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1 – 10 of over 6000Tom Bieling, Melike Şahinol, Robert Stock and Anna–Lena Wiechern
This contribution shows perspectives of experts from different disciplines and professional backgrounds in order to elaborate on maker approaches such as do-it-yourself…
Abstract
Purpose
This contribution shows perspectives of experts from different disciplines and professional backgrounds in order to elaborate on maker approaches such as do-it-yourself prosthetics and collaborative tools. As a result, aspects of open source practices related to medical and assistive technologies will be critically reflected upon. In addition, implications of heterogeneous interests, economic implications and everyday achievements of social material assemblages produced through participatory design research are discussed.
Design/methodology/approach
In order to address an interdisciplinary and transdisciplinary perspective on the relationships between body (differences) and technology, it is necessary to bring together studies from both Science and Technology Studies (STS) and crip technoscience as well as approaches from participatory design research and practice. This challenge was addressed by a roundtable organized as part of the third network meeting of the Dis/Ability and Digital Media Research Network on 16 September 2020.
Findings
Against the backdrop of “crip technoscience” DIY and collaborative open source practices are not only understood as valuable alternatives to standardized medical prosthetics and assistive devices. These bottom-up approaches which draw from the expert knowledge of disabled users (Hamraie and Fritsch, 2019) also facilitate devices that defy categories such as “prosthetic” or “medical aid” not only aesthetically but semantically, too.
Originality/value
The Network Dis/Abilities and Digital Media intends to integrate media and technology studies with disability studies on a theoretical level. This round table discussion delivers proof of how – on the practical level – technology and dis/ability need to be thought of as relational and co-constitutive (Mills and Sterne, 2017).
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Steven J. Cochran and Robert H. DeFina
Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction…
Abstract
Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction models. The results show that autocorrelated economic variables can generate serial correlation in stock returns. After these effects are accounted for, however, significant serial correlation in stock prices remains. The activities of noise traders and inefficiencies in the pricing of securities, within the context of limitations to the arbitrage process, are suggested as additional sources of serial correlation in stock prices.
ROBERT BROOKS, ROBERT FAFF and TOM JOSEV
In this paper we empirically investigate the tendency for beta risk to mean‐revert across industries. Using a sample of Australian stocks over the ten‐year period 1989 to 1998…
Abstract
In this paper we empirically investigate the tendency for beta risk to mean‐revert across industries. Using a sample of Australian stocks over the ten‐year period 1989 to 1998, our key results are as follows. We generally observe evidence of a mean reversion tendency — in particular, this seems most appropriate for the Gold, Energy, Finance and Consumer industry groupings. Moreover, there is some evidence that the mean reversion of beta is different across industries. Furthermore, we see that the maximum mean reversion beta occurs for the Gold industry — a value of approximately 1.4 (1.6) for the OLS (Scholes‐Williams) beta analysis. On the other hand, the minimum mean reversion beta based on the ‘All Stocks’ OLS analysis occurs for Miscellaneous Industries with a value of 0.4, while a similar minimum mean reversion beta based on the Scholes‐Williams analysis occurs for the Consumer industry grouping.
Robert D. Brooks, Amalia Di Iorio, Robert W. Faff, Tim Fry and Yovina Joymungul
The purpose of this paper is to provide some insights into the exchange rate exposure of Australian stock returns.
Abstract
Purpose
The purpose of this paper is to provide some insights into the exchange rate exposure of Australian stock returns.
Design/methodology/approach
Using a dynamic econometric approach that allows for both asymmetry and time‐varying risk exposures in both the exchange rate variable and the market variable, a large sample of Australian firms were tested over the period of January 2001 and December 2005. The data were analysed using three different classification methods, forming portfolios according to industry sector, size deciles, and censoring deciles.
Findings
Although the evidence of exchange rate exposure is limited across the sample of industries, the following were found: a time‐varying asymmetric effect primarily in the utilities sector, time‐varying exposure in the materials and energy sectors, and an asymmetric effect in the technology sector. Further, some time‐varying asymmetric exchange rate exposure was found across most size and censoring deciles and also substantial evidence of a positive asymmetric effect in the market beta across all three classification methods.
Originality/value
This approach varies from previous studies in this area that only allow for asymmetry and time variation in exchange rate exposures. The paper also examines the Australian stock market, a market which has not been extensively tested in this area of empirical research.
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Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the…
Abstract
Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the Shiller (1981) test as well as applying standard time series analysis to annual Australian stock market data for the period 1883 to 1999. While Shiller’s test suggests the possibility of excess volatility, time series analysis identifies a long‐run relationship between share market value and dividends, consistent with the share market reverting to its fundamental discounted cash flow value over time.
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This study examines whether the Hong Kong stock market overreacts. By using monthly return data of all the common stocks listed on the Hong Kong Stock Exchange from January 1980…
Abstract
This study examines whether the Hong Kong stock market overreacts. By using monthly return data of all the common stocks listed on the Hong Kong Stock Exchange from January 1980 to December 1995, it examines the profitability of a contrarian strategy of buying prior losers and selling prior winners. The evidence shows that prior losers outperform prior winners by up to 68.59% in the subsequent five‐year test period. This finding can be interpreted as investors' tendency to react over‐optimistically to positive information and over‐pessimistically to negative information, thus causing stock prices to take temporary swing away from their intrinsic values and then reverse back subsequently. Our result is consistent with that documented by Debondt and Thaler (1985) for the U.S. market. This study also investigates whether seasonality accounts for the abnormal return but finds that the overreaction effect is not caused by the well‐known January effect. Further tests are conducted to investigate whether changes in betas of the winners and losers account for the abnormal return. The evidence shows that such changes are also minor, which cannot explain the price reversal phenomenon.
How individuals respond to changes in their economic condition varies from country to country. This paper explores the linkage between stock markets and wine sales. In particular…
Abstract
How individuals respond to changes in their economic condition varies from country to country. This paper explores the linkage between stock markets and wine sales. In particular, we look at the performance of exported wines in foreign markets. This paper hinges on the subtle distinction between wealth and income. We also provide an overview of each market analyzed. Our premise is that stock market fluctuations are correlated with wine demand such that changes in one series may change the other. Further, seasonality and price changes are also considered as components of international wine demand. Our results show that in certain countries, stock market returns are correlated with wine demand, positively in some cases, negatively in others.
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This article uses Granger‐causality tests to study the dynamic relationship between stock returns and dividend yields in the American and Japanese equity markets. The “signaling”…
Abstract
This article uses Granger‐causality tests to study the dynamic relationship between stock returns and dividend yields in the American and Japanese equity markets. The “signaling” hypothesis of dividends along with the efficient market hypothesis is considered to : a) explain the strong relationship between stock returns and the determinants of stock prices, b) show that our results cannot be considered as evidence against market efficiency.
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GRIT AND FORTITUDE have long been associated with the Scottish character, but it is doubtful if any Scotsman ever won through to success after such a grim struggle, as did Robert…
Abstract
GRIT AND FORTITUDE have long been associated with the Scottish character, but it is doubtful if any Scotsman ever won through to success after such a grim struggle, as did Robert Chambers who died a century ago on March 17th.
The preceeding article has examined some of the motivations behind the high premiums offered shareholders of target firms in acquisitions and mergers. In essence, the acquirers…
Abstract
The preceeding article has examined some of the motivations behind the high premiums offered shareholders of target firms in acquisitions and mergers. In essence, the acquirers appear to be looking for gains largely through enhanced efficiency of operations or by the replacement of inefficient management.