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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.

The purpose of this paper is to perform a relative assessment of performance benchmarks based on alternative asset pricing models to evaluate performance of mutual funds and suggest the best approach in Indian context.

Sample of 237 open-ended Indian equity (growth) schemes from April 2003 to March 2013 is used. Both unconditional and conditional versions of eight performance models are employed, namely, Jensen (1968) measure, three-moment asset pricing model, four-moment asset pricing model, Fama and French (1993) three-factor model, Carhart (1997) four-factor model, Elton et al. (1999) five-index model, Fama and French (2015) five-factor model and firm quality five-factor model.

Conditional version of Carhart (1997) model is found to be the most appropriate performance benchmark in the Indian context. Success of conditional models over unconditional models highlights that fund managers dynamically manage their portfolios.

A significant α generated over and above the return estimated using Carhart’s (1997) model reflects true stock-picking skills of fund managers and it is, therefore, worth paying an active management fee. Stock exchanges and credit rating agencies in India should construct indices incorporating size, value and momentum factors to be used for purpose of benchmarking.

The study adds new evidence as to applicability of established asset pricing models as performance benchmarks in emerging market India. It examines role of higher order moments in explaining mutual fund returns which is an under researched area.

The purpose of this paper is to investigate the capabilities of social entrepreneurship (SE) firms and how they achieve competitive advantage while engaging in social value creation. The authors employ a business model perspective to understand the (self-) sustaining mechanism for social good.

The authors carry out an in-depth investigation of three SE ventures. The authors analyse the history of these ventures to determine how they achieved competitive advantage. The cases are analysed based on the internal development in the context of environmental support.

The authors find that SE ventures, like all other organisations, achieve competitive advantage based on available resources such as reputation and network of the founder, managerial experience and other corporate resources within the firm. The authors also find that the competitive advantage often comes from innovate usage – a practice that is reinforced by the support from institutional environment.

Due to the case study approach, the research is aimed at theoretical development within the social business literature. The approach makes it difficult for the findings to be universally generalisable. The authors therefore envisage future researchers to test the theoretical propositions.

Based on the analysis, the authors conclude that distinct capabilities of social businesses help them achieve competitive advantage, and that policy makers should institutionally support these ventures. The findings stress the importance of resources in sustainability and effectiveness of emerging market SE.

The application of a business model perspective in SE is unique, and advances the understanding of social businesses from a strategic management perspective.

Heuristics are a less complex and more understandable way to a more straightforward, astute and brisk basic decision-making strategy. The purpose of this study is the development of a rule of thumb called the “Crocodile rule” based on downside risk.

The crocodile rule is developed and tested in two steps by using data in the form of stock portfolios of the Pakistan Stock Exchange from January 2000 to November 2017. In the first phase of the study, researchers have forecasted the probabilities, while in the second phase, the researchers have used these probabilities to test the crocodile rule.

The findings show the acceptance of the null hypothesis, forecasting error for all categories of stocks for the first phase. The results also show that the minimum recovery chance is 58%, and the maximum recovery chance is 81% with an overall average of 69% chance of recovery. All recovery probabilities are above 50% for all portfolios; this is particularly impressive for a volatile market like Pakistan.

The study also proposes another performance measure such as “value-at-risk” and compare it with present results to yield better outcomes. Furthermore, other categories of stock like profitability and growth can be tested as well.

The practical application of this rule is a choice between a “Buy-and-hold” strategy and showing myopic behavior as another extreme.

This pioneering research focuses on the development of the “Crocodile rule” by using the lower partial moments as a proxy of downside risk. This research adds value to the existing literature on performance measures. Furthermore, it also highlights and indicates which strategy should be used by the investors in case of falling trends in the market.

The purpose of this paper is to analyze the linear and nonlinear effects of market integration on carbon emissions and explore the direct and indirect paths of market integration on carbon emissions through path analysis.

The authors first conduct a measurement and contrastive study of the market integration and carbon emissions of China’s 28 provinces from year 1995 to 2015. Then, the linear effect of market integration on carbon emissions is analyzed by using the fixed-effect model. Next, based on the path analysis method, the direct and indirect paths of market integration’s impact on carbon emissions are explored. Finally, the panel threshold regression model is used to evaluate the effect of market integration on carbon emissions under different situations of geographic distance.

The results show that first, the improvement of market integration can increase carbon emissions in the form of a linear relationship. Second, market integration not only has a direct and positive impact on the carbon emissions, but also has an indirect and positive impact on carbon emissions through the level of economic development, and a negative impact on carbon emissions through technological level. Third, an increase in market integration can reduce its positive effect on carbon emissions, but the improvement of economic growth and technology level can both enhance the positive effect of market integration on carbon emissions.

This paper focuses on the impact of market integration on carbon emissions in 30 provinces in China, while, the authors do not conduct a comparative analysis of different regions, so there are certain limitations. In addition, policy interaction between regional governments is also a key factor affecting carbon emissions, but this paper does not consider the effect of policy interaction, future follow-up research will try to incorporate it into the analytical models.

An important practical implication of this research is that market integration should be regarded highly in China’s energy conservation and emission reduction efforts. The research results have important reference value for policy authorities to formulate relevant policies. That is, the government can play a more active role in the process of integration through breaking the regional blockade and interest barriers to comprehensively improve resource utilization efficiency and technical level, and ultimately achieve regional low-carbon development.

This paper explores the effects of market integration on China’s carbon emissions based on different methods and perspectives, and confirms that market integration plays a vital role in China’s carbon emissions through economic growth and technological progress. Notably, based on the studied results, some specific and practical suggestions are proposed in this paper so as to reduce carbon emission and realize the sustainable development of economy and society in China.

February 22, 1971 Master and Servant — Vicarious liability — Apprentices required to travel to detached place of work — No obligation to use own transport or carry passengers — Mileage allowance paid by employer if own transport used — Passenger allowance payable for carriage of fellow apprentice — Apprentice injured while being driven to work as passenger of fellow apprentice — Whether employer liable for acts of apprentice while driving — Whether acting as employer's servant or agent — Insurance cover for passenger carried “by reason of… contract of employment” — Whether insurers liable.

This study aims to suggest an integrative model to investigate design orientation by analyzing its links with market orientation and its ability to generate and maintain a competitive advantage and improve effectiveness.

The structural equation technique is used to test the research hypotheses based on data from the Spanish furniture and lighting industries. The data are obtained from the responses of 209 companies to a questionnaire targeted at design and marketing managers.

The results suggest that design orientation helps companies to gain competitive advantages in product differentiation and improve business effectiveness. The design orientation is stimulated by proactive market orientation and by marketing-design integration during the development of new products. The design orientation fully mediates the effect of proactive marketing orientation on perceived effectiveness.

This study uses a quantitative research approach to propose and test an integrative model that relates design orientation with the generation of competitive advantage in product differentiation and perceived effectiveness.

THE article which we publish from the pen of Mr. L. Stanley Jast is the first of many which we hope will come from his pen, now that he has release from regular library duties. Anything that Mr. Jast has to say is said with originality even if the subject is not original; his quality has always been to give an independent and novel twist to almost everything he touches. We think our readers will find this to be so when he touches the important question of “The Library and Leisure.”

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).