Search results

1 – 10 of 24
To view the access options for this content please click here
Article
Publication date: 29 July 2014

Eva-Maria Kalteier, Stephan Molt, Tristan Nguyen and Peter N. Posch

– The purpose of this paper is to introduce a methodology to evaluate sovereign risk. Hereby, a value-based approach using different market measures is introduced.

Abstract

Purpose

The purpose of this paper is to introduce a methodology to evaluate sovereign risk. Hereby, a value-based approach using different market measures is introduced.

Design/methodology/approach

This study’s approach aims to provide a value-based assessment of sovereign risk, combining market measures from government bond, credit derivatives and other markets as well as economic indicators.

Findings

The study finds that the assessment of sovereign risk is only possible when using information from different markets and adjusting according to the information included in these measures. Combining both market-based and economic information leads to a value-based evaluation of sovereign risk.

Practical implications

The practical implications are given for any institution with sovereign risk on their asset side. In fact, part of this research was done for the German Actuarial Foundation which uses the recommendations of this paper for the insurance industry.

Originality/value

The study’s approach is novel because it is the first to include several market-based and economic measures of a sovereign and combines it into a value-based assessment.

Details

Qualitative Research in Financial Markets, vol. 6 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

To view the access options for this content please click here
Article
Publication date: 4 November 2013

Samuel Pollege and Peter N. Posch

The sovereign debt crisis in Europe increased the demand for asset manager worldwide to monitor and manage their sovereign risk. While using information from the credit…

Abstract

Purpose

The sovereign debt crisis in Europe increased the demand for asset manager worldwide to monitor and manage their sovereign risk. While using information from the credit derivatives and bond markets has been used widely in the corporate sector its usage for sovereign risk is novel. The paper aims to discuss these issues.

Design/methodology/approach

The basis between a sovereign credit default swap (CDS) and the government bond contains valuable information for assets managers and traders alike. The paper demonstrates the use of the basis between the announcement date and the issue date of a new government bond to decide whether an investment in this bond is profitable.

Findings

With this strategy, the authors are able to generate both over all excess returns with a European sovereign portfolio since 2008 as well as a constant outperformance of simple average euro government bond portfolios. The paper furthermore tests the economic rationale behind this trading strategy and confirms prior findings from the corporate market. CDS market liquidity is among the main driver and it follows that the CDS market is faster in anticipating risks than the bond market not only for corporate but also for sovereign entities.

Originality/value

The authors are the first to study the sovereign basis in a sound trading and asset management environment. The paper provides economic explanations and checks for the robustness of the results before the primary issuance of a new government bond.

Details

The Journal of Risk Finance, vol. 14 no. 5
Type: Research Article
ISSN: 1526-5943

Keywords

Content available
Article
Publication date: 29 July 2014

Bruce Burton

Abstract

Details

Qualitative Research in Financial Markets, vol. 6 no. 2
Type: Research Article
ISSN: 1755-4179

To view the access options for this content please click here

Abstract

Details

Action Learning and Action Research: Genres and Approaches
Type: Book
ISBN: 978-1-78769-537-5

To view the access options for this content please click here
Book part
Publication date: 10 December 2015

Chun Kit Lok

Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption…

Abstract

Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.

Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.

TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.

The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.

Details

E-services Adoption: Processes by Firms in Developing Nations
Type: Book
ISBN: 978-1-78560-709-7

Keywords

To view the access options for this content please click here
Book part
Publication date: 18 March 2020

Abstract

Details

Integrating Sustainable Development into the Curriculum
Type: Book
ISBN: 978-1-78769-941-0

Content available
Book part
Publication date: 15 February 2021

Jingrong Tong and Landong Zuo

Abstract

Details

The Brexit Referendum on Twitter
Type: Book
ISBN: 978-1-80043-294-9

To view the access options for this content please click here
Article
Publication date: 21 February 2020

Chandra Sekhar

The purpose of this study is to identify the barriers to including sustainability in management education institutions (MEIs) in India, and subsequently, to analyze the…

Abstract

Purpose

The purpose of this study is to identify the barriers to including sustainability in management education institutions (MEIs) in India, and subsequently, to analyze the structure of the causal relationships among the barriers.

Design/methodology/approach

In this study, the decision-making trial and evaluation laboratory methodology are applied to analyze the structure of the causal relationships among the identified sustainability barriers.

Findings

Through an extensive literature review and expert interviews, this paper identified 4 primary barriers and 46 sub-barriers. Encompassing sustainability in Indian MEIs results in changes in behavior involving increased respect for the environment, hence, leading to improved sustainable efficiency.

Research limitations/implications

The present study is limited to MEIs in India.

Practical implications

The inclusion of sustainability in MEIs equips future managers with the economic, ecological and technical knowledge required to demonstrate sustainable behavior in the workplace. It assists also equips managers with the ability to affect social change at an organizational level. MEIs has been acknowledged as playing a crucial role in societal transformations, including the need for transformation toward sustainability.

Originality/value

The present study adds to the current knowledge base regarding the structure of the causal relationships among the identified sustainability barriers. To the author’s knowledge, this is the first paper to identify such barriers to including sustainability in an Indian MEI context.

Details

International Journal of Sustainability in Higher Education, vol. 21 no. 2
Type: Research Article
ISSN: 1467-6370

Keywords

To view the access options for this content please click here
Article
Publication date: 26 June 2019

Barbara Galleli, Flavio Hourneaux Jr and Luciano Munck

The purpose of this paper is to identify and discuss human competences required for sustainability management in organisations.

Abstract

Purpose

The purpose of this paper is to identify and discuss human competences required for sustainability management in organisations.

Design/methodology/approach

The research is based on a systematic review of the literature, through qualitative thematic analysis.

Findings

The research covered 15 years of scientific publications and was summarised in 43 articles. It revealed that education, more than management, was the field of knowledge with more references in human competences, through exploratory methodological approaches. The competences found were plenty, but there is still some misunderstanding regarding their conceptual and theoretical bases.

Research limitations/implications

This research provides evidence that the academic knowledge on the subject is still at its initial stage, and it exposes the debility of the management area in addressing the subject.

Practical implications

The authors intend to indicate to managers some fundamentals for the adoption of human competences for sustainability aiming at a more sustainable performance in organisations.

Social implications

The results may instigate studies concerning the fit of sustainability competences developed on higher education institutions and the job market. From it, curricula and pedagogical projects can be proposed and revised with better alignment to the organisational context.

Originality/value

This paper presents a theoretical contribution by building bridges among different perspectives and fields of knowledge on the topic. The paper also offers a managerial contribution by stimulating practical discussions to develop sustainability in organisations through individuals.

Details

Benchmarking: An International Journal, vol. 27 no. 7
Type: Research Article
ISSN: 1463-5771

Keywords

To view the access options for this content please click here
Article
Publication date: 13 September 2013

Michael Littledyke, Evangelos Manolas and Ros Ann Littledyke

The purpose of the research is to investigate education for sustainability (EfS) practice and perceptions in three university contexts in England, Australia and Greece…

Abstract

Purpose

The purpose of the research is to investigate education for sustainability (EfS) practice and perceptions in three university contexts in England, Australia and Greece with a view to identify a suitable systems model for effective EfS across the university.

Design/methodology/approach

Research tools involved interviews of key people engaged in EfS (n=25) supported by observations plus appropriate documentary analysis as a basis to establish perceived good practice, barriers and ways to improve EfS.

Findings

Clear vision, leadership and support for EfS were considered vital, while agreed understanding about the importance, purpose and nature of EfS was necessary to achieve effective EfS across the university. Wide consultation, consensual agreement and collaborative practice were viewed as important to achieve collective views and coordinated action. A distributed model of leadership in which individuals are responsible and collectively empowered to action is relevant to a systems model for EfS. A systems model for coordination of EfS integrates approaches to governance, curriculum and infrastructure management. Details of examples of good practice and ways to improve practice are discussed.

Research limitations/implications

As the research was qualitative in design and focussed on three universities, the sample size is restricted and there are limitations in the generalisability of specific results outside of their contexts. However, the overall results have some broadly significant implications and trends that have relevance for the university sector.

Practical implications

The structure and processes for an approach to systems organisation and identified good practice, barriers and perceived ways to improve practice have relevance for coordination of EfS across the university sector.

Social implications

The findings have significant social implications, as EfS has urgent and important international priority, while universities have important functions in educating the next generation of professionals across a wide range of contexts.

Originality/value

The paper is an original contribution to establishing an effective systems model for EfS coordination; hence it is of significant educational and social value.

Details

International Journal of Sustainability in Higher Education, vol. 14 no. 4
Type: Research Article
ISSN: 1467-6370

Keywords

1 – 10 of 24