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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

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…

1637

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

117

Abstract

Details

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

Abstract

Details

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

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 behavior…

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

Content available
Book part
Publication date: 18 March 2020

Abstract

Details

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

Book part
Publication date: 31 January 2022

Jana Groß Ophoff and Colin Cramer

The German evidence-based model of educational governance is bureaucratically regulated, but teachers and schools are autonomous in their way of implementing requirements in…

Abstract

The German evidence-based model of educational governance is bureaucratically regulated, but teachers and schools are autonomous in their way of implementing requirements in schools. Accountability is ensured by regularly monitoring educational outcomes with reference to national educational standards, e.g. in the form of mandatory comparative performance tests. In this context, it is worth determining the process stages of research engagement with which the available data or evidence is associated and which purposes they can serve in teacher education and practice. Building on that, an overview is provided of the state of (mainly German) research on teachers' and school leaders' research engagement and influencing factors. This research field has flourished in the wake of the Empirical Shift in German education. By now the understanding has emerged that ultimately the depth of inferential processes is vital for sustainable development and this in turn is influenced by data, context and user characteristics. On the individual level, in particular, positive affective-motivational dispositions and research literacy are deemed important, whereas the feeling of being controlled has detrimental effects. On the school level, school culture and leadership are of impact, whereas a certain continuity of measures on the governance level proves meaningful for the engagement with data and evidence in educational practice. With regard to the German experience, it is concluded that more (funded) dialogue opportunities between different actors and professional groups in education are needed and that initial and further training should strive even more to impart a meta-reflective stance or enquiry habit of mind.

Details

The Emerald Handbook of Evidence-Informed Practice in Education
Type: Book
ISBN: 978-1-80043-141-6

Keywords

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

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 structure…

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

Article
Publication date: 20 September 2022

Muneta Yokomatsu, Junko Mochizuki, Julian Joseph, Peter Burek and Taher Kahil

The authors present a dynamic macroeconomic model for assessment of disaster risk reduction (DRR) policies under multiple hazards. The model can be used to analyze and compare…

Abstract

Purpose

The authors present a dynamic macroeconomic model for assessment of disaster risk reduction (DRR) policies under multiple hazards. The model can be used to analyze and compare various potential policies in terms of their economic consequences. The decomposition of these effects into multiple benefits helps policy makers and other stakeholders better understand the ex ante and ex-post advantages of DRR investments. The purpose of this paper is to address these issues.

Design/methodology/approach

A dynamic real business cycle model is at the core of this research. In the model multiple natural hazards modeled stochastically cause shocks to the economy. Economic outcomes, most importantly, output can be assessed before and after disasters and under various DRR policies. The decomposition of benefits aims to quantify the concept of triple dividends.

Findings

In case study applications in Tanzania and Zambia, the authors find that investments into physical infrastructure and risk transfer instruments generate a variety of benefits even in the absence of disaster. A land use restriction with planned relocation for example reduces output in the short run but in the long run increases it. Overall, policy effects of various DRR interventions evolve in a nonmonotonic manner and should be evaluated over a long period of time using dynamic simulation.

Originality/value

The novelty of this study lies in the economic quantification of multiple benefits described in the triple dividends literature. This helps comparing ex ante, ex-post and volatility-related economic effects of multiple disasters and related physical and financial DRR investment options. As observed in the case studies, the model can also identify overlooked temporal heterogeneity of co-benefits of DRR investments.

Details

Disaster Prevention and Management: An International Journal, vol. 32 no. 1
Type: Research Article
ISSN: 0965-3562

Keywords

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