Analysing the Impact of Economic Variables on Hang Seng Sub-Indexes Performance in Hong Kong | Chapter 5 | Bubbles and Behavioral Finance

 

In the literature, the relationship between stock price and economic variables was examined in different countries. The findings confirmed the existence of fundamental variables in the Hong Kong stock market. This paper focuses on the case of Hong Kong and extends this issue to the Hang Seng sub-indexes, which include the Commerce and Industry Sub-index, the Finance Sub-index, the Properties Sub-index and the Utilities Sub-index, by applying the Vector Error Correction Model based on the sample from January 2004 to August 2014. Applying Johansen’s (1991) method, cointegration is found between each of the sub-indexes and different sets of economic variables, including price level, money supply, effective exchange rate, long-term interest rate, China stock market and industry-related variables. The results show that the long-run coefficients of some economic variables vary in size and sign in the cointegrating vectors in different sub-index models. Granger causality results conclude that all four sub-indexes are long-run Granger-caused by the economic variables with different speeds of adjustment. The paper also finds that industry-specific variables, relative to the macroeconomic fundamentals, are playing modest roles in determining the long-run equilibrium of the stock indexes. In addition, impulse responses and variance decomposition analysis are performed to show the relative strength of the causal chain between the sub-indexes and economic variables. This paper could draw implications for investors in their decision-making process about how the stock performance in various sectors is affected by different economic fundamentals.

 

Author(s)details:-

 

Hok-Fu Wu
Crowe (HK) Global Corporate Advisory Limited, Hong Kong.

 

Kai-Yin Woo
Department of Economics and Finance, Hong Kong Shue Yan University, Hong Kong.

 

Please See the book here :- https://doi.org/10.9734/bpi/mono/978-81-973195-8-7/CH5

The Concept of Time: Causality, Precedence, and Space Time | Chapter 1 | New Frontiers in Physical Science Research Vol. 9

 The globe is composed by occurrences. We can sense the changes of events directly by our five senses or obliquely by using the calculation equipment and tools. If in a exclusive system containing the observer no changes are appreciated, no time passes and if even a very trifling sum is sensed, occasion passes. It means that the time is not a authentic degree of exemption and can be only understood through the idea of changes in events. The occurrences can be considered as relata and their shared or multiple interplays can be deliberate as relation. Causality can be thought if one relata designs a change in the other relata and in consequence the travel of time maybe sensed.  These two relates are connected to each one by a causal globe line. If two relates are connected by a timelike curve in theory, but they cannot make change in each other, individual relata has only a priority in incident respect to other (time preexistence), and in consequence, individual can omit the past non-chance events from the nonchalant world line. In addition, in origin relation, we should feel more than individual causal world line on account of the uncertainty principle of branch of quantum physics and its probabilistic character (superposition principle). Therefore, at Planck scale, more than individual casual planet line should be assigned to the connection between two chance events when we want to study the vital of spacetime. It means that no kinematic state maybe considered at Planck scale and a quantity spacetime manifold (QSTM) should be only filling a place the casual realm line, from beginning. The quantum field drivers and the particles are filling a place the point of the QSTM in Planck scale and in consequence, the physical believes are background weak at the scale.

Author(s) Details:

Hamidreza Simchi,
Department of Physics, Iran University of Science and Technology, Narmak, Tehran-16844, Iran.

Please see the link here: https://stm.bookpi.org/NFPSR-V9/article/view/9848

Investigating the Causal Relationship between Transportation Infrastructure and Economic Growth: Empirical Evidence from Saudi Arabia| Chapter 1 | Current Aspects in Business, Economics and Finance Vol. 9

 The transport subdivision is an essential factor of business-related activity, as it contributes straightforwardly to economic projects and employment. Indirectly, the highway impacts all the other sectors and exercises in the economy. High-bulk transport infrastructure and very connected road networks are signs of high levels of incident. The study aims to analyze the duty of the transport sector in Saudi Arabia's development. It still looks into the links 'tween road land and Saudi Arabia's financial development. The study is based on subordinate data acquired from the World Bank and Saudi Arabia Monetary Agency between 1988 and 2017. The friendship between the variables and the Akiake Lag Length Selection Information Criteria was examined utilizing the Granger causality test. A Vector Autoregression (VAR) model was working to establish origin. The outcome reveals unidirectional origin from real GDP to the boulevard; however, skilled is no evidence to support that transportation infrastructure is the cause of business-related growth. Granger origin from GDP to investment in foundation indicates that reinvestment in infrastructure is made by economic progress, not vice versa. Economic tumor put additional strain on existent transportation foundation, necessitating supplementary investment. The finding is compatible with the widely grasped belief that business-related growth or development offers the necessary financial and mechanics support for transportation foundation investment and improvement.

Author(s) Details:

Ghadda M. Awad Yousif,
Faculty of Business and Administration, Princess Nourah Bint Abdulrahman University, Saudi Arabia.

Please see the link here: https://stm.bookpi.org/CABEF-V9/article/view/9294

Keywords: Transportation, causality, road, real growth domestic product, infrastructure, economic growth

A Brief Study about Rationality and Institutions | Chapter 8 | Research Aspects in Arts and Social Studies Vol. 2

 Giving up on logical reasoning is becoming commonplace in the social sciences. Arguments are made that rationality as the maximisation of self-interest is immoral and impracticable. Rational choice, however, is the paradigm that is most important for understanding human behaviour. D. Kahneman criticised the two extremes of perfect individual rationality and group or collective decision-making in his contribution to the study of human behaviour. The first is harmed by bias, whereas the second is harmed by noise. As a result, there is some sort of paradox here because group ratio- nality could not make up for individual shortcomings. To evaluate actual behaviour, it can be useful to think of rationality as an ideal type. Game theory can be used informally to apply Weber's action frame of reference or expected value maximisation. A causal relationship between the real means used and the actual achievement of the purpose is required in addition to intention.

Author(s) Details:

Jan-Erik Lane,
University of Geneva, Geneva, Switzerland.

Please see the link here: https://stm.bookpi.org/RAASS-V2/article/view/8308

Recent Study on Sustainable Program Management: Hierarchical Causal Systems | Chapter 2 | Research Developments in Arts and Social Studies Vol. 5

The enhancement of programme management procedures is the aim of this study work. The method can help to cut down on nuances, repetition, and redundancies. In this regard, seven elements have been discussed in order to help the achievement of long-term management of a development programme. Therefore, the conceptual framework of the "CARROT-BUS" model was considered for carrying out this study. While BUS is seen as a bottom-up approach, CARROT, which stands for Capacity, Accountability, Resources, Results, Ownership, and Transparency, stresses environmental enabling. The framework of Abraham Maslow's hierarchy of needs may therefore be viewed as conceptually similar to this holistic and causal paradigm.

Finally, when conducting this research, secondary sources were carefully taken into account. According to the research, sustainability is one of the key characteristics that institutions all over the world uphold in order to achieve anticipated and convincing results.

Author(s) Details:

Bongs Lainjo,

Cybermatic International, 105-5700 Cavendish Blvd, Montréal, QC H4W 1S8, Canada.

Please see the link here: https://stm.bookpi.org/RDASS-V5/article/view/7285

A Critical Empirical Analysis of Causal Linkage between Agricultural Output and Real GDP: Evidence from Nigeria | Chapter 11 | Insights into Economics and Management Vol. 4

The agricultural sector is pivotal in alleviating poverty, generating employment and providing food. In agriculture, the lingering search for global growth and development could be fulfilled or forfeited. The performance of the sector in recent times leaves much to be desired as its share of aggregate production fluctuated as output grew. Using annualised time series data spanning 1981 to 2018, this study empirically examined the causal relation between the production of the agricultural sector and economic growth in Nigeria. The Granger causality test, vector autoregression, and impulse response and variance decomposition econometric tools have been used to analyse data. The empirical findings suggest that farming In a unidirectional manner, sector production. At the same time, a study of the impulse response suggested that economic growth does not respond quickly to agricultural innovations. The results of our study did not support the Kuznets theorised predictions of agriculture-led development (1968). The policy implications of such research will be profound, especially in the current state of the economy, where resource allocation needs to be optimised for sectors which have the potential to drive growth in other sectors.

Author (s) Details

Dr. Ikechukwu Kelikume
Lagos Business School, K.M 22 Lekki-Aja Expressway, Lagos Island, Lagos State, Nigeria.

Stanley Emife Nwani
Depatment of Economics, School of Management and Social Sciences, Pan-Atlantic University, Nigeria.


View Book :- https://bp.bookpi.org/index.php/bpi/catalog/book/348

Nonlinear Feedback Systems on a Reflexive Banach Space-Normality and Linearization| Chapter 3 | Theory and Practice of Mathematics and Computer Science Vol. 3

 

Author(s) Details

Messaoudi Khelifa

Department of Mathematics, Faculty of MI, University of Batna 2, 05000, Algeria.

View Book :- https://bp.bookpi.org/index.php/bpi/catalog/book/307