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Interest rate risk immunization is one of the key concerns for fixed income portfolio management. In recent years, the affluence of new risk measures has emphasized the importance of comparing them with the classic approaches. As a result, one question arises: what is the relation among classic risk measures (e.g. Macaulay duration, convexity, and dispersion) and other more recent risk measures (e.g. value‐at‐risk and conditional value‐at‐risk) as tools for the formation of an optimum investment portfolio? This article aims to discuss this issue.

To enhance objectivity, an empirical study has been conducted on the US Treasury bonds market by means of the formation of different portfolios among a selected set of bonds with different maturities and structures. In addition, information about yields from the mid‐1990s and early 2000s has been used to find the optimum portfolio compositions based on each alternative risk measure.

The main finding of the study is that there is an absence of relationships between those portfolios optimized by classic measures and those optimized by modern measures. The results show how both types of risk measures lead to quite different portfolios.

The behavior of modern risk measures has been examined, with the finding that, when VaR is used, the sensitivity of the optimal portfolio with respect to the level of confidence is too high. Finally, if CVaR is used, then the optimal portfolio is quite stable with respect to the confidence level.

This is the first paper to compare classic and modern measures of interest rate risk in fixed income portfolios. It is of value to decision makers, experts, and economic researchers.

The purpose of this paper is to analyze the bibliographic references contained in the scientific papers (articles and technical notes) published from 1985 to 2005 in Zootecnia Tropical (ZT), a scientific journal.

A retrospective descriptive study is conducted using one‐dimensional bibliometric indicators such as: output, bibliographic density, institutional affiliation, recentness of the documents cited, document typology, self‐citations and scientific collaboration. Univariate descriptive analysis is used to study the indicators.

A total of 349 scientific papers (300 articles and 49 technical notes) are reviewed; output ranged from a maximum of 34 papers in 2001 to a minimum of four in 1990, with a mean of 15 papers per volume. The papers analyzed contain a total of 5,651 bibliographic references, with an average of 19 ± 9 references per paper; the largest number of references (19 ± 33) are found in the articles and the smallest (10.5 ± 13) in the notes. Venezuelan institutions account for 89 per cent of the papers and international institutions for the remain in 11 per cent; of the Venezuelan institutions, most (62 per cent) are National Institute of Agricultural Research (INIA) bodies and the rest universities and other organizations, especially the Universidad Central de Venezuela (UCV) and Universidad de Oriente (UDO). Universities are also among the most frequent international contributors, most prominently Marianga State University in Brazil and Tucumán National University in Argentina. Around 60 per cent of the references were more than ten years old when they were cited; 21 per cent were between five and ten years old and 19 per cent less than five years old. Journal articles, with 57 per cent, are the document type most frequently cited, followed by books, with 23 per cent; the rest consisted in postgraduate theses (3 per cent), undergraduate theses (2 per cent) and congress, conference and seminar proceedings (12 per cent). The self‐citation or endogamy rate in the journal is 4 per cent. Over half (53 per cent) of the papers are written by authors with the same affiliation. Inter‐institutional papers account for the remaining 47 per cent, with 34 per cent involving national collaboration, particularly between the INIA and the UCV; international co‐authorship comes to 13 per cent, primarily involving Brazilian and Argentine universities.

This paper analyzes the use of information in the Venezuelan scientific community from the vantage of a specific journal, ZT. These studies constitute useful and objective tools for evaluating scientific activity.

This study aims to determine the main antecedents of customer engagement (market orientation, satisfaction, emotions and self-brand connection) and the relationship between customer engagement and customer loyalty in the retail-banking context.

A theoretical model of effects is tested using dyadic methodology, based on 225 dyads (bank branch manager–average of five branch customers). The authors use structural equation modelling (EQS 6.1) to test the relationships.

The results reveal a strong relationship between customer engagement and customer loyalty. Satisfaction is the main antecedent of customer engagement. Self-brand connection and emotions during the service also have a significant influence. Finally, branch market orientation has a positive influence on satisfaction and emotions.

The first concerns the transversal data used. Geographical context is the second limitation. Third, the study sample only included customers with experience of the financial services of a specific bank (online customers are not included). Finally, the dyads are based on the opinion of the branch manager, on one hand, and an average of five customers per branch, on the other.

The combination of the branding strategy at the corporate level and the relationship marketing strategy at branch office level creates a situation in which customer engagement and customer loyalty can thrive. The communication campaigns designed to promote the brand image and associate brand values with the personality of the banks’ current and potential customers help to create an emotional bond that represents a switching cost for the customer. The moments of truth in branch offices are crucial aspects in the retail bank strategy.

First, from the conceptual perspective, it establishes a direct relationship between customer engagement and customer loyalty. Second, it empirically tested Pansari and Kumar’s (2017) customer engagement framework, which establishes customer satisfaction and customer emotions as the antecedents of customer engagement. Third, the study took an innovative step in establishing two levels of customer emotions in the retail bank context: emotions generated by corporate branding and emotions that arise during the experience of purchase and consuming. Fourth, the study shows that the market orientation adopted not at the macro corporate level but at the individual branch level is crucial to the generation of positive relational outcomes in the service the customer receives. The fifth contribution is related to the fact that the research streams associated with market orientation and relationship quality have traditionally been studied in isolation.

Este estudio identifica los principales antecedentes del compromiso del cliente (orientación al mercado, satisfacción, emociones y conexión con la propia marca) así como la relación entre compromiso y lealtad en la banca minorista.

Se contrasta un modelo de efectos utilizando la metodología de diadas, basada en 225 asociaciones (director de la sucursal bancaria-promedio de cinco clientes por sucursal). Las relaciones se contrastan usando SEM (EQS 6.1).

El trabajo presenta diversas limitaciones como son el empleo de datos transversales, su aplicación en el mercado español, la inclusión de exclusiva de clientes con experiencia con un banco específico y no operan exclusivamente online. Por último, las díadas se basan en la opinión del director de la sucursal, por un lado, y de una media de cinco clientes por sucursal, por otro.

La combinación de la estrategia de marca a nivel corporativo y la estrategia de marketing relacional a nivel de sucursal crea una situación en la que el compromiso y la lealtad del cliente pueden desarrollarse. Las campañas de comunicación diseñadas para promover la imagen de marca y asociar los valores de marca con la personalidad de clientes actuales y potenciales ayudan a crear un vínculo emocional que supone un coste de cambio para el cliente. Los momentos de verdad en las sucursales son aspectos cruciales en la estrategia de la banca minorista.

Primero, se establece una relación directa entre el compromiso y la lealtad del cliente. Segundo, se contrasta la satisfacción y las emociones del cliente son antecedentes del compromiso. Tercero, se establecen dos niveles de emociones del cliente en banca minorista: las generadas por el branding corporativo y las que surgen durante la experiencia de compra. Cuarto, el estudio muestra que la orientación de mercado adoptada a nivel de oficina es crucial para generar resultados relacionales positivos con el cliente. Quinto, se combinan las corrientes de investigación asociadas con la orientación al mercado y la calidad de las relaciones.

Compromiso del cliente, Lealtad del cliente, Satisfacción, Emociones, Orientación al mercado, Banca minorista

Trabajo de investigación

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.