Browsing by Author "Spulbar, Cristi"

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Analysing portfolio diversification opportunities in selected stock markets of North and South America and their impact on the textile sector: An empirical case study
(National Institute for Research and Development of Leather Textiles-Bucharest, 2021) Birău, Ramona; Spulbar, Cristi; Hamza, Ajmal; Abdullah, Ejaz; Minea, Elena; Zulfiqar, Ali Imran; Cercel, Mihai Ovidiu
This empirical study investigates the financial integration linkages among the sample stock markets of Canada, Mexico, United States (for both New York Stock Exchange, i.e. NYSE and NASDAQ), Panama, Brazil, Chile, Peru, Venezuela, Jamaica, Trinidad, and Tobago during the period from January 2001 to April 2019. This research study also examines the impact of selected stock market dynamics on the textile sector. International portfolio diversification has been an important subject of research in financial fraternity since the emergence of Modern Portfolio Theory in 1952. This study examines the portfolio diversification opportunities in the 11 stock markets of Americas.International diversification among stock market indices has proven to be fruitful in the past. Certain tests have been used to determine opportunities for diversification are correlation test, pairwise co-integration test, multiple co-integration test and granger causality test. The empirical results show that stock market indices share low correlation among other and they are not highly co-integrated whereas results of Granger causality test exhibit an unidirectional relationship among few stock markets in short run.
Crude oil futures to manage the price risk of textile equities : an empirical evidence from India
(The National Research-Development Institute for Textile and Leather (INCDTP), 2022) Kumar, B. R. Pradeep; Kumar, K. Abhaya; Pinto, Prakash; Hawaldar, Iqbal Thonse; Spulbar, Cristi; Birău, Ramona; Anghel, Lucian Claudiu
The textile sector in India is the oldest manufacturing sector. As the raw materials for this sector are sourced from the petrochemical industries, the earnings of Indian textile companies are dependent on the crude oil price. The crude price in the international market has become more volatile and hence, the equity price of Indian textile companies has become more volatile. This study aims to develop two price risk management strategies for Indian textile equities. Using the vector autoregressive (VAR) model, a price forecast model, further the possibility of cross hedge for textile equities with the help of crude futures is examined using the Granger causality test and Pearson correlation statistics. The results of the study showed that crude futures price in India is one of the price determinants of textile industry stock prices.
Digitalization as a factor in reducing poverty and its implications in the context of the COVID-19 pandemic
(MDPI, 2022-08-26) Spulbar, Cristi; Anghel, Lucian Claudiu; Birău, Ramona; Ermiș, Simona Ioana; Treapăt, Laurențiu Mihai; Mitroi, Adrian
In the present economic context, one of the most important topics of discussion is that regarding sustainable development. According to the agenda developed by the United Nations, one of the most important objectives for the present decade is represented by the list of the Sustainable Development Goals. The Sustainable Development Goals can be divided into five pillars: people, planet, prosperity, partnership and peace. One of the first stipulated goals of the UN agenda is the eradication of poverty and famine. We consider that a significant influence on the eradication of poverty is represented by the development of technology. In this paper, the authors aim to establish a connection between the rate of technological development and the poverty headcount rate. To measure the digital development of the analyzed countries, we decided to compose an index of digital development by taking into account indicators made available by the International Telecommunication Union and the poverty headcount ratio, as was calculated by the World Bank database. This empirical study is of interest for the implications that it has in shaping governmental policies regarding easing the access to digital technology. The method used to quantify the influence of digital development on poverty was the panel data GMM vector autoregressive model for a dataset composed of 35 countries for the period between 2005 and 2018. The results indicate that an increase in digital development will lead to a reduction in the poverty headcount rate. These results imply that by increasing access to technology, countries could help reduce their level of poverty. In this paper, we will also analyze the way in which adopting digital development leads to better economic performance when faced with the COVID-19 pandemic. The results of the present study are of great interest to the scientific community and the public due to the implications of digital development in the field of economics and the combined effect of this phenomenon and the COVID-19 pandemic. We thus conclude that by encouraging digital development and through adopting new technologies, the government can lead to the eradication of poverty. This seems counterintuitive due to the fact that investment in shelter and primary goods can be seen as one of the primary ways of developing the economy. We conclude that better and more consistent results regarding the reduction of poverty can be obtained by increasing the digital development of a country.
Exploring the sustainable effect of mediational role of brand commitment and brand trust on brand loyalty : an empirical study
(Taylor & Francis Group, 2022-03-13) Suhan, Mendon; Nayak, Smitha; Nayak, Raveendranath; Spulbar, Cristi; Bai, Gokarna Vidya; Birău, Ramona; Anghel, Lucian Claudiu
The study focus on the role of self-expressive branding, brand love, brand trust and brand commitment on brand loyalty. It also identifies the strength of mediating effect of variable brand commitment between brand love and brand trust. Also measures the strength of mediating effect of variable brand commitment between brand trust and brand loyalty. The data is gathered by using a structured questionnaire and a sample size of 101 respondents in a cross-sectional study. Statistical analysis has been done through SMART PLS 3.0 software. In the analysis part, PLS algorithms, bootstrapping, blindfolding, Importance performance matrix, FIMIX, Multi-Group analysis have been undertaken. A reflective model has been developed. The path coefficient value and empirical t-values of all direct relationships of variables above 0.2 and 1.96 respectively and substantiate the hypothesis.
The impact of OECD's Development Assistance Committee (DAC) aid commitments for education on human development in Asian countries and its implications for textile industry
(The National Research-Development Institute for Textile and Leather (INCDTP) , 2022-10) Gilliani, Durdana Qaiser; Naeem, Muhammad Zahid; Spulbar, Cristi; Ejaz, Abdullah; Birău, Ramona; Anghel, Lucian Claudiu; Florescu, Ion
Education and health are considered a cornerstone for obtaining targeted development in any society. Moreover, both sectors promote prosperity greatly. In this changeable epoch, people are thought out as the real wealth of any nation and this wealth with good human capital serves the economy very efficiently and productively. This research study aims to analyse how Development Assistance Committee (DAC) aid commitment for education along with institutional quality is effective for the human development of selected Asian economies. A panel data set over 2011–2018 is used for this analysis in Asian countries. GMM results show a significant and positive relationship between aid commitment for education and the human development of these economies. A more interesting result is that financial development seems to boost up human deployment in the selected Asian economies. The development of the textile industry is significantly influenced by education, especially considering the effects of OECD's Development Assistance Committee (DAC) Aid Commitments for education on human development in Asian countries. There is a dire need to reconsider more allocation of resources and aid to education and health to utilize these inflows at the maximum level for targeted development.
Investigating financial opportunities for traditional clothing industry in South Asia based on an analysis of internationally diversified portfolio using ARCH and GARCH models
(The National Research-Development Institute for Textile and Leather (INCDTP) , 2022) Zulfiqar, Imran Ali; Birău, Ramona; Spulbar, Cristi; Anghel, Lucian Claudiu; Ejaz, Abdullah; Criveanu, Radu Cătălin
This paper investigates the benefits of forming an internationally diversified portfolio in the stock markets of Bangladesh,India and Pakistan using the stock market indices data from April 2013 to March 2020. The portfolio comprises of three stock market indices from Pakistan, India and Bangladesh. The goal is to identify financial opportunities for traditional clothing industry in South Asia. Bangladesh, India and Pakistan are neighbouring countries in South Asia. Tradition, culture and specific ethnic elements influence traditional clothing in the case of the selected country cluster consisting of Bangladesh, India and Pakistan. Our empirical results indicate that internationally diversified portfolio does not reduce change in conditional variance is followed by large changes in conditional variance whereas small change in conditional variance is followed by small changes in conditional variance.