Asymmetric Relationship Research Articles

Macroeconomic news and price jumps: evidence from ETFs and LOFs in China

PurposeWe examine the relationship between macroeconomic news and fund price jumps, using high-frequency 5-min intraday data for Exchange Traded Funds (ETFs) and Listed Open-end Funds (LOFs) from 2019 to 2020.Design/methodology/approachWe utilize the non-parametric jump test known as the LM method to detect fund price jumps. In addition, we perform Logistic regression to analyze the relationship between macroeconomic news and fund price jumps. Moreover, we use multiple linear regression to explore the relationship between fund price jumps and subsequent returns.FindingsThe probability of price jumps increases by 22.56% when macroeconomic news is released. Moreover, the returns associated with news-driven price jumps display a reversal pattern, and there is an asymmetric relationship in subsequent returns following macroeconomic shocks. Specifically, funds tend to exhibit lower returns after news-driven price jumps compared to those that are not influenced by news events.Research limitations/implicationsIn today's digital age, investors have unprecedented access to a wealth of information through the Internet and various communication platforms. News and market data can be instantly accessed and disseminated, allowing for swift dissemination of information to investors worldwide. However, despite this enhanced accessibility, investors continue to exhibit overreactions or underreactions to new information.Practical implicationsMacroeconomic news release provide crucial insights into the overall health and performance of the economy. By monitoring and analyzing these indicators, investors can gain valuable information that can guide their investment decisions. Furthermore, by fostering a transparent and reliable information disclosure systems, governments can play a critical role in ensuring the stability and transparency of the funds market.Originality/valueThe paper utilizes 5-min high-frequency data from funds and incorporates a comprehensive macroeconomic news information database. These methodological choices enhance the precision and reliability of the analysis, allowing for a more nuanced understanding of the relationship between macroeconomic news releases and fund price jumps.

Asymmetric Effects of Development Finance Institutions Funding (DFIs) on Investment in Zimbabwe: A Futuristic Perspective

Introduction - This study aimed to explore the anticipated asymmetric effects of developmental finance institutions (DFIs) funding on investment in Zimbabwe. Given the volatile nature of development finance, Zimbabwe has faced challenges in effectively mobilizing aid, often struggling to persuade donors due to government spending plans and political factors. The research sought to investigate the potential asymmetrical linkages between DFIs funding and investment in Zimbabwe. Methodology: Model and Variables - To examine the futuristic asymmetric relationship between DFIs funding and investment in the Zimbabwean economy, a non-linear NARDL modelling approach will be employed. This methodology will estimate the projected non-linear co-integrating association between positive and negative shocks to DFIs funding and investment. The data set consisted of projected annual macroeconomic variables for Zimbabwe obtained from world bank and IMF. Results - In the short run, it was found that both positive and negative shocks influence future investment, with negative shocks expected to have a larger effect. These negative shocks arise from economic downturns or external shocks, while positive shocks could result from increased funding or favourable policy changes. In the long run, it was found that positive shocks to DFIs funding have a positive impact on investment, leading to increased economic growth and development. Conclusion and Recommendations - Based on the results, DFIs funding should exhibit an asymmetric relationship with investment in Zimbabwe. It is crucial for the government of Zimbabwe to proactively plan for these anticipated asymmetric effects and develop strategies to maximize the benefits of DFIs funding. By implementing the recommendations, Zimbabwe can be able to ensure a more favourable environment for future DFIs funding, fostering sustainable investment and economic growth.

Reimagining energy infrastructure for justice: Power, politics, and institutional work in India’s 2.05 GW Pavagada solar park

India has positioned itself as a leader in transitioning its energy sector to renewable sources, with ambitious targets and policies in place. Large-scale grid-integrated renewable energy plants have been identified as the most efficient option. Scholarly arguments differ regarding the impacts of renewables-led transitions, with some emphasizing positive environmental, economic, and social outcomes, while others highlight the potential for reinforcing asymmetrical power relations and unjust outcomes. Viewing the energy transition as a socio-technical process, we utilize a recent conceptualisation of the relationship between institutional work and infrastructures to analyze the unfolding power dynamics and its influence on socially just outcomes. Theoretically, we draw on the ‘Triple-Re’ framework, which distinguishes three interrelated domains of institutional work in socio-technical transitions: reimagining, recoding, and reconfiguring of infrastructures. Through a process tracing approach, we study the planning and realization of India's Pavagada Solar Park to understand the interactions among actors, institutions, policies, and material contexts at various spatial and temporal scales. Field observations, interviews, and archival research reveal how discursive dynamics and the recoding of rules and policies have facilitated land and resource mobilization, resulting in changes to ownership models, local infrastructure, land use, ecosystems, and occupational structures. We argue that recognizing and understanding these outcomes are crucial for achieving socially just outcomes in the context of renewable energy infrastructure.

Relationship Status: It's Complicated. News Organizations and Social Media Platforms in Heavily Disrupted Media Environments

ABSTRACT The rise of social media platforms has profoundly changed the global media environment. Based on interviews with media professionals handling the social media strategy of Greek news organizations, this study analyzes the way news publishers in disrupted media environments experience their relationship with powerful platforms. Drawing on previous research that records news publishers’ concerns and critiques regarding the various implications of their asymmetrical relationship with platforms, we find that Greek news media adopt a different approach. First, we find that many of our interviewees lack critical considerations towards the power of platforms over news distribution and instead focus on positive considerations stemming from the news media organization—platform relationship. Second, we record a feeling of anxiety towards the possibility of messing up this relationship and a widespread fear about the impact that this could have on their traffic. Third, we find that the majority of news organizations do not have a clear social media strategy, but rather they are relying on their own theories about how social media algorithms work. Ultimately, we argue that disrupted media environments affect news organizations’ ability to be critical of platforms and thus hinder efforts to negotiate their own social media presence.

The shifting landscape of international higher education: Why Chinese returnees with overseas degrees come back for doctoral studies?

ABSTRACT The post-pandemic era might witness a shifting landscape of international higher education, partially reflected by a restructuring of international student mobility (ISM) patterns. Notably, there is a nascent trend of Chinese returnees with degrees from Anglo-American universities pursuing doctoral studies at home. Previous research concentrates on the motivations of Chinese students learning abroad and the experiences of foreign students in China; understanding of the ‘reverse’ mobility of Chinese returnees is thin. This empirical study unveils the underlying incentives behind Chinese students’ decision to return for doctoral degrees through an analytical framework exploring asymmetrical power relationships among ISM actors. 23 doctoral candidates/graduates from eight Chinese universities participated in semi-structured interviews. The findings reveal a narrowed gap in STEM (science, technology, engineering, and mathematics) doctoral education between Chinese and Anglophone universities. The promising industries and life prospects at China’s megacities impel Chinese overseas students to return earlier for career paths. Meanwhile, they have suffered from multiple risks abroad including outsider identity, xenophobia, and safety concerns, while enjoying privileges for doctoral enrollment at home. As repositioning its peripheral status, China still has a lot to improve in the institutionalization of the application-assessment doctoral admission system, internationalization of the doctoral curriculum, and quality assurance of pedagogical practices.

Colonialism, Genocide and Reparations: The German‐Namibian Case

ABSTRACTIn 2015 the German government acknowledged that the Empire committed genocide in its colony South West Africa, known since its independence as Namibia. This acknowledgement marked a new reference point in how to engage with colonial crimes. Since then, Germany has fallen short of bearing full and unconditional responsibility for and recognition of the crime in terms of restorative justice. While Germany deserves credit for its commemoration and remorse over the Holocaust during World War II, victims of other forms of extermination with the intent to destroy still crave adequate recognition, commemoration and compensation in the form of reparations. This article presents the Namibian case to illustrate the contradictions and limitations that emerge when general notions are tested and undermined by asymmetric power relations of Realpolitik.

School maturity and the quest for normalcy: how parental complaints shaped expertise and state policies in socialist Hungary and East Germany, 1960s-1980s

ABSTRACT After World War II, socialist states developed a new schooling system aimed at building an egalitarian society. While there is a solid body of research discussing the relationship between the intent and effect of the egalitarian design of socialist school systems, the importance of school maturity assessments for the socialist project has received only minor attention. This article discusses how the introduction of school maturity assessments developed by experts in medicine, psychology, and pedagogy in 1960s Hungary and East Germany contributed to the visibility of children who were deemed immature. It shows that both socialist states developed institutional solutions beyond the standard school system for tackling the problem of school immaturity in children; these solutions, in turn, evoked different reactions from parents. As the article discusses, parents used various avenues to oppose the official expert assessments with which they disagreed. In both countries, parents increasingly voiced their opinions in complaint letters addressed to the state in a quest to overcome what they perceived as a severe threat to their children’s ‘normal’ development. By tracing parental bottom-up initiatives, the article investigates how parental agency ultimately shaped state policies and expertise despite the asymmetrical power relations that were present in these authoritarian societies. To show the interplay of parental agency, experts, and the state, we employ a combination of two methodological approaches, the sociology of expertise and the concept of Eigensinn, for understanding the spaces of negotiation and the role expertise plays in it. This article thereby sheds light on parental agency and its impact on expertise and state policies concerning school maturity in two socialist states that offered very different institutional answers to the problem; bureaucratic approaches towards complaint letters also varied significantly.

The Power of fiction and a shared framework in confronting contested pasts

ABSTRACT Artistic memorial interventions that raise the question ‘what if?’ – what life in the present would look like had past events unfolded differently – can be understood in light of the concept ‘as if’ in Jeffrey Goldfarb’s Politics of Small Things. ‘As if’ constitutes a shared framework for public debate that enables a more equal voice to participants with different identities and social positions who meet ‘as if’ they were equal. In cases of conflict over the past and present, like Nakba’s memory in Israel–Palestine, the creation of a joint framework in which all sides can participate without erasing asymmetrical violence and power relations is crucial yet difficult. By opening up space for the consideration of counter histories, a new public can be formed, even if temporarily, and potentially expand the horizon of public debate.

Asymmetric relations and systemic misperceptions: Why and how Australia and China talk past each other

Caught by conflicts, both Australia and China exhibited confused attitudes towards each other’s motives. For China, despite the common interests of strong economic and trade complementarities, Australia acts as a vassal state of the USA, campaigning against China for no reason. For Canberra, it has been frustrated by China’s ignorance of Australia’s independent position and concerns. This article explores the fundamental cause behind this misperception, arguing that asymmetric relationships lead two countries to put their attention on different levels, generating misinterpretations from both sides. As a great power, China concentrates on worldwide competition with the USA and prioritizes its global strategy while underplaying concerns of Australia. However, in Australia’s agenda, regional security and China’s expansion deepened its anxiety, so its over-attention spotlighted Beijing’s moves in a sensitive scenario. The asymmetry exacerbates each other’s threats. The article provides a systematic explanation of the China–Australia tension and clarifies the mechanism behind asymmetric relations.

Investigating the asymmetric impact of artificial intelligence on renewable energy under climate policy uncertainty

The focus on sustainable development and the transition to renewable energy sources has intensified due to the risks associated with climate change. This study provides new insights into the impact of artificial intelligence (AI) and climate policy uncertainty (CPU) on the development of renewable energy (RE) in China. Utilizing a nonlinear autoregressive distributed lag (NARDL) framework, the asymmetric relationship between these variables from January 2013 to April 2023 is revealed. The empirical results indicate a significant positive asymmetric effect of AI on RE development, with downturns in AI having a more pronounced influence compared to upswings. Additionally, CPU has a positive effect on RE development, also exhibiting an asymmetric pattern where declines in CPU have a more substantial impact than upturns. These findings highlight the critical roles of AI and CPU in renewable energy development and add new dimensions to existing research. Policymakers should consider these asymmetric dynamics when formulating strategies to facilitate the energy transition through climate policymaking and the advancement of AI-driven technologies.

The treatment effects of maxillary asymmetric mechanics with the use of the mesial-distalslider: A retrospective study

This study had 2 objectives: (1) to evaluate the clinical efficacy of the Mesial-Distalslider (MD) appliance when used for simultaneous maxillary molar mesialization and distalization in patients with a maxillary asymmetrical relationship and (2) to compare the outcomes with those achieved using the unilateral Mesialslider (UM) appliance. The sample included 40 subjects (25 females and 15 males) with a mean age of 22 years (range, 8-55 years). The patients were divided into 2 groups: 20 patients treated with an MD appliance (group 1) and a group of 20 patients treated with a UM appliance (group 2). Superimposition of digital dental models using regions of interest on the palate was performed to evaluate the 3-dimensional molar movements, the proclination or retroclination of the maxillary incisors, and the displacement of the maxillary midline. At the end of the treatment, the MD group's total movements were 4.5 ± 2.2 mm (sagittal), -0.4 ± 2.4 mm (transverse), and 0.3 ± 0.9 mm (vertical) along the mesialization side and -2.4 ± 1.7 mm (sagittal), -0.5 ± 1.5 mm (transverse), and 0.2 ± 1.4 (vertical) along the distalization side. UM group total movements were 5.5 ± 3.6 mm (sagittal), -0.4 ± 2.7 mm (transverse), and 0.1 ± 2.0 mm (vertical). Incisor displacements were minimal. No statistically significant differences were found between the MD and UM groups for all the parameters. The use of the MD enables controlled movements in the sagittal direction with negligible dental side effects in the other planes (transverse and vertical). Furthermore, it facilitates asymmetrical movements simultaneously in the desired direction without the patient's compliance and provides good anchorage control.

Aportes del pensamiento crítico latinoamericano contemporáneo para el abordaje de las migraciones internacionales como una problemática mundial de la actualidad

The article examines the significant contribution of contemporary Latin American critical thinking to the understanding of international migrations as a current global issue. It emphasizes the need to approach the migratory phenomenon in a transdisciplinary manner, while analyzing the marked disparities present in the world and the lack of coherent responses in a globally interconnected context driven more by the interests of capital than by human needs. The article highlights the importance of incorporating the perspective of the "other" in a comprehensive approach to migrations, emphasizing the crucial consideration of human rights as an integral component of migration policies. Furthermore, it posits the thesis that the current treatment and management of international migrations have failed, being approached from a securitist model and from the perspective of the nation-state, where preeminence lies in migration control and economic interests. Conversely, it emphasizes the need to address this complex issue from an integral perspective, within the framework of North-South asymmetrical relations, acknowledging that forced migration is one of the manifestations of a civilizational crisis that humanity is undergoing. This theoretical approach is made viable through the foundations of contemporary critical theory and Latin American philosophy, providing a contextualized perspective for understanding the complexity of migratory dynamics.

The Effect of Interest Rates on Portfolio Investments and Foreign Direct Investments in Türkiye

This study aims to analyse the relationship between foreign direct investments (FDI) and portfolio investments (PI) and interest rates. Firstly, ADF and PP unit root tests were applied to determine whether the variables were stationary or not. Since the series became stationary at different levels, the ARDL (Autoregressive Distributed Lag Bound Test) test, one of the cointegration tests, was applied. Afterward, Toda-Yamamoto tests were utilized to determine whether there is causality between the variables and if there is a causality relationship, to determine its directions. According to the ARDL bound test results, it is concluded that there is no short-term asymmetric relationship between PI and other independent variables. In other words, there is no statistically significant relationship between PI and EUR, USD and TL interest rates. On the other hand, it is concluded that the FDI dependent variable and other independent variables are long-run cointegrated in the relevant period. According to the results of the Toda-Yamamoto causality test where FDI and TL, EUR, and USD are independent variables, it is concluded that there is a Granger causality relationship between FDI and TL and EUR interest rates.

How does extreme heat affect carbon emission intensity? Evidence from county-level data in China

This study investigates the impact of increasingly frequent extreme heat events due to climate change on carbon emission intensities in China. Using spline regressions on county-level data from 2000 to 2019, we identify an asymmetric U-shaped relationship between daily mean temperatures and carbon intensities. Each additional day with temperatures above 33 °C in each location results in a 0.9% rise in the average annual carbon intensity, driven by higher energy consumption for cooling. We also explore the mitigating effects of China's low-carbon city initiatives and emissions trading scheme. By combining our estimation results with future temperature trajectories, we simulate that, in the long run, China's carbon intensity can increase by 8–13% under the SSP1-2.6 scenario and 24–51% under the SSP5-8.5 scenario. Our findings underscore the urgency for policymakers to thoroughly assess the socioeconomic impacts of heat waves and incorporate climate resilience into overall sustainable development plans.

The YWCA of the USA ‘In Service for the Girls of the World’, 1947–1985

Before mid-century, the Young Women's Christian Association of the USA (Y-US) was complicit with global northern imperial projects, as its work with women across national borders was characterised by an ethos of ‘imperial maternalism’. Applying Serene Khader's (2019) analysis of imperialism in global northern feminisms shows that Y-US's approach to ‘overseas’ work was ‘missionary’ in its use and promotion of ‘western’ values and strategies. Although Y-US inevitably worked within ‘asymmetrical power relations’ (Grewal & Kaplan, 2000, para.4), in the 1970s its approach shifted as it began to recognise these imbalances. By the 1980s, Y-US's ‘global’ programmes sought out women's context-specific knowledge to identify and critique structural inequalities and US imperialism, characteristic of ‘transnational feminist’ ethic. The contribution of Y-US to the YWCA movement was more complex, and positive, than a perpetuation of cultural imperialism. In its national policy and project planning and evaluations, Y-US continued until the 1980s to apply mixture of missionary and transnational feminist lenses to understand its role and responsibilities as a member of the worldwide YWCA movement, and to grapple with the implications of US power on the world stage.

Discovering spatial co‐location patterns of urban facilities and their asymmetric characteristics

AbstractSpatial co‐location pattern (CP) mining can discover sets of geographical features frequently appearing in adjacent locations, which is valuable for comprehending the co‐occurrence relationship between features. However, due to the quantitative differences and heterogeneous distribution of features, the probabilities that features appear in each other's neighborhood are unequal, resulting in an asymmetric spatial pattern. Current studies have paid little attention to the asymmetric characteristics of CPs. Therefore, this study explores the CPs and their asymmetric relationships. Firstly, we adopt the weighted participation index to evaluate the frequency of global candidate CPs. Secondly, we employ an asymmetry index we developed and the local co‐location quotient to quantify the asymmetry intensity of CPs. The results indicate that the frequent CPs mainly comprise facilities related to the residents' daily lives. Investigating the asymmetric relationships and spatial associations among features in the CPs is significant for identifying resource shortages and rationally planning urban resources.

Dependency in the Digital Age? The Experience of Mercado Libre in Latin America

ABSTRACTThis article uses Mercado Libre, the leading digital platform company in Latin America, as an illustrative case to analyse the effect of regional platforms on development, by considering their interplay with both global leaders and local actors. Building on dependency theory, the article identifies the company's structural dependence on algorithms and computing power provided by the largest information technology (Big Tech) companies in the United States. Nonetheless, it also finds that Mercado Libre is at the frontier in applied data analysis solutions tailored for its businesses. Together with a privileged access to personalized and cross‐fertilized market and financial datasets, the company's internal and purchassed technologies are the source of asymmetric relationships with its platforms’ users. The article conceptualizes Mercado Libre's place in digital capitalism as extractivist with local actors and, just like local elites when dependency theory was first formulated, it is complicit with global powers. But, unlike those elite firms, it is not technologically laggard, and its value capture is underpinned by its technological advantage. Thus, this article conceptualizes (digital) dependency as multiple layers of economic power in which leading firms from the peripheries occupy intermediate and interconnecting positions. It shows that, while these regional leaders operate at the technological frontier, economic power relations based on technological asymmetries remain crucial for studying underdevelopment.

The nexus between FDI and human development: non-linear evidence from South Asia

PurposeHuman development is critical for fostering economic growth and development. Given the importance of human development, this study examines the asymmetric impact of Foreign Direct Investment (FDI) on human development by decomposing total FDI into positive and negative shocks in five South Asian countries from 1990 to 2021.Design/methodology/approachThe study uses the panel Non-linear Autoregressive Distributive Lag model (NARDL) to examine asymmetric long and short-run effects of FDI. Further, the direction of causality between HDI and FDI is examined using the recently developed (Joudis et al., 2021) panel granger non-causality test.FindingsThe positive and negative FDI shocks positively impact HDI, but positive shocks have a higher effect than negative shocks in the long run. The Wald Test rejects the long-run symmetric effect, confirming the asymmetric relationship between FDI and human development. More importantly, causality results reveal the FDI-led HDI and HDI-led FDI development in South Asia.Practical implicationsFDI should be encouraged by formulating a well-tailored policy intervention. The development policies should be interlinked with FDI policies. Absorptive capacities such as infrastructure facilities, a threshold level of human capital, and institutions should be strengthened to attract higher FDI into high-tech sectors.Originality/valueUnlike the previous empirical studies, this study provides asymmetric evidence between FDI and human development in South Asia.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0380.

An fsQCA analysis of service quality for hotel customer satisfaction

Managing customer satisfaction (CS) by adapting to market changes is essential for achieving customer loyalty. This study analyzes the asymmetric relationship between service quality (SQ) and CS in the hotel sector by applying the fuzzy-set qualitative comparative analysis (fsQCA) method to a five-star hotel in Cuba. Results of customer SQ perception analysis as configurations of conditions that explain the outcome of CS identify the individual contribution made by each of the services. In this specific case, when combined with other conditions in three different configurations, the quality of food in specialized restaurants is shown to be the determinant of the studied hotel’s CS outcomes. This research shows that fsQCA is useful for managing the causal complexity of hotel processes and activities. Additionally, it helps managers optimize CS by determining which attributes they need to focus on and which they do not, thus responding to the need to determine how SQ dimensions influence CS.

Enhanced Encrypted Traffic Analysis Leveraging Graph Neural Networks and Optimized Feature Dimensionality Reduction

With the continuously growing requirement for encryption in network environments, web browsers are increasingly employing hypertext transfer protocol security. Despite the increase in encrypted malicious network traffic, the encryption itself limits the data accessible for analyzing such behavior. To mitigate this, several studies have examined encrypted network traffic by analyzing metadata and payload bytes. Recent studies have furthered this approach, utilizing graph neural networks to analyze the structural data patterns within malicious encrypted traffic. This study proposed an enhanced encrypted traffic analysis leveraging graph neural networks which can model the symmetric or asymmetric spatial relations between nodes in the traffic network and optimized feature dimensionality reduction. It classified malicious network traffic by leveraging key features, including the IP address, port, CipherSuite, MessageLen, and JA3 features within the transport-layer-security session data, and then analyzed the correlation between normal and malicious network traffic data. The proposed approach outperformed previous models in terms of efficiency, using fewer features while maintaining a high accuracy rate of 99.5%. This demonstrates its research value as it can classify malicious network traffic with a high accuracy based on fewer features.