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Jaime Serra, Antónia Correia and Paulo M. M. Rodrigues

This chapter uses stated tourist preferences as a proxy of visitor yield measures, in order to analyse and understand the yield potential of different markets…

Abstract

This chapter uses stated tourist preferences as a proxy of visitor yield measures, in order to analyse and understand the yield potential of different markets’ preferences. A literature review revealed that there is much progress to be made in terms of discussion, consensus and stability of methodology for the measurement of visitor yield. The aim of the visitor yield analysis, in the current chapter, is also to bring another dimension into yield analysis and discussion, contributing with a new form of measuring yield potential. Since the objective is to identify yield patterns based on tourist preferences over a period of time, dynamics may be captured from the fluctuation patterns, or expressed as volatility of visitor yield and length of stay throughout the years. Destination management organisations and tourist companies may potentially adopt this visitor yield matrix in order to support future strategic decisions.

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Marketing Places and Spaces
Type: Book
ISBN: 978-1-78441-940-0

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Article

Ryumi Kim

Although it has often been studied in finance research, the relationship between dividend yields and stock returns remains an unresolved issue, especially in the Korean…

Abstract

Purpose

Although it has often been studied in finance research, the relationship between dividend yields and stock returns remains an unresolved issue, especially in the Korean stock market. When firms continue to pay non-decreasing dividends for three or five years, they may establish a dividend reputation, which could affect this relationship. The author found firms that pay more dividends, larger firms, older firms, more profitable firms, less leveraged firms, firms with less volatile returns, firms with foreign holdings of more than 5%, and firms with more concentrated ownership build dividend reputations. The author also found that the relationship between dividend yields and future stock returns depends on a firm’s dividend reputation. The evidence shows that when firms with higher yields have dividend reputations, they produce higher future returns, whereas there is no significant relationship between yields and returns for firms with no reputation. These results are inconsistent with the findings of studies that use developed market data. In addition, when larger firms with higher growth potential and firms with less concentrated ownership have dividend reputations, future returns are higher.

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Journal of Derivatives and Quantitative Studies: 선물연구, vol. 29 no. 1
Type: Research Article
ISSN: 1229-988X

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Article

Wenbin Wu, Ximing Wu, Yu Yvette Zhang and David Leatham

The purpose of this paper is to bring out the development of a flexible model for nonstationary crop yield distributions and its applications to decision-making in crop insurance.

Abstract

Purpose

The purpose of this paper is to bring out the development of a flexible model for nonstationary crop yield distributions and its applications to decision-making in crop insurance.

Design/methodology/approach

The authors design a nonparametric Bayesian approach based on Gaussian process regressions to model crop yields over time. Further flexibility is obtained via Bayesian model averaging that results in mixed Gaussian processes.

Findings

Simulation results on crop insurance premium rates show that the proposed method compares favorably with conventional estimators, especially when the underlying distributions are nonstationary.

Originality/value

Unlike conventional two-stage estimation, the proposed method models nonstationary crop yields in a single stage. The authors further adopt a decision theoretic framework in its empirical application and demonstrate that insurance companies can use the proposed method to effectively identify profitable policies under symmetric or asymmetric loss functions.

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Agricultural Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0002-1466

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Article

Oğuzhan Çepni, Selçuk Gül, Muhammed Hasan Yılmaz and Brian Lucey

This paper aims to investigate the impact of oil price shocks on the Turkish sovereign yield curve factors.

Abstract

Purpose

This paper aims to investigate the impact of oil price shocks on the Turkish sovereign yield curve factors.

Design/methodology/approach

To extract the latent factors (level, slope and curvature) of the Turkish sovereign yield curve, we estimate conventional Nelson and Siegel (1987) model with nonlinear least squares. Then, we decompose oil price shocks into supply, demand and risk shocks using structural VAR (structural VAR) models. After this separation, we apply Engle (2002) dynamic conditional correlation GARCH (DCC-GARCH (1,1)) method to investigate time-varying co-movements between yield curve factors and oil price shocks. Finally, using the LP (local projections) proposed by Jorda (2005), we estimate the impulse-response functions to examine the impact of different oil price shocks on yield curve factors.

Findings

Our results demonstrate that the various oil price shocks influence the yield curve factors quite differently. A supply shock leads to a statistically significant increase in the level factor. This result shows that elevated oil prices due to supply disruptions are interpreted as a signal of a surge in inflation expectations since the cost channel prevails. Besides, unanticipated demand shocks have a positive impact on the slope factor as a result of the central bank policy response for offsetting the elevated inflation expectations. Finally, a risk shock is associated with a decrease in the curvature factor indicating that risk shocks influence the medium-term bonds due to the deflationary pressure resulting from depressed economic conditions.

Practical implications

Our results provide new insights to understand the driving forces of yield curve movements induced by various oil shocks to formulate appropriate policy responses.

Originality/value

The study contributes to the literature by two main dimensions. First, the recent oil shock identification scheme of Ready (2018) is modified using the “geopolitical oil price risk index” to capture the changes in the risk perceptions of oil markets driven by geopolitical tensions such as terrorism and conflicts and sanctions. The modified identification scheme attributes more power to demand shocks in explaining the variation of the oil price compared to that of the baseline scheme. Second, it provides recent evidence that distinguishes the impact of oil demand and supply shocks on Turkey's yield curve.

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

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Article

William J. Wood

Yield should be equally considered alongside usage rate and monetary value when managing materials. The precise impact that good yield management (or the lack of it) has…

Abstract

Yield should be equally considered alongside usage rate and monetary value when managing materials. The precise impact that good yield management (or the lack of it) has on a company will vary from business to business depending on the sensitivity to variations in yield achievement. In order to be effectively managed, production yield performance must be planned and controlled, and this can only be achieved if accurate yield information is available to management. Yield performance data should be collected from each and every stage of the manufacturing process for which it is determined to be measurable, then analysed and comparisons made with established yield standards. The information should be presented to management as “exception reports”, thus emphasising priorities.

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Industrial Management & Data Systems, vol. 85 no. 7/8
Type: Research Article
ISSN: 0263-5577

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Article

Nick French and Richard Cooper

It is well recognised that the UK commercial property market has traditionally used nominal market benchmarks such as the all‐risk yield based on the assumption that rents…

Abstract

It is well recognised that the UK commercial property market has traditionally used nominal market benchmarks such as the all‐risk yield based on the assumption that rents are received annually in arrears. Obviously, the reality of the market is that rents are invariably received quarterly in advance and it has been suggested that valuers should move towards valuation techniques that reflect the actual timing of the cash flow. The Investment Property Forum issued a paper in September 1999 promulgating the use of quarterly in advance valuations. Parry’s Tables provides quarterly in advance formulae that reflect the reality of rental income and indicates that an annual effective yield should be used instead of a nominal yield to compensate for the subsequent compounding resulting from an income received quarterly. However, as will be shown, the effective yield formula provided by Parry’s does not reflect quarterly payments that are received in advance so compromising the accurate transition from annually in arrears to quarterly in advance formulae based valuations. Tables produced by the IPF have rectified this problem in part as they correctly work on the premise that capital values will not change as the profession changes to a quarterly approach. It is the yield which will be expressed differently. The use of an all risk yield technique for valuation is actually a comparative method. The way in which the yield is expressed is not the critical issue, it is the multiplier against the rent which will determine value. This paper provides the formula required to accurately transfer annually in arrears data into quarterly in advance data together with the formulae required for contemporary growth explicit discounted cash flows (DCF).

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Journal of Property Investment & Finance, vol. 18 no. 2
Type: Research Article
ISSN: 1463-578X

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Article

M. Rezaiee‐Pajand and M.R. Nazem

In this paper, quasi‐Tresca yield surfaces are reviewed. In order to do elasto‐plastic analysis, a new yield criterion is presented. The proposed yield surface can be used…

Abstract

In this paper, quasi‐Tresca yield surfaces are reviewed. In order to do elasto‐plastic analysis, a new yield criterion is presented. The proposed yield surface can be used in nonlinear three‐dimensional analysis of structures. Function of the yield surface is presented in principal stress space and also Cartesian one. A computer program has been developed for nonlinear analysis in C++. Numerical examples have been solved by the proposed yield surface and good results have been obtained.

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Engineering Computations, vol. 20 no. 3
Type: Research Article
ISSN: 0264-4401

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Article

M. König

A method is presented by which elastoplastic constitutive relations for the solid material equivalent to a perforated plate can be obtained, by performing numerical…

Abstract

A method is presented by which elastoplastic constitutive relations for the solid material equivalent to a perforated plate can be obtained, by performing numerical experiments employing the finite element method. The method is applied to a plate of elastic‐perfectly plastic material, perforated in an equilateral triangular penetration pattern of circular holes. The following situations are considered: plane stress, as existing in thin plates under in‐plane loading, generalized plane strain, which approximates the behaviour of thick plates subjected to in‐plane loading and the plate bending condition. First results have been obtained for the plane stress situation. These results show that, for the case of monotonic loading, the elastoplastic behaviour is nearly isotropic in the plane of the plate, whereas under cyclic loading below the limit load, the equivalent solid material exhibits distortional hardening.

Details

Engineering Computations, vol. 5 no. 3
Type: Research Article
ISSN: 0264-4401

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Article

Qiao Zhang and Ke Wang

The purpose of this paper is to assess the production risk for winter wheat producers in Beijing, China, particularly in its 13 districts.

Abstract

Purpose

The purpose of this paper is to assess the production risk for winter wheat producers in Beijing, China, particularly in its 13 districts.

Design/methodology/approach

A parametric approach is used to model wheat‐yield distribution for samples and the Kolmogorov‐Smirnov test is used to choose the most appropriate yield distribution. Parameters of the special yield distribution are estimated through the maximum likelihood estimation approach.

Findings

The Burr distribution is found to be the most appropriate parametric distribution to model winter wheat‐production risks for the districts of Beijing, except in the districts of Fengtai and Shunyi. Findings also show that the Johnson family distribution is the most appropriate model for these two districts (SB for the Fengtai District and SU for the Shunyi District). The wheat‐production loss ratios of the Beijing districts are between 6 and 15 percent, which is considered medium range in most regions. The highest production risks are located in the Western regions of Beijing (Mentougou and Fengtai) while the lowest production risk is located in the Southeastern region of Beijing (Daxing District).

Originality/value

To generate an objective yield trend and an accurate production risk assessment, linear moving average, instead of linear (or quadratic) regression, is used in this paper.

Details

China Agricultural Economic Review, vol. 2 no. 2
Type: Research Article
ISSN: 1756-137X

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Article

NEIL CROSBY

In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but…

Abstract

In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but the application of technique has a serious flaw in the analysis stage. While the conventional techniques require no subjectivity at the analysis stage of the valuation process, the contemporary models require a subjective choice of an equated yield, prior to calculation of implied growth rate and capitalisation rate. This choice of equated yield must be made regardless of whether the comparable is rack rented or reversionary. In the use of comparables, both conventional and contemporary techniques do not have any serious flaws when the comparison is perfect. To be perfect the comparison must not only be similar in locational and physical characteristics, but it must also be identical in lease structure, that is to say it must have the same unexpired term and rent received to CRV ratio. Where the perfect comparison exists, investment valuation techniques are irrelevant: direct capital comparison can take over. The debate regarding the use of techniques for market valuation must therefore revolve around the use and manipulation of non perfect comparables and the second part of this paper investigates the objectivity and logic of the application of technique to the valuation of reversionary freehold investments.

Details

Journal of Valuation, vol. 4 no. 3
Type: Research Article
ISSN: 0263-7480

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