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Herding Behavior and Cryptocurrency: Market Asymmetries, Inter-Dependency and Intra-Dependency
JALAL, Raja Nabeel-Ud-Din,SARGIACOMO, Massimo,SAHAR, Najam Us,FAYYAZ, Um-E-Roman Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.7
The study investigates herding behavior in cryptocurrencies in different situations. This study employs daily returns of major cryptocurrencies listed in CCI30 index and sub-major cryptocurrencies and major stock returns listed in Dow-Jones Industrial Average Index, from 2015 to 2018. Quantile regression method is employed to test the herding effect in market asymmetries, inter-dependency and intra-dependency cases. Findings confirm the presence of herding in cryptocurrency in upper quantiles in bullish and high volatility periods because of overexcitement among investors, which lead to high volume trading. Major cryptocurrencies cause herding in sub-major cryptocurrencies, but it is a unidirectional relation. However, no intra-dependency effect among cryptocurrencies and equity market is observed. Results indicate that in the CKK model herding exists at upper quantile in market that may be due when the market is moving fast, continuously trading, and bullish trend are prevailing. Further analysis confirms this narrative as, at upper quantile, the beta of bullish regime is negative and significant, meaning the main source of market herding is a bullish trend in investment, which increases market turbulence and gives investors opportunity to herd. Also, we found that herding in cryptocurrencies exits in high volatility periods, but this herding mostly depends on market activity, not market movement.
Jalal Ud Din,Sami Ullah Khan,Ahmad Khan,Abdul Qayyum,Kashif Sarfraz Abbasi,Matthew A Jenks 한국원예학회 2015 Horticulture, Environment, and Biotechnology Vol.56 No.6
A few degrees in temperature above the optimum can cause a considerable yield loss in tomatoes. A research experiment was conducted in which three tomato genotypes of (Solanum lycopersicum Mill.), ‘Suncherry Extra Sweet’ (Suncherry), ‘Walter’, and ‘CLN-2498d’, were evaluated for response to moderate high temperature at the reproductive stage. High temperature reduced the total number of fruits per plant, fruit size, number of seeds per fruit, seed setting, and relative ovule viability. However, high temperature increased proline accumulation and membrane thermo-stability in plant parts of the investigated genotypes. Fruit size and the number of seeds per fruit were reduced in all the genotypes, with the greatest reduction occurring in Suncherry. Similarly, viability of male and female gametes was also reduced in all of the investigated genotypes due to high temperature injury. The reduction in seed setting due to high temperature was greatest in ‘Suncherry’ and ‘Walter’, and least in ‘CLN-2498d’. Likewise, ovule viability was least reduced in ‘CLN-2498d’. The genotypes accumulating higher proline concentrations in reproductive parts and with enhanced membrane thermo-stability under high temperature likewise produced the highest fruit yield, and hence, exhibited high temperature tolerance.
Commodity Prices, Tax Purpose Recognition and Bitcoin Volatility: Using ARCH/GARCH Modeling
Raja Nabeel-Ud-Din JALAL,Massimo SARGIACOMO,Najam Us SAHAR 한국유통과학회 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.11
The study investigates the role of commodity prices and tax purpose recognition on bitcoin prices. Since the introduction of bitcoin in 2008, emphasis has focused on economists, policy-makers and analysts drastically increasing bitcoin’s accessibility and commodity values (Dumitrescu & Firică, 2014). This study employs GARCH and EGARCH from ARCH/GARCH family on daily nature data. We measure the volatile behavior of bitcoin by employing auto-regressive conditional heteroscedasticity model with the aim to explore the relationship between major commodities and bitcoin volatility. We focus on major commodities like gold, silver, platinum, and crude oil to be regressed with bitcoin. The daily prices of commodities were retrieved from www.investing.com and bitcoin prices from www.coindesk.com for the period from 29 April 2013 to 16 October 2018. Results confirmed the currency’s long-term volatile behavior, which is due to its composition and market dynamics, whereas the existence of asymmetric information effect is not confirmed. Tax recognition by other countries may in future help in controlling the volatility as bitcoin is not a country-specific security. But, only silver impacts on volatility in comparison to oil prices and platinum, which is due to its similar features with gold. Eventually, bitcoin can be used for risk diversification and money making.
Raja Nabeel-Ud-Din JALAL,Naveeda ZEB,Um-E-Roman FAYYAZ 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.2
Personality factors and ethical values are considered as vital element in social and professional life. This present research aims to explore the relationship between Personality and Job Satisfaction. Further, we tried to test the moderating effect of Islamic work ethics (IWE) in the relationship of Personality traits with Job satisfaction. Convenience sampling was used in defining sample as in Pakistan there is no data base which provides information regarding number of employees. Due to moderating variable the data has been collected from respondents who identify themselves as Muslim. To collect data from respondents Self-administered, close-ended questionnaires and e-questionnaire were used in this study and respondents were targeted in the normal working environment. Correlation and regression analysis was used to analyze the data statistically. The results of study indicated that neuroticism exhibits significant negative effect on job satisfaction. Also, openness to experience, agreeableness and conscientiousness showed positive effect on job satisfaction. Whereas, extraversion exhibits no effect on job satisfaction and IWE has a negative effect on job satisfaction. However, the output indicates that IWE do not act as moderator in the relation of agreeableness and conscientiousness with job satisfaction moderation effect of IWE is observed between the relationship of neuroticism, extraversion and openness to experience with job satisfaction.
Soyema Khatun,Jalal Uddin Ahmed,Mohammed Mohi-Ud-Din 한국작물학회 2015 Journal of crop science and biotechnology Vol.18 No.2
An investigation on physiological changes was carried out in three wheat genotypes (BARI Gom 25, BARI Gom 26, and Pavon 76) through seed reserve utilization efficiency (SRUE) and leaf cooling under normal (15 / 25°C) and elevated (25 / 35°C) temperatures in the growth chamber. At high temperature, Pavon 76 required more days to initiate the fully autotrophic stage. After germination, seedling and remnant seed dry weight was the same at day 5 in BARI Gom 26 and day 6 in BARI Gom 25 and Pavon 76. At high temperature, maximum translocation efficiency and seed reserve utilization efficiency (SRUE) were observed in BARI Gom 26 and at a minimum value in Pavon 76. High leaf cooling was recorded in BARI Gom 26. At high temperature, due to high leaf temperature and low transpiration rate of Pavon 76, maximum reduction of seedling growth was recorded in Pavon 76 (17%) as compared to minimum in BARI Gom 26 (5%). It appeared from the result that at high temperature the better seed reserved utilization efficiency and subsequently larger leaf cooling collectively contributed a positive role for seedling development in BARI Gom 25 and BARI Gom 26. The relationship of seed reserve utilization efficiency and leaf temperature were prominent in the case of Pavon 76 (r = -0.768) compared to other genotypes. This relationship indicated that Pavon 76 was the most sensitive genotype and BARI Gom 25 and BARI Gom 26 was the tolerant genotype to heat stress in respect to seed reserve utilization efficiency during seed reserve dependent phase and leaf temperature of photosynthetic-dependent phase
Micro Finance and Economic Development: The Role of Microfinance Institutions Outreach in Pakistan
Naveeda ZEB,Raja Nabeel-Ud-Din JALAL,Um-E-Roman FAYYAZ,Muhammad Asif ZAHEER 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.5
Microfinance focuses on economic development at a minute level. Microfinance is adopted to reduce the poverty level in the economic system. This study is conducted to investigate the microfinance institutions’ outreach, its growth, and challenges faced by the Microfinance Banks (MFBs) and Microfinance Institutions (MFIs). Data is collected from MFBs and MFIs working in Muzaffarabad as well as from interviews and focus group discussions. Findings are based upon lending, headcount ratio, offers, the value of their offer, and the possible growth chances of microfinance in Muzaffarabad. In addition to this, the challenges associated with microfinance outreach have been highlighted during analysis and guidelines have been provided to the MFBs and MFIs to increase their outreach. The sector is financially unstable which is attributable to its reliance on conventional sources of funding. The industry faces several endogenous as well as exogenous challenges from its environment which obstructs its growth. Further, it helps the policymakers to work on the development of the region and provide the base for further future research work.