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Presents the author′s examination of the way in which, without formal education, he built up a multi‐million pound business employing over 100 staff, and then sold it to take up something which he wished to do, namely, further his education via TEC, NVQs and the MCI level 4 and 5. Further shows that not only successful people can further their educational standards.

This paper examines Aman Ullah’s contributions to robust inference, finite sample econometrics, nonparametrics and semiparametrics, and panel and spatial models. His early works on robust inference and finite sample theory were mostly motivated by his thesis advisor, Professor Anirudh Lal Nagar. They eventually led to his most original rethinking of many statistics and econometrics models that developed into the monograph Finite Sample Econometrics published in 2004. His desire to relax distributional and functional-form assumptions lead him in the direction of nonparametric estimation and he summarized his views in his most influential textbook Nonparametric Econometrics (with Adrian Pagan) published in 1999 that has influenced a whole generation of econometricians. His innovative contributions in the areas of seemingly unrelated regressions, parametric, semiparametric and nonparametric panel data models, and spatial models have also inspired a larger literature on nonparametric and semiparametric estimation and inference and spurred on research in robust estimation and inference in these and related areas.

Due to social enterprises' (SEs) relevance to social value creation, marketing increases its attention to these hybrid organizations. However, there is no consensus on how strategic marketing can improve SE performance. Thus, this paper aims to discuss how commercial, social and societal strategic marketing approaches relate to compensatory and transformative social entrepreneurship scopes to improve SE performance.

This paper is conceptual. We hold discussions and raise reflections to advance knowledge on both marketing and social entrepreneurship fields, more precisely by intertwining them.

We develop a conceptual model for adapting three strategic marketing approaches to compensatory and transformative SEs. We argue that SEs have three types of performances: commercial, social and societal. Social and commercial strategic marketing are essential for SEs acting in compensating local failures of capitalism. Societal and commercial strategic marketing are essential for SEs focused on transformative actions to changing global system. Such relations can leverage social impact, which we conceptualize as compensatory or transformative.

The model contributes to improvements on strategic marketing decisions by marketers and entrepreneurs in social entrepreneurship.

We propose a decomposition of strategic marketing into three approaches: commercial, social and societal, which constitutes a novelty to the field. This can facilitate management of SEs with different actions and performances, whether at local or international levels.

This paper aims to offer empirical insights on how investing in e-commerce capabilities affects the relationship between loyalty programs and hotel operating performance so as to aid in identifying proper resource allocation strategies.

This study extended the model in Hua et al. (2015) by testing the interaction of e-commerce and loyalty programs.

The findings illustrate that proper allocation of company financial resources to e-commerce initiatives can help improve the impact of loyalty programs on hotel operating performance.

The results of this study illustrate that hotel performance can be improved by the synergy between loyalty program and e-commerce initiatives. Thus, hotel managers and owners can use results from this study to improve the efficiency of their asset allocation strategies, with five practical implications offered.

Theoretically, this study adapted and extended an integrative model of hotel operating performance (Hua et al., 2015) by identifying critical factors that elucidate the variance in firm performance. In addition, the moderating role of e-commerce provides a new conceptualization of information technology. Practically, this study makes several important contributions as well.

Emerging Economies (EEs) are characterized by sustained growth performance, but they suffer from inequality as well, especially the Gender Inequality. Literature points out a number of gender norms which play a significant role in aggravating the gender disparity. The chapter chooses a panel of 25 EEs for the period of 2007–2020 to investigate how gender norms can affect the female labor force participation (FLFP) and development relationship. Results suggest that EEs are in a stage of development where even if countries are growing at a reasonable rate, FLFP is falling. Further investigation reveals that skewed sex ratio can dampen the impact of development, whereas secondary school enrollment and legislation to protect women from sexual harassment in the workplace may foster the effect of development. Thus, policies to encourage parents to invest more on the girl child and providing legal support to women at the workplace can be effective policies to reduce gender inequality.

The authors propose to estimate a varying coefficient panel data model with different smoothing variables and fixed effects using a two-step approach. The pilot step estimates the varying coefficients by a series method. We then use the pilot estimates to perform a one-step backfitting through local linear kernel smoothing, which is shown to be oracle efficient in the sense of being asymptotically equivalent to the estimate knowing the other components of the varying coefficients. In both steps, the authors remove the fixed effects through properly constructed weights. The authors obtain the asymptotic properties of both the pilot and efficient estimators. The Monte Carlo simulations show that the proposed estimator performs well. The authors illustrate their applicability by estimating a varying coefficient production frontier using a panel data, without assuming distributions of the efficiency and error terms.

The recent rise of nonperforming loans (NPLs) in some Asian economies calls for close analysis of the determinants, the potential macrofinancial feedback effects, and the implications for financial stability in the region. Using a dynamic panel model, we assess the determinants of the evolution of bank-specific NPLs in Asia and find that macroeconomic conditions and bank-specific factors – such as rapid credit growth and excessive bank lending – contribute to the buildup of NPLs. Further, a panel vector autoregression (VAR) analysis of macrofinancial implications of NPLs in emerging Asia offers significant evidence for feedback effects of NPLs on the real economy and financial variables. Impulse response functions demonstrate that a rising NPL ratio decreases the GDP growth, credit supply and increases the unemployment rate. Our findings underline the importance of considering policy options to swiftly and effectively manage and respond to a buildup of NPLs. The national and regional mechanisms underlying NPL resolution are important for safeguarding financial stability in an increasingly interconnected global financial system.

The purpose of this paper is to examine the role of value-at-risk (VaR) in the cross-section of stock returns in the Indian stock market during the period 1999-2014.

The paper follows the methodology of Bali and Cakici (2004) to investigate the relationship between VaR and stock returns and employs Fama and French’s (1993) and Fama and Macbeth’s (1973) methods to find out the predictive power of VaR in time-series and cross-section settings. Further, it follows Fama and French (2008) to estimate separate cross-section regressions for small, medium and big stocks to verify the pervasiveness of the anomaly.

This study finds positive risk premium associated with VaR in the Indian stock market during 2001-2008, the period of short selling constraint for institutional investors. This premium is confined to small stocks and low institutional holdings. The positive premium can be attributed to short selling constraints.

The risk-return tradeoff can be utilized by investors and fund managers. As it is confined to small stocks, transaction costs may affect the profitability of the investment strategy.

The study contributes to the scanty empirical literature on the role of VaR in the cross-section of expected stock returns. Moreover, this is the first study that explores the relationship between VaR and stock returns in the asset pricing context for the Indian stock market.