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The purpose of this study is to develop an investment strategy designed both to enable student‐managed investment fund (SMIF) students to more quickly build out their portfolio at the beginning of the academic year and to give them some exposure to quantitative approaches to investment management.

This study uses data and software that would be readily available to typical SMIF students to develop both an asset‐allocation model and a security‐selection model that can be described as a long‐flat (or synthetic protective put) equity strategy with a momentum‐based style‐rotation overlay.

Over the time period since the requisite style‐based ETFs began trading, the composite strategy would have outperformed the S&P 500 index during both market downturns and market upturns, providing better than market returns at lower than market levels of risk.

The key innovation of this paper is the development of a quantitative investment strategy tailored specifically to meet both the educational and the portfolio management needs of SMIF students; a secondary innovation is the demonstration of the efficacy of a style‐rotation strategy, in contrast to the more typical sector/industry‐rotation type of strategy.

In Australia, the A$2.2 trillion managed funds industry including the large pension funds (known locally as superannuation funds) are the dominant institutional property investors. While statistical information on the level of Australian managed fund investments in property assets is widely available, comprehensive practical evidence on property asset allocation decision-making process is underdeveloped. The purpose of this research is to identify Australian fund manager's property asset allocation strategies and decision-making frameworks at strategic level.

The research was undertaken in May-August 2011 using an in-depth semi-structured questionnaire administered by mail. The survey was targeted at 130 leading managed funds and asset consultants within Australia.

The evaluation of the 79 survey respondents indicated that Australian fund manager's property allocation decision-making process is an interactive, sequential and continuous process involving multiple decision-makers (internal and external) complete with feedback loops. It involves a combination of quantitative analysis (mainly mean-variance analysis) and qualitative overlay (mainly judgement, or “gut-feeling”, and experience). In addition, the research provided evidence that the property allocation decision-making process varies depending on the size and type of managed fund.

This research makes important contributions to both practical and academic fields. Information on strategic property allocation models and variables is not widely available, and there is little guiding theory related to the subject. Therefore, the conceptual frameworks developed from the research will help enhance academic theory and understanding in the area of property allocation decision making. Furthermore, the research provides small fund managers and industry practitioners with a platform from which to improve their own property allocation processes.

In contrast to previous property decision-making research in Australia which has mainly focused on strategies at the property fund investment level, this research investigates the institutional property allocation decision-making process from a strategic position involving all major groups in the Australian managed funds industry.

The purpose of this paper is to investigate whether corporate social responsibility (CSR) really adds value to corporate financial performance (CFP) in the pharmaceutical industry. Most pharmaceutical companies currently practice CSR by taking a “triple bottom line” approach of environmental, social, and economic strategies to manage their businesses and produce an overall positive impact.

A survey was developed based on professional experience, Carroll’s construct, the study’s hypotheses, and industry studies. The survey, composed of 45 questions using a seven-point Likert scale, was conducted among pharmaceutical professionals to evaluate whether CSR affects performance. Responses totaling 140, including 20 companies, were coded, taking into account the respondent’s corporate position and firm size.

Survey respondents strongly agreed that CSR adds value to CFP and should be viewed as a long-term investment. CSR programs should be implemented regardless of company size. CSR is effective because it invests in stakeholder management, such as with customers, government, investors, and activists, creating positive relationships which improve reputation and profitability.

This perception study shows the need for further quantitative analysis of CSR and CFP metrics specific to the pharmaceutical industry.

CSR programs should be implemented regardless of company size, and sheer size does not dictate whether CSR programs can be successful. This paper also sheds light on potential managerial implications that originate from these findings that may help pharmaceutical companies manage their scarce resources more effectively.

In today’s competitive economic environment, where increasingly stakeholders including investors scrutinize pharmaceutical firms’ environmental and social performance, CSR is a crucial strategy. The findings can help corporate managers make strategic CSR decisions to optimize benefits for their organization.

While numerous studies have addressed the link between CSR and corporate performance across industries, definitive studies have not examined the pharmaceutical industry.

Whereas the integration of sustainability into business schools has received increasing attention in recent years, the debate continues to be generic rather than recognising the peculiarities of the more quantitative sub disciplines such as accounting and finance which may of course be intimately linked to professional standards. The purpose of this paper, therefore, is to examine the extent to which sustainability is integrated into accounting and finance curricula in business schools, how, and to understand some of the challenges of doing so.

This paper presents the findings from a systematic form of literature review which draws on the previous literature about how sustainability is embedded into business school curricula and the challenges in doing so. A particular focus is placed on how the ways in which sustainability is integrated into accounting and finance curricula in business schools.

The paper demonstrates that accounting and finance lags behind other management disciplines in embedding sustainability and that institutional commitment is oftentimes a strong imperative for effective integration of sustainability.

This paper is a call to practitioners and researchers alike to explore new ways of integrating sustainability in the accounting and finance curricula, including working across boundaries to provide learning opportunities for future accountants, financial managers and generalist managers.

The paper offers an original analysis and synthesis of the literature in the context of the accounting and finance curricula in business schools, and proposed a conceptual framework to further develop sustainability education in the context of business schools.

Recent technological and digital developments have opened new avenues for customer data utilization in insurance services. One form of this data transformation is automated chatbots that provide convenient access to data leveraged through a discussion-like interface. The purpose of this paper is to uncover how insurance chatbots support customers’ value creation.

Three complementary theoretical perspectives – artificial intelligence, service logic, and reverse use of customer data – are briefly discussed and integrated into a conceptual framework. The suggested framework is further shown through illustrative case examples that characterize different ways of supporting customers’ value creation.

Chatbots represent a new type of interaction through which companies can influence customers’ value creation by providing them with additional resources. Based on the proposed conceptual framework and the illustrative case examples, four metaphors are identified that characterize how insurance chatbots can support customers’ value creation.

The study is conceptual in nature, and the case examples are used for illustrative purposes. No representative data from those users who will eventually determine whether chatbots are of value was used.

Using the suggested framework, which is aligned with provider service logic, insurance companies can consider what kind of a role they wish to play in customers’ value-creating processes.

Automated chatbots provide convenient access to data leveraged through a discussion-like interface. This study is among the earliest to address their value-creating potential in insurance.

Institutional investors—insurance companies, pension funds, investment trust companies and unit trusts—have increased significantly and persistently their ownership of British industry. At the end of 1977 they owned approximately 46 per cent of the ordinary shares in UK quoted companies and in recent years have accounted for over 50 per cent of stock market turnover in UK equities. Their presence in the stock market has been associated with their ability to influence share prices, decide the outcome of takeover battles, and trade outside the London Stock Exchange. As major shareholders in public companies they have been encouraged to participate in managerial decision‐making. For corporate management, the growth of institutional shareholdings provides opportunities to utilise their voting power in takeover situations, encourage their support for the market value of the company, and use financial institutions as sources of new capital.

Because the discontinuous and uncertain characteristics of knowledge-based innovation cannot be reasonably interpreted by conventional management approaches, quantum mechanics which begins with uncertainty and concerns with a dynamic process of the complex system, has been exploratorily used in the management field. Although the theoretical new insights are provided by pioneering studies, quantitative research is in short supply. This paper aims to propose a quantum mechanics-based framework for quantitative research, thus extending the application of quantum mechanics in the knowledge management area from a dynamic system evolutionary standpoint.

Based on the similarity comparison between knowledge-based system evolution and atomic motion, the authors construct the atom-like structure of the knowledge-based system and elaborate the evolutionary mechanism of the knowledge-based system, thereby establishing the quantitative model. Apple and Zhongxing Telecom Equipment were selected for an empirical study to demonstrate the usefulness of the models for research on knowledge-based innovation and explore the unique knowledge-based innovation characteristics of the two firms.

First, the transition force of dynamic knowledge shows an inverted U shape; accumulating dynamic knowledge to a moderate degree not only facilitates transforming dynamic knowledge into static knowledge but also balances the relationship between the influence of knowledge force range and dynamic knowledge transformation. Second, existing knowledge is gradually substituted by new knowledge and knowledge density at a high knowledge energy level distinctly increases with a narrower bandwidth. Third, the investment loss is associated with resource configuration, resource utilization and the amount of accumulative dynamic knowledge before investment. Knowledge loss is negatively correlated with the knowledge compatibility coefficient.

The authors use the advanced method in quantum mechanics to legitimately unveil the emergence mechanism of knowledge-based innovation. Meanwhile, the authors capture the non-linear transformation relationship of heterogeneous knowledge and expose the change in ways of both investment loss and knowledge loss that cannot be quantified by conventional models. In doing so, the authors not only reveal the principle of qualitative knowledge change but also offer practical implications for developing flexible and targeted innovation strategies.

First, by proposing a complete quantum mechanics-based framework, the authors not only supplement the quantitative research contents to knowledge-based innovation literature which proposed calls to conduct research in way of quantum mechanics but also overcome the difficulties of knowledge-based system conceptualization and measurement. Second, the authors reveal the uncertain change of knowledge transformation and measure the loss of investment and knowledge, which contribute to identifying defects of firms in knowledge-based innovation. Third, the authors explore the internal mechanism that led to knowledge-based innovation exhibits non-linear characteristics and capture unique dynamic relationships between different variables which affect the emergence of knowledge-based innovation.

This paper aims to propose an account of the use of numbers and mathematical formulae and, more generally, of the quantitative aspects in the qualitative equity valuation model of the American investor Philip A. Fisher who is considered to be one of the fathers of the qualitative equity valuation models.

A Conceptual analysis was conducted (Glasersfeld, 1992) of the four volumes published by Fisher between 1954 and 1980 (1958, 1960, 1975, 1980) in relation to his equity valuation process. On the basis of this analysis, a modelization of this author’s perspective on quantitative instruments was built.

A modelization to use quantitative data in a qualitative equity valuation model that is sufficiently detailed and useful for an asset manager is proposed.

What is propose is a qualitative analysis of quantitative elements in the thought of a qualitative author on the subject of equity valuation. It is believed that this paper could be of interest to all those who use or are involved in the development of qualitative models of equity valuation or business valuation. This work is also an example of how conceptual analysis – generally employed in the field of mathematics education research – can be used to build descriptive models of decision-making processes of individual investors, models designed to enable the reproduction/approximation of the conceptual operations of the investor.

The purpose of this study is to examine how financial analysts deal with cybersecurity information in their investment analysis process and whether they find cybersecurity disclosures in companies’ financial reports useful.

Investment managers/financial analysts and chief information security officers (CISOs) at seven institutional investors were interviewed.

Not all financial analysts consider cybersecurity risk in their investment analyses. Those who do look at company strategy, how the company integrates cybersecurity into its processes and whether it has certified its cybersecurity information. The financial analysts use this qualitative information to adjust the results of their quantitative analysis. They do not find boilerplate or cursory cybersecurity information in financial reports to be useful. In fact, they view it as unreliable and prefer drawing on other information sources to assess the company’s cybersecurity risk.

The results of this study highlight to securities regulators that reported cybersecurity information is of limited usefulness. Regulators are challenged to revisit their disclosure requirements. Companies wishing to improve the usefulness of their cybersecurity information should provide more company-specific information.

To the best of the authors’ knowledge, this study is the first to look at financial analysts’ perception of cybersecurity-related information. It complements findings from prior market studies by adding new insights into the way influential market participants deal with this information in their investment analysis process.

The present study aims to examine the effect of environmental information on fund managers’ investment and bank officers’ lending decisions. Specifically, it looks at the effect of qualitative and quantitative forms of environmental information to their decisions.

Drawing from the normative pressure of institutional theory, the study seeks to identify the extent to which education and professional networks influence investment and lending decisions of fund managers and bank officers. A laboratory experiment was used to collect the data. Twenty-three subjects volunteered in each experimental group, totalling 69 responses from fund managers and bank officers. The subjects were Master of Administration (MBA) students in universities located in Selangor and Kuala Lumpur, Malaysia, to proxy for real practitioners.

The results reveal that fund managers and bank officers do not incorporate environmental information in their investment and lending decisions. Thus, the normative pressure of institutional theory is supported.

Acknowledging the limitations of data generalisability using student surrogates, future research utilising real practitioners is proposed.

Recognising the importance of environmental information to be incorporated in investment and lending decisions of these major stakeholders, the results suggest universities, professional bodies and companies need to raise awareness concerning the importance and relevance of environmental information in various decisions.

The study offers some preliminary insights into the use of environmental information by fund managers and bank officers in Malaysia.