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1 – 10 of over 1000Jochen Wirtz, Kevin Kam Fung So, Makarand Amrish Mody, Stephanie Q. Liu and HaeEun Helen Chun
The purpose of this paper is to examine peer-to-peer sharing platform business models, their sources of competitive advantage, and the roles, motivations and behaviors of key…
Abstract
Purpose
The purpose of this paper is to examine peer-to-peer sharing platform business models, their sources of competitive advantage, and the roles, motivations and behaviors of key actors in their ecosystems.
Design/methodology/approach
This paper uses a conceptual approach that is rooted in the service, tourism and hospitality, and strategy literature.
Findings
First, this paper defines key types of platform business models in the sharing economy anddescribes their characteristics. In particular, the authors propose the differentiation between sharing platforms of capacity-constrained vs capacity-unconstrained assets and advance five core properties of the former. Second, the authors contrast platform business models with their pipeline business model counterparts to understand the fundamental differences between them. One important conclusion is that platforms cater to vastly more heterogeneous assets and consumer needs and, therefore, require liquidity and analytics for high-quality matching. Third, the authors examine the competitive position of platforms and conclude that their widely taken “winner takes it all” assumption is not valid. Primary network effects are less important once a critical level of liquidity has been reached and may even turn negative if increased listings raise friction in the form of search costs. Once a critical level of liquidity has been reached, a platform’s competitive position depends on stakeholder trust and service provider and user loyalty. Fourth, the authors integrate and synthesize the literature on key platform stakeholders of platform businesses (i.e. users, service providers, and regulators) and their roles and motivations. Finally, directions for further research are advanced.
Practical implications
This paper helps platform owners, service providers and users understand better the implications of sharing platform business models and how to position themselves in such ecosystems.
Originality/value
This paper integrates the extant literature on sharing platforms, takes a novel approach in delineating their key properties and dimensions, and provides insights into the evolving and dynamic forms of sharing platforms including converging business models.
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Maria Gaia Soana, Andrea Lippi and Simone Rossi
This paper investigates the stock market reaction to three different events related to the UEFA Champions League – the announcements of draws, odds and match results. The aim of…
Abstract
Purpose
This paper investigates the stock market reaction to three different events related to the UEFA Champions League – the announcements of draws, odds and match results. The aim of the paper is to test whether these events are informative for stock market operators, i.e. whether they produce abnormal returns.
Design/methodology/approach
Applying the event study methodology, the authors investigate the stock market reaction before (at two events: the draw date and on the release of betting odds) and after the matches of 11 listed soccer teams in the period 2003–2019. The authors also conduct OLS regression analyses in order to disentangle the impact of firm specific variables and match characteristics on cumulative abnormal returns.
Findings
This paper finds that match outcomes affect the stock market performance of listed teams, while the announcements of draws and odds do not. More specifically, the market does not consider match outcomes involving wins and ties as informative events, while it penalizes losing teams. Moreover, investor reactions to events related to the UCL competition depend more on match characteristics than on company specific variables.
Originality/value
The study enriches the ongoing debate about the impact of soccer team results on stock market performance in several ways: using the widest time span ever adopted in this area; focusing on UCL, which is the most important soccer competition played by private clubs; disentangling for the first time the effects of draws, odds release and sporting outcome on stock returns of listed soccer clubs.
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Muhammed Habib Dolgun, Abbas Mirakhor and Adam Ng
This paper aims to critically investigate the liquidity risk management of Islamic banks and develop an alternative regulatory framework appropriate for liquidity management of…
Abstract
Purpose
This paper aims to critically investigate the liquidity risk management of Islamic banks and develop an alternative regulatory framework appropriate for liquidity management of these banks.
Design/methodology/approach
The specific risk profile of an Islamic bank requires developing a new and more efficient regulatory framework, which relies on risk- sharing and symmetric information among parties. The paper makes a differentiation between small local banks and internationally active Islamic banks and proposes to apply liquidity requirements only for internationally active Islamic banks.
Findings
A new proposal for the liquidity coverage ratio (LCR) of Islamic banks is developed in this paper towards mitigating risks and concurrently protecting the interests of investment account holders. Minimum and maximum thresholds are proposed for each liquid asset in this new LCR framework. An alternative liquidity approach is discussed to complement the proposal and several policy options are suggested.
Originality/value
As participation banks are exposed to market liquidity and market risks, more high-quality liquid instruments within a risk-sharing regulatory framework may provide the inner adjustment process through which any mismatch regarding maturity, risk, value or linkage with the real economy is corrected systematically. It offers policy implications for regulators, supervisors and international organizations.
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Sarah Chehade and David Procházka
The paper aims to provide empirical evidence of the impact of IFRS adoption on the value relevance of accounting information in the emerging market of Saudi Arabia.
Abstract
Purpose
The paper aims to provide empirical evidence of the impact of IFRS adoption on the value relevance of accounting information in the emerging market of Saudi Arabia.
Design/methodology/approach
The sample consists of 98 non-financial listed firms operating in Saudi Arabia from 2014 to 2019, representing the years before and after IFRS adoption. The authors apply basic and extended price models to examine the value relevance of select accounting figures.
Findings
The authors findings provide evidence that accounting information is, generally, value relevant to the Saudi Arabian capital market. However, mixed results exist for particular accounting variables. Both earnings and cash flows are value-relevant in the period before and after IFRS adoption; equity is only relevant in the post-adoption period. Furthermore, IFRS adoption also increases the explanatory power of earnings. An increase in the value relevance of earnings and equity hurts the value relevance of cash flows. The effects are moderated by leverage and dividend policy.
Originality/value
The authors contribute to the ongoing discussion of the economic effects of IFRS adoption in emerging markets. The empirical findings show that initial concerns about IFRS adoption, as reflected by the negative coefficient within the regression analysis, are mitigated once the usefulness of the individual accounting variables published in financial statements is investigated.
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This study aims to extend the literature by extensively investigating the impact of foreign exchange and interest rate changes on the returns and volatility of bank stocks in…
Abstract
Purpose
This study aims to extend the literature by extensively investigating the impact of foreign exchange and interest rate changes on the returns and volatility of bank stocks in Saudi Arabia, which is the largest dual banking industry.
Design/methodology/approach
This study employs the generalized autoregressive conditional heteroscedasticity (GARCH) model on stock returns of four fully Islamic Saudi banks and eight conventional Saudi banks.
Findings
The results showed that the foreign exchange rate return has a positive impact on Saudi conventional bank returns, while it has an adverse impact on Saudi Islamic bank returns. Moreover, a higher interest rate return has a positive impact on Saudi bank stock returns implying that the assets side is more sensitive to changes in interest rates than the liability side. Finally, higher foreign exchange and interest rates volatility increases the volatility of Saudi bank returns, where the former has the largest significant impact. Therefore, Saudi regulators should pay more attention to the risk management of their banks because this could threaten the stability of their financial system.
Originality/value
To the best knowledge of the author, this is the first study that tries to extensively analyze the joint impact of foreign exchange and interest rates on bank stock returns and volatility in Saudi Arabia by applying the GARCH model. The study uses a long data set from 2010 to 2019 that includes all Saudi banks and employs four measures of interest rates to increase the robustness of the results.
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Jonathan Damilola Oladeji, Benita Zulch (Kotze) and Joseph Awoamim Yacim
The challenge of accessibility to adequate housing in several countries by a large percentage of citizens has given rise to different housing programs designed to facilitate…
Abstract
Purpose
The challenge of accessibility to adequate housing in several countries by a large percentage of citizens has given rise to different housing programs designed to facilitate access to affordable housing. In South Africa, the National Housing Finance Corporation (NHFC) was created to provides housing loans to low- and middle-income earners. Thus, the purpose of this study was to evaluate the implication of the macroeconomic risk elements on the performance of the NHFC incremental housing finance.
Design/methodology/approach
This study used a mixed-method approach to examine the time-series data of the NHFC over 17 years (2003–2020), relative to selected macroeconomic indicators. Additionally, this study analysed primary data from a 2022 survey of NHFC Executives.
Findings
This study found that incremental housing finance addresses a housing affordability gap, caters to disadvantaged groups, adapts to changing macroeconomic conditions and can mitigate default risk. It also finds that the performance of the NHFC’s incremental housing finance is premised on the behaviour of the macroeconomic elements that drive its strategy in South Africa.
Originality/value
Unlike previous works on housing finance, this case study of the NHFC considers the implication of macroeconomic trends when disbursing incremental housing finance to low- and middle-level income earners as a risk mitigation measure for the South African market. Its mixed method use of quantitative and qualitative data also allows a robust insight into trends that drive investment in incremental housing finance in South Africa.
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