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Article
Publication date: 9 November 2010

Kamal Smimou and Ruppa K. Thulasiram

Although the mean‐variance portfolio selection model has been investigated in the literature, the difficulty associated with the application of the model when dealing with…

Abstract

Purpose

Although the mean‐variance portfolio selection model has been investigated in the literature, the difficulty associated with the application of the model when dealing with large‐scale problems is limited. The aim of this paper is to close the gap by using the quadratic risk (standard deviation risk) function and finite iteration technique to remove difficulties in quadratic programming.

Design/methodology/approach

Using van de Panne' approach, this paper proposes a finite technique to optimize large‐scale portfolio selection problem.

Findings

The proposal of parallel algorithm structure to the model provides a clearer decision framework to significantly enhance the efficiency of the portfolio selection process.

Originality/value

The proposal of parallel algorithm structure to the mean‐variance portfolio selection model provides a clearer decision framework to significantly enhance the efficiency of the portfolio selection process. An empirical example that illustrates the application and benefits of the method is provided.

Details

The Journal of Risk Finance, vol. 11 no. 5
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 14 June 2011

Darren W. Dahl and Kamal Smimou

The purpose of this paper is to focus on the perceptions that undergraduate students formed and provides further insight into the relationship between perceived teaching quality…

9592

Abstract

Purpose

The purpose of this paper is to focus on the perceptions that undergraduate students formed and provides further insight into the relationship between perceived teaching quality (with its descriptors) and student motivation.

Design/methodology/approach

The paper reports the findings from a survey of student perceptions of quality teaching and its interaction with various motivational orientations that students exhibit in higher education. The proposed hypotheses and conceptual model were tested using regression and correlation analyses, as well as analysis of variance from a survey of 271 undergraduate students in programs at two different universities.

Findings

The findings document the explanatory role of various motivations in students' perceptions of teaching quality: correlation analysis found intrinsic motivation to be positively correlated with the perceived teaching quality, while extrinsic motivation was found to be moderately correlated, suggesting that motivational orientation dimensions are influential in students' assessments of their teaching experience in school. Intrinsic motivation with its possible states and factor loadings showed strong positive impact on the teaching quality and students' evaluation, even after accounting for the reputation (general opinion) of the educational institution (or program). Thus, we cannot ignore the value‐added nature of various motivational orientations and their influence upon the perceptions of students. Surprisingly, few differences in perception based on gender, age, and country of birth (ethnicity) were found. Young students (less than 25‐year old) and Canadian‐ and American‐born students exhibited significant negative reactions (difference) to perceived teaching quality; in contrast, female students exhibited positive reactions towards it.

Practical implications

The results presented here will assist researchers, professors, and higher‐education administrators by capitalizing on students' existing intrinsic motivation and understanding the relationship between student perceptions of teaching quality and their degree of motivation to further expand and implement a better quality‐assurance educational system. A viable strategy to enhance and further motivate students extrinsically and intrinsically in their learning will significantly enhance their perceptions.

Originality/value

The article explores for the first time the link between students' motivational orientations and their perceptions about teaching quality.

Details

Managerial Finance, vol. 37 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 20 July 2015

K. Smimou

Do regional equity market conditions (bear market) affect the financial performance of firms involved in cross-border mergers and acquisitions (M & A)? If so, is there a…

Abstract

Purpose

Do regional equity market conditions (bear market) affect the financial performance of firms involved in cross-border mergers and acquisitions (M & A)? If so, is there a clear difference between inward and outward M & A in selected regions? The author addresses these questions using a sample of cross-border M & A between 1990 and 2013 in three major geographical regions of the emerging markets: Brazil, Russia, India, and China (BRIC), Eastern Europe, and Africa. The author finds that regional equity market conditions – such as bear equity conditions – along with direction of the cross-border M & A (inward vs outward), and differences in economic fundamentals among these regions carry valuable information and have real effects on market reactions to the announcement of cross-border M & A transactions. The paper aims to discuss these issues.

Design/methodology/approach

Using an empirical approach, the author takes a regional perspective, with emphasis on three regions (BRIC, Eastern Europe, and Africa), and aim to determine the impact of the state of the regional equity market (bear stock market), and direction and duration of the M & A on market reactions to the announcement of cross-border M & A.

Findings

The author documents the impact of regional equity market conditions on the financial performance of firms involved in cross-border M & A. The author underlines that differences in economic fundamentals among regions carry valuable information and have real effects on the performance of target firms.

Practical implications

On the one hand, merger arbitrage investors are keen to learn how to profit and position their investments accordingly during those periods. Therefore, this study has also put the limelight on the underlying factors that influence the market reaction around the M & A announcement at the regional level and clearly shows the additional benefits of regional market conditions, direction of the transactions, and the timing to highlight the positive gain of those equity investments regarding the emerging markets. On the other hand, as the purpose of the study is to delve into the market reactions to the M & A announcement while taking into consideration some relevant factors such as regional equity market conditions to assist companies’ managers and CEOs to effectively choose the right time.

Social implications

By incorporating the result presented in this study, another “family” of mutual funds, beyond just the combination of risky assets and the riskless asset is being introduced. Those investment portfolios which take into account merger and/or any opportunistic strategies are tailored more to the needs of various clienteles. For assisting the analyst and portfolio manager, the intuitive character of the result makes it versatile and easy to use by investment firms as an additional decision tool.

Originality/value

To the author knowledge, this is the first study that delves into the market performance of companies involved in cross-border M & A in the emerging markets by taking a regional perspective and aiming to determine the impact of the state of the regional equity market (bear stock market) on the M & A. It offers additional support to those institutional investors who are pursuing international diversification across various countries including emerging markets such that bear equity conditions (recessions in the regional stock markets) have an additional negative impact and a real effect on the performance of target firms.

Details

International Journal of Emerging Markets, vol. 10 no. 3
Type: Research Article
ISSN: 1746-8809

Keywords

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