioural outcomes. The developed questionnaire is based on the 22 item scale of the SERVQUAL approach. Samples are selected based on convenience sampling. Findings – We found differences in the levels of inflence by SERVQUAL dimensions on corporate and private customers as well as among those customers with different leasing contract values. From the regression analyses, it is clear that ‘assurance’ from the leasing company is the most common SERVQUAL dimension that has significant impact on overall service quality perceptions and obtaining customers satisfaction and loyalty (behavioural outcomes). Originality/Value –We recognised that all financial services are not created equally to meet customer demands. Hence, the customer expectations of service quality from these services will be different. We contributed to the marketing literature by studying customer perceptions of service quality by specifying financing aspects of financial services, i.e. leasing. We further contributed to the literature of SERVQUAL model in financial services by dividing customers into two different types of customers and those with diverse leasing contract values. We found that priorities given on service quality dimensions by them are different. These concepts were never considered in the literature. This also implies that future studies on financial services marketing need to recognise such differences in the research.
  • Banks’ lending behaviour under repressed financial regulatory environment: in the context of Myanmar

    Win, Sandar (Emerald, 2017-05-04)
    In an ideal world, banking operations should ensure that there is a match between business strategy and loan assessment behaviour (Berger and Udell, 2004). However, in reality, banks are confined within a highly institutionalised environment which shapes their lending behaviour. Banks operate between two spectra in terms of regulatory environment, with policies based either on financial repression or liberalisation. Repressive policies are more common in the banking sector than capital markets. According to McKinnon (1973), financial repression is defined by various policies whereby the state influences credit allocation in channelling financial resources to priority areas identified by the government and micromanaging banks’ lending behaviour through interest-rate caps, collateral requirements and capital controls. Financial liberalisation, on the other hand, is regarded as an efficient means of fostering competition and inviting growth impulses from abroad (Bartolini and Drazen, 1997). After a series of decisions supporting financial liberalisation which took place from the 1970s to the 1990s, this type of policy has been intensively studied by scholars. However, there is still no consensus on whether it has positive or negative impacts.
  • Boundary management practices in youth work relationships between young people and practitioners on online social network sites

    Conradie, Liesl; University of Bedfordshire (2015-01-01)
    A report published by the National Youth Agency (NYA) in England during 2008 found that the majority of social network site on-line interaction between youth work practitioners and young people took place 'under the radar'. 'Under the radar' or 'unsanctioned', in this context was defined as outside the relevant guidance and without the line manager's agreement. My research set out to find why and how this is taking place, and the meaning attached to this practice to the different role players. As part of my qualitative research I interviewed twenty-one youth work practitioners (paid and voluntary) from a variety of backgrounds and fourteen young people over the age of 16, who are accessing universal youth work. Youth work practitioners and young people differ in their reasons for wanting to 'friend' each other on social media and what this signifies; is it a professional or personal relationship or a hybrid of the two? Boundaries and expectations of the 'audience' become blurred and perforated. Combined with the ever-changing nature of the technology itself, maintaining or developing professional relationships through social network sites becomes challenging. This article explores the boundary management techniques used by young people and practitioners in online social network sites to maintain developed relationships. The study uncovered limited dissemination of existing policies which resulted in diverse practice. Most unsanctioned connections took place with the best intentions and in order to support rather than with malicious intent