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Open Access
Article
Publication date: 22 September 2023

Richard Danquah and Baorong Yu

The study assess the selection ability and market timing skills of mutual fund and unit trust managers in Ghana.

Abstract

Purpose

The study assess the selection ability and market timing skills of mutual fund and unit trust managers in Ghana.

Design/methodology/approach

The study uses an improved survivorship bias-free dataset of yearly after-fee returns of all mutual funds and unit trusts operating in Ghana from January 2011 to December 2019, cumulating in nine years of quantitative fund data. The authors assess Mutual funds and Unit trusts that ever existed, “alive” or “dead,” over the sample period in the study. The authors construct factor loadings to enable the application of multifactor models in the analysis. The authors apply the unconditional versions of the Jensen alpha, Fama-French three-factor, and Carhart four-factor models to determine the selection ability and market timing skills of 32 mutual funds and 17 unit trusts. The authors deploy HAC-consistent robust standard errors to the OLS estimations to subdue the effect of heterogeneity and autocorrelation.

Findings

The results indicate that, on average, mutual funds and unit trust managers possess market timing skills but no selection ability. When the results are decomposed into fund types, fixed-income and balanced mutual fund managers possess selection ability and market timing skills.

Originality/value

To the authors' best knowledge, this study is the earliest to examine the selection ability and market timing skills of both mutual fund and unit trust managers in Sub-Saharan Africa (SSA). It is also the earliest to construct factor loadings for the Ghana stock market.

Details

Business Analyst Journal, vol. 44 no. 1
Type: Research Article
ISSN: 0973-211X

Keywords

Open Access
Article
Publication date: 10 March 2020

Lamia Mabrouk and Adel Boubaker

The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market

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Abstract

Purpose

The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market timing theory, the authors scrutinize the impact of life cycle and ownership structure on the market condition.

Design/methodology/approach

Based on a sample of 24 Tunisian companies listed on the stock exchange and 100 French firms listed on the CAC All-Tradable on a 10-year period, this paper grounded the market timing theory and attempted to clear the relation between ownership structure, life cycle of the firm and market timing theory by statistical analysis.

Findings

The findings of panel data modeling indicate that when the life cycle was used as an explanatory variable, it was found that the variable reflecting the market timing is not significant in either context; it means that no significant support is found in the theory of market timing in both countries. Whereas when the life cycle was used as a dummy variable, it was found that the life cycle has an impact on debt only in the Tunisian context.

Practical implications

This study has several important implications for researchers and practitioners. The findings reported here clarify the strength of the impact of life cycle on the market timing, when it explains the debt in the two contexts and the impact of ownership structure such as the managerial ownership and concentration of capital on debt.

Originality/value

This study contributes to examine the theory of debt in different phases of life cycle. Focused on the case of Tunisian and French firms, this study is unique and valuable.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 14 no. 1
Type: Research Article
ISSN: 2071-1395

Keywords

Open Access
Article
Publication date: 12 October 2018

Syed Haroon Rashid, Mohsin Sadaqat, Khalil Jebran and Zulfiqar Ali Memon

This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of…

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Abstract

Purpose

This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model.

Design/methodology/approach

This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy.

Findings

The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market.

Practical implications

The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner.

Originality/value

Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.

Details

Journal of Economics, Finance and Administrative Science, vol. 23 no. 46
Type: Research Article
ISSN: 2077-1886

Keywords

Open Access
Article
Publication date: 2 January 2023

Marco Bettiol, Mauro Capestro, Eleonora Di Maria and Stefano Micelli

The paper refers to the framework of ambidexterity to explain the strategic paths of manufacturing SMEs in turbulent times, by investigating SMEs' strategic reaction to the…

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Abstract

Purpose

The paper refers to the framework of ambidexterity to explain the strategic paths of manufacturing SMEs in turbulent times, by investigating SMEs' strategic reaction to the COVID-19 pandemic.

Design/methodology/approach

The authors adopted an inductive approach methodology. Using a qualitative research method, Italian manufacturing SMEs in different industries were interviewed to outline how they have faced the negative effects of the COVID-19 by considering the strategies implemented during the pandemic.

Findings

The study identifies three ambidextrous strategies for manufacturing SMEs to positively overcome the COVID-19 crisis: (1) playing different roles within the same market (business-to-business and business-to-consumer) simultaneously, (2) simultaneous entrance and management of multiple markets and (3) exploiting manufacturing knowledge for exploring product and business model innovation (simultaneous learning processes).

Research limitations/implications

Results enrich the theoretical discussion on ambidexterity and SMEs, by stressing the strategic dimension of ambidexterity and including a more fine-grained analysis of the different firm’ strategic paths in times of crisis.

Practical implications

The paper provides practical suggestions for manufacturing SMEs on how they can react during turbulent times and crises by implementing ambidextrous strategies also thanks to the use of digital technologies.

Originality/value

This paper contributes to outlining the conditions for SMEs' resilience in the international competitive context by highlighting the perspective of ambidexterity based on the analysis of multiple case studies from manufacturing industries.

Details

International Journal of Physical Distribution & Logistics Management, vol. 53 no. 2
Type: Research Article
ISSN: 0960-0035

Keywords

Open Access
Article
Publication date: 5 August 2022

Philippos Nikiforou, Thomas Dimopoulos and Petros Sivitanides

The purpose of this study is to investigate how the degree of overpricing (DOP) and other variables are associated with the time on the market (TOM) and the final selling price…

Abstract

Purpose

The purpose of this study is to investigate how the degree of overpricing (DOP) and other variables are associated with the time on the market (TOM) and the final selling price (SP) for residential properties in the Paphos urban area.

Design/methodology/approach

The hedonic pricing model was used to examine the association of TOM and SP with various factors. The association of the independent variable of DOP and other independent variables with the two dependent variables of TOM and SP were investigated via ordinary least squares (OLS) regression models. In the first set of models the dependent variable was TOM and in the second set of models the dependent variable was SP. A sample of N = 538 completed transactions from Q1 2008 to Q2 2019 was used to estimate the optimum DOP that a seller must apply on the current market value of a property in order to achieve highest SP price in the shortest TOM.

Findings

The results of this study also suggest that the degree of overpricing in thin and less transparent markets is higher than that in transparent markets with high property transaction volumes. In mature markets like the USA and the UK where the actual sold prices are published, the DOP is around 1.5% which is much lower than the 11% DOP identified in this study.

Practical implications

It was found that buyers are willing to pay more for the same house in a bigger plot than a bigger house in the same plot. The outcome is that smaller houses sell faster at a higher price per square meter than larger houses. Smaller houses are more affordable than larger houses.

Social implications

There is a large pool of buyers for smaller houses than bigger houses. Higher demand for smaller houses results in a higher price per square meter for smaller houses than the price per square meter for bigger houses. Respectively the TOM for smaller houses is shorter than the TOM for bigger houses.

Originality/value

The database used is unique, from an estate agent located in Paphos that managed to sell more than 27,000 properties in 20 years. This data set is the most accurate information for Cyprus' property transactions.

Details

Journal of European Real Estate Research, vol. 15 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Open Access
Book part
Publication date: 16 August 2023

Angus Bancroft

In this chapter, the author examines the way in which the purchase and delivery infrastructure of darknet cryptomarkets shapes the experience of opiate drug use and dependence. It…

Abstract

In this chapter, the author examines the way in which the purchase and delivery infrastructure of darknet cryptomarkets shapes the experience of opiate drug use and dependence. It uses the concept of social time and posits that the illicit drug distribution system reshapes two temporal dimensions shaping the experience of drug users. There is the experience of time located in the pharmacology of the drug and in the body of the drug user, which evokes experiences of withdrawal and dependence. Then there is the socio-technical embedding of the delivery system and governance structures which support or impinge on the autonomy of the user. This ‘drug time’ is both a benefit and a cost of engaging in cryptomarket use. The market infrastructure can give users the opportunities to more carefully manage their drug time, while also creating new risks of non-delivery that can sharpen experiences of dope sickness. The author concludes that the growing professionalisation, digitisation, and commercialisation of the drug market increasingly embed drug time in material infrastructures mediated through technical systems.

Details

Digital Transformations of Illicit Drug Markets: Reconfiguration and Continuity
Type: Book
ISBN: 978-1-80043-866-8

Keywords

Open Access
Article
Publication date: 28 April 2023

Bart Kamp and Iñigo Ruiz de Apodaca

This paper aims to study whether international niche market leaders (INMLs) gained their leading position as early mover or diligent follower, and assess whether they leveraged…

Abstract

Purpose

This paper aims to study whether international niche market leaders (INMLs) gained their leading position as early mover or diligent follower, and assess whether they leveraged hard or soft forms of technological, supply pre-emption and customer lock-in advantage mechanisms.

Design/methodology/approach

Empirical material stems from qualitative and quantitative data on a sample of 20 niche companies from the Basque Country (Spain) that operate in business to business markets.

Findings

The sample predominantly followed an early entrant strategy and applied soft measures to reach niche market leadership.

Research limitations/implications

Findings imply that early entering fosters conquering leadership in niche markets, that pioneer advantage is easier to sustain in niches than in mainstream markets, and that soft measures are more effective in niche markets than in larger markets. A limitation to our findings is that they follow from explorative research on a sample of firms from a reduced geographic setting.

Practical implications

Hidden champions and INMLs can be important sources of technological progress and economic value for the localities that host them. Therefore, despite their traditional low profile and the fact that they are not always the largest firms around, policymakers may want to pay more attention to this type of companies.

Originality/value

Tot he best of the authors’ knowledge, this is the first paper to research entry timing and its outcome for market leadership with regard to niche players or hidden champions-type of firms. It introduces an original taxonomy to operationalize and distinguish between hard and soft measures to leverage advantage mechanisms related to market entry timing.

Details

Competitiveness Review: An International Business Journal , vol. 33 no. 6
Type: Research Article
ISSN: 1059-5422

Keywords

Content available
Article
Publication date: 12 January 2022

Jihong Chen, Renjie Zhao, Wenjing Xiong, Zheng Wan, Lang Xu and Weipan Zhang

The paper aims to identify the contributors to freight rate fluctuations in the Suezmax tanker market; this study selected the refinery output, crude oil price, one-year charter…

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Abstract

Purpose

The paper aims to identify the contributors to freight rate fluctuations in the Suezmax tanker market; this study selected the refinery output, crude oil price, one-year charter rate and fleet development as the main influencing factors for the market analysis.

Design/methodology/approach

The paper used the vector error correction model to evaluate the degree of impact of each influencing factor on Suezmax tanker freight rates, as well as the interplay between these factors.

Findings

The conclusion and results were tested using the 20-year data from 1999 to 2019, and the methodology and theory of this paper were proved to be effective. Results of this study provide effective reference for scholars to find the law of fluctuations in Suezmax tanker freight rates.

Originality/value

This paper provides a decision-making support tool for tanker operators to cope with fluctuation risks in the tanker shipping market.

Details

Maritime Business Review, vol. 8 no. 1
Type: Research Article
ISSN: 2397-3757

Keywords

Open Access
Article
Publication date: 8 April 2021

Stefano Magistretti, Luis Allo, Roberto Verganti, Claudio Dell’Era and Felix Reutter

Mastering innovation in highly regulated markets might require companies to overcome significant barriers. Rules, laws and limitations on social, economic and institutional…

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Abstract

Purpose

Mastering innovation in highly regulated markets might require companies to overcome significant barriers. Rules, laws and limitations on social, economic and institutional dimensions can hinder the ability of a company to transfer knowledge within and across organizational boundaries. However, as recent research in innovation management increasingly advocates user involvement and early understanding of user needs as best practices, the inability to freely interact with customers due to highly regulated market restrictions can hinder the company’s capability to innovate. Hence, this paper aims to shed light on how an emerging managerial approach, such as Design Sprint, can support companies operating in highly regulated markets to overcome user involvement limitations and boost human-centered innovation.

Design/methodology/approach

This paper sheds light on how to boost innovation in a highly regulated market by leveraging an in-depth case study. The study investigates the use of the Design Sprint approach adopted by the pharmaceutical multinational Johnson & Johnson to revise the way its R&D department orchestrates the new product development process, overcoming the user involvement challenges of highly regulated markets.

Findings

In analyzing six different projects undertaken in the past two years, the findings illustrate three microfoundational dimensions of the Design Sprint approach in highly regulated markets, the so-called 3T model: team, time and tools. Indeed, deploying the Design Sprint in a highly regulated market has proven that being able to experiment in the early stages, building rough prototypes in real-time and openly collaborating with partners is crucial to boost innovation and anticipate constraints.

Originality/value

The paper sheds light on the Design Sprint approach by initially grounding an emerging managerial approach on organizational and management theory, leveraging the lens of microfoundations. In doing so, this study suggests how Design Sprint is based on the pillars of experimentation, knowledge transfer and co-creation usually neglected in highly regulated markets where user involvement is challenging. Finally, this study discloses the importance of using a design-based methodology in fostering innovation in highly regulated markets.

Details

Journal of Knowledge Management, vol. 25 no. 11
Type: Research Article
ISSN: 1367-3270

Keywords

Open Access
Article
Publication date: 15 September 2023

Franz Eduard Toerien, John H. Hall and Leon Brümmer

This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value…

Abstract

Purpose

This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value relevance of derivative disclosures.

Design/methodology/approach

Panel regression models using sub-samples and a crisis interaction term were applied to a sample of the 200 largest non-financial firms by market capitalization listed on the Johannesburg Stock Exchange (JSE) from 2005 to 2017 to assess the consequences of the financial crisis.

Findings

The results suggest that the disclosure of derivatives is value relevant in the hitherto understudied context of emerging markets. The 2008/2009 financial crisis had a significant impact on derivatives use and the value relevance of derivatives disclosure by JSE-listed companies.

Practical implications

Companies should reconsider both how they employ derivatives as part of their risk management practices and how they communicate derivatives use to stakeholders in the financial statements. The findings facilitate a comparative analysis across various market contexts by researchers and assist investors in better decision-making. The findings can influence regulatory practices and can help standard setters to review disclosure requirements.

Originality/value

The benefits of corporate hedging were studied from an emerging market perspective, using an original dataset and approach to investigate the effects of international financial volatility on emerging markets. The authors tested whether companies are valued differently, based on their disclosure of the use of derivatives in the financial statements, and the effect of the financial crisis on the value relevance derivatives disclosures.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

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