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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

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.

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”.

The purpose of this paper is to propose an integrating framework for the configuration and performance of global engineering networks (GEN).

The reported study is based on a comprehensive literature review and refined by the practice of three global leading companies along key industry sectors.

This framework presents the key patterns of GEN from an evolution perspective and demonstrates the influence of the major driving forces.

In addition, this study also identifies research opportunities in two areas: further testing the theory of GEN with a broader range of industry sectors, and expanding the study to inter‐firm engineering activities. The further study is planned accordingly.

The paper offers a systematic view of GEN and can help companies in the design and operation.

The paper discusses the balance between values and economic efficiency in the public sector in comparison with the private sector. The argument is that the public sector, hence the public welfare service institutions, can learn much from the private service sector, hence the private service firms with regard to the relation to values, ethics, corporate social responsibility (CSR) and efficiency in order to improve the balance between values and efficiency in the public sector.

The paper discusses the concept of balance in relation to the development of the management of private service companies as a useful alternative to new public management (NPM). It discusses this with regard to three issues: the evolution of the management of private companies; what can the public sector, hence the public welfare institutions, learn from the evolution of management of private companies? How would it be possible for governments to work for an alternative to NPM, on the basis of the experiences of management of private companies, improving the balance between values and economic efficiency in the public sector?

It is argued that a deadlock in the development of efficiency management in the public sector, hence in the public welfare service institutions, is created. It is argued, furthermore, that this deadlock to a great extent, paradoxically, is created because of the focusing on NPM for almost two decades as the most important tool to develop efficiency management in the public sector. Finally, it is argued that the experiences in private companies regarding how to find a proper balance between values, ethics, CSR and economic efficiency can be very helpful in developing a strategy within the public sector to unlock the deadlock regarding the development of efficiency management. That is why the experiences of management of the private services companies can become a constructive alternative to the experiences of NPM in the public sector at the level of welfare institutions.

There would be potential for more research on CSR, business ethics and values‐driven management in relation to the public sector.

The paper offers new insight into the relation between values, CSR and management models in the private and in the public sector.

The purpose of this paper is to propose a framework of green strategies as a combination of energy-efficiency measures and solutions towards environmental impact reduction for improving environmental sustainability at logistics sites. Such measures are examined by discussing the related impacts, motivations and barriers that could influence the measures' adoption. Starting from the framework, directions for future research in this field are outlined.

The proposed framework was developed starting from a systematic literature review (SLR) approach on 60 papers published from 2008 to 2022 in international peer-reviewed journals or conference proceedings.

The framework identifies six main areas of intervention (“green strategies”) towards green warehousing, namely Building, Utilities, Lighting, Material Handling and Automation, Materials and Operational Practices. For each strategy, specific energy-efficiency measures and solutions towards environmental impact reduction are further pinpointed. In most cases, “green-gold” measures emerge as the most appealing, entailing environmental and economic benefits at the same time. Finally, for each measure the relationship with the measures' primary impacts is discussed.

From an academic viewpoint, the framework fills a major gap in the scientific literature since, for the first time, this study elaborates the concept of green warehousing as a result of energy-efficiency measures and solutions towards environmental impact reduction. A classification of the main areas of intervention (“green strategies”) is proposed by adopting a holistic approach. From a managerial perspective, the paper addresses a compelling need of practitioners – e.g. logistics service providers (LSPs), manufacturers and retailers – for practices and solutions towards greener warehousing processes to increase energy efficiency and decrease the environmental impact of the practitioners' logistics facilities. In this sense, the proposed framework can provide valuable support for logistics managers that are about to approach the challenge of turning the managers' warehouses into greener nodes of the managers' supply chains.

Aims to examine the issue of industrial strategy (IS), paying particular attention to the case of Britain. Sets out to assess the possibility and nature of an industrial strategy for Britain, in Europe, and within the global scene, taking into account the world we live in as we see it. Accordingly, the perspective is driven and shaped by a quest for a realistic, feasible and sustainable industrial strategy. In order to achieve these objectives, first examines the theoretical arguments behind much of British, and more generally, Western industrial policies. Following this, outlines and assesses British industrial policy post‐Second World War then compares and contrasts British industrial policy with that of Europe, the USA, Japan and the newly industrialized countries. Then examines recent developments in economics and management which may explain the “Far Eastern” miracle, and points to the possibility of a successful, narrowly self‐interested, IS for Europe and Britain, based on the lessons from (new) theory and international experience. To assess what is possible, develops a theoretical framework linking firms in their roles as consumers and/or electors. This hints at the possibilities and limits of feasible policies. All these ignore desirability which, in the author′s view, should be seen in terms of distributional considerations, themselves contributors to sustainability. Accordingly, discusses a desirable industrial strategy for Britain in Europe which accounts for distributional considerations, and goes on to examine its implications for the issue of North‐South convergence. Concludes by pointing to the limitations of the analysis and to directions for developments.