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The purpose of this paper is to propose two hybrid forecasting models which integrate available ones. A hybrid contaminated normal distribution (CND) model accurately reflects the non‐normal features of monthly S&P 500 index returns, and a hybrid GARCH model captures a serial correlation with respect to volatility. The hybrid GARCH model potentially enables financial institutions to evaluate long‐term investment risks in the S&P 500 index more accurately than current models.

The probability distribution of an expected investment outcome is generated with a Monte Carlo simulation. A taller peak and fatter tails (kurtosis), which the probability distribution of monthly S&P 500 index returns contains, is produced by integrating a CND model and a bootstrapping model. The serial correlation of volatilities is simulated by applying a GARCH model.

The hybrid CND model can simulate the non‐normality of monthly S&P 500 index returns, while avoiding the influence of discrete observations. The hybrid GARCH model, by contrast, can simulate the serial correlation of S&P 500 index volatilities, while generating fatter tails. Long‐term investment risks in the S&P 500 index are affected by the serial correlation of volatilities, not the non‐normality of returns.

The hybrid models are applied only to the S&P 500 index. Cross‐sectional correlations among different asset groups are not examined.

The proposed hybrid models are unique because they combine available ones with a decision tree algorithm. In addition, the paper clearly explains the strengths and weaknesses of existing forecasting models.

COVID-19 disrupted the usual way of working for many people across the globe, making full-time work from home and hybrid models two popular work arrangements. Despite the proliferation and high acceptance of the hybrid model, very little research has focused on the same. This study aims to compare the impact of transitions caused by remote work on work disengagement under two settings: remote work and hybrid model.

The data is collected from three corporate hubs in India: Hyderabad, Gurgaon and Bangalore. This study’s respondents represent two working models: full-time work from home and a hybrid model. Responses were collected using Google forms-based questionnaire, which resulted in the following usable responses: 356 (hybrid) and 398 (work from home).

The findings reveal that the structural model for the hybrid sector explained 11% of the variance in work disengagement, while the same for work from home model accounted for 20% of the variance in work disengagement. The authors also tested for the moderation of individual resilience between work-home and home-to-work conflicts and home-to-work transitions and work-to-home conflict under full-time work-from and hybrid models. Based on 356 respondents from hybrid category and 398 from work from home, the study found that employees experience less work-to-home and home-to-work conflicts in the hybrid model and employees experience more work-to-home and home-to-work conflicts in the full-time work from home model.

The study is also the first to examine the moderating role of individual resilience as a tool to bounce back and handle conflicts. As the full-time work from home model leads to more work-to-home and home-to-work conflicts, individuals have more scope to exhibit resilience, and thus, the moderating relationship is stronger in the full-time work from home model. The paper offers theoretical and managerial implications.

The new extremely demanding environment forces the enterprises to use more sophisticated tools/methodologies. Strategy alignment and modelling and simulation are some of those tools/methodologies that are growing in their complexity in order to respond to the new challenges. Applying the principles of strategy alignment to modelling and simulation leads to creation of vertical hybrid simulation models. This paper aims to discuss these issues.

This paper shows the justification of building a hybrid simulation model for a complex scenario in a production example. In general, system dynamics (SD) is used for simulation of strategic issues and discrete event simulation (DES) is used for simulation on the operational level. Attempts to build holistic models only with SD or only with DES usually end in design of simplified models. This paper shows an approach how to combine SD with DES in order to get better models than using either modelling paradigms exclusively.

The results so far have shown that this approach is justified (meaning that it gives more accurate and reliable results with reasonable efforts) in even relatively simple cases.

This kind of modelling and simulation can generally help the (industrial) engineers in optimization of different problems like optimization of the warehousing space, batches, manpower, etc. holistically and with higher accuracy.

Although several researches on hybrid models have been reported (treating only very few industries), they very rarely tackle the justification of the implementation of such models. This paper justifies the hybrid approach through an example of optimization of the sales force in the pharmaceutical industry.

The purpose of this paper is to develop a generic framework for hybrid (integrated deployment of system dynamics and discrete event simulation) simulation which can be applied in the healthcare domain.

As hybrid simulation in an organisational context is a new topic with limited available data on deployment of hybrid simulation in organisational context, an inductive approach has been applied. On the basis of knowledge induced from literature, a generic conceptual framework for hybrid simulation has been developed. The proposed framework is demonstrated using an explanatory case study comprising an accident and emergency (A&E) department.

The framework provided detailed guidance for the development of a hybrid model of an A&E case study. Findings of this case study suggest that the hybrid model was more efficient in capturing behavioural impact on operational performances.

The framework is limited to only SD and DES; as agent‐based is another simulation method which is emerging as a promising tool for analysing problems such as spread of infectious diseases in healthcare context, inclusion of this into the framework will enhance the utility of the framework.

This framework will aid in the development of hybrid models capable of comprehending both detail as well as dynamic complexity, which will contribute towards a deeper understanding of the problems, resulting in more effective decision making.

It is expected that this research will encourage those engaged in simulation (e.g. researchers, practitioners, decision makers) to realise the potential of cross‐fertilisation of the two simulation paradigms.

Currently, there is no conceptual framework which provides guidance for developing hybrid models. In order to address this gap, this paper contributes by proposing a conceptual framework for hybrid simulation for the healthcare domain.

Applicability of two k‐ω hybrid RANS/LES and a k‐ω RANS models is studied for simulation of round impinging jets at nozzle‐plate distance H/D=2 with Reynolds number 70000, H/D=2 with Reynolds number 5000 and H/D=10 with Reynolds number 5000 (D is the nozzle exit diameter). The aim is to verify two concepts of unified hybrid RANS/LES formulations, one of DES (Detached Eddy Simulation) type and one of LNS (Limited Number Scales) type in analysis of impinging jet flow and heat transfer. The grid resolution requirements are also discussed.

The simulations are performed with two k‐ω based hybrid RANS/LES models of very different nature, one of DES type and one of LNS type, and the RANS k‐ω model. For the lower Reynolds number (5000), also dynamic Smagorinsky LES is done. Both hybrid model formulations converge to the same RANS k‐ω model in the near‐wall region and have the same Smagorinsky limit on fine isotropic grids in the LES mode of the hybrid models.

With the hybrid RANS/LES models, improved fluid flow and heat transfer results are obtained compared to RANS, in the impact region and in the developing wall‐jet region. For accurate predictions at low nozzle‐plate distance, where the impact region is in the core of the jet, it is necessary to sufficiently resolve the formation and breakup of the near‐wall vortices in the jet impingement region and the developing wall‐jet region, as these determine largely the level of fluctuating velocity and the heat transfer. This requires high grid resolution for high Reynolds number, while the grid resolution requirements stay modest for low Reynolds number.

The paper demonstrates that two formulations of hybrid RANS/LES models of different nature, one of DES type and one of LES type, lead to equivalent results. Consistency has been guaranteed in the sense that the RANS limit of both models is the same and that the LES limit on fine, isotropic, grids is the same. In the intermediate range, however, the repartition into resolved and modelled fluctuations may differ considerably.

This paper aims to cover the development of a methodology for hybrid fuzzy Monte Carlo agent-based simulation (FMCABS) and its implementation on a parametric study of construction crew performance.

The developed methodology uses fuzzy logic, Monte Carlo simulation and agent-based modeling to simulate the behavior of construction crews and predict their performance. Both random and subjective uncertainties are considered in model variables.

The developed methodology was implemented on a real case involving the parametric study of construction crew performance to assess its applicability and suitability for this context.

This parametric study demonstrates a practical application for the hybrid FMCABS methodology. Though findings from this study are limited to the context of construction crew motivation and performance, the applicability of the developed methodology extends beyond the construction domain.

This paper will help construction practitioners to predict and improve crew performance by taking into account both random and subjective uncertainties.

This paper will advance construction modeling by allowing for the assessment of social interactions among crews and their effects on crew performance.

The developed hybrid FMCABS methodology represents an original contribution, as it allows agent-based models to simultaneously process all types of variables (i.e. deterministic, random and subjective) in the same simulation experiment while accounting for interactions among different agents. In addition, the developed methodology is implemented in a novel and extensive parametric study of construction crew performance.

The purpose of this research is to propose a hybrid simulation framework which can take into account both the continuous and operational variables affecting the performance of construction projects.

System dynamics (SD) simulation paradigm is implemented for the modelling of the complex inter-related structure of continuous variables and discrete event simulation (DES) is implemented for the modelling of operational influencing factors. A hybrid modelling framework is then proposed through combination of SD and DES to simulate the construction projects.

This paper discusses the deficiencies of two traditional simulation methods – SD and DES – for simulation of construction projects which can be compensated by implementing hybrid SD–DES model. Different types of basic hybrid structures and synchronisation methods of SD and DES models are introduced.

The proposed hybrid framework discussed in this research will be beneficial to modellers to simulate construction projects.

The paper introduces a theoretical framework for a hybrid continuous- discrete simulation approach which can take into account the dynamics of project environment arising from the complex inter-related structure of various continuous influencing factors as well as the construction operations. Different steps required to develop the hybrid SD–DES model and synchronisation of SD and DES simulation methods are illustrated.

This paper aims to discuss hybrid organizations whose business models blur the boundary between for-profit and nonprofit worlds. With the aim of understanding how hybrid organizations have developed commercially viable business models to create positive social and environmental change, the authors contend that hybrids are altering long-held business norms and conceptions of the role of the corporation in society. Building on an analysis of the most updated literature on hybrid organizations and with the use of case study approach, the purpose of this paper is to derive managerial lessons that traditional businesses may apply to innovate their business models.

This paper has a practical focus to help organizations to develop successful business strategies and design innovative business models. It applies emerging thinking on hybrid business models to provide new insights and ideas on the use of business models as tools for innovating and delivering value. To comply with this, first, the authors discuss the distinctive characteristics of hybrids and the hybrid business model through a concise but comprehensive review of all the literature on hybrid organization, which is still very recent. Second, we relied on a short case study that introduces information technology and digital innovation as the premises of the emergence of a new hybrid business model that adds additional elements to traditional business managers on how to learn from hybrid organizations’ avenues to innovate their business models.

In this paper, the authors aimed to shed light on the management of any organization or initiative that aims to embrace multiple and competing yet potentially synergistic goals, as is increasingly the case in modern corporations. Spotting hidden complementarities of antagonistic assets can be arduous, time-consuming, costly and risky, but businesses driven by innovation may want to keep a close eye on the expanding hybrid sector as a source of future entrepreneurial opportunities. To this regard, hybrid social ventures have the potential to shed light on ways to innovate traditional business models. The essence of studying hybrids is that firms may learn how to innovate their business models in ways that go beyond current conceptualizations, making their mission profitable, rather than making profit their only mission! The research design (literature analysis and case study) allowed the authors to disentangle different innovative business models that hybrids suggest highlight strengths and weaknesses of such business models, understand strategies and capabilities associated with hybrids and transpose all these lessons learned to traditional business managers who constantly struggle for innovation.

The main implication is that hybrid organizations may serve as incubators for new practices that can gain scale and impact by infusion into existing corporations. The authors can assist to a process of “hybridization” of incumbent firms, pushing the boundaries of corporate sustainability efforts toward strategies in which profit and social purpose share more equal footing.

Firms interested in benefiting from antagonistic assets that can have a dramatic impact on their business model innovation may want to consider some lessons: firms can attempt to build antagonistic assets into their mission, asking themselves what activities they can undertake with the potential to create (or erode) social, environmental and economic value and how these activities might be mediated by the context/environment in which they operate; they can partner with hybrids to benefit from them and absorb competencies from them, so to increase their likelihood to generate value-creating activities and to impact on wider range of stakeholders, including funders, partners, beneficiaries and communities; they can mimic hybrids on how to innovate their business model through the use of the “deliberate resource misfit” dynamic capability, mitigating negative impacts and trade-offs and maximizing positive value spillovers, both for the firms themselves and for the community.

Sharing know-how with hybrids opens up to ways to innovate business models, and hybrids are much more open to sharing lessons and encouraging others to copy their approaches in a genuine open innovation approach.

The main lesson businesses can take away from studying hybrids is that antagonistic assets – and not only profitable complementary ones, as the resource-based view would suggest – do not have to be a burden on profits. Hybrids ground their strategy first and foremost on their beneficiaries, thus dealing with a bundle of antagonistic assets. The primary objective of hybrids is thus to find imaginative ways of generating profits from their given resources rather than acquiring the resources that generate the highest profit. Profit is the ultimate goal of traditional businesses’ mission, but by making profit their only mission, firms risk missing out on the hidden opportunities latent in antagonistic assets. Learning from hybrids about how to align profits and societal impact may be a driver of long-term competitive advantage.

Due to the increasing size and complexity of construction projects, construction engineering and management involves the coordination of many complex and dynamic processes and relies on the analysis of uncertain, imprecise and incomplete information, including subjective and linguistically expressed information. Various modelling and computing techniques have been used by construction researchers and applied to practical construction problems in order to overcome these challenges, including fuzzy hybrid techniques. Fuzzy hybrid techniques combine the human-like reasoning capabilities of fuzzy logic with the capabilities of other techniques, such as optimization, machine learning, multi-criteria decision-making (MCDM) and simulation, to capitalise on their strengths and overcome their limitations. Based on a review of construction literature, this chapter identifies the most common types of fuzzy hybrid techniques applied to construction problems and reviews selected papers in each category of fuzzy hybrid technique to illustrate their capabilities for addressing construction challenges. Finally, this chapter discusses areas for future development of fuzzy hybrid techniques that will increase their capabilities for solving construction-related problems. The contributions of this chapter are threefold: (1) the limitations of some standard techniques for solving construction problems are discussed, as are the ways that fuzzy methods have been hybridized with these techniques in order to address their limitations; (2) a review of existing applications of fuzzy hybrid techniques in construction is provided in order to illustrate the capabilities of these techniques for solving a variety of construction problems and (3) potential improvements in each category of fuzzy hybrid technique in construction are provided, as areas for future research.

This paper examines the influence of facilitators and barriers on employees’ preference to work in a hybrid model. The study uses the theoretical lens of stimulus-organism-response (SOR) and dual factor theory (DFT). It examines the influence of health consciousness (stimulus), facilitators (e.g. work flexibility, work–life balance and team building) (organism) and barriers (e.g. pandemic and travel stressor and role overload [organism] on employees’ preference to work in a hybrid model) (response). Further, it tests the moderating influence of organizational culture.

A questionnaire survey was conducted among employees in India, Sri Lanka and Germany, obtaining 281 usable questionnaires. Structural equation modeling (SEM) using Warp PLS 7.0 was used as the analytical technique to examine the model fit and test hypotheses.

The findings reveal that health consciousness is essential in enhancing facilitators and motivating employees to prefer a hybrid working model. The study’s findings also prove the positive influence of work flexibility, work–life balance and team building as facilitators. The results suggest that pandemic and travel stressors inhibit employees’ preference for working in a hybrid model.

The study is based on a cross-sectional research design to generalise the findings. Future researchers can utilize longitudinal design to decipher the variation in response over time. The study has developed a model combining SOR with DFT; the authors suggest that future researchers use other theories in combination with SOR, like self-determination theory (SDT), to decipher the influence of intrinsic and extrinsic motivation of employees in the context of the hybrid working model.

This study identifies the need for open communication with the employees to overcome their concerns regarding the hybrid working model. The study also suggests that human resource (HR) managers need to prioritize the task that needs to be accomplished from the office versus working from home. The authors recommend various measures, like water cooler breaks and a buddy system, to motivate employees to work in a hybrid model.

This study is among the first studies focused on the hybrid working model. The current study adds to the limited literature on the facilitators and barriers of working in a hybrid work model.