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Wing-Keung Wong obtained his Ph.D. from the University of Wisconsin—Madison. He is a Chair Professor at the Department of Finance, Asia University. He was a Full Professor at Hong Kong Baptist University and Deputy Director at the National University of Singapore. He appears in “Who's Who in the World”. He is in RePEc’s list of top Taiwanese, Asian, and World economists. He has more than 7621 citations in ResearchGate and more than 9798 citations with a h-index of 55 and an i10-index of 209 in Google Scholar citations. He serves as editor, advisor, and associate editor for some international journals.
Bibliometric studies have proven useful in helping researchers better explore the current research trends within a particular field of study. This study analyzes academic research on herd behavior in financial markets conducted over 30 years. The Web of Science database was selected to collect bibliographic material and provide various bibliometric indicators, including the number of citations, publications, and authors, while bibliometric techniques were also employed for visualizing the similarities. The results show a significant growth in research on herd behavior, especially following the subprime crisis. The concluding results from the literature indicate that there is no consensus regarding the causes of this phenomenon, but new perspective have emerged to expand research on herd behavior.
Enkhbayar Choijil; Christian Espinosa Méndez; Wing-Keung Wong; João Paulo Vieito; Munkh-Ulzii Batmunkh. Thirty years of herd behavior in financial markets: A bibliometric analysis. Research in International Business and Finance 2021, 59, 101506 .
AMA StyleEnkhbayar Choijil, Christian Espinosa Méndez, Wing-Keung Wong, João Paulo Vieito, Munkh-Ulzii Batmunkh. Thirty years of herd behavior in financial markets: A bibliometric analysis. Research in International Business and Finance. 2021; 59 ():101506.
Chicago/Turabian StyleEnkhbayar Choijil; Christian Espinosa Méndez; Wing-Keung Wong; João Paulo Vieito; Munkh-Ulzii Batmunkh. 2021. "Thirty years of herd behavior in financial markets: A bibliometric analysis." Research in International Business and Finance 59, no. : 101506.
Literature shows that the regression of independent and (nearly) nonstationary time series could result in spurious outcomes. In this paper, we conjecture that under some situations, the regression of two independent and nearly non-stationary series does not have any spurious problem at all. To check whether our conjecture holds, we set up several situations and conduct simulations to justify our conjecture. Our simulations show that under some situations, the chance that the regressions being spurious is very high for all the cases simulated in our paper. Nonetheless, under some other situations, our simulation shows that the rejection rates are much smaller than the 5% level of significance for all the cases simulated in our paper, implying that our conjecture could hold under some situations that regression of two independent and nearly non-stationary series does not have any spurious problem at all.
Yushan Cheng; Yongchang Hui; Michael McAleer; Wing-Keung Wong. Spurious Relationships for Nearly Non-Stationary Series. Journal of Risk and Financial Management 2021, 14, 366 .
AMA StyleYushan Cheng, Yongchang Hui, Michael McAleer, Wing-Keung Wong. Spurious Relationships for Nearly Non-Stationary Series. Journal of Risk and Financial Management. 2021; 14 (8):366.
Chicago/Turabian StyleYushan Cheng; Yongchang Hui; Michael McAleer; Wing-Keung Wong. 2021. "Spurious Relationships for Nearly Non-Stationary Series." Journal of Risk and Financial Management 14, no. 8: 366.
Wing-Keung Wong. Editorial statement and research ideas for behavioral financial economics in the emerging market. International Journal of Emerging Markets 2021, 16, 946 -951.
AMA StyleWing-Keung Wong. Editorial statement and research ideas for behavioral financial economics in the emerging market. International Journal of Emerging Markets. 2021; 16 (5):946-951.
Chicago/Turabian StyleWing-Keung Wong. 2021. "Editorial statement and research ideas for behavioral financial economics in the emerging market." International Journal of Emerging Markets 16, no. 5: 946-951.
The sustainability of food waste is one of the most important contemporary economic, social, and environmental issues that encompasses useful academic, practical, and policymaking implications. Under the domain of sustainability, food waste is a serious global challenge with a growing public, political, and corporate concern. Existing literature regarding the sensitization of consumers and the promotion of waste cautious behaviors still has much room for improvement in household waste. To bridge the gap in the literature, this study identifies and examines determinants of young consumers’ food waste reduction behavior in households. Using a sample size of 391 young consumers of household food products from Pakistan, a full-scaled administrative survey is conducted, and our hypotheses are empirically tested by using the PLS structural modeling equation. Our findings reveal significant impacts from both cognitive and emotional aspects on sustainable food waste reduction behavior. Our results have several important implications for policymakers and all the stakeholders, especially for marketers, including advertising strategies, policies to mitigate the impact of food waste, and the development of educational programs related to food waste.
Saman Attiq; Ka Chau; Shahid Bashir; Muhammad Habib; Rauf Azam; Wing-Keung Wong. Sustainability of Household Food Waste Reduction: A Fresh Insight on Youth’s Emotional and Cognitive Behaviors. International Journal of Environmental Research and Public Health 2021, 18, 7013 .
AMA StyleSaman Attiq, Ka Chau, Shahid Bashir, Muhammad Habib, Rauf Azam, Wing-Keung Wong. Sustainability of Household Food Waste Reduction: A Fresh Insight on Youth’s Emotional and Cognitive Behaviors. International Journal of Environmental Research and Public Health. 2021; 18 (13):7013.
Chicago/Turabian StyleSaman Attiq; Ka Chau; Shahid Bashir; Muhammad Habib; Rauf Azam; Wing-Keung Wong. 2021. "Sustainability of Household Food Waste Reduction: A Fresh Insight on Youth’s Emotional and Cognitive Behaviors." International Journal of Environmental Research and Public Health 18, no. 13: 7013.
The purpose of this study is to investigate the impact of funding liquidity risk on the banks’ risk-taking behavior. To test the hypotheses, we apply the two-step system GMM technique on US commercial banks data from 2002 to 2018. We find that funding liquidity increases the banks’ risk-taking of US commercial banks. Furthermore, banks with higher deposits are less likely to face a funding shortage, and bank managers’ aggressive risk-taking activity is less likely to be monitored. Our findings infer that increases in bank funding liquidity increase both risk-weighted assets and liquidity creation, and deposit insurance creates a moral risk issue for banks taking excessive risks in response to deposit rises. The relationship between funding liquidity and the banks’ risk-taking varies with their capitalization and market conditions; the impact of funding liquidity on risk-taking is pronounced for well-capitalized banks and the Global Financial Crisis 2007. Our tests are robust for the usage of alternate proxy of funding liquidity and by controlling economic conditions. The findings of this study have implications for regulators to develop guidelines for the level of liquidity and risk-taking of commercial banks.
Faisal Abbas; Shoaib Ali; Imran Yousaf; Wing-Keung Wong. Dynamics of Funding Liquidity and Risk-Taking: Evidence from Commercial Banks. Journal of Risk and Financial Management 2021, 14, 281 .
AMA StyleFaisal Abbas, Shoaib Ali, Imran Yousaf, Wing-Keung Wong. Dynamics of Funding Liquidity and Risk-Taking: Evidence from Commercial Banks. Journal of Risk and Financial Management. 2021; 14 (6):281.
Chicago/Turabian StyleFaisal Abbas; Shoaib Ali; Imran Yousaf; Wing-Keung Wong. 2021. "Dynamics of Funding Liquidity and Risk-Taking: Evidence from Commercial Banks." Journal of Risk and Financial Management 14, no. 6: 281.
In this paper, we examine whether jumps matter in both equity market returns and integrated volatility. For this purpose, we use the swap variance (SwV) approach to identify monthly jumps and estimated realized volatility in prices for both developed and emerging markets from February 2001 to February 2020. We find that jumps arise in all equity markets; however, emerging markets have more jumps relative to developed markets, and positive jumps are more frequent than negative jumps. In emerging markets, the markets with average volatility earn higher returns during jump periods; however, highly volatile markets earn higher returns during jump periods in developed markets. Furthermore, markets with low continuous returns and high volatility are more adversely affected during periods of negative jumps. The average ratio of jump variations to total variation shows considerable variations due to jumps. Integrated volatility is high during periods of negative jumps, and this pattern is consistent in both developed and emerging markets. Moreover, the peak volatility of stock markets is observed during periods of crises. The implication of this study is useful in the asset pricing model, risk management, and for individual investors and portfolio managers for both developed and emerging markets.
Hassan Zada; Arshad Hassan; Wing-Keung Wong. Do Jumps Matter in Both Equity Market Returns and Integrated Volatility: A Comparison of Asian Developed and Emerging Markets. Economies 2021, 9, 92 .
AMA StyleHassan Zada, Arshad Hassan, Wing-Keung Wong. Do Jumps Matter in Both Equity Market Returns and Integrated Volatility: A Comparison of Asian Developed and Emerging Markets. Economies. 2021; 9 (2):92.
Chicago/Turabian StyleHassan Zada; Arshad Hassan; Wing-Keung Wong. 2021. "Do Jumps Matter in Both Equity Market Returns and Integrated Volatility: A Comparison of Asian Developed and Emerging Markets." Economies 9, no. 2: 92.
The lack of an efficient approach in managing pharmaceutical prices in the procurement system led to a substantial burden on government budgets. In Thailand, although the reference price policy was implemented to contain the drug expenditure, there have been some challenges with the price dispersion of medicines and pricing information transparency. This phenomenon calls for the development of a potential algorithm to estimate appropriate prices for medical products. To serve this purpose, in this paper, we first developed the model by the sequential minimal optimization (SMO) algorithm for predicting the range of the prices for each medicine, using the Waikato environment for knowledge analysis software, and applying feature selection techniques also to examine improving predictive accuracy. We used the dataset comprised of 2424 records listed on the procurement system in Thailand from January to March 2019 in the application and used a 10-fold cross-validation test to validate the model. The results demonstrated that the model derived by the SMO algorithm with the gain ratio selection method provided good performance at an accuracy of approximately 92.62%, with high sensitivity and precision. Additionally, we found that the model can distinguish the differences in the prices of medicines in the pharmaceutical market by using eight major features—the segmented buyers, the generic product groups, trade product names, procurement methods, dosage forms, pack sizes, manufacturers, and total purchase budgets—that provided the highest predictive accuracy. Our findings are useful to health policymakers who could employ our proposed model in monitoring the situation of medicine prices and providing feedback directly to suggest the best possible price for hospital purchasing managers based on the feature inputs in their procurement system.
Amarawan Pentrakan; Cheng-Chia Yang; Wing-Keung Wong. How Well Does a Sequential Minimal Optimization Model Perform in Predicting Medicine Prices for Procurement System? International Journal of Environmental Research and Public Health 2021, 18, 5523 .
AMA StyleAmarawan Pentrakan, Cheng-Chia Yang, Wing-Keung Wong. How Well Does a Sequential Minimal Optimization Model Perform in Predicting Medicine Prices for Procurement System? International Journal of Environmental Research and Public Health. 2021; 18 (11):5523.
Chicago/Turabian StyleAmarawan Pentrakan; Cheng-Chia Yang; Wing-Keung Wong. 2021. "How Well Does a Sequential Minimal Optimization Model Perform in Predicting Medicine Prices for Procurement System?" International Journal of Environmental Research and Public Health 18, no. 11: 5523.
Interdependence in trade and financial globalization has increased the vulnerability of developed and developing countries to external shocks alike, whereas emerging markets are more vulnerable to the shocks originating from the world’s leading economies. This paper investigates the impact of the uncertainty from the global economic policy on the return of the Indonesian stock market by using the time-varying correlation based on the rolling window method and time-varying built dynamic conditional correlation method. Both the rolling window and condition correlation estimates indicate that the correlation between global policy uncertainty and Indonesian stock returns is time-varying. The results of the autoregressive distributed lag-based regression indicate that inflation, global crude oil prices, gross domestic product, and world crude oil production have significant impacts on the dynamic conditional correlation. The average negative estimate of time-varying correlation suggests that investors when faced with liquidity constraints in one country may sell off their assets in another country to raise funds in order to meet their future financial needs. This also indicates that the rise in the uncertainty of economic policy in developed markets has a negative impact on the shocks faced by the Indonesian stock market. Based on our empirical findings, it is recommended that Indonesian policymakers should place more focus on the sustainability of the economic growth, pay close attention to volatile crude oil prices, world crude oil production, and inflation so as to avoid dynamic interaction between the uncertainty of economic policy in the developed markets and the return of the Indonesian stock market.
Shabir Hashmi; Muhammad Gilal; Wing-Keung Wong. Sustainability of Global Economic Policy and Stock Market Returns in Indonesia. Sustainability 2021, 13, 5422 .
AMA StyleShabir Hashmi, Muhammad Gilal, Wing-Keung Wong. Sustainability of Global Economic Policy and Stock Market Returns in Indonesia. Sustainability. 2021; 13 (10):5422.
Chicago/Turabian StyleShabir Hashmi; Muhammad Gilal; Wing-Keung Wong. 2021. "Sustainability of Global Economic Policy and Stock Market Returns in Indonesia." Sustainability 13, no. 10: 5422.
This study assesses the relationship between economic performance and environmental sustainability by taking into account the role of energy consumption, urbanization, and trade openness in Brazil by using data spanning from 1965 to 2019. The study is distinct from previously documented studies in literature in terms of scope for Brazil, where few entries have been recorded. The major objectives are to address the questions: (a) Is there a long-run connection between the variables under consideration? (b) Can CO2 emissions, trade openness, and energy consumption predict economic performance of Brazil? (c) What is the connection between economic growth and the independent variables at different frequencies and time-period? Furthermore, the study utilized dynamic ordinary least square (DOLS), fully modified ordinary least square (FMOLS), Maki Cointegration, and autoregressive distributed lag (ARDL) to capture the long-run association between the variables of interest. Also, we used the Wavelet coherence and Gradual-shift causality tests to capture the causal linkage between economic growth and the regressors. The advantage of the wavelet coherence test is that it can capture causal linkage between series at different frequencies and periods. The outcome of both Maki cointegration and ARDL bounds testing to cointegration affirms the presence of long-run interaction among the parameters of interest. Furthermore, the outcomes of the DOLS and FMOLS revealed that energy consumption, CO2 emissions, and urbanization exert positive impacts on economic growth in Brazil while there is no significant connection between trade openness and economic growth. Moreover, Gradual shift causality test outcomes disclosed that urbanization, trade openness, CO2 emissions and energy usage can predict the economic performance of Brazil. The outcomes of the wavelet coherence test give credence to the FMOLS, DOLS, and Gradual shift causality tests.
Tomiwa Adebayo; Abraham Awosusi; Jamiu Odugbesan; Gbenga Akinsola; Wing-Keung Wong; Husam Rjoub. Sustainability of Energy-Induced Growth Nexus in Brazil: Do Carbon Emissions and Urbanization Matter? Sustainability 2021, 13, 4371 .
AMA StyleTomiwa Adebayo, Abraham Awosusi, Jamiu Odugbesan, Gbenga Akinsola, Wing-Keung Wong, Husam Rjoub. Sustainability of Energy-Induced Growth Nexus in Brazil: Do Carbon Emissions and Urbanization Matter? Sustainability. 2021; 13 (8):4371.
Chicago/Turabian StyleTomiwa Adebayo; Abraham Awosusi; Jamiu Odugbesan; Gbenga Akinsola; Wing-Keung Wong; Husam Rjoub. 2021. "Sustainability of Energy-Induced Growth Nexus in Brazil: Do Carbon Emissions and Urbanization Matter?" Sustainability 13, no. 8: 4371.
The healthcare sector has the highest mean and a low correlation with the business cycle, while Treasury Bills (T-Bills) have the lowest variance in our study. In this paper, we examine the conjecture of whether investors should choose an asset with the highest expected return and an asset with the smallest variance even when the mean–variance rule says “NO”. We examine the conjecture by comparing the performance of portfolios with and without healthcare and 6-M T-bills in the US market. Our findings support the conjecture that investors prefer to invest in portfolios with both healthcare and 6-M T-bills. In addition, we find an arbitrage opportunity in the markets and our findings reject market efficiency. Based on our findings, academics could incorporate both maximum-return and minimum-volatility assets to construct a maximum-return-and-minimum-volatility aggressive-and-yet-defensive trading approach that stochastically dominates most of other assets/portfolios. Thus, our findings can be called the maximum-return-and-minimum-volatility anomaly or the maximum-return-and-minimum-volatility puzzle, or the maximum-return-and-minimum-volatility paradox.
Zhihui Lv; Amanda M. Y. Chu; Wing Keung Wong; Thomas C. Chiang. The maximum-return-and-minimum-volatility effect: evidence from choosing risky and riskless assets to form a portfolio. Risk Management 2021, 23, 97 -122.
AMA StyleZhihui Lv, Amanda M. Y. Chu, Wing Keung Wong, Thomas C. Chiang. The maximum-return-and-minimum-volatility effect: evidence from choosing risky and riskless assets to form a portfolio. Risk Management. 2021; 23 (1-2):97-122.
Chicago/Turabian StyleZhihui Lv; Amanda M. Y. Chu; Wing Keung Wong; Thomas C. Chiang. 2021. "The maximum-return-and-minimum-volatility effect: evidence from choosing risky and riskless assets to form a portfolio." Risk Management 23, no. 1-2: 97-122.
This research intends to explore the relationship between capital buffer, nominator effect, denominator effect, and economic growth for large insured commercial banks of the USA. The study applied a two-step system Generalized Method of Moment (GMM) framework by taking the unique and comprehensive dataset over the period extending from 2002 to 2018. The research found a countercyclical relationship between a capital buffer and economic growth. In the case of well-capitalized banks, this relationship is more critical than adequately capitalized banks. In the case of low-liquid banks, counter-cyclicality is more significant than high-liquid banks. The results also suggest the pro-cyclical relationship between nominator, denominator, and economic growth. The results remain consistent and robust with the use of the tier-one capital buffer ratio. The findings have implications for regulators to incorporate the counter-cyclicality between the capital buffer and economic growth, while formulating the policies for capital requirements in the future.
Faisal Abbas; Imran Yousaf; Shoaib Ali; Wing-Keung Wong. Bank Capital Buffer and Economic Growth: New Insights from the US Banking Sector. Journal of Risk and Financial Management 2021, 14, 142 .
AMA StyleFaisal Abbas, Imran Yousaf, Shoaib Ali, Wing-Keung Wong. Bank Capital Buffer and Economic Growth: New Insights from the US Banking Sector. Journal of Risk and Financial Management. 2021; 14 (4):142.
Chicago/Turabian StyleFaisal Abbas; Imran Yousaf; Shoaib Ali; Wing-Keung Wong. 2021. "Bank Capital Buffer and Economic Growth: New Insights from the US Banking Sector." Journal of Risk and Financial Management 14, no. 4: 142.
In this paper, we propose a latent pandemic space modeling approach for analyzing coronavirus disease 2019 (COVID-19) pandemic data. We developed a pandemic space concept that locates different regions so that their connections can be quantified according to the distances between them. A main feature of the pandemic space is to allow visualization of the pandemic status over time through the connectedness between regions. We applied the latent pandemic space model to dynamic pandemic networks constructed using data of confirmed cases of COVID-19 in 164 countries. We observed the ways in which pandemic risk evolves by tracing changes in the locations of countries within the pandemic space. Empirical results gained through this pandemic space analysis can be used to quantify the effectiveness of lockdowns, travel restrictions, and other measures in regard to reducing transmission risk across countries.
Amanda Chu; Thomas Chan; Mike So; Wing-Keung Wong. Dynamic Network Analysis of COVID-19 with a Latent Pandemic Space Model. International Journal of Environmental Research and Public Health 2021, 18, 3195 .
AMA StyleAmanda Chu, Thomas Chan, Mike So, Wing-Keung Wong. Dynamic Network Analysis of COVID-19 with a Latent Pandemic Space Model. International Journal of Environmental Research and Public Health. 2021; 18 (6):3195.
Chicago/Turabian StyleAmanda Chu; Thomas Chan; Mike So; Wing-Keung Wong. 2021. "Dynamic Network Analysis of COVID-19 with a Latent Pandemic Space Model." International Journal of Environmental Research and Public Health 18, no. 6: 3195.
Purpose The authors aim to obtain the optimal combinations of factors from institutional environment adaptation mechanisms and internal resources or capabilities that influence the sustainability of a firm. Design/methodology/approach The authors develop a new index, called the sustainability index, based on the stakeholder perspective by employing a corporate credit risk index, an evaluation of a firm's corporate governance, corporate financial performance and firm age. The authors then apply both Ordinary Least Squares (OLS) Regression Analysis and Fuzzy set Qualitative Comparative Analysis (FsQCA) to obtain the optimal models for firms' sustainability. Findings The OLS analysis shows that the variables including financial leverage, slack, innovation capability, manufacturing capability and human capital that have significant influences on the sustainability of firms. Our FsQCA analysis obtains configurations of several solutions for firm sustainability and concludes that the fit of combinations of institutional factors and/or internal resources and capabilities of a firm is related to its sustainability. Research limitations/implications The limitations in our new index include these: first, one may add more key metrics to measure the index; second, the findings do not provide any necessary nor a sufficient condition to get sustainability for sure. The limitations of using multiple regression analysis are that it is not able to reveal the combinations of causal conditions that can lead to the outcome in the real world as well as to the sustainability of a firm in our study. To overcome the limitations, the authors apply fsQCA analysis to identify combinations of causal conditions to a firm's sustainability in our study. Practical implications Introducing the sustainability index enables us to find out all factors influencing the sustainability of a firm. The authors’ analysis can be used to identify combinations of causal conditions to lead to outcomes in the real world. Their analysis enables managers to know how to predict the sustainability of the firm. For example, the authors’ fsQCA analysis shows that low marketing capability will lead to the high sustainability of the firm. This information helps managers to make the decision or plan to achieve good results toward their businesses and get better allocate their resources and get a better investment. Social implications The authors’ analysis can be used to identify combinations of causal conditions to lead to outcomes in the real world and enable managers to know how to predict the sustainability of the firm. A correct prediction can assist companies in developing their future operations, which would enhance their competitiveness vis-à-vis rivals during this time of global economic volatility, which, in turn, enables firms to perform better and employ more employees that could help the entire society. Originality/value The sustainability index the authors developed in our paper is new in the literature and the findings obtained by both OLS Regression Analysis and FsQCA are new in predicting a firm's sustainability. The authors’ findings are useful for academics, managers and policymakers in predicting and maintaining a firm's sustainability.
Fang-Yi Lo; Wing-Keung Wong; Jessica Geovani. Optimal combinations of factors influencing the sustainability of Taiwanese firms. International Journal of Emerging Markets 2021, ahead-of-p, 1 .
AMA StyleFang-Yi Lo, Wing-Keung Wong, Jessica Geovani. Optimal combinations of factors influencing the sustainability of Taiwanese firms. International Journal of Emerging Markets. 2021; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleFang-Yi Lo; Wing-Keung Wong; Jessica Geovani. 2021. "Optimal combinations of factors influencing the sustainability of Taiwanese firms." International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.
It is not a gainsaying that challenges to both healthy living and the environment are the result of deteriorating environmental quality with the attendant effect on environmental sustainability. To provide a solution to the issue, our study uses long time-series data from 1960 to 2018, and employs an overlapping generational model, the Bayer–Hanck cointegration test, wavelet coherence, Fourier Toda–Yamamoto, and Breitung–Candelon frequency-domain spectral causality tests to investigate the causal relationships among carbon emissions (CO2), economic growth (GDP), and life expectancy (LE) in Turkey. Different from the literature, we find a positive co-movement between life expectancy and CO2 and a positive correlation between LE and GDP at different scales; CO2 has a causal relationship with LE and a bidirectional causal relationship between LE and GDP, as well as short, medium, and long-run causal relationships with LE; GDP has medium and long-run causal relationships with LE, and LE has short, medium, and long-run causal relationships with GDP. Our findings guide policymakers on their policy decision-making that will address the energy consumption, environmental degradation, human health, environmental hazards, and allocation to science and technology in Turkey with the aim of ensuring overall sustainable development.
Husam Rjoub; Jamiu Odugbesan; Tomiwa Adebayo; Wing-Keung Wong. Investigating the Causal Relationships among Carbon Emissions, Economic Growth, and Life Expectancy in Turkey: Evidence from Time and Frequency Domain Causality Techniques. Sustainability 2021, 13, 2924 .
AMA StyleHusam Rjoub, Jamiu Odugbesan, Tomiwa Adebayo, Wing-Keung Wong. Investigating the Causal Relationships among Carbon Emissions, Economic Growth, and Life Expectancy in Turkey: Evidence from Time and Frequency Domain Causality Techniques. Sustainability. 2021; 13 (5):2924.
Chicago/Turabian StyleHusam Rjoub; Jamiu Odugbesan; Tomiwa Adebayo; Wing-Keung Wong. 2021. "Investigating the Causal Relationships among Carbon Emissions, Economic Growth, and Life Expectancy in Turkey: Evidence from Time and Frequency Domain Causality Techniques." Sustainability 13, no. 5: 2924.
One of the questions that remain unanswered in the literature on determinants of carbon emissions is the moderating effect of “financial development”. This becomes imperative, owing to the connection of carbon emissions to environmental degradation, which is considered to be one of the main challenges to sustainable development. Thus, this study investigated the moderating role of financial development in the determinants of carbon emissions for Turkey during the period of 1960 to 2016. Zivot–Andrew and Lee–Strazicich “unit root tests” were utilized to investigate the stationarity properties of the series. The cointegration among the variables employed was examined by utilizing the ARDL bounds test and Bayer–Hanck cointegration test. In contrast, the long-run causal relationship of the variables with carbon emissions was examined by using fully modified ordinary least square (FMOLS), dynamic OLS (DOLS), and Canonical Cointegrating Regression (CCR). The empirical findings reveal the significance of “economic growth”, “capital formation”, “energy consumption”, “urbanization”, and “financial development” as determinants of environmental degradation in Turkey. The study also found the significant moderating role of “financial development” in the relationship between “economic growth” and carbon emissions, capital formation and carbon emissions, and urbanization and carbon emissions. The environmental–financial related policies were suggested for the policymakers in Turkey to aid the reduction of carbon emission with the view of improving environmental quality.
Husam Rjoub; Jamiu Odugbesan; Tomiwa Adebayo; Wing-Keung Wong. Sustainability of the Moderating Role of Financial Development in the Determinants of Environmental Degradation: Evidence from Turkey. Sustainability 2021, 13, 1844 .
AMA StyleHusam Rjoub, Jamiu Odugbesan, Tomiwa Adebayo, Wing-Keung Wong. Sustainability of the Moderating Role of Financial Development in the Determinants of Environmental Degradation: Evidence from Turkey. Sustainability. 2021; 13 (4):1844.
Chicago/Turabian StyleHusam Rjoub; Jamiu Odugbesan; Tomiwa Adebayo; Wing-Keung Wong. 2021. "Sustainability of the Moderating Role of Financial Development in the Determinants of Environmental Degradation: Evidence from Turkey." Sustainability 13, no. 4: 1844.
This paper aims to compare Bitcoin with gold in the diversification of Chinese portfolios using daily data over the 2010–2020 period. We propose a new development of copula-based joint distribution function of returns to simulate the Value-at-Risk and expected shortfall of portfolios including Bitcoin (or gold) and those without it. The stochastic dominance method is also used to compare the return distributions of the three types of portfolios. Empirical results show that gold is a better portfolio diversifier than Bitcoin as it helps better reduce the risk of portfolios. On the other hand, Bitcoin better increases the return but also increases the risk. The stochastic dominance results further show that portfolios diversified by gold dominate those diversified by Bitcoin. Based on these findings, we conclude that in China, gold is a better portfolio diversifier than Bitcoin for risk-averse investors. However, for risk-seeking investors, Bitcoin can be a better choice. This result is found to be robust to the time, frequency and currency effects.
Kim Hung Pho; Sel Ly; Richard Lu; Thi Hong Van Hoang; Wing-Keung Wong. Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China. International Review of Financial Analysis 2021, 74, 101674 .
AMA StyleKim Hung Pho, Sel Ly, Richard Lu, Thi Hong Van Hoang, Wing-Keung Wong. Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China. International Review of Financial Analysis. 2021; 74 ():101674.
Chicago/Turabian StyleKim Hung Pho; Sel Ly; Richard Lu; Thi Hong Van Hoang; Wing-Keung Wong. 2021. "Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China." International Review of Financial Analysis 74, no. : 101674.
This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.
Wenjing Xie; João Paulo Vieito; Ephraim Clark; Wing-Keung Wong. Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX. Sustainability 2020, 12, 8581 .
AMA StyleWenjing Xie, João Paulo Vieito, Ephraim Clark, Wing-Keung Wong. Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX. Sustainability. 2020; 12 (20):8581.
Chicago/Turabian StyleWenjing Xie; João Paulo Vieito; Ephraim Clark; Wing-Keung Wong. 2020. "Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX." Sustainability 12, no. 20: 8581.
This study employs the Vector Autoregressive-Generalized Autoregressive Conditional Heteroskedasticity (VAR-AGARCH) model to examine both return and volatility spillovers from the USA (developed) and China (Emerging) towards eight emerging Asian stock markets during the full sample period, the US financial crisis, and the Chinese Stock market crash. We also calculate the optimal weights and hedge ratios for the stock portfolios. Our results reveal that both return and volatility transmissions vary across the pairs of stock markets and the financial crises. More specifically, return spillover was observed from the US and China to the Asian stock markets during the US financial crisis and the Chinese stock market crash, and the volatility was transmitted from the USA to the majority of the Asian stock markets during the Chinese stock market crash. Additionally, volatility was transmitted from China to the majority of the Asian stock markets during the US financial crisis. The weights of American stocks in the Asia-US portfolios were found to be higher during the Chinese stock market crash than in the US financial crisis. For the majority of the Asia-China portfolios, the optimal weights of the Chinese stocks were almost equal during the Chinese stock market crash and the US financial crisis. Regarding hedge ratios, fewer US stocks were required to minimize the risk for Asian stock investors during the US financial crisis. In contrast, fewer Chinese stocks were needed to minimize the risk for Asian stock investors during the Chinese stock market crash. This study provides useful information to institutional investors, portfolio managers, and policymakers regarding optimal asset allocation and risk management.
Imran Yousaf; Shoaib Ali; Wing-Keung Wong. An Empirical Analysis of the Volatility Spillover Effect between World-Leading and the Asian Stock Markets: Implications for Portfolio Management. Journal of Risk and Financial Management 2020, 13, 226 .
AMA StyleImran Yousaf, Shoaib Ali, Wing-Keung Wong. An Empirical Analysis of the Volatility Spillover Effect between World-Leading and the Asian Stock Markets: Implications for Portfolio Management. Journal of Risk and Financial Management. 2020; 13 (10):226.
Chicago/Turabian StyleImran Yousaf; Shoaib Ali; Wing-Keung Wong. 2020. "An Empirical Analysis of the Volatility Spillover Effect between World-Leading and the Asian Stock Markets: Implications for Portfolio Management." Journal of Risk and Financial Management 13, no. 10: 226.
This study investigates the influence of oil prices on tourism income in countries that heavily relied on crude oil exports from 2000 to 2017. We found that oil prices and tourism receipts are cointegrated, revealing the existence of their long-run equilibrium relationship. Another significant finding to emerge from this study is the presence of a unidirectional Granger causality that runs from the oil prices to the tourism receipts. The results of the current study are of particular importance for policymakers who operate in oil-exporting countries. The implications provide a systematic understanding of the effect of oil price fluctuations on tourism income which can benefit investors greatly by enabling them to hedge against oil price fluctuations and plan for their tourism business and policymakers by enabling them to set policies to stabilize oil price fluctuations and plan for tourism development, correspondingly.
Siamand Hesami; Bezhan Rustamov; Husam Rjoub; Wing-Keung Wong. Implications of Oil Price Fluctuations for Tourism Receipts: The Case of Oil Exporting Countries. Energies 2020, 13, 4349 .
AMA StyleSiamand Hesami, Bezhan Rustamov, Husam Rjoub, Wing-Keung Wong. Implications of Oil Price Fluctuations for Tourism Receipts: The Case of Oil Exporting Countries. Energies. 2020; 13 (17):4349.
Chicago/Turabian StyleSiamand Hesami; Bezhan Rustamov; Husam Rjoub; Wing-Keung Wong. 2020. "Implications of Oil Price Fluctuations for Tourism Receipts: The Case of Oil Exporting Countries." Energies 13, no. 17: 4349.
Sustainability of green tourism is gaining more attention from different stakeholders due to its environmental benefits. However, empirical studies on the behavioral aspect of the tourists towards sustainability of green tourism and its influence on the achievement of the green environment have not been exhaustively researched, most especially in a small island state like North Cyprus. In this paper, we investigate the behavioral aspects of international tourists towards the sustainability of green tourism employing an extended framework of the theory of planned behavior (TPB). A sample of 395 questionnaires was administered to the tourists that lodged at the 20 randomly selected five-star hotels in North Cyprus, while the study model was examined through structural equation modelling (SEM). Our study findings indicated that tourists’ perceptions of the sustainability of green tourism and their environmental concerns had a significantly positive impact on their attitudes. In addition, our results revealed that subjective norms had a significantly negative impact on intentions of the tourists to participate in sustainability of green tourism, while attitude was found to have a significantly positive impact on the tourists’ intentions to participate in the sustainability of green tourism. Moreover, we found that both environmental concerns and the intention of the tourists to participate in the sustainability of green tourism had a significantly positive impact on environmentally responsible tourism behavior. Lastly, our study contributes to enhancing the understanding of the perception of tourists on the green environment as it affects their behavior and subsequent influence on their intention to participate in the sustainability of green tourism with the attendant impact on the achievement of environmental degradation reduction.
Samah Ibnou-Laaroussi; Husam Rjoub; Wing-Keung Wong. Sustainability of Green Tourism Among International Tourists and Its Influence on the Achievement of Green Environment: Evidence from North Cyprus. Sustainability 2020, 12, 5698 .
AMA StyleSamah Ibnou-Laaroussi, Husam Rjoub, Wing-Keung Wong. Sustainability of Green Tourism Among International Tourists and Its Influence on the Achievement of Green Environment: Evidence from North Cyprus. Sustainability. 2020; 12 (14):5698.
Chicago/Turabian StyleSamah Ibnou-Laaroussi; Husam Rjoub; Wing-Keung Wong. 2020. "Sustainability of Green Tourism Among International Tourists and Its Influence on the Achievement of Green Environment: Evidence from North Cyprus." Sustainability 12, no. 14: 5698.