Search results

This study aims to explore advertising strategies by US corporations selling consumer services overseas. Attention is extended to determining the type of standardized advertising (pattern vs prototype) that US headquarters tend to use in international campaigns, identifying major obstacles that impede advertising standardization and examining linkages between the use of creative approaches (standardized vs localized) and firms ' length of business and sales volume.

Using a descriptive approach and rigorous sample, the authors surveyed international advertising managers of US firms selling consumer services. A 57 per cent response rate provided the basis for testing two research questions and two hypotheses.

US firm headquarters tend to lean more toward the use of prototype standardization than pattern standardization. The major impediments of standardized campaigns are perceived to be cultural differences, alternatives in consumer lifestyles, language diversity, variations in worldwide market infrastructure and government regulations.

While demonstrating correlations in some areas, the authors offer some suggestions for future investigation of this important topic. By focusing on services marketing, the study does contribute to the extant discussion concerning advertising standardization/localization from the context of US-based services businesses marketing internationally.

The outcomes indicate that established business firms and firms with large sales volumes, compared to younger business firms and firms with small sales volumes, are more likely to use the standardized advertising approach than the localized approach.

The paper offers new insights into the standardized/localized debate where advertising researchers have tended to overlook the significance of service businesses in the international context.

This paper investigates international advertising approaches of USA‐based corporations that offer consumer services in overseas markets. Based on the empirical findings, the data reveal that the majority of the respondent executives tend to follow a localized rather than a standardized advertising approach in marketing such services. Respondents also indicate that companies using such a localized advertising approach take cultural variables more seriously than do companies following a standardized approach. Here, however, respondents on either side of the standardized/localized debate concur. For example, there is virtual unanimity from respondents in terms of their perception that government regulations make it difficult to create and use universal campaigns, and that language diversity necessitates the use of local communication expertise in each market. Furthermore, and perhaps important in terms of the constant stress placed these days upon globalization, both groups seem unconvinced that advertisements can be universally understood, and that an advertising theme can be the same for all markets. Thus, this paper supports the notion that perceived differences in consumers' lifestyles do act as major obstacles to universal advertising campaigns.

Focusing on delivering practical implications, the purpose of this paper is to show optimal ways of calculating risk weights for public sector entities (PSEs) under the standardised approach in credit risk. Focusing on the changing regulatory background, this paper aims to explain the proposed revisions to the standardised approach for credit risk. Where necessary, upon the review of the forthcoming standards, this paper attempts to indicate room for improvement for policymakers and flag areas of potential ambiguity for practitioners.

This paper discusses and analyses the revised standards for the standardised approach in credit risk with respect to the treatment of PSEs. This paper, analysing the current regulatory proposals, tests the hypothesis stating that the affected banks may experience higher or lower capital charges for credit risk depending on the following factors: Choosing the optimal risk weight calculation methodology; and choosing the optimal composition of the credit risk portfolio.

The paper advises on using sovereign ratings as a base of risk weight calculations and categorising eligible entities as sovereign exposures. Individual entity ratings are not readily available and the majority of PSEs remain unrated by the external agencies. The simplistic approach of using sovereign ratings results in a lower risk weighted capital than the approach of using individual entity ratings. The sovereign rating approach decreases the value of the original exposure by 77 per cent. Reliance on sovereign ratings outperforms the optimal solution proposed in this paper. Categorisation of eligible entities as sovereign exposures significantly decreases the risk exposure capital in the standardised approach. There are, however, specific criteria highlighted in this paper that must be met by a PSE to be categorised as a sovereign exposure.

In addition to testing various scenarios of calculating risk weights, this paper highlights regulatory areas that require further improvements and immediate attention from the policymakers and practitioners. At this point, the paper reports that the proposed changes to the risk weight buckets for PSE exposures may be erroneous and resulting from the typos in the second consultative paper.

The purpose of this study is to demonstrate that the internal ratings-based (IRB) approach provides more effective risk discrimination than the standardized approach when calculating regulatory capital for retail credit risk exposures.

The author uses four retail credit data sets to compare regulatory capital appropriation using the IRB approach and the standardized approach. The author follows the regulatory capital calculation method recommended under Basel III. For the IRB approach, the author uses a logistic regression to determine the probability of default.

The results suggest that the IRB approach provides more effective risk discrimination across individual exposures, which allows more regulatory capital to be held against riskier exposures and less regulatory capital to be held against less risky exposures. The author further argues that the Basel III output floor, as presently constructed, may disincentivize the use of the IRB approach and further diminish the value of secured lending under the IRB approach. To address this issue, the author offers two simple adjustments to the current design of the output floor.

While studies have argued the idea of risk-sensitive regulatory capital, the author has not observed any research that empirically compares the risk-sensitivity of regulatory capital across retail credit exposures, which makes up a significant portion of many banks’ credit exposures. This study also highlights what appears to be a major point of concern for the output floor, which is set to be phased in starting January 2022. This is of particular value because this point has not appeared to receive any attention in the literature thus far.

As part of the UK Government’s strategy to address the current shortage of primary school places is the construction of standardised designed schools. The UK Government has been facing an uphill battle to meet the demand for the ever-increasing number of school places it requires. This paper aims to explore the use of standardised school design in addressing the problem of primary school places in the UK.

Due to the exploratory nature of this investigation, a pragmatic research philosophy is utilised and mixed-method data collection techniques are used. Quantitative data collection is in the form of a survey involving 306 construction professionals and stakeholders; this has been consolidated using qualitative data collection in the form of nine purposefully selected semi-structured interviews.

The research highlighted the influence that people and their perceptions have on the successful implementation of standardisation. The results show that a high level of misunderstanding exists around the concept of standardisation and its definition. Standardised design has shown to have a remarkable influence in reducing the cost and time required for delivering the construction of new schools.

Due to the exploratory nature of this research, the results obtained have not been wholly conclusive but have instead provided a contribution to the area of standardisation in construction.

The research has uncovered that, to truly promote and drive standardisation in the delivery of schools, a joint approach is required with designers, contractors, clients and manufacturers, working in partnership to develop successful solutions. The paper will, therefore, help the key stakeholders delivering standardised schools in UK to fully understand the concept and turn the challenges into opportunities.

A misplaced reliance on value at risk (VaR) has been focused on in the media as one of the main reasons for the current financial crisis, and the recently published Turner Review by the UK Financial Services Authority concurs. The purpose of this paper is to present an introductory overview of VaR and its weaknesses which will be easily understood by non‐technical readers.

Simple numerical examples utilising real and simulated data are employed to reinforce the main arguments.

This paper explains that some of the main approaches employed by banks for computing VaR have serious weaknesses. These weaknesses have contributed to the current financial crisis.

Consistent with the introductory nature of this paper, the empirical research is limited to simple examples.

The evidence here suggest that if VaR is to play a major role under future financial regulation then research is required to develop improved estimation techniques and backtesting procedures.

This paper differs from many academic papers on VaR by assuming only a very basic knowledge of mathematics and statistics.

This paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basel Committee for the regulatory treatment of asset securitisation. The pathology of the new “securitisation framework” is carefully highlighted to facilitate a general understanding of what constitutes the current state of computing adequate capital requirements for securitised credit exposures. Although a simplified sensitivity analysis of the varying levels of capital charges depending on the security design of asset securitisation transactions is incorporated, the author does not engage in a profound analysis of the benefits and drawbacks implicated in the new securitisation framework.

Explores advantages and disadvantages arising from standardised approaches to international marketing. Questions what the essential nature of international marketing is, stating that its most obvious characteristic is that it allows for the exchange of goods and services between producer and user across international boundaries. Proposes that data should be collated across the marketing mix to ensure that an objective analysis is made. Hints that there may be some justification for applying the type of ‘localised’ strategy described to a few highly specialised markets.

Purpose – This chapter presents a framework useful in conducting multicountry marketing and advertising research. For the purpose of illustrating the series of steps involved in conducting such investigations, a six-country study examining global consumer culture positioning (GCCP) is presented. The suggested steps are relevant for the exploration of a wide variety of marketing- and advertising-related topics.

Methodology/approach – Steps essential to a well-planned research design are addressed in detail, including: theory identification, stimuli selection, hypotheses formulation, measurement development, country selection, fictitious ad development, survey design, cross-national data equivalence, and hypotheses testing. Particular attention is given to construct specification (in this case for soft-sell and hard-sell advertising appeals) and fictitious ad development. General consumers in six countries responded to the ads. Specific procedures for validating formative constructs and testing their cross-country equivalency are suggested.

Findings – The chapter provides practical recommendations for conducting cross-cultural research. These recommendations are likely to prove useful to both researchers conducting multicountry investigations, and to instructors teaching graduate-level courses in international marketing and advertising research.

Originality/value of paper – Multicountry research requires a series of challenging decisions. Although a well-planned research design is particularly essential in a cross-cultural setting, little attention has been given in providing researchers and instructors with methodological recommendations. This chapter is intended to be a useful reference for these audiences.

This paper presents an approach where a survey study is combined with energy and indoor environment auditing in the built environment. The combination of methods presented in this paper is one way to obtain a wider perspective on the indoor environment and energy use and also let the people in the building voice their comments on the indoor environment. This is arguably even more important in historic buildings where many of the physical properties are to a higher degree unknown when compared with conventional buildings. The purpose of the paper is to report the experiences from this research project.

A combination of energy and indoor environment auditing and standardized occupant surveys.

The main findings in the paper are related to the good agreement between results from standardized occupant surveys and physical measurements. The possibility to triangulate problems related to poor indoor conditions was shown to be one main advantage of the combined methodology presented in the paper. A standardized survey approach also allows benchmarking, in this case with two groups representing “average” buildings as well as a group representing well-functioning buildings. The use of records from building key cards was also shown to be an effective way of keeping track of activity in the building and thereby distribute internal gains. In addition, the paper reports a linear correlation between activity level and electricity use.

The paper shows an effective way to investigate the performance, in terms of energy use as well as indoor environment, of historic buildings in use. This type of approach could benefit property owners, as it both allows benchmarking as well as investigating individual properties before, e.g., a refurbishment.