One-way Effect Research Articles

A Causal Relationship between the New-Type Urbanization and Energy Consumption in China: A Panel VAR Approach

The accelerated urbanization process has been considered to be the root cause of increasingly severe energy consumption growth in China. However, energy is still an essential factor for the urbanization process, so arbitrarily mitigating energy use currently will unquestionably slow down the urbanization process. The principal contribution of this paper is to comprehensively analyze the dynamic interaction mechanism between the new-type urbanization and energy consumption, and further put forward a new idea of comparing the benefit of an increase in the level of new-type urbanization resulting from energy consumption and the negative externality of environmental damage related with energy consumption. This paper conducts an empirical study on the causal relationship between new-type urbanization and energy consumption using Chinese provincial administrative units from 1999 to 2020. And we find that new-type urbanization leads to energy consumption negatively and energy consumption leads to new-type urbanization positively for provinces in the eastern region. There is only a one-way effect of energy consumption on new-type urbanization for provinces in the central and northeastern regions, and there is negative feedback causality for provinces in the western region. Additionally, the benefit of an increase in the level of new-type urbanization resulting from energy consumption is larger than the negative externality of environmental damage related to energy consumption for provinces in the eastern, central, and northeastern regions, yet it is totally opposite for provinces in the western region. Finally, we propose some fruitful policy recommendations to construct new-type urbanization under the background of clear reduction targets for energy consumption in China.

Revealing the complexity of users’ intention to adopt healthcare chatbots: A mixed-method analysis of antecedent condition configurations

Healthcare chatbots provide a professional, immediate, and low-cost tool for advising people on health information. Unlike previous studies on chatbot adoption that focus on the one-way net effect of components, this study reveals the complex antecedent configurations behind online healthcare chatbot adoption through an asymmetric approach. This study attempts to explain the causal configuration of user adoption in terms of three dimensions: functional, social, and user motivation features. A sequential mixed-method approach was chosen and a two-stage study, fuzzy set comparison analysis (fsQCA), and semi-structured interviews were conducted to deepen users' understanding, perceptions, and attitudes toward online healthcare chatbots, expressing more fine-grained insights into variable relationships. Five configurations were found to explain the high willingness of users to adopt healthcare chatbots. Perceived social presence was a core condition for each configuration. However, the social features of chatbots can only lead to high levels of trust and satisfaction when combined with functionality. The findings of this paper's mixed-method design and complexity study contribute to the adoption and theoretical literature on intelligent health services and chatbots. It guides tailoring chatbot functionality to individual user needs and provides practical guidance for the development of chatbots for health services through diverse combinations of machine chatbot features and user-motivated features.

Spatiotemporal Evolution of Cultivated Land Use Eco-Efficiency and Its Dynamic Relationship with Landscape Pattern Change from the Perspective of Carbon Effect: A Case Study of Henan, China

Cultivated land is a vital factor in agricultural production but faces multiple challenges, including declining total area, spatial transformation, and ecological degradation. It is imperative to enhance cultivated land use eco-efficiency (CLUE). This study aimed to evaluate the CLUE that considers both carbon sequestration and emissions using the SBM model at the county level. Next, spatial autocorrelation was employed to measure CLUE’s spatial correlation. The spatial agglomeration pattern of CLUE was determined, then time-series cluster analysis was used to identify the temporal evolution patterns of CLUE in various districts and counties. Furthermore, we explored the spatiotemporal dynamic relationship between CLUE and landscape pattern changes using landscape pattern index and geographically and temporally weighted regression (GTWR), considering spatiotemporal heterogeneity, and using interaction detectors to identify the interaction between landscape pattern factors on CLUE. The results show that: (1) From 2000 to 2020, CLUE in Henan Province varied between 0.50 and 0.70 in most years, indicating potential for improvement. There are four primary temporal evolution patterns: 26 Late-development, 22 Wave-rising, 27 Fluctuation-rising, and 29 Continuous-rising types of CLUE. (2) CLUE exhibits low values in the middle and eastern regions, i.e., areas with high values are concentrated in the southern districts, counties, and western and northern regions. CLUE has a significant positive spatial correlation with HH agglomeration areas mainly concentrated in Xinyang City, and LL agglomeration areas mainly located in the eastern and central regions. (3) Overall, different landscape factors exhibit varying degrees of spatiotemporal heterogeneity in their impact on CLUE. The total area and aggregation of cultivated land have a positive effect on CLUE, with the area of the positive influence of the total area gradually expanding over time and the aggregation gradually decreasing. The complexity of cultivated land shape has a negative effect. The impact of cultivated land patch density is two-sided, with the area of negative influence gradually expanding over time. (4) The interaction between the total area, shape, and aggregation of cultivated land is enhanced. Additionally, the interaction between cultivated land patch density and other factors has changed from a weakening to a strengthening one, and the “double-edged sword” effect has gradually shifted into a one-way effect. Therefore, in the process of land consolidation, it is recommended to prioritize regularized, larger, and more concentrated cropland patches whenever possible.

House price bubble detection in Ukraine

PurposeThe purpose of this paper is to present a framework for the assessment of the fundamental value of house prices in the largest Ukrainian cities, as well as to identify the thresholds, the breach of which would signal a bubble.Design/methodology/approachHouse price bubbles are detected using two approaches: ratios and regression analysis. Two variants of each method are considered. The authors calculate the price-to-rent and price-to-income ratios that can identify a possible overvaluation or undervaluation of house prices. Then, the authors perform regression analyses by considering individual multi-factor models for each city and by using a within regression model with one-way (individual) effects on panel data.FindingsThe only pronounced and prolonged period of a house price bubble is the one that coincides with the Global Financial Crisis. The bubble signals produced by these methods are, on average, simultaneous and in accordance with economic sense.Research limitations/implicationsThe framework described in this paper can serve as a model for the implementation of a tool for detecting house price bubbles in other countries with emerging, small and open economies, due to adjustments for high inflation and significant dependence on reserve currencies that it incorporates.Practical implicationsA tool for measuring fundamental house prices and a bubble indicator for housing markets will be used to monitor the systemic risks stemming from the real estate market. Thus, it will help the National Bank of Ukraine maintain financial stability.Social implicationsThe framework presented in this research will contribute to the enhancement of the systemic risk analysis toolkit of the National Bank of Ukraine. Therefore, it will help to prevent or mitigate risks that might originate in the real estate market.Originality/valueThe authors show how to implement an instrument for detecting house price bubbles in Ukraine. This will become important in the context of the after-war reconstruction of Ukraine, with mortgages potentially becoming the main tool for the financing of the rebuilding/renovation of the residential real estate stock.

Effects of Oil Consumption, Urbanization, Economic Growth on Greenhouse Gas Emissions: India via Quantile Approach

Although low-carbon economic growth has been emphasized in both the Paris Agreement and the Sustainable Development Goals, this is the first study to examine the interplay between oil consumption, urbanization, and economic growth in India's GHG emissions from 1965 to 2021. A quantile regression analysis found that a one percent rise in greenhouse gas emissions is linked to a 0.34 percent rise in economic growth, a 0.599 percent rise in oil consumption, and a 0.28 percent drop in urbanization. Using the Granger causality technique, researchers found that CO2 emissions cause economic development and urbanization in only one direction. On the other hand, oil consumption only has a one-way influence on carbon emissions and urbanization, and economic expansion only has a one-way effect on urbanization.

Natural resource rent, financial globalization, and environmental degradation: Evidence from a resource rich country

This paper examines the role of financial globalization and natural resource rents on carbon emissions in the case of Nigeria from 1970 to 2020 using Breitung-Candelin Spectral Granger-causality and wavelet coherence analysis. The spectral analysis decomposes variability in a time series into its periodic components, which is preferable for series that are short-spanned, nonlinear, or are characterized by seasonal and economic episodes, while the wavelet coherence analysis could produce localized decompositions both in time and frequency domains. Using these techniques, we find a one-way causal effect running from financial globalization and natural resource rents to carbon emissions within the specified scale and time. Financial globalization and natural resource rents are useful for predicting environmental degradation in Nigeria. Thus, policymakers should factor in financial globalization and natural resource rent when formulating environmental policies to mitigate climate change effect for the immediate and future generations. Financial penetration should be channeled toward green investment. The deposit money banks should provide and prioritize credit only to firms and individuals that consider investing in modern and clean technologies, while the policy on exploration and exploitation of natural resources should review to attract foreign investors that would improve the existing technologies or bring in energy-efficient and energy-saving ones.

Re-visiting the causal relationship between tourism and economic growth in India: specific to general modelling approach

PurposeTourism–economy relationship in India has been studied extensively in the past literature using a single equation approach. However, the present paper diverted from this trend and examined the tourism–economy relationship using the specific to general modelling approach over the 1990–2018 time period. The study also accounts for the influence of merchandise trade, capital formation, foreign investment inflows and inflation on economic growth to achieve the robustness of the coefficient estimates.Design/methodology/approachTo achieve the objective, the study utilised a specific to general modelling strategy. First, the regression equation includes only three core variables: gross domestic product (GDP), international tourist receipts and international tourist expenditures. Next, the authors include other control variables in the regression equation one by one, leading us to test five model types for investigating the cointegration among the variables. As for the estimation technique, the authors employed autoregressive distributed lag (ARDL) approach.FindingsThe paper's findings highlight that tourism receipts and expenditures exert a positively significant impact on economic growth. Moreover, including the additional independent variables does not substantially change the tourism and economic growth relationship. The existence of one-way causality from tourism expenditures to economic growth supports the tourism-led growth hypothesis. These findings highlight the rationale for intervention by the government and policymakers to promote tourism potential and facilities to accelerate the overall growth performance of the country. While the existence of one-way causal effect from economic growth to tourism revenues supports the growth-led tourism development hypothesis, implying that economic expansion is necessary for tourism development.Research limitations/implicationsThis research article tried to present a comprehensive picture of India's tourism–economy relationship. However, the present study is organised as an aggregate economy-level analysis. It assumed that the aggregate tourism sector is homogenous. However, different tourism sectors exert different levels of influence on the economy. The authors expect future research can take the disaggregated analysis of the tourism–economy relationship.Practical implicationsThis study provides valuable insights into the tourism-led growth hypothesis in India. The study highlights comprehensive intervention by the government and policymakers for accelerating tourism development to invigorate the overall growth performance of the country over the long run. The principal recommendation emerging from the present research is that the tourism growth potential can be depended upon to stimulate the economic performance of the Indian economy.Originality/valueThe present study diverted from the previous empirical studies by following a specific to general modelling strategy. First, the regression model includes only three core variables such as economic growth, tourism receipts and tourism expenditure. Next, the authors include other control variables in the regression equation one by one, leading us to test five model types for investigating the cointegrating relationship among the variables. GDP growth rate is used as a dependent variable in all five specifications. The idea is to expand the model to capture every feature of the data generating process.

Shape memory behaviors of 3D printed liquid crystal elastomers

As soft active materials, shape-memory polymers (SMPs) and liquid crystal elastomers (LCEs) have attracted considerable research interest due to their potential applications in various areas. SMPs refer to polymeric materials that can return to their permanent shape in response to external stimuli, such as heat, light, and solvent. In this sense, LCEs can exhibit intrinsic shape-memory behaviors since LCEs can switch between two shapes with temperature change due to the order-disorder transition of liquid crystals. In this work, we fabricate both the polydomain and monodomain nematic LCEs through direct ink writing 3D printing. With increasing the temperature of the substrates, the printed LCEs change from the monodomain state to the polydomain state. For polydomain LCEs, a reversible shape change can occur upon constant loading, while the monodomain can switch the shape with temperature in the stress-free state. This two-way shape-memory behavior is caused by the nematic-isotropic phase transition. We further show that the printed LCEs exhibit a good one-way shape-memory effect due to glass transition. The shape recovery region increases with the programming temperature, which is a typical temperature memory effect. Finally, it is demonstrated that complex shape-memory performance can be designed by combining one-way and two-way shape-memory effects. Specifically, for the monodomain LCEs, with increasing temperature, the programmed shape first recovers, and a second shape change can further occur due to the nematic-isotropic transition.

Analysis of the Coupling Effect and Space-Time Difference between China's Digital Economy Development and Carbon Emissions Reduction.

Previously conducted studies have established that the digital economy has a one-way inhibition effect on carbon emissions. Against this background, this paper aims to analyze the coordinated development effect of the interaction between the digital economy and carbon emissions reduction. The entropy weight method, coupling and coordination degree model, Dagum Gini coefficient and Moran's I index have been carried out as research methods in this paper. The results showed that: (1) The coupling and coordination of China's digital economy and carbon emissions reduction shows an overall growth trend, but the coupling and coordination among regions, provinces and cities show a large imbalance. (2) In the sample period, the overall difference in the coupling and coordination between digital economy development and carbon emissions reduction shows an expanding trend, and the overall difference results are attributed to regional differences. (3) There is a significant spatial correlation in the coupling and coordination degree of digital economy development and carbon emissions reduction among cities. The paper systematically grasps the status of coupling and coordination development, the source of difference and spatial correlation between the digital economy and carbon reduction in Chinese cities. A dependence relationship has been established, which is digital economy development and carbon emissions reduction, and an interactive promotion pattern has been revealed between the digital economic system and the carbon emissions reduction system.

Air Leak Conundrum following Oesophagectomy: A Case Report and Review of Literature

Oesophagectomy is an established technique for treating oesophageal cancer. Pulmonary complications during the postoperative period can arise from intraoperative manipulation, thoracic structure injury, or anastomotic leaks. At our institution, it is standard practice to place a soft corrugated drain around the anastomosis in the neck to facilitate the drainage of any anastomotic leakage towards the skin. In this case report, a 55-year-old female underwent video-assisted oesophagectomy in the prone position after neoadjuvant chemoradiation. A corrugated drain was subsequently placed near the anastomosis site in the neck. On the third day postoperatively (POD 3), she developed a sudden pneumothorax and an air leak in the chest tube. Despite the placement of a second intercostal tube and normal findings on fibreoptic bronchoscopy, the air leak persisted. Unexpectedly, the air leak spontaneously ceased, and the lungs re-inflated after 24 hours. Upon analysis, it was discovered that the dressing over the neck drain, which had been changed on POD 3, did not completely cover the wound. This, combined with malpositioning, created a oneway valve effect, leading to pneumothorax. Therefore, the use of a corrugated neck drain following oesophagectomy may result in life-threatening pneumothorax and should either be airtight sealed with dressing or avoided.

Integrative perspective of the healthy aging process considering the metabolome, cardiac autonomic modulation and cardiorespiratory fitness evaluated in age groups.

The aging process causes changes at all organic levels. Although metabolism, cardiac autonomic modulation (CAM), and cardiorespiratory fitness (CRF) are widely studied as a function of age, they are mainly studied in isolation, thus making it difficult to perceive their concomitant variations. This study aimed to investigate the integrated changes that occur in the metabolome, CAM, and CRF throughout aging in apparently healthy individuals. The subjects (n = 118) were divided into five groups according to age (20-29, 30-39, 40-49, 50-59, and 60-70years old) and underwent blood collection, autonomic assessment, and a cardiopulmonary exercise test for metabolomics analysis using mass spectrometry and nuclear magnetic resonance, cardiac autonomic modulation analysis, and CRF by peak oxygen consumption analysis, respectively. The Tukey's post hoc and effect size with confidence interval were used for variables with a significant one-way ANOVA effect (P < 0.01). The main changes were in the oldest age group, where the CRF, valine, leucine, isoleucine, 3-hydroxyisobutyrate, and CAM reduced and hippuric acid increased. The results suggest significant changes in the metabolome, CAM, and CRF after the age of sixty as a consequence of aging impairments, but with some changes in the metabolic profile that may be favorable to mitigate the aging deleterious effects.

Foreign direct investment and shadow economy: One-way effect or multiple-way causality?

The article examines the relationship between the size of the shadow economy and indicators of the investment market development. Net inflow of foreign direct investments, volume of net investments in non-financial assets, volumes of portfolio investments, and net outflow of foreign direct investment were used as parameters characterizing the development of the investment market. The dependence between the indicators was analyzed using the regression equation, Shapiro-Wilk test. Research results demonstrate that the increase in the inflow and outflow of foreign direct investments leads to an increase in the size of the shadow economy without a time lag in Ukraine, Poland, Slovenia, Romania, Croatia, Lithuania, Latvia, Estonia, and with a time lag of 1 year in Slovakia and Hungary. The largest impact on the size of the shadow economy is made by the volume of inflow and outflow of direct foreign investments, while the volume of portfolio investments has a less significant effect. Consequently, it was concluded that the processes of inflow and outflow of direct foreign investments require enhanced control by specialized state executive bodies given the scale of their potential destabilizing impact on the macroeconomic stability of the country.

Analisis Kausalitas Teknologi Informasi Dan Komunikasi, Konsumsi Listrik Dan Pertumbuhan Ekonomi Di Indonesia

This study aims to see and analyze the causality of Information and Communication Technology, Electricity Consumption and Economic Growth in Indonesia. This research is included in descriptive and associative research which explains whether or not causality between research variables. The data used are secondary data and panel data from 2015-2019, which consists of 34 provinces in Indonesia. The analysis used in this research is Vector Auto Regression (VAR) analysis. The results of this study found that (1), information and communication technology has no unidirectional or bidirectional influence on electricity consumption in Indonesia, (2) information and communication technology has a one-way causal effect on economic growth in Indonesia, (3) electricity consumption does not have a unidirectional or bidirectional causality effect on economic growth in Indonesia.

Sample size recommendations for studies on reliability and measurement error: an online application based on simulation studies

Simulation studies were performed to investigate for which conditions of sample size of patients (n) and number of repeated measurements (k) (e.g., raters) the optimal (i.e., balance between precise and efficient) estimations of intraclass correlation coefficients (ICCs) and standard error of measurements (SEMs) can be achieved. Subsequently, we developed an online application that shows the implications for decisions about sample sizes in reliability studies. We simulated scores for repeated measurements of patients, based on different conditions of n, k, the correlation between scores on repeated measurements (r), the variance between patients’ test scores (v), and the presence of systematic differences within k. The performance of the reliability parameters (based on one-way and two-way effects models) was determined by the calculation of bias, mean squared error (MSE), and coverage and width of the confidence intervals (CI). We showed that the gain in precision (i.e., largest change in MSE) of the ICC and SEM parameters diminishes at larger values of n or k. Next, we showed that the correlation and the presence of systematic differences have most influence on the MSE values, the coverage and the CI width. This influence differed between the models. As measurements can be expensive and burdensome for patients and professionals, we recommend to use an efficient design, in terms of the sample size and number of repeated measurements to come to precise ICC and SEM estimates. Utilizing the results, a user-friendly online application is developed to decide upon the optimal design, as ‘one size fits all’ doesn’t hold.

Robot navigation in crowds via deep reinforcement learning with modeling of obstacle uni-action

Mobile robots operating in public environments require the ability to navigate among humans and obstacles in a socially compliant and safe manner. Previous work has shown the power of deep reinforcement learning (DRL) techniques by employing them to train efficient policies for robot navigation. However, most DRL-based robot navigation methods only consider dynamic pedestrians and do not take static obstacles into account. The ability to approach pedestrians and obstacles differently will improve a robot's navigation efficiency. In this work, we propose a novel network, the obstacle-robot uni-action (ORU) network, to encode the one-way direct effects of obstacles on the robot. Obstacles' indirect effects on the robot, represented by the obstacle-human uni-action (OHU), together with human–human interaction (HHI), are concatenated to a human–robot interaction (HRI) network to obtain the features of a crowd's effects on the robot. We also implement a variable reaching goal reward and an approaching goal reward in our model, which can enhance the method's performance in terms of navigation time. Results of test experiments in both simulation and real datasets demonstrate that the proposed method outperforms state-of-the-art methods.

Is There Agreement and Precision between Heart Rate Variability, Ventilatory, and Lactate Thresholds in Healthy Adults?

This study aims to analyze the agreement and precision between heart rate variability thresholds (HRVT1/2) with ventilatory and lactate thresholds 1 and 2 (VT1/2 and LT1/2) on a treadmill. Thirty-four male students were recruited. Day 1 consisted of conducting a health survey, anthropometrics, and Cardiopulmonary Exercise Test (CPx). On Day 2, after 48 h, a second incremental test was performed, the Cardiopulmonary Stepwise Exercise Test consisting of 3 min stages (CPxS), to determine VT1/2, LT1/2, and HRVT1/2. One-way repeated-measures ANOVA and effect size (ηp2) were used, followed by Sidak's post hoc. The Coefficient of Variation (CV) and Typical Error (TE) were applied to verify the precision. Bland Altman and the Intraclass Correlation Coefficient (ICC) were applied to confirm the agreement. HRVT1 showed different values compared to LT1 (lactate, RER, and R-R interval) and VT1 (V̇E, RER, V̇CO2, and HR). No differences were found in threshold 2 (T2) between LT2, VT2, and HRVT2. No difference was found in speed and V̇O2 for T1 and T2. The precision was low to T1 (CV &gt; 12% and TE &gt; 10%) and good to T2 (CV &lt; 12% and TE &lt; 10%). The agreement was good to fair in threshold 1 (VT1, LT1, HRVT1) and excellent to good in T2 (VT1, LT1, HRVT1). HRVT1 is not a valid method (low precision) when using this protocol to estimate LT1 and VT1. However, HRVT2 is a valid and noninvasive method that can estimate LT2 and VT2, showing good agreement and precision in healthy adults.

Exploring Research Trends in Air-rail Passenger Transport Relationships Through a Content-based Analysis

Background: Air and rail passenger transport was initially considered to be competitive. However, as both modes have been developed, several other forms of relationships have been introduced and become more complicated, leading to the investigation of research trends in the air-rail passenger transport relationship. Gap: There are few studies on the relationships between air and rail passenger transport, lacking research synthesis application. Aims: This paper classifies and analyzes the relationships between air and rail passenger transport based on research publications between January 2006 and December 2020. Objectives: The objective of this study is 1) to investigate the possible forms of relationships the air-rail passenger transport based on existing studies, 2) to reveal research themes and trends, and 3) to propose research potentials in the air-rail passenger transport. Methods: The study uses a content-based analysis by deriving research articles from transportation and databases. A total of 472 articles were initially identified and screened. One hundred and forty-five articles were included in the final synthesis. Results: Air-rail relationships were categorized as a modal comparison, competition, cooperation, integration and influence. Research has been found to rely heavily on the mixture of modal competition, integration and influence. Furthermore, it has been pointed out that the influence between air and rail passenger transport has a one-way effect; air carriers are affected by the entrance of high-speed trains but not in a reverse direction. China has been an emerging context of this topic over the past five years and is likely to dominate the air-rail research due to its extensive high-speed rail networks and vast developments in large airports. Conclusion: In terms of the air-rail infrastructure development, it was suggested that modal cooperation was outdated due to lacking seamless connectivity features. Future research might explore the deficient research disciplines, including transport sustainability, business practices and tourism, as well as the impact of the coronavirus disease pandemic in reshaping the air-rail passenger transport industry.

충북 지역 노인들의 삶의 질과 주관적 건강도의 선행요인에 대한 탐구

Purpose - The purpose of current study is to investigate the determinants of quality of life in Chungbuk province using Korean longitudinal study aging data. Design/methodology/approach - This study used quality of life and perceived healthiness as the dependent variables. This study selected perceived healthiness, economic participation, annual travel frequency, religion, and fellowship as the independent variables to account for quality of life. For the data analysis, this study implemented econometric analysis, which includes ordinary least square, one-way fixed effect, and feasible generalized least square. Findings - Perceived healthiness positively affected quality of life. Also, quality of life is positively influenced by economic participation and annual travel frequency. However, religion and fellowship appeared as non-significant attribute to account for quality of life. The results also present that perceived healthiness is positively influenced by economic participation, annual travel frequency, and fellowship. Research implications or Originality - Given the results, this offers the implication for the senior citizen welfare policy. This study also produced policy implication for local community.

Enhancement of Shock Absorption Using Hybrid SMA-MRF Damper by Complementary Operation

A hybrid damper concept is presented here using a combination of a Magnetorheological (MR) Fluid (MRF) and Shape Memory Alloy (SMA)-based energy dissipation. A demonstration is performed utilizing the shear operating mode of the MRF and the one-way effect of the SMA. The damping performance of different MRF-SMA configurations is investigated and the corresponding energy consumption is evaluated. We demonstrate that the operation of MRF and SMA dampers complement each other, compensating for each other’s weaknesses. In particular, the slow response from the MR damper is compensated by passive SMA damping using the pseudoplastic effect of martensite reorientation, which can dissipate a significant amount of shock energy at the beginning of the shock occurrence. The MR damper compensates for the incapability of the SMA to dampen subsequent vibrations as long as the magnetic field is applied. The presented hybrid SMA-MR damper demonstrates superior performance compared to individual dampers, allowing for up to five-fold reduction in energy consumption of the MR damper alone and thereby opening up the possibility of reducing the construction volume of the MR damper.

Revisiting spillovers between investor attention and cryptocurrency markets using noisy independent component analysis and transfer entropy

The present paper aims at revisiting the information transmission between cryptocurrency markets and investor attention in these assets. For this purpose, we use transfer entropy rather than the conventional Granger causality approach. The resort to transfer entropy is an interesting route to overcome the limitations of Granger’s concept of causality related to the linearity (and Gaussianity) assumption. In addition, a non-gaussian factor model is estimated to extract a proxy of investor attention from Google search volumes of a set of keywords. Whilst empirical studies commonly report a one-way causal effect between investor attention and price movements, our results shed light on a bidirectional spillover which can be attributed to the self-sustaining nature of price dynamics in speculative markets.