The purpose of this paper is to determine if lab-grown diamonds can add value to fine jewellery and luxury brands.We evaluate the current consumer trends in the diamond market as well as industry developments to see i...The purpose of this paper is to determine if lab-grown diamonds can add value to fine jewellery and luxury brands.We evaluate the current consumer trends in the diamond market as well as industry developments to see if they support lab-grown diamonds.Through these observations as well as our own dipstick research,we find that synthetic diamonds,even though having the same crystal structure as natural ones,are still perceived as inauthentic by a significant number of consumers and jewellers(in this paper we use the term synthetic because lab-grown diamonds are often referred to as synthetic diamonds or nature identical as opposed to simulant diamonds which refer to cube zirconia,moissanite,YAG.)Furthermore,they retain little to no value over time and don’t have a compelling enough story,which are prominent issues for luxury consumers.Our findings conclude that while lab-grown diamonds may add value to premium fashion and mass-market jewellery brands,the high luxury houses fear that these stones will totally devalue and damage their brands and are unlikely to ever be investment pieces.There remains a place for both to live side by side with each other.展开更多
This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still pro...This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still provides no answers concerning this nexus.Using a new firm-specific Twitter investor sentiment(TS)metric and performing a panel smooth transition regression for daily data on 66 S&P 500 financial institutions from January 1 to December 31,2020,we find that TS acts asymmetrically,nonlinearly,and time varyingly according to the pandemic situation and US states’responses to COVID-19.In other words,we uncover the nexus between TS and financial institution stock returns and determine that it changes with US states’reactions to COVID-19.With a permissive government response(the first regime),TS does not impact financial institution stock returns;however,when moving to a strict government response(the overall government response index exceeds the 63.59 threshold),this positive effect becomes significant in the second regime.Moreover,the results show that the slope of the transition function is high,indicating an abrupt rather than a smooth transition between the first and second regimes.The results are robust and have important policy implications for policymakers,investment analysts,and portfolio managers.展开更多
文摘The purpose of this paper is to determine if lab-grown diamonds can add value to fine jewellery and luxury brands.We evaluate the current consumer trends in the diamond market as well as industry developments to see if they support lab-grown diamonds.Through these observations as well as our own dipstick research,we find that synthetic diamonds,even though having the same crystal structure as natural ones,are still perceived as inauthentic by a significant number of consumers and jewellers(in this paper we use the term synthetic because lab-grown diamonds are often referred to as synthetic diamonds or nature identical as opposed to simulant diamonds which refer to cube zirconia,moissanite,YAG.)Furthermore,they retain little to no value over time and don’t have a compelling enough story,which are prominent issues for luxury consumers.Our findings conclude that while lab-grown diamonds may add value to premium fashion and mass-market jewellery brands,the high luxury houses fear that these stones will totally devalue and damage their brands and are unlikely to ever be investment pieces.There remains a place for both to live side by side with each other.
文摘This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still provides no answers concerning this nexus.Using a new firm-specific Twitter investor sentiment(TS)metric and performing a panel smooth transition regression for daily data on 66 S&P 500 financial institutions from January 1 to December 31,2020,we find that TS acts asymmetrically,nonlinearly,and time varyingly according to the pandemic situation and US states’responses to COVID-19.In other words,we uncover the nexus between TS and financial institution stock returns and determine that it changes with US states’reactions to COVID-19.With a permissive government response(the first regime),TS does not impact financial institution stock returns;however,when moving to a strict government response(the overall government response index exceeds the 63.59 threshold),this positive effect becomes significant in the second regime.Moreover,the results show that the slope of the transition function is high,indicating an abrupt rather than a smooth transition between the first and second regimes.The results are robust and have important policy implications for policymakers,investment analysts,and portfolio managers.
