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1 – 10 of over 13000David DeBoeuf, Hongbok Lee, Don Johnson and Maksim Masharuev
The purpose of this paper is to contribute to financial managers’ capital budgeting decision-making processes by proposing a new paradigm of capital investment appraisal. The…
Abstract
Purpose
The purpose of this paper is to contribute to financial managers’ capital budgeting decision-making processes by proposing a new paradigm of capital investment appraisal. The expected return, required return structure of the proposed purchasing power return (PPR) methodology eliminates the many flaws associated with the competing internal rate of return (IRR) and modified IRR (MIRR) techniques.
Design/methodology/approach
The authors provide a new framework for examining long-term investment projects through a percentage return prism. Unlike that of IRR and MIRR, mathematical consistency with net present value (NPV) is a design requirement.
Findings
PPR eliminates the many flaws found in the IRR and MIRR methodologies, is mathematically consistent with NPV, and identifies positive-NPV investments forecasted to reduce the company’s purchasing power. These projects are acceptable under NPV, but flagged for additional review and potential rejection. Created to examine projects on a percentage return basis, PPR employs market-based inflation rates to convert all cash flows into constant purchasing power units of measure. From these units, an expected real return is estimated and compared to the project’s inflation-adjusted required return, resulting in an accept/reject decision consistent with that of NPV.
Originality/value
The proposed PPR is a new paradigm of capital investment appraisal that eliminates the many problems found in the IRR and MIRR techniques, is mathematically consistent with the NPV method, and helps financial decision makers examine investment projects on an expected percentage return basis. PPR also flags for further review projects expected to actually reduce the company’s purchasing power.
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Aims to explain the rationale for producing an issue on the topic of real estate investing and how these articles fit together.
Abstract
Purpose
Aims to explain the rationale for producing an issue on the topic of real estate investing and how these articles fit together.
Design/methodology/approach
Essay format.
Findings
Real estate is probably the largest category of assets for investors and the works in this issue will assist in the decision making processes of real estate investors.
Research limitations/implications
Each of these papers covers only a limited topic and more research in the area is needed.
Practical implications
These papers could change how asset allocation studies are conducted; allow investors to make superior returns around the turn of the month on real estate investment trusts (REITs); alter the capital structure of REITs; seek out real estate mutual funds with higher management fees (because they were associated with higher returns); invest directly in real estate properties.
Originality/value
All five of these papers either examine areas that have not been reviewed by researchers previously, or find results that may result in different investment decisions.
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A mutual fund must provide prospectuses to each potential investor before the fund may accept monies from that individual. The prospectuses are a major source of information about…
Abstract
A mutual fund must provide prospectuses to each potential investor before the fund may accept monies from that individual. The prospectuses are a major source of information about the fund and yet they have historically been largely unreadable by the public. While the poor readability has been a problem in the past, it is becoming a greater problem as the number of individuals responsible for their own investment decision making increases. Recognising this problem, the Securities and Exchange Commission (SEC) adopted Rule 421 in 1998, requiring that prospectuses be made more readable as measured by a subjective reading of the document. This study applies four objective tests to mutual fund prospectuses from both preand post‐Rule 421 periods and finds substantial evidence that mutual fund companies have complied with Rule 421 and are producing prospectuses that are much more readable and accessible by the general public.
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Robbie Matz and Ali Bowes
The chapter details the development of one of the most lucrative professional sports for women in the world, while drawing attention to institutionalised issues of racism and…
Abstract
The chapter details the development of one of the most lucrative professional sports for women in the world, while drawing attention to institutionalised issues of racism and sexism in the sport. We discuss the history of women in professional golf, from the roots of the Ladies Professional Golf Association (LPGA), through the modern-day game where women now play for large sums of money each week. We then shed light on the development of a global tour which started with the likes of Annika Sorenstam, Lorena Ochoa, and Se Ri Pak dominating a once Americentric tour, and how the LPGA struggled to embrace this cultural shift via the Five Points of Celebrity marketing plan and the contentious English-speaking rule. The discussion then moves to focal point of the chapter: the US media's reaction to long-time American professional golf coach and former radio broadcaster Hank Haney's disparaging comments before and at the conclusion of the 2019 Women's US Open. Twenty-five articles were collected from US golf and sport media outlets and coded resulting in four themes: (1) a downplaying of the remarks, (2) ambivalence to the women's game, (3) a privileging of men, and (4) a global tour. The chapter concludes with remarks that highlight the media's struggle to find the appropriate framing and language to cover the incident and how an intersectional approach reveals that oppression of women on the LPGA Tour exists beyond gender.
William S. Compton, Don T. Johnson and Robert A. Kunkel
This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.
Abstract
Purpose
This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.
Design/methodology/approach
A test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.
Findings
A TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.
Research limitations/implications
The data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.
Practical implications
These results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.
Orginality/value
The daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.
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In lieu of recent violent acts and the deaths of quare individuals‐queers of colour (e.g. Jorge Steven Lopez Mercado, Carl Walker‐Hoover, Jaheem Herrera, Sakia Gunn, etc.) this…
Abstract
In lieu of recent violent acts and the deaths of quare individuals‐queers of colour (e.g. Jorge Steven Lopez Mercado, Carl Walker‐Hoover, Jaheem Herrera, Sakia Gunn, etc.) this piece remembers their lives, while reimagining our current sociopolitical landscape (Johnson, 2006). Recognising the spiritual as political (Jacqui Alexander, 2005), this work calls upon our collective memories‐psychological, bodily and sacred‐to remember the tragedies and lessons of love necessary to heal our collective wounds. Through a polyvocal montage performance text, life, living, love, and quareness are explored. Believing love as the core of Christianity, and the necessity of love to sustain life, revolution, justice and equality, A Call to Love questions our love practices, urging us to operate from that commonality.
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This paper proposes to rethink the concepts of relevance and usefulness and their relation to the theory–practice gap in management research.
Abstract
Purpose
This paper proposes to rethink the concepts of relevance and usefulness and their relation to the theory–practice gap in management research.
Methodology/approach
On the basis of the cognitive-linguistic relevance theory or inferential pragmatics, supplemented by insights from information science, we define relevance as a general conceptual category, while reserving usefulness for the instrumental application in a particular case.
Findings
There is no reason to hold onto the difference between theoretical and practical relevance, nor to distinguish between instrumental and conceptual relevance.
Originality/value
This novel approach will help to clarify the confusion in the field and contribute to a better understanding of the added value of management research.
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Peter Smagorinsky, Andie Brasley, Rebekah Johnson and Lisa Shurtz
This paper aims to describe a letter written to undergraduate students before their enrollment in a required foundations course, Service-Learning in English Education, taken…
Abstract
Purpose
This paper aims to describe a letter written to undergraduate students before their enrollment in a required foundations course, Service-Learning in English Education, taken before admission to the English education program at [the university]. The course, offered in the spring of 2017, came on the heels of Donald Trump’s election to the US Presidency, an event that followed from a campaign that raged against “politically correct” social developments that respect the dignity of people historically marginalized in US society.
Design/methodology/approach
The letter lays out the perils of teaching a diversity-oriented course in an era of disdain for diverse people and cultures. The letter explains how the course design attempts to give all interpretive authority to the students through their selection of course books and the book club design of promoting discussion outside professorial surveillance.
Findings
The paper includes the comments of three students regarding their response to the letter and course, and concludes that teaching a politicized course in a tempestuous time is risky yet possible.
Originality/value
This paper looks at one teacher educator’s approach to introducing diversity-related ideas in a Red State during an anti-diversity presidency.
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