The spillover effect of disclosure rules and materiality thresholds: Evidence from profit warnings issued in Hong Kong market

Does employee stock ownership plan have monitoring and incentive effects? --An analysis based on the perspective of corporate risk taking

“…M is the intermediary variable, which includes the proxy cost variable and financing constraint variable: 1) The agency cost variable is based on the approach of Wang et al (2021) [ 61 ]; using the management expense ratio, free cash flow, total asset turnover ratio, and unit employee growth to measure. The management expense ratio and free cash flow reflect the agency costs between shareholders and managers.…”

Measuring Return and Volatility Spillovers among Sectoral Stocks in Nigeria

“…Of the papers surveyed in this study, just one study have examined volatility transmissions in the Nigerian stock market (see, Kpughur er al,, 2017) however, it adopts aggregate data and examines transmissions between the naira exchange rate and the stock market using approaches different from this study. There are also studies for other regions, worthy of mention is China (see, e.g., Wang and Zhang, 2011;Sharma, 2017;Jebran et al, 2017), BRICS (see, e.g., Ramaprasad and Biljana, 2007;Boubaker and Raza, 2017;Nareshet al, 2018), U.S (see, e.g., Arouri et al, 2011;Ghouse and Khan, 2017;Kinnunen, 2017;Oh, 2017;Bekiros et al, 2016), Europe (see, e.g., Arouri et al, 2011;Chang et al, 2013;Sharma, 2017;Blau, 2017), South America (see, e.g., Vasco and Agudelo, 2014;Gamba-Santamaria et al, 2016)among others. Furthermore, we notice that there are few or no studies on returns and volatility transmission at the sectoral level in Sub Saharan African regions, this is probably due to data inadequacies or constraints.…”

“…In the literature, differing methods have been used to examine returns and volatility transmissions in stock markets. Some of the prominent techniques include; General Autoregressive Conditional Heteroscedasticity (GARCH) models (see, e.g., Ramaprasad and Biljana, 2007;Arouri et al, 2011;Chang et al, 2013;Jebran, et al, 2017;Kpughur et al, 2017;Ghouse and Khan, 2017;Apergis and Gupta, 2017;Boubaker and Raza, 2017), Vector Autoregression (see, e.g., Andrikopoulos et al, 2014;Baoko and Alagidede, 2017;Sharma, 2017;Kinnunen, 2017), Regression analysis (see, e.g., Wang and Zhang, 2011;Vasco and Agudelo, 2014;Fauzi and Wahyudi, 2016;Blau, 2017) to mention a few.…”