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Article
Publication date: 27 September 2011

Takeaki Kariya

In June of 2001, Tokyo Electric Power Company (TEPCO) and Tokyo Gas Supply Company (TGSC) made a zero‐cost risk swap contract on the average temperature of August and…

Abstract

Purpose

In June of 2001, Tokyo Electric Power Company (TEPCO) and Tokyo Gas Supply Company (TGSC) made a zero‐cost risk swap contract on the average temperature of August and September of 2001 in Tokyo for their adverse situations. This is an exchange of two options on the average temperature, by which TEPCO and TGSC can, respectively, hedge against a cold summer and a hot summer. The purpose of this paper is to develop a theoretical framework to evaluate the fairness or rationality of such a zero‐cost weather risk swap, derive some conditions to check the rationality and empirically evaluate the fairness of the above temperature risk swap between the two companies.

Design/methodology/approach

To provide a framework for analyzing weather risk swap, the authors used a statistical approach and a basic analysis is given with data and simulation.

Findings

First, the authors define the concept of full equivalence and moment equivalence of two options on a weather index and then derive some conditions for full and moment equivalences. Third, using the stochastic volatility model in Kariya et al., it is shown that the options in the TEPCO–TGSC risk swap are neither fully equivalent nor moment‐equivalent as they stand.

Originality/value

This paper originates the weather risk swap valuation problem and gives a framework to analyze and value the equivalence of a temperature risk swap. This method can be applied to various possible risk swaps for risk management.

Article
Publication date: 11 May 2010

Nicholas D. Paulson, Chad E. Hart and Dermot J. Hayes

While the demand for weather‐based agricultural insurance in developed regions is limited, there exists significant potential for the use of weather indexes in developing…

Abstract

Purpose

While the demand for weather‐based agricultural insurance in developed regions is limited, there exists significant potential for the use of weather indexes in developing areas. The purpose of this paper is to address the issue of historical data availability in designing actuarially sound weather‐based instruments.

Design/methodology/approach

A Bayesian rainfall model utilizing spatial kriging and Markov chain Monte Carlo techniques is proposed to estimate rainfall histories from observed historical data. An example drought insurance policy is presented where the fair rates are calculated using Monte Carlo methods and a historical analysis is carried out to assess potential policy performance.

Findings

The applicability of the estimation method is validated using a rich data set from Iowa. Results from the historical analysis indicate that the systemic nature of weather risk can vary greatly over time, even in the relatively homogenous region of Iowa.

Originality/value

The paper shows that while the kriging method may be more complex than competing models, it also provides a richer set of results. Furthermore, while the application is specific to forage production in Iowa, the rainfall model could be generalized to other regions by incorporating additional climatic factors.

Details

Agricultural Finance Review, vol. 70 no. 1
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 26 October 2010

Joyce Elele and Dail Fields

The purpose of this paper is to examine the relationship between participation in decision making (PDM) and the organizational commitment of Nigerian and American…

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Abstract

Purpose

The purpose of this paper is to examine the relationship between participation in decision making (PDM) and the organizational commitment of Nigerian and American employees working in the public sector environment. A focal concern of this study is the extent to which cultural differences or similarities between Nigeria and the USA impact this relationship.

Design/methodology/approach

The study first examined the measurement equivalence across both American and Nigerian sub‐samples for scales assessing levels of PDM and organizational commitment. While the item weights for measures of actual and desired PDM were invariant, the weights for items measuring organizational commitment differed between Nigerians and Americans. These weights were subsequently used to calculate affective, normative, and continuance commitment for the Nigerian and American sub‐samples and to test three hypotheses derived from the theoretical implications of cultural differences between Nigerians and Americans.

Findings

Taking into account measurement differences, both actual PDM and actual vs desired levels of PDM were related differently to the affective, normative, and continuance commitment of Nigerian employees compared to US employees. For Nigerian employees, both actual levels of participation and actual vs desired participation are related to affective and normative commitment. Neither measure of participation is related to continuance commitment. For Americans, only actual vs desired levels of participation were positively related with affective and normative organizational commitment. Actual levels of participation were negatively related to continuance commitment.

Research limitations/implications

Future work should expand the sampling to compare employees working in Nigerian owned and managed organizations with American employees of organizations in similar industries and of comparable size.

Practical implications

In addition to its theoretical value, this paper also has substantial practical value. Staff commitment is an organizational outcome variable critical to the success of international development agencies and implementing partners. For example, anti‐US sentiment has increased in the recent years up in the Islamic northern sections of Nigeria. Employee organizational commitment is critical in such challenging terrains, as employees who are more committed are more likely to help their organization weather such negative conditions.

Originality/value

There have been very few previous studies on how Western management practices such as employee participation play out within the African context and how cultural differences affect the relationships between management practices and employee outcomes in Nigeria. Findings in this study may provide public sector managers in these contexts with an understanding of the possible impact of organizational cultures which include PDM.

Details

Cross Cultural Management: An International Journal, vol. 17 no. 4
Type: Research Article
ISSN: 1352-7606

Keywords

Article
Publication date: 1 June 2000

George K. Chako

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or…

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Abstract

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or countries in their efforts to develop and market new products. Looks at the issues from different strategic levels such as corporate, international, military and economic. Presents 31 case studies, including the success of Japan in microchips to the failure of Xerox to sell its invention of the Alto personal computer 3 years before Apple: from the success in DNA and Superconductor research to the success of Sunbeam in inventing and marketing food processors: and from the daring invention and production of atomic energy for survival to the successes of sewing machine inventor Howe in co‐operating on patents to compete in markets. Includes 306 questions and answers in order to qualify concepts introduced.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 12 no. 2/3
Type: Research Article
ISSN: 1355-5855

Keywords

Article
Publication date: 1 January 1977

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of

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Abstract

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

Details

Managerial Law, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0558

Article
Publication date: 1 June 2002

George K. Chacko

Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade…

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Abstract

Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade Exchange for Auto Parts procurement by GM, Ford, Daimler‐Chrysler and Renault‐Nissan. Provides many case studies with regards to the adoption of technology and describes seven chief technology officer characteristics. Discusses common errors when companies invest in technology and considers the probabilities of success. Provides 175 questions and answers to reinforce the concepts introduced. States that this substantial journal is aimed primarily at the present and potential chief technology officer to assist their survival and success in national and international markets.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 14 no. 2/3
Type: Research Article
ISSN: 1355-5855

Keywords

Article
Publication date: 1 March 2003

HIPÒLIT TORRÓ, VICENTE MENEU and ENRIC VALOR

The authors employ single‐factor models to estimate daily temperature variations for the valuation of weather derivatives. Classical financial models are adapted to fit…

Abstract

The authors employ single‐factor models to estimate daily temperature variations for the valuation of weather derivatives. Classical financial models are adapted to fit temperature seasonality to a time series. As an example, Monte Carlo simulations of heating and cooling degree‐days are used as the underlying for weather derivatives that reference temperatures in regions of Spain. The article also discusses potential applications to hedging energy‐related risks.

Details

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

Abstract

Details

The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

Article
Publication date: 1 June 2004

Gregor Retti and Birgit Stehno

This paper describes the Laurin thesaurus, which is used for indexing and searching in the Laurin system, a software package for digital clipping archives. As a…

Abstract

This paper describes the Laurin thesaurus, which is used for indexing and searching in the Laurin system, a software package for digital clipping archives. As a multilingual thesaurus it complies with the corresponding standards, though presenting some approaches going beyond some of the standards' recommendations. The Laurin thesaurus integrates all kind of indexing terms, not only keywords, but proper names as well. The system of categories and relationships is described in detail.

Details

Journal of Documentation, vol. 60 no. 3
Type: Research Article
ISSN: 0022-0418

Keywords

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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