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Article
Publication date: 1 March 2006

S. Thomas Ng and Yoki M.W. Wong

The purpose of this paper is to establish whether this type of approach is suitable for maintenance schemes from the perspective of both the public agent and the service…

Abstract

Purpose

The purpose of this paper is to establish whether this type of approach is suitable for maintenance schemes from the perspective of both the public agent and the service provider. Until recently, non‐privately funded public‐private partnerships have been adopted for the maintenance of infrastructure facilities.

Design/methodology/approach

In this study, stakeholders involved in a trial of a non‐privately funded public‐private partnerships project were invited to express their opinions on the success and pitfalls of this type of scheme. Semi‐structured interviews were carried out with 12 management and front‐line staff of the public and private partners to capture their opinions on the project. A questionnaire survey was also conducted to uncover the views and standpoints of other stakeholders on PPP. A total of 33 respondents completed the questionnaire.

Findings

The results indicate that the non‐privately funded PPP approach is more cost‐effective and efficient in the delivery of maintenance services when compared with the traditional term contract. The performance‐based payment mechanism adopted could help improve the quality of maintenance services performed by the contractor. The inspection and programming tasks are transferred to the service provider relieving the workload of the public agency. Most stakeholders who participated in this study agreed that the non‐privately funded PPP approach can allow higher flexibility, encourage innovation, enhance cost‐effectiveness and improve the efficiency of work when compared with the traditional term contract in the delivery of maintenance services.

Originality/value

This paper provides a general introduction to the method adopted in the non‐privately funded public‐private partnerships approach with particular reference to the maintenance of infrastructure schemes. More important, the potentials and pitfalls of using this type of mechanism with maintenance projects are examined, which helps enhance understanding of this rather unexplored topic.

Details

Engineering, Construction and Architectural Management, vol. 13 no. 2
Type: Research Article
ISSN: 0969-9988

Keywords

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Book part
Publication date: 15 July 2015

Robert A. Stodden, Kaveh Abhari and Eran Kong

This chapter focuses upon high school preparation and transition planning activities as they apply to students with disabilities. The reader will find a review of needs…

Abstract

This chapter focuses upon high school preparation and transition planning activities as they apply to students with disabilities. The reader will find a review of needs for reform of high school standards-based curricula, the development of inclusive general education curriculum content, and strategies for integrating functional and daily living skill training and meaningful transition planning activities, which include collaboration with adult agencies. The authors further present a number of evidence-based practices to address these needs and make recommendations for moving forward in ways to improve post-school outcomes for youth with disabilities.

Details

Transition of Youth and Young Adults
Type: Book
ISBN: 978-1-78441-933-2

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Book part
Publication date: 15 July 2015

Abstract

Details

Transition of Youth and Young Adults
Type: Book
ISBN: 978-1-78441-933-2

Content available
Article
Publication date: 12 June 2017

Nara Rossetti, Marcelo Seido Nagano and Jorge Luis Faria Meirelles

This paper aims to analyse the volatility of the fixed income market from 11 countries (Brazil, Russia, India, China, South Africa, Argentina, Chile, Mexico, USA, Germany…

Abstract

Purpose

This paper aims to analyse the volatility of the fixed income market from 11 countries (Brazil, Russia, India, China, South Africa, Argentina, Chile, Mexico, USA, Germany and Japan) from January 2000 to December 2011 by examining the interbank interest rates from each market.

Design/methodology/approach

To the volatility of interest rates returns, the study used models of auto-regressive conditional heteroscedasticity, autoregressive conditional heteroscedasticity (ARCH), generalized autoregressive conditional heteroscedasticity (GARCH), exponential generalized autoregressive conditional heteroscedasticity (EGARCH), threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and periodic generalized autoregressive conditional heteroscedasticity (PGARCH), and a combination of these with autoregressive integrated moving average (ARIMA) models, checking which of these processes were more efficient in capturing volatility of interest rates of each of the sample countries.

Findings

The results suggest that for most markets, studied volatility is best modelled by asymmetric GARCH processes – in this case the EGARCH – demonstrating that bad news leads to a higher increase in the volatility of these markets than good news. In addition, the causes of increased volatility seem to be more associated with events occurring internally in each country, as changes in macroeconomic policies, than the overall external events.

Originality/value

It is expected that this study has contributed to a better understanding of the volatility of interest rates and the main factors affecting this market.

Propósito

Este estudio analiza la volatilidad del mercado de renta fija de once países (Brasil, Rusia, India, China, Sudáfrica, Argentina, Chile, México, Estados Unidos, Alemania y Japón) de enero de 2000 a diciembre de 2011, mediante el examen de las tasas de interés interbancarias de cada mercado.

Diseño/metodología/enfoque

Para la volatilidad de los retornos de las tasas de interés, se utilizaron modelos de heteroscedasticidad condicional autorregresiva: ARCH, GARCH, EGARCH, TGARCH y PGARCH, y una combinación de estos con modelos ARIMA, comprobando cuáles de los procesos eran más eficientes para capturar la volatilidad de interés de cada uno de los países de la muestra.

Hallazgos

Los resultados sugieren que para la mayoría de los mercados estudiados la volatilidad es mejor modelada por procesos GARCH asimétricos —en este caso el EGARCH— demostrando que las malas noticias conducen a un mayor incremento en la volatilidad de estos mercados que las buenas noticias. Además, las causas de una mayor volatilidad parecen estar más asociadas a eventos que ocurren internamente en cada país, como cambios en las políticas macroeconómicas, que los eventos externos generales.

Originalidad/valor

Se espera que este estudio contribuya a un mejor entendimiento de la volatilidad de las tasas de interés y de los principales factores que afectan a este mercado.

Palabras clave

Ingreso fijo, Volatilidad, Países emergentes, Modelos ARCH-GARCH

Tipo de artículo

Artículo de investigación

Details

Journal of Economics, Finance and Administrative Science, vol. 22 no. 42
Type: Research Article
ISSN: 2077-1886

Keywords

Content available
Article
Publication date: 25 January 2011

Abstract

Details

Journal of Managerial Psychology, vol. 26 no. 1
Type: Research Article
ISSN: 0268-3946

Content available
Book part
Publication date: 31 January 2015

Abstract

Details

Bounded Rational Choice Behaviour: Applications in Transport
Type: Book
ISBN: 978-1-78441-071-1

Content available
Book part
Publication date: 31 January 2015

Abstract

Details

Bounded Rational Choice Behaviour: Applications in Transport
Type: Book
ISBN: 978-1-78441-071-1

Content available
Article
Publication date: 3 April 2007

Abstract

Details

Journal of Managerial Psychology, vol. 22 no. 3
Type: Research Article
ISSN: 0268-3946

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Article
Publication date: 1 December 2003

Eran Vigoda‐Gadot and Fany Yuval

Reports on a follow‐up study of the relationship between managerial quality, administrative performance and citizens’ trust in government and in public administration…

Abstract

Reports on a follow‐up study of the relationship between managerial quality, administrative performance and citizens’ trust in government and in public administration systems. The study was based on a survey of 502 Israeli citizens conducted during 2002 and was compared with a similar study that was conducted during 2001 among 345 Israeli citizens. The research tried to validate and replicate previous findings on the question of causality between performance and trust. As in the 2001 survey the technique of structural equation modeling with LISREL 8.3 was applied to test three competing models that were similar to those tested in the past. The present findings were very consistent with the previous ones found by the authors showing that the second model was the best fit with the data. According to this model managerial quality leads to administrative performance and ultimately to trust in governance. The findings support previous assumptions that administrative performance may be treated as a precondition to trust in governance rather than trust serving as the precondition to performance.

Details

International Journal of Public Sector Management, vol. 16 no. 7
Type: Research Article
ISSN: 0951-3558

Keywords

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Article
Publication date: 23 August 2013

Milagros Vivel‐Búa, Luis Otero‐González, Sara Fernández‐López and Pablo Durán‐Santomil

Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt.

Abstract

Purpose

Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt.

Design/methodology/approach

Using a sample of 100 Spanish companies with a significant social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data.

Findings

Our results showed that the main determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to tax loss carry‐forwards and long‐term economic sectors, and on the other, that it is related negatively to information asymmetries and growth opportunities. Results were mixed for foreign currency exposure.

Research limitations/implications

The limitations of this paper are associated to the availability of information from annual reports and the SABI database, especially the variables in relation to operational hedging. Therefore, as a future line of research, we propose gathering of data on these internal hedging practices in order to obtain more accurate evidence about its use in companies and their relationship with financial hedging.

Originality/value

This paper makes three major contributions to the existing literature. First, it contributes by illustrating currency hedging practices used by Spanish firms – which are important in Latin markets – to manage exchange rate exposure in. Second, we used more variables for the empirical analyses to contrast the hedging theories than previous studies had. Finally, we used a data panel because it allows the control of unobservable heterogeneity and endogeneity problems. Previous studies only used cross‐section estimations.

Objetivo

Este trabajo analiza la cobertura cambiaria con deuda en divisa utilizando las teorías de cobertura.

Diseño/metodología/aproximación

Se estimaron modelos probit para datos de panel usando una muestra de 100 empresas españolas con un papel económico‐social relevante en Latinoamérica durante el período 2004‐2007.

Resultados

Los resultados muestran que esta cobertura se relaciona principalmente con las economías de escala y el uso de derivados. Asimismo, existe una relación positiva con la convexidad impositiva y la localización empresarial en sectores orientados al largo plazo, y negativa con las asimetrías informativas y oportunidades de crecimiento. No existe evidencia concluyente para la exposición cambiaria.

Limitaciones de la investigación/implicaciones

La investigación tuvo como limitación la disponibilidad de algunos datos en los informes anuales de las empresas y la base de datos SABI, en especial, aquellos referidos a la cobertura operativa. En consecuencia, una línea de trabajo futura es la mejora de la información sobre esta cobertura, lo cual permitiría aportar mayor evidencia sobre su utilización y su relación con la cobertura financiera.

Originalidad/valor

Esta investigación realiza tres contribuciones a la literatura existente: a) permite un mejor conocimiento de la cobertura cambiaria en empresas españolas internacionales que ejercen un papel relevante en los mercados latinoamericanos; b) utiliza un conjunto de variables más amplio para contrastar las teorías de cobertura que el aplicado en estudios precedentes; c) emplea la metodología de datos de panel y no estimaciones en sección cruzada como presentan los trabajos previos, lo cual permite controlar la heterogeneidad inobservable y posibles problemas de endogeneidad.

Details

Academia Revista Latinoamericana de Administración, vol. 26 no. 2
Type: Research Article
ISSN: 1012-8255

Keywords

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