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1 – 10 of over 1000Over the past several years, the term “Player Reinvestment” been used more frequently when describing the money and effort casinos expend in retaining profitable gaming customers…
Abstract
Purpose
Over the past several years, the term “Player Reinvestment” been used more frequently when describing the money and effort casinos expend in retaining profitable gaming customers. Most often, player reinvestment refers to the suite of benefits and offers that casinos give to various segments of their databases. The purpose of this paper is to examine the concept of player reinvestment.
Design/methodology/approach
The paper draws on the author's experience in the gaming industry as well as studies that have been done by his organization, Gaming Market Advisors.
Findings
This paper provides definitions for the components that make up player reinvestment, and how casinos measure those costs and the benefits that these investments contribute to their revenue streams. Further, the paper shows the range of expenditures that casinos in the US gaming market expend on fostering customer loyalty.
Practical implications
This paper is written by a gaming industry executive for gaming industry managers. It contains conceptual as well as specific information on how to manage a player reinvestment program.
Originality/value
The player clubs in casinos have to be looked at as an investment to bring existing players back to the casino. This paper explains the concept of player reinvestment, an emerging practice in casino management.
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Sharmila Devi R., Swamy Perumandla and Som Sekhar Bhattacharyya
The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors…
Abstract
Purpose
The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable.
Design/methodology/approach
A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade.
Findings
This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns.
Research limitations/implications
This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories.
Practical implications
The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics.
Originality/value
Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.
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Mohammadali Zarjou and Mohammad Khalilzadeh
This study aims to develop a model for project portfolio selection considering organizational goals such as budgets, sustainability cash flow and reinvestment strategy under an…
Abstract
Purpose
This study aims to develop a model for project portfolio selection considering organizational goals such as budgets, sustainability cash flow and reinvestment strategy under an uncertain environment.
Design/methodology/approach
A multi-objective mathematical programming model is proposed for project selection, which takes the social, environmental and financial aspects into account as the objectives of the project portfolio selection problem. The project evaluation and selection process in one of the large capitals in the Middle East with numerous urban construction projects was considered as a real case study, in which the subjects of environmental and social sustainability are of great importance. Then, the most significant criteria for project evaluation and selection based on sustainability were identified and ranked using the fuzzy best-worst method (BWM).
Findings
The criterion of “defining clear and real objectives” was ranked first, “project investment return period” was ranked second, “minimum changes in the predicted range” was ranked third, and the other ten sustainability indicators were ranked as well. Next, the presented mathematical programming model was solved using the augmented e-constraint method. The sensitivity analysis indicated that increasing the amount of investments in projects would increase their net present value. Also, increased investment had no effect on sustainability, while decreased investment caused sustainability to not being optimal.
Originality/value
This study focuses on the impact of the amount of investments on projects, and the associated costs of sustainable projects. Further to the authors' knowledge, there has been no relevant study taking uncertainty into account. Also, very few studies proposed a mathematical programming model for the project portfolio selection problem. Moreover, this research uses the brainstorming and Delphi method to identify the sustainability indicators influencing the organization and screens the evaluation indicators. Furthermore, the weights of the evaluation indicators are determined using the fuzzy BWM based on the consistency of opinions.
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The purpose of this paper is to examine use of the Black‐Scholes (BS) risky asset model to determine choice of optimal investment term in a reinvestment chain model.
Abstract
Purpose
The purpose of this paper is to examine use of the Black‐Scholes (BS) risky asset model to determine choice of optimal investment term in a reinvestment chain model.
Design/methodology/approach
An extension of Tobin's separation theorem is used to establish a mean‐variance efficient strategy for lump sum conversion to an income stream over any fixed term; two criteria involving the BS model are then applied to determine optimal investment term in a perpetual chain of reinvestment. The first criterion selects the term to maximize the value of a call option on excess of a market portfolio accumulation over the indexed value of the original lump sum. The second criterion selects term to maximize the expected present value of this excess without the no‐arbitrage assumption.
Findings
It is found that both criteria lead to useful but different income stream funding strategies. Annual returns data for the All Ordinaries Accumulation Index for years 1900‐2009 are used for an empirical assessment of the relative usefulness of the two criteria. Empirical evidence favours use of the criterion without the no‐arbitrage assumption.
Originality/value
Mean‐variance efficiency of the lump sum conversion strategy has been described elsewhere, but it has not previously been recognized as an extension of the Tobin theorem. Determination of optimal reinvestment term in this context is new and crucial to practical application of the model. One application of universal significance is for retirees emerging from defined contribution pension schemes with lump sums to provide for retirement in the face of longevity risk.
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Jane Evans, Sandra Leggat and Danny Samson
The purpose of this study was to examine the concept of value in healthcare through a practical appraisal of the applicability of a conceptual framework, which is aimed at…
Abstract
Purpose
The purpose of this study was to examine the concept of value in healthcare through a practical appraisal of the applicability of a conceptual framework, which is aimed at supporting the measurement and realisation of financial benefits from process improvement (PI) activities in a hospital setting.
Design/methodology/approach
A single case study of a hospital system in Melbourne, Victoria, Australia, was used to assess the applicability of the framework. The study sought to verify the framework's intention, that PI methods could be used to address known wastes that contribute to the cost of providing healthcare. The case study examines the current approach taken by the hospital to measure and realise financial benefits from PI activities and compares these to the components of the Strategy to Balance Cost and Quality in Health Care framework to assess its applicability in practice.
Findings
The case study revealed that the steps described in the framework were fundamentally in place albeit with some variation. Importantly, the case study identified an additional step that could be added into the framework to support hospitals to better define their portfolio of initiatives to deliver value. The case study also clarified three types of contributory elements that should be in place for the application of the framework to be successful.
Practical implications
The Framework to Achieve Value in Healthcare is offered to hospitals as a model by which they can look to reduce expenditure through the removal of non-value adding activities. The modification to the conceptual framework has arisen from a single case study and would benefit from further testing by other hospitals in other policy settings (i.e. other countries).
Originality/value
This is the first paper to examine and enhance an existing framework to assist hospitals balance cost and quality through PI.
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Robert Fiedler, Karl Brown and James Moloney
Advanced software and hardware solutions are enabling institutions to progress from traditional asset liability management to earnings sensitivity and future market valuation…
Abstract
Advanced software and hardware solutions are enabling institutions to progress from traditional asset liability management to earnings sensitivity and future market valuation across dynamically modelled balance sheets. By implementing pre‐defined management trading strategies across scenarios and through time for the portfolio, firms can not only protect themselves from risk, but also actively manage short‐term earnings against long‐term value and enhance their net worth.
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Political risk has been identified as a major impediment to the success of foreign invested projects, in developing countries. Infrastructure projects are especially sensitive to…
Abstract
Purpose
Political risk has been identified as a major impediment to the success of foreign invested projects, in developing countries. Infrastructure projects are especially sensitive to host-country political climates. Governance in emerging economies can be unstable, which adversely impacts infrastructure projects, given their high capital-intensity, long operational periods and high asset specificity. While the detrimental impact of political risk is well documented, the mitigation of such impacts on infrastructure projects remains largely unexamined. This study, therefore, addresses this by exploring the available identified political risk management (PRM) strategies based on resilience theory and evaluating their effectiveness.
Design/methodology/approach
A mixed-method approach was employed to identify PRM strategies. Firstly, a comprehensive literature review identified 40 potential PRM strategies. However, the applicability of those 40 strategies was uncertain due to the scarcity of PRM studies. Thus, expert interviews, drawing on the insights of Chinese infrastructure industry professionals with experience in FII, were applied to review the identified strategies. This process reduced the pool of applicable strategies to 34. Subsequently, 356 questionnaires were sent out to investors from China, Australia and Singapore, with 218 valid responses returned. Based on the data collected from the surveys, statistical analysis was used to evaluate and classify applicable PRM strategies.
Findings
Results reveal the most effective top five strategies for offsetting the detrimental effects of political risk on foreign infrastructure investment to be: (1) selection of suitable markets and projects; (2) maintaining good relationship with government; (3) purchasing political insurance; (4) utilizing capable contractors from both host country and home country; and (5) adopting an appropriate entry mode. The 34 strategies were further consolidated into four meta-strategies through factor analysis, resulting in the formulation of a strategy selection matrix.
Originality/value
The findings of this study offer a rational means by which infrastructure investment practitioners considering projects in developing countries, may arrive at an optimal political risk mitigation strategy. The findings also offer government of host countries directives to improving the political environment in order to attract foreign investment flows into local infrastructure projects.
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Ritch L. Sorenson, Andy Yu and Keith H. Brigham
The past decade of empirical research has established a body of knowledge about family business. A summary of this body of knowledge can be a guide for the content of family…
Abstract
The past decade of empirical research has established a body of knowledge about family business. A summary of this body of knowledge can be a guide for the content of family business instruction. One such summary now exists. A recent study compiled and assembled the dependent variables used in family business research (Yu, Lumpkin, Brigham, & Sorenson, 2009). This paper summarizes the findings of that study, discusses the extent to which course content in family business matches the current state of the field, and comments about possibilities going forward for courses in family business. Two textbooks are used to illustrate current course content: Family Business by Poza (2007) and Strategic Planning for the Family Business by Carlock and Ward (2001).
Brenna Mathieson and Angela Dwyer
While research often elaborates on outcomes of youth remand more broadly, the specific impact that remand has on indigenous young people can be overlooked, particularly in…
Abstract
Purpose
While research often elaborates on outcomes of youth remand more broadly, the specific impact that remand has on indigenous young people can be overlooked, particularly in Australia. The paper aims to discuss these issues.
Design/methodology/approach
This paper analyses interview data gathered from eight individual service providers from six community youth organisations in a city in Queensland, Australia.
Findings
Participants reported the specific effects of remand for indigenous young people and their families, noting especially the negative impact on the young people’s emotional, social and psychological development.
Originality/value
Results strongly suggest there is a blurring of the welfare and justice systems inherent within remand processes with indigenous young people, with remand employed so frequently that it has itself become a form of social support.
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