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1 – 10 of over 68000Corina Sheerin and Caitriona Hughes
This research aims to explore the role of social capital and specifically networks in role, and career development for women within two very distinct gender-segregated contexts of…
Abstract
Purpose
This research aims to explore the role of social capital and specifically networks in role, and career development for women within two very distinct gender-segregated contexts of the labour market, namely, investment management and human resource management (HRM).
Design/methodology/approach
This research is qualitative in nature, underpinned by an interpretivist philosophical stance. Thematic analysis is used to analyse the findings from 32 in-depth interviews with HR and investment management managers.
Findings
The findings advance our understanding of social capital and its development as a social process, which differs according to labour market contexts. The results indicate divergence among participants regarding how they access networks as well as the perceived role and benefits of networking and social capital accumulation in their career and personal development.
Practical implications
For human resource development (HRD) practitioners, there are implications in relation to the need to tailor development and support structures cognisant of the occupational context. Specifically, the findings of this study indicate the acute need to support network access for those “outsider” women in male-dominated spaces. A need to enhance awareness of the benefits of networks to both organisations and employees across the labour market is warranted. For organisations, networks underlie social capital accumulation, which in turn increases efficiency and generates business solutions. For the employee, networks are an important self-development and career advancement tool. Such connections need to be supported and developed. Within patriarchal spaces particularly, HRD professionals need to provide support to women in extending their networks both within and outside the organisation.
Originality/value
This research makes an essential contribution to the literature by examining the influence of context in the development of social capital within two polarized labour market locations. The findings highlight the difficulties women face when developing social capital in investment management in contrast to the relative ease, which HRM professionals experience. Such findings also bring to light the essential role of HRD professionals as advocates for change in such contexts.
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Mahmoud Mustafa Haddad, Arnold L. Redman and Nell S. Gullett
The Tennessee Valley Authority (TVA) provided funds to 25 universities in its service region for the establishment of student-managed investment funds (SMIF). The purpose of this…
Abstract
Purpose
The Tennessee Valley Authority (TVA) provided funds to 25 universities in its service region for the establishment of student-managed investment funds (SMIF). The purpose of this paper is to examine the TVA Investment Challenge Program and its implementation at The University of Tennessee at Martin (UTM).
Design/methodology/approach
Each university has the freedom to structure the process for students to manage its investment fund as it chooses. This paper provides a description of the overall Investment Challenge Program and the specific Program at UTM.
Findings
The Investment Challenge Program is a valuable experiential learning opportunity for finance majors at UTM. Participating students enhance their portfolio management knowledge, their written and oral communication skills, and their employment opportunities.
Research limitations/implications
The paper is limited to TVA Portfolio guidelines and managerial style.
Practical implications
Faculty who supervise similar programs at other universities may be able to replicate some aspects of the program’s design.
Originality/value
The paper describes the TVA Investment Challenge, a unique program of SMIF. TVA provided funds to 25 universities with the stipulation that the student managers adhere to the same guidelines as TVA’s professional money managers. The university is a participant in the Program.
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THE main purpose of this article is to discuss the problems and objectives of professional investment management. It is essential to concentrate on the more important aspects of…
Abstract
THE main purpose of this article is to discuss the problems and objectives of professional investment management. It is essential to concentrate on the more important aspects of investment decision‐making, as this subject has many far‐reaching ramifications. One problem which will be analyzed in some detail is how far professional managers are useful, as there is some misunderstanding about their basic functions in certain quarters. As will be shown later, we believe that they perform a very important and valuable service within the financial community.
Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main…
Abstract
Purpose
Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed.
Design/methodology/approach
The research approach is primarily descriptive, drawing upon illustrative investor case studies.
Findings
A range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced.
Originality/value
Despite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape.
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The purpose of this paper is to clearly set forth before fund business leaders certain current relevant investment management compliance regulatory issues, to communicate the…
Abstract
Purpose
The purpose of this paper is to clearly set forth before fund business leaders certain current relevant investment management compliance regulatory issues, to communicate the necessary areas of expertise and duties of a chief compliance officer (CCO), and to reinforce the need for effective communication and tone at the top.
Design/methodology/approach
The paper explains the general requirements of independent and proactive investment company CCOs and other compliance professionals, including required areas of knowledge, and the tasks associated therewith, illustrations of enforcement actions and other practical difficulties in day‐to‐day conduct of compliance activities, practical guidance regarding communication techniques and problem‐solving, and a bottom‐line assessment of the responsibilities of a fund CCO.
Findings
Fund CCOs must have extensive experience in the investment management business and bring a “best practices” perspective to their responsibilities. They will know the letter of the law and yet also have a real world perspective on how regulations will impact the firm or the fund. They should be independent‐minded, giving a fund or advisor's board and their investors an objective perspective on regulatory compliance. They should be able to proactively communicate effectively, rendering complex compliance requirements into manageable and executable policies, processes and procedures that investment professionals can work with. Lastly, the investment managers they work with must remain well‐informed and highly‐motivated to understand and assist their strong and independent CCO in ensuring that their firm's compliance tone starts at the top but does not end there.
Originality/value
The paper discusses recent enforcement actions with real‐world consequences for business leaders and CCOs, speaks to the actual types of difficulties that CCOs face every day in executing their responsibilities, and gives practical and insightful guidance on problem‐solving.
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Dimitrios I. Maditinos, Željko Šević and Nikolaos G. Theriou
The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential additions to…
Abstract
Purpose
The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential additions to their investment portfolios.
Design/methodology/approach
The paper uses both a questionnaire survey and a series of interviews to examine the practice of investment management in terms of stock market forecasting and stock valuation. The respondents consist of six different groups of investors, drawn from across Greece, namely: official members of the Athens Stock Exchange, mutual fund management companies, portfolio investment companies, listed companies, brokers and individual investors (ININ).
Findings
The results indicate that ININ rely more on newspapers/media and noise in the market when making their investment decisions, while professional investors rely more on fundamental and technical analysis and less on portfolio analysis. The investment horizon seems to have a direct association with the relative importance of the techniques that professionals use for stock analysis. Also, the use of specific techniques seems to have a different impact on the performance of professionals.
Practical implications
The results highlight the practical methods and techniques used by various Greek investors when making their stock investment decisions as well as analysing the consequences of these methods on their performance.
Originality/value
This paper is the first study of the methods used by different classes of investor in the relatively underdeveloped capital market of Greece.
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Herman A. van den Berg and Vaneet Kaur
Fundamental classifications of knowledge may be measurable as factors of production and can reveal evidence of specialization between adjacent stages of production even in the…
Abstract
Purpose
Fundamental classifications of knowledge may be measurable as factors of production and can reveal evidence of specialization between adjacent stages of production even in the presence of shared substantive knowledge. This study of aims to distinguish between, and empirically measure, relative reliance on fundamental classifications of knowledge at the individual level.
Design/methodology/approach
In this study, investment managers were asked in an online survey to weigh their relative reliance on tacit, codified and encapsulated knowledge in executing different investment strategies for diverse client groups. Measures of relative reliance on each fundamental classification of knowledge were derived from weights assigned by each survey respondent in a series of six questions.
Findings
Survey respondents provided reliable measures of their relative reliance on tacit, codified and encapsulated knowledge. Reliance on these fundamental classifications of knowledge is shown to differ between investment managers, depending on the investment strategies being used and client groups served. These differences were exhibited notwithstanding all the respondents sharing common substantive knowledge.
Research limitations/implications
Measures of relative reliance on three classifications of knowledge were based on self-reported ratings rather than on objectively observed phenomena, making them subject to measurement error. Therefore, researchers are encouraged to observe relative reliance on tacit, codified and encapsulated knowledge in future studies.
Originality/value
The divergences in relative reliance on the fundamentally different knowledge-based factors of production were found in the presence of jointly held substantive knowledge, suggesting that fundamental classifications of knowledge are measurable and can provide evidence of specialization.
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Geeta Lakshmi, Hao Quach and Siobhan Goggin
Finance courses are major offerings in UK business schools, at various levels. Seldom do these courses move beyond theoretical modeling and textbook approaches. This is…
Abstract
Finance courses are major offerings in UK business schools, at various levels. Seldom do these courses move beyond theoretical modeling and textbook approaches. This is corroborated by the paltry literature on challenge-based learning (CBL) in the finance arena.
In this chapter, we describe the experience of implementing an investment fund designed by experienced members of staff and set up and run by students in one of the UK business schools in 2018. The seed capital of the Fund was donated by a variety of sources and has enabled students to use this as a jump start for their investment skills. The ethos of the Fund is not to teach students just how to invest but to put students in a real-life investment setting where they deal with the running of day-to-day activities of managing investments through a practical framework. In doing so they discover, adapt, and apply theoretical models to funds while preparing performance reports. Students have been successful in getting jobs by demonstrating their involvement, and the Fund has put them in touch with investment banks and future employers. The functioning of the Fund is analyzed in this chapter.
The chapter suggests the practical steps involved in setting up such a schema of CBL, which might aid other higher education institutions and promote entrepreneurial, creative, and team building activity.
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E. Dimson and P.R. Marsh
During the past decade, there has been a revolution in investment management. If you pick up any professional investment journal in the States you will find that the articles and…
Abstract
During the past decade, there has been a revolution in investment management. If you pick up any professional investment journal in the States you will find that the articles and advertisements continually refer to Modern Portfolio Theory or MPT. At the heart of MPT is the notion of risk measurement. And nowadays, portfolio managers in almost any large American investment institution use modern risk measurement to analyse their portfolios. They realise that investment is as much about risk as return and that professionalism in their approach to risk is crucial. There are more than 20 institutions providing risk measures, and the investment community spends over $200 million per annum on MPT services alone.