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Book part
Publication date: 9 September 2020

Shih-Yung Chiu

This study aims to examine the effects of participating in physical activities on female college graduates' starting salaries. We used an instrumental variable (IV…

Abstract

This study aims to examine the effects of participating in physical activities on female college graduates' starting salaries. We used an instrumental variable (IV) approach to address the possible endogeneity problem. By using the Taiwan Higher Education Dataset, we discovered that participating in physical activities during college increased an individual's earnings by 3.06%. The significant positive effect of physical activity on salary demonstrated in this study is consistent with that in other relevant studies. This study also discovered that both the intensity and the persistence of participation in physical activities affected salary outcomes. Individuals earned 0.17%–2.41% more if they exercised for an additional hour per week, suggesting the importance of the intensity of participation in physical activities. In addition, persistent participation in physical activities was associated with a 3.08% higher salary.

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Book part
Publication date: 21 October 2019

Rudy Yaksick

The purpose of this chapter is to demonstrate how blockchain technology – which permits the Internet-based exchange of value (digital assets) – enables supply chain…

Abstract

The purpose of this chapter is to demonstrate how blockchain technology – which permits the Internet-based exchange of value (digital assets) – enables supply chain finance banks to overcome the challenges they face when attempting to create win–win transactions for supply chain participants. Traditionally, buyers and suppliers linked together in a supply chain have conflicting objectives as manifested by a zero-sum payoff structure. Suppliers want their invoices to be paid quickly in order to reduce their need for working capital. In contrast, buyers want to delay payment of invoices as long as possible in order to reduce their need for working capital. In other words, suppliers want a short cash conversion cycle; buyers want a long cash conversion cycle. This conflict is eliminated by the insertion of a financial intermediary (supply chain finance bank) between the buyer and the supplier. The bank eliminates the conflict by: (1) using its balance sheet to decouple the cash conversion cycles of the buyer and supplier; and (2) providing cheaper financing to impatient suppliers and reluctant buyers (since the bank has a higher credit rating than both the supplier and the buyer).

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Disruptive Innovation in Business and Finance in the Digital World
Type: Book
ISBN: 978-1-78973-381-5

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Book part
Publication date: 13 October 2015

James C. Cox and Duncan James

This study first replicates, then perturbs, the centipede game as implemented by McKelvey and Palfrey (1992). It is thus both a replication study and an original research…

Abstract

This study first replicates, then perturbs, the centipede game as implemented by McKelvey and Palfrey (1992). It is thus both a replication study and an original research study. We use controlled laboratory experiments, with computer interfaces for each treatment, anonymous round-robin matching among the subjects across rounds, multiple (10) rounds within each treatment, and incremental changes between adjacent treatments allowing for an assessment of effects at the margin of different game configurations. We find unraveling to the subgame perfect equilibrium somewhat faster than did McKelvey and Palfrey (1992), when using their exact design. Perturbations to that design show that setting non-taker payoffs to zero induces earlier unraveling, as does the use of higher stakes (as in Murphy, Rapoport, and Parco (2006), and Rapoport, Stein, Parco, and Nicholas (2003), respectively). Other, subsequent perturbations show: that there is at most a subtle effect associated with using a 10-second timer with a default move, relative to untimed active moves; and that clock format versus tree format has a minimal effect in common information, unchanging payoff-parameterization environments. We verify the robustness of some key past findings in real-time games. We also explore in a common information environment, the effect of design features previously used in independent private values settings; here we find new evidence that features which might modulate information acquisition and/or processing in an independent private values setting may not restrict behavior in a common information setting.

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Replication in Experimental Economics
Type: Book
ISBN: 978-1-78560-350-1

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Book part
Publication date: 4 July 2019

Tarek Eldomiaty, Rasha Hammam, Yasmeen Said and Alaa Safwat

This chapter offers an empirical examination of the impact of World Governance indicators (WGIs) on stock market development. The understanding is based on the premise of…

Abstract

This chapter offers an empirical examination of the impact of World Governance indicators (WGIs) on stock market development. The understanding is based on the premise of institutional economics that strong institutional governance, in terms of laws and regulations, results in positive developments in financial institutions.

The data which covers the years 1996–2016, include all world countries where a stock market operates. The authors use standard statistical tools that include Johansen co-integration test, linearity, normality tests, and regression analysis, together with discriminant analysis as a robustness check.

The empirical findings show that (a) a negative association exists between Voice and Accountability and stock market development, (b) a positive association exists between each of Political Stability, Government Effectiveness, Regulatory Quality, Rule of Law and Control of Corruption, and stock market development for most World’s regions stock markets, (c) both Voice and Accountability and Political Stability indicators are the major influential indicators for the stock market development across world stock markets.

This chapter offers quantitative evidence about the benefits of strong institutional governance to stock market development. In addition, the chapter offers significant guidelines to policymakers regarding the institutional factors that can be enhanced to promote stock market development.

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Book part
Publication date: 13 October 2015

Xu Jiang, Radhika Lunawat and Brian Shapiro

We replicate and extend the social history treatment of the Berg, Dickhaut, and McCabe (1995) investment game, to further document how the reporting of financial history…

Abstract

We replicate and extend the social history treatment of the Berg, Dickhaut, and McCabe (1995) investment game, to further document how the reporting of financial history influences how laboratory societies organize themselves over time. We replicate Berg et al. (1995) by conducting a No History and a Financial History session to determine whether a report summarizing the financial transactions of a previous experimental session will significantly reduce entropy in the amounts sent by Investors and returned by Stewards in the investment game, as Berg et al. (1995) found. We extend Berg et al. (1995) in two ways. First, we conduct a total of five sessions (one No History and four Financial History sessions). Second, we introduce Shannon’s (1948) measure of entropy from information theory to assess whether the introduction of financial transaction history reduces the amount of dispersion in the amounts invested and returned across generations of players. Results across sessions indicate that entropy declined in both the amounts sent by Investors and the percentage returned by Stewards, but these patterns are weaker and mixed compared to those in the Berg et al. (1995) study. Additional research is needed to test how initial conditions, path dependencies, actors’ strategic reasoning about others’ behavior, multiple sessions, and communication may mediate the impact of financial history. The study’s multiple successive Financial History sessions and entropy measure are new to the investment game literature.

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Replication in Experimental Economics
Type: Book
ISBN: 978-1-78560-350-1

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Article
Publication date: 7 February 2017

Abimbola Olukemi Windapo and Astrette Cloete

This paper aims to examine briefing practices and whether these are related to the quality of brief documents and client satisfaction in constructed health-care facilities…

Abstract

Purpose

This paper aims to examine briefing practices and whether these are related to the quality of brief documents and client satisfaction in constructed health-care facilities in South Africa. The rational for the examination stems from the view held by scholars that the briefing process is critical to the success of projects, as well as client/user satisfaction in the constructed facility, and also because of undocumented reports of client/end-user dissatisfaction in constructed health-care facilities in South Africa.

Design/methodology/approach

The research process consisted of a literature review to identify existing briefing framework and practices in use applicable to facilities. This was supported by an exploratory case study of a recently completed public hospital in East London, South Africa. Data collection for the study was undertaken by means of conducting semi-structured interviews with two groups consisting of client representatives and the technical design team on the project.

Findings

The research established that in the context of this case study, inadequate client consultation took place, not all design consultants were adequately involved in the development of the project brief, limited use was made of a specific briefing framework in developing the project brief and that despite these shortcomings in the briefing process followed, a comprehensive good quality briefing document was produced and the client was satisfied with the health-care facility constructed.

Research limitations/implications

The results of this study are generalizable with health-care facilities only. As such, research inferences and projections can only be made within this set and may not necessarily be applicable to the wider construction sector or to all projects within this sector.

Practical implications

The implications of this research are applicable to constructed health-care facilities. Practical inferences include the need to acknowledge that there is a need for a briefing framework, which should outline the involvement of all design consultants and client representatives when developing the project briefs for health-care facilities. The briefing framework is proposed for use in addressing the shortcomings in the briefing processes and practices and will also help the client in the choice of a brief process and practice which will comprehensively capture their requirements, give clear directives/information to the design consultants and will result in higher levels of end-user/patient satisfaction in the constructed health-care facility.

Social implications

Clients and allied professionals in charge of health-care facilities’ construction are encouraged to consider the implementation of a standard framework for use in the briefing process. This reflection should encourage engagement through formative legislative provision and transparent awareness campaigns.

Originality/value

This work is original insofar, as it directly addresses the alignment of briefing practices to quality of brief documents and client satisfaction in constructed health-care facilities within the context of the South African construction industry. However, similar exercises have been undertaken on briefing practices in the wider construction sector.

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Facilities, vol. 35 no. 1/2
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 August 1994

Piet Sercu and Raman Uppal

Typically, international capital budgeting is carried out using the adjusted net present value (NPV) approach. In this article, we present an alternate method for valuing…

Abstract

Typically, international capital budgeting is carried out using the adjusted net present value (NPV) approach. In this article, we present an alternate method for valuing international investments; one that is based on the option pricing theory developed by Black and Scholes (1973). We show that when (a) the decision being valued involves an irreversible investment, (b) the investment decision can be postponed, and (c) uncertainty is resolved gradually over time, using the option pricing approach may be more appropriate than the NPV approach. Applying the traditional NPV approach to value investments such as the decision to enter a new market, expand production, suspend operations temporarily or liquidate operations, may lead one to underestimate their value. This is because the naive NPV criteria is a static valuation method that ignores a firm's flexibility to postpone projects, to abandon them, or to shut down operations temporarily.

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Managerial Finance, vol. 20 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 11 May 2015

Omar Javaid

This paper aims to investigate the possibility of a methodological error made by the concerned scholars and academics of Islamic finance & economics to understand and…

Abstract

Purpose

This paper aims to investigate the possibility of a methodological error made by the concerned scholars and academics of Islamic finance & economics to understand and study the modern framework of financial institutions, where they intend to practice Islamic law of contract. This error has led them to expect something which the institutional modern framework of banks, adopted by Islamic banks (for e.g.), wasn’t designed to accomplish, hence the disappointment.

Design/methodology/approach

This study reviews the literature on history of evolution of banking industry and the corresponding ideological and cultural changes in the European society which drove this evolution; this is followed by a conceptual analysis to identify the institutional components inconsistent with ethos of Islamic norms and ethos.

Findings

After review of history and evolution of modern banking framework, in the light of Hollingsworth frame of institutional analysis, it is inferred that the said framework was designed for a secular, liberal and capitalist society to efficiently and effectively enhance freedom and accumulate capital and wealth, without much regard for equitable distribution of wealth and economic justice. These goals are very much in contrast with the normative premise of Islamic Economics, which cannot be efficiently used to achieve the related objective. This indicates that framework of banking was narrowly understood by the concerned scholars and academics, without considering its history of evolution and intended objectives, before adopting for IBs.

Practical implications

The disconnect between the Western institutional framework and ethos of Islam implies that the concerned need to look deeper and holistically while adapting Western institutions, so that necessary alteration is done in advance, if such an adoption is inevitable.

Originality/value

This study introduces a new dimension for the concerned scholars, academics and practitioners to reanalyze the institutional framework adopted from the West, so that necessary adjustments can be worked out to make the said framework compatible with the ethos of Islamic economics.

Details

Humanomics, vol. 31 no. 2
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 16 November 2012

Motiar Rahman and Aminu Alhassan

The purpose of this paper is to evaluate the perception of a contractor on early contractor involvement (ECI) type of construction project delivery approach in terms of…

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Abstract

Purpose

The purpose of this paper is to evaluate the perception of a contractor on early contractor involvement (ECI) type of construction project delivery approach in terms of its benefits and drawbacks.

Design/methodology/approach

A questionnaire survey was conducted on various professionals of a contractor, who had extensive experience of working in ECI.

Findings

The ECI approach increases the opportunity for better relationships among the parties, which assist the design process from contractor's input and eventually lead to successful delivery of the project. On the other hand, unequal commitment and lack of win‐win attitude between the parties are seen as the most important drawbacks that hinder integration in ECI approach. It is also observed that benefits from ECI are likely to outweigh the drawbacks.

Originality/value

Construction projects are different, requiring adjustments, even within generic procurement or delivery approaches, in order to build a harmonious team, to allow project participants to work together and deliver an improved project. This study contributes to devising and demonstrating such a strategy, focusing on ECI approach.

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Built Environment Project and Asset Management, vol. 2 no. 2
Type: Research Article
ISSN: 2044-124X

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Article
Publication date: 29 March 2019

Julian Risch and Ralf Krestel

Patent offices and other stakeholders in the patent domain need to classify patent applications according to a standardized classification scheme. The purpose of this…

Abstract

Purpose

Patent offices and other stakeholders in the patent domain need to classify patent applications according to a standardized classification scheme. The purpose of this paper is to examine the novelty of an application it can then be compared to previously granted patents in the same class. Automatic classification would be highly beneficial, because of the large volume of patents and the domain-specific knowledge needed to accomplish this costly manual task. However, a challenge for the automation is patent-specific language use, such as special vocabulary and phrases.

Design/methodology/approach

To account for this language use, the authors present domain-specific pre-trained word embeddings for the patent domain. The authors train the model on a very large data set of more than 5m patents and evaluate it at the task of patent classification. To this end, the authors propose a deep learning approach based on gated recurrent units for automatic patent classification built on the trained word embeddings.

Findings

Experiments on a standardized evaluation data set show that the approach increases average precision for patent classification by 17 percent compared to state-of-the-art approaches. In this paper, the authors further investigate the model’s strengths and weaknesses. An extensive error analysis reveals that the learned embeddings indeed mirror patent-specific language use. The imbalanced training data and underrepresented classes are the most difficult remaining challenge.

Originality/value

The proposed approach fulfills the need for domain-specific word embeddings for downstream tasks in the patent domain, such as patent classification or patent analysis.

Details

Data Technologies and Applications, vol. 53 no. 1
Type: Research Article
ISSN: 2514-9288

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