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Different Market Conditions (different + market_condition)

Distribution by Scientific Domains

Humanities and Social Sciences	50%
Business, Economics, Finance and Accounting	50%

Selected Abstracts

Changing household responses to drought in Tharaka, Kenya: vulnerability, persistence and challenge

DISASTERS, Issue 2 2008
Thomas A. Smucker
Drought is a recurring challenge to the livelihoods of those living in Tharaka District, Kenya, situated in the semi-arid zone to the east of Mount Kenya, from the lowest slopes of the mountain to the banks of the Tana River. This part of Kenya has been marginal to the economic and political life of Kenya from the colonial period until the present day. A study of more than 30 years of change in how people in Tharaka cope with drought reveals resilience in the face of major macro-level transformations, which include privatisation of landownership, population growth, political decentralisation, increased conflict over natural resources, different market conditions, and environmental shifts. However, the study also shows troubling signs of increased use of drought responses that are incompatible with long-term agrarian livelihoods. Government policy needs to address the challenge of drought under these new macro conditions if sustainable human development is to be achieved. [source]

Information disclosure and environmental regulation: Green lights and gray areas

REGULATION & GOVERNANCE, Issue 3 2010
Eungkyoon Lee
Abstract This research examines the potential of information disclosure for environmental regulation. The research attempts to answer questions of what impact information disclosure has on corporate environmental practices and what interferes with its effective use. A case study of Indonesia's pioneering informational environmental regulation reveals (i) both indirect (e.g. anticipation of external pressure) and direct (e.g. internal learning support) informational effects that enhance environmental awareness at the top management level and stimulate changes in production processes and (ii) detrimental effects of disclosed information that maintain or strengthen the extant power of regulated firms over environmental groups and local communities affected. Regulatory efforts can be leveraged by public disclosure of information regarding firms' environmental performance, especially where the state monitoring and enforcement capacities are weak. However, the introduction of policies of this kind without consideration of different market conditions and political and administrative culture may impede the effectiveness of this potentially useful regulatory method. [source]

Do futures-based strategies enhance dynamic portfolio insurance?

THE JOURNAL OF FUTURES MARKETS, Issue 6 2004
Binh Huu Do
In this paper we investigate the relative performance of two approaches to dynamic portfolio insurance: the synthetic put and the Constant Proportion Portfolio Insurance (CPPI). The investigation is conducted on the Australian market, over a sample period of 59 non-overlapping quarters from December 1987 to December 2002. Its main contribution is to provide a comprehensive assessment of the two approaches under different market conditions, and the testing of ex ante information as an input into the trading program. The major finding is that the futures-based implementation of both synthetic put and the CPPI approach is robust to both tranquil and turbulent market conditions in preserving the desired floor. The fact that this conclusion includes the case of employing implied volatility (obtained from the options market) is highly encouraging as it suggests high implementability of the strategy. Notably, the risk-return tradeoff shows that portfolio insurance using this volatility measure yields a return that is 64 basis points over the risk free investment. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:591,608, 2004 [source]

Hedging Performance and Stock Market Liquidity: Evidence from the Taiwan Futures Market

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 3 2010
Hsiu-Chuan Lee
G14; G15; G18 Abstract This paper examines the impact of stock market liquidity on the hedging performance of stock index futures, and extends the conditional OLS model described by Miffre [Journal of Futures Markets 24 (2004) 945] by including stock market liquidity in the regression model. The empirical results indicate that information regarding stock market liquidity is useful in predicting the optimal hedge ratio under different market conditions. In a bear market, the conditional OLS model with stock market liquidity provides the best hedging performance for the out-of-sample period. Although the OLS model outperforms the generalized autoregressive conditional heteroskedasticity and conditional OLS models for the out-of-sample period in a bull market, the conditional OLS model with stock market liquidity outperforms the conditional OLS model without stock market liquidity in terms of downside risks (lower partial moment). [source]