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The return behavior of customers has a great impact on the e-retail industry and has resulted in the emergence of return-freight insurance (RI). Additionally, customer loss aversion arising from returns affects e-retailers' decisions and manufacturers' profits. Therefore, the main purpose of the authors' study is to determine how e-retailers and manufacturers choose their RI strategy and pricing according to customers' loss aversion.

The authors propose three scenarios: no RI, customer purchase RI and free e-retail RI (FRI). Meanwhile, the authors also model a Stackelberg game between e-retailers and manufacturers for analysis. Then, according to customer return behavior and loss aversion, the authors study the optimal pricing decision and RI premium allocation scheme for e-retailers and manufacturers under different scenarios.

It was found that the loss sensitivity reduces customers' willingness to buy RI, which is not conducive to the development of e-retailers and manufacturers. Additionally, with higher loss sensitivity, e-retailers and manufacturers offer FRI to gain higher profits, which supports the implementation of the FRI strategy.

The authors introduce customers' loss aversion into RI to analyze the optimal pricing decisions and profits of e-retailers and manufacturers, enriching the application of loss aversion theory. In addition, this study analyzes the two-way cost-sharing mechanism between manufacturers and e-retailers to provide FRI, which provides a theoretical basis for RI premium sharing.

This paper aims to present the simulation, fabrication and testing of a novel ultra-wide band (UWB) band-pass filters (BPFs) with better transmission and rejection characteristics on a low-loss Taconic substrate and analyze using the coupled theory of resonators for UWB range covering L, S, C and X bands for radars, global positioning system (GPS) and satellite communication applications.

The filter is designed with a bent coupled transmission line on the top copper layer. Defected ground structures (DGSs) like complementary split ring resonators (CSRRs), V-shaped resonators, rectangular slots and quad circle slots (positioned inwards and outwards) are etched in the ground layer of the filter. The circular orientation of V-shaped resonators adds compactness when linearly placed. By arranging the quad circle slots outwards and inwards at the corner and core of the ground plane, respectively, two filters (Filters I and II) are designed, fabricated and measured. These two filters feature a quasi-elliptic response with transmission zeros (TZs) on either side of the bandpass response, making it highly selective and reflection poles (RPs), resulting in a low-loss filter response. The transmission line model and coupled line theory are implemented to analyze the proposed filters.

Two filters by placing the quad circle slots outwards (Filter I) and inwards (Filter II) were designed, fabricated and tested. The fabricated model (Filter I) provides transmission with a maximum insertion loss of 2.65 dB from 1.5 GHz to 9.2 GHz. Four TZs and five RPs are observed in the frequency response. The lower and upper stopband band width (BW) of the measured Filter I are 1.2 GHz and 5.5 GHz of upper stopband BW with rejection level greater than 10 dB, respectively. Filter II (inward quad circle slots) operates from 1.4 GHz to 9.05 GHz with 1.65 dB maximum insertion loss inside the passband with four TZs and four RPs, which, in turn, enhances the filter characteristics in terms of selectivity, flatness and stopband. Moreover, 1 GHz BW of lower and upper stopbands are observed. Thus, the fabricated filters (Filters I and II) are therefore evaluated, and the outcomes show good agreement with the electromagnetic simulation response.

The limitation of this work is the back radiation caused by DGS, which can be eradicated by placing the filter in the cavity and retaining its performance.

The proposed UWB BPFs with novel resonators find their role in the UWB range covering L, S, C and X bands for radars, GPS and satellite communication applications.

To the best of the authors’ knowledge, for the first time, the authors develop a compact UWB BPFs (Filters I and II) with BW greater than 7.5 GHz by combining reformed coupled lines and DGS resonators (CSRRs, V-shaped resonators [modified hairpin resonators], rectangular slots and quad circle slots [inwards and outwards]) for radars, GPS and satellite communication applications.

This paper examines whether target returns act as specific goals that impact risk-taking when individuals make investment decisions.

Using an experimental setting, the authors assign either a low or a high target return to participants and ask them to make independent investment decisions as the risk-free rate fluctuates around their target return and, for some of them, becomes negative.

Building on cumulative prospect theory, the authors find that the prevailing reference point of participants is the target return, regardless of the level of the risk-free rate. This result still holds even when the risk-free rate is negative, suggesting that (1) the target return drives risk-taking more than does a zero-threshold and (2) negative rates are limited as a tool to stimulate appetites for risk. In a follow-up study, the authors show that these conclusions remain valid when the target return is endogenously determined.

The authors' original approach, which pioneers the use of target returns in both the positive and negative interest rate contexts, provides insightful results about the “reach for yield” among regular people.

In general, the insurance industry accepts large risks due to the frequency and severity of extreme events. Because of the short record on hazard data for such events, a large amount of uncertainty has to be dealt with. Given this large uncertainty it is important to better quantify the hazard parameters that are defined as inputs to the catastrophe models. The purpose of this paper is to evaluate the hurricane risk from loss point of view in the USA for both long‐term and warm phase conditions using a simulation‐based stochastic model.

A Poisson process is used to simulate the occurrence of events for both conditions. The generated event‐sets were used along with vulnerability and cost models to estimate the loss to an insurance industry portfolio. The paper discusses the statistics of events categorized by the Saffir‐Simpson Hurricane Wind Scale, annualized and return period losses and compares the results for both assumed long‐term and warm phase climate states.

The analysis shows that the population of landfall data for the two climate conditions is not statistically different. However, if we accept that a difference in the frequency of landfall occurrence between the two assumptions exists, the increase in average annual loss is about 17 per cent.

This paper provides insights to the difference between the two states of atmosphere from the point of view of insured losses for hurricanes and is one of the first papers that offers conclusion on the uncertainty associated with the warm phase data.

Perils of tornado and hail cause large amounts of loss every year. Based on the data provided by Property Claims Services, since 1949, tornado, hail and straight‐line‐wind losses account for more than 40 percent of total natural losses in the USA. Given the high frequency of tornado and damaging hail in the continental USA, quantifying these risks will be an important advancement in pricing them for insurance/reinsurance purposes. In the absence of a realistic physical model, which would look at these perils on a cluster/outbreak basis, it is not possible to underwrite these risks effectively. The purpose of this paper is to focus on the tornado risk.

A tornado wind‐field model is developed based on the model used by Wen and Ang. The model is calibrated to the specifications given in the Fujita intensity scale. To estimate the tornado hazard, a historical database is generated and de‐trended using the information provided by Storm Prediction Center along with the dataset given by Grazulis. This new historical database together with a reinsurance timeframe criterion in mind was used to define outbreaks. These outbreaks are used in a Monte‐Carlo simulation process to generate a large number of outbreaks representing 35,000 years of simulated data. This event‐set is used to estimate spatial frequency contours and loss analyses.

The results focus on the spatial frequency of occurrence of tornadoes in the USA. The losses are tallied using multiple occurrences of tornado and/or hail per outbreak. The distribution of loss, both on per occurrence and on aggregate basis, are discussed.

This paper is believed to be the first one to use a tornado wind‐field model, outbreak model, and vulnerability models, which estimate both spatial distribution of hazard and location‐based distribution of losses. Estimation of losses due to hail is also provided.

This study aims to test empirically the validity of the accounting valuation model that is based on earnings and book values for loss‐reporting firms under a conservative accounting regime.

The empirical tests are performed by employing returns models on data derived from non‐financial firms listed on the Athens Stock Exchange for the period 1992‐2000.

The empirical results suggest that there is no unique concept of income, which is applicable, for valuation purposes, in all circumstances. Total income may be the appropriate income concept to use for the valuation of profit reporting firms but not for loss‐reporting ones; for loss‐reporting firms, ordinary income appears to be a more useful concept for valuation purposes. Extraordinary income was also found to be value relevant. Further, different versions of the accounting valuation model appear to be more relevant for different groups of firms (groups defined in terms of various firm characteristics, such as: size, growth opportunities and riskiness.

The study examines the informational content of the various earnings and loss items in the income statement and provides conclusions that are useful for standard setters, accounting policy makers and market participants.

It provides further evidence on the value relevance of losses, as opposed to that of earnings. It coincides with the development of a new project initiated by the International Accounting Standards Board, i.e. “Reporting Comprehensive Income”, concerning the content of the income statement. The analysis is carried in an accounting environment that adopts only historic cost accounting for the recording and measurement of assets and liabilities, revenues and expenses.

The purpose of this paper is to focus on Initial Public Offering (IPO) investments, performance and activity in times of the global financial crisis.

The paper utilizes, in a pioneering attempt, a modified regression model that is widely used in medical research (i.e. measuring the effectiveness of painkillers, aspects of breastfeeding, cancer research) but proved efficient and informative for the studied area. Embarking on Cox's Hazard Model perfectly mirrored investors' approach to IPO investments. Henceforth, the empirical findings reported in the paper became practical for IPO investors. The quantitative findings are then discussed with high‐profile practitioners, in order to inject more realism into the study. The qualitative research framework expands the empirical analysis to cover significant issues related to IPO activities and proves invaluable in the process of constructing practical implications.

Since the main purpose of the paper is to test the profitability of targeting IPOs from the Polish stock market, the main research question attempted in the paper refers to finding out whether IPO investments constitute an attractive alternative for direct equity investments, especially during the global financial turmoil. On this occasion, the current paper advises on trading strategies that involve targeting IPOs and shield investors from experiencing crisis‐induced losses. These findings remain topical as they contribute to the current debate on tailoring investment approaches to the global financial crises. Furthermore, focusing on the issues related to the overblown deficit reported by the transition economy delivers novel and important implications for policymakers striving to stabilize budget in the aftermath of the nascent financial crisis.

What distinguishes the paper from previous studies is the original methodology, three‐dimensional approach to IPO activities (adopting a company's, investor's and policymaker's perspectives) and focusing on the systemically important European market that somehow was overlooked by previous studies in this area but recently vaulted into prominence among international investors who regard the Polish stock market as a regional leading bourse.

Motivated by the real-world practice that the boom of the online selling induces a higher product return as well, selecting which online channel mode indicates who takes ownership over the product and thus bears the loss of the product return. This paper aims to seek the optimal online channel modes for the two members in a platform supply chain in the presence of product returns.

This study aims to develop a platform supply chain that consists of one platform company and one supplier. Along with an offline distribution channel, the supplier can choose two alternative online selling modes (i.e. the reselling and agency modes) to sell its product through the online marketplace. This paper applies Stackelberg game to derive the equilibrium with different business scenarios and selects the optimal online channel modes for two parties, respectively. Moreover, this paper extends to a different supply chain with a reverse channel leadership and a different product return policy for testing the robustness.

Several interesting and important results are derived in this paper. Firstly, it is found that the relative pricing are largely relied on the costs of two channels. Secondly, the platform supply chain may benefit from a pure channel rather than the dual-channel when this channel enjoys a relatively low cost and/or a sufficiently high consumer preference. Then, the platform and the supplier act contradictorily when selecting their optimal online channel modes. To be specific, the platform motivates to choose the online reselling mode when both the commission rate and the slotting fee are relatively low, whereas the supplier is likely to select the online agency mode under this circumstance. Finally, a win-win situation in regards to the optimal online channel mode for two parties is achievable with numerical experiments.

Based on the analytical studies, the results derived in the authors’ work can provide managerial insights to assist the supplier and the platform company in determining the operational decision and selecting the optimal online channel mode to deal with consumer returns. In addition, appropriate commission rate along with slotting fee will make both parties achieve a win-win situation in determining their optimal online channel mode.

To the authors’ best knowledge, this paper makes the first move to determine the optimal online channel mode in the content of consumer returns and study how it is affected by different product return policies.

Modern wireless communications need novel microwave components that can be effectively used for high data rate and low-power applications. The operating environment decides the severity of the noise coupled to the transceiver system from the ambient environment. In a deep fading environment, narrowband systems fail where the wideband systems come for rescue. Thus, the microwave components are ought to switch between the narrowband and wideband states. This paper aims to study the design of a bandpass filter to meet the requirements by appropriately switching between the dual narrowband frequencies and single ultra-wideband frequency band.

The design and implementation of a compact microwave filter with reconfigurable bandwidth characteristics are presented in this paper. The proposed filter is constructed using a hexagonal ring with shorted perturbation along one corner. The filter is capacitively coupled to the external excitation source. External stubs are connected to the corners of the hexagonal resonator to obtain dual passband characteristics centred at 2.1 and 4.5 GHz. The external stubs are configured to achieve bandwidth reconfigurable characteristics. PIN diodes are used with a suitable biasing network to obtain reconfiguration. In the reconfigured state, the proposed two-port filter offers a continuous bandwidth from 2.1 to 5.9 GHz. The roll-off rate along the band edges is improved by increasing the order of the filter.

The proposed filter operates in two states. In state 1, the filter operates with dual frequencies centred around 2 and 4.5 GHz with insertion loss less than <1 dB and return loss greater than 13 dB with a peak return loss of 21 and 31 dB at 2.1 and 2.15 GHz, respectively. In state 2, the filter operates from 2.1 to 5.9 GHz with insertion loss less than 1 dB and return loss greater than 12 dB. The filter exhibits four-pole characteristics with a peak return loss greater than 22 dB. Thus, the fractional bandwidth of the proposed filter is 17% and 16% in state 1, whereas the fractional bandwidth is 95% in state 2.

The proposed filter is the first of its kind to simultaneously offer miniaturization and bandwidth reconfiguration. The proposed second-order filter has two-pole characteristics in the narrowband state, whereas four-pole characteristics are realized in the wideband state. The growing interest in 4G and 5G wireless communications makes the proposed filter a suitable candidate for operation in the rich scattering environment.

The purpose of this paper is to determine how an index of agribusiness stocks performs relative to the S&P 500 particularly in times of recession.

Using value-weighted indexes of agribusiness stocks, large cap US stocks, and copula estimation, the paper quantifies the correlation in potential investment portfolios. The information obtained from the copula estimated dependence measures and Value at Risk (VaR) allows to examine the diversification benefits of holding agribusiness stocks in the portfolio relative to the S&P 500.

The results provide limited evidence that the addition of agribusiness stocks to a portfolio are able to provide significant diversification benefits to a portfolio of domestic equities, as represented by the S&P 500 index. The VaR analysis also indicates the risk of extreme losses remained relatively stable both across time and portfolio weightings.

While this research examines a broad-based agribusiness stock index, there exists a number of sub-assets classes within the analyzed index that should be analyzed to see if the offer benefits to investors. In addition, only stocks traded on US-based stock indexes are included in this analysis; as such, the authors would like to extend the research to have a more global approach.

The findings suggest that investors who are looking to a broad-based agribusiness stock index to provide more diversification in their portfolio, may find it unattractive from a both a risk management and profit maximizing perspective. However, that does not mean that the agribusiness stock index might be an affective complement to a portfolio that contains multiple other assets classes.

The issue of correlation convergence during financial crises is one of great concern to investors. To the authors’ knowledge, this is the first paper that uses copulas to evaluate the role of agribusiness stocks in an investor's portfolio.