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  • Negative bubbles and shocks in cryptocurrency markets

    Fry, John; Cheah, E-T. (2016-10)
    In this paper we draw upon the close relationship between statistical physics and mathematical finance to develop a suite of models for financial bubbles and crashes. The derived models allow for a probabilistic and statistical formulation of econophysics models closely linked to mainstream financial models. Applications include monitoring the stability of financial systems and the subsequent policy implications. We emphasise the timeliness of our contribution with an application to the two largest cryptocurrency markets: Bitcoin and Ripple. Results shed new light on emerging debates over the nature of cryptocurrency markets and competition between rival digital currencies.
  • Quantifying the sustainability of Bitcoin and Blockchain

    Fry, John; Serbera, J-P. (2020)
    Purpose: We develop new quantitative methods to estimate the level of speculation and long-term sustainability of Bitcoin and Blockchain. Design/Methodology/Approach: We explore the practical application of speculative bubble models to cryptocurrencies. We then show how the approach can be extended to provide estimated brand values using data from Google Trends. Findings: We confirm previous findings of speculative bubbles in cryptocurrency markets. Relatedly, Google searches for cryptocurrencies seem to be primarily driven by recent price rises. Overall results are sufficient to question the long-term sustainability of Bitcoin with the suggestion that Ethereum, Bitcoin Cash and Ripple may all enjoy technical advantages relative to Bitcoin. Our results also demonstrate that Blockchain has a distinct value and identity beyond cryptocurrencies - providing foundational support for the second generation of academic work on Blockchain. However, a relatively low estimated long-term growth rate suggests that the benefi ts of Blockchain may take a long time to be fully realised. Originality/value: We contribute to an emerging academic literature on Blockchain and to a more established literature exploring the use of Google data within business analytics. Our original contribution is to quantify the business value of Blockchain and related technologies using Google Trends.
  • A Truly Future-Oriented Legal Framework for Fintech in the EU

    Kapsis, Ilias (2020)
    This article reviews critically the recent EU legislation and proposals for the regulation of financial technology (‘fintech”) and makes recommendations for legal improvements in the proposed frameworks, which will help to accelerate fintech growth, a declared EU goal, in the years to come. The rise of fintech driven by non-bank entities (technology startups, finance, big tech and big retail companies) helps to transform financial services industry, but also threatens the market positions of traditional banks and through them potentially the stability of the financial system. The current EU proposals, as presented in the Commission’s Fintech Action Plan published in 2018 and follow-up measures, outlined a number of steps to support fintech, while ensuring the protection of market stability and consumers and the maintenance of level playing field in the financial services markets. The article argues that, while the Commission’s proposed policy mix contains certain positive measures for fintech, it remains, overall, conservative and favours the incumbents. It also argues that unless the Commission becomes bolder and adopts a more flexible legal framework for fintech (for which the article makes specific recommendations), the latter will not grow at the pace needed to help build a competitive ad-vantage for the EU financial sector. The Commission’s continuing support of the established market landscape dominated by financial conglomerates employing traditional business models risks undermining the ability of the European financial system to adapt to the changing competition landscape created by advancing financial technologies and to fully address stability concerns, which emerged as a result of the financial crisis.
  • Entrepreneurs' Passion, Home Country's Institutional Voids and Small Firm Internationalization

    Adomako, Samuel; Amankwah-Amoah, J.; Chu, Irene (2020)
    The international entrepreneurship literature has revealed that entrepreneurs’ psychological characteristics drive a firm’s degree of internationalization. However, drivers that relate to entrepreneurs’ passion are not well developed in the international entrepreneurship literature. To fill this gap, this study uses a sample of 233 small firms to examine how entrepreneurs’ passion is related to small firms’ degree of internationalization and it also investigates whether this relationship is affected by levels of the home country’s institutional voids. The results show that passion is positively related to firms’ degree of internationalization and this relationship is positively moderated by levels of institutional voids. Implications for theory and practice are discussed.
  • Examining the impact of mobile interactivity on customer engagement in the context of mobile shopping

    Alalwan, A.A.; Algharabat, R.; Baabdullah, A.M.; Rana, Nripendra P.; Qasem, Z.; Dwivedi, Y.K. (2020)
    Purpose – This study aims to examine the impact of mobile interactivity dimensions (active control, personalization, ubiquitous connectivity, connectedness, responsiveness, and synchronicity) on customer engagement. Design/methodology/approach – A quantitative field survey study was conducted to collect the required data from actual users of mobile shopping in three countries: Jordan, the United Kingdom (UK) and Saudi Arabia. Findings – The results are based on structural equation modelling and support the impact of five dimensions of mobile interactivity: active control, personalization, ubiquitous connectivity, responsiveness, and synchronicity. Research limitations/implications – This study only considered the shopping activities conducted by mobile channels, while other channels (e.g. online channels, traditional channels, and social media shopping channels) are not considered. Furthermore, the current model does not consider the impact of personal factors (e.g. technology readiness, self-efficacy, user experience). The results of the current study present a foundation that can guide marketers and practitioners in the area of mobile shopping. Originality/value – This study enriches the current understanding of the impact of mobile interactivity on mobile shopping, as well as how mobile interactivity can enhance the level of customer engagement.
  • Measuring the efficiency of two stage network processes: a satisficing DEA approach

    Mehdizadeh, S.; Amirteimoori, A.; Vincent, Charles; Behzadi, M.H.; Kordrostami, S. (2020)
    Regular Network Data Envelopment Analysis (NDEA) models deal with evaluating the performance of a set of decision-making units (DMUs) with a two-stage construction in the context of a deterministic data set. In the real world, however, observations may display a stochastic behavior. To the best of our knowledge, despite the existing research done with different data types, studies on two-stage processes with stochastic data are still very limited. This paper proposes a two-stage network DEA model with stochastic data. The stochastic two-stage network DEA model is formulated based on the satisficing DEA models of chance-constrained programming and the leader-follower concepts. According to the probability distribution properties and under the assumption of the single random factor of the data, the probabilistic form of the model is transformed into its equivalent deterministic linear programming model. In addition, the relationship between the two stages as the leader and the follower, respectively, at different confidence levels and under different aspiration levels, is discussed. The proposed model is further applied to a real case concerning 16 commercial banks in China in order to confirm the applicability of the proposed approach at different confidence levels and under different aspiration levels.
  • Resilience strategies and the pharmaceutical supply chain: the role of agility in mitigating drug shortages

    Yaroson, Emilia V.; Breen, Liz; Hou, Jiachen; Sowter, Julie (2019)
    Supply chain resilience has been suggested to curb the impact of disruptions on supply chains. While this proposition seems coherent in theory, empirical evidence supporting this is limited, as existing literature has centred on exploring the impact of supply chain resilience on disruptions which are based on set time frames, non-supply chain specific as well as examining non-dynamic disruptive events. This study contends that resilience strategies are dynamic and as such their applications within supply chains differ. Therefore examining the impact of resilience will be appropriate on a dynamic disruption within a specific supply chain. In view of this, the paper examines through existing literature the applicability of agility within the pharmaceutical supply chain when dynamic disruptions like drug shortages occur. The study finds alertness, accessibility, connectivity and visibility as dimensions of supply chain agility that are capable of reducing the impact of drug shortages.
  • The others: the role of individual personality, cultural acculturation, and perceived value on towards firm's social media and acculturation orientation

    Foroudi, P.; Marvi, R.; Kizgin, Hatice (Elsevier, 2020)
    This paper systematically examines (i) how individual personality can influence on cultural acculturation which can impact on the higher level of perceived value in LGBTs, and (ii) how the higher level of perceived value towards social media can result in being more satisfied, (iii) consequently having a better working life at workplace and performance proficiency. The generated framework was validated through a survey from multinational corporations in multi-industries such as higher education (with more than two campuses around the world), global fashion, global retailing, tourism, hospitality, food, and electronics and information technology. Key results, implications for managers and researchers are highlighted.
  • FPIC right of indigenous people and local communities in resource development: lessons from the Inter-American jurisprudence

    Songi, O.; Enenifa, J.A.; Chinda, J.K.; Olokotor, Prince N.C.; Topman, V. (Uniport Journal of Private Law, 2017)
  • Judicial attitudes towards the enforcement of annulled awards

    Matipe, J.A.P.; Olokotor, Prince N.C. (Kluwer Law International, 2018-06)
    This chapter explores the issue of the enforcement of annulled awards under the regime of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, New York 1958 (New York Convention) through an analysis of recent decisions from the courts of the United States, England and France, to suggest the attitude courts in African States should adopt when required to enforce an annulled award. These three jurisdictions have robustly engaged with this question and their courts have proffered different reasons for the positions they take on the issue, which may be instructive to the courts in Africa. The issue is set out in 14.01; and the theoretical and practical effects of annulled awards are briefly discussed in 14.02. The approach adopted by the English courts is briefly examined in 14.03; the US courts in 14.04; and the French courts in 14.05; and a conclusion.
  • Examining the relationship between social media analytics practices and business performance in the Indian retail and IT industries: The mediation role of customer engagement

    Garg, P.; Gupta, B.; Dzever, S.; Sivarajah, Uthayasankar; Kumar, V. (2020)
    Social media analytics (SMA) is a dynamic field which has received considerable attention from both academics and management practitioners alike. A significant number of the scholarly research currently being conducted in SMA, however, is conceptual. Industry experts know that SMA creates new opportunities for organisations who want to more strongly engage with their customers and improve business performance. However, the relationship between social media analytic practices (SMAP), customer engagement (CE), and business performance (BP) has not yet been sufficiently investigated from an empirical perspective. In order to gain a better understanding of the relationship between SMAP and BP and the mediation role of CE in that process, a large-scale survey was conducted among senior and mid-level managers as well as consultants in the Retail and information technology (IT) industries in India. Specifically, a structured closed-ended questionnaire was administered to managers and management consultants country-wide and gathered usable responses from 281 respondents holding positions such as: Digital Marketing Executive/Digital Marketing Specialist, Management Consultant, Analytics Manager, Customer Relationship Manager, Marketing Director, Engagement Manager, etc. who were in charge of digital marketing strategies in the respondent retail and IT organisations. The questionnaire addressed issues related to the way in which SMAP contribute to an enhanced business performance through the mediation role of customer engagement. Structural Equation Modelling was employed to analyse the received empirical data. On the basis of the findings our research concludes that there is a significant positive relationship between SMAP and BP mediated by CE in the Indian retail and IT industries.
  • Fall detection system for elderly using Arduino, Gyroscope and GPS Module

    Fitriawan, H.; Susanto, Misfa; Santoso, M.R.F.; Purwiyanti, S.; Hu, Yim Fun; Sigwele, Tshiamo (2018)
  • Intelligent and energy efficient mobile smartphone gateway for healthcare smart devices based on 5G

    Sigwele, Tshiamo; Hu, Yim Fun; Ali, Muhammad; Hou, Jiachen; Susanto, M.; Fitriawan, H. (2018-12)
    The healthcare sector is now blending with Information and Communications Technology (ICT) using Internet of Things (IoT) to potentially minimise medical errors and reduce healthcare cost. Patients are now embedded with smart devices like body sensors and wearable devices which can monitor their health without the need for a doctor in physical contact. Such smart devices have the downside of low battery power and are unable to transmit their data to the medical personnel when the patient is on the move away from the smart home/smart clinic fixed gateway. A mobile gateway is required which moves with the patient to process the smart device data without depleting the smartphone battery. This paper proposes an Intelligent and Energy Efficient SG based smartphone Gateway for healthcare smart devices (IEE5GG). In IEE5GG, the 5G architecture is adopted and the patient's smartphone is used as a gateway where multiple smart devices are connected e.g. via Bluetooth. To save energy, requests to the smartphone can either be executed on the smartphone gateway or offloaded and executed in the Mobile Edge Computing (MEC) cloud at close proximity to the smartphone in the 5G Base Station (BS) central Unit (gNB-CU) while considering the transmission power, Quality of Service (QoS), smartphone battery level and Central Processing Unit (CPU) load. Results show that the proposed IEE5GG framework saves up to 38% of energy in the healthcare mobile gateway smartphone and reduces healthcare application service time by up to 41%.
  • The battle of Brain vs. Heart: A literature review and meta-analysis of "hedonic motivation" use in UTAUT2

    Tamilmani, Kuttimani; Rana, Nripendra P.; Prakasam, N.; Dwivedi, Y.K. (2019-06)
    Much of the scholarly debate on the extrinsic-intrinsic motivation dichotomy to date has focused on organisational context. However, the recent upsurge of technology use amongst individuals in non-organisational context has led to consumer-focused research model such as extended unified theory of acceptance and use of technology (UTAUT2). The objective of this study is to bring back much needed focus on motivation dichotomy from the consumer perspective. This involved a systematic review and meta-analysis of hedonic motivation an affective construct in UTAUT2 studies. The findings from 79 UTAUT2 empirical studies revealed that only 46 studies (58%) utilised hedonic motivation while the remaining 33 studies (42%) omitted the construct. Extrinsic motivation was the major driver of non-hedonic and non-significant hedonic motivation studies with individuals using technologies for utilitarian outcomes. Unlike UTAUT2, moderators association of hedonic motivation were non-significant in determining consumer intention to use technology. The findings also revealed an important association between hedonic motivation and effort expectancy, in addition to fruitful directions for research and practice.
  • Elementary modelling and behavioural analysis for emergency evacuations using social media

    Fry, John; Binner, J.M. (2016-03)
    Social media usage in evacuations and emergency management represents a rapidly expanding field of study. Our paper thus provides quantitative insight into a serious practical problem. Within this context a behavioural approach is key. We discuss when facilitators should consider model-based interventions amid further implications for disaster communication and emergency management. We model the behaviour of individual people by deriving optimal contrarian strategies. We formulate a Bayesian algorithm which enables the optimal evacuation to be conducted sequentially under worsening conditions.
  • Booms, busts and heavy-tails: the story of Bitcoin and cryptocurrency markets?

    Fry, John (2018-10)
    We develop bespoke rational bubble models for Bitcoin and cryptocurrencies that incorporate both heavy tails and the probability of a complete collapse in asset prices. Empirically, we present robustified evidence of bubbles in Bitcoin and Ethereum. Theoretically, we show that liquidity risks may generate heavy-tails in Bitcoin and cryptocurrency markets. Even in the absence of bubbles dramatic booms and busts can occur. We thus sound a timely note of caution.
  • The valuation of no-negative equity guarantees and equity release mortgages

    Dowd, K.; Buckner, D.; Blake, D.; Fry, John (2019-11)
    We outline the valuation process for a No-Negative Equity Guarantee in an Equity Release Mortgage loan and for an Equity Release Mortgage that has such a guarantee. Illustrative valuations are provided based on the Black ’76 put pricing formula and mortality projections based on the M5, M6 and M7 mortality versions of the Cairns–Blake–Dowd (CBD) family of mortality models. Results indicate that the valuations of No-Negative Equity Guarantees are high relative to loan amounts and subject to considerable model risk but that the valuations of Equity Release Mortgage loans are robust to the choice of mortality model. Results have significant ramifications for industry practice and prudential regulation.
  • Regional bias when benchmarking services using customer satisfaction scores

    Brint, A.; Fry, John (2020)
    Regional monopoly service organisations such as electricity, gas and water distributors, health trusts, public transport, and local government are subject to regulatory oversight. A common element in this is benchmarking an organisation against similar organisations based in different regions. Customer satisfaction is often an important part of this competitive benchmarking. However, if people from different regions give a different average satisfaction score for the same experience, then this disadvantages some companies. Therefore, regional satisfaction was investigated in an environment where differences in customer service levels are controlled for. The average online satisfaction ratings people from different regions of the UK gave to the same overseas holiday hotels were investigated. The 24,154 ratings were analysed using linear mixed effects and ordinal models. The average ratings given by people from the London region were significantly lower than those from elsewhere. Regional correction factors are developed and applied to published satisfaction ratings for electricity distributors. The adjustment was sufficient to move the London distributor from the penalty category to a borderline position. Hence, customer satisfaction ratings should be used cautiously when benchmarking regional organisations. This investigation of the potential for regional bias contributes to the large literature on customer satisfaction and behavioural intentions.

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