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1 – 10 of over 88000Organisations either keep spares for their own use, or‐for‐sale to other organisations. In either case, the ultimate need is to be able to replace worn or defective parts in…
Abstract
Organisations either keep spares for their own use, or‐for‐sale to other organisations. In either case, the ultimate need is to be able to replace worn or defective parts in operational machinery or equipment. In an economic sense, spares are kept to meet the needs of the situation in the cheapest way.
Overview All organisations are, in one sense or another, involved in operations; an activity implying transformation or transfer. The major portion of the body of knowledge…
Abstract
Overview All organisations are, in one sense or another, involved in operations; an activity implying transformation or transfer. The major portion of the body of knowledge concerning operations relates to production in manufacturing industry but, increasingly, similar problems are to be found confronting managers in service industry. It is only in the last decade or so that new technology, involving, in particular, the computer, has encouraged an integrated view to be taken of the total business. This has led to greater recognition being given to the strategic potential of the operations function. In order to provide greater insight into operations a number of classifications have been proposed. One of these, which places operations into categories termed factory, job shop, mass service and professional service, is examined. The elements of operations management are introduced under the headings of product, plant, process, procedures and people.
John Gattorna, Abby Day and John Hargreaves
Key components of the logistics mix are described in an effort tocreate an understanding of the total logistics concept. Chapters includean introduction to logistics; the…
Abstract
Key components of the logistics mix are described in an effort to create an understanding of the total logistics concept. Chapters include an introduction to logistics; the strategic role of logistics, customer service levels, channel relationships, facilities location, transport, inventory management, materials handling, interface with production, purchasing and materials management, estimating demand, order processing, systems performance, leadership and team building, business resource management.
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Ripsy Bondia, Pratap Chandra Biswal and Abinash Panda
The purpose of this paper is to develop an in-depth contextualized understanding of individual investors’ buying decision in Indian stock market. Specifically, it provides answers…
Abstract
Purpose
The purpose of this paper is to develop an in-depth contextualized understanding of individual investors’ buying decision in Indian stock market. Specifically, it provides answers to: how do individual investors make buying decision in stock market; and how and when do biases set in during such decisions. The paper also brings forward some aspects of individual’s journey as an investor.
Design/methodology/approach
Given the exploratory nature of this study, the paper takes a step away from typically used variance approach and instead uses a process approach. The authors do in-depth one-on-one interview, where each respondent shares his/her lived experiences as an investor retrospectively. To understand buying decision, each respondent is asked to elaborate three significant buying transactions carried out by him/ her in stock market.
Findings
Socio-cultural factors are found to have significant influence in inducing respondents to enter market. “Safe” vs “Risky” mental account emerges as the prominent stock categorization done by Indian investors. Three building blocks, namely, Identification, Rationalization and Further Validation emerge as the building blocks that culminate into buying decision of individual investors. The biases are seen to play a dual role in such decisions; as Attention Boosters and Rationales.
Originality/value
This study, to the best of authors’ knowledge, is first of its kind which amalgamates behavioral biases with phenomenon such as attention and Rationalization, to understand “how” behavioral biases set in during buying decision of individual investors.
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Firda Nosita and Rifqi Amrulloh
The authors believe the COVID-19 pandemic has an impact on supply and demand. The potential decline in real sector performance leads to lower expectations of securities…
Abstract
The authors believe the COVID-19 pandemic has an impact on supply and demand. The potential decline in real sector performance leads to lower expectations of securities performance. The uncertainty of future performance can change investor behaviour. This study tried to gain insight into stock investor behaviour during the COVID-19 pandemic. The results showed that the majority of the investor realized and believed the pandemic would affect the stock market performance. Hence, they did not show herding behaviour and were very confident during the COVID-19 pandemic. The survey also indicates that investors tend to avoid risk rather than take the opportunity to buy at a lower price. Moreover, investors believe that the COVID-19 vaccine will soon be found, and the economy will return to normal. Government and self-regulated organizations (SRO) are responsible for making effective policies to convince the investors about the future prospect.
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Akwasi A. Ampofo, Reza Barkhi and Joseph Nketia
We develop and test an innovative approach to teaching financial statement analysis (FSA) and assessing student learning outcomes based on making complex stock investment…
Abstract
We develop and test an innovative approach to teaching financial statement analysis (FSA) and assessing student learning outcomes based on making complex stock investment decisions compared to professional analysts. We train students to apply FSA and emphasize interdisciplinary factors and high integrative complexity. Our innovative FSA teaching approach, which we apply in an MBA financial reporting course, involves the instructor lecturing on FSA as a tool for integrative and complex decision making, students researching and applying FSA to public companies, and presenting the rationale for individual and group stock investment decisions. The instructor gives high-quality and timely feedback on the students’ application of FSA with a focus on investment judgments involving critical thinking, problem-solving, and teamwork skills. Our detailed efficacy analysis shows that our FSA teaching approach is effective. Students who perceive a public company to have credible management, effective competitive strategy, and an acceptable level of financial flexibility make comparable individual and group stock investment decisions as professional analysts.
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Hossein Sayyadi Tooranloo, Pedram Azizi and Ali Sayyahpoor
Changes in economic markets have made it necessary to understand the psychology of individual investors. Conducting effective studies on the decision of investors to buy stock in…
Abstract
Purpose
Changes in economic markets have made it necessary to understand the psychology of individual investors. Conducting effective studies on the decision of investors to buy stock in the stock market can be useful. Therefore, it is necessary to identify and prioritize the factors affecting the decision-making of investors to purchase shares of the stock exchange. The purpose of this study was to analyze causal relationships and to weight effective factors on individual investment to purchase shares of Tehran Stock Exchange.
Design/methodology/approach
The present study is applied research in the term of its purposes and a descriptive-survey one in the term of data gathering methods. The data required in this study was collected through library and field studies. The study population included 35 investment experts. In present study, multi-criteria decision-making techniques in type-2 fuzzy environments have been used to analyze the causal relationships and weighing the factors affecting individual investment in purchasing stock in the stock market.
Findings
In the study, 4 indicators and 20 sub-indicators influencing individual investors’ decision to purchase shares of Tehran Stock Exchange were selected based on the literature review in the field of investment in the stock exchange, as well as interviews with experts. Analyzing the opinions of experts showed that they have much paid attention to financial index compare to the economic, political and psychological indicators of the market in determining the priority of indicators. In analyzing sub-indicators, it was identified that Iranian investors pay special attention to economic and political developments, political news and international economic developments.
Research limitations/implications
The present study has been carried out in Iran, and therefore, is geographically limited to Iran. In thematic terms, it is limited to effective factors of individual investments in Tehran Stock Exchange. The statistical population of present study was limited to investing experts in Tehran Stock Exchange. The difference in financial, economic, social and political conditions of individuals was another limitation of present study. The main consequences of research were the explanation of causes of investors’ higher attention to financial factors than economic, political and mental factors of market in buying stocks.
Originality/value
Given the uncertainty in the market status, using multi-criteria decision-making techniques in financial analysis can help decision-makers to make better decisions. In addition, it would be possible to take into account many variables that do not have a mathematical aspect but are important in decision-making and lead to increased decision-making satisfaction. The research initially analyzed causal relationships of determinants of individual investment on stock exchange for buying stocks through a type-2 fuzzy approach.
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Rahul Kumar, Shubhadeep Mukherjee, Bipul Kumar and Pradip Kumar Bala
Colossal information is available in cyberspace from a variety of sources such as blogs, reviews, posts and feedback. The mentioned sources have helped in improving various…
Abstract
Purpose
Colossal information is available in cyberspace from a variety of sources such as blogs, reviews, posts and feedback. The mentioned sources have helped in improving various business processes from product development to stock market development. This paper aims to transform this wealth of information in the online medium to economic wealth. Earlier approaches to investment decision-making are dominated by the analyst's recommendations. However, their credibility has been questioned for herding behavior, conflict of interest and favoring underwriter's firms. This study assumes that members of the online crowd who have been reliable, profitable and knowledgeable in the recent past will continue to be so soon.
Design/methodology/approach
The authors identify credible members as experts using multi-criteria decision-making tools. In this work, an alternative actionable investment strategy is proposed and demonstrated through a mock-up. The experimental prototype is divided into two phases: expert selection and investment.
Findings
The created portfolio is comparable and even profitable than several major global stock indices.
Practical implications
This work aims to benefit individual investors, investment managers and market onlookers.
Originality/value
This paper takes into account factors: the accuracy and trustworthiness of the sources of stock market recommendations. Earlier work in the area has focused solely intelligence of the analyst for the stock recommendation. To the best of the authors’ knowledge, this is the first time that the combined intelligence of the virtual investment communities has been considered to make stock market recommendations.
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Reviews the scale and scope of existing survey‐based studies ofmanufacturing plants and discusses the contribution which the UK BestFactory Awards Database may be able to make…
Abstract
Reviews the scale and scope of existing survey‐based studies of manufacturing plants and discusses the contribution which the UK Best Factory Awards Database may be able to make. Outlines the process of selecting the winners, proposes a working model which relates performance and strategy, and presents some initial illustrative results from an analysis of the 1993 entrants. Briefly discusses the feedback information which entering plants receive for benchmarking performance. Presents initial research findings which relate to the concept of manufacturing plant focus and indicates an asymmetric relationship for focus concerned with make‐for‐stock versus make‐to‐order/assembly to order foci. The evidence supports the view that dilution of a make‐for‐stock policy has a negative impact on ex‐stock service level while dilution of a make‐to‐order policy does not appear to dilute due‐date performance.
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Alexander Quaicoe and Paul Quaisie Eleke-Aboagye
The finance literature is awash with papers bordering on the classical assumption that investors are rational in their decision-making, and hence, would always take decisions…
Abstract
Purpose
The finance literature is awash with papers bordering on the classical assumption that investors are rational in their decision-making, and hence, would always take decisions rationally given the right information, thus making the stock market efficient. This assumption has, however, been found to be at least inadequate given the fact that investors are complex psychological beings full of emotions. This paper aims to investigate the psychological factors that tend to influence the decisions of investors.
Design/methodology/approach
The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the Ghana Stock Exchange (GSE).
Findings
The study found the existence of various behavioural biases among the investors surveyed. The most dominant factor or bias found to be influencing investment decisions of respondents was herding with nearly 62% weight. Again, biases such as regret aversion and gambler’s fallacy were also found to strongly influence the decisions of investors, along with mental accounting, overconfidence and anchoring.
Practical implications
The presence of these behavioural biases, therefore suggests that investors do not always take rational decisions, and hence, making the stock market efficient and that as psychological beings, their investment decisions are impacted strongly by their psychology.
Originality/value
The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the GSE with a special focus on overconfidence, anchoring, herding, gambler’s fallacy, mental accounting and regret aversion as the variables of interest, the first of its kind in Ghana.
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