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Article
Publication date: 27 August 2019

Natalia Rubio, Nieves Villaseñor and María Yagüe

The evolution of private labels (PL) is a recent trend in the retail industry: many retailers now manage a PL portfolio that includes multiple value propositions, as well as…

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Abstract

Purpose

The evolution of private labels (PL) is a recent trend in the retail industry: many retailers now manage a PL portfolio that includes multiple value propositions, as well as various brand name strategies. Little research has been done, however, on how this combination of PL strategies conditions the results of the retailer that manages them. This study aims to examine the formation of PL brand equity and its effect on store loyalty for retailers with differently tiered PL programs (a “better” program with standard PL vs a full PL quality spectrum with economy, standard and premium PLs) and different PL naming strategies (store-banner name or stand-alone brand name).

Design/methodology/approach

A survey (N = 644) was used to test the model in the context of the consumer goods retail industry. Exploratory factor analysis, confirmatory factor analysis and multi-group structural equation modelling techniques were used to assess the proposed model.

Findings

The results show differences in the formation of PL loyalty based on whether the retailer has a tiered PL program. In portfolios with economy, standard and premium PLs, PL associations have a stronger effect than PL awareness in the formation of PL loyalty. Portfolios with a standard PL show balanced effects of PL associations and PL awareness on PL loyalty formation. As to the positive effect of PL brand equity on store loyalty, this study also shows a stronger effect of PL brand equity on store loyalty in chains that choose to use their store banner name in their PLs.

Practical implications

Retailers that manage multi-tier PL portfolios (as opposed to those that commercialise a standard PL) can increase loyalty to the PL portfolio significantly by constructing highly differentiated images of their economy, standard and premium PLs to ensure that consumers truly perceive the different value propositions of their PL tiers. As to PL naming strategy, the authors recommend that retailers that use the same retail chain name for one or several of their PLs invest in their corporate reputation to strengthen the brand equity achieved by their PLs and thus increase loyalty to the retail chain. Retailers must perform specific communication and advertising campaigns for PLs with the stand-alone brand name.

Originality/value

Today, any reference to PLs as a whole is overly simplistic, but no research has assessed empirically differences in the influences of a multi-tiered vs a standard PL program on the PL loyalty formation for PL portfolios. Nor has any empirical research incorporated the influence of PL naming strategy on store loyalty. This study fills these gaps, integrating into the same model two significant moderating variables of retailers’ strategy: their PL tier strategy and their PL naming strategy.

Details

Journal of Product & Brand Management, vol. 29 no. 1
Type: Research Article
ISSN: 1061-0421

Keywords

Case study
Publication date: 30 June 2014

Rekha Jain

Case A uses the context of unfair, non-transparent process of spectrum allocation by the Indian government to private operators that led to Supreme Court (SC) cancel 122 licenses…

Abstract

Case A uses the context of unfair, non-transparent process of spectrum allocation by the Indian government to private operators that led to Supreme Court (SC) cancel 122 licenses. It gives scope to discuss the relationship between policy and regulatory agencies and their effectiveness, role of other institutes outside telecom sector such as the Prime Minister Office, Empowered Group of Ministers and the Comptroller & Auditor General of India.

Case study
Publication date: 20 January 2017

David P. Stowell and Matthew Raino

The case simulates the experience of a private equity investor evaluating a potential investment, requiring the student to: (1) determine the risks and merits of an investment in…

Abstract

The case simulates the experience of a private equity investor evaluating a potential investment, requiring the student to: (1) determine the risks and merits of an investment in Toys “R” Us, (2) evaluate the spectrum of returns using multiple operating model scenarios, and (3) identify strategic actions that might be undertaken to improve the risk/return profile of the investment. The case also discusses trends and participants in the private equity industry.

To understand how private equity firms analyze investment opportunities through application of an LBO model (provided in the case) that summarizes returns and risks. Also, to review private equity participation in club deals, large (and early) dividends, and IPOs.

Details

Kellogg School of Management Cases, vol. no.
Type: Case Study
ISSN: 2474-6568
Published by: Kellogg School of Management

Keywords

Article
Publication date: 23 November 2010

Anne Marie Godfrey, Thomas John Holton, Paul B. Raymond and Curtis Stefanak

The purpose of this paper is to to summarize Advisers Act registration implications for non‐US advisers that now rely on the “private adviser” exemption from Advisers Act…

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Abstract

Purpose

The purpose of this paper is to to summarize Advisers Act registration implications for non‐US advisers that now rely on the “private adviser” exemption from Advisers Act registration and to summarize the principal changes affecting investors in funds managed by non‐US advisers contained in the Dodd‐Frank Wall Street Reform and Consumer Protection Act of 2010.

Design/methodology/approach

The paper explains the elimination of the “private adviser” exemption and the creation of the narrower “foreign private adviser” and other exemptions from Adviser Act registration, reporting and recordkeeping requirements relating to private funds; the Dodd‐Frank Act's provisions for information sharing by the SEC and the confidentiality of private fund information; the “Volcker Rule's” limitation of investment by banking entities and non‐bank financial companies in hedge funds and private equity funds; changes in the definition of “accredited investor”; and the future adjustment of the “qualified client” test for inflation.

Findings

The Dodd‐Frank Act will require many investment advisers and fund managers with their principal offices and places of business outside the USA to register with the SEC and to observe, with respect to US clients, the full spectrum of SEC regulations that apply to registered investment advisers. The Act will also impose new disclosure and recordkeeping requirements on many non‐US advisers.

Originality/value

The paper provides expert guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 11 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 4 October 2011

Christine Whitehead and Sarah Monk

The purpose of this paper is to explore the role of affordable home ownership in the light of the recent global financial crisis.

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Abstract

Purpose

The purpose of this paper is to explore the role of affordable home ownership in the light of the recent global financial crisis.

Design/methodology/approach

The paper draws on recent research conducted by the authors and others which included analysis of secondary data and policy documents and interviews with key stakeholders including housing associations and developers. The theoretical scope of the paper is outlined in the first section which looks at the principles behind the two main approaches to providing affordable home ownership: shared equity and shared ownership. Given continuing aspirations on the part of most households in England to become home owners, the key comparison is with the attributes of full ownership.

Findings

The paper finds that the main products share many of the attributes of full home ownership while remaining more affordable. The economic situation post‐2007 made both shared ownership and shared equity more difficult. The crisis and its aftermath also suggest that there is a need to develop a more robust and longer term market in equity sharing. This could be of real significance into the longer term, especially if the availability of mortgage finance remains constrained for many years to come. The paper concludes that in the longer term, developing a range of partial tenures which provide most of the benefits of owner‐occupation but which reduce risks to individual households and improve affordability in the early years is a desirable strategy.

Practical implications

There are clear implications for policy makers in other countries, notably the benefits from developing an intermediate tenure market which includes institutional equity and risk taking rather than continued large‐scale reliance on debt finance.

Originality/value

Given stated governmental ambitions to meet housing aspirations, this paper clarifies how it is possible to meet an identified need for affordable home ownership products to fill the growing “gap” between first‐time buyers who can purchase with parental help and those who have no means of achieving home ownership, even though they have the income to support such a choice.

Details

International Journal of Housing Markets and Analysis, vol. 4 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 13 March 2009

Mason Gaffney

A tax based on land value is in many ways ideal, but many economists dismiss it by assuming it could not raise enough revenue. Standard sources of data omit much of the potential…

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Abstract

Purpose

A tax based on land value is in many ways ideal, but many economists dismiss it by assuming it could not raise enough revenue. Standard sources of data omit much of the potential tax base, and undervalue what they do measure. The purpose of this paper is to present more comprehensive and accurate measures of land rents and values, and several modes of raising revenues from them besides the conventional property tax.

Design/methodology/approach

The paper identifies 16 elements of land's taxable capacity that received authorities either trivialize or omit. These 16 elements come in four groups.

Findings

In Group A, Elements 1‐4 correct for the downward bias in standard sources. In Group B, Elements 5‐10 broaden the concepts of land and rent beyond the conventional narrow perception, while Elements 11‐12 estimate rents to be gained by abating other kinds of taxes. In Group C, Elements 13‐14 explain how using the land tax, since it has no excess burden, uncaps feasible tax rates. In Group D, Elements 15‐16 define some moot possibilities that may warrant further exploration.

Originality/value

This paper shows how previous estimates of rent and land values have been narrowly limited to a fraction of the whole, thus giving a false impression that the tax capacity is low. The paper adds 14 elements to the traditional narrow “single tax” base, plus two moot elements advanced for future consideration. Any one of these 16 elements indicates a much higher land tax base than economists commonly recognize today. Taken together they are overwhelming, and cast an entirely new light on this subject.

Details

International Journal of Social Economics, vol. 36 no. 4
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 1 February 2007

Jörg Frehse

The significance of private equity as a form of financing and investing has led to growing interest in the real estate economy over the past few years. Anglo‐American investors in…

1387

Abstract

The significance of private equity as a form of financing and investing has led to growing interest in the real estate economy over the past few years. Anglo‐American investors in particular are currently engaged in large‐scale real estate transactions and have now become the most important group of investors in the European hotel real estate market. However, for private equity funds, the high risk of investing in complex tourism and specialized real estate such as hotels is always coupled with an expectation of returns well above the market average. Yet actually achieving above market returns is not always accomplished. This paper therefore deals with the question of why some real estate private equity investors succeed in getting returns above the total market average even in the overall bear Western European market environment while others fail to do so. It shows that one formula for success includes deliberately exploiting market imperfections und overcoming inefficient information policies.

Details

Tourism Review, vol. 62 no. 1
Type: Research Article
ISSN: 1660-5373

Keywords

Article
Publication date: 2 January 2024

Andreas Wibowo

This paper delves into the ex ante rates of return demanded by the private sector in Indonesian public–private partnership (PPP) infrastructure projects and the manifold factors…

Abstract

Purpose

This paper delves into the ex ante rates of return demanded by the private sector in Indonesian public–private partnership (PPP) infrastructure projects and the manifold factors emanating from project attributes that can influence these rates.

Design/methodology/approach

This paper analyzes feasibility studies of 37 PPP projects across different sectors. The studies were carefully selected based on relevance, completeness and validity of data. The analysis uses statistical techniques, including Levene’s tests, t-tests, ANOVA tests, Cohen’s effect size and Pearson correlations, to explore differences in cost of capital and excess returns across various attributes.

Findings

Based on the statistical analysis, no significant difference exists between the excess return of 200 basis points (bps) and the equity excess return of 0 bps. This suggests that the eligibility criteria for PPP projects require an internal rate of return (IRR) equal to the weighted average cost of capital plus 200 bps or an equity IRR equal to the cost of equity. The variations in the tested variables among diverse project attributes do not exhibit statistically significant disparities, even though specific attributes display moderate to high effect sizes.

Originality/value

This paper represents one of the first attempts to examine the rates of return demanded by the private sector in the context of Indonesian PPP projects. It comprehensively explores the factors that influence these rates, drawing on insights derived from feasibility studies.

Details

Built Environment Project and Asset Management, vol. 14 no. 2
Type: Research Article
ISSN: 2044-124X

Keywords

Article
Publication date: 1 January 2006

Rebecca Harding and Marc Cowling

This paper sets out to assess the market for start‐up finance in the UK for high growth potential entrepreneurial firms.

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Abstract

Purpose

This paper sets out to assess the market for start‐up finance in the UK for high growth potential entrepreneurial firms.

Design/methodology/approach

The paper uses data from the UK's Global Entrepreneurship Monitor surveys between 2001 and 2003 to assess the scale of equity finance in the UK. It further examines the strengths and weaknesses of the UK financial markets for supporting high growth potential firms on the basis of an additional survey of 60 experts conducted during September and October 2003.

Findings

The paper suggests that there are areas of the market that are strongly served by existing financial mechanisms. However, there is a perception amongst business support agencies, venture capitalists and entrepreneurs alike that the size of investments in the formal venture capital market has been increasing and that companies seeking investments above this level, up as high as £2 million, may be restricted in their access to finance. The paper tests this qualitative finding on a number of empirical data sources and finds that there is indeed an “equity gap” of between £150,000 and £1.5 million. It concludes that lack of finance in this area represents a brake on the expansion of high growth potential businesses in the UK.

Research limitations/implications

The empirical data covered in this paper are from three large‐scale surveys of the adult population in the UK. While this is robust as a reflection of what is happening amongst the whole spectrum of business start‐up activity, the methodology was not originally conceptualised as a mechanism for assessing the scale of the equity gap. This evidence was gained from a qualitative survey of actors in the market. Further research should survey high growth potential firms and financiers themselves in more detail to develop the analysis on a more systematic basis.

Practical implications

The research will be of interest to policy makers who seek appropriate mechanism for developing a funding “ladder” to support businesses through the growth process. It identifies a clear gap in the market for growth finance that is evidence on which to base funding priorities in the future.

Originality/value

Academic and policy attempts to quantify the scale of the equity gap in the UK have been limited by availability of longitudinal and systematic data. As a result, they have tended to be largely qualitative in nature and prone to anecdote. Many of these studies do corroborate the findings reported here, but this does represent a first attempt to provide a quantification of the equity gap and thus should be of interest to policy makers, practitioners and academics alike.

Details

Journal of Small Business and Enterprise Development, vol. 13 no. 1
Type: Research Article
ISSN: 1462-6004

Keywords

Article
Publication date: 20 June 2012

Enrico Calandro and Mpho Moyo

This paper seeks to identify policy and regulatory bottlenecks that need to be overcome in order to stimulate private sector investment in backbone networks in selected African

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Abstract

Purpose

This paper seeks to identify policy and regulatory bottlenecks that need to be overcome in order to stimulate private sector investment in backbone networks in selected African countries (Côte d'Ivoire, Ethiopia, Kenya, South Africa and Uganda).

Design/methodology/approach

It does so by exploring policy and regulatory frameworks and market structures that influence investment decisions on backbone infrastructure roll‐out; it investigates models and strategies adopted by the public sector to finance national backbone infrastructure; and it provides recommendations on how to stimulate private investment in backbone roll‐out by creating an enabling policy and regulatory environment.

Findings

Research findings show that the telecommunications sector in the selected African countries has witnessed the return of state‐led investment in the roll‐out of fibre backbones. The rationale for state‐led intervention has often been cited as market failure regarding investment in broadband backbone roll‐out. However, many of the policy and regulatory barriers to market entry remain, including protectionist legislation, which has limited private sector participation in investing in backbone.

Practical implications

The reality is that African governments are maintaining control over national backbones and, in some markets where the telecommunications infrastructure sector has been liberalised, the state‐owned operators may enter into direct competition with the private sector or may delay delivery by the private sector.

Originality/value

The value of the paper is that it provides evidence on how to improve the roll‐out and extension of national broadband backbone networks through the development of a policy and regulatory framework which facilitates private sector investment in this sector. The paper also makes recommendations to governments for the facilitation of private investment in backbone networks through the development of an enabling policy and regulatory environment.

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