The Business School - Te Kura Kaipakihi

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https://hdl.handle.net/10292/1066
The Business School - Te Kura Kaipakihi conducts disciplinary research that is at the fore front of international knowledge. Their researchers are recognised experts in their fields and produce research of relevance to their academic and non-academic stakeholders. The Business School has research strength in: Accounting, Business Information Systems, Economics, Finance, International Business, Management (including Human Resource Management and Employment Relations), Marketing, Advertising, Retailing and Sales.

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Browsing The Business School - Te Kura Kaipakihi by Subject "1401 Economic Theory"

Now showing 1 - 3 of 3
  • Item
    Aerospace Competition, Investor Attention, and Stock Return Comovement
    (Elsevier BV, 2023-11-01) Do, HX; Nguyen, NH; Nguyen, QMP; Truong, C
    Fierce aerospace competition among global superpowers has resulted in strong public attention on satellite launch events in the U.S. Given limited attentional resources, U.S. investors pay more attention to market-level shocks than to firm-specific shocks, making stock returns comove more with the market on satellite launch days than on other days. We find that the effect is significantly stronger for military-related satellite launches, launches before the dissolution of the former Soviet Union, and international satellite launches by other competitors, highlighting a greater concern for national security. A trading strategy that exploits the potential satellite-induced mispricing yields an annualized abnormal risk-adjusted return of up to 17% within the three-day window around launch date. Our results are robust to a battery of robustness analyses that consider the different characteristics of satellite launches, the exclusion of aerospace firms, and stock return comovement with industries.
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    Financial Market Spillovers and Investor Attention to the Russia-Ukraine War
    (Elsevier BV, 2024-11-01) Li, Z; Hu, B; Zhang, Y; Yang, W
    This study examines the impact of the Russia-Ukraine war on global commodity and financial markets by analysing the volatility and return spillovers of 26 assets across six different markets. We find significant increases in volatility spillovers after the invasion although increases in return spillovers were milder. Stock and currency markets were the leading spillover transmitters and receivers. Investor attention to the conflict played a large role in driving market spillovers, particularly in extreme quantiles. Meanwhile, uncertain market conditions seem to provide significant feedback to investor attention, resulting in amplified market risk. Our findings highlight the substantial effect of the Russia-Ukraine war on global market spillovers and the role of investor attention in shaping these dynamics.
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    Partisanship, Elections and Lockdowns: Evidence from US States
    (Wiley, 2024-05-25) Pacheco, G; Wesselbaum, D
    In this article, we use state-level variation in Senate elections and partisanship to understand the variation in lockdown characteristics in the US. We argue that the state-level decision makers and their parties weigh off the perceived political costs in an election year of a depressed economy against risks to public health. Democrats and Republicans, and their voters, vary in the weights they attach to these costs and benefits. We are thus exploring the marginal effect of the party–election interaction after accounting for other likely drivers of variations in lockdown characteristics. We find that Republican states with an election have less strict and shorter lockdowns compared to Democratic states with an election. Our results have implications for the communication of pandemic policies, including vaccination strategies.
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