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Article
Publication date: 22 April 2010

C. Edward Chang and H. Doug Witte

Do socially responsible funds, as a whole, perform as well as the average of all mutual funds in their respective categories? This paper examines fund characteristics as…

Abstract

Do socially responsible funds, as a whole, perform as well as the average of all mutual funds in their respective categories? This paper examines fund characteristics as well as risk and performance measures of all available socially responsible funds (SRFs) in the U.S. mutual fund industry over the last fifteen years. The contribution of this paper is two unique findings. First, although SRFs have had a relative advantage in terms of lower expense ratios, lower annual turnover rates, lower tax cost ratios, and lower risk, SRFs also exhibit lower returns, and two risk‐adjusted return measures indicate SRFs have inferior reward‐to‐risk performance. In particular, domestic stock SRFs have not generated competitive returns relative to conventional funds in the same categories over the past ten to fifteen years. These results contrast those found in the extant SRI literature which suggest socially responsible investing has little or no cost. Second, a finer partitioning by fund type reveals not all SRFs have similar relative performance. SRFs in balanced fund and fixed‐income fund categories, especially during the past three years, have performed better than the category averages with lower risk, higher returns, and higher risk‐adjusted returns. This suggests the costs of socially responsible investing are not homogenous.

Details

American Journal of Business, vol. 25 no. 1
Type: Research Article
ISSN: 1935-5181

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Book part
Publication date: 13 December 2013

Todd E. Clark and Michael W. McCracken

This article surveys recent developments in the evaluation of point and density forecasts in the context of forecasts made by vector autoregressions. Specific emphasis is…

Abstract

This article surveys recent developments in the evaluation of point and density forecasts in the context of forecasts made by vector autoregressions. Specific emphasis is placed on highlighting those parts of the existing literature that are applicable to direct multistep forecasts and those parts that are applicable to iterated multistep forecasts. This literature includes advancements in the evaluation of forecasts in population (based on true, unknown model coefficients) and the evaluation of forecasts in the finite sample (based on estimated model coefficients). The article then examines in Monte Carlo experiments the finite-sample properties of some tests of equal forecast accuracy, focusing on the comparison of VAR forecasts to AR forecasts. These experiments show the tests to behave as should be expected given the theory. For example, using critical values obtained by bootstrap methods, tests of equal accuracy in population have empirical size about equal to nominal size.

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VAR Models in Macroeconomics – New Developments and Applications: Essays in Honor of Christopher A. Sims
Type: Book
ISBN: 978-1-78190-752-8

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Article
Publication date: 1 June 1999

Robert A. Kunkel, Michael C. Ehrhardt and Gregory A. Kuhlemeyer

Outlines previous research on the relationship between dividend policy and stock returns; and uses a linear programme and multi‐index model to form an investment strategy…

Abstract

Outlines previous research on the relationship between dividend policy and stock returns; and uses a linear programme and multi‐index model to form an investment strategy to see whether dividend yields increase stock returns. Explains the methodology, tests it on 1965‐1989 US data and presents the results, which suggests that the multi‐index model is superior to the single index market model in terms of explanatory power and volatility; but provides conflicting conclusions on the relevance of dividends to stock returns. Suggests that the negative relationship between dividends and stock returns can be explained by Jensen’s (1986) free cash flow theory and the influence of transaction costs.

Details

Managerial Finance, vol. 25 no. 6
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 June 2003

Robert Loo

Re‐analyses of data from Canadian samples of management undergraduates in three independent studies of ethical dilemmas, as presented in vignettes, were conducted to test…

Abstract

Re‐analyses of data from Canadian samples of management undergraduates in three independent studies of ethical dilemmas, as presented in vignettes, were conducted to test the hypothesis that women are more ethical than men. Several statistically significant gender differences were found when t‐tests for mean differences were used; however, the effect sizes were all small as measured by Cohen’s d. Three existing frameworks were used to explain these gender differences: gender socialization, underlying ethical frameworks, and situational specificity. When the Bonferroni adjustment was applied to control for Type I error rate, only three of the 76 t‐tests for gender differences across the three studies were significant. It is suggested that these findings of very few gender differences in ethical beliefs, when conservative statistical tests are used, reflect the effects of changing gender socialization and sex roles in contemporary Canadian society among other factors that de‐emphasize gender differences

Details

Women in Management Review, vol. 18 no. 4
Type: Research Article
ISSN: 0964-9425

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Article
Publication date: 14 March 2016

Umesh Rao Hodeghatta and Sangeeta Sahney

This paper aims to research as to how Twitter is influential as an electronic word-of-mouth (e-WOM) communication tool and thereby affecting movie market. In present days…

Abstract

Purpose

This paper aims to research as to how Twitter is influential as an electronic word-of-mouth (e-WOM) communication tool and thereby affecting movie market. In present days, social media is playing an important role in connecting people around the globe. The technology has provided a platform in the social media space for people to share their experiences through text, photos and videos. Twitter is one such online social networking media that enables its users to send and read text-based messages of up to 140 characters, known as “tweets”. Twitter has nearly 200 million users and billions of such tweets are generated by users every other day. Social media micro-blogging broadcasting networks such as Twitter are transforming the way e-WOM is disseminated and consumed in the digital world. Twitter social behaviour for the Hollywood movies has been assessed across seven countries to validate the two basic blocks of the honeycomb model – sharing and conversation. Twitter behaviour was studied for 27 movies in 22 different cities of seven countries and for six genres with a total tweets of 9.28 million. The difference of Twitter social media behaviour was compared across countries, and “sharing” and “conversation” as two building blocks of the honeycomb model were studied. t-Test results revealed that the behaviour is different across countries and across genres.

Design/methodology/approach

The objective of the paper is to analyse Twitter messages on an entertainment product (movies) across different regions of the world. Hollywood movies are released across different parts of the world, and Twitter users are also in different parts of the world. The objective is to hence validate “conversation” and “sharing” building blocks of the honeycomb model. The research is confined to analysing Twitter data related to a few Hollywood movies. The tweets were collected across nine different cities spanning four different countries where English language is prominent. To understand the Twitter social media behaviour, a crawler application using Python and Java was developed to collect tweets of Hollywood movies from the Twitter database. The application has incorporated Twitter application programming interfaces (APIs) to access the Twitter database to extract tweets according to movies search queries across different parts of the world. The searching, collecting and analysing of the tweets is a rather challenging task because of various reasons. The tweets are stored in a Twitter corpus and can be accessed by the public using APIs. To understand whether tweets vary from one country to another, the analysis of variance test was conducted. To assess whether Twitter behaviour is different, and to compare the behaviour across countries, t-tests were conducted taking two countries at a time. The comparisons were made across all the six genres. In this way, an attempt was made to obtain a microscopic view of the Twitter behaviour for each of the seven countries and the six genres.

Findings

The findings show that the people use social media across the world. Nearly 9.28 million tweets were from seven countries, namely, USA, UK, Canada, South Africa, Australia, India and New Zealand for 27 Hollywood movies. This is indicative of the fact that today, people are exchanging information across different countries, that people are conversing about a product on social media and people are sharing information about a product on social media and, thus, proving the hypothesis. Further, the results indicate that the users in USA, Canada and UK, tweet more than the other countries, USA and UK being the highest in tweets followed by the Canada. On the other hand, the number of tweets in Australia, India and South Africa are low with New Zealand being the lowest of all the countries. This indicates that different countries’ users have different social media behaviour. Some countries use social media to communicate about their experience more than in some other country. However, consumers from all over the world are using Twitter to express their views openly and freely.

Originality/value

This research is useful to scholars and enterprises to understand opinions on Twitter social media and predict their impact. The study can be extended to any products which can lead to better customer relationship management. Companies can use the Internet and social media to promote and get feedback on their products and services across different parts of the world. Governments can inform the public about their new policies, benefits of governmental programmes to people and ways to improve the Internet reach to more people and also for creating awareness about health, hygiene, natural calamities and safety.

Details

Journal of Systems and Information Technology, vol. 18 no. 1
Type: Research Article
ISSN: 1328-7265

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Book part
Publication date: 15 January 2010

María Francisca Yáñez and Juan de Dios Ortúzar

Discrete choice models based on cross-sectional data have the important limitation of not considering habit and inertia effects and this may be especially significant in…

Abstract

Discrete choice models based on cross-sectional data have the important limitation of not considering habit and inertia effects and this may be especially significant in changing environments; notwithstanding, most demand models to date have been based on this type of data. To avoid this limitation, we started by building a mode choice panel around a drastically changing environment, the introduction of a radically new public transport system for the conurbation of Santiago de Chile. This paper presents the formulation and estimation of a family of discrete choice models that enables to treat two main elements: (i) the relative values of the modal attributes, as usual, and (ii) the shock resulting from the introduction of this radical new policy. We also analyse the influence of socioeconomic variables in these two forces.

We found that introducing this drastic new policy may even modify the perception of attribute values; in fact, the changes can be different among individuals, as socioeconomic characteristics act as either enhancers or softeners of the shock effects generated by the new policy.

Details

Choice Modelling: The State-of-the-art and The State-of-practice
Type: Book
ISBN: 978-1-84950-773-8

Content available
Article
Publication date: 22 July 2021

Murat Isiker and Oktay Tas

The paper aims to measure the magnitude of the event-induced return anomaly around bonus issue announcement days in Turkey for recent years. Also, by describing the…

Abstract

Purpose

The paper aims to measure the magnitude of the event-induced return anomaly around bonus issue announcement days in Turkey for recent years. Also, by describing the information content of these announcements with the current data, the study tries to find out the factors that cause return anomaly in Borsa Istanbul when firm boards release the bonus issue decision.

Design/methodology/approach

The paper conducts event study methodology for detecting market anomaly around bonus issue announcements. For the pairwise comparison purpose, t-test and one-way ANOVA methods are applied to examine if abnormal returns vary according to the information content of the announcements.

Findings

Announcement returns for bonus issues from internal resources outperform the issues that are distributed from last year's net income as bonus shares. Findings indicate different return behaviour among internal resources sub-groups. Findings also suggest that investors in Turkey welcome larger-sized issues, while cumulated returns for the initial offers significantly differ from the latter issues.

Research limitations/implications

Findings are limited to the Turkish equity market. Also, the Public Disclosure Platform of Turkey, which is the main data source of the study, does not provide bonus issue announcements before 2010. Therefore, the previous year's data cannot be included in the analysis.

Originality/value

This paper is novel in terms of considering the main resources of the bonus issue in detail to measure the announcement's impact on stock returns.

Details

Journal of Capital Markets Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-4774

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Article
Publication date: 29 January 2020

Jarita Duasa, Suhaimi Mhd Sarif and Nur Arfifah Abdul Sabian

Four main strategies required for firms to be able to achieve their main objectives in organizations under the unified theory of the firm are technological advance…

Abstract

Purpose

Four main strategies required for firms to be able to achieve their main objectives in organizations under the unified theory of the firm are technological advance, intellectual development, spirituality conducts and customer satisfaction concern. This study aims to explore the inclination of firms to adopt all these strategies in, factors that contribute to the adoption of all these strategies and significant relationship between these strategies of firms in the context of Malaysian firms.

Design/methodology/approach

Using primary data from the survey on a sample of firms in the financial sector of Malaysia, the study adopts several methods of analysis such as t-test for dependent sample, t-test for independent sample and correlation. Furthermore, ordinary least squares regressions are estimated to determine factors that have an impact on a particular strategy.

Findings

It is found that the strategies of the unified theory of the firm significantly contributed to the education level of managers. Highly educated managers tend to adopt strategies most of the time. It is also found that scores of customer satisfaction concern are highly related to scores of intellectual development and spirituality conduct. The correlation coefficient is also high between spirituality conduct and intellectual development.

Originality/value

The study analyzes the adoption of important strategies of a unified theory of firm among several firms using first-hand data (primary data) collected from the survey.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 7
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 15 July 2014

Yalan Yan, Xianjin Zha and Ming Yan

With the development of Web 2.0 virtual communities, the authors see a useful platform for knowledge sharing. However, knowledge sharing in virtual communities still…

Abstract

Purpose

With the development of Web 2.0 virtual communities, the authors see a useful platform for knowledge sharing. However, knowledge sharing in virtual communities still remains a big challenge given the concern of knowledge quantity and quality. The purpose of this paper is to explore the effect of individual differences on knowledge contributing, knowledge seeking, trust and norm of reciprocity. This study also explores the mean difference between knowledge seeking and knowledge contributing as well as the correlations between knowledge seeking, knowledge contributing, trust and reciprocity so as to provide some guidance for knowledge management practice in China.

Design/methodology/approach

Data collected from 430 users of Web 2.0 virtual communities were used for data analysis. The independent samples t-test, one-way analysis of variance (ANOVA), paired samples t-test and correlation analysis were employed.

Findings

The independent samples t-test and one-way ANOVA present the effect of individual differences on knowledge contributing, knowledge seeking, trust and norm of reciprocity. The paired samples t-test suggests that employees are more likely to seek knowledge from than contribute knowledge to Web 2.0 virtual communities. The correlation analysis suggests there are positive correlations between knowledge contributing, knowledge seeking, trust and reciprocity.

Practical implications

Knowledge management initiatives in Chinese organizations are encountered relatively less frequently, compared with western countries. The authors suggest the findings of this study provide useful insights into the informal knowledge sharing in Web 2.0 virtual communities, which is helpful for guiding knowledge management practice in China.

Originality/value

Based on knowledge quantity and knowledge quality whose significance cannot be over-emphasized in virtual communities, this study explores employee perceptions of Web 2.0 virtual communities from the perspective of knowledge sharing, which the authors think provides a new view for knowledge sharing research and practice alike in China.

Details

Aslib Journal of Information Management, vol. 66 no. 4
Type: Research Article
ISSN: 2050-3806

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Article
Publication date: 20 July 2015

Sri Devi Ravana, MASUMEH SADAT TAHERI and Prabha Rajagopal

The purpose of this paper is to propose a method to have more accurate results in comparing performance of the paired information retrieval (IR) systems with reference to…

Abstract

Purpose

The purpose of this paper is to propose a method to have more accurate results in comparing performance of the paired information retrieval (IR) systems with reference to the current method, which is based on the mean effectiveness scores of the systems across a set of identified topics/queries.

Design/methodology/approach

Based on the proposed approach, instead of the classic method of using a set of topic scores, the documents level scores are considered as the evaluation unit. These document scores are the defined document’s weight, which play the role of the mean average precision (MAP) score of the systems as a significance test’s statics. The experiments were conducted using the TREC 9 Web track collection.

Findings

The p-values generated through the two types of significance tests, namely the Student’s t-test and Mann-Whitney show that by using the document level scores as an evaluation unit, the difference between IR systems is more significant compared with utilizing topic scores.

Originality/value

Utilizing a suitable test collection is a primary prerequisite for IR systems comparative evaluation. However, in addition to reusable test collections, having an accurate statistical testing is a necessity for these evaluations. The findings of this study will assist IR researchers to evaluate their retrieval systems and algorithms more accurately.

Details

Aslib Journal of Information Management, vol. 67 no. 4
Type: Research Article
ISSN: 2050-3806

Keywords

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