• Can (unusual) weather conditions in New York predict South African stock returns?

      Apergis, Nicholas; Gupta, Ragan; University of Piraeus; University of Pretoria (Elsevier, 2017-05-03)
      This paper investigates the explanatory power of certain weather variables, measured as deviations from their monthly averages, in a leading international financial trading centre, i.e., New York, for South African stock returns, over the daily period January 2nd, 1973 to December, 31, 2015. The empirical results highlight that these unusual deviations of weather variables have a statistically significant negative effect on the stock returns in South Africa, indicating that unusual weather conditions in New York can be used to predict South African stock returns, which otherwise seems to be highly unpredictable. In fact, a forecasting exercise recommends that a trading rule that considers those weather variables through a GARCH modelling approach seems to outperform the random walk model and thus beat the market.
    • Can gold prices forecast the Australian dollar movements?

      Apergis, Nicholas; University of Piraeus (Elsevier, 2014-05-07)
      This paper explores whether gold prices have a reliable out-of-sample relationship with the Australian dollar/US dollar nominal and real exchange rates using daily and quarterly data, respectively, spanning the period 2000–2012. Through an Error Correction Model (ECM), the empirical findings suggest that the out-of-sample predictive ability is strong and robust across short- and long-run horizons. The results could offer informational availability for monetary policymakers, hedge fund managers and international portfolio managers. They also provide additional support to the hypothesis that both markets are driven by the same information sets.
    • Can I help you? Exploring service quality in a health and beauty retailer

      Resnick, Sheilagh; Foster, Carley; Nottingham Trent University (2010)
    • Can the Covid-19 pandemic and oil prices drive the US partisan conflict index?

      Apergis, Nicholas; Apergis, Emmanuel; University of Derby; University of Huddersfield (Asia-Pacific Applied Economics Association, 2020-05-29)
      This paper investigates the effect of the Covid-19 and oil prices on the US partisan conflict. Using daily data on world Covid-19 and oil prices, monthly data on the US Partisan Conflict index, January 21 to April 30, 2020, and the MIDAS method, the findings document that both Covid-19 and oil prices mitigate US political polarization. The findings imply that political leaders aim low for partisan gains during stressful times.
    • Carbon dioxide emissions intensity convergence: Evidence from central American countries

      Apergis, Nicholas; Payne, James; University of Derby; University of Texas, El Paso (Frontiers, 2020-01-08)
      This paper extends the literature on the convergence of carbon dioxide emissions intensity and its determinants (energy intensity and the carbonization index) for six Central American countries over the period 1971 to 2014. Using the Phillips-Sul club convergence approach, the results indicate two distinct convergence clubs with respect to carbon dioxide emissions intensity and energy intensity with the first convergence club consisting of Costa Rica, El Salvador, Guatemala, and Honduras and the second convergence club consisting of Nicaragua and Panama. However, in the case of the carbonization index, only one convergence club emerges that includes Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua with Panama exhibiting non-convergent behavior.
    • Career capital: Building our mobility within an evolving world of work.

      Brown, Cathy; Wond, Tracey; University of Derby (The Career Development Institute, 2018-04)
    • Career progression and the part-time worker in the UK retail sector

      Harris, Lynette; Foster, Carley; Whysall, P.; Nottingham Trent University (2006)
    • Causality between energy consumption and GDP in the U.S.: evidence from wavelet analysis.

      Aslan, Alper; Apergis, Nicholas; Yildirim, Selim; Nevsehir University; University of Piraeus; Anadolu University (Springer, 2013-12-02)
      This study investigates the dynamic causal relationship between energy consumption and economic growth in the U.S. at different time scales. The main novelty of the study is that this paper complements the existing studies on the nexus between energy consumption and economic growth by employing the wavelet transformation to obtain different time scales in order to investigate causality between energy consumption and economic growth. This method is first developed by Ramsey and Lampart. Their approach consists of first decomposing the series into time scales by wavelet filters and testing causality of each time scale with the pertinent time scale of the other series separately. The data span from 1973q1 to 2012q1 on a quarterly basis. The main empirical insight is that the causal relationship is stronger at finer time scales, whereas the relationship is less and less apparent at longer time horizons. The results indicate that energy consumption causes economic growth, while the reverse is not true at the original frequency of the data. At the very finest scale the same result arises. However, at coarser scales feedback is observed. In particular, at intermediate time scales the evidence indicates that energy consumption causes economic growth, while the reverse is also true. These empirical findings are expected to be of high importance in terms of the effective design and implementation of energy and environmental policies, especially when a number of countries in the pursuit of high economic growth targets do not pay any serious attention on environmental issues.
    • CO2 emissions, energy usage, and output in Central America

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2009-08)
      This study extends the recent work of Ang (2007) [Ang, J.B., 2007. CO2 emissions, energy consumption, and output in France. Energy Policy 35, 4772–4778] in examining the causal relationship between carbon dioxide emissions, energy consumption, and output within a panel vector error correction model for six Central American countries over the period 1971–2004. In long-run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted U-shape pattern associated with the Environmental Kuznets Curve (EKC) hypothesis. The short-run dynamics indicate unidirectional causality from energy consumption and real output, respectively, to emissions along with bidirectional causality between energy consumption and real output. In the long-run there appears to be bidirectional causality between energy consumption and emissions.
    • Coal consumption and economic growth: Evidence from a panel of OECD countries

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-03)
      This study examines the relationship between coal consumption and economic growth for 25 OECD countries within a multivariate panel framework over period 1980–2005. The Larsson et al. (2001) panel cointegration test indicates there is a long-run equilibrium relationship between real GDP, coal consumption, real gross fixed capital formation, and the labor force. The respective coefficients for real gross fixed capital formation and the labor force are positive and statistically significant whereas the coefficient for coal consumption is negative and statistically significant. The results of the panel vector error correction model reveal bidirectional causality between coal consumption and economic growth in both the short- and long-run; however, the bidirectional causality in the short-run is negative.
    • Communication media selection in buyer-supplier relationships

      Ambrose, Eamonn; Marshall, Donna; Fynes, Brian; Lynch, Daniel F. (Emerald, 2008-01)
      Purpose: In successful purchasing relationships, effective communication is a key factor. The purpose of this paper is to explore whether the choice of communication media is affected by different stages in the relationship development process and by different purchasing contexts: product and service purchasing. Design/methodology/approach: The study initially reviews the literature on inter-organizational communication and purchasing relationships. In order to explore the research question, data were gathered through semi-structured in-depth interviews with purchasing managers, buyers and their suppliers in three product and three service purchasing relationships. Findings: The study identifies a relationship development framework that influences the communication media selection in two purchasing contexts. It confirms that communication media selection is affected by the communication needs of the participants, the stage of relationship development, and the purchasing context. Research limitations/implications: This research was limited to six buyer/supplier relationships involving a single multinational buyer organization, so although a range of purchasing contexts was considered, the findings have limited application. The relationship development process and the incidence of media selection should be further examined in varied contexts and a survey of buyers and suppliers should test the framework. Originality/value: This study is a refinement of the existing predominantly single-respondent, survey-based studies in the literature in that both parties in a series of purchasing dyads were interviewed. The paper makes a contribution as it illustrates the application of the media richness theory, explores the contextual factors surrounding media selection and provides a buyer-supplier relationship development framework based on behavioural and functional aspects of the relationship..
    • Comparing approaches to diversity management in the UK and US retail

      Foster, Carley; Nottingham Trent University (2004)
    • Complexity and the triple bottom line: an information-processing perspective.

      Wiengarten, Frank; Ahmed, Muhammad Usman; Longoni, Annachiara; Pagell, Mark; Fynes, Brian; Ramon Llull University; Clarkson University; University College Dublin; Department of Operations and Innovation, ESADE – Ramon Llull University, Barcelona, Spain; Clarkson University, Potsdam, New York, USA; et al. (Emerald, 2017-04-09)
      The purpose of this paper is to empirically investigate the impact of complexity on the triple bottom line by applying information-processing theory. Specifically, the paper assesses the impact of internal manufacturing complexity on environmental, social, and financial performance. Furthermore, the paper assesses the moderating role of connectivity and shared schema in reducing the potential negative impact of complexity on performance. Multi-country survey data collected through the Global Manufacturing Research Group were utilized to test the hypotheses. The authors used structural equation modeling to test the measurement and initial structural model. Furthermore, to test the proposed moderating hypotheses, the authors applied the latent moderated structural equations approach. The results indicate that while complexity has a negative impact on environmental and social performance, it does not significantly affect financial performance. Furthermore, this negative impact can be reduced, to some extent, through connectivity; however, shared schema does not significantly impact on the complexity-performance relationship. This study presents a comprehensive analysis of the impact of complexity on sustainability. Furthermore, it provides managerial applications as it proposes specific tools to deal with the potential negative influences of complexity.
    • A conceptual framework for women’s business survival in the handicraft industry in Malaysia.

      Topimin, Salmah; Brindley, Clare; Foster, Carley; Universiti Malaysia Sabah; University of Derby (Routledge, 2018-03-26)
    • Contagion across US and EU financial markets: Evidence from the CDS markets

      Apergis, Nicholas; Christou, Christina; Kynigakis, Jason; University of Derby; Open University of Cyprus; University of Kent (Elsevier, 2019-05-02)
      This study investigates whether contagion occurred during the recent global financial crisis across EU and US financial markets. The methodology used to test for contagion is the Forbes and Rigobon cross-correlation test, the Li and Zhu non-parametric test, the Fry et al. coskewness test and the Hsiao cokurtosis and covolatility tests. These tests are applied to a set of bank sector CDS, insurance sector CDS, sovereign bonds, equity and volatility indices. The findings indicate significant evidence of contagion, especially through the channels of higher order moments.
    • Convergence in condominium prices of major U.S. metropolitan areas

      Apergis, Nicholas; Payne, James; University of Piraeus; Benedictine University (Emerald, 2019-11-04)
      The purpose of the study is to examine the long-run convergence properties of condominium prices based on the ripple effect for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Specifically, we test for both overall convergence in condominium prices and the possibility of distinct convergence clubs to ascertain the interdependence of geographically dispersed metropolitan condominium markets. Our analysis employs two approaches to identify the convergence properties of condominium prices: the Lee and Strazicich (2003) unit root test with endogenous structural breaks and the Phillips and Sul (2007; 2009) time-varying nonlinear club convergence tests. The Lee and Strazicich (2003) unit root tests identify two structural breaks in 2006 and 2008 with rejection of the null hypothesis of a unit root and long-run convergence in condominium prices in the cases of Boston and New York. The Phillips and Sul 92007; 2009) club convergence test reveals the absence of overall convergence in condominium prices across all metropolitan areas, but the emergence of two distinct convergence clubs with clear geographical segmentation: on the east coast with Boston and New York and the west coast with Los Angeles and San Francisco while Chicago exhibits a non-converging path. The results highlight the distinct geographical segmentation of metropolitan condominium markets, which provides useful information to local policymakers, financial institutions, real estate developers, and real estate portfolio managers. The limitations of the research is the identification of the underlying sources for the convergence clubs identified due to the availability of monthly data for a number of potential variables. The absence of overall convergence in condominium prices, but the emergence of distinct convergence clubs that reflects the geographical segmentation of metropolitan condominium markets raises the potential for portfolio diversification. Unlike previous studies that have focused on single-family housing, this is the first study to examine the convergence of metropolitan area condominium prices.
    • Convergence in cryptocurrency prices? The role of market microstructure

      Apergis, Nicholas; Koutmos, Dimitrios; Payne, James; University of Derby; Worcester Polytechnic Institute; University of Texas, El Paso (Elsevier, 2020-07-04)
      Do we observe convergence between cryptocurrencies over time? This study explores this question with eight major cryptocurrencies in circulation and posits a framework to evaluate whether shifts in their market microstructures drive convergence. Three main findings emerge. First, convergence can emerge between cryptocurrencies with distinct technological functions and classifications. Second, market microstructure behavior drives convergence. Third, estimated transition paths show tighter convergence for half of our sampled cryptocurrencies during the time when the Chicago Board of Exchange (CBOE) introduced bitcoin futures contracts.
    • Convergence in provincial‐level South African house prices: evidence from the club convergence and clustering procedure.

      Apergis, Nicholas; Simo‐Kengne, Beatrice; Gupta, Ragan; University of Piraeus; University of Pretoria; University of Pretoria (Wiley, 2015-02-24)
      This empirical study analyzes the long run behavior of provincial house prices in South Africa based on the club convergence and clustering procedure of Phillips and Sul. Using quarterly data covering the period of 1976Q2–2012Q4, 1974Q1–2012Q4 and 1977Q3–2012Q4 for the large, medium, and small middle segments of the housing market, respectively, we test the law of one price across nine provinces. The empirical findings suggest that the nine provinces do not form a homogeneous convergence club. Unlike the small middle segment, which consists of two convergence clubs of seven and two provinces, the large and medium middle segments have three convergence clubs corresponding to three segmented independent local markets. Possible intuitive explanations for the existence of such clubs are discussed and resulting policy implications provided.
    • Convergence in public expenditures across EU countries: evidence from club convergence

      Apergis, Nicholas; Christou, Christina; Hassapis, Christis; University of Piraeus; University of Piraeus; University of Cyprus (Taylor & Francis, 2013-11-21)
      The goal of the present article is to investigate the degree of convergence in public expenditures for a panel of 17 European Union member countries spanning the period 1990 to 2012. We apply the methodology of Phillips and Sul (2007 Phillips, P. C. B. and Sul, D. (2007) to various categories of public expenditures to assess the existence of convergence clubs. Overall, the results do not support the hypothesis that all countries converge to a single equilibrium state in various public expenditures.