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Article
Publication date: 21 September 2020

Frederik Kunze, Tobias Basse, Miguel Rodriguez Gonzalez and Günter Vornholz

In the current low-interest market environment, more and more asset managers have started to consider to invest in property markets. To implement adequate and…

Abstract

Purpose

In the current low-interest market environment, more and more asset managers have started to consider to invest in property markets. To implement adequate and forward-looking risk management procedures, this market should be analyzed in more detail. Therefore, this study aims to examine the housing market data from the UK. More specifically, sentiment data and house prices are examined, using techniques of time-series econometrics suggested by Toda and Yamamoto (1995). The monthly data used in this study is the RICS Housing Market Survey and the Nationwide House Price Index – covering the period from January 2000 to December 2018. Furthermore, the authors also analyze the stability of the implemented Granger causality tests. In sum, the authors found clear empirical evidence for unidirectional Granger causality from sentiment indicator to the house prices index. Consequently, the sentiment indicator can help to forecast property prices in the UK.

Design/methodology/approach

By investigating sentiment data for house prices using techniques of time-series econometrics (more specifically the procedure suggested by Toda and Yamamoto, 1995), the research question whether sentiment indicators can be helpful to predict property prices in the UK is analyzed empirically.

Findings

The empirical results show that the RICS Housing Market Survey can help to predict the house prices in the UK.

Practical implications

Given these findings, the information provided by property market sentiment indicators certainly should be used in a forward-looking early warning system for house prices in the UK.

Originality/value

To authors’ knowledge, this is the first paper that uses the procedure suggested by Toda and Yamaoto to search for suitable early warning indicators for investors in UK real estate assets.

Details

The Journal of Risk Finance, vol. 21 no. 5
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 21 August 2017

Miguel Rodriguez Gonzalez, Frederik Kunze, Christoph Schwarzbach and Christoph Dieng

This paper aims to investigate the long-term relationships of long-term European Monetary Union (EMU) government bond yields. From an asset managers’ or risk managers…

Abstract

Purpose

This paper aims to investigate the long-term relationships of long-term European Monetary Union (EMU) government bond yields. From an asset managers’ or risk managers’ perspective during the euro crisis, the relevance of sovereign credit and redenomination risk became a major issue. Furthermore, it has to be differentiated between core and non-core EMU member countries.

Design/methodology/approach

Methods of applied time series analysis are used to investigate EMU government bond yields and EMU government bond yield spreads for Spain, Italy, The Netherlands, Austria and Germany. Both standard unit root testing procedures and breakpoint unit root tests are used to examine cointegrating relationships and structural changes in these relationships.

Findings

The empirical results deliver clear evidence for structural shifts in the long-term relationship between German and the two non-core EMU countries (Italy and Spain). The timing of the breaks coincides with the timing of the euro crisis. On the contrary, the results for Austria and The Netherlands are different from the findings for the two non-core countries.

Research limitations/implications

One major limitation of the study is the limited availability of data regarding to the reaction of asset managers or risk managers to the euro crisis. Especially in the context of the discussion with regard to the relevant risk-free rate for investors, this strand of research is relatively new.

Practical implications

A deeper understanding of changes in the long-term relationship between government bond yields and the re-emergence of redenomination risk is important for asset managers and risk managers in the financial services industry. This is especially true for German life insurers.

Originality/value

The study provides various empirical contributions to the literature on the euro crisis and sovereign credit risk. First, previous results with regard to the structural changes in the long-term relationship between German and Spanish, German and Italian, German and Austrian as well as Germany and Dutch government bond yields are confirmed using unit root breakpoint tests. Second, investigating the autoregressive coefficient and the timing of the breaks delivers evidence that non-core countries have been more exposed to the fear of redenomination risk. Third, we raise the question which risk free interest rate is relevant for the affected countries.

Details

The Journal of Risk Finance, vol. 18 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 18 May 2021

Maria Alejandra Gonzalez-Perez, Miguel Cordova, Michel Hermans, Karla Maria Nava-Aguirre, Fabiola Monje-Cueto, Santiago Mingo, Santiago Tobon, Carlos Adrian Rodriguez, Erica Helena Salvaj and Dinorá Eliete Floriani

This study aims to build on embedded approaches to stakeholder management and examines how organizational decision-makers consider social responsibility toward proximal…

Abstract

Purpose

This study aims to build on embedded approaches to stakeholder management and examines how organizational decision-makers consider social responsibility toward proximal stakeholders in crises that encompass an entire system of stakeholder relationships.

Design/methodology/approach

Within a criterion-based sample of eight Latin American private universities, this paper develops in-depth exploratory case studies to examine the prioritization of stakeholders in higher education institutions’ decision-making during the outbreak of the COVID-19 crisis.

Findings

Contrary to the notion that during crises organizations prioritize stakeholders that provide resources that are critical to survival, this study finds that in contextual crises stakeholder management is informed by social responsibility. In addition, the findings suggest that crises may be tipping points for changes toward mission-driven approaches to governance.

Practical implications

Acknowledging the roles of social responsibility and proximity in stakeholder management during contextual crises allows for more informed governance of organizations that face disruptions in their system of stakeholder relations.

Originality/value

This study contributes unique insights into the decision-maker’s prioritization of stakeholders during the COVID-19 crisis. The uncertainty associated with the emerging “new normal” allowed for an extreme test of socially embedded versus resource-oriented approaches to stakeholder management.

Article
Publication date: 24 August 2021

Miguel Cordova, Dinorá Eliete Floriani, Maria Alejandra Gonzalez-Perez, Michel Hermans, Santiago Mingo, Fabiola Monje-Cueto, Karla Maria Nava-Aguirre, Carlos Adrian Rodriguez and Erica Salvaj

This paper aims to provide insights into the internationalization strategic responses to the COVID-19 pandemic by higher education institutions (HEIs) in Latin America.

Abstract

Purpose

This paper aims to provide insights into the internationalization strategic responses to the COVID-19 pandemic by higher education institutions (HEIs) in Latin America.

Design/methodology/approach

This study is based on information from eight leading Latin American private universities. The data were obtained from official sources such as institutional communications and university administrators.

Findings

The authors identify two main issues that HEIs should consider while responding to the pandemic. First, greater attention and resource allocation to the universities' main local stakeholders can affect traditional internationalization activities. Second, a focus on revitalizing foreign partnerships and strengthening “virtual internationalization” can help maintain and eventually increase international presence.

Research limitations/implications

While this study analyses how these Latin American HEIs responded during the initial stages of the COVID-19 outbreak, it is important to conduct follow-up studies to shed light on how HEIs are adapting to the COVID-19 crisis as it continues to unfold.

Originality/value

This study is based on unique information gathered from leading private, not-for-profit HEIs in Latin America, which, contrary to state-owned HEIs or other private institutions in developed economies, have exhibited different means and conditions to respond to the coronavirus outbreak. Finally, the authors contribute to the literature on the internationalization of HEIs by discussing the role of a significant disruptive event on the internationalization of higher education and, particularly, business schools.

Propósito

Este artículo discute las respuestas estratégicas de internacionalización frente a la pandemia del COVID-19 implementadas por Instituciones de Educación Superior (IES) en América Latina.

Diseño/metodología/aproximación

Este estudio se basa en información de ocho universidades privadas líderes en América Latina. La información fue obtenida de fuentes oficiales tales como comunicados institucionales y autoridades.

Hallazgos

Identificamos dos temas principales que las IES deben considerar mientras responden al COVID-19. Primero, una mayor atención y reubicación de recursos hacia los principales grupos de interés local puede afectar las actividades tradicionales de internacionalización. Segundo, revitalizar las alianzas extranjeras y fortalecer la “internacionalización virtual” puede ayudar a mantener y eventualmente incrementar la presencia internacional.

Limitaciones de investigación/implicaciones

Si bien este estudio analiza cómo un grupo de IES Latinoamericanas respondieron durante las etapas iniciales del COVID-19, es importante continuar analizando cómo las IES se siguen adaptando a medida que la crisis COVID-19 avanza.

Originalidad/valor

Este estudio se basa en datos únicos obtenidos de IES privadas, sin fines de lucro, y líderes en América Latina que, al contrario de las universidades públicas u otras IES en economías desarrolladas, exhiben medios y condiciones diferentes para responder a la expansión del coronavirus. Finalmente, este trabajo contribuye a la literatura sobre internacionalización de IES mediante la discusión del rol de un evento disruptivo de escala mundial en la internacionalización de universidades y, particularmente, escuelas de negocios.

Book part
Publication date: 27 January 2022

Manuela Gomez-Valencia, Camila Vargas, Maria Alejandra Gonzalez-Perez, Indianna Minto-Coy, Miguel Cordova, Karla Maria Nava-Aguirre, Fabiola Monje-Cueto, Cyntia Vilasboas Calixto Casnici and Freddy Coronado

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and…

Abstract

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:

  1. What has been done in the past to rebuild social, economic and environmental balance after global crises?

  2. Where (geographical region) did the analysis on measures taken concentrate?

  3. When have scholars analysed past measures to rebuild business and society after a global crisis?

  4. How did the past measures to rebuild business and society after the global crisis take place?

  5. Who promotes the measures to rebuild business and society after a global crisis takes place?

  6. Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

What has been done in the past to rebuild social, economic and environmental balance after global crises?

Where (geographical region) did the analysis on measures taken concentrate?

When have scholars analysed past measures to rebuild business and society after a global crisis?

How did the past measures to rebuild business and society after the global crisis take place?

Who promotes the measures to rebuild business and society after a global crisis takes place?

Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.

Details

Regenerative and Sustainable Futures for Latin America and the Caribbean
Type: Book
ISBN: 978-1-80117-864-8

Keywords

Article
Publication date: 13 November 2017

Orietha Eva Rodríguez-Victoria, Francisco Puig and Miguel González-Loureiro

This paper aims to explore the relationship between clustering and hotel competitiveness in emerging economy destinations by analyzing potential mediation of the…

1327

Abstract

Purpose

This paper aims to explore the relationship between clustering and hotel competitiveness in emerging economy destinations by analyzing potential mediation of the management innovations implemented.

Design/methodology/approach

This empirical study is based on hotel-level information from a survey including 131 hotels in 2014. Colombia was chosen as a representative of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa (CIVETS) emerging destinations. The relationships were analyzed by structural modeling and partial least squares.

Findings

Clustering has a positive direct impact on hotel competitiveness and innovation, and there is a positive effect of innovation on competitiveness. Therefore, the link between clustering and competitiveness is partially mediated through implementation of management innovations.

Practical implications

Hotels should actively participate in agglomerated destinations and build relationships with established firms by clustering. Interaction with related firms and implementation of management innovations will lead to increased levels of economic competitiveness. Public policymakers should foster collaborative strategic networking in the hospitality industry of emerging economy destinations.

Originality/value

This paper focused on separating the direct and indirect effects of clustering on hotel competitiveness. Implementation of management innovations was considered as an outcome derived from clustering in emerging tourist destinations, using the example of Colombia. Clustering stimulates and eases management innovations within the location, and that combination reinforces the role that cooperating while competing plays in hotel competitiveness for destinations with lagging innovation.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 11
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 9 February 2021

Jesús Miguel Rodríguez-Mantilla, Víctor León Carrascosa and Angélica Martínez-Zarzuelo

The objective of this study was to evaluate and compare how school heads and teachers perceived the impact of implementing ISO 9001 Standards on the dimensions management…

Abstract

Purpose

The objective of this study was to evaluate and compare how school heads and teachers perceived the impact of implementing ISO 9001 Standards on the dimensions management and planning and support and recognition.

Design/methodology/approach

The study included 2,192 subjects (86.2% teachers and 13.8% heads) belonging to 85 schools in four Spanish autonomous communities (Castilla y León, Community of Madrid, Andalusia and Community of Valencia). We used an instrument made up of 25 items evaluating both dimensions (Cronbach's α = 0.961). We conducted descriptive and differential analyses (applying ANOVA and calculating the effect size) overall and for the assessments by heads and teachers.

Findings

Results show a higher impact in small private schools with state subsidies, with 9–11 years of ISO implementation and receiving internal aid or none at all. The impact was medium–high on the management and planning system and medium–low on support and recognition, with heads evaluating at a significantly higher level the impact of ISO 9001 standards on improvement of preparation of classroom timetables, meetings, analysis of staff expectations and recognition of staff achievements.

Originality/value

Implementation of quality management systems in education has increased significantly in the last decades, and it is thus necessary to find evidence on how the resulting improvements are generated in schools. This study provides conclusions to the scientific and professional community about how school heads and teachers perceived the impact of implementing ISO 9001 standards on the dimensions management and planning and support and recognition.

Details

The TQM Journal, vol. 33 no. 6
Type: Research Article
ISSN: 1754-2731

Keywords

Article
Publication date: 22 August 2022

María Muñoz Sanz-Agero and Carl Antonius Lemke Duque

This study provides a new look at the late 19th-century university issue in Spain. Loss of self-government among universities and the state’s centralization brought a…

Abstract

Purpose

This study provides a new look at the late 19th-century university issue in Spain. Loss of self-government among universities and the state’s centralization brought a conflict between science and religion to the fore in the process of the secularization of knowledge.

Design/methodology/approach

We first delve into the anti-Darwinian framework associated with the scientific professionalization process, focusing on the case of the jurist Antonio Hernández Fajarnés (1851–1909). Secondly, we study the idea of the university that emerged from the Ateneo de Madrid, analyzing key speeches from the jurist Francisco Fernández de Henestrosa (1855–s.d.) given in 1887/88 and from the pharmacist José Rodríguez Carracido (1856–1928).

Findings

The study concludes that the Restoration Era in Spain was characterized by a generalized desire – shared by neo-Scholastics, conservatives and liberal rationalists – to improve the public university system. In this context, French influence was no doubt decisive; however, the Humboldtian university idea had already begun to have notable influence.

Originality/value

This article analyzes sources yet unknown to international research, such as the Ateneo de Madrid debates and Spanish university rectors’ inaugural speeches. It opens up a critical examination of the so-called displacement of educational principles in Spain toward a state-centered system of doctrinal moderantismo as opposed to the nation-centered system of the Cádiz liberalism. At the same time, it identifies key pockets of resistance relative to Spanish university transformation toward increased methodological secularization.

Details

History of Education Review, vol. 51 no. 2
Type: Research Article
ISSN: 0819-8691

Keywords

Abstract

Details

The TQM Journal, vol. 30 no. 4
Type: Research Article
ISSN: 1754-2731

Article
Publication date: 27 January 2021

Miguel Ángel Caminero, Ana Romero, Jesús Miguel Chacón, Pedro José Núñez, Eustaquio García-Plaza and Gloria Patricia Rodríguez

Fused filament fabrication (FFF) technique using metal filled filaments in combination with debinding and sintering steps can be a cost-effective alternative for…

Abstract

Purpose

Fused filament fabrication (FFF) technique using metal filled filaments in combination with debinding and sintering steps can be a cost-effective alternative for laser-based powder bed fusion processes. The mechanical behaviour of FFF-metal materials is highly dependent on the processing parameters, filament quality and adjusted post-processing steps. In addition, the microstructural material properties and geometric characteristics are inherent to the manufacturing process. The purpose of this study is to characterize the mechanical and geometric performance of three-dimensional (3-D) printed FFF 316 L metal components manufactured by a low-cost desktop 3-D printer. The debinding and sintering processes are carried out using the BASF catalytic debinding process in combination with the BASF 316LX Ultrafuse filament. Special attention is paid on the effects of build orientation and printing strategy of the FFF-based technology on the tensile and geometric performance of the 3-D printed 316 L metal specimens.

Design/methodology/approach

This study uses a toolset of experimental analysis techniques [metallography and scanning electron microcope (SEM)] to characterize the effect of microstructure and defects on the material properties under tensile testing. Shrinkage and the resulting porosity of the 3-D printed 316 L stainless steel sintered samples are also analysed. The deformation behaviour is investigated for three different build orientations. The tensile test curves are further correlated with the damage surface using SEM images and metallographic sections to present grain deformation during the loading progress. Mechanical properties are directly compared to other works in the field and similar additive manufacturing (AM) and Metal Injection Moulding (MIM) manufacturing alternatives from the literature.

Findings

It has been shown that the effect of build orientation was of particular significance on the mechanical and geometric performance of FFF-metal 3-D printed samples. In particular, Flat and On-edge samples showed an average increase in tensile performance of 21.7% for the tensile strength, 65.1% for the tensile stiffness and 118.3% for maximum elongation at fracture compared to the Upright samples. Furthermore, it has been able to manufacture near-dense 316 L austenitic stainless steel components using FFF. These properties are comparable to those obtained by other metal conventional processes such as MIM process.

Originality/value

316L austenitic stainless steel components using FFF technology with a porosity lower than 2% were successfully manufactured. The presented study provides more information regarding the dependence of the mechanical, microstructural and geometric properties of FFF 316 L components on the build orientation and printing strategy.

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