title: Time varying risk aversion and its connectedness: Evidence from cryptocurrencies

authors: Corbet, Shaen

subjects: cryptocurrencies

abstract: Changing patterns of risk aversion may follow a non-linear counter-cyclical process. However, the evidence so far has not considered developing cryptocurrency markets. Given some unique features of cryptocurrencies, it is interesting to distinguish how these assets differ from traditional products. This paper investigates the time effects of periodicity on risk aversion for a selection of major cryptocurrencies compared to major financial assets. Significant periodic time-varying patterns are identified when analysing risk aversion. Further, bilateral and bidirectional Granger causalities are identified within cryptocurrencies, as well as between cryptocurrencies and traditional financial assets. Bitcoin is identified as a leading information transmitter of the spillover of risk aversion upon other cryptocurrencies, while estimated risk aversion of traditional financial markets plays a dominant role in the spillover processes upon the cryptocurrency cluster. The latter finding presents further evidence of developing cryptocurrency market maturity. The COVID-19 pandemic is found to have significantly influenced the connectedness of risk aversion among cryptocurrency and traditional financial markets.

text: Time varying risk aversion and its connectedness: Evidence from cryptocurrencies Changing patterns of risk aversion may follow a non-linear counter-cyclical process. However, the evidence so far has not considered developing cryptocurrency markets. Given some unique features of cryptocurrencies, it is interesting to distinguish how these assets differ from traditional products. This paper investigates the time effects of periodicity on risk aversion for a selection of major cryptocurrencies compared to major financial assets. Significant periodic time-varying patterns are identified when analysing risk aversion. Further, bilateral and bidirectional Granger causalities are identified within cryptocurrencies, as well as between cryptocurrencies and traditional financial assets. Bitcoin is identified as a leading information transmitter of the spillover of risk aversion upon other cryptocurrencies, while estimated risk aversion of traditional financial markets plays a dominant role in the spillover processes upon the cryptocurrency cluster. The latter finding presents further evidence of developing cryptocurrency market maturity. The COVID-19 pandemic is found to have significantly influenced the connectedness of risk aversion among cryptocurrency and traditional financial markets.

year: 2024

title: Corporate Social Responsibility Indexes: Measure for Measure

authors: Timperley, Stephen

subjects: CSR

abstract: This thesis investigates criteria used by research agencies that publish ratings of business organisations in respect of their corporate social responsibility (CSR) performance and the relationship of these criteria to underlying ethical principles.  

Companies are rated according to CSR criteria.  Observation of different rating agencies' results for the same, or similar organisations, shows a significant variation in results.  Variations in rating must result either from different criteria being applied or from criteria addressing similar topics being assessed in a different way.  Criteria from different rating agencies are found to be comparable.  Thus if rating criteria are derived from an ethical view of the responsibilities of business organisations, then inconsistent results may be explained by variations in the ethical basis of corporate social responsibility used by agencies.

Subject companies are rated under broad categories such as corporate governance, human rights and the environment.  These categories contain specific criteria.  My investigation compares the criteria used by major rating agencies and identifies the ethical basis, if any, that can be attributed to each criterion.

The study finds that there are clearly identifiable links between a number of criteria used by each rating agency and the ethical theories selected for evaluation.  Further, there is sufficient difference between the agencies to characterise each in relation to one or more of the ethical theories selected.  There is inconsistency, however, within each agency's basis of principles as well as between agencies, which indicates an unsatisfactory lack of explicit relationship between the general, and reasonably consistent, definition of corporate social responsibility and application of coherent ethical principles.

In practical terms around 10% of all investments in the United States, representing 2.3 trillion dollars, are invested in ethical or screened funds that rely on these and similar rating agencies results to determine CSR performance of firms.  The large variation in results demonstrated in my thesis suggests that very significant financial decisions are based, at least in part, on inconsistent data.   I suggest in my conclusion that if agencies were to consider, justify and clearly state the ethical basis from which their criteria derive, then investment managers and their clients could be more certain that their CSR principles were being upheld.

text: Corporate Social Responsibility Indexes: Measure for Measure This thesis investigates criteria used by research agencies that publish ratings of business organisations in respect of their corporate social responsibility (CSR) performance and the relationship of these criteria to underlying ethical principles.  

Companies are rated according to CSR criteria.  Observation of different rating agencies' results for the same, or similar organisations, shows a significant variation in results.  Variations in rating must result either from different criteria being applied or from criteria addressing similar topics being assessed in a different way.  Criteria from different rating agencies are found to be comparable.  Thus if rating criteria are derived from an ethical view of the responsibilities of business organisations, then inconsistent results may be explained by variations in the ethical basis of corporate social responsibility used by agencies.

Subject companies are rated under broad categories such as corporate governance, human rights and the environment.  These categories contain specific criteria.  My investigation compares the criteria used by major rating agencies and identifies the ethical basis, if any, that can be attributed to each criterion.

The study finds that there are clearly identifiable links between a number of criteria used by each rating agency and the ethical theories selected for evaluation.  Further, there is sufficient difference between the agencies to characterise each in relation to one or more of the ethical theories selected.  There is inconsistency, however, within each agency's basis of principles as well as between agencies, which indicates an unsatisfactory lack of explicit relationship between the general, and reasonably consistent, definition of corporate social responsibility and application of coherent ethical principles.

In practical terms around 10% of all investments in the United States, representing 2.3 trillion dollars, are invested in ethical or screened funds that rely on these and similar rating agencies results to determine CSR performance of firms.  The large variation in results demonstrated in my thesis suggests that very significant financial decisions are based, at least in part, on inconsistent data.   I suggest in my conclusion that if agencies were to consider, justify and clearly state the ethical basis from which their criteria derive, then investment managers and their clients could be more certain that their CSR principles were being upheld.

year: 2008

title: Examining the effects of Ki-o-Rahi on the development of fundamental movement skills by children in Aotearoa New Zealand

authors: Daveta, Wiliame

subjects: fundamental movement skills

abstract: Children with poor fundamental movement skills might have challenges when engaging in activities that require specific skills to help them perform effectively. Development of those skills through targeted training has the potential to build the foundation for fundamental movement skills. This study examined whether Ki-o-Rahi can enhance learning fundamental movement skills (FMS) and cognitive and social skills in Aotearoa New Zealand children. A quasi-experimental pre-post design was conducted over 8 weeks with 86 primary school children from five separate classes that were allocated to treatment conditions via cluster sampling: two classes to the intervention group, two to the control group, and one to the legend-only control group. The intervention group learned the legend and played Ki-o-Rahi over 8 sessions, whereas the control groups continued with their regular physical activities, but only one of the control groups learned the legend. FMS were measured using the Test of Gross Motor Development—Third Edition (TGMD-3) and the Motor Assessment Battery for Children (MABC-2). Cognitive skills were measured using the Head-Toes-Knees-Shoulders test (HTKS), forward and backward digit span, and forward and backward corsi block. Researchers measured social skills using the Early Childhood Social Relationship with Peers (ECSRP) teacher-proxy questionnaire. The results demonstrated that the intervention and control group gained improvements in the FMS and social skills but not cognitive skills. The legend-only group showed no significant changes. The findings suggest that Ki-o-rahi can contribute to developing FMS, cognitive, and social skills in Aotearoa New Zealand children. Future research should consider extending the duration of the study to assess long-term effects and include a larger cohort of Pacific or Māori children to explore potential benefits of Ki-o-Rahi in greater depth.

text: Examining the effects of Ki-o-Rahi on the development of fundamental movement skills by children in Aotearoa New Zealand Children with poor fundamental movement skills might have challenges when engaging in activities that require specific skills to help them perform effectively. Development of those skills through targeted training has the potential to build the foundation for fundamental movement skills. This study examined whether Ki-o-Rahi can enhance learning fundamental movement skills (FMS) and cognitive and social skills in Aotearoa New Zealand children. A quasi-experimental pre-post design was conducted over 8 weeks with 86 primary school children from five separate classes that were allocated to treatment conditions via cluster sampling: two classes to the intervention group, two to the control group, and one to the legend-only control group. The intervention group learned the legend and played Ki-o-Rahi over 8 sessions, whereas the control groups continued with their regular physical activities, but only one of the control groups learned the legend. FMS were measured using the Test of Gross Motor Development—Third Edition (TGMD-3) and the Motor Assessment Battery for Children (MABC-2). Cognitive skills were measured using the Head-Toes-Knees-Shoulders test (HTKS), forward and backward digit span, and forward and backward corsi block. Researchers measured social skills using the Early Childhood Social Relationship with Peers (ECSRP) teacher-proxy questionnaire. The results demonstrated that the intervention and control group gained improvements in the FMS and social skills but not cognitive skills. The legend-only group showed no significant changes. The findings suggest that Ki-o-rahi can contribute to developing FMS, cognitive, and social skills in Aotearoa New Zealand children. Future research should consider extending the duration of the study to assess long-term effects and include a larger cohort of Pacific or Māori children to explore potential benefits of Ki-o-Rahi in greater depth.

year: 2024