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Article
Publication date: 27 February 2009

Carlos E. Ortiz, Charles A. Stone and Anne Zissu

The purpose of this paper is to present an innovative model that helps create a portfolio of m‐fixed‐income securities, each with the optimal weight, in order for the…

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461

Abstract

Purpose

The purpose of this paper is to present an innovative model that helps create a portfolio of m‐fixed‐income securities, each with the optimal weight, in order for the portfolio to be δ‐ and γ‐hedged against small changes in interest rates. Re‐balancing a portfolio on a periodic basis is necessary, but also very costly. The model presented in this paper minimizes the necessity of rebalancing a portfolio, by choosing the optimal δ‐hedge ratios when constructing the initial portfolio to be hedged against interest rate risk.

Design/methodology/approach

In this paper, a general model is developed to obtain the optimal δ hedge for a portfolio of m‐fixed‐income‐securities (a1, a2, a3,…; ai, … , am), each, a function of the market interest rate y, such that when the value of each of the individual securities changes up or down, because of changes in market rates y, the total value of the portfolio is unchanged. The delta hedge is developed under the constraint of a zero‐gamma, in order to avoid costs related to the re‐balancing of such portfolio.

Findings

An innovative model is developed that helps create a portfolio of m‐fixed‐income securities, each with the optimal weight, in order for the portfolio to be δ‐ and γ‐hedged against small changes in interest rates.

Practical implications

The model minimizes the necessity of rebalancing a portfolio, by choosing the optimal δ‐hedge ratios when constructing the initial portfolio to be hedged against interest rate risk.

Originality/value

An innovative model has been developed that helps create a portfolio of m‐fixed‐income securities, each with the optimal weight, in order for the portfolio to be delta‐ and gamma‐hedged against small changes in interest rates.

Details

The Journal of Risk Finance, vol. 10 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 9 August 2013

Carlos E. Ortiz, Charles A. Stone and Anne Zissu

One of the main risks to investors in securitized reverse mortgages is that the value of the reverse mortgage exceeds that of the property. The purpose of this paper is to…

Abstract

Purpose

One of the main risks to investors in securitized reverse mortgages is that the value of the reverse mortgage exceeds that of the property. The purpose of this paper is to develop a model that determines paths of constant cross‐over points across any pairs of interest and inflation rate.

Design/methodology/approach

To study the behavior of hyper‐surfaces, multivariate calculus was used.

Findings

Knowing that the value of a reverse mortgage increases above that of the property value once it goes beyond the cross‐over point t*, it is possible to construct a pool of reverse mortgages, such that for any pairs of inflation rate and interest rate (x, r), these reverse mortgages move along lines of constant cross‐over points t*.

Originality/value

The paper develops a model that determines paths of constant cross‐over points across any pairs of interest and inflation rate, which can be used when structuring pools of reverse mortgage‐backed securities, to credit‐enhance investors.

Details

The Journal of Risk Finance, vol. 14 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 15 August 2008

Carlos E. Ortiz, Charles A. Stone and Anne Zissu

Interest only strips are created by stripping the interest portion of cash flows generated in mortgage‐backed securities or simply by servicing portfolios of mortgages. A…

Abstract

Purpose

Interest only strips are created by stripping the interest portion of cash flows generated in mortgage‐backed securities or simply by servicing portfolios of mortgages. A number of financial institutions have significant amounts of mortgage‐servicing rights (MSR) which need to be delta (dynamic) hedged. Because MSR have a positive duration when prepayment effect is stronger than discount effect, it is possible to delta hedge a portfolio of MSR with other fixed income securities such that the value of the portfolio is not affected by increases or decreases in market rates. The purpose of this paper is to address this issue.

Design/methodology/approach

The paper develops the delta‐hedge‐ratio of MSR within a dynamic approach, using three different securities. To lower the cost of the delta hedge, the authors compare three hedge ratios dynamically, in order to obtain the portfolio that needs the least delta hedge.

Findings

The model enables the reduction of the amount of portfolio rebalancing and therefore reduces the cost of MSR portfolio hedging.

Practical implications

The paper develops the gamma‐hedge‐ratio function for each of the three securities. The lowest gamma corresponds to the hedged portfolio that needs the least re‐balancing.

Originality/value

This paper is innovative with the introduction of a delta‐hedge‐ratio function of interest and prepayment rates.

Details

The Journal of Risk Finance, vol. 9 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 10 January 2019

José-Luis Rodríguez-Sánchez, Marta Ortiz-de-Urbina-Criado and Eva-María Mora-Valentín

The purpose of this paper is to propose a human resource management model for the integration stage of mergers and acquisitions (M/A) process with four key factors…

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3126

Abstract

Purpose

The purpose of this paper is to propose a human resource management model for the integration stage of mergers and acquisitions (M/A) process with four key factors: leadership and integration team; change and restructuring process; human resources (HR) resistance; valuable HR retention.

Design/methodology/approach

The authors analyze a case study of a multinational company that operates in the mechanical engineering sector.

Findings

The results show the special importance of human resource management in the success of the merger and acquisition process. And, the main actions implemented in HR contributing to the success of this process are identified.

Research limitations/implications

Subsequent investigations could conduct similar analyses for the planning and implementation stages of the merger and acquisition process, with the objective of presenting a complete HR management model in merger and acquisition processes.

Practical implications

The case study allows researchers to learn from professionals and business leaders while also offering a theoretical model that can help managers make decisions and improve the management of these processes.

Originality/value

The main contribution of this study has been to observe how HR are managed in the integration stage of M/A.

Details

International Journal of Manpower, vol. 40 no. 4
Type: Research Article
ISSN: 0143-7720

Keywords

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Article
Publication date: 2 December 2019

José-Luis Rodríguez-Sánchez, Eva-María Mora-Valentín and Marta Ortiz-de-Urbina-Criado

Many of the papers that analyse human resource management (HRM) in merger and acquisition (M&A) processes focus on the last two stages (integration and implementation)…

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1377

Abstract

Purpose

Many of the papers that analyse human resource management (HRM) in merger and acquisition (M&A) processes focus on the last two stages (integration and implementation). Then, the purpose of this paper is to propose an HRM model for the first stage of the process (planning) with four key factors: the due diligence process, the integration plan, the communication plan and the learning plan.

Design/methodology/approach

From the theoretical model, the authors analyse a case study of a multinational company that operates in the mechanical engineering sector.

Findings

The results show the special importance of HRM in the success of the M&A process. And, the main actions implemented in human resources (HRs) contributing to the success of this process are identified.

Research limitations/implications

Subsequent investigations could conduct similar analyses for the rest of the stages of the M&A process (integration and implementation), with the objective of presenting a complete HRM model in M&A processes.

Practical implications

The case study allows researchers to learn from professionals and business leaders while also offering a theoretical model that can help managers make decisions and improve the management of these processes.

Originality/value

The main contribution of this study has been to observe how HRs are managed in the planning stage of M&As.

Details

Journal of Organizational Change Management, vol. 33 no. 1
Type: Research Article
ISSN: 0953-4814

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Article
Publication date: 18 November 2019

Marta Peris-Ortiz, Carlos Rueda-Armengot and Sofia Estelles-Miguel

The purpose of this paper is to analyze the different types of work and to examine how they are related with open innovation, either by carrying out relationships with…

Abstract

Purpose

The purpose of this paper is to analyze the different types of work and to examine how they are related with open innovation, either by carrying out relationships with companies or external agents, or through the outsourcing of qualified and creative work.

Design/methodology/approach

After the theoretical analysis of the different types of work, the empirical study uses qualitative comparative analysis (QCA) to analyze the different variables and their relations which favor open innovation.

Findings

The combination of the variables in the QCA makes it possible to obtain three paths among the characteristics of the qualified work and open innovation, with a positive empirical result. The general conclusion is that the motivation level of the qualified work is relevant for open innovation.

Research limitations/implications

The study has some limitations, notably the reliability of the measurement of the variables, based on the subjective assessment of the respondent employee. The limited number of cases is always a question to be considered, although the statistical results show consistency in the results.

Practical implications

The most important implication for practice is the relevant connection between the internal efficiency in the management of the different types of work and open innovation.

Originality/value

The originality and value of this paper consist in relating the internal efficiency in the work management with the effectiveness and success of open innovation.

Details

Journal of Organizational Change Management, vol. 33 no. 1
Type: Research Article
ISSN: 0953-4814

Keywords

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Article
Publication date: 17 November 2020

Lillian Do Nascimento Gambi, Fabiane Letícia Lizarelli, Alex Ribeiro Rosa Junior and Harry Boer

The aim of this study is to investigate the effects of soft and hard quality management (QM) practices on innovation performance, considering innovation practices as a…

Abstract

Purpose

The aim of this study is to investigate the effects of soft and hard quality management (QM) practices on innovation performance, considering innovation practices as a contextual variable mediating this relationship.

Design/methodology/approach

Using data from 132 Brazilian manufacturing companies, partial least square–structural equation modeling (PLS–SEM) is employed to test if soft and hard QM practices, directly, affect innovation practices and, indirectly, innovation performance. This investigation also aims to identify whether the relationships are maintained regardless of the size of the company.

Findings

The results suggest that soft QM has a positive effect on hard QM. However, only soft QM, not hard QM, has a significant effect on innovation practices. Additionally, soft QM has a significant positive effect on innovation performance through innovation practices. Company size does not influence the relationships.

Practical implications

The findings can help managers to adjust their managerial practices to enhance the effective impact of QM on innovation performance.

Originality/value

The previous literature presents conflicting results on the relationship between QM and innovation performance. Most studies have proposed a direct relationship between both constructs. This study considers innovation practices as a mediator in this relationship. Furthermore, this paper adds to the scarce literature reporting related studies conducted in developing countries.

Details

Benchmarking: An International Journal, vol. 28 no. 3
Type: Research Article
ISSN: 1463-5771

Keywords

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Article
Publication date: 26 July 2021

Biagio F. Giannetti, Luis Velazquez, Krystal M. Perkins, Marisela Trillas-Ortiz, Carlos Anaya-Eredias, Feni Agostinho, Cecilia M.V.B. Almeida, Marcos Jose Alves Pinto and Nora Munguia

Students play an unequivocal role in sustainable universities as they are theorized to embody the mission of a sustainable university through a sustainable lifestyle and…

Abstract

Purpose

Students play an unequivocal role in sustainable universities as they are theorized to embody the mission of a sustainable university through a sustainable lifestyle and spread sustainability practices during their professional careers. Despite this, it is not well known how or why students come to embody a sustainable lifestyle. This study aims to better understand the relationship between happiness, academic achievement and sustainability behaviors among the student population in a Mexican higher education institution.

Design/methodology/approach

In a questionnaire study, engineering and psychology university students at a large public university in northwestern Mexico answered questions regarding their environmental sustainability behaviors, happiness and academic performance. A stratified random sampling technique was used to obtain the sample population that best represents the entire population. After chi-square tests, it was confirmed that the three variables were independent of one another. Therefore, a series of correspondence analyses were conducted to examine clusters or patterns that could indicate relationships among the three variables.

Findings

The main finding from this work was that the happiest and most academically astute participants were only slightly environmentally sustainable or not sustainable at all. The lack of environmental sustainability in students from one of the most top-rank sustainable universities in Mexico does not align with previous sustainability reports. External factors to the university, such as cultural values and extreme weather conditions, may have influenced students’ sustainability behaviors.

Research limitations/implications

As with any other questionnaire study, the provided data is subject to interpretation, judgment and bias. In addition, the environmental and happiness index used in this study are not free of criticizing, and some author had disputed its efficacy. Finally, this study’s findings did not determine any causality or directionality between any of the latent variables. However, causality and directionally between environmental sustainability-happiness and happiness-academic performance have to be found in both directions.

Practical implications

Despite the unsustainability of students in this study, this study has several contributions. First, it provides an evaluation of a sustainable university from the perspectives and behaviors of students. The views of students as they relate to the complexities and visions of a sustainable university have remained relatively underexamined. Second, these analyses point to specific sustainability-oriented challenges and inadvertent barriers (e.g. extreme weather patterns) toward the embodiment of a sustainable lifestyle. These challenges and barriers suggest that sustainable universities need to address the dynamic changes inherent in sustainable development. Finally, this study indicates that the link between happiness, academic performance and sustainability may be more complicated and driven by cultural and structural barriers. The issue of barriers, as they relate to sustainability behaviors, is highly relevant and presents important opportunities and questions for future research.

Originality/value

This study provides an evaluation of a sustainable university from the perspectives and behaviors of students. Students’ views as they relate to the complexities and visions of a sustainable university have remained relatively underexamined. Second, these analyses point to specific sustainability-oriented challenges and barriers as they relate to the embodiment of a sustainable lifestyle. These challenges and barriers suggest that sustainable universities need to address the dynamic changes inherent in sustainable development. Finally, this study indicates that the link between happiness, academic performance and sustainability may be more complicated and driven by cultural and structural barriers.

Details

International Journal of Sustainability in Higher Education, vol. 22 no. 7
Type: Research Article
ISSN: 1467-6370

Keywords

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Article
Publication date: 7 November 2016

Angélica Espinoza-Ortega, Carlos Galdino Martínez-García, Humberto Thomé-Ortiz and Ivonne Vizcarra-Bordi

The purpose of this paper is to identify segments of Mexican consumers with regard to their motives for food choices.

Abstract

Purpose

The purpose of this paper is to identify segments of Mexican consumers with regard to their motives for food choices.

Design/methodology/approach

A questionnaire based on the Food Choice Questionnaire was applied to 1,202 consumers. A factor analysis and a cluster analysis were performed on the data.

Findings

Ten factors were identified: care for weight and health, social sensitivity, practicality, economic aspects, non-industrialized, hedonism, traditionality A, familiarity, traditionality B, and no added sugar. Resulting clusters were named as: traditional, healthy, conscious, and careless. Statistically significant differences (p<0.05) were found due to gender, age, marital status, and educational level, but not for body mass index. There are signs of different consumers, but it seems that Mexican consumers in general express low sensitivity to issues of health and nutrition, even more so towards animal welfare and products that are friendly to the environment.

Research limitations/implications

The large diversity of motivations and behaviours in food consumption in Mexico are not all addressed in this study. However, this work opens a new area of research in Mexico so that in the near future studies on the diversity of Mexican consumers are undertaken, looking at the transformation of their food preferences.

Practical implications

In Europe, governments have addressed the new forms of consumption taking advantage of opportunities that benefit local producers, through the generation of added value as “Protected Designations of Origin (DOP)”, geographical indications, collective brands, ecological produce, local products of the land, among others. These proposals are promoted as a path to follow in Latin America, assuming that Latin American consumers have the same characteristics or interests as in those developed countries. But, not knowing consumers motives of preference represents a problem in the processes of valorization of food products.

Social implications

Economic development, demographic, and sociocultural changes in Latin America have promoted phenomena both in the polarization of livelihoods in their societies as well as changes of lifestyles in different social strata. Therefore, studies are needed on the effect of these changes not only in food consumption, but also on the symbolic elements when consumers choose their food.

Originality/value

In Mexico, the study of food consumption has followed diverse approaches, as a matter of policy, from an economic perspective, from anthropology, particularly focussed on indigenous cultures, from the nutrition and health field or emphasizing economic aspects. As in other developing countries, those works do not address the role of the consumer and their motivations, so that research that studies their motives in the choice of foods is needed.

Details

British Food Journal, vol. 118 no. 11
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 14 February 2018

Marta Peris-Ortiz, Carlos Alberto Devece-Carañana and Antonio Navarro-Garcia

The purpose of this paper is to investigate the relationship between open innovation (OI) and radical and incremental innovation success in knowledge-based companies. The…

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1671

Abstract

Purpose

The purpose of this paper is to investigate the relationship between open innovation (OI) and radical and incremental innovation success in knowledge-based companies. The company’s human resources and organizational learning capability are considered as the fundamental nexus of this relationship.

Design/methodology/approach

At the conceptual level, the paper analyzes the relationships between dynamic capabilities and OI and between OI and innovation success. Fuzzy-set qualitative comparative analysis (fsQCA) was used to study how innovation is implemented in 29 companies.

Findings

FsQCA identifies combinations of factors that facilitate incremental innovations. These combinations reveal the path to implementing company policies that enable incremental innovation and foster radical innovation.

Research limitations/implications

The nature of the study sample means that the findings should be generalized with precaution. The most valuable implication is the identification of combinations of factors that help companies manage innovation.

Originality/value

Scarce literature links organizational learning factors and OI to different types of innovation. The use of fsQCA to analyze the cases also marks a breakthrough in the innovation literature.

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