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This paper aims to analyze the characteristics of stochastic volatility processes in globally listed private equity (LPE) markets, which are represented by nine global, regional and style indices, and reveals transmissions in the conditional variances between the different markets, based on weekly data covering the period January 2011 to December 2020.

The study uses the generalized autoregressive conditional heteroscedasticity [GARCH(p, q)] model and its exponential GARCH (EGARCH) and GARCH-in-mean extensions.

The estimates of the volatility models GARCH, EGARCH and GARCH-in-mean GARCH-M for testing the stylized properties persistence, asymmetry, mean reversion and risk premium lead to very different results, depending on the respective LPE index.

The knowledge of conditional volatilities of LPE returns as well as the detection of volatility transmissions between the different LPE markets under investigation serve to support asset allocation decisions with respect to risk management or portfolio allocation. Hence, the findings are important for all kinds of investors and asset managers who consider investments in LPE.

The authors present a novel study that examines the conditional variance for globally LPE markets by using LPX indices, offering valuable insight into this growing asset class.

This paper draws on research conducted after the 2004 Indian Ocean Earthquake and Tsunami in Aceh, Indonesia, where more than 100,000 houses were built by various agencies following the massive disaster. The research reveals that the residents in Aceh rarely see their reconstruction houses as ‘complete’ and modify these houses to suit their personal needs and aspirations. The relationships between the global and regional forces that drive reconstruction agency housing procurement and production are explored, and compared with the outcomes of user-initiated modifications to the houses. From the hundreds of houses reviewed, here four houses are discussed in detail, built by the Asian Development Bank, representing a global paradigm, and Bank Mandiri, representing a regional paradigm. These houses were modified and extended to varying degrees by their residents, exemplifying the ways in which reconstruction agencies, perhaps inadvertently, empowered residents by enabling them to improve their own housing. The outcomes of this transformation process underscore the advantages of a hybrid between global and regional styles, and the desire of the reconstruction housing residents to recapture some of the local housing culture and reflect regional housing characteristics.

This study aims to investigate the day-of-the-week (DoW) effect in globally listed private equity (LPE) markets using daily data covering the period 2004–2021.

To investigate the existence of the DoW effect in globally LPE markets, ordinary least squares regression, generalised autoregressive conditional heteroscedasticity (GARCH) regression and robust regressions are used. In addition, robustness audits are conducted by subdividing the sampling period into two sub-periods: pre-financial and post-financial crisis.

Limited statistically significant evidence is found for the DoW effect. By taking time-varying volatility into account, a statistically significant DoW effect can be observed, indicating that the DoW effect is driven by time-varying volatility. Economic significance is captured through visual inspection of average daily returns, which illustrate that Monday returns are lower than the other weekdays.

The results have important implications on whether to adopt a DoW strategy for investors in LPE. The findings show that higher returns on selected days of the week for certain indices are possible.

To the best of the author’s knowledge, this paper provides the first study to examine the DoW effect for globally LPE markets by using LPX indices and contributes valuable insights on this growing asset class.

The purpose of this paper is, to study macroeconomic risk factors driving the expected stock returns of listed private equity (LPE). The authors use LPE indices divided into different styles and regions from January 2004 to December 2016 and a set of country stock indices to estimate the macroeconomic risk profiles and corresponding risk premiums. Using a seemingly unrelated regressions (SUR) model to estimate factor sensitivities, the authors document that LPE indices exhibit stock market βs that are greater than 1. A one-factor asset pricing model using world stock market returns as the only possible risk factor is rejected on the basis of generalized method of moments (GMM) orthogonality conditions. In contrast, using the change in a currency basket, the G-7 industrial production, the G-7 term spread, the G-7 inflation rate and a recently proposed indicator of economic policy uncertainty as additional risk factors, this multifactor model is able to price a cross-section of expected LPE returns. The risk-return profile of LPE differs from country equity indices. Consequently, LPE should be treated as a separate asset class.

Following Ferson and Harvey (1994), the authors use an unconditional asset pricing model to capture the structure of returns across LPE. The authors use 11 LPE indices divided into different styles and regions from January 2004 to December 2016, and a set of country stock indices as spanning assets to estimate the macroeconomic risk profiles and corresponding risk premiums.

Using a seemingly unrelated regressions (SUR) model to estimate factor sensitivities, the authors document that LPE indices exhibit stock market ßs that are greater than 1. The authors estimate a one-factor asset pricing model using world stock market returns as the only possible risk factor by GMM. This model is rejected on the basis of the GMM orthogonality conditions. By contrast, a multifactor model built on the change in a currency basket, the G-7 industrial production, the G-7 term spread, the G-7 inflation rate and a recently proposed indicator of global economic policy uncertainty as additional risk factors is able to price a cross-section of expected LPE returns.

Given data availability, the authors’ sample is strongly influenced by the financial crisis and its aftermath.

Information about the risk profile of LPE is important for asset allocation decisions. In particular, it may help to optimally react to contemporaneous changes in economy-wide risk factors.

To the best of authors’ knowledge, this is the first LPE study which investigates whether a set of macroeconomic factors is actually priced and, therefore, associated with a non-zero risk premium in the cross-section of returns.

The purpose of this paper is to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly data covering the period 2004–2017.

Ordinary least squares regressions, generalized autoregressive conditional heteroscedasticity regressions and robust regressions are used to investigate the existence of the “Sell in May” effect in globally listed private equity markets. Additionally, the authors conduct robustness checks by dividing the sample period into two subperiods: pre-financial and post-financial crisis periods.

The authors find limited statistically significant evidence for the “Sell in May” effect. In particular, the authors observed a statistically significant “Sell in May” effect when taking time-varying volatility into account. These findings indicate that the “Sell in May” effect is driven by time-varying volatility. By contrast, economic significance as measured by visual return inspection and the magnitude of the estimated “Sell in May” coefficients in combination with their positive signs was found to be considerable.

The findings are important for all kinds of investors and asset managers who are considering investing in listed private equity.

The authors present a novel study that examines the “Sell in May” effect for globally listed private equity markets by using LPX indices, offering valuable insight into this growing asset class.

Nicotine is consumed by one in five of the global adult population, mostly by smoking tobacco cigarettes. Modern electronic cigarettes came onto the market from around 2007 and have considerable potential to improve population health by displacing tobacco smoking. The purpose of this study is to map the use of e-cigarettes, but this is difficult due to absence of data sources for many countries.

The global number of vapers was estimated to be 68 million in 2020. New data in 2021 offered an opportunity to update that estimate. The method of assumed similarity was used for countries with missing data. The average prevalence of vaping was calculated for each World Health Organization region, World Bank income classification group and the legal status of e-cigarettes in each country. The number of vapers was calculated for the adult population. The estimate was refined by adjusting for changes in market value size and the actual year of surveys.

Population prevalence data on e-cigarette used were available for 48 countries. We estimate that there were 82 million vapers worldwide in 2021: 9.2 million in the Eastern Mediterranean region; 5.6 million in the African region; 20.1 million in the European region; 16.8 million in the Americas; 16.0 million in the Western Pacific region; and 14.3 million in South-East Asia.

Global, regional and national estimates of the numbers of vapers are important indicators of trends in nicotine use, and monitoring the uptake of vaping is important to inform international and national policy.

The purpose of this paper is to theorize and empirically examine the effects of intra- and inter-regional geographic diversification on firm performance in China. Furthermore, it investigates they key firm capabilities, which moderate the relationships between intra- and inter-regional geographic diversification and firm performance.

In this research, the authors studied 366 listed companies that invest in mainland China. The authors used the Taiwan Economy Journal database to construct a panel data set from 2005 to 2014 and employed panel regression estimations as part of the empirical analyses.

The authors find that the effect of regional diversification on firm performance is significantly influenced by the contexts of the expansion. More specifically, the results show that the effect of intra-regional geographic diversification on firm performance takes the form of a U-shape relationship. In contrast, the authors find that inter-regional geographic diversification has a negative effect on firm performance. Firm marketing, research and development (R&D) and managerial capabilities moderate these relationships.

First, the companies studied in this research are mainly Taiwanese manufacturers with investments in mainland China. Second, the current model can be expanded by exploring additional process explanations and moderators in future research.

An important practical implication of this research is that when firms choose an intra-regional expansion strategy in China, they should adopt a moderate provincial diversification strategy in the invested region and reinforce its marketing capability to enhance firm performance. A careful consideration of a firm’s marketing, R&D and managerial capabilities is needed for successful regional diversification strategies in the China market.

The findings of this study contribute significantly to the existing literature on firms’ regional diversification. First, the authors explore and empirically test intra- and inter-regional geographic diversification strategies in China. The authors find that the effect of regional diversification on firm performance varies according to the contexts of the expansion (for instance, global, regional, in a single country). Second, this study furthers the research theme of intra- and inter-regional diversification by introducing and investigating previously unexplored firm capabilities as part of the framework.

This paper presents the results of a cross‐cultural analysis of television advertising in the Czech Republic and the UK. The need for this research is suggested by a gap in the literature concerning cross‐cultural studies involving Eastern European countries. The aim is to compare advertising in the two countries in order to add to the debate on the feasibility of standardised advertising across cultural borders. The literature relating specifically to cross‐cultural studies of advertising in two or more countries provides the basis for this research study. A sample of television advertisements was collected from the two most viewed UK and Czech commercial channels and was examined using content analysis. The focus of the research is on differences and similarities in the creative strategies and executional formats used in the product categories advertised. In terms of creative strategies, there was great similarity overall. However, significant differences were found for six out of the 14 individual product categories studied. In contrast, many significant differences were found overall for executional formats. The partial nature of the support for the view that creative strategy is associated more with product category than with culture reflects a complex situation vis‐à‐vis international advertising standardisation.

The paper intends to contribute to interpretations of present and future developments in manufacturing and manufacturing research. It designs hypothetical expert consolidated projections for the future of manufacturing with the focus on social impacts from information and communications technologies (ICT).

In order to obtain valid projections, Kuhn's theory of scientific revolutions has been applied to production sciences. Since, the paradigm shift to post mass production has become evident, it is clear that manufacturing will be of network type. Since, the point of a “normal science” (Kuhn) is not yet reached, empirical and methodical work is exploited, especially expert discussion results, technology forecasts and field surveys, to draw the baselines for further developments, focussing on development lines on global, regional as well as company scale.

The paper sketches organisational set ups and ICT applications for future manufacturing in order to be able to point out induced effects on other trends and drivers (especially social and societal). Major changes in role and future behaviour of manufacturing could be verified.

The paper assumes a specific driver/impact constellation, which emphasises socio‐technical relations and focuses on organisation and ICT use in manufacturing environments as decisive and limiting influences. Other socio/technology interrelations are not regarded as intensively and could be future research fields. Implications on the methods and the instruments to be used for production networks could be sketched.

Some of the methodologies may be downscaled and applied for companies in order to define future strategies. On global, on regional as well as on company level, relevant results may be considered as elements of a future networked manufacturing world.

Trends and drivers for future manufacturing have been newly put into network interrelations in order to obtain impact priorities and interaction hypotheses. Ongoing developments are envisioned as embedded in a general paradigm change. The paper draws from extensive research work on the field. It addresses researchers as well as practitioners dealing with manufacturing companies' strategy development.

The purpose of this study is to examine whether the nature of leadership in the early years of the twenty‐first century as conceptualized in the research literature is valid among real organizational leaders across four global regions.

A literature review of recent scholarly articles suggested that today's leadership best practices can be sorted into six categories, or zones: Reflection, Society, Diversity, Ingenuity, People, and Business. These six zones became topics for focus groups of organizational leaders that tentatively supported the six‐zone structure and provided qualitative data used to create a 42‐item measure, the AchieveGlobal Leadership Scale (AGLS). The AGLS was then employed to examine the degree to which 899 leaders in Asia, Europe, Latin America, and the USA felt that each zone was important in meeting their organizational challenges.

The data from the 42 items were analyzed using a confirmatory factor analysis, which suggested that the six zones all triangulated on and comprised the larger construct, Leadership in the twenty‐first century. Regional differences emerged in the importance that leaders attributed to the zones, in the degree to which leaders effectively demonstrated the zones, and in the order in which leaders ranked their organizations' top business challenges.

The six‐zone model of leadership and its differences by geographic region hold potential to help leaders examine and improve their own leadership abilities.