Purpose It has been demonstrated in the US market that expected market excess returns can be predicted using the average higher-order moments of all firms. This study aims to empirically test this theory in emerging markets. Design/methodology/approach Two measures of average higher moments have been used (equal-weighted and value-weighted) along with the market moments to predict subsequent aggregate excess returns using the linear as well as the quantile regression model. Findings The authors report that both equal-weighted skewness and kurtosis significantly predict subsequent market returns in two countries, while value-weighted average skewness and kurtosis are significant in predicting returns in four out of nine sample markets. The results for quantile regression show that the relationship between the risk variable and aggregate returns varies along the spectrum of conditional quantiles. Originality/value This is the first study that investigates the impact of third and fourth higher-order average realized moments on the predictability of subsequent aggregate excess returns in the MSCI Asian emerging stock markets. This study is also the first to analyze the sensitivity of future market returns over various quantiles.

Purpose The purpose of this paper is to extend the literature on the spillovers across economic policy uncertainty (EPU) and cryptocurrency uncertainty indices. Design/methodology/approach This paper uses cross-country economic policy uncertainty indices and the novel data measuring the cryptocurrency price uncertainties over the period 2013–2021 to construct a sample of 946 observations and applies the time-varying parameter vector autoregression (TVP-VAR) model to do an empirical study. Findings The findings suggest that there are cross-country spillovers of economic policy uncertainty. In addition, the total uncertainty spillover between economic policies and cryptocurrency peaked in 2015 before gradually decreasing in the following periods. Concomitantly, the cryptocurrency uncertainty has acted as the “receiver.” More importantly, the authors found the predictive power of economic policy uncertainty to predict the cryptocurrency uncertainty index. This paper’s results hold robust when using alternative measurement of cryptocurrency policy uncertainty. Originality/value This study is the first research that deeply investigates the association between two uncertainty indicators, namely economic policy uncertainty and the cryptocurrency uncertainty index. We provide fresh evidence about the dynamic connectedness between country-level economic policy uncertainty and the cryptocurrency index. Our work contributes a new channel driving the variants of uncertainties in the cryptocurrency market.

Purpose This study aims to compare the purchase intention of counterfeit outdoor products between Taiwan and Hong Kong consumers. Design/methodology/approach A total of 584 respondents from Hong Kong (n = 247, 42%) and Taiwan (n = 337, 58%) were recruited for the study. Data analysis was performed by using structural equation modelling techniques. Findings The results showed that consumers' perceived risk had a negative influence on attitude and intention to purchase counterfeit outdoor products. Moreover, attitude towards buying counterfeit outdoor products, perceived behavioural control and subjective norm had positive impacts on purchase intention. Brand consciousness, however, had a negative influence on purchase intention. The multi-group analysis identified significant differences between Hong Kong and Taiwanese respondents. Originality/value This study provides a better understanding of how these factors affect purchase intention of counterfeit outdoor products across different cultures.

Purpose – The purpose of this paper is to examine the impacts of fiscal policy, namely, net tax and government expenditure on national saving and its nonlinearity. The author first investigates whether the impacts of fiscal policy on national saving have changed after the global financial crisis of 2008. Then, the author tests the nonlinearity of the relationship by taking account of the economic cycle, namely, economic expansion (boom) and economic recession (bust). Design/methodology/approach – The empirical model bases on a reduced-form equation with national saving as a dependent variable, lagged value of national saving, output gap and fiscal policy as independent variables. The two-step system GMM approach was employed to estimate the empirical model, using a panel of 23 emerging Asian economies in the period of 1990-2015. Findings – The empirical results show that tax policy and expenditure policy follow the predictions of the overlapping generation model with finite horizon and the Keynesian view. The nonlinearity of fiscal policy is twofold. The conduct of fiscal policy in the period after 2008 seems effective, while the effect is insignificant in the period before 2008. Likewise, fiscal policy tends to have more significant effects in bust cycle. The effect of tax policy is increased during recession, while the effect of government spending is more pronounced during economic downturn. Originality/value – The contributions of this paper are twofold. First, it is shown that fiscal policies in the region had more impacts on national saving after the global financial crisis of 2008. Second, the research confirms nonlinear impact of fiscal policy on saving behavior during economic recession and economic boom.

Supplier selection is a significant phase of procurement. However, a little systematic research on supplier selection criteria in the textile and apparel industry has been conducted in Vietnam. The purpose of this study is to identify criteria that constitute to the supplier selection decision of purchasers. An integrated approach involving purposeful sampling and theoretical sampling is used. Qualitative data are collected via expert interviews from 20 companies ranging from spinning to textiles to garments as well as ancillary industries in both southern and northern Vietnam. The data are analyzed using NVIVO 8.0 software. We assume that exploring the extant supplier selection criteria used by Vietnamese textile and apparel companies will contribute to the literature concerning procurement in particular and supply chain management in general.

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