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Article
Publication date: 1 February 1992

Colin Lizieri and Stephen Satchell

Suggests that the use of the geometric mean as a measure of averagereturn on investment presents problems for estimating the variance as ameasure of risk. Notes that the…

Abstract

Suggests that the use of the geometric mean as a measure of average return on investment presents problems for estimating the variance as a measure of risk. Notes that the use of a measure based on the arithmetic mean seems an uncomfortable compromise. Shows that measures based on the geometric mean are also systematically biased in the case of log normal returns. Concludes that this can have major consequences for investment decision‐making and portfolio selection.

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Journal of Property Valuation and Investment, vol. 10 no. 2
Type: Research Article
ISSN: 0960-2712

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Book part
Publication date: 1 January 2006

Richard A. Lewin, Marc J. Sardy and Stephen E. Satchell

Investors often have much of their portfolios invested in equities that are exposed to interest rate risk. Hedging underlying exposures are not easy; whereas fixed income…

Abstract

Investors often have much of their portfolios invested in equities that are exposed to interest rate risk. Hedging underlying exposures are not easy; whereas fixed income investors have duration to immunize bond portfolios from small fluctuations in interest rates. US equity duration estimates from dividend discount models result in long durations – often in excess of 50 years. Based on the UK data, we develop an alternative approach to generate equity duration as a by-product of asset pricing. Our analysis suggests that the equity premium puzzle may comprise an important element in reconciling this approach to equity duration, with traditional DDM alternatives.

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Value Creation in Multinational Enterprise
Type: Book
ISBN: 978-1-84950-475-1

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Book part
Publication date: 1 January 2006

J. Jay Choi and Reid W. Click

In a fundamental sense, creation of value is the purpose of a firm. Values – measured by profits, cash flows, stock prices, or some strategic objectives – are the ultimate…

Abstract

In a fundamental sense, creation of value is the purpose of a firm. Values – measured by profits, cash flows, stock prices, or some strategic objectives – are the ultimate reasons why a firm exists. The ongoing and ever-expanding discussion of globalization, whether based on trade flows or financial flows, draws attention to the value of multinational enterprise. Existing empirical work on the impact of multinational firms, however, is inconclusive. Some observers point to the valuation discount with international operations due to the costs of agency and control and the difficulty of coordinating complex organizations and cultures. Others emphasize the value of a multinational network and the operational efficiency of a multinational enterprise (MNE). Thus, issues related to value creation are important and lively areas of business and finance. In fact, value creation is now at the frontier between the functional areas of finance and strategy. In international finance, the topic also interacts with economics in the areas of strategic trade policy and exchange rate behavior, as well as business strategy, as it relates to the management of an MNE. The role of government policy is also part of the debate, because the importance of public policy and the behavior of policymakers are elevated when finance and business become international, as evidenced by consistent attention to political risk.

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Value Creation in Multinational Enterprise
Type: Book
ISBN: 978-1-84950-475-1

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Book part
Publication date: 1 January 2006

Abstract

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Value Creation in Multinational Enterprise
Type: Book
ISBN: 978-1-84950-475-1

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Article
Publication date: 1 January 1989

Walt Crawford

When you make effective use of a personal computer, that use is likely to change over time in ways that may not be apparent. A look back as little as six months or a year…

Abstract

When you make effective use of a personal computer, that use is likely to change over time in ways that may not be apparent. A look back as little as six months or a year earlier may reveal some surprises. Those surprises may tell you something about your own priorities, conscious or unconscious. The author introduces his new column environment and what those changes may mean. He also discusses the column itself, and why Common Sense Personal Computing is no more. The author also discusses some changes in the periodical literature of personal computing, introducing a major new magazine. Finally, the author begins an ongoing discussion of items from the periodical literature with some of the hot topics from June‐August 1988.

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Library Hi Tech, vol. 7 no. 1
Type: Research Article
ISSN: 0737-8831

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Article
Publication date: 1 April 1995

Walt Crawford

“Interactive multimedia” was Last Year's Big Thing—so say the financial wizards, and they may be right. That particular flavor of convergence theory made no more sense…

Abstract

“Interactive multimedia” was Last Year's Big Thing—so say the financial wizards, and they may be right. That particular flavor of convergence theory made no more sense than any of the others, and this year's hype is for The Almighty Web. Meanwhile, as with the World Wide Web, multimedia does have growing uses for many library and personal computer uses—and the author, ever at the rear of the pack, has dealt with some low‐level multimedia problems and promises. You won't learn a thing about production here, but there are some useful notes on what seems to work and where it might be going. Finally, the usual notes cover the PC and Macintosh literature received during April through June 1995.

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Library Hi Tech, vol. 13 no. 4
Type: Research Article
ISSN: 0737-8831

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Article
Publication date: 1 December 2000

Chris Brooks, Sotiris Tsolacos and Stephen Lee

This paper examines the cyclical regularities of macroeconomic, financial and property market aggregates in relation to the property stock price cycle in the UK. The…

Abstract

This paper examines the cyclical regularities of macroeconomic, financial and property market aggregates in relation to the property stock price cycle in the UK. The Hodrick Prescott filter is employed to fit a long‐term trend to the raw data, and to derive the short‐term cycles of each series. It is found that the cycles of consumer expenditure, total consumption per capita, the dividend yield and the long‐term bond yield are moderately correlated, and mainly coincident, with the property price cycle. There is also evidence that the nominal and real Treasury Bill rates and the interest rate spread lead this cycle by one or two quarters, and therefore that these series can be considered leading indicators of property stock prices. This study recommends that macroeconomic and financial variables can provide useful information to explain and potentially to forecast movements of property‐backed stock returns in the UK.

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Journal of Property Investment & Finance, vol. 18 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 29 May 2020

Pradeep Kautish, Arpita Khare and Rajesh Sharma

This paper aims to examine the relationships among two distinct yet interconnected forms of value orientations, namely, terminal and instrumental values, brand…

Abstract

Purpose

This paper aims to examine the relationships among two distinct yet interconnected forms of value orientations, namely, terminal and instrumental values, brand consciousness and behavioral intentions. This study validated the conceptual model for branded fashion apparel consumption in an emerging market, e.g. India.

Design/methodology/approach

The research design followed a two-step approach to test the measurement and structural models for partial least squares structural equation modeling with SmartPLS (v.3.0) as recommended by Anderson and Gerbing (1988).

Findings

The results illustrated that both the instrumental and terminal values influence brand consciousness and, consequently, brand consciousness had an impact on behavioral intentions for fashion apparel consumption. Instrumental values had a greater influence on brand consciousness and behavioral intentions than terminal values. Brand consciousness mediated the relationship between instrumental/terminal values and behavioral intentions.

Research limitations/implications

This study defined two value orientations (i.e. instrumental versus terminal) using cross-sectional data from an emerging market. Future studies may examine the research findings’ generalizability using diverse data sets (longitudinal and cross-sectional) and evaluate the value orientation and customers’ favorable behavioral intentions for luxury fashion consumption.

Practical implications

This study provides insights into luxury marketers and practitioners to understand the contribution of instrumental and terminal values on brand consciousness and behavioral intentions for luxury fashion apparel. The findings would assist in developing marketing strategies for an emerging market, i.e. India.

Social implications

With the rapid proliferation of materialism, the Indian market has witnessed the dawn of a new era of luxury fashion acceptance. The research offers evidence that in emerging markets such as India, consumers exhibit value orientation toward luxury brands while holding a sense of fashion involvement in their consumption behavior.

Originality/value

This study is a pioneering attempt to understand the relationships between the value orientation, namely, instrumental and terminal values and their underlying influence on brand consciousness and behavioral intentions toward fashion apparel. Rokeach’s (1973) two-dimensional value dichotomy was adapted to understand luxury apparel consumption in an emerging market context, specifically India.

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Journal of Product & Brand Management, vol. 30 no. 4
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 27 November 2018

Jae-Eun Kim, Stephen Lloyd, Keji Adebeshin and Ju-Young M. Kang

The purpose of this paper is to advance the theory and practice of luxury and masstige brand advertising effectiveness by decoding symbolism imbedded in fashion advertising.

Abstract

Purpose

The purpose of this paper is to advance the theory and practice of luxury and masstige brand advertising effectiveness by decoding symbolism imbedded in fashion advertising.

Design/methodology/approach

This research employs a semiotic analysis of masstige brand advertising to discover those messages and themes that emerge and that communicate masstige values.

Findings

The research identifies identitary values that are exclusive to masstige brands, and those they share with luxury brands.

Research limitations/implications

The purpose of this research is not to make generalizations; rather, its purpose is to offer insights into those themes that define luxury and masstige brand identitary values.

Practical implications

The research provides insights into the key identifiers, which may inspire further research and provide marketing insights for the operation management in luxury fashion.

Originality/value

The research contributes to luxury and masstige retail brand research by identifying the symbolic meaning of luxury advertising.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. 23 no. 2
Type: Research Article
ISSN: 1361-2026

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Article
Publication date: 2 March 2018

Kamola Bayram, Adam Abdullah and Ahamed Kameel Meera

After the collapse of the Bretton Woods fixed exchange rate system in 1971, countries moved towards floating exchange rates, and the expectation was that the requirement…

Abstract

Purpose

After the collapse of the Bretton Woods fixed exchange rate system in 1971, countries moved towards floating exchange rates, and the expectation was that the requirement for foreign reserves would decrease. However, central banks currently hold more foreign exchange reserves to enhance the credibility of exchange rate policies. The demand for gold, which was the main reserve asset prior the collapse of the Bretton Woods system, has increased as a reserve asset once again following the global financial crisis (GFC) of 2008, given gold’s characteristics as a safe haven asset and a store of value. This study aims to analyse official reserves of four countries, namely, Malaysia, Turkey, KSA and Pakistan. The Black–Litterman model was used to build a new strategic portfolio with optimal allocation to gold. This study shows that all countries under the analyses should increase their gold holdings to preserve the value of the portfolio during times of financial turmoil.

Design/methodology/approach

The Black–Litterman model has been used to build a new strategic portfolio with optimal allocation to gold. The study shows that all countries in our analyses suggested increasing their gold holdings to preserve the value of the portfolio during times of financial turmoil.

Findings

The study found that countries under the analyses, namely, Turkey, Malaysia, KSA and Pakistan, suggested increasing their official gold holding given the outstanding performance of gold during the GFC.

Research limitations/implications

Research can be further extended by including few more countries from Organisation of Islamic Cooperation such as Qatar and Indonesia.

Originality/value

Emerging economies such as China, India and Russia started to sharply increase their official gold holdings in the aftermath of the GFC. According to recent statistics, central banks of China and Russia have been adding to their gold reserves. Of note, only in few European countries and in the USA, is the share of gold in foreign reserves more than 50%. In the rest of the world, this figure is about 3-5%. The paper elaborates the aforementioned subject and suggests the strategic weight of gold reserve for each country under analysis.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 11 no. 3
Type: Research Article
ISSN: 1753-8394

Keywords

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