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Multi-Channel Marketing, Branding and Retail Design
Type: Book
ISBN: 978-1-78635-455-6

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Book part
Publication date: 19 August 2015

Diego Stea, Stefan Linder and Nicolai J. Foss†

The attention-based view (ABV) of the firm highlights the role of decision makers’ attention in firm behavior. The ABV vastly improves our understanding of decision…

Abstract

The attention-based view (ABV) of the firm highlights the role of decision makers’ attention in firm behavior. The ABV vastly improves our understanding of decision makers’ focus of attention; how that focus is situated in an organization’s procedural and communication channels; and how the distribution of the focus of attention among decision makers participating in those procedural and communication channels affects their understanding of a situation, their motivation to act, and, ultimately, their behavior. Significant progress has been made in recent years in refining and extending the ABV. However, the role of individual differences in the capacity to read other people’s desires, intentions, knowledge, and beliefs – that is, the theory of mind (ToM) – has remained on the sidelines. The ToM is a natural complement to the ABV. In this study, we explore how the ToM allows for an understanding of the advantage that organizations have over markets within the ABV.

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Cognition and Strategy
Type: Book
ISBN: 978-1-78441-946-2

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Article
Publication date: 5 November 2020

Nishani Champika Wickramaarachchi, Seetha Kusum Chandani and Malka Thilini

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also…

Abstract

Purpose

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also uncertainties about the marketing period risk. Predicting when the incurred money is being realized is difficult because of the imperfect nature of the real estate market. Thus, the purpose of this study is to analyze the variables that explain the time on the market (TOM) of housing units, identifying the relationships in-between and the effects on TOM of residential properties.

Design/methodology/approach

Following a multi-stage sampling process, a random sample of 120 housing units was selected. Data were collected using a self-administered questionnaire. The questionnaire contained 57 variables that can affect TOM. Semi-structured interviews were conducted to confirm some of the data and information on residential units from the developers. Direct observations were conducted to verify certain physical attributes and, finally, they were comprehensively analyzed using quantitative analysis techniques in SPSS 16.0 Statistical package.

Findings

Results confirmed that lesser advertising prices, attractive environment, proximity to the city center and proper shape of lands reduce the TOM. Similarly, higher prices, longer distance to the city center and irregular shape of land increase the TOM. The results strengthen the necessity of a comfortable environment appropriate to live, probably with greenery or water bodies, which is a key influential factor that reduces the TOM in Sri Lanka.

Originality/value

wIn the Sri Lankan context, there are few contributions to the real estate literature in this regard. Many scholars have concentrated on physical and economic characteristics, whereas this research adds the environmental factors. Therefore, this research makes a significant contribution to the body of knowledge in this area, as it puts more attention on including several variables, as well as newly introduced variables as determinants. Consumers can apply the research findings to assess the relative importance of housing attributes and services which they perceive most valuable, and then to make their purchase decisions. The findings also contribute to the investigations of the behavior of housing attributes and enable knowing as to what factors are to be promoted and what to be omitted to gain a shorter TOM.

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International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 13 October 2020

Geeta Singh, Kaushik Bhattacharjee and Satish Kumar

The purpose if this paper is to examine the turn-of-the-month effect in the equity market of three major emerging countries – Brazil, India and China – from January 2000…

Abstract

Purpose

The purpose if this paper is to examine the turn-of-the-month effect in the equity market of three major emerging countries – Brazil, India and China – from January 2000 to December 2017.

Design/methodology/approach

Ordinary least square regression analysis is used to examine the presence of the turn-of-the-month effect and to test the efficiency of the emerging stock markets. The characteristics of the returns during the turn-of-the-month days are compared with that of the non-turn-of-the-month trading days.

Findings

The average returns during turn-of-the-month days for all the considered emerging market indices are significantly higher than the non-turn-of-the-month days for the full sample. For the subsample analysis, the average returns for Brazil and India for pre-GFC period are higher on the turn-of-the-month days than on the non-turn-of-the-month days. However, the effect disappears in China during the GFC period. During the crisis period, the results show that the turn-of-the-month effect disappears in Brazil and India, whereas for China, the effect is significant. For the post-GFC period, the-turn-of-the-month effect reappears for all the countries.

Practical implications

The results have important implications for both traders and investors. The authors’ results indicate that the market participants can time the stock markets of these countries by taking long positions especially during the times when the turn-of-the-month effect is highly significant.

Originality/value

To the best of the authors’ knowledge, this paper is the first to study the turn-of-the-month effect, in the key emerging countries such as Brazil, China and India. Second, the authors divide the sample into three subperiods based on the 2008 GFC such as pre-GFC, GFC and post-GFC to understand the dynamic behavior of turn-of-the-month effect over time. Most importantly, the authors control for the day-of-the-week effect while examining the turn-of-the-month effect.

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Managerial Finance, vol. 47 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 14 August 2018

Satish Kumar

This study aims to examine the presence of the day-of-the-week (DOW), January and turn-of-month (TOM) effect in 20 currency pairs against the US dollar, from January, 1995…

Abstract

Purpose

This study aims to examine the presence of the day-of-the-week (DOW), January and turn-of-month (TOM) effect in 20 currency pairs against the US dollar, from January, 1995 to December, 2014.

Design/methodology/approach

Ordinary least square with GARCH (1,1) framework is used to examine the presence of DOW, January and TOM effect to test the efficiency of the currency markets. The sample period is later divided into two sub-periods of equal length, that is, from 1995 to 2004 and 2005 to 2014, to explore the time-varying behavior of the calendar anomalies. Further, the authors also use the non-parametric technique, the Kruskal–Wallis test, to provide robustness check for the results.

Findings

For the DOW effect, the results indicate that the returns on Monday and Wednesday are negative and lower than the returns on Thursday and Friday which show positive and higher returns. The returns of all the currencies are higher (lower) in January (TOM trading days) and lower (higher) during rest of the year (non-TOM trading days). However, these calendar anomalies seem to have disappeared for almost all currencies during 2005 to 2014 and indicate that the markets have achieved a higher degree of efficiency in the later part of the sample.

Practical implications

The results have important implications for both traders and investors. The findings suggest that the investors might not be able to earn excess profits by timing their positions in some particular currencies taking the advantage of DOW, January or TOM effect, which in turn indicates that the currency markets have become more efficient with time. The results might be appealing to the practitioners as well in a way that they can consider the state of financial market for financial decision-making.

Social implications

The findings of lower returns on Monday and Wednesday and high returns during Thursday and Friday for all the currencies indicate that the foreign investors can take the advantage by going short on Monday and Wednesday and long on Thursday and Friday. Similarly, the returns of all the currencies are higher (lower) in January (TOM trading days) and lower (higher) during rest of the year (non-TOM trading days). During this period, investors in the currency markets could benefit themselves by taking long (short) positions in January (TOM trading days) and short (long) positions during rest of the year (non-TOM trading days).

Originality/value

The author provides a pioneer study on the presence of calendar anomalies (DOW, TOM and the January effect) across a wide range of currencies using 20 years of data from January 1995 to December 2014. To the best of the author’s knowledge, no study has examined the presence of January effect in the currency market; therefore, the author provides the first study in which January effect in a number of currencies is investigated.

Details

Studies in Economics and Finance, vol. 35 no. 3
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 12 December 2016

Alyson Norman

The purpose of this paper is to review the care management of a man with a traumatic brain injury (TBI) from a family member’s perspective.

Abstract

Purpose

The purpose of this paper is to review the care management of a man with a traumatic brain injury (TBI) from a family member’s perspective.

Design/methodology/approach

The paper provides a case history of “Tom” both prior to his TBI and after.

Findings

Tom was the subject of a safeguarding adults case review in Somerset following his death in 2014. Ultimately the paper highlights the shortcomings and failures in the care Tom received by various organisations which ultimately contributed to his suicide.

Practical implications

The paper highlights the need for more effective communication between professionals managing the care of those with TBI. Furthermore, professionals need training in the need for mental capacity assessments and improved safeguarding and risk assessments with adults with TBI.

Originality/value

This paper provides insight into the needs of an adult with TBI from the perspective of a family member who is also a trained psychologist.

Details

The Journal of Adult Protection, vol. 18 no. 6
Type: Research Article
ISSN: 1466-8203

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Article
Publication date: 11 September 2017

Sarah Hammond and Nigel Beail

There has been little empirical investigation into the theoretical relationship between moral reasoning and offending in people with intellectual disabilities (ID). The…

Abstract

Purpose

There has been little empirical investigation into the theoretical relationship between moral reasoning and offending in people with intellectual disabilities (ID). The purpose of this paper is to compare offending and non-offending ID groups on a new measure of social-moral awareness, and on theory of mind (ToM).

Design/methodology/approach

A between groups design was used. The scores of 21 male offenders and 21 male non-offenders, all with ID and matched for IQ, were compared on the Social-Moral Awareness Test (SMAT) and on two ToM tasks.

Findings

There was no significant difference in SMAT scores or on first- or second-order ToM tasks between offending and non-offending groups. Better ToM performance significantly predicted higher SMAT scores and non-offending groups. Better ToM performance significantly predicted higher SMAT scores.

Research limitations/implications

Results were inconsistent with previous research. Further work is required to establish the validity and theoretical underpinnings of the SMAT. Development in the measurement of ToM for people with ID is also required.

Originality/value

This is the first use of the SMAT with a population of offenders who have ID. The findings suggest caution in its use in clinical settings.

Details

Journal of Intellectual Disabilities and Offending Behaviour, vol. 8 no. 3
Type: Research Article
ISSN: 2050-8824

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Article
Publication date: 31 January 2011

Sandy Toogood, Steven Boyd, Andy Bell and Helen Salisbury

In 1997 Tom was a 32‐year‐old man with a diagnosis of severe intellectual disability and autism who engaged in high‐rate challenging behaviour. Tom's out‐of‐area placement…

Abstract

In 1997 Tom was a 32‐year‐old man with a diagnosis of severe intellectual disability and autism who engaged in high‐rate challenging behaviour. Tom's out‐of‐area placement was about to break down and he needed help urgently. For 16 months specialist challenging behaviour services supported Tom directly in a single‐occupancy service. They conducted functional assessment and delivered multi‐level intervention, including medication withdrawal, environmental enrichment, skills teaching, augmented communication and targeted behavioural intervention. Support was then transferred to mainstream learning disability services. Following intervention, the rate of challenging behaviour shown by Tom fell significantly from more than 200 instances per day to almost none. Community involvement and engagement increased. Tom moved into shared accommodation with support from mainstream learning disability services at no additional cost. Improvement at intervention was still apparent 10 years later. Tom's story adds to a growing number of articles showing how focused intervention can deliver lasting improvement in quality of life. Four aspects of Tom's story are discussed in the light of the Mansell Report.

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Article
Publication date: 1 December 2006

William S. Compton, Don T. Johnson and Robert A. Kunkel

This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.

Abstract

Purpose

This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.

Design/methodology/approach

A test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.

Findings

A TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.

Research limitations/implications

The data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.

Practical implications

These results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.

Orginality/value

The daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.

Details

Managerial Finance, vol. 32 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 11 May 2010

Iryna O. Depenchuk, William S. Compton and Robert A. Kunkel

This study aims to examine the market returns of the Ukrainian stock and bond markets to determine whether they exhibit calendar anomalies including the January effect…

Abstract

Purpose

This study aims to examine the market returns of the Ukrainian stock and bond markets to determine whether they exhibit calendar anomalies including the January effect, weekend effect, and turn‐of‐the‐month (TOM) effect. Ukraine provides an opportunity to examine the efficiency of an emerging market, adding to the extensive body of research on calendar anomalies.

Design/methodology/approach

Regression analysis is used to examine the relationship between January returns vs non‐January returns, Monday returns vs non‐Monday returns, and TOM returns vs non‐TOM returns. Non‐parametric t‐tests and Wilcoxon signed rank tests are also used to examine TOM returns vs the rest of the month returns.

Findings

There is no evidence of a January effect or a weekend effect in the Ukrainian stock and bond markets. However, our results support a TOM effect in the Ukrainian stock market. The mean daily TOM return is 0.35 vs 0.24 per cent for the rest of the month. Additionally, in 63 per cent of the months, the mean daily TOM return exceeds the return for the rest of the month.

Research limitations/implications

The data are limited to five‐years of daily returns and two different Ukrainian indexes. Thus, the results could be biased by the time period analyzed. The results are important for portfolio managers and investors as they can benefit from the TOM effect, but not the January effect and weekend effect.

Originality/value

This is the first study to our knowledge that has extensively examined the calendar anomalies in the Ukrainian stock and bond markets.

Details

Managerial Finance, vol. 36 no. 6
Type: Research Article
ISSN: 0307-4358

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