The impact of 11/13 Paris terrorist attacks on stock prices: evidence from the international defence industry

This study explores the effect of the Paris terrorist attacks on the stock returns and the volatility for the most important companies in the global defence industry. To this end, it employs the General Autoregressive Conditional Heteroscedasticity methodology. The findings clearly indicate that this terrorist event has a positive impact on both the returns and the volatility of these stocks.     

Quantile price convergence and spillover effects among Bitcoin,Fintech, and artificial intelligence stocks

This research explores the distributional and directional predictabilities among Fintech, Bitcoin, and artificial intelligence stocks from March 2018 to January 2021 using nonparametric causality-in-quantile and crossquantilogram approaches. We also examine connectedness across the assets using a quantile VAR approach. The results indicate the existence of bidirectional causality-in-variance between the variables in a normal market. We also find that directional predictability among the assets is oscillatory over time lags. Finally, we observe a strong price connectedness for highly positive and negative changes. These results further document the diversification potential and safe-haven properties of technology-related assets for portfolio investors.     

WAGNER'S LAW: AN ECONOMETRIC TEST FOR SOUTH AFRICA, 1960‐2006

The main objective for this paper is to test Wagner's law by analysing the causal relationships between real government expenditure and real income for South Africa for the period 1960‐2006. The paper tests the long‐run relationship between the two variables using the autoregressive distributive lag approach to cointegration suggested by Pesaran et al. We use the Granger non‐causality test procedure developed by Toda and Yamamoto, which uses a vector autoregression model to test for the causal link between the two. Evidence of cointegration is sufficient to establish a long‐run relationship between government expenditure and income. However, support for Wagner's law would require unidirectional causality from income to government expenditure. Therefore, cointegration should be seen as a necessary condition for Wagner's law, but not sufficient. This research does find a long‐run relationship between real per capita government expenditure and real per capita income. Results for the short‐run causality find bidirectional causality. On the basis of empirical results in this paper, one may tentatively conclude that Wagner's law finds no support in South Africa.     

French Cultural Decentralization and International Expansion.Towards a Geometrically Variable Interculturalism?

For a long time French local and regional authorities were largely excluded from debates on cultural policy, and even more so from international cultural exchanges. Their intervention in this second area, in its most conventional forms to its contemporary networks, occupies a special place in the present issues. Being sustained by large increases in local and national budgets for culture, such an evolution necessarily raised certain strategic issues and debates, which are discussed in the paper. The international element of local cultural policies has only recently appeared as a potential area for local strategy development. It can be seen as the result of the cultural generation of the 1980s, from the point of view of actors in both the public and professional domain. This paper examines the three following aspects: the forms taken by cultural decentralization in its main stages, through the conferral of negotiated powers; the modifications in centre-periphery relations brought about by this decentralization; and the emergence of an international exchange dynamic as a result of these first two processes.     

Ghana's agricultural food policy: Operation feed yourself

Prompted by food shortages, the newly ensconced Ghanaian military regime in 1972 initiated ‘Operation Feed Yourself’, a national programme directed at increased production of food crops. The authors attempt to determine how effective Operation Feed Yourself has been in attaining its goals. The bureaucracy which was set in place to implement the programme is assessed. Building on personal interviews conducted in Ghana with persons responsible for and affected by it, the authors discuss the successes and shortcomings of Operation Feed Yourself and suggest areas in which improvement might be made.     

Determinants of hotels’ environmental performance: Evidence from the hotel industry in Accra,Ghana

This study explores the factors that account for the environmental performance of hotels in the special context of a developing country, Ghana. It also examined the socio-demographic characteristics of managers and organizational characteristics that determine the environmental performance of Ghanaian hotels. A stratified random sampling method was employed to survey 200 hotel managers from different categories of hotels in Accra. Ninety-four per cent were independent, and Ghanaian-owned. Sixty-seven per cent had fewer than 20 rooms; only 45 had more than 100 rooms. Only 11.6% were affiliated to foreign multinational companies in any way. Six key factors that accounted for the environmental performance were extracted from a factor analysis. They included, in order of most practised, the environmental education and training for staff, measures to support for the host community, conservation project support, compliance with environmental regulations, waste management, and voluntary programmes. A hierarchical multiple regression analysis indicated that larger size and better class of hotels, as well as those with membership of the national hotel trade association, had better environmental performance as did hotels with better paid managers. Affiliation to foreign multinational chains did not predict better performance. A series of suggestions are made to improve the environmental performance of Ghana's hotels.     

Intellectual capital and innovativeness in software development firms: the moderating role of firm size

Abstract

We examine the effect of intellectual capital on firms’ innovativeness and the moderating role of firm size in software development firms in Kenya. Using moderated regression analysis, we found support for the proposition that human and social capital enhance firms’ innovativeness. We did not, however, find any significant effect of organizational capital on firms’ innovativeness. The results from the moderated regression suggest that the smaller the firm, the stronger the influence of intellectual capital on firms’ innovativeness. The results therefore indicate that human and social capital are critical in the innovation process and so firms that neglect these capitals are unlikely to realize the potential to innovate particularly in software development firms.     

Japanese Foreign Direct Investment in the UK Electronic Industry: The Eclectic Approach

This article analyses the combined effects of Japanese firms' ownership and location advantages on the size of foreign direct investment (FDI). The size of FDI is measured by two proxies, the firm's employment level and its total assets. Econometric models are estimated. The estimated regression models show that the parent company's firm-specific resources and the external economies in the located region determine the flow of FDI at the time of entry of Japanese electronic firms in the UK. This result shows that empirical analysis on FDI flows should combine both the ownership and location advantages, as suggested by Dunning's eclectic paradigm.