This paper uses the wavelet method to investigate co-movements between the five emerging stock markets of Brazil, Russia, India, China and South Africa (BRICS) and the oil and natural gas markets. The results show co-movements between oil price and stock market returns at the lower scale or in the long-term. Coherence between oil and stock markets reaches maximal levels during the period of the 2008 financial crisis and the ensuing slow economic recovery from 2009. The strong co-movements between crude oil price returns and BRICS stock market returns take place after the removal of the effects of natural gas price returns. Multivariate coherency shows strong contributions of stock market returns and natural gas price returns to crude oil price returns. Given the less co-movements between natural gas and stock markets, natural gas provides higher diversification benefits. The risk is highest in the short-run compared to the medium-and long-term.

Finance and Accounting

World University root node

Resources Policy

Oil, natural gas and BRICS stock markets: Evidence of systemic risks and co-movements in the time-frequency domain

We study the effect of cultural and institutional distances on the probability that a firm from an acquiring country announces an acquisition of a firm in a target country (initiation), the probability that an announced deal is completed (completion) and the average time it takes to complete an acquisition (duration). We find that culture plays a decisive role in deal initiation. Completion and duration of a deal is largely unaffected by the cross country cultural and institutional differences and depends on deal level characteristics. We find a higher probability for acquirers to hire Top-tier advisors when they initiate deals in countries with higher cultural differences. We also find that use of Top-tier advisors by acquirers increases the probability of completion of the deal.

Journal of Corporate Finance

The effect of cultural and institutional factors on initiation, completion and duration of cross-border acquisitions

We employ Data Envelopment Analysis to estimate the new technical, new cost, and new profit efficiency of Indian banks over the period 2008–2018. Then, we use Random Forest Regression to examine the impact of corporate governance (Board Size, Board Independence, Duality, Gender Diversity, and Board Meetings), bank characteristics (Return on Assets, Size, and Equity to Total Assets), and other characteristics (Ownership and Years) on bank efficiency. Among others, we found that board characteristics play a significant role particularly in new profit efficiency; therefore, policymakers and regulators should consider Board Size, Board Independence, Board Meetings, and Duality while framing guidelines for enhancing bank new profit efficiency. We also found that Board Independence plays a vital role in bank new cost efficiency, while Gender Diversity contributes to both new technical and new cost efficiency. This study makes methodological contributions by employing Machine Learning based Random Forest Regression in tandem with Data Envelopment Analysis under a two-phase model to examine corporate governance and bank efficiency, which is a pioneering attempt.&nbsp;

Journal of the Operational Research Society

A DEA and random forest regression approach to studying bank efficiency and corporate governance

Strategic Management

Operation Management and Quantitative Techniques

Marketing

IIM Indore

Organizational Behaviour and HRM

IIM Indore seeks to be a contextually-relevant business school with world-class academic standards that develops socially-conscious managers, leaders and entrepreneurs. IIM Indore is committed to: Excellence in management education, research, and training, Use of contemporary participant-centric pedagogies and teaching methods, A presence in emerging segments of management education.