Period Of Turmoil Research Articles

Bizans Tarihinde İkonoklazma Dönemi ve İkonoklazmanın Aya Sofya’ya Etkisi

(726-843) seneleri arasında iki farklı şekilde ortaya çıkan İkonoklazma Dönemi, Bizans’ın ve Bizans imparatorlarının “yönetim ile kilise” ilişkisi bağlamında yaşadığı toplumsal, siyasal, ekonomik ve dış güçlerden kaynaklanan sorunları da kendi içerisinde barındırdığı kargaşa dönemidir. Bizans ile Batı kilisesinin birbirinden ayrılmasıyla ikon sanatı ve kültürü, Ortodoks dünyasında önem arz etmeye başlamıştır. Bunun sonucunda yaşanan İkonoklazma Dönemi, Bizans kiliseleri için bir dönüm noktası olmuştur. Dünya mimarlık tarihinin günümüze kadar ayakta kalmış en önemli anıtları arasında yer alan Ayasofya; mimarisi, ihtişamı, büyüklüğü ve işlevselliği yönünden sanat dünyası açısından önemli bir yer teşkil etmekte, dini ve simgesel olarak bulunduğu şehre değer katmaktadır. Kilise olarak inşa edilen, ardından camiye çevrilen ve sonradan müze olarak düzenlenen yapı; simgesel önemini günümüzde de korumaya devam etmektedir. 726’da tüm ikon ve heykellerin Ayasofya’dan kaldırılması sonrasında, günümüze kadar gelebilen insan sureti tasvirlerini içeren mozaiklerin tümü, İkonoklazma Dönemi sonrasına aittir. Bununla birlikte insan sureti tasviri içermeyen mozaiklerden bazılarının da 6. yüzyılda yapılan ilk mozaikler olduğu anlaşılmaktadır. Bu çalışmada, İkon ve ikonoklazma kavramlarının tanımıyla beraber İkonoklazma Dönemi’nden bahsedilerek; bu dönemde bazı mozaiklerin değiştirilmesi ve ikonoklazma sürecinin bitmesiyle yapılan kimi mozaiklerin ve mimari yapıların kültürel hafızadaki değişimini, Ayasofya örneği özelinde araştırılması hedeflenmiştir.

Are oil and gas futures markets efficient? A multifractal analysis

ABSTRACT Energy futures markets have shown high volatility, giving rise to challenges regarding their pricing and efficiency. This study investigates the weak-form efficiency hypothesis for two major energy futures markets (gas and oil) over both calm and crisis periods, using a multifractal approach and intraday data to deal with the flexible econometric framework and rich information. Our results are threefold. First, we show that multifractality in lower frequency might be more biased than in intraday data, which motivates the use of the fractal approach when testing the intraday efficiency. Second, we highlight that high frequency data are characterized by a true long memory with a higher degree of persistence during the post-crisis period for the oil market. However, for lower frequencies, the long memory becomes spurious for both markets. Finally, our forecasting results show that, for the oil market, the proposed multifractal approach outperforms conventional methodologies, especially during turmoil periods.

Financial constraints and firm employment: Evidence from Turkey

We examine the effect of financial constraints on firms' employment growth. We use the maturing debt approach which uses the fact that the amount of long term credit maturing in a particular year can be considered as an exogenous financial constraint on firms’ employment decision in that year. Our findings reveal that financing constraints have an adverse impact on employment creation in Turkey. Moreover, we show that there is a strong heterogeneity with respect to size for the finance-employment relation. Maturing long-term debt existence reduces employment growth in small firms while there is no significant impact on large firms. Our results also imply that the phase of business cycle matters on the finance-employment relation; credit constraints bind employment growth only in the period of financial turmoil.

Does economic policy uncertainty drive the dynamic connectedness between oil price shocks and gold price?

This study examines the dynamic connectedness between three identified structural oil price shocks and the gold price based on the time-varying parameter vector autoregression (TVP-VAR) combined with the spillover's measures of Diebold and Yílmaz (2014). The three oil shocks are disentangled using the recent procedure of Ready (2018), which allows one to identify oil supply, oil demand, and oil risk shocks. Using daily data covering the period between January 2, 1997 and January 30, 2019, the results reveal a weak average of the total dynamic connectedness between the oil price shocks and the gold returns, manifesting sudden upsurges during turmoil periods. We also find that the oil supply shocks are the dominant transmitter of the time-varying spillovers from oil to the gold market, followed by the oil risk shocks, while the oil demand shocks are a net receiver of the spillovers from the gold market. Performing further analysis, we did not find any asymmetric patterns of dynamic connectedness between the oil shocks and the gold returns, regardless of the signs of the oil shocks. Besides, the results indicate a significant effect of the economic policy uncertainty on the connectedness between the oil shocks and the gold market in both the static and regime-switching framework. These findings have important implications for investors in regard to the hedging and safe-haven properties of gold against the identified oil shocks.

Development of Vietnamese stock market: Influence of domestic macroeconomic environment and regional markets

AbstractThis study has analysed the role of the domestic economic environment and regional markets (Thailand, Japan, Hong Kong and China) in explaining the dynamics of Vietnamese stock market. In so doing, we employed a time‐varying structural vector autoregression framework which accounts for time variations (in coefficients as well as in the variance–covariance matrix of innovations) on the data from July 2000 to December 2016. Our key findings suggested that the easing of monetary and credit conditions, stable and stronger currency and economic growth have played a significant and positive role in the development of the stock market in Vietnam. Inflation shocks did have a negative impact which implied that in policy setting the price stability is very important for the financial stability in Vietnam. The Vietnamese stock market is also heavily influenced by the regional markets, as there is strong evidence of co‐movement. However, it was also witnessed that despite having a similar direction of impact and co‐movement, different markets have an influence of different degrees and intensity on the Vietnamese stock market. Lastly, we also witnessed that as compared to the Global Financial Crisis, the recent periods showed comparatively lesser responsiveness. This could be associated with the intensive reaction during the period of financial turmoil as well as with an increase in the stability of the Vietnamese stock market as it matures.

Are there any other safe haven assets? Evidence for “exotic” and alternative assets

This paper empirically investigates the existence of possible safe haven properties across “exotic” and alternative asset classes during the Global Financial Crisis (GFC) and Eurozone Sovereign Debt Crisis (ESDC). We extend the existent safe haven literature by focusing on a new dataset into a dynamic framework, which takes into account the fractional structure of the assets and is suitable to identify their recursive relationship, as well as the specific points in calendar time at which the assets act as safe havens. The main results indicate that the safe haven hypothesis is accepted for gold along with wine, commodities, crude oil and shipping index, although across different turmoil periods. On the other hand, real estate seems to display signs of contagious pattern during the last decades’ turmoil period, while rare coins show some weak evidence of contagious behavior at the beginning of GFC. These results imply that investors and portfolio managers should search for “new” safe haven assets during a turbulent and ultra-low interest rate period in order to improve their portfolio diversification strategies.

R &D investments and profitability during the crisis: evidence from Greece

Innovation and Research and Development (R&D) investments have been considered in the literature as a significant determinant of corporate development and sustainability. Previous studies have examined the impact of intangibles on financial performance but not extensively within economic environments of intense financial turmoil. The scope of this study is to shed further light on this issue and examine whether R&D investments had an impact on the profitability of Greek firms especially during the sovereign debt crisis. We collected a sample of Greek corporations that have capitalized their R&D investments and paid significant amounts on R&D expenses during the period 2003–2016. Panel regression results indicated that R&D investments and R&D expenses had a negative impact on the profitability of sample firms before the crisis, but during the crisis (2011–2016) firms which managed to sustain or enhance their level of R&D investments achieved to improve their profitability. These findings corroborate our hypotheses that during a period of limited lending and hearse financial turmoil, R&D investments could be a vital tool for sustaining firms' financial performance. The study offers useful implications for managers and regulators, and contributes to the ongoing debate about the impact of R&D investments on corporate performance.

«Diamo l’assalto al cielo!» («Let’s assault the sky»): science communication between scientists and citizens and Lombardo Radice’s television in Italy in the years of the protests

The years of the protests marked a period of social turmoil in Italy. The critical impulses that developed within worker and student groups had political effects even on science. This paper aims to offer a historiographical description of some stages of the relationship between scientists and protesting movements, going back over the developments in science communication in Italy between the late sixties and the seventies, focusing on the case of Lucio Lombardo Radice and his work as a TV populariser. The reinterpretation of the recent past could be useful to better understand the contemporary developments in science communication from a historical perspective.

A common risk factor in global credit and equity markets: An exploratory analysis of the subprime and the sovereign-debt crises

This paper investigates the existence of a common risk factor across asset classes and geographical areas, focusing on the crises and post-crisis periods. This factor has important implications for diversification in investor's portfolios. We assess a worldwide sample of assets: Equity, Corporate CDS and Sovereign CDS from fourteen countries across Europe, US and Asia, and focus the analysis to a time window where diversification was crucial: the crises and post-crisis periods. To identify the factors that underlie asset movements and their composition, a Principal Component Analysis (PCA) is applied. We find that there is supporting evidence for the existence of a common risk factor that underlies 86 percent of our sample’ assets movements and reflects a global non-diversifiable risk that permeates the financial system. The uncovered risk factor is robust across periods, and it is evenly distributed across assets and countries, with the noticeable exception of Japan, which follows a divergent risk pattern. This is also true, to a lesser extent, for the US, Canada and China. Within the Eurozone financial assets a higher commonality is uncovered. In addition, we confirm that the common risk factor becomes more important in times of crisis. The existence of a common risk factor limits the possibilities of diversification, in particular during turmoil periods when correlations among assets' movements rise. However, the fact that some geographies display a lower commonality can be used to improve the risk profile of diversified portfolios.

The limits of the Enlightened narrative: rethinking Europe in Napoleonic Germany

ABSTRACT Between 1796 and 1814, two of late Enlightenment Germany's most prominent historians offered striking revisions to earlier accounts of European history. The renowned journalist, historian, and Slavicist August Ludwig Schlözer published a critical edition and translation of the Old Slavonic Primary Chronicle alongside a detailed historical commentary. This commentary presented Russia as an important protagonist in Europe's emergence from barbarism to Enlightened modernity. By contrast, his colleague Johann Gottfried Eichhorn published several historical works arguing that France had failed to cultivate a mature bourgeoisie and, consequently, had not become a fully modern polity. Building on the work of J. G. A. Pocock and Michael Printy, this article examines the thought of Eichhorn and Schlözer as political responses to the crises of the Revolutionary and Napoleonic period. It thereby offers both a fresh assessment of the work of two major Enlightenment intellectuals and an analysis of how notions of European modernity were reconfigured in a period of profound political turmoil.

Illiquidity contagion and pricing of commonality risk: Evidence from a dynamic conditional correlation model

This paper investigates the pricing of the commonality in liquidity risk in the U.S. stock market by using a more comprehensive measure of market illiquidity cost that can reflect the liquidity condition of broader asset markets, and by forming portfolios in a way that is consistent with the definition of the commonality risk. Estimating a conditional version of the Liquidity-Adjusted Capital Asset Pricing Model by the Dynamic Conditional Correlation approach, we find a commonality risk premium that is higher than those derived from alternative measures. The premium is time varying, with values being higher during periods of market turmoil.

The Return of Poison Pills: A First Look at “Crisis Pills”

We show that a large number of firms adopt poison pills during periods of market turmoil. Specifically, during the coronavirus pandemic, many firms adopted poison pills following declines in valuations, and stock prices increased upon the announcement of firms’ poison pill adoption. Stock price increases are driven by (1) firms in which activist shareholders acquire ownership stakes and (2) firms in industries that had high exposure to the crisis. Likewise, we find a positive reaction to pills with provisions directed at stalling activists’ interventions. Our results suggest that crisis pills that target potentially disruptive ownership changes may benefit current shareholders.

Corporate Governance and Forward-Looking Information Disclosure: Evidence from a Developing Country

ABSTRACT The study examines the effect of corporate governance mechanisms on the disclosure of forward-looking information by firms listed on the Zimbabwe Stock Exchange (ZSE). The study covers the year 2013, a period of economic turmoil and a high level of market speculation. The governance mechanisms considered are board size, board independence, and institutional ownership. Multiple regression analysis is used in the study in estimating the relationship between corporate governance variables and forward-looking information disclosure. The empirical results show a statistically significant and positive relationship between the proportion of independent directors on a corporate board and firms’ disclosure of forward-looking information. The result suggests that the inclusion of more independent directors on corporate boards could improve information disclosure and enhance transparency. Board size and institutional ownership, however, do not have any significant relationship with forward-looking information disclosure. The study contributes to the literature on corporate governance and forward-looking information. Specifically, it contributes to the literature by demonstrating that forward-looking information disclosure in Zimbabwe is associated with board independence. The finding will serve as a reference for the many stakeholders who are advocating for the inclusion of more independent directors on corporate boards. Also, it is expected that the result would engender discussions on forward-looking information disclosure among market participants and regulators in a bid to enhance transparency in the market.

Filling the Gap: Emergency Funding Programs and Asset-Based Finance in Times of Economic Crisis

The value in 2018 of vehicles and equipment for consumer and business customers in Canada financed by the asset-based finance (ABF) industry was an estimated $416 billion. The ABF industry supports a broad network of dealers, manufacturers, distributors, vendors and brokers, and their customers throughout the country. ABF is offered by banks, credit unions, insurance companies, government financial institutions, manufacturer finance companies, and independent finance companies. Several of these entities are regulated with consequent access to existing Bank of Canada programs for emergency lending. This paper focuses on those entities – both regulated and unregulated – that may not have such access, and yet are critical to the functioning of the economy. ABF entities ran into deep trouble during the 2008-2009 global financial crisis and required an emergency liquidity program from the federal government that took months to devise and implement. The primary source of funding of the ABF sector was, and is, the asset-backed commercial paper and securitization markets, often with bank back-up or standby lines, purchased by private pools of investment capital – insurance companies, pension plans, hedge funds, banks and others. The 2008-2009 experience revealed that a complete loss of liquidity could occur within a few weeks, even days. Government was needed to step into the shoes of absent private-sector investors. Given the ABF industry’s relative success and low delinquencies, this Commentary recommends that, during periods of extraordinary financial market turmoil, the federal government activate a large-scale securitization program that would fund ABF intermediaries who finance customers based on real assets. The government would purchase asset-backed securities backed by a pool of assets and their receivables, receiving the same protection and profit that a privatesector investor would receive. Once liquidity is restored and private investor confidence returned, the commercial markets would again resume their normal functioning and government could withdraw its scaled-up temporary emergency funding program. The 2009 Federal Budget established the Canadian Secured Credit Facility, a $12 billion fund administered by The Business Development Bank of Canada (BDC) to purchase term asset-based securities (ABS) backed by loans and leases on vehicles and equipment. Since then, under successor programs, the BDC has continued to purchase ABS albeit on a smaller scale. With more than 10 years of experience, the BDC understands the policies and rules for such funding. Existing BDC programs could, therefore, be scaled up in a severe downturn, with experienced people in place for effective, prudent and efficient funding. In a profoundly disrupted market, the policy objective should be to restore liquidity to allow the financial services sector to continue offering financing to credit-worthy consumers and businesses in support of the Canadian economy, and that must include the ABF industry.

Contemporary Ecumenical Challenges of Historically Charged Liturgical Cult: The Services for Josafat Kuntsevych, Afanasiy Filippovych, and Andrzej Bobola

Abstract The seventeenth century was a period of political and religious turmoil in the Commonwealth of Poland and Lithuania. The confessional conflicts produced martyrs whose cults consolidated the confessional boundaries of the Roman Catholic, the Orthodox, and the Greek Catholic Church. In my article, I compare three such saints: Josafat Kuntsevych (1580-1623, Greek Catholic), Afanasiy Filippovych (c. 1595–1648, Orthodox), and Andrzej Bobola (1591-1657, Roman Catholic), who were martyred in the hands of their Christian neighbours. For material, I use the hymnographical services composed for the saints. I argue that, in quest of genuine ecumenism, certain content in these services, such as exclusive concepts of the true faith and church unity, may actually induce rather than prevent hostility between the Churches.

COVID-19 and Mental Health: A Message That Needs to Be Heard

COVID-19 and Mental Health: A Message That Needs to Be Heard

The Effect of Intensive Margin Changes to Task Content on Employment Dynamics over the Business Cycle

Previous empirical studies investigating the employment impact of technological change have relied on cross-sectional measures of occupational tasks. Here, the author links microdata on individual workers to panel data on occupational tasks while controlling for individual unobservables. In examining the association between routine and abstract tasks and employment transitions, he finds new and economically important evidence that changes to tasks within occupations are strongly related to variation in the transition rates to non-employment and to different occupations. Consistent with recent work focused on technological change during the Great Recession, within-occupation increases in routine tasks are found to increase outgoing transition rates but these effects are concentrated during periods of economic turmoil. The results also show that increases in abstract tasks are associated with decreases in the outgoing transition rates, but this relationship is relatively invariant to business cycle conditions.

Liberia’s Belle Yella Prison Camp (1910–1990): Repression, Stigma, and Forced Labor in the Heart of the Rainforest

AbstractThis article represents research over a five-year period into the history of Belle Yella prison, an infamous prison associated with the incarceration of political prisoners and hardened criminals located deep in the rainforest of what is now Gbarpolu County, central Liberia. The article uses both extensive oral histories and archival documents to shed light on the eighty-year-long history of the site. The author argues that Belle Yella prison was utilized by past Liberian presidents as a place of banishment for political prisoners that were viewed as a threat to their regimes, especially during periods of political turmoil. These prisoners were forced to labor on private farms and survive under inhumane conditions that both violated their civil liberties and their human rights. In the conclusion, the author urges that the site of the prison be turned into a memorial so that visitors can pay homage to those who died there and learn lessons from the past.

Prevalence and risk factors for anxiety and depression among school going adolescent of Rajkot, Gujarat, India

Background: Adolescence is a period of turmoil, leading to several mental health challenges including anxiety and/or depression. Anxiety and depressive disorders affects 10-15% of adolescents. Anxiety and depression are associated with substantial negative effects on adolescent’s social, emotional and academic success. This leads to poor social and coping skills, low self-esteem, perceptions of social rejection, and difficulty forming friendships. This study was carried out with an objective to study prevalence and risk factors for anxiety and depression among adolescents.Methods: A cross sectional study conducted from April 2014 to December 2015 among 1026 school going adolescents from 4 schools of Rajkot, Gujarat, India. Anxiety and depression were measured using Beck Anxiety Inventory (BAI) and Beck Depression Inventory (BDI) respectively. Chi-square test was applied as test of significance.Results: Majority of the students (58.1%) was belonged to early adolescent age group. Two third were males. Maximum adolescents (42.5%) were coming from class III. Prevalence of moderate-severe anxiety and depression was 9.9% and 18.5%. Anxiety was not significantly associated with age, gender and socio economic class. Prevalence of depression was significantly higher in boys (20.5%) as compared to girls (14.5%, p=0.02). Moderate to severe depression was gradually increased with increasing in age. Adolescent from upper socio economic class (I, II, III- 19.1%) were severely depressed than adolescent from lower socio economic class (IV, V- 4.1%).Conclusions: Anxiety and depression was significantly present in adolescent age group. Depression was commonly observed in boys and gradually increased with increasing in age. There is need of strengthening school health services with screening and cost effective interventions to minimize the risk of drug abuse, suicide and violence.

Holdings Concentration and Hedge Fund Investment Strategies

This article examines the risk–return performance of concentrated positions of hedge funds in large-cap and small-cap stocks. The research shows that small-cap stocks in which hedge funds have concentrated positions earn higher future returns than those that are not part of hedge funds’ concentrated holdings. Also, stocks that are part of the concentrated positions of hedge funds display higher downside risks and relatively large downside returns during periods of market turmoil. The results presented indicate that hedge fund managers are skilled in making equity investments under different degrees of market efficiency. The authors’ findings have two practical implications: (1) hedge funds that hold concentrated positions in small-cap stocks may outperform their peers and (2) investors may be able to improve the performance of their equity portfolios by monitoring hedge funds’ positions in small-cap stocks. TOPICS:Real assets/alternative investments/private equity, portfolio construction, performance measurement Key Findings • Stocks in which hedge funds have concentrated positions earn higher future returns and display higher downside risks than those that are not part of hedge funds’ concentrated holdings. • The above-mentioned effects associated with hedge funds’ concentrated positions are stronger for small-cap stocks than large-cap stocks. • Results imply that monitoring hedge funds’ positions, especially in small-cap stocks, may improve the performance investors’ equity portfolios.