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Growth enterprise market (GEM) in Hong Kong is acknowledged as one of the world’s most successful examples of small and medium enterprise (SME) stock market. The purpose of this paper is to examine the evolving efficiency and dual long memory in the GEM. This paper also explores the joint impacts of thin trading, structural breaks and inflation on the dual long memory.

State-space GARCH-M model, Kalman filter estimation, factor-adjustment techniques and fractionally integrated models: ARFIMA–FIGARCH, ARFIMA–FIAPARCH and ARFIMA–HYGARCH are adopted for the empirical analysis.

The results indicate that the GEM is still weak-form inefficient but shows a tendency towards efficiency over time except during the global financial crisis. There also exists a stationary long-memory property in the market return and volatility; however, these long-memory properties weaken in magnitude and/or statistical significance when the joint impacts of the three aforementioned factors were taken into account.

A forecasts of the hedging model that capture dual long memory could provide investors further insights into risk management of investments in the GEM.

The findings of this study are relevant to market authorities in improving the GEM market efficiency and investors in modelling hedging strategies for the GEM.

This study is the first to investigate the evolving efficiency and dual long memory in an SME stock market, and the joint impacts of thin trading, structural breaks and inflation on the dual long memory.

Two measures of informational efficiency are applied to the market for paintings. The first is a measure of market efficiency as captured by serial dependency in returns. The serial correlation in an index of art returns suggests the possibility of persistent trends in the art market, however there is no empirical evidence that these trends can be easily exploited. The second is a measure of “price risk,” or instantaneous uncertainty about the immediate resale value of a work of art. The magnitude of the price risk suggests that there is a major role for dealers in the art market. Using historical data, I find that the price risk has been declining since the beginning of the painting market, indicating increasing informational efficiency. Paintings are like stocks and a dealer is like a broker. Someone makes money, then there is someone else who's really good at investing in stocks, and he tells the investor what to buy. If someone tells you to go to a good gallery rather than one that's not so good, you'll get a painting that might turn out to be worth something, a painting you like that's also a good investment. Its like having a broker tell you what stocks to buy. Andy Warhol

Great Britain is a laboratory for new techniques of public management; it is therefore an interesting place to look at for people willing to get involved in large public organisations. The French ‘institute for local studies’, trains future professionals, selected after graduation or after a working experience, in order to take high positions in local authorities nationwide. Three pairs of trainees belonging to the 2012–2013 group spent two weeks in three local authorities in England, with the purpose of analysing the performance management in these organisations.

British and French scholars dedicated to public organisations provided the six trainees with a global view of local government and reforms in the United Kingdom. After that, each pair exchanged information with the local authority they would visit; during the two weeks they spent there, an officer followed their works. They interviewed numerous professionals, elected members and unionists, attended meetings and events. Back in France, they presented their findings in several documents. The original subject was measuring and managing performance; in fact, the three pairs went farther and looked over many aspects of the organisations’ functioning.

Local authorities are facing important budget reductions and appear fragile; they put forward the idea of resilience to express the necessity of using all their resources to deal with a difficult situation. Elected members have a role of political initiative, but they also focus a lot on control, which is much more developed in Britain than in France; managers experience a very difficult period, with a lot of threats on their jobs, teams and projects. In this context, professional networks are very important; peer review is an interesting example of the role of professional exchanges in the search for new solutions. At last, unions don’t seek conflicts but try to accompany changes, lessening their negative consequences on people.

This work is not an academic one but an approach of the reality of organisations analysed by professionals or future professionals of the public sector, in a kind of ‘peer review’ between different countries. This international dimension is interesting, seeing that few in-depth comparisons between local authorities are made, especially between France and Britain.

The purpose of this paper is to describe and analyse a process for developing indicators of effectiveness for the city brand strategy.

A single-case study method is used as the analytical approach. The proposed indicators of effectiveness were developed in cooperation between the municipal government of a large, post-industrial Polish city and representatives from academia.

The paper addresses three important considerations to be taken into account by city managers when they seek to develop criteria for measuring the effectiveness of branding: links between tangible and intangible effects of brand implementation; spillover effects that sectoral strategies such as those aimed at urban renewal have on the city brand and vice versa; and the adoption of a threefold temporal regime whereby the effects of projects that contribute to the brand strategy are measured in the short, medium and long term.

The proposed approach offers a useful point of departure for place managers for the design of place brand strategy evaluation systems. The study is limited to the case of a single city.

The merger of brand management and public management perspectives re-evaluates the existing attempts to measure place brand strategy effectiveness. The new approach stimulates place authorities to consider multiple perspectives on the methods and instruments of measurement. It also implies the organisational shift where a number of units from the city hall coordinate their efforts to contribute to the assessment of the brand strategy.

A more systematic approach to measurement of place brand strategy effectiveness can be used to increase the level of legitimacy of brand-related activities in the eyes of internal stakeholders and to increase the level of professionalism among the public officers responsible for effectiveness measurement.

Theoretical considerations and the practice of place branding alike tend to give insufficient attention to criteria for measuring the effectiveness of place-branding strategies. This paper concentrates on the process of translating general strategic objectives into specific, measureable and time-bound operational indicators. The combination of theoretical insights into place branding together with public management grounds this approach in the administrative environment in which local authorities work.

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

This paper aims to propose an energy efficiency plan (with technical and behavioural improvement measures) for a Portuguese higher education building – the Teaching Building of the Faculty of Economics of the University of Coimbra (FEUC).

The study was developed in the context of both the “Green Campus – Challenge for Energy Efficiency in Higher Education” and the Energy for Sustainability Initiative of the University of Coimbra, Portugal. An energy audit was conducted based on the analysis of the energy consumption profiles. A monitoring campaign was carried out to measure and disaggregate the electricity consumption. The consumption of natural gas and water were also assessed. The building envelope and the heating and lighting systems were also evaluated. Some patterns of energy-environmental behaviours of the academic community were investigated through a Web-based survey.

The energy efficiency plan contemplates short-term tangible/intangible actions. It also considers the investment and payback period of the tangible measures. The implementation of three improvement measures in the lighting system would lead to a consumption reduction of about 26,123 kWh/year, avoiding the emission of 3,704 KgCO2/year, for an initial cost of 9,920 (payback period of 3.7 years).

Results are restricted to the case study and there are limitations in their generalisation outside of their context. However, they show some broadly implications and trends that have relevance for the higher education sector. This paper highlights the importance of engaging students, faculty and technical staff for working together on the assessment of the energy efficiency of the buildings where they study and work.

The higher education sector holds important functions in educating the next generation of professionals for a sustainable culture. The categories of activities described in this paper are good examples of what can be done within the academic community for acting towards sustainability. The results also pointed out that making users aware of their energy consumption is a priority towards the energy efficiency in higher education buildings.

Reductions on energy consumption are expected if the energy efficiency plan would be implemented. The results of the behavioural study were presented to the FEUC’s board of directors to be integrated in the “Good Practices Manual on Water and Energy Management”.

In this chapter, we estimate the allocative efficiency of Spanish airports in the pre-privatization period from 2009 until 2014. The estimation of an input-oriented distance system of equations allows us to calculate different allocative efficiency measures using two approaches. The results show that allocative inefficiencies exist for Spanish airports during this period. Moreover, in breaking down allocative efficiency changes by periods coinciding with different government strategies of privatization, we find important differences. In the initial period, when the government encouraged decentralized management of airports and privatization of the largest airports, allocative efficiency improved (from 2009 to 2012). In the second period, however, when the government focused on centralized airport management and privatization of the system as a whole (from 2012 to 2014), inefficiencies slightly increased again.

In this chapter, the author explains the three components of Trilogy of Taoist Leadership – responsible business, responsible management and responsible leadership. The concepts of business, management and leadership are defined from multiple angles, including an etymological perspective. The historical origins and evolution of these three areas are explored to provide a comprehensive understanding. The chapter concludes with a discussion of the interconnections among the trilogy's components and illustrates how the trilogy can contribute to the development of sustainable organizations.