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Article
Publication date: 1 March 2002

ROBERT G. TOMPKINS

The depth and breadth of the market for contingent claims, including exotic options, has expanded dramatically. Regulators have expressed concern regarding the risks of exotics to…

Abstract

The depth and breadth of the market for contingent claims, including exotic options, has expanded dramatically. Regulators have expressed concern regarding the risks of exotics to the financial system, due to the difficulty of hedging these instruments. Recent literature focuses on the difficulties in hedging exotic options, e.g., liquidity risk and other violations of the standard Black‐Scholes model. This article provides insight into hedging problems associated with exotic options: 1) hedging in discrete versus continuous time, 2) transaction costs, 3) stochastic volatility, and 4) non‐constant correlation. The author applies simulation analysis of these problems to a variety of exotics, including Asian options, barrier options, look‐back options, and quanto options.

Details

The Journal of Risk Finance, vol. 3 no. 4
Type: Research Article
ISSN: 1526-5943

Book part
Publication date: 19 July 2014

Stuart Locke and Geeta Duppati

This paper empirically examines the impact of corporate governance reforms on the financial performance of Indian state-owned enterprises (SOEs) for the period 2003–2011.

Abstract

Research question

This paper empirically examines the impact of corporate governance reforms on the financial performance of Indian state-owned enterprises (SOEs) for the period 2003–2011.

Research findings/insights

The findings indicate that the various corporate governance reforms collectively exhibited a statistically significant positive impact on performance when a difference in difference estimation process is used. However, the performance of SOEs is less than that of publicly listed companies, which is consistent with prior research. When the SOEs are compared with a matched pairing of publicly listed companies of similar size and same industry, their performance was comparable and in many instances superior. This is indicative of the regulatory constraints on competitors and preferential access to resources and markets given to the SOEs. As SOEs move towards a more mixed ownership model with more of them listed on the stock exchange and greater public ownership of shares the corporate governance issues will increase in importance.

Theoretical/academic implications

The controlled sell down of shares in SOEs presents a need for continuing governance reforms and ongoing research to track progress.

Practitioner/policy implications

The most striking observation from the study is that changes that were introduced as a corporate governance reform, such greater professionalism in boards, did not gain traction and enhance performance, rather the process of director selection and the concentrated bureaucratic and political interference stymied what was asserted to be conceptually sound reforms.

Details

Mechanisms, Roles and Consequences of Governance: Emerging Issues
Type: Book
ISBN: 978-1-78350-706-1

Keywords

Article
Publication date: 9 November 2012

Greg G. Wang and Judy Y. Sun

This paper seeks to address the recent challenges in the international human resource development (HRD) research and the related methodological strategy.

1344

Abstract

Purpose

This paper seeks to address the recent challenges in the international human resource development (HRD) research and the related methodological strategy.

Design/methodology/approach

This inquiry is based on a survey of literatures and integrates various comparative research strategies adopted in other major social science disciplines.

Findings

Based on comparative strategies found in other disciplines, the authors propose a framework to advance comparative HRD research and theory development.

Research limitations/implications

The proposed framework emphasizes methodological consistency in HRD research and improving the relevance and rigor in theory development. It also highlights the required qualities of comparative researchers.

Originality/value

This is an initial effort in analyzing the emerging comparative HRD literature for an alternative framework to advance methodological research on HRD theory building.

Details

European Journal of Training and Development, vol. 36 no. 8
Type: Research Article
ISSN: 2046-9012

Keywords

Open Access
Article
Publication date: 21 February 2022

Kwangil Bae

The author investigates realized comoments that overcome the drawback of conventional ones and derive the following findings. First, the author proves that (even generalized…

Abstract

The author investigates realized comoments that overcome the drawback of conventional ones and derive the following findings. First, the author proves that (even generalized) geometric implied lower-order comoments yield neither geometric realized third comoment nor fourth moment. This is in contrast to previous studies that produce geometric realized third moment and arithmetic realized higher-order moments through lower-order implied moments. Second, arithmetic realized joint cumulants are obtained through complete Bell polynomials of lower-order joint cumulants. This study’s realized measures are unbiased estimators and they can, therefore, overcome the drawbacks of conventional realized measures.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 30 no. 2
Type: Research Article
ISSN: 1229-988X

Keywords

Article
Publication date: 1 February 2003

Marcel Machill, Christoph Neuberger and Friedemann Schindler

Search engines exist to help sort through all the information available on the Internet, but have thus fair failed to shoulder any responsibility for the content which appears on…

1612

Abstract

Search engines exist to help sort through all the information available on the Internet, but have thus fair failed to shoulder any responsibility for the content which appears on the pages they present in their indexes. Search engines lack any transparency to clarify how results were found, and how they are connected to the search terms. Thus, problems arise in connection with the protection of minors – namely, that minors have access, intentional or unwitting, to content which may be harmful to them. The findings of this study point to the need for a better framework for the protection of children. This framework should include codes of conduct for search engines, more accurate labeling of Web site data, and the outlawing of search engine manipulation. This study is intended as a first step in making the public aware of the problem of protecting children on the Internet.

Details

info, vol. 5 no. 1
Type: Research Article
ISSN: 1463-6697

Keywords

Article
Publication date: 14 September 2015

Christian Linder

The purpose of this paper is to analyze the relation between perceived cultural distances and the willingness to adjust symbolic leadership by expatriates. Further, it is asked…

1000

Abstract

Purpose

The purpose of this paper is to analyze the relation between perceived cultural distances and the willingness to adjust symbolic leadership by expatriates. Further, it is asked whether this adjustment has the potential to increase their acceptance as leader by the foreign workforce.

Design/methodology/approach

The research derives testable propositions from symbolic leadership theory and the theory about cultural distance and transfers them into a structural equation model in order to identify the impact of cultural distance on expatriates’ adjustment effort. Therefore, an empirical investigation among German expatriates in the Philippines was conducted.

Findings

The study contributes to the understanding of symbolic leadership in several unique ways. It is found that there is a relationship between perceived cultural distance and a willingness for symbolic leadership behavior in order to reduce social sanctions caused by unappropriated symbolism. The study shows that willingness to adopt foreign symbols does not lead to an increased acceptance.

Originality/value

This research implies that the willingness alone is not sufficient if the appropriate cultural knowledge and required skills do not exist. Thus, this study points to the importance of expatriates’ cultural knowledge for the success of foreign assignments.

Details

Journal of Global Mobility, vol. 3 no. 3
Type: Research Article
ISSN: 2049-8799

Keywords

Article
Publication date: 13 July 2015

Natalie Pratt

This paper aims to examine the recent jurisprudence of the Supreme Court concerning the registration of land as a town or village green (TVG). This area of law has proved…

Abstract

Purpose

This paper aims to examine the recent jurisprudence of the Supreme Court concerning the registration of land as a town or village green (TVG). This area of law has proved contentious over the past decade and shows no sign of relenting. Most recently, in April 2014, the Supreme Court was asked to determine whether use that is pursuant to a statutory right could be qualifying use for the purposes of village green registration, which requires 20 years use “as of right”.

Design/methodology/approach

The paper starts by summarising the law relating to the registration of land as a TVG and identifies the current problem that the courts are grappling with, namely the “by right” defence. After analysing the two leading authorities in relation to this point, the paper makes a judgment on the operation and conceptual underpinning of the “by right” defence.

Findings

The paper concludes that the “by right” defence in the context of village green registration is a functioning concept that prevents the registration of land as a town and village green whenever the use relied upon is indulged in pursuant to a statutory right. Furthermore, the defence should also be construed with the pre-existing test for use “as of right” rather than being recognised as an additional limb to this test.

Originality/value

The value of this paper is that it seeks to clarify an area of planning and property law that is fraught with conceptual uncertainty, and seeks to re-align the law of town and village greens with its prescriptive underpinnings.

Details

International Journal of Law in the Built Environment, vol. 7 no. 2
Type: Research Article
ISSN: 1756-1450

Keywords

Content available
Article
Publication date: 1 October 1999

Malcolm Dowden and Nabarro Nathanson

150

Abstract

Details

Journal of Property Investment & Finance, vol. 17 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

Book part
Publication date: 7 August 2019

François Lambotte

The digital and material traceability of our interactions in organizations are nowadays the subject of very advanced analyses through tools known as social media analytics (SMA)…

Abstract

The digital and material traceability of our interactions in organizations are nowadays the subject of very advanced analyses through tools known as social media analytics (SMA). As thinking (infrastructure), SMA tools constitute objects to think of our digitally mediated interactions with. It produces a substratum (a new meaning) that would not exist otherwise, and enacts different types of reasoning that hypothetically influence community managers’ or members’ sensemaking of digitally mediated interactions. This chapter proposes to look behind the curtain of charts and graphs, in order to highlight the performativity of the interactions between the different machines and the traces of our digitally mediated interactions. Drawing on a detailed analysis of the fabric of SMA, this chapter highlights the explanatory power of a communication perspective on types of reasoning enacted by thinking infrastructures. First, considering the SMA tool as an editorial enunciation allows us to see it as a process implying several beings (e.g. machines, humans and logs) that are not without consequences. Second, we show that these beings have different modalities of interactions with each other, and that these modalities of interactions influence the materiality of the digital traces of past interactions. Third, throughout the process, we demonstrate the fragility and variability of their materiality. Finally, faced with the rise of a technological deterministic discourse, which tends to portray the exploitation of our digital traces as an objective way of representing the collaborative practices that make up the organization, our research aims, on the contrary, to demonstrate their relativity.

Open Access
Article
Publication date: 28 October 2022

Szymon Stereńczak

The positive illiquidity–return relationship (so-called liquidity premium) is a well-established pattern in international developed stock markets. The magnitude of liquidity…

Abstract

Purpose

The positive illiquidity–return relationship (so-called liquidity premium) is a well-established pattern in international developed stock markets. The magnitude of liquidity premium should increase with market illiquidity. Existing studies, however, do not confirm this conjecture with regard to frontier markets. This may result from applying different approaches to the investors' holding period. The paper aims to identify the role of the holding period in shaping the illiquidity–return relationship in emerging and frontier stock markets, which are arguably considered illiquid.

Design/methodology/approach

The authors utilise the data on stocks listed on fourteen exchanges in Central and Eastern Europe. The authors regress stock returns on liquidity measures variously transformed to reflect the clientele effect in a liquidity–return relationship.

Findings

The authors show that the investors' holding period moderates the illiquidity–return relationship in CEE markets and also show that the liquidity premium in these markets is statistically and economically relevant.

Practical implications

The findings may be of great interest to investors, companies and regulators. Investors and companies should take liquidity into account when making decisions; regulators should employ liquidity-enhancing actions to decrease companies' cost of capital and expand firms' investment opportunities, which will improve growth perspectives for the entire economy.

Originality/value

These findings enrich the understanding of the role that the investors' holding period plays in the illiquidity–return relationship in CEE markets. To the best knowledge, this is the first study which investigates the effect of holding period on liquidity premium in emerging and frontier markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

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