Pub Date : 2022-01-14DOI: 10.1142/s2010495221010028
Moawia Alghalith, Norman R. Swanson, A. Vasnev, Wing-Keung Wong
It is with profound sadness that we write this statement for the former editor of this journal, our colleague and friend, Michael McAleer. Mike passed away peacefully on July 8, 2021, and he will be sorely missed by his vast number of colleagues and friends. Mike served on the editorial board of the Annals of Financial Economics (AFE) for more than 16 years and was the Editor-in-Chief since 2016. Mike was a wonderful friend, colleague, and mentor to all that knew him, and provided countless hours of service to AFE. He touched our lives deeply and was ever ready to lend a hand in any way he could, whether through his vast knowledge of econometrics, his willingness to work together on research projects, his efforts on behalf of this journal, or his contagious joie de vivre. We will miss him greatly. In the remainder of this editorial, we include a short biography, as well as a number of statements from co-authors, colleagues and friends of Mike.
{"title":"EDITORIAL STATEMENT IN HONOR OF PROFESSOR MICHAEL MCALEER","authors":"Moawia Alghalith, Norman R. Swanson, A. Vasnev, Wing-Keung Wong","doi":"10.1142/s2010495221010028","DOIUrl":"https://doi.org/10.1142/s2010495221010028","url":null,"abstract":"It is with profound sadness that we write this statement for the former editor of this journal, our colleague and friend, Michael McAleer. Mike passed away peacefully on July 8, 2021, and he will be sorely missed by his vast number of colleagues and friends. Mike served on the editorial board of the Annals of Financial Economics (AFE) for more than 16 years and was the Editor-in-Chief since 2016. Mike was a wonderful friend, colleague, and mentor to all that knew him, and provided countless hours of service to AFE. He touched our lives deeply and was ever ready to lend a hand in any way he could, whether through his vast knowledge of econometrics, his willingness to work together on research projects, his efforts on behalf of this journal, or his contagious joie de vivre. We will miss him greatly. In the remainder of this editorial, we include a short biography, as well as a number of statements from co-authors, colleagues and friends of Mike.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42354371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-29DOI: 10.1142/s2010495221500159
E. Kılıç, Oğuzhan Göksel
This study aims to model arbitrageur behavior in a sentiment-driven capital asset-pricing model under the premise of reflecting a more detailed decomposition of investor types in the equity markets. We explore the behavior and the impact of arbitrageur behavior, particularly, on pricing and on key financial ratios. We observe that the prevalence of the arbitrageur counteracts the effects of unsophisticated investors, resulting in a lower volatility of the price–dividend ratio, lower predictive power of changes in consumption for future price changes and lower equity premium. Thus, the results of our research allow us to conjecture that the extrapolation bias in the prices is lowered.
{"title":"ARBITRAGEUR BEHAVIOR IN SENTIMENT-DRIVEN ASSET-PRICING","authors":"E. Kılıç, Oğuzhan Göksel","doi":"10.1142/s2010495221500159","DOIUrl":"https://doi.org/10.1142/s2010495221500159","url":null,"abstract":"This study aims to model arbitrageur behavior in a sentiment-driven capital asset-pricing model under the premise of reflecting a more detailed decomposition of investor types in the equity markets. We explore the behavior and the impact of arbitrageur behavior, particularly, on pricing and on key financial ratios. We observe that the prevalence of the arbitrageur counteracts the effects of unsophisticated investors, resulting in a lower volatility of the price–dividend ratio, lower predictive power of changes in consumption for future price changes and lower equity premium. Thus, the results of our research allow us to conjecture that the extrapolation bias in the prices is lowered.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48435099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-29DOI: 10.1142/s2010495221500172
Fausto Corradin, D. Sartore
This paper computes the Non-central Moments of the Truncated Normal variable, i.e. a Normal constrained to assume values in the interval with bounds that may be finite or infinite. We define two recursive expressions where one can be expressed in closed form. Another closed form is defined using the Lower Incomplete Gamma Function. Moreover, an upper bound for the absolute value of the Non-central Moments is determined. The numerical results of the expressions are compared and the different behavior for high value of the order of the moments is shown. The limitations to the use of Truncated Normal distributions with a lower negative limit regarding financial products are considered. Limitations in the application of Truncated Normal distributions also arise when considering a CRRA utility function.
{"title":"NON-CENTRAL MOMENTS OF THE TRUNCATED NORMAL VARIABLE IN FINANCE","authors":"Fausto Corradin, D. Sartore","doi":"10.1142/s2010495221500172","DOIUrl":"https://doi.org/10.1142/s2010495221500172","url":null,"abstract":"This paper computes the Non-central Moments of the Truncated Normal variable, i.e. a Normal constrained to assume values in the interval with bounds that may be finite or infinite. We define two recursive expressions where one can be expressed in closed form. Another closed form is defined using the Lower Incomplete Gamma Function. Moreover, an upper bound for the absolute value of the Non-central Moments is determined. The numerical results of the expressions are compared and the different behavior for high value of the order of the moments is shown. The limitations to the use of Truncated Normal distributions with a lower negative limit regarding financial products are considered. Limitations in the application of Truncated Normal distributions also arise when considering a CRRA utility function.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41328864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-28DOI: 10.1142/s2010495221500135
Chenghu Ma, Xianzheng Wang
This paper argues on theoretical grounds that the negative oil prices event on April 20, 2020, was mainly due to the strategic interactions among some active traders on both sides of the futures contract. We present a three-player game of futures trading in which a continuum range of negative price can be supported as (strong) Nash equilibrium, yet none of those constitutes an [Formula: see text]-equilibrium originally developed by Ma (2009). We further propose the notion of coalition-with-side-payment as a solution concept for the environment where strategic interactions and transfer payments among players are allowed. Our model captures the mechanism underlying futures price manipulation, and its predictions largely agree with the observations on that day, which are beyond the scope of demand–supply and physical delivery narratives.
{"title":"STRATEGIC INTERACTIONS AND NEGATIVE OIL PRICES","authors":"Chenghu Ma, Xianzheng Wang","doi":"10.1142/s2010495221500135","DOIUrl":"https://doi.org/10.1142/s2010495221500135","url":null,"abstract":"This paper argues on theoretical grounds that the negative oil prices event on April 20, 2020, was mainly due to the strategic interactions among some active traders on both sides of the futures contract. We present a three-player game of futures trading in which a continuum range of negative price can be supported as (strong) Nash equilibrium, yet none of those constitutes an [Formula: see text]-equilibrium originally developed by Ma (2009). We further propose the notion of coalition-with-side-payment as a solution concept for the environment where strategic interactions and transfer payments among players are allowed. Our model captures the mechanism underlying futures price manipulation, and its predictions largely agree with the observations on that day, which are beyond the scope of demand–supply and physical delivery narratives.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48182640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-16DOI: 10.1142/s2010495221500160
A. Tiwari, Deven Bathia, Elie Bouri, Rangan Gupta
This paper provides a novel perspective in determining the Granger causality of sentiment across the US, Latin America, Eurozone, Japan and Asia (excluding Japan), based on monthly data covering the period of January 2003–November 2017. Using a survey-based sentiment index of “sentix”, our results suggest strong evidence of nonlinearity and structural breaks making the use of linear causality models unreliable. Using a kernel-based multivariate nonlinear causality test, we find that causality runs from Eurozone to the US, Asia and Japan, with Japan also causing the Eurozone sentiment, and Latin America causing the Japanese sentiment. Interestingly, when we apply rolling estimations to detect time-varying causality for the cases of Eurozone and the US, Eurozone and Asia, Eurozone and Japan and Latin America and Japan, the results suggest evidence of bidirectional spillovers during certain months of the recent global financial crisis, and thereafter. Overall, our findings indicate that the sentiments of Japan, Asia and the US are related quite strongly with that of the Eurozone, as well as the sentiments of Japan and Latin America.
{"title":"INVESTOR SENTIMENT CONNECTEDNESS: EVIDENCE FROM LINEAR AND NONLINEAR CAUSALITY APPROACHES","authors":"A. Tiwari, Deven Bathia, Elie Bouri, Rangan Gupta","doi":"10.1142/s2010495221500160","DOIUrl":"https://doi.org/10.1142/s2010495221500160","url":null,"abstract":"This paper provides a novel perspective in determining the Granger causality of sentiment across the US, Latin America, Eurozone, Japan and Asia (excluding Japan), based on monthly data covering the period of January 2003–November 2017. Using a survey-based sentiment index of “sentix”, our results suggest strong evidence of nonlinearity and structural breaks making the use of linear causality models unreliable. Using a kernel-based multivariate nonlinear causality test, we find that causality runs from Eurozone to the US, Asia and Japan, with Japan also causing the Eurozone sentiment, and Latin America causing the Japanese sentiment. Interestingly, when we apply rolling estimations to detect time-varying causality for the cases of Eurozone and the US, Eurozone and Asia, Eurozone and Japan and Latin America and Japan, the results suggest evidence of bidirectional spillovers during certain months of the recent global financial crisis, and thereafter. Overall, our findings indicate that the sentiments of Japan, Asia and the US are related quite strongly with that of the Eurozone, as well as the sentiments of Japan and Latin America.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49075403","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-20DOI: 10.1142/s2010495221500111
Tran Thai Ha Nguyen, W. Wong, Gia Quyen Phan, D. T. Tran, M. Moslehpour
The stock price crash can result from lacking information transparency, especially in emerging economies characterized by weak corporate governance and high volatility. This study approaches corporate information transparency through the crash risk of stock prices on the Vietnamese market, develops a model that reflects the effect of information disclosure on corporate valuation, and employs two-step system generalized method of moments (S-GMM) estimation for panel data to deal with endogenous problems. This paper finds that the crash risk of stock price, referred to as the low level of information disclosure, creates a significantly negative effect on corporate valuation, expressing that information asymmetry causes serious issues for corporate prospects in the context of an emerging economy. Thus, corporates are suggested to enrich their information disclosure through periodic reports as a crucial mechanism to improve their transparency, reduce stock price crash risk, and enhance their valuation. This study also proposes related recommendations to enhance corporate governance and finance supervisory to maintain sustainability in the future.
{"title":"CORPORATE VALUATION SPURRED BY INFORMATION TRANSPARENCY IN AN EMERGING ECONOMY","authors":"Tran Thai Ha Nguyen, W. Wong, Gia Quyen Phan, D. T. Tran, M. Moslehpour","doi":"10.1142/s2010495221500111","DOIUrl":"https://doi.org/10.1142/s2010495221500111","url":null,"abstract":"The stock price crash can result from lacking information transparency, especially in emerging economies characterized by weak corporate governance and high volatility. This study approaches corporate information transparency through the crash risk of stock prices on the Vietnamese market, develops a model that reflects the effect of information disclosure on corporate valuation, and employs two-step system generalized method of moments (S-GMM) estimation for panel data to deal with endogenous problems. This paper finds that the crash risk of stock price, referred to as the low level of information disclosure, creates a significantly negative effect on corporate valuation, expressing that information asymmetry causes serious issues for corporate prospects in the context of an emerging economy. Thus, corporates are suggested to enrich their information disclosure through periodic reports as a crucial mechanism to improve their transparency, reduce stock price crash risk, and enhance their valuation. This study also proposes related recommendations to enhance corporate governance and finance supervisory to maintain sustainability in the future.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45773144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-05DOI: 10.1142/s201049522150010x
Do Thi Thanh Nhan, Kim-Hung Pho, D. Anh, M. McAleer
Efficiency is a topic of great interest because its applications are diverse and rich. It is applied greatly in all scientific disciplines, especially accounting for a very large proportion in economics, finance and accounting. The main objective in this paper is to analyze the effectiveness of banks in Vietnam. In order to investigate this issue, there are several implements to examine bank effectiveness where the data envelopment analysis (DEA) method is widely used. This paper presents details of the DEA method. Using the data collected from banks in Vietnam for the period 2014–2017, the approach is executed to investigate issues of technical efficiency, resource analysis and business efficiency of banks in Vietnam.
{"title":"EVALUATING THE EFFICIENCY OF VIETNAM BANKS USING DATA ENVELOPMENT ANALYSIS","authors":"Do Thi Thanh Nhan, Kim-Hung Pho, D. Anh, M. McAleer","doi":"10.1142/s201049522150010x","DOIUrl":"https://doi.org/10.1142/s201049522150010x","url":null,"abstract":"Efficiency is a topic of great interest because its applications are diverse and rich. It is applied greatly in all scientific disciplines, especially accounting for a very large proportion in economics, finance and accounting. The main objective in this paper is to analyze the effectiveness of banks in Vietnam. In order to investigate this issue, there are several implements to examine bank effectiveness where the data envelopment analysis (DEA) method is widely used. This paper presents details of the DEA method. Using the data collected from banks in Vietnam for the period 2014–2017, the approach is executed to investigate issues of technical efficiency, resource analysis and business efficiency of banks in Vietnam.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49539575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-12DOI: 10.1142/s201049522150007x
Nguyen Duy Suu, Ho Thuy Tien, W. Wong
The main objective of this paper is to study the impact of capital structure and capital ownership form of SOEs after equitization. We have considered all 137 state-owned companies after equitization for which data can be collected during the period from 2007 to 2017. These encompass companies in different industries listed on the HOSE (Ho Chi Minh City) and HNX (Hanoi) stock exchanges. To this end, we have applied REM and FEM models and corrected for variance with the GLS and FEM models. Our findings reveal that the variable leverage (LEV) has a negative impact on ROA, but, interestingly, has a positive impact on ROE and Tobin’s Q. Growth rate (GROWTH) have a positive effect on both ROA and Tobin’s Q. State ownership (SO) has only positive impact on ROA. Meanwhile, the company size variable (SIZE) has a positive impact on Tobin’s Q. In addition, in relation to our examination of how the domestic and foreign resources might impact on the profitability ratio, we have observed that the domestic equity ratio has a positive impact on both ROA and ROE whereas the foreign ownership ratio has a negative impact on both ROA and ROE.
{"title":"THE IMPACT OF CAPITAL STRUCTURE AND OWNERSHIP ON THE PERFORMANCE OF STATE ENTERPRISES AFTER EQUITIZATION: EVIDENCE FROM VIETNAM","authors":"Nguyen Duy Suu, Ho Thuy Tien, W. Wong","doi":"10.1142/s201049522150007x","DOIUrl":"https://doi.org/10.1142/s201049522150007x","url":null,"abstract":"The main objective of this paper is to study the impact of capital structure and capital ownership form of SOEs after equitization. We have considered all 137 state-owned companies after equitization for which data can be collected during the period from 2007 to 2017. These encompass companies in different industries listed on the HOSE (Ho Chi Minh City) and HNX (Hanoi) stock exchanges. To this end, we have applied REM and FEM models and corrected for variance with the GLS and FEM models. Our findings reveal that the variable leverage (LEV) has a negative impact on ROA, but, interestingly, has a positive impact on ROE and Tobin’s Q. Growth rate (GROWTH) have a positive effect on both ROA and Tobin’s Q. State ownership (SO) has only positive impact on ROA. Meanwhile, the company size variable (SIZE) has a positive impact on Tobin’s Q. In addition, in relation to our examination of how the domestic and foreign resources might impact on the profitability ratio, we have observed that the domestic equity ratio has a positive impact on both ROA and ROE whereas the foreign ownership ratio has a negative impact on both ROA and ROE.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46106021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-02DOI: 10.1142/S2010495221500093
Shailaja Kheni, Santosh Kumar
The primary motive of the present study is to investigate the effect of COVID-19 pandemic on the Indian financial market. In this paper, we explain financial market volatility through stock market indices due to changes in the total number of COVID-19 cases, deaths and stringency index over a study period. The results of the study show that there exists a significant relationship between the total number of confirmed cases, total deceased due to COVID-19, and the country’s response towards pandemic i.e., stringency index and considered stock indices of Indian financial market. For the proposed analysis, we use ordinary least square regression models with residual diagnosis.
{"title":"CASES, DEATHS, STRINGENCY INDEXES AND INDIAN FINANCIAL MARKET — EMPIRICAL EVIDENCE DURING COVID-19 PANDEMIC","authors":"Shailaja Kheni, Santosh Kumar","doi":"10.1142/S2010495221500093","DOIUrl":"https://doi.org/10.1142/S2010495221500093","url":null,"abstract":"The primary motive of the present study is to investigate the effect of COVID-19 pandemic on the Indian financial market. In this paper, we explain financial market volatility through stock market indices due to changes in the total number of COVID-19 cases, deaths and stringency index over a study period. The results of the study show that there exists a significant relationship between the total number of confirmed cases, total deceased due to COVID-19, and the country’s response towards pandemic i.e., stringency index and considered stock indices of Indian financial market. For the proposed analysis, we use ordinary least square regression models with residual diagnosis.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44314649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1142/s2010495221500068
Buu-Chau Truong, Kim-Hung Pho, CONG-CHANH Dinh, M. McAleer
This paper makes a theoretical contribution by presenting a detailed derivation of a zero-inflated Poisson (ZIP) model, and then deriving the parameters of the ZIP model using a fishing data set. This model has several practical applications, and is largely performed to model count data that have an excess number of zero counts. In the scope of the paper, we introduce the complete formulae, the likelihood and log-likelihood functions and the estimating equation of the ZIP model. We then investigate the theory of large sample properties of this model under some regularity conditions. A simulation study and a fishing data set are studied for the ZIP model. The results in the actual application in this work are meaningful, useful and crucial in reality. The results also provide reliable evidence for obtaining the largest number of fish while fishing. This is the contribution of this research in terms of applications. Finally, the important applications of this model in practice, some conclusions, and future work is also presented for consideration.
{"title":"ZERO-INFLATED POISSON REGRESSION MODELS: APPLICATIONS IN THE SCIENCES AND SOCIAL SCIENCES","authors":"Buu-Chau Truong, Kim-Hung Pho, CONG-CHANH Dinh, M. McAleer","doi":"10.1142/s2010495221500068","DOIUrl":"https://doi.org/10.1142/s2010495221500068","url":null,"abstract":"This paper makes a theoretical contribution by presenting a detailed derivation of a zero-inflated Poisson (ZIP) model, and then deriving the parameters of the ZIP model using a fishing data set. This model has several practical applications, and is largely performed to model count data that have an excess number of zero counts. In the scope of the paper, we introduce the complete formulae, the likelihood and log-likelihood functions and the estimating equation of the ZIP model. We then investigate the theory of large sample properties of this model under some regularity conditions. A simulation study and a fishing data set are studied for the ZIP model. The results in the actual application in this work are meaningful, useful and crucial in reality. The results also provide reliable evidence for obtaining the largest number of fish while fishing. This is the contribution of this research in terms of applications. Finally, the important applications of this model in practice, some conclusions, and future work is also presented for consideration.","PeriodicalId":43570,"journal":{"name":"Annals of Financial Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44417998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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