Index Future Trading, Spot Volatility And Market Efficiency

Research Article

This paper examines the impact of the listing of index futures trading on spot market volatility, market efficiency and volatility asymmetric responses. In order to model the effects of the introduction of index futures contracts, a modified GJR-GARCH model has been applied to examine the structural change of conditional variances before and after the introduction of index futures trading in S&P500, Nikkei 225, ASX all Ordinaries, and an equally weighted international portfolio. Additionally, this study adopts the coefficient dynamic tests to examine whether the identified impacts of index futures are consistent over time in both the individual indices and the [...]

Impact of Leader's Change-Promoting Behavior on Readiness for Change: A Mediating Role of Organizational Culture

Research Article

The purpose of this study is to investigate the impact of the leader’s change-promoting behavior on employee’s readiness for change and whether the organizational culture mediates this relationship. A sample of 205 responses is drawn from employees having junior or senior level of managerial responsibilities in Karachi. The method of both exploratory and confirmatory factor analyses is employed to evaluate the reliability and validity of the measurement model. The structural equation modeling method was then applied to examine the theoretical framework with the help of seven frequently reported goodness-of-fit indices. The results indicate that leader’s change-promoting behavior has a significant [...]