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Dr. Moinak Maiti
National Research University Higher School of Economics

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0 Econometrics
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Short Biography

Dr. Maiti is Associate Professor in the Department of Finance, National Research University, Higher School of Economics, Saint Petersburg. He is an active speaker and has been invited to share at the world-renowned platforms of the World Bank, United Nations, World Trade Organization (WTO Studies), SAS®, Bloomberg LP, Max Plank Society, PEP Canada, Ivy League Universities, and many others. He holds a university Gold Medal, along with several other notable awards from throughout his lifetime. He has been awarded several eminent research grants from world-renowned institutions like the World Bank, Max Plank Society Germany, PEP Canada, World Trade Organization (WTO Studies), Ivy League Universities, and others. He is on the editorial board of members of several journals published by Elsevier, Emerald, Wiley, and other reputed publishing houses. His articles are regularly published as research articles, book chapters, cases, blogs, and reviews, and so on, and by a renowned publishing house. His area of interest and expertise is Finance, more specifically in Asset Pricing, Behavioral Finance, Experiential Finance, Advanced Econometrics, and Analytics. He is open to collaborate and discuss interesting consultancy projects.

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Special issue paper
Published: 15 August 2021 in Software: Practice and Experience
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This study contributes to our understanding of how the emergence of the COVID-19 pandemic changes the global Banking Financial Services and Insurance (BFSI) landscape. Before the COVID-19 pandemic, BFSIs corporate strategy was solely aligned to the quest for operational efficiency. However, during the ongoing COVID-19 pandemic, global BFSIs are forced to adopt digital transformation in their operations due to a rise in transaction volumes. The ongoing COVID-19 pandemic already triggers holistic innovations concerning the global BFSI's product, process, concept, trend, or idea. Thus, the BFSI cannot survive without efficient and innovative system software for global operations. The study plots the hype cycle to identify relevant technologies to deal with real-world business problems. The hype cycle indicates that the need for advanced data integration is growing and COVID-19 pandemic has already triggered it. The study argues that the incorporation of data integration might be challenging initially for BFSIs but eventually it may result in an efficient model to handle these types of pandemic or unexpected circumstances.

ACS Style

Moinak Maiti; Darko Vuković; Amrit Mukherjee; Pavan D. Paikarao; Janardan Krishna Yadav. Advanced data integration in banking, financial, and insurance software in the age of COVID ‐19. Software: Practice and Experience 2021, 1 .

AMA Style

Moinak Maiti, Darko Vuković, Amrit Mukherjee, Pavan D. Paikarao, Janardan Krishna Yadav. Advanced data integration in banking, financial, and insurance software in the age of COVID ‐19. Software: Practice and Experience. 2021; ():1.

Chicago/Turabian Style

Moinak Maiti; Darko Vuković; Amrit Mukherjee; Pavan D. Paikarao; Janardan Krishna Yadav. 2021. "Advanced data integration in banking, financial, and insurance software in the age of COVID ‐19." Software: Practice and Experience , no. : 1.

Journal article
Published: 31 July 2021 in Sustainability
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The present study investigated whether the crypto market is a safe haven. The study argues that during the first wave of the COVID-19 crisis, gold and oil, as typical global commodities, could have been diversifiers. The study developed a unique COVID-19 global composite index that measures COVID-19 pandemic time-variant movements on each day. The study used OLS (ordinary least squares), quantile, and robust regressions to check whether the COVID-19 crisis has had any significant direct influence on the crypto market. The OLS, quantile, and robust regressions estimates confirmed that there was no statistically significant direct influence of the COVID-19 crisis on the crypto market in the first wave period. However, the study found spillovers from risky assets (S&P 500) on the crypto market, with Tether as an exception. Due to this special characteristic, Tether might present a safe haven within the crypto market.

ACS Style

Darko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability 2021, 13, 8578 .

AMA Style

Darko Vukovic, Moinak Maiti, Zoran Grubisic, Elena Grigorieva, Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability. 2021; 13 (15):8578.

Chicago/Turabian Style

Darko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. 2021. "COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave." Sustainability 13, no. 15: 8578.

Original article
Published: 30 July 2021 in SN Business & Economics
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The present study focuses on the impact of pollution, death rate and illness on GDP growth rate resulting from the outside pollutants PMP, OZ and HAP across the globe in 164 countries. To do so, the study first normalizes and standardizes the data by creating three composite indexes for pollution, death rate and illness [Disability Adjusted Life Years (DALYs)]. Then, the study involved running different panel regressions to derive the conclusions. Panel regression estimations show that the effects of pollution, deaths and illness on GDP growth rate resulting from these outside pollutants, PMP, OZ and HAP, across the globe for 164 countries are not uniform and different models such as pooled, fixed and random effect panel models yield different results. Hausman test results show that for eight out of nine cases the fixed effect model is found to be statistically significant. Further fixed or random cross-sectional effects analysis for 164 countries show that the fixed or random cross-sectional effects vary in between a large range of 12 to − 26 among these 164 countries. The study’s findings have several important implications for policymakers and decision-makers for framing policies with respect to the study variables across the globe.

ACS Style

Moinak Maiti; Pravin Jadhav. Impact of pollution level, death rate and illness on economic growth: evidence from the global economy. SN Business & Economics 2021, 1, 1 -18.

AMA Style

Moinak Maiti, Pravin Jadhav. Impact of pollution level, death rate and illness on economic growth: evidence from the global economy. SN Business & Economics. 2021; 1 (9):1-18.

Chicago/Turabian Style

Moinak Maiti; Pravin Jadhav. 2021. "Impact of pollution level, death rate and illness on economic growth: evidence from the global economy." SN Business & Economics 1, no. 9: 1-18.

Earlycite article
Published: 12 July 2021 in Journal of Tourism Futures
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Purpose The starting premise of this study is that women's empowerment is the goal for self-realization and that the support that comes from local tourism stakeholders represents an adequate base. In many rural areas, women have established self-help groups (SHGs), which facilitate the interaction with a wide range of stakeholders. The objective of this paper is to investigate the effects of SHGs on female entrepreneurship and self-employment in tourism. Design/methodology/approach To examine the research question, this study adopted a quantitative research that included a sample of 513 women in a less-advanced rural area in Serbia. For the data analysis, the generalized linear regression model (GLM) was used. Findings According to the results, self-employment is the leading goal of women's empowerment. Research limitations/implications The main limitation in the research and the authors’ suggestion for future research is to increase the sample size of female respondents, so examination of their attitudes and role in the travel business in their local settings might reach higher significance. The second issue that the authors would like to point out is a highly local character of our study, so the future research should involve other rural areas in the country and from abroad (e.g. similar undeveloped countryside with noticeable, active women's role in local entrepreneurship). Practical implications The most important practical implications of this paper are twofold: (1) the results of the research have shown that the tourist potential of rural areas can be enhanced through local tourism stakeholders' support; (2) women without professional interest or jobs in rural areas, especially in the areas where the population is traditionally dominated by men (husband/brother/father), have a chance to earn and to be economically more independent. This research can affect future studies to investigate other aspects of empowerment depending on the difference of regions, from one side, and also alternative opportunities for tourism and local development in less-advanced rural areas, from another side. Originality/value The study analyzes the tourism potential of the rural areas (which are less advanced and mostly very poor in developing countries, such as Serbia). In this case, there are opportunities to increase employment, social inclusion of women, development of new tourism strategies, implementation of destination marketing, etc. Moreover, it contributes to future research in the field of stakeholders in tourism strategies.

ACS Style

Darko B. Vukovic; Marko Petrovic; Moinak Maiti; Aleksandra Vujko. Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside. Journal of Tourism Futures 2021, ahead-of-p, 1 .

AMA Style

Darko B. Vukovic, Marko Petrovic, Moinak Maiti, Aleksandra Vujko. Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside. Journal of Tourism Futures. 2021; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Darko B. Vukovic; Marko Petrovic; Moinak Maiti; Aleksandra Vujko. 2021. "Tourism development, entrepreneurship and women's empowerment – Focus on Serbian countryside." Journal of Tourism Futures ahead-of-p, no. ahead-of-p: 1.

Journal article
Published: 28 May 2021 in IEEE Internet of Things Journal
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Data security and resource allocation are two important terms associated with Internet of Things (IoT). This recent technical evolution has made its mark in industrial applications making the network more flexible and computation friendly through connecting all the devices. As a subset of IoT, the framework of Industrial IoT (IIoT) is based on huge number of nodes with continuous process of multiple works at a time. Due to this, multi-objective network, interference in the path always becomes reason for the loss of network resources as well as the security of data becomes vulnerable. In most of the previous works, dedicated channel states are considered for fixed resources which remains a major issue of IIoT network flexibility along with security. In this paper, both the problems are incorporated by calculating the channel security and using convolutional neural network (CNN) optimal channel state extracted for different applications. This results as a fast system with proper utilization of resources and validated with mathematical analysis and simulations.

ACS Style

Pratik Goswami; Amrit Mukherjee; Moinak Maiti; Sumarga K. Sah Tyagi; Lixia Yang. A Neural Network Based Optimal Resource Allocation Method for Secure IIoT Network. IEEE Internet of Things Journal 2021, PP, 1 -1.

AMA Style

Pratik Goswami, Amrit Mukherjee, Moinak Maiti, Sumarga K. Sah Tyagi, Lixia Yang. A Neural Network Based Optimal Resource Allocation Method for Secure IIoT Network. IEEE Internet of Things Journal. 2021; PP (99):1-1.

Chicago/Turabian Style

Pratik Goswami; Amrit Mukherjee; Moinak Maiti; Sumarga K. Sah Tyagi; Lixia Yang. 2021. "A Neural Network Based Optimal Resource Allocation Method for Secure IIoT Network." IEEE Internet of Things Journal PP, no. 99: 1-1.

Journal article
Published: 04 May 2021 in The North American Journal of Economics and Finance
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This research analyse the US and the EU money markets interdependence from 2004 to 2018. The study explains to what extent the volatility of the chosen money markets instruments in two regions is inter-correlated before, during and after the financial crisis of 2008. We apply the econometric analysis and estimate time-series models of class GARCH to study the historical dynamics of interbank rates and bond returns. The study demonstrates that correlation between returns of analogous money market instruments in the EU and US is not stable over time. We find that correlation rises in periods when countries are exposed to the same external shocks as global financial crisis. Wavelet coherence analysis suggests that investors do not get any advantages of portfolio diversification investing only in US treasuries with different maturities for more than 256 days and do not get any advantages at all investing only in European bonds..

ACS Style

Darko B. Vukovic; Kseniya A. Lapshina; Moinak Maiti. Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis. The North American Journal of Economics and Finance 2021, 58, 101457 .

AMA Style

Darko B. Vukovic, Kseniya A. Lapshina, Moinak Maiti. Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis. The North American Journal of Economics and Finance. 2021; 58 ():101457.

Chicago/Turabian Style

Darko B. Vukovic; Kseniya A. Lapshina; Moinak Maiti. 2021. "Wavelet coherence analysis of returns, volatility and interdependence of the US and the EU money markets: Pre & post crisis." The North American Journal of Economics and Finance 58, no. : 101457.

Journal article
Published: 20 March 2021 in IIMB Management Review
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The present study compares the Fama-French three factor coefficient estimates obtained from both ordinary least squares (OLS) and quantile regression for 25 size-value sorted portfolios of BSE 500. The study, using empirical results, residual graphs and other plots, confirms the inefficiency of OLS in end distribution estimation. Quantile regression reveals that the slope direction for all coefficients of predictor variables is not the same across the quantiles and time. Finally, the study shows, empirically, that quantile regression estimates give a more comprehensive and clearer picture of the varying effect of predictors on response variables to analysts or investors in making investment decisions.

ACS Style

Moinak Maiti. Quantile regression, asset pricing and investment decision. IIMB Management Review 2021, 33, 28 -37.

AMA Style

Moinak Maiti. Quantile regression, asset pricing and investment decision. IIMB Management Review. 2021; 33 (1):28-37.

Chicago/Turabian Style

Moinak Maiti. 2021. "Quantile regression, asset pricing and investment decision." IIMB Management Review 33, no. 1: 28-37.

Journal article
Published: 03 March 2021 in IEEE Internet of Things Journal
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The purpose of the present study is to comprehensively evaluate the present status of the Internet of Things (IoT) in fintech ecology and ahead. Study finds that the concept of communication between the devices and financial technology are not new yet only a considerable number of studies are done on IoT in fintech. Study highlights that both the IoT & fintech show an upward trend in the marketspace. Then study identifies that the increase in the demand for blockchain, internet, mobile network, cloud storage and IoT devices among the organization are the key drivers of IoT in fintech. Study also shows that the issues related to sustainable energy, digital payments and security are the current area of applications and challenges for IoT in Fintech. Thereafter study concludes that the growth of neurotech will influence the next generation IoT in fintech as the catalytic agent. Neurotech enabled IoT (NIoT) in Fintech will enhance the 3Ms (Man, Machine & Memory) relationship for business process innovation.

ACS Style

Moinak Maiti; Uttam Ghosh. Next Generation Internet of Things in Fintech Ecosystem. IEEE Internet of Things Journal 2021, PP, 1 -1.

AMA Style

Moinak Maiti, Uttam Ghosh. Next Generation Internet of Things in Fintech Ecosystem. IEEE Internet of Things Journal. 2021; PP (99):1-1.

Chicago/Turabian Style

Moinak Maiti; Uttam Ghosh. 2021. "Next Generation Internet of Things in Fintech Ecosystem." IEEE Internet of Things Journal PP, no. 99: 1-1.

Journal article
Published: 20 November 2020 in Journal of Open Innovation: Technology, Market, and Complexity
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The present study is on the five cryptocurrency daily mean return time series linearity dynamics during the Covid-19 period. These cryptocurrencies were chosen based on their influence on the market, primarily driven by its market capitalisation. Tether is included as the most important stable coin on the market, nominally pegged to the U.S. dollar (USD). The reason to investigate it is that there are some inconsistencies in its behaviour as opposed to the other four cryptocurrencies. This study found that the behaviour of Tether cryptocurrency daily average return time series pattern is highly nonlinear and chaotic in nature, whereas the other four cryptocurrencies (namely Bitcoin, Ethereum, XRP and Bitcoin Cash) daily average return time series were found to be linear in nature. To further study Tether’s nonlinear time series rich dynamics, this study deployed one category of the regime switching models popularly known as the threshold regressions. The study estimates fairly suggest that both the threshold autoregression (TAR) and smooth transition autoregressive (STAR) models with lag 1 are adequate to capture the rich nonlinear and chaotic dynamics of Tether’s daily average return time series.

ACS Style

Moinak Maiti; Zoran Grubisic; Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity 2020, 6, 161 .

AMA Style

Moinak Maiti, Zoran Grubisic, Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity. 2020; 6 (4):161.

Chicago/Turabian Style

Moinak Maiti; Zoran Grubisic; Darko B. Vukovic. 2020. "Dissecting Tether’s Nonlinear Dynamics during Covid-19." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4: 161.

Research article
Published: 16 October 2020 in International Journal of Finance & Economics
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The main objective of the paper is to investigate the analysts’ recommendations’ value and to determine on which market the analysts have more predictive power that can be defined as an extent of a stock price’s reaction around a particular recommendation what leads to abnormal returns of the security. Such recommendations are significant in decision‐making whether to buy or to sell a particular stock. We observed 1,881 events from 168 companies traded at the London Stock Exchange and the New York Stock Exchange in a period between January 1, 2016, and April 31, 2019. We used an event study analysis and classical one‐factor market model to determine expected returns for a particular stock in an estimation window. It was found that both American and European Union markets are feasible to be outperformed by the analysts but it is impossible to highlight any of the markets as they behave almost identically around positive, neutral and negative recommendations.

ACS Style

Darko B. Vukovic; Vladislav Ugolnikov; Moinak Maiti. Sell‐side analysts' recommendations a value or noise. International Journal of Finance & Economics 2020, 26, 3134 -3151.

AMA Style

Darko B. Vukovic, Vladislav Ugolnikov, Moinak Maiti. Sell‐side analysts' recommendations a value or noise. International Journal of Finance & Economics. 2020; 26 (2):3134-3151.

Chicago/Turabian Style

Darko B. Vukovic; Vladislav Ugolnikov; Moinak Maiti. 2020. "Sell‐side analysts' recommendations a value or noise." International Journal of Finance & Economics 26, no. 2: 3134-3151.

Practitioner paper
Published: 19 August 2020 in Journal of Public Affairs
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The main objective of this study is to evaluate the impact of new agricultural export policy implemented by the government of India in 2018. Firstly, this paper critically evaluates the different programs undertaken by the Ministry of Commerce under Agricultural Export Policy, 2018 to doubling farmers income by 2022. Further, this article evaluates the impact of new agricultural export policy on enhancing the productivity and profitability on Indian Agriculture. Overall results of the article suggest that new agriculture export policy will set the foundation to make Indian agriculture globally competitive. Ease of doing agricultural business index will encourage health competition between the states. Transport and marketing assistance scheme will help Indian agricultural exporters to more competitive in global market and mitigates the hindrance of a higher cost of transportation. Agricultural Export Cluster will enhance the involvement of small and marginal farmers in the export bracket. Finally, this article discussed that productivity of Indian Agriculture is lower but with the help of new agricultural policy India could enhance the productivity of most of the agriculture goods in India.

ACS Style

Parashram Patil; Pravin Jadhav; Moinak Maiti. The impact of new agricultural export policy on Indian agriculture exports. Journal of Public Affairs 2020, 1 .

AMA Style

Parashram Patil, Pravin Jadhav, Moinak Maiti. The impact of new agricultural export policy on Indian agriculture exports. Journal of Public Affairs. 2020; ():1.

Chicago/Turabian Style

Parashram Patil; Pravin Jadhav; Moinak Maiti. 2020. "The impact of new agricultural export policy on Indian agriculture exports." Journal of Public Affairs , no. : 1.

Journal article
Published: 07 July 2020 in Journal of Economic Structures
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ACS Style

Moinak Maiti; Darko Vuković. Role of human assets in measuring firm performance and its implication for firm valuation. Journal of Economic Structures 2020, 9, 1 -27.

AMA Style

Moinak Maiti, Darko Vuković. Role of human assets in measuring firm performance and its implication for firm valuation. Journal of Economic Structures. 2020; 9 (1):1-27.

Chicago/Turabian Style

Moinak Maiti; Darko Vuković. 2020. "Role of human assets in measuring firm performance and its implication for firm valuation." Journal of Economic Structures 9, no. 1: 1-27.

Earlycite article
Published: 06 May 2020 in Competitiveness Review: An International Business Journal
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Purpose This paper study regional attractiveness through passive portfolio investment based on duration, immunization and convexity (in case of higher interest rate volatility) of municipal bonds by using data from Standard and Poor’s. The massive variety of financial incentives to promote regional investment attractiveness is dependent on governmental strategy. Municipal bonds are the one of the most efficient ways of direct investments in the region, however, it is still a question of a good balance between a certain rate of return and an adequate risk. The purpose of this paper is to analyze the investment opportunities in municipal revenue bonds. Design/methodology/approach This study developed a model of investing using municipal bonds with the case of their immunization and analyze attractiveness of such investment. The theoretical model assumes a situation where the local government finances its capital projects through municipal revenue bonds. Such situations influence strongly on regional or local competitiveness provided by local government policy. Findings An analysis of the municipal bond market indicates that both municipal general and revenue bonds had stable and good level of yields to maturity in the past ten years. Their standard deviations were very low and in the past two years almost approached the level of standard deviations of treasury bonds. With the duration of 4–6 years on 5-year investment in municipal revenue bonds and their immunization, it is possible to provide good returns for investor. Research limitations/implications The limitation of this study concerns theoretical situation where local government will use non-market-based policy to reduce the interest rates and that will influence on rise of municipal bond liquidity premium (price distortion). This situation will make municipality bonds less attractive for investing, especially because of lower liquidity on secondary market. Also, this model is applicable in regions that have developed financial markets. Practical implications This research suggests governments a sustainable framework to use municipal bonds as a strategy for capital targeting in regions. Social implications This research is related to professional investors’ strategy with projects that have the highest investment potential; this is good way for an adequate allocation of resources (regional competitiveness). Originality/value This paper analyzes very rare subject involving local government strategy of finance and portfolio investment in municipal bonds. There is a huge gap in the literature on this issue. Also, this study provides the model that can be used as a case for higher local competitiveness.

ACS Style

Darko B. Vukovic; Moinak Maiti; Dmitry Kochetkov; Alexander Bystryakov. How attractive are municipal bonds for the passive competitiveness: the case of immunization of municipal bonds. Competitiveness Review: An International Business Journal 2020, ahead-of-p, 1 .

AMA Style

Darko B. Vukovic, Moinak Maiti, Dmitry Kochetkov, Alexander Bystryakov. How attractive are municipal bonds for the passive competitiveness: the case of immunization of municipal bonds. Competitiveness Review: An International Business Journal. 2020; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Darko B. Vukovic; Moinak Maiti; Dmitry Kochetkov; Alexander Bystryakov. 2020. "How attractive are municipal bonds for the passive competitiveness: the case of immunization of municipal bonds." Competitiveness Review: An International Business Journal ahead-of-p, no. ahead-of-p: 1.

Journal article
Published: 05 May 2020 in Management Decision
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Purpose The paper introduces a resource-based linear programming model for resource optimization in small innovative enterprises (SIE). Design/methodology/approach The model is grounded on resource-based view on the firm and dynamic capabilities approach. Linear programming technique is used to provide the actual framework to the resource-based model. Findings The paper introduces a new resource-based linear programming model for resource optimization in small innovative enterprises. The conceptual model is grounded on resource-based view (RBV) and dynamic capabilities strategy. The RVB of firm and firm strategy is based on the concept of economic rent. Linear programming technique is used to provide the actual framework to the resource-based model. In developing the versatility concept, study suggests a distinct sight regarding resource fungibility. Study classifies resources into multipliable, rentable and expendable resources to increases adequacy of the model. The developed model includes both tangible and intangible assets such as human capital. The survival rate of SIE in the early stages of life cycle is very low due to the competition among SIEs. In this regard, the greatest advancement of the developed resource-based linear programming model is its simplicity and versatility which is much desirable for the SIE especially in their initial stages of the life cycle. Kelliher and Reinl (2009) argued that micro firms have unique advantage over bigger firms in following term: rate of learning or redeployment of strategy in micro firms is faster than the rate of change in their environment. One very significant feature of the developed resource-based linear programming model is that mathematically the proposed model could easily be transformed into mixed integer or stochastic linear programming models to meet the time variant requirement of small firms especially when it expands its operation. Research limitations/implications The survival rate of SIE in the early stages of life cycle is very low due to the competition among SIEs. In this regard, the greatest advancement of the developed resource-based linear programming model is its simplicity and versatility which is much desirable for the SIE especially in their initial stages of the life cycle. Kelliher and Reinl (2009) argued that micro firms have unique advantage over bigger firms in following term: rate of learning or redeployment of strategy in micro firms is faster than the rate of change in their environment. One very significant feature of the developed resource-based linear programming model is that mathematically the proposed model could easily be transformed into mixed integer or stochastic linear programming models to meet the time variant requirement of small firms especially when it expands its operation. Originality/value One very significant contribution of the present study is that the study develops a new resource-based model for SIE especially for the SIE in the initial stages of the life cycle, to gain competitive advantages. Furthermore, the present study contributes to the existing literature in strategy at least in three senses as mentioned below: 1. further addition of SIE research based on the RBV and dynamic capabilities in the strategy literature 2. in developing the versatility concept, the study suggests a distinct sight regarding resource fungibility and it classifies resources into three categories as follows: multipliable, rentable and expendable resources to increases adequacy of the model. 3. Finally, the study introduces a new resource-based linear programming model for SIE resources allocation. To the best of author’s knowledge, no such similar model is introduced by any previous studies for small firm. The greatest advancement of the developed resource-based linear programming model is its simplicity and versatility.

ACS Style

Moinak Maiti; Victor Krakovich; S.M. Riad Shams; Darko B. Vukovic. Resource-based model for small innovative enterprises. Management Decision 2020, 58, 1525 -1541.

AMA Style

Moinak Maiti, Victor Krakovich, S.M. Riad Shams, Darko B. Vukovic. Resource-based model for small innovative enterprises. Management Decision. 2020; 58 (8):1525-1541.

Chicago/Turabian Style

Moinak Maiti; Victor Krakovich; S.M. Riad Shams; Darko B. Vukovic. 2020. "Resource-based model for small innovative enterprises." Management Decision 58, no. 8: 1525-1541.

Letter
Published: 12 March 2020 in Internet Technology Letters
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In this study Non‐Linear forecasting models have been implemented to forecast the 7 major cryptocurrencies. To the best of the authors knowledge, this is the first study to forecast the cryptocurrencies chaotic co‐movement forecasting using non‐linear models like Neural networks. The study finds that LSTM yields better result for lags 0 and 0‐3 and for large lags 0‐7, the ANN is the best. Further study confirms that predictions using variables like volume is not suitable for forecasting in any case. The findings of the study will impact Policy makers and investors. This article is protected by copyright. All rights reserved.

ACS Style

Moinak Maiti; Yaroslav Vyklyuk; Darko Vuković. Cryptocurrencies chaotic co‐movement forecasting with neural networks. Internet Technology Letters 2020, 3, e157 .

AMA Style

Moinak Maiti, Yaroslav Vyklyuk, Darko Vuković. Cryptocurrencies chaotic co‐movement forecasting with neural networks. Internet Technology Letters. 2020; 3 (3):e157.

Chicago/Turabian Style

Moinak Maiti; Yaroslav Vyklyuk; Darko Vuković. 2020. "Cryptocurrencies chaotic co‐movement forecasting with neural networks." Internet Technology Letters 3, no. 3: e157.

Academic paper
Published: 04 March 2020 in Journal of Public Affairs
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This article investigates the impact of financial liberalization on the demand for credit in Ghana. It contributes by making suggestions pertaining to questions on the effectiveness of interest rate liberalization in driving private sector demand for credit both in the short and the long‐run, as well as the speed of adjustments to equilibrium after the implementation of the financial liberalization programme. The study results indicate that interest rate has no significant impact on the demand for credit both in the short‐run and long‐run. Moreover, inflation has a negative significant effect on the demand for credit in the short‐run. The results also suggest that about 66% of disequilibrium from the preceding year is corrected in the current year. However, these findings seem to indicates that the financial market in Ghana is not fully competitive. The oligopolistic and noncompetitive financial system may be attributable to the extreme minimum capital requirement and the emerging consolidation of commercial banks through government takeovers as well as the various credit rationing practices by banks aimed at reducing the risk of adverse selection and insolvency.

ACS Style

Moinak Maiti; Ishmael Ali Esson; Darko Vukovic. The impact of interest rate on the demand for credit in Ghana. Journal of Public Affairs 2020, 20, 1 .

AMA Style

Moinak Maiti, Ishmael Ali Esson, Darko Vukovic. The impact of interest rate on the demand for credit in Ghana. Journal of Public Affairs. 2020; 20 (3):1.

Chicago/Turabian Style

Moinak Maiti; Ishmael Ali Esson; Darko Vukovic. 2020. "The impact of interest rate on the demand for credit in Ghana." Journal of Public Affairs 20, no. 3: 1.

Earlycite article
Published: 02 March 2020 in Journal of Economic Studies
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PurposeThis study aims to examine whether the publication of analyst recommendations has reaction in the Russian stock market. This study also aims to determine the other factors that influence the reaction.Design/methodology/approachEvent study analysis (ESA) and regression models are used in this study.FindingsThe study finds that Russian stock market significantly reacts to analyst recommendations publications. Then study deeply investigates about the influence of other factors on the Russian market when an analyst's recommendations are published such as changes in recommendation levels, companies' size and general economic situation. The analysis done in the context of three types of recommendations: “buy,” “hold” and “sell.” The study finds that the market reacts not only to separate forecasts and subsequent recommendations, but also to the changes in recommendations' levels as well. Interestingly, the study finds that the impact of crises is not found to be a significant factor in the context of the Russian market.Research limitations/implicationsAnalysts used to spend much more resources on conducting a fundamental analysis than ordinary investors do. Therefore, they usually possess valuable privileged information that is supposed to influence stock prices when published. However, the present study argues that the direction, extent and period of a reaction of an analyst's recommendations are highly complicated and depend on what factors are under consideration in a particular research. Very often, the authors who dedicate their papers to develop and study markets choose a couple of (or even one) factors and delve into them. Nevertheless, to the author's best knowledge, few frequently cited and well-conducted research focused on such an emerging market as the Russian one. Thus, it seems reasonable that there is a gap in the literature that needs to be filled while considering other important factors. The study findings have a significant investment policy content.Originality/valueIn several senses, the present study is unique. First, it investigates whether analyst recommendations sufficiently affect the Russian stock market; second, it determines whether the significant factors such as changes in recommendation levels, companies' size and general economic situation have influence on the reaction. Finally, the study discusses about whether there is an impact of crises in the present study findings.

ACS Style

Darko Vukovic; Vladislav Ugolnikov; Moinak Maiti. Analyst says a lot, but should you listen? Evidence from Russia. Journal of Economic Studies 2020, 47, 729 -745.

AMA Style

Darko Vukovic, Vladislav Ugolnikov, Moinak Maiti. Analyst says a lot, but should you listen? Evidence from Russia. Journal of Economic Studies. 2020; 47 (4):729-745.

Chicago/Turabian Style

Darko Vukovic; Vladislav Ugolnikov; Moinak Maiti. 2020. "Analyst says a lot, but should you listen? Evidence from Russia." Journal of Economic Studies 47, no. 4: 729-745.

Journal article
Published: 01 March 2020 in IIMB Management Review
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ACS Style

Moinak Maiti; A. Balakrishnan. Can leverage effect coexist with value effect? IIMB Management Review 2020, 32, 7 -23.

AMA Style

Moinak Maiti, A. Balakrishnan. Can leverage effect coexist with value effect? IIMB Management Review. 2020; 32 (1):7-23.

Chicago/Turabian Style

Moinak Maiti; A. Balakrishnan. 2020. "Can leverage effect coexist with value effect?" IIMB Management Review 32, no. 1: 7-23.

Methodology and policy
Published: 09 February 2020 in Journal of Sustainable Finance & Investment
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The present study addresses three questions: 1. Whether ESG is the succeeding risk factor? 2. To study the relevance of each component of ESG in investment decision? 3. To develop a new more robust asset pricing model with ESG. This study finds that three-factor models with market, size and ESG factors perform better than the Fama–French three-factor model. Higher Sharpe ratios for ESG, environment, social and governance factors indicate that portfolios formed on these factors show better investment performance over traditional size and value-based portfolios for all cases. The main message of the study is that ESG, environment, social and governance factors play an important role in predicting returns hence they should not be ignored while considering investment decision.

ACS Style

Moinak Maiti. Is ESG the succeeding risk factor? Journal of Sustainable Finance & Investment 2020, 11, 199 -213.

AMA Style

Moinak Maiti. Is ESG the succeeding risk factor? Journal of Sustainable Finance & Investment. 2020; 11 (3):199-213.

Chicago/Turabian Style

Moinak Maiti. 2020. "Is ESG the succeeding risk factor?" Journal of Sustainable Finance & Investment 11, no. 3: 199-213.

Practitioner paper
Published: 18 December 2019 in Journal of Public Affairs
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A maiden attempt has been made to study India's first offshore LIDAR‐based wind profiling at Gulf of Khambhat. Both time series and panel data are used to derive the study conclusions. Quantile and panel analysis of the wind profiling done and based on that study finds interesting results. Study finds that wind characteristics are not constant over the quantiles and even change the polarisation. Study also concludes that wind dispersion is highly positively related to the wind speed. Finally, study concludes that there is no cross‐sectional (12 sectors: 40 to 200 m) random effect. Study findings have high policy implications.

ACS Style

Moinak Maiti; Jayita Maiti. A study on India's first offshore LIDAR‐based wind profiling at Gulf of Khambhat. Journal of Public Affairs 2019, 20, 1 .

AMA Style

Moinak Maiti, Jayita Maiti. A study on India's first offshore LIDAR‐based wind profiling at Gulf of Khambhat. Journal of Public Affairs. 2019; 20 (2):1.

Chicago/Turabian Style

Moinak Maiti; Jayita Maiti. 2019. "A study on India's first offshore LIDAR‐based wind profiling at Gulf of Khambhat." Journal of Public Affairs 20, no. 2: 1.