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1 – 10 of 101The purpose of this study is to measure mutual funds' manager performance by attributing it to their abilities to choose better securities (selectivity effect) and to allocate…
Abstract
Purpose
The purpose of this study is to measure mutual funds' manager performance by attributing it to their abilities to choose better securities (selectivity effect) and to allocate these securities better than their benchmarks (allocation effect). The study enables the authors to examine the relative contributions of the commonly known asset-pricing factors in mutual funds' performance.
Design/methodology/approach
To examine managers' ability to steer funds' returns, the authors conduct a two-dimensional holdings-based analysis using factor-specific decomposition of funds' excess returns into their ability to select and allocate securities better than their benchmarks. Subsequently, the authors conduct an analysis of the covariance (ANCOVA) due to these factors in explaining funds' excess returns over time.
Findings
While managers' ability to choose better securities than the benchmarks (the selectivity effect) appears modest, some funds (especially the winners) allocate securities in their portfolios better than their benchmarks (the allocation effect) based on their exposures to certain factors (e.g. the momentum factor for the winner funds). However, although funds consistently gain through their ability to predict the size and value factors well, they do not consistently possess the skills to predict the momentum factor.
Research limitations/implications
Although the paper analyzes all the available diversified funds, the sample excludes several other categories, such as thematic and international funds. Further, the analysis is based on equity-oriented Indian funds. Broader studies of changes in factor exposures and the inclusion of more factors apart from those conventionally used may shed more light on the managers' ability to maneuver these factors.
Practical implications
The results show that mutual fund managers lack persistence in their performance, even though some of them could predict specific factors well. Since the activity in active mutual funds could not lead to superior performance over time, investors could be better off by selecting cheaper passive funds for their long-term investments.
Originality/value
The paper presents a novel approach to studying funds' performance by conducting a two-dimensional holdings-based analysis to capture the relative contributions of common asset-pricing factors in the cross-section as well as over time.
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Rifat Altaf, Imtiyaz Ahmad Zargar, Gousia Gani, Syed Zameer Hussain, Omar Bashir, Bazila Naseer, Sobiya Manzoor and Tawheed Amin
This study aims to develop sweet chestnut incorporated corn-based extrudates by the optimization of process conditions.
Abstract
Purpose
This study aims to develop sweet chestnut incorporated corn-based extrudates by the optimization of process conditions.
Design/methodology/approach
The independent process variables for extrusion (blend ratio, barrel temperature, screw speed and feed moisture) were investigated to govern their impact on reliant variables, namely, bulk density, specific mechanical energy, water absorption index, water solubility index, color and hardness. Product and system responses were significantly (p < 0.05) affected by the independent variables. Experimental design with quadratic models experienced a high coefficient of determination (R2 = 0.99).
Findings
Numerical optimization for the development of extrudates resulted in optimum conditions having corn flour: sweet chestnut flour (80:20), barrel temperature (120°C), screw speed (340 rpm) and feed moisture (12%). Fat, moisture and protein contents of the developed extrudates using optimum conditions were significantly (p < 0.05) lower compared to raw materials – corn and sweet chestnut. The packaging of extrudates in aluminum laminates revealed shelf stability of three months at room temperature without deterioration of quality.
Originality/value
Nutritionally rich sweet chestnut extruded products would be an exclusive option to already existing snacks in the market and can facilitate a new sphere in extruded product sector.
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Jerko Ledic Neto, Dalton Francisco Andrade, Hai-Yan Helen Lu, Anna Cecilia Mendonca Amaral Petrassi and Antonio Renato Pereira Moro
This study aimed to develop a psychometrically reliable job satisfaction (JS) measure for university employees, guiding administrative decisions and monitoring satisfaction over…
Abstract
Purpose
This study aimed to develop a psychometrically reliable job satisfaction (JS) measure for university employees, guiding administrative decisions and monitoring satisfaction over time in public universities.
Design/methodology/approach
A JS survey developed by a Brazilian federal university’s sustainability committee containing 58 items across physical, cognitive and organizational domains was longitudinally tested with 1,214 responses collected. The data were analyzed using Item Response Theory (IRT) analysis, employing the Graded Response Model, with tools such as frequency analysis, item characteristic curve, and full-information factor analysis in RStudio. The scale’s criterion validity was also established via expert qualitative interpretation.
Findings
The instrument’s internal consistency was confirmed as the results demonstrated its high reliability with a marginal reliability coefficient of 0.95. Significant findings revealed that recognition and supervisor relationships were key discriminators of JS and that workers began to perceive satisfaction when basic environmental conditions were met.
Research limitations/implications
It is important to mention that the application of this scale is specifically limited to higher education institutions and may not be directly applicable to other educational settings or industry sectors without modifications.
Originality/value
Although numerous measures and scales have been developed to assess JS, one elaborated by using IRT in a public university environment was lacking. Due to shifting dynamics in the workplace, traditional measurement of JS has proven inadequate, necessitating a more precise, accessible and updated tool. The developed scale allows precisely targeted interventions to improve JS and can be reapplied to evaluate their effectiveness. This research thus contributes a valuable tool for academic organizational psychology, enhancing the understanding of the measurement of JS.
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Ning Zhang, Hong Zheng, Chi Yuan and Wenan Wu
This article aims to present a direct solution to handle linear constraints in finite element (FE) analysis without penalties or the Lagrange multipliers introduced.
Abstract
Purpose
This article aims to present a direct solution to handle linear constraints in finite element (FE) analysis without penalties or the Lagrange multipliers introduced.
Design/methodology/approach
First, the system of linear equations corresponding to the linear constraints is solved for the leading variables in terms of the free variables and the constants. Then, the reduced system of equilibrium equations with respect to the free variables is derived from the finite-dimensional virtual work equation. Finally, the algorithm is designed.
Findings
The proposed procedure is promising in three typical cases: (1) to enforce displacement constraints in any direction; (2) to implement local refinements by allowing hanging nodes from element subdivision and (3) to treat non-matching grids of distinct parts of the problem domain. The procedure is general and suitable for 3D non-linear analyses.
Research limitations/implications
The algorithm is fitted only to the Galerkin-based numerical methods.
Originality/value
The proposed procedure does not need Lagrange multipliers or penalties. The tangential stiffness matrix of the reduced system of equilibrium equations reserves positive definiteness and symmetry. Besides, many contemporary Galerkin-based numerical methods need to tackle the enforcement of the essential conditions, whose weak forms reduce to linear constraints. As a result, the proposed procedure is quite promising.
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As a financial policy, dividend policy significantly affects firm value. This chapter analyzes how stock prices react to dividend decisions. First, a dividend payment is an…
Abstract
As a financial policy, dividend policy significantly affects firm value. This chapter analyzes how stock prices react to dividend decisions. First, a dividend payment is an extraction of value; therefore, stock price theoretically drops by the dividend amount on the ex-dividend day. In practice, the price drop and the dividend magnitude are not equal because of tax clientele, short-term trading, and market microstructure. Investors are indifferent in trading stocks before and after stocks go ex-dividend if they obtain equal marginal benefits from the two trading times. The difference in tax rates on dividends and capital gains leads to the gap between the price drop and the dividend amount. Moreover, if transaction costs are considerable, investors have high incentives to short-sell stocks until they cannot obtain more profits. The final outcome of this short-term trading is the difference between the price drop and the dividend amount. Furthermore, market microstructure factors such as limit orders, bid-ask spread, and price discreteness also create this gap. Second, dividend announcements convey valuable information to outsiders. When firms announce increases (decreases) in dividends, their stock prices tend to increase (decrease). Third, dividend policy is negatively related to stock price volatility. This negative relationship is explained by duration effect, rate of return effect, arbitrage realization effect, and information effect. Empirical evidence for this relationship is found in many countries. Finally, dividend smoothing is also considered as a signal about firms' future earnings. Consequently, firms with stable dividends have higher market value. In other words, dividend stability has a positive effect on stock prices.
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Ines Branco-Illodo, Teresa Heath and Caroline Tynan
This research paper aims to understand how givers characterise and manage their gift giving networks by drawing on attachment theory (AT). This responds to the need to illuminate…
Abstract
Purpose
This research paper aims to understand how givers characterise and manage their gift giving networks by drawing on attachment theory (AT). This responds to the need to illuminate the givers–receivers’ networks beyond traditional role-based taxonomies and explore their changing dynamics.
Design/methodology/approach
A multi-method, qualitative approach was used involving 158 gift experiences captured in online diaries and 27 follow-up interviews.
Findings
Results show that givers organise receivers into gifting networks that are grounded in a contextual understanding of their relationships. The identification of direct, surrogate and mediated bonds reflects three different dimensions that inform gift-giving networks of support, care or belongingness rooted in AT. The relative position of gift receivers in this network influences the nature of support, the type of social influences and relationship stability in the network.
Research limitations/implications
This study illustrates the complexity of relationships based on the data collected over two specific periods of time; thus, there might be further types of receivers within a giver’s network that the data did not capture. This limitation was minimised by asking about other possible receivers in interviews.
Practical implications
The findings set a foundation for gift retailers to assist gift givers in finding gifts that match their perceived relations to the receivers by adapting communication messages and offering advice aligned with specific relationship contexts.
Originality/value
This study illuminates gift-giving networks by proposing a taxonomy of gifting networks underpinned by AT that can be applied to study different relationship contexts from the perspective of the giver. This conceptualisation captures different levels of emotional support, social influences and relationship stability, which have an impact on the receivers’ roles within the giver’s network. Importantly, results reveal that the gift receiver is not always the target of gift-giving. The target can be someone whom the giver wants to please or an acquaintance they share with the receiver with whom they wish to reinforce bonds.
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Robert Wapshott and Oliver Mallett
This chapter argues for the unrealised potential value of methodologies derived from a critical realist research philosophy in the field of entrepreneurship studies. Critical…
Abstract
This chapter argues for the unrealised potential value of methodologies derived from a critical realist research philosophy in the field of entrepreneurship studies. Critical realism offers methodological alternatives that, through the generation of new insights into social relations, social structures and key generative mechanisms, can offer significant value for entrepreneurship researchers. Reflecting on their personal experiences researching from a critical realist perspective in entrepreneurship studies, the authors explore how this research philosophy can extend the field of inquiry and promote new perspectives. The chapter explores this in relation to the specific topic of enterprise policy and demystifies some aspects of critical realism by setting out some of its basic principles to demonstrate their potential to develop new insights. Further, this approach can create significant impact, for example, through the development of effective interventions. The chapter concludes by identifying implications for enterprise policy development, implementation and evaluation.
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Rojanasak Chomvilailuk and Ken Butcher
The paper aims to investigate how perceived psychological benefits from employee participation in corporate social responsibility activities affect organizational citizenship…
Abstract
Purpose
The paper aims to investigate how perceived psychological benefits from employee participation in corporate social responsibility activities affect organizational citizenship behavior across two Asia–Pacific countries with different national cultures.
Design/methodology/approach
A stakeholder relationship model, based on social exchange theory, underpinned the investigation that also tested the mediating role of organizational pride. In a cross-cultural context, data were collected from 319 full-time employees in Thailand and the US and analyzed with SEM-PLS.
Findings
Anticipated psychological benefits of hedonic value and perceived community value were found to be significant antecedents of organizational citizenship behaviors, operationalized as customer-directed CSR advocacy. Organizational pride played a partial mediating role.
Originality/value
This study addresses a lack of micro-level CSR research into the relationship between psychological benefits of employee participation in CSR and organizational citizenship behavior. Specifically, this is the first study to link CSR drivers with customer-directed employee advocacy of the firms CSR activities. The study is also the first to compare relationships between an Asian and Western context for CSR drivers of organizational citizenship behaviors.
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