Search results

The purpose of this paper is to test whether financial analysts’ rationality in making stocks’ earnings forecasts is homogenous or not across different information regimes in stocks’ past returns.

By treating stocks’ past returns as the information variable in this study, the authors employ a threshold regression model to capture and test threshold effects of stocks’ past returns on financial analysts’ rationality in making earnings forecasts in different information regimes.

The results show that three significant structural breaks and four respective information regimes are identified in stocks’ past returns in the threshold regression model. Across the four different information regimes, financial analysts react to stocks’ past returns quite differently when making one-quarter ahead earnings forecasts. Furthermore, the authors find that financial analysts are only rational in a certain information regime of stocks’ past returns depending on a certain return-window such as one-quarter, two-quarter or four-quarter time period.

This study is different from those in the existing literature by arguing that there could exist heterogeneity in financial analysts’ rationality in making earnings forecasts when using stocks’ past returns information. The finding that financial analysts react to stocks’ past returns differently in the different information regimes of past returns adds value to the research on financial analysts’ rationality.

The literature on the past triggering learning in strategy practice is scant. To fill this gap, this study aims to examine the meaning of the past to learning in strategy practice and expands on the strategy-as-practice (SAP) literature. Understanding the relationship between the past and learning in strategy practice is important because learning is what keeps strategy practice in motion and remains in place, even if organizations and strategy practitioners change.

The authors used a longitudinal case study design combined with historical methods to examine how the past is embedded in present strategy practice. To capture learning in strategy practice over time, the authors applied a four-stage methodology in our analysis of document and interview data.

The authors identified four dimensions of the past embedded in the present strategy practice. These dimensions emerged from the analysis of the interviews and document data. The study’s results showed that the past appears in structures and routines, materiality, positioning and reflecting over repeated rounds of strategic planning. According to the study’s results, reflecting on strategy practice draws on past structures and routines, positioning and materiality. The past facilitates reflecting and reflecting on the past enables learning in strategy practice.

The authors constructed a conceptual model and showed that in strategy practice, reflection triggers learning. The authors contributed to theory development by demonstrating how the past is embedded in present strategy practice and is available for use by strategy practitioners. The authors showed that strategy practice is a continuous learning process.

Several studies show that identity is a critical success factor in design-intensive industries, leading managers and executives to identify solutions that enable firms to simultaneously innovate while preserving their link with the past. Accordingly, scholars have recently revealed the role of the so-called innovation through tradition strategy. Thus, the purpose of this study/paper is to understand how design intensive firms may exploit knowledge pertaining to the past.

The research contributes to this line of inquiry by conducting a longitudinal analysis of two leading Italian design-intensive firms, B&B Italia and Cassina S.p.A. Specifically, through almost 30 h of interviews with 11 key informants and the analysis of various secondary sources, a unique database of over 900 products covering the period of 1960-2016 was developed.

The findings reveal that both firms leverage knowledge from the past mainly to preserve firm identity, as indicated by the two indicators used to capture the use of knowledge pertaining to the past (i.e., design tradition intensity and design tradition depth). In addition, the study shows that the values of these indicators significantly increase when ownership control shifts from family-based to fund-based.

The paper looks at design artifacts as a source of knowledge, exploring how they can support firms in reinforcing their identity. The original contribution to the design through traditional literature is in unveiling the product signs dimension of this particular innovation strategy.

This paper aims to explore John Mbiti’s concept of African time in line with the studies on the crisis of the post-independence African state. Then, how this concept offers new analytical spaces for understanding the modern nation-states inconveniences in African contexts.

The paper analyses the Mbitian African concept of time in light of the works on post-independence African state and communalism.

By using the Mbitian concept of time politically after explaining African communalism and African concepts of personhood and destiny, the paper reached a conclusion. This conclusion claims that due to the highly existential nature of the African concept of destiny and the past-oriented feature of the African concept of time, Africans cannot be restrained by any supernatural claim or any futuristic promises that are irrelevant to their context and cut from the communal values of ancestral past. Africans do not think supernaturally or bet for the future. However, those futuristic and supernatural claims that cannot restrain the African subjectivity – ironically – characterize the modern nation state with its “progress orientation” and “social-contract” metaphysics. Unfortunately, this radical difference in perceptions between the past-oriented African temporality and the future-oriented modern state temporality rendered the post-independence. African state dysfunctional and unable to operate as a medium for authority. This, consequently, opened the door for informal conflict and strife.

The paper is novel with regard to offering a new theory on the conceptual problems of the nation state in African contexts.

This paper aims to examine the interrelation between two innovating strategies (product and process) on total factor productivity (TFP) growth and the dynamic linkages between these strategies, for Colombia. The authors first explore whether ex ante more productive firms are those that introduce innovations (the self-selection hypothesis) and if the introduction of innovations boosts TFP growth (the returns-to-innovation hypothesis). Second, the authors study the firm’s joint dynamic decision to implement process and/or product innovations. The authors use Colombian manufacturing data from the Annual Manufacturing and the Technological Development and Innovation Surveys.

This study uses a four-stage procedure. First, the authors estimate TFP using a modified version of Olley and Pakes (1996) and Levinsohn and Petrin (2003), proposed by De Loecker (2010), that implements an endogenous Markov process where past firm innovations are endogenized. This TFP would be estimated by GMM, Wooldridge (2009). Second, the authors use multivariate discrete choice models to test the self-selection hypothesis. Third, the authors explore, using multi-value treatment evaluation techniques, the life span of the impact of innovations on productivity growth (returns to innovation hypothesis). Fourth, the authors analyse the joint likelihood of implementing process and product innovations using dynamic panel data bivariate probit models.

The investigation reveals that the self-selection effect is notably more pronounced in the adoption of process innovations only, as opposed to the adoption of product innovations only or the simultaneous adoption of both process and product innovations. Moreover, our results uncover distinct temporal patterns concerning innovation returns. Specifically, process innovations yield immediate benefits, whereas implementing both product innovations only and jointly process and product innovations exhibit significant, albeit delayed, advantages. Finally, the analysis confirms the existence of dynamic interconnections between the adoption of process and product innovations.

The contribution of this work to the literature is manifold. First, the authors thoroughly investigate the relationship between the implementation of process and product innovations and productivity for Colombian manufacturing explicitly recognising that firms’ decisions of adopting product and process innovations are very likely interrelated. Therefore, the authors start exploring the self-selection and the returns to innovation hypotheses accounting for the fact that firms might implement process innovations only, product innovations only and both process and product innovations. In the analysis of the returns of innovation, the fact that firms may choose among a menu of three innovation strategies implies the use of evaluation methods for multi-value treatments. Second, the authors study the dynamic inter-linkages between the decisions to implement process and/or product innovations, that remains under studied, at least for emerging economies. Third, the estimation of TFP is performed using an endogenous Markov process, where past firms’ innovations are endogenized.

This paper aims to analyse the development of the pilgrimage phenomenon over the past few decades. Pilgrimage was the first tourism mobility to come into existence thousands of years ago. In recent decades, its significance has decreased, as other tourism segments have gained prominence. Although modern tourism is regarded as a relatively new phenomenon, its origins are clearly rooted in the age-old practice of pilgrimage. Indeed, the development of tourism is difficult to understand without a thorough comprehension of the practice of pilgrimage in ancient times.

This paper analyses the development of the pilgrimage phenomenon over the past few decades. The phenomenon of Pilgrimage Tourism and the nexus between the two mobilities has been experiencing tremendous changes over the past few decades and is still in the midst of an on-going process of transformation.

This paper concludes with the prediction that pilgrimage will re-emerge when the many similar segments – particularly, spiritual tourism, heritage tourism, religious tourism, dark tourism and secular pilgrimage – are re-identified as pilgrimage: a mobility for the search for meaning that contains an element of transformation that is often deep and enduring (as they were viewed at the dawn of humanity and for thousands of years).

This review has examined the development of pilgrimage tourism as a research topic, highlighting the importance of re-examining our contemporary usage of terms in order to allow for broader interpretations of different phenomena in the field of tourism. These conclusions are consistent with the current calls for a fundamental rethinking of the paradigms and the norms shaping scholarship on pilgrimage, dark tourism and tourism as a whole from a post-disciplinary perspective based on synthesis and synergy.

This article argues that truth recovery practices that take place against the backdrop of ongoing settler colonial erasure, as is the case when considering Zionist colonial violence in Palestine, must focus on combating state-sponsored attempts at erasure, rather than solely providing a platform for the expression of settler guilt.

The article analyses existing literature on truth recovery practices that take place in Palestine, including the work of a variety of local NGOs engaged in such praxis, with a view to considering how this form of transitional justice has germinated incrementally in the space. Critical reflection on the work of a variety of grassroots NGOs is situated alongside other forms of transitional justice intervention.

The article argues that in the context of enduring settler colonialism, the truth regarding past Zionist atrocities in historic Palestine must avoid being curated in the present day in such a way as to allow for damage limitation rather than the platforming of conversations around meaningful repair. Truth recovery for recovery's sake serves only to reinforce the settler colonial status quo rather than properly agitate for a full decolonisation, one that demands and facilitates indigenous Palestinian return.

The article challenges prevailing notions of the role of truth recovery practices in spaces of enduring settler colonial value. It makes clear that the role of truth recovery interventions in sites where colonial violence endures must be to actively and meaningfully support activities that reinforce native identity, history and presence on the land. Moreover, by reference to existing grassroots attempts at truth recovery in Palestine, the article provides an original and clear argument that states it is simply not enough to platform the revelation of uncomfortable truths or to provide opportunities for settler violence of the past to be “confessed” in public if it is disassociated from challenging the present-day structures of ongoing oppression.

This research investigates when and how brands influence attribute importance weights. Most past studies modelling consumer decision processes treated the brand of a product as an attribute parallel to the price, color or size of a product, and as a result, those studies assigned an equal (i.e. non-contingent) importance weight across brands for each attribute. In contrast, this study introduces a brand-contingent attribute-weighting process, in which brand is a higher-order construct that influences attribute importance.

This study presents a multi-level choice model in which the importance weight of an attribute can vary across brands. This study then estimates the model using real purchase data and survey data from an airline industry.

This study finds that attribute importance weights are contingent upon two aspects of a brand – the perceived relative position of the brand and consumers’ brand usage experiences. Specifically, when consumers perceive a brand to be inferior to its competitors in a given attribute, they generally place greater weight on that attribute for that brand. In contrast, when consumers perceive a brand to be superior to its competitors in a given attribute, only consumers with extensive brand usage experiences place greater weight on that attribute for that brand.

The findings provide managerial insights on brand positioning and segmentation strategies using consumers’ brand usage experiences.

This study advances the literature on consumer decision processes by modeling an attribute-weighting process that is contingent upon brands. The present study models this process based on consumer behavior theories and estimates the model using real market data.

This paper generalizes the quadratic framework introduced by Le Courtois (2016) and Sumpf (2018), to obtain new credibility premiums in the balanced case, i.e. under the balanced squared error loss function. More precisely, the authors construct a quadratic credibility framework under the net quadratic loss function where premiums are estimated based on the values of past observations and of past squared observations under the parametric and the non-parametric approaches, this framework is useful for the practitioner who wants to explicitly take into account higher order (cross) moments of past data.

In the actuarial field, credibility theory is an empirical model used to calculate the premium. One of the crucial tasks of the actuary in the insurance company is to design a tariff structure that will fairly distribute the burden of claims among insureds. In this work, the authors use the weighted balanced loss function (WBLF, henceforth) to obtain new credibility premiums, and WBLF is a generalized loss function introduced by Zellner (1994) (see Gupta and Berger (1994), pp. 371-390) which appears also in Dey et al. (1999) and Farsipour and Asgharzadhe (2004).

The authors declare that there is no conflict of interest and the funding information is not applicable.

This work is motivated by the following: quadratic credibility premium under the balanced loss function is useful for the practitioner who wants to explicitly take into account higher order (cross) moments and new effects such as the clustering effect to finding a premium more credible and more precise, which arranges both parts: the insurer and the insured. Also, it is easy to apply for parametric and non-parametric approaches. In addition, the formulas of the parametric (Poisson–gamma case) and the non-parametric approach are simple in form and may be used to find a more flexible premium in many special cases. On the other hand, this work neglects the semi-parametric approach because it is rarely used by practitioners.

There are several examples of actuarial science (credibility).

In this paper, the authors used the WBLF and a quadratic adjustment to obtain new credibility premiums. More precisely, the authors construct a quadratic credibility framework under the net quadratic loss function where premiums are estimated based on the values of past observations and of past squared observations under the parametric and the non-parametric approaches, this framework is useful for the practitioner who wants to explicitly take into account higher order (cross) moments of past data.

This paper aims to draw on community risk assessment (CRA) for assessing vulnerability to climate change in north-western Ghana, focusing on sunshine, temperature and wind, elements of climate which are seldom explored in vulnerability assessments to climate change.

The paper draws on data collected from a qualitative research design that used participatory rural appraisal methods, particularly, in-depth interviews, focus group discussions and seasonal calendar analysis in three selected rural communities of the Sissala East District. Furthermore, an inter-generational framework was adopted for comparative assessment of vulnerability and changes in vulnerability to climate change.

The results show that the current generation of smallholder farmers is more vulnerable to climate change than the past generation, the era of grandparents. Thus, farmers are exposed to higher-intensity sunshine, temperature and wind in contemporary times than was the case in the past. Consequently, their livelihoods are affected the most by the damaging effects of these climatic hazards. The CRA process revealed the relevance of indigenous knowledge systems for vulnerability assessments and at the same time, underpins the need for adaptation of such knowledge if it is to sustain smallholder farmer efforts at climate change adaptation at community levels.

The paper recommends an endogenous development approach to climate change adaptation planning (CCAP), one that will build on indigenous knowledge systems for effective community education, mobilization and participatory response to climate change. Policy interventions should aim at enhancing climate change adaptation through innovations in soil and water conservation, access to water for irrigation and domestic use, climate smart-housing architecture and agro-forestry within the framework of decentralization and district development planning.

This paper will contribute to climate change research in two ways: first, by drawing attention to the usefulness of CRA in vulnerability assessment; and second, by focusing on climate elements which are critical for CCAP but rarely given sufficient attention in vulnerability assessments.