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The purpose of this paper is to examine the combined performance of momentum and a gross profitability-based strategy. The motivation stems from the strong performance of momentum on the short side and profitability on the long side, suggesting a potentially superior combined strategy. Gross profitability is also a measure of firm quality, so that another motivation is to contribute to a growing literature on factor-based investing that includes momentum and quality as potential factors.

The empirical approach employed in the paper is standard in the asset pricing literature. The firms are sorted into portfolios based on profitability and momentum, and the combined performance is studied through independent double sorting. Both value-weighted and equally weighted returns are reported in case of key empirical results.

The combined strategy results in superior performance. Specifically, the strategy produces results 2.75 greater than the momentum strategy, and about four times as high as the profitability strategy. The strategy also has much higher Sharpe ratio that improves further when combined with size and value strategies.

The research has significant implications for academics and practitioners alike. A new investment strategy that has not been explored in the literature is presented. The superior performance of the strategy presents a challenge for the market efficiency, and would be of interest to academics and practitioners working in the area of investment management.

There has been a growing interest in multi-factor investing in recent years. The paper documents that superior performance is achieved by combining two of the popular factors, namely profitability and momentum.

The research is the first to study the combined performance of profitability and momentum, and provide evidence on the superiority of the combined strategy.

The concept of lean and ISO 14001 as a combined approach is an evolving strategy for streamlining operational processes and attaining environmental sustainability in the manufacturing context. This paper explores the critical success factors (CSFs) for a combined lean and ISO 14001 implementation in the manufacturing industry for achieving the operational and environmental benefits.

A systematic literature review (SLR) based on Scopus and Web of Science databases is conducted to present peer-reviewed articles on the CSFs for lean and ISO 14001 implementation in manufacturing operations. This article applies the CSF theory to classify the CSFs for a joint lean and ISO 14001 adoption.

Numerous CSFs are synthesised from the SLR across seven theoretical contexts of industry, competitive strategy, managerial position, environmental, temporal, internal/external, monitoring and building/adapting factors for a combined lean and ISO14001 implementation.

Numerous CSFs are synthesised from the SLR across seven theoretical contexts of strategic direction, competitive strategy, leadership and management, environmental, temporal, internal/external, monitoring and continuous process improvement factors for a combined lean and ISO 14001 implementation.

This paper contributes to academic scholarship by providing a theoretical perspective through classification of CSFs for a combined lean and ISO 14001 implementation to achieve operational and environmental performance. This paper also contributes to practitioners and policymakers who can use the emergent theoretical framework for application in practice for a more efficient and effective deployment of both strategies in the manufacturing industry.

To the best of author's knowledge, this study is the first to propose a theoretical framework of CSFs for a combined lean and ISO 14001 implementation based on the CSF theory and SLR findings in the manufacturing industry.

This study aims to explore the combined strategies leading to successful repair of two types of trust in Chinese construction projects and provide an effective guidance and control trust repair in construction projects. During the research period, the author interviewed 150 managers from 50 Chinese construction projects and collected details of 125 violations. The research examines the effect of combined strategy of trust repair in Chinese management scenario.

This study adopted a mixed, quantitative, qualitative and exploratory approach. The author first extracted six strategies, namely, apology, denial, penance, communication, promise and compensation, from the literature review and generalization. Then, the author conducted an interview with 150 managers from 50 China construction projects. And the author analyzed the data through qualitative comparative analysis (QCA).

When competence-based trust is broken, violators should adopt communication and promise, demonstrate their competence and qualification, and change the attributions of competence from the trustor. When integrity-based trust is broken, violators should apologize, actively admit the mistake, show a positive attitude and seek the forgiveness from the trustor. After reconstructing trustors' perceptions of competence or integrity, violators should also make a promise to trustors for the future. The result of this research not only illustrates the sufficiency and necessity of a single strategy for trust repair but also explores the combination of trust repair strategies that rebuild the trust.

This study is limited to 50 construction projects in the Chinese construction context, so conclusions are limited in application. Data used in this research did not provide an in-depth analysis of trust repair failures. Thus, additional research is needed to explore why trust was not repaired. The study is also limited to examining the Chinese construction project organizations only, and future studies should incorporate organizations in other nations and regions.

Compared with using a single strategy, a combined strategy provides a contribution to the future practice of repair broken relationship between construction project organizations. This research helps to organize decisions and benefits managers, from Chinese owners and contractors, in choosing which of these strategies repair trust. The author also provides a specific combination of strategies to repair relationships for international companies that have conflicts with Chinese construction companies.

This research is among the early studies in China that preliminary examines the combined strategy of trust repair between Chinese owners and contractors by using causal attribution theory and QCA. This study makes a valuable contribution toward combined strategy in construction project and the knowledge system of trust repair. Future studies could build on the findings from the current study to develop a cross-cultural research on trust repair.

The purpose of this study is to examine the pertinence of combining the positioning along the US presidential election cycle and the inversions of the yield curve as a guide for a market timing strategy on the S&P 500. These variables provide warning signals for either an abnormally high probability of tighter future economic conditions or an abnormally high probability of more accommodative future economic conditions, not both. As such, they represent natural complement.

The combination of the two variables leads to four scenarios: inverted yield curve or not and first half or second half of the presidential cycle. Two timing strategies are proposed to act on these scenarios: the “type T” strategy for Traditional investors not allowed to sell short and focusing on active risk focus and the “type H” strategy for Hedge Fund‐like investors focusing on absolute risk.

Compared to a buy‐and‐hold investment in the S&P 500, the “type H” version increases the return per unit of risk from 0.81 to 1.10 and the “type T” delivers an annualized information ratio of 0.62. Robustness tests show that the strategy adds value under both specifications in the majority of 1‐, 3‐ and 10‐year sub‐periods. Application of the Henriksson‐Merton test confirms that the two strategies have a genuine market timing ability.

While the predictive variables have been investigated on a standalone basis, the idea of combining these two predictors is new. The idea of examining market timing from the perspective of both traditional investor and hedge fund like investor is also original.

This paper investigates how various strategies for combining forecasts, both simple and optimised approaches, are compared with popular individual risk models in estimating value-at-risk (VaR) and expected shortfall (ES) in emerging market at alternative risk levels.

Using the case study of the Vietnamese stock market, the author produced one-day-ahead VaR and ES forecast from seven individual risk models and ten alternative forecast combinations. Next, the author employed a battery of backtesting procedures and alternative loss functions to evaluate the global predictive accuracy of the different methods. Finally, the author investigated the relative performance over time of VaR and ES forecasts using fluctuation test.

The empirical results indicate that, although combined forecasts have reasonable predictive abilities, they are often outperformed by one individual risk model. Furthermore, the author showed that the complex combining methods with optimised weighting functions do not perform better than simple combining methods. The fluctuation test suggests that the poor performance of combined forecasts is mainly due to their inability to cope with periods of instability.

This study reveals the limitation of combining strategies in the one-day-ahead VaR and ES forecasts in emerging markets. A possible direction for further research is to investigate whether this finding holds for multi-day ahead forecasts. Moreover, the inferior performance of combined forecasts during periods of instability motivates further research on the combining strategies that take into account for potential structure breaks in the performance of individual risk models. A potential approach is to improve the individual risk models with macroeconomic variables using a mixed-data sampling approach.

First, the authors contribute to the literature on the forecasting combinations for VaR and ES measures. Second, the author explored a wide range of alternative risk models to forecast both VaR and ES with recent data including periods of the COVID-19 pandemic. Although forecast combination strategies have been providing several good results in several fields, the literature of forecast combination in the VaR and ES context is surprisingly limited, especially for emerging market returns. To the best of the author’s knowledge, this is the first study investigating predictive power of combining methods for VaR and ES in an emerging market.

The purpose of this paper is to identify the strategies that private fitness centres implement and to evaluate their impact on financial performance.

Based upon a sample of 151 private fitness centres in Portugal, multivariate statistics report the implemented strategies and their effect on financial performance. We applied exploratory factorial analysis as our methodology to identify the types of strategy and the ANOVA in order to verify if there are differences of financial performance in the strategies.

The results obtained demonstrate how private fitness centres implement different strategies, including: cost leadership, differentiation, focus, quality of service, combined and stuck in the middle approaches. The relationship between strategies and financial performance, private fitness centres adopting a cost leadership strategy obtain the best financial performance levels in terms of the sales variable relative to any other strategy but with the combined strategy returning a better performance in terms of the return on assets when compared with the cost leadership strategy.

The originality of this paper stems from its identification of the strategies implemented by private fitness centres, thus, just what type of strategies are in effect across the fitness industry: leadership through cost, differentiation or a focused strategy. However, in addition to ascertaining just which strategies undergo implementation, it is also pertinent in determining just which strategy drives the best financial performance for private fitness centres given that private centres may only remain in the market when achieving financial sustainability. Therefore, this paper seeks to provide information for managers as regards the strategies implemented and their impacts on the financial performance of private fitness centres.

This research seeks to investigate the relationship between product bundling strategies and brand value.

Three studies were conducted, two using student subject pools and another using data collected from online auctions. The impacts of brand and bundling strategy stimuli on the dependent variables product choice and price paid were measured.

Bundles offered by low‐tier brands are more attractive when they are offered in a combined price format than in a partitioned price format. Bundles offered by high‐tier brands are more attractive when they are offered in a partitioned price format than in a combined price format.

The cost of bundle elements to the firm, which may influence consumer reference prices, is not considered in this research. Also, the impacts of bundle pricing strategies are evaluated on the bundles only; the influence of a given strategy on a product portfolio is left for future research.

Firms should consider the status of its brand within its product category before deciding on a bundle pricing strategy.

This research has important implications regarding the pricing of product bundles. It also provides a new perspective on how consumers evaluate product bundles

In the mid-1990s, market demands for around-the-clock (24/7) banking and financial transacting began to converge with advances in internet-based technologies. This confluence of forces gave rise to the birth of internet banking. Building upon the relevant literature, this paper aims to develop a set of propositions to address the following questions: what brand strategy or strategies were used at the birth of internet banking roughly 25 years ago? In the years since then, have merger and acquisition transactions involving internet or “direct” banking businesses only come to fruition where the direct bank was previously under a specific brand strategy? And finally, where there have been changes in internet banking brand strategy, have these invariably been in the ultimate direction of one particular brand strategy?

Because of the exploratory nature of the research question, this paper uses a case study examination as the research approach. In addition to gaining deeper insight into issues involving internet bank branding as these actually existed, this paper aims to propose preliminary and tentative conclusions that can later be tested empirically with larger sample size. The case studies specifically examine German commercial banks with direct bank businesses.

In the examination of the German commercial banks, this paper finds that their internet banking activities some 25 years ago were, in fact, never launched using an umbrella brand strategy but rather with a combined brand strategy or multi-brand strategy. Mergers and acquisitions (M&A) transactions involving internet-based direct banks were only consummated where the direct bank had previously been operated by the parent bank using a multi-brand strategy. Where the brand strategies of internet-based direct banks have been changed by their parent banks, this has invariably been in the direction of an umbrella brand strategy.

Within the marketing and banking literature, there are no in-depth examinations of internet banking brand strategies to be found. This paper, in addressing this research topic, marks the first full survey of German commercial banks with internet-based direct banking businesses. This survey, moreover, examines branding not only at the time that internet-based direct banks were first established starting in 1994 but also the subsequent development of internet banking brand strategies to the present day.

In this paper, the previously developed idea of generalized optimization of circuits for deterministic methods has been extended to genetic algorithm (GA) to demonstrate new possibilities for solving an optimization problem that enhance accuracy and significantly reduce computing time.

The disadvantages of GAs are premature convergence to local minima and an increase in the computer operation time when setting a sufficiently high accuracy for obtaining the minimum. The idea of generalized optimization of circuits, previously developed for the methods of deterministic optimization, is built into the GA and allows one to implement various optimization strategies based on GA. The shape of the fitness function, as well as the length and structure of the chromosomes, is determined by a control vector artificially introduced within the framework of generalized optimization. This study found that changing the control vector that determines the method for calculating the fitness function makes it possible to bypass local minima and find the global minimum with high accuracy and a significant reduction in central processing unit (CPU) time.

The structure of the control vector is found, which makes it possible to reduce the CPU time by several orders of magnitude and increase the accuracy of the optimization process compared with the traditional approach for GAs.

It was demonstrated that incorporating the idea of generalized optimization into the body of a stochastic optimization method leads to qualitatively new properties of the optimization process, increasing the accuracy and minimizing the CPU time.

This study aims to establish the laser links between satellites among large-scale distributed satellite systems; a combined attitude control strategy containing two stages is proposed in this paper.

These two stages are: one is the attitude initial pointing control to change the attitude of satellite pointing to the other satellite based on the position information of each satellite; the other one is the high precision attitude tracking control to scan the uncertainty cone because the initial pointing control accuracy is not enough to establish the laser link. At the initial pointing control stage, a method to determine the target attitude of each satellite is presented based on the position information of each satellite, and the fuzzy adaptive control algorithm is used to control the satellites to its calculated attitude. Then, at the high precision attitude tracking control stage, a strategy for laser link acquisition and scanning the uncertainty cone by the lasers of the spacecraft is proposed, and an angular velocity tracking scanning controller is designed while the convergence of the attitude tracking error is ensured through Lyapunov–Krasovskii theory.

Simulations are conducted to verify the effectiveness of the proposed control algorithm, and the laser link for a large-scale distributed satellite system with super long distance is achieved through a combined attitude control strategy.

A combined attitude control strategy is valid for a large-scale distributed satellite system with super long distance.

A combined attitude control strategy can be used to achieve laser link acquisition for a large-scale distributed satellite system like space gravitational wave detection.

A combined attitude control strategy can provide a way to solve the typical problem that pointing control accuracy is not enough to establish the laser link for a large-scale distributed satellite system.