Abstract
This research aims to analyse the roles of gold as a hedge or safe haven against stock and inflation, simultaneously. The standard TGARCH and quantile techniques in the TGARCH models are proposed. Based on the standard TGARCH model, this study demonstrates that gold generally displays little evidence of a strong hedge property against the stock market and inflation in the full sample (2001-2014). Nevertheless, this study reports some strong hedging roles for local gold (but not international gold) in the shorter sample (2010-2014) during the period during which particular attention was given to the European debt crisis. For the quantile relations, although we can detect some evidence of a strong safe haven in some quantiles, gold, at best, tends to be a weak safe haven during extreme movements in stock return, for both periods. Concerning gold-inflation relationships, this study reveals that gold, at best, is a less viable haven instrument. This study also reveals that various types of gold are essential to determine the hedge and safe haven effects, while gold in various weights only plays a minor role. In conclusion, these results demonstrate that gold only plays a minor role during stock market slumps and inflationary episodes in the context of Malaysia.
Highlights
In recent years, the higher education industry has evolved, and student expectations towards universities have increased (Lin, Salazar, & Wu, 2018)
T-test analysis indicates that It has been proved from the data analysis that the university facilities affect the student satisfaction more in Malaysia than Pakistan
Whereas the student satisfaction varies in Pakistan across most of the universities, the student expectations towards university facilities are low in Pakistan
Summary
The higher education industry has evolved, and student expectations towards universities have increased (Lin, Salazar, & Wu, 2018). Student expectation from higher education institutions includes The faculty relationship with the students, activities and facilities provided to students and different level of satisfaction related to teaching and learning. These expectations directly impact the overall student satisfaction (Arambewela & Hall, 2009; Lin et al, 2018). Facilities and support in studies are key factors that will have enormous impact on student satisfaction level. Addition to this student career counseling during their studies have a considerable impact on the student’s career (Napitupulu et al, 2018)
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