Now showing items 1-20 of 801

    • Smart cities: Advances in research—An information systems perspective

      Ismagilova, Elvira; Hughes, L.; Dwivedi, Y.K.; Raman, K.R. (2019)
      Smart cities employ information and communication technologies to improve: the quality of life for its citizens, the local economy, transport, traffic management, environment, and interaction with government. Due to the relevance of smart cities (also referred using other related terms such as Digital City, Information City, Intelligent City, Knowledge-based City, Ubiquitous City, Wired City) to various stakeholders and the benefits and challenges associated with its implementation, the concept of smart cities has attracted significant attention from researchers within multiple fields, including information systems. This study provides a valuable synthesis of the relevant literature by analysing and discussing the key findings from existing research on issues related to smart cities from an Information Systems perspective. The research analysed and discussed in this study focuses on number of aspects of smart cities: smart mobility, smart living, smart environment, smart citizens, smart government, and smart architecture as well as related technologies and concepts. The discussion also focusses on the alignment of smart cities with the UN sustainable development goals. This comprehensive review offers critical insight to the key underlying research themes within smart cities, highlighting the limitations of current developments and potential future directions.
    • The Impact of Multi-Layer Governance on Bank Risk Disclosure in Emerging Markets: The Case of Middle East and North Africa

      Elamer, Ahmed A.; Ntim, C.G.; Abdou, H.A.; Zalata, A.; Elmagrhi, M. (2019)
      This study examines the impact of multi-layer governance mechanisms on the level of bank risk disclosure. Using a large dataset from 14 Middle East and North Africa (MENA) countries over a period of 8 years, our findings are three-fold. First, our results suggest that the presence of a Sharia supervisory board is positively associated with the level of risk disclosure. Second and at the bank-level, we find that ownership structures have a positive effect on the level of risk disclosure. At the country-level, our evidence suggests that control of corruption has a positive effect on the level of bank risk disclosure. Our study is, therefore, a major departure from much of the existing accounting literature that offers new crucial insights that show that firms’ disclosure choices are not mainly shaped by firm-level (internal) governance arrangements, but also country-level (external) governance and religious factors. Our findings have important implications for corporate boards, investors, regulatory authorities, standards-setters and governments relating to the development, implementation and enforcement of corporate and national governance standards.
    • Integrated Reporting in UK Higher Education Institutions

      Adhikariparajul, M.; Hassan, A.; Fletcher, M.; Elamer, Ahmed A. (2019)
      This paper examines trends in the content of reporting within 135 UK Higher Education Institutions (HEIs). It explores the extent to which Integrated Reporting (IR) content elements, reflecting integrated thinking, are disclosed voluntarily and whether HEI specific features influence the resulting disclosures. Existing IR guidelines given by the International Integrated Reporting Council (IIRC) and the adoption of content analysis have provided the opportunity to examine the trend and extent of IR content elements associated in HEI corporate reports. The evidence was obtained from 405 UK HEI annual reports covering the period 2014-2016. The results indicate a significant increase in the number of IR content elements embedded in HEI annual reports. The HEI specific characteristics examined, such as a) the establishment of HEI (before or after 1992), b) adoption of IR framework and c) size of HEI, are all significantly and positively associated with IR content elements disclosure. This paper argues that institutional theory, isomorphism and isopraxism are relevant for explaining the changes in the contents of HEI annual reports. The findings also suggest that universities are beginning to adopt an integrated thinking approach to the reporting of their activities. The study is based on IR content elements only and could be extended to include the fundamental concepts and basic principles of the IR framework. There are other factors that have a potentially crucial influence on HEI core activities (such as teaching and learning research and internationalisation) which have been omitted from this study. The findings will allow policymakers to evaluate the extent to which integrated thinking is taking place and influencing the UK HEI sector in the selection and presentation of information. A further implication of the findings is that an appropriate a sector-wide enforcement and compliance body, for instance, the British Universities Finance Directors Group (BUFDG), may consider developing voluntary IR guidance in a clear, consistent, concise and comparable format. Also, it may pursue regulatory support for this guidance. In doing so, it may monitor the compliance and disclosure levels of appropriate IR requirements. Within such a framework, IR could be used to assist HEIs to make more sustainable choices and allow stakeholders to better understand aspects of HEI performance. The research has implications for society within and beyond the unique UK HEI sector. Universities are places of advanced thinking and can lead the way for other sectors by demonstrating the potential of integrated thinking to create a cohesive wide-ranging discourse and create engagement among stakeholder groups. Specifically, IR builds on the strong points of accounting, for instance, robust quantitative evidence collecting, relevance, reliability, materiality, comparability and assurability, to explain the sustainability discourse into a ‘‘language’’ logical to HEIs organisational decision-makers. Consequently, IR may generate better visibility and knowledge of the financial values of exploiting capitals (financial, intellectual, human, manufactured, social, and natural) and offer a multifaceted approach to reassess HEIs organisational performance in various sectors that support the growth of integrated thinking.
    • Environmental sustainability orientation, competitive strategy and financial performance

      Danso, A.; Adomako, Samuel; Amankwah-Amoah, J.; Owusu-Agyei, S.; Konadu, R. (2019)
      Extant research has established that environmental sustainability orientation (ESO) has a positive influence on performance outcomes. Nevertheless, several contingencies tend to affect the strength of this relationship. In this study, we draw on natural resource-based theory to introduce competitive strategies as moderators in the ESO-performance nexus. Using time-lagged data obtained from 269 firms in Ghana, this study finds that firms pursuing the differentiation strategy can positively boost performance outcomes with ESO than without differentiation strategy. We also find that firms can use the low-cost or the integrated strategy to get higher impact on performance with ESO respectively. Based on the results, firms in Ghana do not need differentiation strategy in order to boost the effect of ESO on financial performance. Theoretical and practical implications are discussed.
    • An assessment of supply chain vulnerabilities to dynamic disruptions in the pharmaceutical supply chain

      Yaroson, Emilia V.; Sharief, Karam; Shah, Awn; Breen, Liz (2018-09)
      Objective: The adverse impact of supply chain disruptions on the operational performance of supply chains have been suggested to emanate from its existing vulnerabilities. However, empirical studies regarding this proposition remain limited. This study provides empirical evidence of vulnerabilities in the face of dynamic disruptions in the pharmaceutical supply chain. This is geared at developing resilience strategies capable of curbing these forms of disruptions. Research Approach: In seeking to achieve the objective of this study, the mixed method research design in a longitudinal framework was adopted. It involved a two-step procedure where the study began by conducting semi-structured interviews with the downstream stakeholders of the pharmaceutical supply chain. Here the sampling method adopted was both purposive and snowballing. Data collected from this process was analysed using thematic analysis where key variables were coded for further analysis. Findings from the interviews were employed to construct close ended questionnaires. The questionnaires were administered online, approximately nine months after the first data collection process ended and analysed using various statistical techniques. Findings: The themes that emerged from the first phase of the data generation process were classified into five main pillars which include: supply chain characteristics, regulatory framework (schemas), imbalance of market power, managerial decisions and supply chain structures. These themes were further confirmed by the findings from the survey. The study finds that imbalance of market power generates negative welfare such as time consumption and stress on the downstream stakeholders of the pharmaceutical supply chain. In the same vein, dependence on suppliers and consumers in designing the supply chain exacerbates the impact of a dynamic disruption. The findings from the survey complement these pillars by identifying other vulnerabilities: price manipulation, inadequate policies, inefficient manufacturing processes as well as available training in handling these vulnerabilities. Originality/Value: By providing empirical evidence of the vulnerabilities within the pharmaceutical supply chain in the face of a dynamic disruption, this study extends operations management literature by highlighting vulnerability benchmarks against which resilience strategies can be employed in dynamic disruptive scenarios. The innovative aspect of this research is the ability to identify the vulnerabilities peculiar to the pharmaceutical supply chain which is required in order to successfully develop strategies that are resilient to dynamic disruptions. Research Impact: This study extends existing debates on supply chain vulnerabilities as well as supply chain disruptions. Practical Impact: This study contributes to practical managerial decisions, as the identifications of vulnerabilities to dynamic disruptions will aid pharmaceutical and or operations managers in assessing supplier selection and design.
    • A human-centric perspective exploring the readiness towards smart warehousing: the case of a large retail distribution warehouse

      Mahroof, Kamran (2019-04)
      The explosive rise in technologies has revolutionised the way in which business operate, consumers buy, and the pace at which these activities take place. These advancements continue to have profound impact on business processes across the entire organisation. As such, Logistics and Supply Chain Management (LSCM) are also leveraging benefits from digitisation, allowing organisations to increase efficiency and productivity, whilst also providing greater transparency and accuracy in the movement of goods. While the warehouse is a key component within LSCM, warehousing research remains an understudied area within overall supply chain research, accounting for only a fraction of the overall research within this field. However, of the extant warehouse research, attention has largely been placed on warehouse design, performance and technology use, yet overlooking the determinants of Artificial Intelligence (AI) adoption within warehouses. Accordingly, through proposing an extension of the Technology–Organisation–Environment (TOE) framework, this research explores the barriers and opportunities of AI within the warehouse of a major retailer. The findings for this qualitative study reveal AI challenges resulting from a shortage of both skill and mind-set of operational management, while also uncovering the opportunities presented through existing IT infrastructure and pre-existing AI exposure of management.
    • Identifying green logistics best practices: a case study of Thailand's public hospitals

      Bandoophanit, T.; Breen, Liz; Barber, Kevin D. (2018-09)
      Purpose Previous research (Bandoophanit et al, 2017) has shown that pharmaceuticals are a key input into effective healthcare operations but other equally important inputs are medical supplies, food, utilities, equipment and linen. As stated by the Twelfth National Economic and Social Development Plan (2017-2021) of Thailand, to attempt to deliver national Sustainable Development Goals (SDGs) organisations should preserve resources and minimize waste-generation in all aspects. The principal aim of this research project was to identify green practices and develop a model which supported and promoted healthcare efficiencies. Research Approach This was a mixed methods multi-site study using both qualitative and quantitative data collection and analysis methods. Six public hospitals were selected as case organizations, covering different types/sizes, locations, and environmental performance expertise. The data collection methods included interviews, documentation reviews and in situ observations. Respondents’ selection was purposive and a bespoke form of content analysis was used for the data review before further cross-case analysis, resulting in the identification of best practices using key indicators. Findings and Originality In spite of facing financial crisis, by reviewing key logistical processes and lifecycle, the overuse of healthcare resources and the poor management of waste, were clearly identified within in this study. This had a negative effect on personnel and patient hygiene. The result of identifying effective GL practices were reported as: (i) promoting the usage of multiple-use medical devices that can minimize inputs, waste, and cost, and (ii) producing/selecting organic food materials and fruits and reusing these waste byproducts to create secondary products e.g. fertilizer, biogas and electricity and cleaning/sterilizing liquid. The results also indicated that there was a drive from leaders to introduce green and efficient systems to improve staff personnel awareness and engagement in this area. The output of this study presents a model for GL implementation guidance, grounded in Thailand’s Sufficiency Economy Philosophy (SEP) concept. Research Impacts Currently, healthcare green logistics has received limited attention in developing nations and this study contributes to the reduction of these gaps. The SEP concept promotes sustainable health standards and underpins the focus and the originality/impact of this study. Practical Impacts This study recommends that staff in Thai hospitals focus on effective resource and waste management to contribute to sustainable sufficiency. This allows Thailand to offer an effective healthcare service to its patients. The study presents guidance and support to do this.
    • Real exchange rate and asymmetric shocks in the West African Monetary Zone (WAMZ)

      Adu, R.; Litsios, Ioannis; Baimbridge, Mark J. (2019)
      This paper examines real effective exchange rate (REER) responses to shocks in exchange rate determinants for the West African Monetary Zone (WAMZ) over the period 1980–2015. The analysis is based on a country-by-country VECM, and oil price, supply and demand shocks are identified using long run restrictions in a structural VAR model. We report significant differences in the response of REER to real oil price, productivity (supply) and demand preference shocks across these economies. In addition the relative contribution of these shocks to REER movements in the short and long run appears to be different across economies. Our findings suggest that the WAMZ countries are structurally different, and asymmetric shocks with inadequate adjustment mechanisms imply that a monetary union would be costly.
    • Consumption of salt rich products: impact of the UK reduced salt campaign

      Sharma, Abhijit; di Falco, S.; Fraser, I. (2019)
      This paper uses a leading UK supermarket’s loyalty card database to assess the effectiveness and impact of the 2004 UK reduced salt campaign. We present an econometric analysis of purchase data to assess the effectiveness of the Food Standard Agency’s (FSA) ‘reduced salt campaign’. We adopt a general approach to determining structural breaks in the time series of purchase data, using unit root tests whereby structural breaks are endogenously determined from the data. We find only limited evidence supporting the effectiveness of the FSA’s reduced salt campaign. Our results support existing findings in the literature that have used alternative methodologies to examine the impact of information campaigns on consumer choice of products with high salt content.
    • Evaluating Digital Public Services: a contingency value approach within three ‘exemplar’ sub-Sahara developing countries

      Tassabehji, Rana; Hackney, R.; Maruyama, Takao (2019)
      This paper considers recent field evidence to analyse what online public services citizens need, explores potential citizen subsidy of these specific services and investigates where resources should be invested in terms of media accessibility. We explore these from a citizen-centric affordability perspective within three ‘exemplar’ developing countries in sub-Saharan Africa. The World Bank and United Nations in particular promote initiatives under the ‘Information and Communication Technologies for Development’ (ICT4D) to stress the relevance of e-Government as a way to ensure development and reduce poverty. We adopt a ‘Contingency Value’ method to conceptually outline reported citizens willingness to pay for digital public services. Hence, our focus is mainly upon an empirical investigation through extensive fieldwork in the context of sub-Sahara Africa. A substantive survey was conducted in the respective cities of Addis Ababa (Ethiopia), Lagos (Nigeria) and Johannesburg (South Africa). The sample of citizens was drawn from each respective Chamber of Commerce database for Ethiopia and South Africa, and for Nigeria a purchased database of businesses, based on stratified random sampling. These were randomly identified from both sectors ensuring all locations were covered with a total sample size of 1,297 respondents. It was found, in particular, that citizens were willing to pay to be able to access digital public services and that amounts of fees they were willing to pay varied depending on what services they wish to access and what devices they use (PCs or mobile phones).
    • Big Data Analytics and Business Failures in Data-Rich Environments: An Organizing Framework

      Amankwah-Amoah, J.; Adomako, Samuel (2019-02)
      In view of the burgeoning scholarly works on big data and big data analytical capabilities, there remains limited research on how different access to big data and different big data analytic capabilities possessed by firms can generate diverse conditions leading to business failure. To fill this gap in the existing literature, an integrated framework was developed that entailed two approaches to big data as an asset (i.e. threshold resource and distinctive resource) and two types of competences in big data analytics (i.e. threshold competence and distinctive/core competence). The analysis provides insights into how ordinary big data analytic capability and mere possession of big data are more likely to create conditions for business failure. The study extends the existing streams of research by shedding light on decisions and processes in facilitating or hampering firms’ ability to harness big data to mitigate the cause of business failures. The analysis led to the categorization of a number of fruitful avenues for research on data-driven approaches to business failure.
    • Sticks or carrots? How to make British Banks more socially responsible

      Kapsis, Ilias (2019-03)
      The relationship between banks and society in UK remains fragile more than 10 years after the financial crisis. The level of public mistrust, though lower than in the aftermath of the crisis, still re-mains at unsatisfactory levels especially as scandals continue to plague the sector. This raises the question of the effectiveness of reforms adopted in UK during the past 10 years to improve the public oversight of banks and change their culture. The reforms resulted in a significant expansion of the scope of financial regulation through the adoption of large numbers of new rules with binding effect on banks. In addition, new supervisory bodies were created to more closely monitor bank activities. This paper reviews the effects of the reforms on bank culture and concludes that expanded regulation and compulsory norms brought about mixed results and had only moderate effect on re-pairing the relationship between banks and UK society. The paper argues that more significant cultural change could come only from the banks themselves and therefore, going forward, the scope of compulsory norms should be reduced. The paper contributes to the ongoing dialogue between industry experts, policy makers and lawyers about the optimum levels of financial regulation especially in light of recent calls for rolling back parts of public interventions in the financial sector.
    • A case analysis of E-government service delivery through a service chain dimension

      Weerakkody, Vishanth J.P.; El-Haddadeh, R.; Sivarajah, Uthayasankar; Omar, A.; Molnar, A. (2019)
      Unlike e-business few studies have examined how information is generated and exchanged between stakeholders in an e-government service chain to generate value for citizens. This case study applies the concept of service chains to empirically explore: a) how internal and external business activities in local government authorities (LGAs) contribute to electronic service delivery, and b) the impact that internal and external stakeholders have on these activities. The case study found that the diversity of stakeholders involved and lack of appropriate mechanisms for information exchange and collaboration are posing the biggest challenges for efficient local egovernment service delivery.
    • Exploring Consumer and Patient Knowledge, Behavior, and Attitude Toward Medicinal and Lifestyle Products Purchased From the Internet: A Web-Based Survey

      Assi, S.; Thomas, J.; Haffar, Mohamed; Osselton, D. (2016-07-18)
      In recent years, lifestyle products have emerged to help improve people’s physical and mental performance. The Internet plays a major role in the spread of these products. However, the literature has reported issues regarding the authenticity of medicines purchased from the Internet and the impact of counterfeit medicines on public health. Little or no data are available on the authenticity of lifestyle products and actual toxicity associated with their use and misuse. Our aim was to investigate consumer and patient attitudes toward the purchase of lifestyle products from the Internet, their knowledge of product authenticity and toxicity, and their experiences with counterfeit lifestyle products. A Web-based study was performed between May 2014 and May 2015. Uniform collection of data was performed through an anonymous online questionnaire. Participants were invited worldwide via email, social media, or personal communication to complete the online questionnaire. A total of 320 participants completed the questionnaire. The results of the questionnaire showed that 208 (65.0%) participants purchased lifestyle products from the Internet mainly due to convenience and reduced cost. More than half (55.6%, 178/320) of participants purchased cosmetic products, whereas only a minority purchased medicinal products. Yet, 62.8% (201/320) of participants were aware of the presence of counterfeit lifestyle products from the Internet, and 11.9% (38/320) experienced counterfeit products. In only 0.9% (3/320) of those cases were counterfeit lifestyle products reported to authorities. Moreover, 7.2% (23/320) of the participants experienced adverse effects due to counterfeit lifestyle products. In summary, patients experienced counterfeit lifestyle products that resulted in adverse effects on their health. Although certain adverse effects were reported in this study, counterfeit products were underreported to authorities. Further public awareness campaigns and patient education are needed.
    • Problematic theoretical considerations of monetary unions

      Baimbridge, Mark J. (2018-10)
      Although the eurozone sovereign debt crisis took many by surprise following the Global Financial Crisis induced Great Recession, this chapter argues that this was an accident waiting to happen with unjustified emphasis placed upon unproven rules and institutions derived from contemporary neoliberal macroeconomic thinking. First, recent developments in macroeconomic are discussed and evaluated in terms of the so-called New Consensus Macroeconomics (NCM) that forms the current mainstream macroeconomic model comprising a blend of New Classical and New Keynesian theories is through adopting the rational behaviour hypothesis and supply-side-determined long-term equilibrium of output. A particular feature of these ideas is the inclusion of rules and institutions that are perceived to result in time consistent policymaking through essentially binding politicians from undertaking in non-optimal behaviour for either opportunistic, partisan or non-rational expectations reasons. Second, in addition to the general backdrop of macroeconomics the chapter considers the notion of a monetary union between countries under the rubric of both exogenous and endogenous Optimum Currency Area (OCA) theory. This combination of theoretical propositions form the bedrock of the eurozone where the TEU convergence criteria and SGP form the rules, while the European Central Bank is the key institution tasked with delivering low and stable price inflation. However, although these notions have become the staple diet of a generation of mainstream economists they comprehensively failed to insulate the eurozone from its sovereign debt crisis.
    • Doomed to fail? Convergence and the Eurozone crisis

      Baimbridge, Mark J.; Khadzhieva, Dzheren (2018-10)
      This chapter reviews the substantive issue of monetary union through evaluating countries readiness for entry utilising the experience of the European Union’s process of Economic and Monetary Union (EMU). The European single currency system came under unprecedented strain following the Global Financial Crisis induced Great Recession and there is little reason to assume that this will diminish, in any significant way, in the near future. Crucially it is important to reflect that each economy is unique in its blend of sectoral strengths and weaknesses and comparative advantage, therefore the national interest will be distinctively different for each potential participant. In particular, there is no set rule in which to weigh the relative merits of the arguments associated with membership of a monetary union. In terms of the eurozone the chapter critically evaluates the convergence criteria stipulated in the Treaty on European Union (TEU) and empirically reviews the compliance of EU member states. It questions whether the TEU criteria satisfactorily perform this role, such that the convergence criteria present a series of financial tests, of which some are theoretically spurious, while the remainder are inadequate to indicate the range of consequences of participation. Finally, the chapter undertakes an analysis of the macroeconomic performance of Greece. Specifically, it focuses on the main features, economic events and key economic indicators (GDP per capita, inflation, unemployment, twin deficit of current account and net lending/borrowing, output gap and gross debt) during the crucial 2000-09 period, between eurozone membership and the crisis.
    • Ownership types, corporate governance and corporate social responsibility disclosures: Empirical evidence from a developing country

      Alshbili, I.; Elamer, Ahmed A.; Beddewela, E. (2018)
      This study aims to examine the extent to which corporate governance structures and ownership types are associated with the level of Corporate Social Responsibility Disclosures (CSRD) in a developing country. Design/methodology/approach: Multiple regression techniques are used to estimate the effect of corporate governance structures and ownership types on CSRD using a sample of Libyan oil and gas companies between 2009 and 2013. Findings: First, our results suggest that although the level of CSRD in Libya is low in comparison to its western counterparts, ownership factors have a significant positive influence on CSRD. Second, we find board meetings to have a positive impact on CSRD. However, we fail to find any significant effect of board size and presence of CSR committees on CSRD. Overall, our results support prior theoretical evidence that pressures exerted by the government and external stakeholders have a considerable influence in promoting firm-level CSRD activities, specifically as a legitimising mechanism in fragile states. Research limitations/implications: First, our research is based on the annual reports and it did not examine any other reports or other mass communication mechanism that companies’ management may use to disclose CSR information. Future studies might consider disclosures in other channels, if any, such as the internet, CSR reports etc. Additionally, this research adopts the neo-institutional theory perspective. Future studies might integrate multi-theoretical lense to offer a richer basis for understanding and explaining CSRD determinants. Originality/value: Our research contributes to the literature by first providing additional evidence for existing studies, which suggest that on average better-governed companies are more liable to follow a more socially responsible agenda than poorly governed companies as a legitimising mechanism in fragile states. Also, our study overcomes a major weakness in existing Libyan studies, which have mainly used descriptive data.
    • Cloud computing utilization and mitigation of informational and marketing barriers of the SMEs from the emerging markets: Evidence from Iran and Turkey

      Hosseini, S.; Fallon, G.; Weerakkody, Vishanth J.P.; Sivarajah, Uthayasankar (2019-06)
      This study seeks to investigate the effectiveness of Cloud Computing Utilization (CCU) in the mitigation of informational and marketing barriers for SMEs from the Emerging Market-Countries (EM-SMEs). A quantitative-research methodology was applied to collect data by using self-administered questionnaires from top managers of 227 SMEs based in Iran and Turkey. The study contributes theoretically to both small business and international business literature by developing a new classification of the internationalization barriers that EM-SMEs face, and proposing a series of cloud computing (CC) solutions for mitigating these barriers, resulting in the creation and testing of a new model. The empirical findings confirm that CCU can help EM-SMEs to mitigate a series of informational and marketing barriers. The key practical contributions of the study offer insights to both EM-SMEs and Cloud-Service-Providers (CSPs) on the extent to which CCU is effective in mitigating the internationalization barriers faced by EM-SMEs.
    • The impact of MENA conflicts (the Arab Spring) on global financial markets

      Mousavi, Mohammad M.; Quenniche, J. (2014)
      It is believed that financial markets are integrated and sensitive to news – including political conflicts in some regions of the world. Furthermore, financial markets seem to react differently to information flows from one region to another. The purpose of this research is to discern the effects of the recent Middle East and North Africa (MENA) conflicts – commonly referred to as the Arab Spring – on the volatility of risks and returns of global and regional stock markets as well as Gold and Oil markets. To be more specific, we consider the main uprisings in Tunisia, Egypt, Libya and Yemen and their impact on financial markets – as measured by the volatility of their risks and returns. In sum, we cluster 53 stock markets into 6 regions; namely, developed, developing, MENA, Asia, Europe, and Latin America countries, and use T-GARCH to assess the reaction of these regions to each uprising event independently. In addition, we use GARCH-M to assess the reaction of these regions stock markets as well as Gold and Oil markets to the uprisings of MENA as a whole. Our empirical findings suggest that the uprising events of MENA have more impact on the volatility of risks and returns of developed, developing, and Europe regions than MENA itself. In addition, although the results show that the volatility of both risks and returns of both developed and MENA regions are significantly affected by general conflicts in MENA, the volatility of MENA is affected during all intervals and with higher significance level. Furthermore, while MENA uprisings as a whole impact on the volatility of risk of oil (after 5 days) and gold (immediately after entering news) significantly, the returns of these markets are not affected by conflicts.
    • A comparative analysis of two-stage distress prediction models

      Mousavi, Mohammad M.; Quenniche, J.; Tone, K. (2019-04-01)
      On feature selection, as one of the critical steps to develop a distress prediction model (DPM), a variety of expert systems and machine learning approaches have analytically supported developers. Data envel- opment analysis (DEA) has provided this support by estimating the novel feature of managerial efficiency, which has frequently been used in recent two-stage DPMs. As key contributions, this study extends the application of expert system in credit scoring and distress prediction through applying diverse DEA mod- els to compute corporate market efficiency in addition to the prevailing managerial efficiency, and to estimate the decomposed measure of mix efficiency and investigate its contribution compared to Pure Technical Efficiency and Scale Efficiency in the performance of DPMs. Further, this paper provides a com- prehensive comparison between two-stage DPMs through estimating a variety of DEA efficiency measures in the first stage and employing static and dynamic classifiers in the second stage. Based on experimen- tal results, guidelines are provided to help practitioners develop two-stage DPMs; to be more specific, guidelines are provided to assist with the choice of the proper DEA models to use in the first stage, and the choice of the best corporate efficiency measures and classifiers to use in the second stage.