Browsing by Author "Irfan, Mohammad"
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- Can renewable energy be a driving factor for economic stability? an inDepth study of sector expansion and economic dynamicsPublication . Agrawal, Manali; Irfan, Mohammad; Dias, Rui; Galvão, Rosa; Leote, Francisco; Gonçalves, SidalinaIndia has emerged as one of the world's most appealing locations for renewable energy development. It has set lofty renewable energy goals to reach 450 gigawatts (GW) capacity by 2030. These aims indicate India's determination to move to greener and more sustainable energy sources. India has been investing in R&D to promote technological innovation in renewable energy. This includes improvements to solar photovoltaic technology, wind energy, energy storage technologies, and smart grid systems. Innovation is critical for improving efficiency, lowering prices, and increasing the reliability of renewable energy sources. This paper aims to analyse the linkages between economic growth and renewable energy usage in India. For this, the Granger Causality technique is adopted, and it is found that no short-run causality exists among the economic growth and RE installed capacity. However, Industrial Production Granger Causes both GDP and Renewable Energy Capacity. When the stock price data of the last five years of top renewable energy companies was also collected, it was found that all the companies are showing an upward trend. While renewable energy is growing rapidly, especially solar and wind power, it is insufficient to meet the bulk of India's energy demands. Renewables contribute to reducing carbon emissions and diversifying the energy mix, but they still account for a smaller percentage compared to thermal power.
- Complex and multifaceted nature of cryptocurrency markets: a study to understand its time-varying volatility dynamicsPublication . Agrawal, Manali; Dias, Rui; Irfan, Mohammad; Galvão, Rosa; Gonçalves, SidalinaDecentralised Finance (DeFi) provides a new way to perform complex financial transactions by exploiting blockchain's ability to maintain a decentralised ledger of transactions without being constrained by centralised systems or human intermediaries. DeFi provides alternative financial instruments that might lessen portfolio risk, especially given the erratic state of the financial markets today. This study analyses the association between the year of the coin in which it was introduced and the market capitalisation of the respective companies. Furthermore, the study also tries to understand the volatility associated with cryptocurrencies using EGARCH & GJRGARCH models. The results reveal that market capitalisation is not similar for all three stages of the age of cryptocurrency. Also, negative news tends to impact Bitcoin more than positive news, and the volatility is persistent and long-lasting. Ethereum, BNB & Solana see more volatility from absolute past shocks; however, Tether exhibits low but persistent volatility as a stablecoin
- Delving into the exchange-traded funds (ETFs) market: understanding market efficiencyPublication . Dias, Rui; Galvão, Rosa; Irfan, Mohammad; Alexande, Paulo; Gonçalves, Sidalina; Almeida, LilianaExchange-traded funds (ETFs) are the most popular products in the financial sector today. There is extensive literature on the multifractal analysis of some stock markets, but not about the multifractal behaviour of the ETF market. This study examines the efficiency of stock index ETFs worldwide from an Efficient Market Hypothesis (EMH) perspective, using the ETFs: Ishares Msci World ETF (URTH), Ishares Russell 1000 ETF (IWB), SPDR S&P 500 ETF TRUST (SPY), Ishares Global Clean En. ETF (ICLN), Ishares USD Green Bond ETF (BGRN), from 1 January 2021 to 24 May 2024. It analyses a pre-conflict and a geopolitical conflict to uncover distinct patterns of behaviour reflecting significant changes in market conditions. Before the conflict, the Ishares MSCI World, Ishares Russell 1000, SPDR S&P 500 and Ishares USD Green Bond ETFs showed signs of anti-persistence in returns, indicating a lack of strong relationship or predictability between short-term price movements. The Ishares Global Clean Energy ETF did not reject the random walk hypothesis, suggesting that returns follow a pattern closer to random, where market prices already efficiently reflect all available information. During the conflict, there was a transition in the ETFs' behaviour patterns, as evidenced by the increases in slope values for Ishares MSCI World, Ishares Russell 1000, SPDR S&P 500, Ishares Global Clean Energy and Ishares USD Green Bond. Thus, the possible transition from anti-persistence to long-term memories in ETF returns during the conflict. For portfolio managers, these findings highlight the need to continually adapt investment strategies to manage risks better and take advantage of opportunities in a dynamic and complex investment environment.
- Determinants of auditor choice: evidence from Sharia Commercial Banks in IndonesiaPublication . Filianti, Dian; Dias, Rui; Rusmita, Sylva Alif; Irfan, Mohammad; Putri, Athifa Hafizha; Galvão, RosaThis research aims to determine the impact of corporate governance, firm complexity, foreign ownership, and ownership concentration towards auditor choice for Sharia commercial banks in Indonesia in 2016-2023. Firm size is also accounted for as a control variable. This research was conducted using a quantitative approach using the logit logistic regression analysis method through the Eviews 13 software. The sampling method was carried out using a purposive sampling method, which produced a sample of 9 Sharia commercial banks in Indonesia with a total of 72 observations. This study aims to provide an overview of the factors that Sharia commercial banks in Indonesia consider in choosing their external auditors, namely between Big 4 and non-Big Four auditors, which differ from other companies and industries. The results show that in partial analysis, corporate governance mechanisms and ownership concentration significantly and negatively affect auditor choice. Meanwhile, firm complexity and foreign ownership do not affect auditor choice. Low demands cause the negative influence of ownership concentration due to the private nature of the banks and efforts to achieve efficiency in audit fees while maintaining the same quality standards.
- Do investors tend to overreact when investing in clean energy stock indices?Publication . Dias, Rui; Galvão, Rosa; Cruz, Sandra; Gonçalves, Sidalina; Irfan, Mohammad; Teixeira, Nuno; Alexandre, Paulo; Palma, Cristina; Almeida, LilianaDue to climate change, investors are increasingly interested in clean energy stocks attracting many investors due to clean energy prospects. This paper analyses investor overreactions to long-term prices in various clean energy stock indices, such as Clean Energy Fuels (CLNE), Global Clean Energy (GCEI), as well as the Dow Jones Industrials (DJI) stock index, over the period from 24 February 2022 to 23 May 2024. The results show that the Global Clean Energy (GCEI) clean energy stock index rejects H0 at the 16-day lag at a significance level of 1%; similarly, the Clean Energy Fuels (CLNE) index rejects the null hypothesis at lags 8, 9, 10, 11 and 12 days, both indices show negative serial autocorrelation, which means that price movements are not entirely random and are influenced by prior price movements. This evidence could mean that investors overreact to the information that reaches the market. On the other hand, the ETF (PWYF) and the Dow Jones Industrial Stock Index (DJI) show that the random walk hypothesis has not been rejected. In other words, these markets show that they are in equilibrium and that the existence of exaggerated reactions on the part of investors is not significant. The answer to the research question was partially accepted, so the Russian invasion of Ukraine in 2022 led to the partial presence of overreactions in these stock indices. In conclusion, investors operating in these markets should exercise caution and consider their risk tolerance before investing. Investors should, therefore, continue to monitor market trends and adjust their investment strategies accordingly.
- Does Haryana's SHG participation help the quality of life of Dalit women? an approach based on composite index and treatment effectPublication . Kumari, Lalita; Dias, Rui; Irfan, Mohammad; Manglani, Hemlata; Galvão, Rosa; Varela, MiguelThis study aimed to assess the impact of Self Help Groups and their specific interventions, such as vocational training programmes and the use of loans in productive means, on the empowerment of Dalit women of Haryana. A selected control group from OBCs was studied, and it was shown how the livelihood interventions of Self Help Groups bridged the gap between SC (Dalit) and OBC women beneficiaries. The study selected four districts from Haryana with an equitable distribution of SC and OBC women beneficiaries and 360 respondents with equal distribution of SC and OBC women beneficiaries from Haryana and used a Likert scale data for the analysis. Principal component analysis (PCA) and treatment effects were carried out using the propensity score matching method (PSM), the composite index for women's economic empowerment was inferred, and important empowerment factors were identified in Haryana. Results compared and contrasted the implications for different social groups and districts selected for the study and concluded that Self Help Group interventions significantly affected the women empowerment of both social groups and uplifted the Dalit women beneficiaries to the level of OBC women in Haryana. A large number of training programmes are to be conducted to promote more small businesses and micro-enterprises.
- Exploring the relationship between clean energy indices and oil prices: a ten-day window approachPublication . Dias, Rui; Galvão, Rosa; Cruz, Sandra; Irfan, Mohammad; Teixeira, Nuno; Gonçalves, SidalinaThis paper aims to assess the comovements between clean energy indices, namely the Clean Energy Fuels (CLNE), Nasdaq Clean Edge Green Energy (CELS), S&P Global Clean Energy (SPGTCLEN), TISDALE Clean Energy (TCEC.CN), Wilderhill (ECO), West Texas Intermediate (WTI) stock indices, over the period from 1 January 2018 to 23 November 2023. We used 10-day windows to analyse the duration and nature of the shocks. Granger causality tests revealed that 20 of the 30 possible pairs showed significant movements, with the WTI influencing all the clean energy indices, highlighting its global importance. CELS also showed a robust influence on all pairs, while SPGTCLEN had a significant but less far-reaching influence. The CLNE and ECO indices showed limited influences, suggesting the potential for diversification, the TCEC.CN proved to be independent and a determining factor for portfolio diversification. The Impulse Response Functions (IRF) confirmed significant movements between CELS, SPGTCLEN and WTI, reflecting the market's response to policies and adjustments in expectations. Fluctuations in oil prices substantially affect clean energy indices, highlighting the interconnectedness and volatility of these markets. In conclusion, these results indicate that despite the growth of clean energy, the sector is still influenced by fluctuations in the fossil fuel market.
- The role of perceived organisational support in predicting organisational commitment and organizational citizenship behavior in professional organizationsPublication . Singh, Sandhya; Dias, Rui; Irfan, Mohammad; Galvão, Rosa; Alexandre, Paulo; Gonçalves, SidalinaThe study examined the "role of perceived organisational support in predicting organisational commitment and organisational citizenship behaviour in professional organisations". The primary data was acquired through a questionnaire from 200 respondents (employees from the finance and technology sectors) via a stratified random sampling technique. Excel and SPSS 26 were utilised for data analysis, and Statistical tools such as Anova, regression and correlation were used. The results demonstrated that perceived organisational support (POS) positively influences organisational commitment. Moreover, it has been found that perceived organisational support (POS) and organisational citizenship behaviour (OCB) in professional organisations have a substantial correlation, and there are significant differences in the perception of organisational support, commitment, and OCB among professionals working in the technology and finance sectors. This study can assist decision-makers and managers in the finance and technology sector in creating a comprehensive plan for organisational support and development programs that effectively include employees in their job responsibilities. The study provides valuable insights into the importance of perceived organisational support in fostering organisational commitment and citizenship behaviour.
- Testing the diversifying asset hypothesis between clean energy stock indices and oil pricePublication . Dias, Rui; Galvão, Rosa; Cruz, Sandra; Irfan, Mohammad; Alexandre, Paulo; Gonçalves, Sidalina; Teixeira, Nuno; Palma, Cristina; Almeida, LilianaIn theory, geopolitical risk and political uncertainty can directly affect energy markets. Fluctuations lead to the cost of clean energy sources as they compete with traditional energy. The purpose of this study is to analyse financial integration and test the diversifying asset hypothesis between clean energy indices, specifically the Clean Energy Fuels (CLNE), Nasdaq Clean Edge Green Energy (CELS), S&P Global Clean Energy (SPGTCLEN), TISDALE Clean Energy (TCEC.CN), Wilderhill (ECO) and West Texas Intermediate (WTI) stock indices, over the period from 1 January 2018 to 23 November 2023. Analysing the results reveals a scenario where most of the clean energy indices show cointegration with each other, indicating long-term relationships that reflect common trends in the clean energy sector. However, the relative independence of the WTI suggests that Oil still acts as an important and potentially diversifying external factor for investors focused on sustainable energy. Structural breaks in 2021 and 2022 in several indices point to significant events that have altered market dynamics, possibly including changes in environmental policies, technological innovations and the impacts of the COVID-19 pandemic. The cointegration evidence and structural breaks provide valuable information for building investment portfolios. Investors can consider the WTI to diversify portfolios dominated by clean energy assets, taking advantage of Oil’s relative independence. On the other hand, the high correlation between clean energy indices suggests that, within this sector, diversification options are more limited, requiring careful analysis of the specific characteristics of each index and the macroeconomic forces affecting them.