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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

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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

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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…

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

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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. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-2731

Keywords

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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.

Details

Rapid Prototyping Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2546

Keywords

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Article
Publication date: 20 March 2020

Francisca Greene Gonzalez and María José Lecaros

This paper reviews the origins of the Ethics Council of the Federation of Social Communication Media of Chile (1991-2019) and looks into the historical circumstances…

Abstract

Purpose

This paper reviews the origins of the Ethics Council of the Federation of Social Communication Media of Chile (1991-2019) and looks into the historical circumstances surrounding its creation, the concept of self-regulation as understood by its founders, and the criteria that initially ruled its operation.

Design/methodology/approach

A qualitative survey of nine contemporary witnesses and the confrontation with the scientific literature.

Findings

The results reveal a significant coincidence with the academic literature both in the description of the concept of self-regulation and in the origin of the ethics councils and of the system under which they operate. However, a series of nuances not usually considered in the concept of self-regulation are described.

Originality/value

This study will help assess the national and international possibilities of self-regulation and the significance of the Chilean ethics council.

Details

Journal of Information, Communication and Ethics in Society, vol. 18 no. 4
Type: Research Article
ISSN: 1477-996X

Keywords

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Case study
Publication date: 2 May 2016

Henry Ossa and Ana Cristina Gonzalez

Strategic Planning for family businesses.

Abstract

Subject area

Strategic Planning for family businesses.

Study level/applicability

MBA family businesses courses and/or executive education courses that focus on family businesses. The case can be used in introductory sessions related to family business strategy.

Case overview

This case tells the story of two generations of coffee plant growers at Hacienda Flandes in Colombia’s coffee region. It describes external and internal factors that affected the family business from 1970 to 2013. The case presents antecedents and consequences of environmental circumstances and family members’ decisions that drive this business from boom to decline and later on to its potential reinvention. Through an analysis of this family-owned coffee plantation across generations, students are expected to understand the importance of strategic planning in family businesses, in a changing and competitive environment. Family businesses in emerging economies are the most common type of businesses. In Latin America, most of family businesses might be younger than those in Europe and even in North America. Therefore, family businesses in these economies can be going through or will soon go through a succession. Succession success rate is low, regardless of the culture or country in which the family business develops. This case deals with the preparation (or lack of preparation) of the next generation in family businesses management and its consequences and helps students suggest alternatives and better decisions to run family businesses in an emerging economy.

Expected learning outcomes

Students will be able to know and explain the concept of a family business as a dynamic system: firm, family and individuals, each one with actions and outcomes; analyze opportunities for and threats to family businesses across generations; and formulate strategies that balance business and family demands.

Supplementary materials

The teaching note has specific reading materials to support class discussion.

Details

Emerald Emerging Markets Case Studies, vol. 6 no. 1
Type: Case Study
ISSN: 2045-0621

Keywords

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Book part
Publication date: 23 June 2020

María R. Belando-Montoro and María Aranzazu Carrasco Temiño

Service-learning (SL) is an innovative methodology aiming to improve learning while providing students experiences in the community. Consequently, students also develop…

Abstract

Service-learning (SL) is an innovative methodology aiming to improve learning while providing students experiences in the community. Consequently, students also develop social and emotional skills many higher education institutions promise to foster. However, few academic enrichment opportunities are implemented to develop these social skills and university teaching staff are limited in their knowledge of SL to promote active citizenship and civic engagement (Belando-Montoro, Jover, Ruiz de Miguel, Blanco, & Carrasco, 2015). This chapter presents an analysis of the presence of direct and indirect indicators related to social responsibility and SL in the degree programs of the Social and Legal Sciences area of the Complutense University of Madrid. These indicators include questions related to the social environment needs diagnosis and the design of projects that meet these needs, the environmental care, among others. The results indicate the lack of presence of courses on the direct indicators in the degrees offered. However, the focus on indirect indicators is relatively common. In particular, those common indirect indicators are related to critical thinking about social reality, the environment needs diagnosis, and the development of social intervention. The findings suggest universities increase their focus on social responsibility and community service in the university curriculum, providing training oriented toward socio-community intervention.

Details

Civil Society and Social Responsibility in Higher Education: International Perspectives on Curriculum and Teaching Development
Type: Book
ISBN: 978-1-83909-464-4

Keywords

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Article
Publication date: 10 June 2019

Jorge Alejandro Silva Rodríguez de San Miguel

The purpose of this paper is to look at how water management reflects patriarchal considerations or gender biases that inflict a penalty upon Mexican women and enumerates…

Abstract

Purpose

The purpose of this paper is to look at how water management reflects patriarchal considerations or gender biases that inflict a penalty upon Mexican women and enumerates recommendations that can both ameliorate water management across Mexico.

Design/methodology/approach

Peer-reviewed scholarly materials, carefully vetted for empirical worth, for the clarity and soundness of their research methodologies, and for their capacity to account for confounding or complicating factors, are reviewed. Special attention is given to studies, found in academic databases such as EBSCOHost, conducted in the years 2013–2018.

Findings

The Mexican state has finally made some progress in recognizing the hurdles women face in attaining educational equality, but there is not yet the universal application and comity that would ensure appropriate levels of representation in all communities. Mexico will have to do more to compel local actors to give greater credence to the voices of women.

Research limitations/implications

There is a need for further primary research to more comprehensively capture what actions women are taking to carve out a large policy-making space for themselves in a country that has only quite recently begun to realize the contributions women can make to forward-looking water governance policy.

Originality/value

The uneasy confluence between water governance and gender within the Mexican context is an area of growing concern to those interested in how water management systems and protocols shape broader social justice and equality developments across Mexico.

Details

Management of Environmental Quality: An International Journal, vol. 30 no. 4
Type: Research Article
ISSN: 1477-7835

Keywords

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