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1 – 10 of 50Filippo Corsini, Nora Annesi, Eleonora Annunziata and Marco Frey
Food waste is a severe problem affecting the supply chain due to its significant adverse social and environmental effects. Even if the topic is hotly debated in the literature…
Abstract
Purpose
Food waste is a severe problem affecting the supply chain due to its significant adverse social and environmental effects. Even if the topic is hotly debated in the literature, there is a lack of research about the success factors influencing food waste prevention initiatives retailers undertake.
Design/methodology/approach
The research analyzes how several variables (i.e. product-related variables and technology-enabling variables) might impact the success of the sales of products close to the expiration date that is sold at a discounted price. Data from 390.000 products sold at a discounted price in 2020 and 2021 by a large Italian food retailer were examined with a regression analysis.
Findings
The results highlight that both product-related and technology-enabling variables influence the success of food prevention initiatives aimed at selling products close to the expiration date at a discounted price. In particular, the authors stress the importance of digital technologies in supporting food waste prevention initiatives.
Practical implications
The study offers several practical implications for managers in structuring a waste prevention initiative. The introduction of digital technologies, the monitoring of specific variables or the ability to find synergies with other food waste prevention initiatives are discussed to support retailers in reducing food losses.
Originality/value
The paper is focused on the retailer perspective, which is barely investigated due to the difficulty in finding data.
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This survey explores the application of real options theory to the field of health economics. The integration of options theory offers a valuable framework to address these…
Abstract
Purpose
This survey explores the application of real options theory to the field of health economics. The integration of options theory offers a valuable framework to address these challenges, providing insights into healthcare investments, policy analysis and patient care pathways.
Design/methodology/approach
This research employs the real options theory, a financial concept, to delve into health economics challenges. Through a systematic approach, three distinct models rooted in this theory are crafted and analyzed. Firstly, the study examines the value of investing in emerging health technology, factoring in future advantages, associated costs and unpredictability. The second model is patient-centric, evaluating the choice between immediate treatment switch and waiting for more clarity, while also weighing the associated risks. Lastly, the research assesses pandemic-related government policies, emphasizing the importance of delaying decisions in the face of uncertainties, thereby promoting data-driven policymaking.
Findings
Three different real options models are presented in this study to illustrate their applicability and value in aiding decision-makers. (1) The first evaluates investments in new technology, analyzing future benefits, discount rates and benefit volatility to determine investment value. (2) In the second model, a patient has the option of switching treatments now or waiting for more information before optimally switching treatments. However, waiting has its risks, such as disease progression. By modeling the potential benefits and risks of both options, and factoring in the time value, this model aids doctors and patients in making informed decisions based on a quantified assessment of potential outcomes. (3) The third model concerns pandemic policy: governments can end or prolong lockdowns. While awaiting more data on the virus might lead to economic and societal strain, the model emphasizes the economic value of deferring decisions under uncertainty.
Practical implications
This research provides a quantified perspective on various decisions in healthcare, from investments in new technology to treatment choices for patients to government decisions regarding pandemics. By applying real options theory, stakeholders can make more evidence-driven decisions.
Social implications
Decisions about patient care pathways and pandemic policies have direct societal implications. For instance, choices regarding the prolongation or ending of lockdowns can lead to economic and societal strain.
Originality/value
The originality of this study lies in its application of real options theory, a concept from finance, to the realm of health economics, offering novel insights and analytical tools for decision-makers in the healthcare sector.
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Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a…
Abstract
Purpose
Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.
Design/methodology/approach
This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.
Findings
The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.
Originality/value
This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.
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Liza Sällström Eriksson and Sofia Lidelöw
Energy-efficiency measures have always been important when renovating aging building stock. For property owners, window intervention is a recurring issue. Replacement is common to…
Abstract
Purpose
Energy-efficiency measures have always been important when renovating aging building stock. For property owners, window intervention is a recurring issue. Replacement is common to reduce operational heating energy (OHE) use, something many previous building renovation studies have considered. Maintaining rather than replacing windows has received less attention, especially for multi-residential buildings in a subarctic climate where there is great potential for OHE savings. The objective was to assess the life cycle (LC) climate impact and costs of three window maintenance and replacement options for a 1980s multi-residential building in subarctic Sweden.
Design/methodology/approach
The options’ embodied and operational impacts from material production, transportation and space heating were assessed using a life cycle assessment (LCA) focusing on global warming potential (LCA-GWP) and life cycle costing (LCC) with a 60-year reference study period. A sensitivity analysis was used to explore the impact of uncertain parameters on LCA-GWP and LCC outcomes.
Findings
Maintaining instead of replacing windows minimized LC climate impact and costs, except under a few specific conditions. The reduced OHE use from window replacement had a larger compensating effect on embodied global warming potential (E-GWP) than investment costs, i.e. replacement was primarily motivated from a LC climate perspective. The LCA-GWP results were more sensitive to changes in some uncertain parameters, while the LCC results were more robust.
Originality/value
The findings highlight the benefits of maintenance over replacement to reduce costs and decarbonize window interventions, challenging property owners’ preference to replace windows and emphasizing the significance of including maintenance activities in future renovation research.
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Florian Follert and Werner Gleißner
From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop…
Abstract
Purpose
From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.
Design/methodology/approach
We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.
Findings
We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.
Originality/value
This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.
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The purpose of this paper is to provide a theoretically rigorous and practically relevant summary of research findings that enables managers to drive sustainable profits…
Abstract
Purpose
The purpose of this paper is to provide a theoretically rigorous and practically relevant summary of research findings that enables managers to drive sustainable profits improvements via pricing. It showcases multiple case studies that demonstrate how companies can achieve higher-than-average profitability by implementing intelligent pricing strategies and tactics.
Design/methodology/approach
Over the past 20 years, this writer has conducted dozens of academic surveys with managers exploring the antecedents, moderators and consequences of pricing practices for existing and new products. The writer has analyzed all pricing research published in leading academic journals over the past decades. Finally, as equity partner of Hinterhuber & Partners, a pricing consultancy (www.hinterhuber.com), this writer – through collaborations with companies and workshops conducted with practicing managers – has collected data and insights on best practices in managing pricing as a strategic activity.
Findings
Pricing is the most powerful driver of superior profits, yet managers view pricing as relevant only in the context of innovation. This narrow view prevents companies from realizing their full potential. Best practice examples of pricing as well as rigorous academic research suggest that pricing based on solid scientific principles helps average companies to achieve above-average results. This paper presents a review of recent research and summarizes the fundamental principles that managers must master so that pricing becomes an enabler of lasting superior performance.
Research limitations/implications
Academic research in pricing surpasses managerial practice. Managers often rely on outdated concepts when it comes to pricing strategy and tactics.
Practical implications
The paper presents a framework that allows managers to implement pricing strategies that improve performance.
Social implications
Effective pricing strategies benefit companies, customers and other stakeholders.
Originality/value
The paper provides a comprehensive overview of the latest research on pricing and thus documents that pricing based on solid, scientific principles is an enable of lasting, above-average profitability.
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Tyler Prochnow and Megan S. Patterson
Online gaming has emerged as a popular activity providing a social outlet for millions. However, implications of online game networks for mental health remain disputed. Concepts…
Abstract
Purpose
Online gaming has emerged as a popular activity providing a social outlet for millions. However, implications of online game networks for mental health remain disputed. Concepts of bridging social capital and bonding social capital may help characterize protective factors within social networks. This study aims to examine the associations between social capital derived from online versus in-person networks and mental health indicators among gamers.
Design/methodology/approach
Online gamers (n = 301) completed an online survey assessing their social networks (both in-person and through online gaming) and mental health indicators (depressive symptoms, anxiety, social isolation, perceived social support). Social network analysis was used to analyze bridging (network size, effective size, heterogeneity, weak ties) and bonding (closeness, frequent contact, confiding, connection quality) social capital. Separate linear regression models evaluated associations between bridging and bonding social capital for both online and in-person networks and depressive symptoms, anxiety, social support and social isolation.
Findings
In-person network characteristics showed the strongest associations with mental health outcomes. Greater average closeness and frequent confiding in the in-person network predicted lower isolation and fewer depressive symptoms. More diverse relationship types also correlated with lower depression. For online networks, closeness and confiding ties associated only with less isolation and greater support, not depressive symptoms, or anxiety.
Originality/value
While online gaming networks provide some degree of social support, in-person social capital exhibited stronger associations with mental health. This reinforces the importance of face-to-face relationships for emotional well-being. Findings suggest helping gamers cultivate close bonds offline. However, online connections still matter and should not be discounted.
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Passive investing has established itself as the dominant force in the world of professionally managed assets, surpassing the concept of index funds. Its meteoric rise is fueled…
Abstract
Purpose
Passive investing has established itself as the dominant force in the world of professionally managed assets, surpassing the concept of index funds. Its meteoric rise is fueled by investors’ preference for its dual benefits of strong diversification and low cost. A comprehensive study of the economic model, addressed areas and market structure has not yet been conducted, despite the existence of numerous studies on more specific topics. To address this gap, this paper examines 943 articles on passive investing published between 1998 and 2022 in SCOPUS and Web of Science.
Design/methodology/approach
The study utilizes the most pertinent tools for conducting a systematic review by the PRISMA framework. This article is the result of SLR and extensive bibliometric analysis. Contextualized systematic literature review is used to screen and select bibliographic data, which is then subjected to a variety of bibliometric analyses. The study provides a bibliometric overview of works on passive investment research that are indexed in Scopus and Web of Science. Bibliometrix, VoS Viewer and Cite Space are the tools used to conduct content and network analysis, to ascertain the present state of research, as well as its focus and direction.
Findings
Our exhaustive analysis yields important findings. One, the previous decade has witnessed a substantial increase in the number of publications and citations; in particular, the inter-disciplinary and international scope of related research has expanded; Second, the top three clusters on “active versus passive funds,” “price discovery and market structures” and “exchange-traded funds (ETFs) as an alternative” account for more than fifty percent of the domain’s knowledge; Third, “Leveraged ETFs (LETFs)” and “environmental, social and governance (ESG)” are the two emerging themes in the passive investing research. Fourth, despite its many benefits, passive investing is not suitable for everyone. To get the most out of what passive investing has to offer, investors, intermediaries and regulators must all exercise sufficient caution. Our study makes a substantial contribution to the field by conducting a comprehensive bibliometric analysis of the existing literature, highlighting key findings and implications, as well as future research directions.
Research limitations/implications
While the study contributes significantly to the field of knowledge, it has several limitations that must be considered when interpreting its findings and implications. With our emphasis on academic journals, the study analyzed only peer-reviewed journal articles, excluding conference papers, reports and technical articles. While we are confident that our approach resulted in a comprehensive and representative database, our reliance on Elsevier Scopus and Web of Science may have resulted in us overlooking relevant work accessible only through other databases. Additionally, specific bibliometric properties may not be time-stable, and certain common distribution patterns of the passive investing literature may still be developing.
Practical implications
With this study, it has been possible to observe and chart the high growth trajectory of passive investing research globally, especially post-US subprime crisis. Despite the widespread adoption of passive investing as an investment strategy, it is not a one-size-fits-all proposition. Market conditions change constantly, and it frequently requires an informed eye to determine when and how much to shift away from active investments and toward passive ones. Currency ETFs enable investors to implement a carry trade strategy in their portfolios; however, as a word of caution, currency stability and liquidity can play a significant role in international ETFs. Similarly, LETFs may be better suited for dynamic strategies and offer less value to a long-term investor. Lastly, the importance of investor education cannot be underestimated in the name of the highly diversified portfolio when using passive alternatives, for which necessary efforts are required by regulators and investors alike.
Social implications
The inexorable trend to passive investing creates numerous issues for fund management, including fee and revenue pressure, which forces traditional managers to seek new revenue streams, such as illiquid and private assets, which also implies increased portfolio risk. Additionally, the increased transparency and efficiency associated with the ETF market indicates that managers must rethink the entire value chain, beginning with technology and the way investments interact. Passive investments have triggered changes in market structure that are still not fully understood or factored in. Active management and a range of valuation opinions on whether a price is “too low” or “too high” provide much-needed depth to a market as it attempts to strike a delicate balance between demand and supply forces, ensuring liquidity at all price points.
Originality/value
I hereby certify that I am the sole author of this paper and that no part of this manuscript has been published or submitted for publication.
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We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information…
Abstract
We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in aggregate investment can reduce the informational value of investment, depressing firms' recovery values. Therefore, policies boosting investment can decrease debt and firm values by reducing the informational value of investment. The presence of debt overhang may enhance firm value by making firms' investment decisions more informative. We present suggestive empirical evidence consistent with model predictions on the relation between firms' investments and recovery rates.
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Salman Khan, Qingyu Zhang, Safeer Ullah Khan, Ikram Ullah Khan and Rafi Ullah Khan
Augmented reality (AR) adoption has boomed globally in recent years. The prospective of AR to seamlessly integrate digital information into the actual environment has proven to be…
Abstract
Purpose
Augmented reality (AR) adoption has boomed globally in recent years. The prospective of AR to seamlessly integrate digital information into the actual environment has proven to be a challenge for academics and industry, as they endeavor to understand and predict the influence on users' perceptions, adoption intentions and usage. This study investigates the factors affecting consumers’ behavioral intention to adopt AR technology in shopping malls by offering the mobile technology acceptance model (MTAM).
Design/methodology/approach
This conceptual framework is based on mobile self-efficacy, rewards, social influence and enjoyment of existing MTAM constructs. A self-administered questionnaire, constructed by measuring questions modified from previous research, elicited 311 usable responses from mobile respondents who had recently used AR technology in shopping malls. This analysis was performed using SmartPLS3.0.
Findings
Grounded on the findings of the study, it was found that, aside from factors such as mobile usefulness, ease of use and social influence, the remaining independent variables had the most significant impact on adopting AR technologies. Considering the limitations of this study, the paper concludes by discussing the significant implications and insinuating avenues for future research.
Originality/value
To better investigate mobile AR app adoption in Pakistan’s shopping malls, the researchers modified the newly proposed MTAM model by incorporating mobile self-efficacy theory, social influence, rewards and perceived enjoyment. However, the extended model has not been extensively studied in previous research. This study is the first to examine the variables that affect an individual’s intention to accept mobile AR apps by using a novel extended MTAM.
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