Search results

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

Nuclear power is a stable and reliable energy source that can improve energy structure while reducing carbon emissions, which is of great significance for environmental protection and combating climate change. As a unique industry, it is facing rare development opportunities in China and has broad market prospects. However, the characteristics of technical difficulty, loose organizational structure and uneven regional distribution limit the expansion of the nuclear power industry. This paper aims to a better understanding of the accumulation process for innovation capability from the perspective of network evolution and provides policy guidance for the market development of the nuclear power industry (NPI).

Methodologically, social network analysis is used to explore the co-evolution of multidimensional collaboration networks. First, the development and policy evolution of the NPI is introduced to divide the evolution periods. Then, the authors identify and analyze the core organizations, technologies and regions that promote nuclear power patent collaboration. Furthermore, three levels of collaboration networks based on organizations, technologies and regions are constructed to analyze the coevolution of patent networks in China’s NPI.

The results show that nuclear power enterprises always play the foremost role in the organizational collaboration network (OCN), and the dominance of foreign enterprises is replaced by Chinese state-owned enterprises in the third period. The technology hotspot has shifted from nuclear power plant construction to the control system. The regional collaboration network was initially formed in the coastal areas and gradually moved inland, with Guangdong and Beijing becoming the two cores of the network. The scale of three collaboration networks is still expanding but the speed has slowed down.

In response to the pain points of the NPI, this research focuses on multidimensional collaborative innovation, investigates the dynamic evolution process of collaborative innovation networks in China’s NPI and links policy evolution with network evolution creatively. The ultimate result not only helps nuclear power enterprises integrate innovative resources in complex environments but also promotes industrial upgrading and market development.

In the process of industrial growth, when existing industries go for technology upgradation and new modernised industries emerge, both capital intensity and energy demand of overall industry tend to rise steadily. This poses a serious challenge for sustainable development objectives. Towards this end, enhancing energy efficiency of individual industries is the only remedy. Against this backdrop, the study aims to probe the trends in capital intensities and energy efficiencies of individual industries in India.

This study uses panel data regression analysis on data of two-digit industries from 1980/1981–2016/2017. The statistical analysis includes relevant macroeconomic variables derived from the literature to ascertain the drivers of energy efficiency in industries.

The results brought out that capital deepening due to technology upgradation and modernisation and capital productivity growth are the decisive determinants of energy efficiency growth. Furthermore, the ever-increasing fuel price motivated industries to conserve energy on a steady basis, supplemented by energy conservation-specific policy interventions.

This study recommends policy initiatives to ascertain and address technology gaps industry-wise, so that its subsequent efficient capital utilisation, and energy conservation measures of industries would result in energy efficiency growth in industry. The policy must focus on energy-efficient capital intensification in fabricated metals, leather, textile and wood industries that are found less-energy-efficient despite being less-capital-intensive.

This study empirically explores the capital efficiency of industries by investigating the interaction between capital intensity and energy efficiency at a two-digit industry level. It explores the determinants of energy efficiency and proposes industry-specific policies for energy-efficiency-enhancement of the overall industry.

This paper examines the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on the world’s largest defense firms.

The authors examine the world’s 100 largest listed defense firms at and around the beginning of the military conflict between Russia and Ukraine using an event-study methodology.

We observe a positive and statistically significant stock price reaction at and around the beginning of the military conflict. These results are consistent with the asset-pricing perspective/expected cash flow hypothesis. Consistent with the captured regulator theory, we find superior market returns for the two portfolios with a greater weight of defense sales. Superior market returns are also found for defense firms with higher R&D and capital expenditure intensity. Finally, these reactions are reinforced or mitigated by other firm-specific characteristics such as size, profitability and institutional ownership.

The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.

The main objective of the present research is to investigate the benefits of using geogrid reinforcement in minimizing the rate of deterioration of ballasted rail track geometry resting on soft clay and to explore the effect of load amplitude, load frequency, presence of geogrid layer in ballast layer and ballast layer thickness on the behavior of track system. These variables are studied both experimentally and numerically. This paper examines the effect of geogrid reinforced ballast laying on a layer of clayey soil as a subgrade layer, where a half full scale railway tests are conducted as well as a theoretical analysis is performed.

The experimental tests work consists of laboratory model tests to investigate the reduction in the compressibility and stress distribution induced in soft clay under a ballast railway reinforced by geogrid reinforcement subjected to dynamic load. Experimental model based on an approximate half scale for general rail track engineering practice is adopted in this study which is used in Iraqi railways. The investigated parameters are load amplitude, load frequency and presence of geogrid reinforcement layer. A half full-scale railway was constructed for carrying out the tests, which consists of two rails 800 mm in length with three wooden sleepers (900 mm × 90 mm × 90 mm). The ballast was overlying 500 mm thick clay layer. The tests were carried out with and without geogrid reinforcement, the tests were carried out in a well tied steel box of 1.5 m length × 1 m width × 1 m height. A series of laboratory tests were conducted to investigate the response of the ballast and the clay layers where the ballast was reinforced by a geogrid. Settlement in ballast and clay, was measured in reinforced and unreinforced ballast cases. In addition to the laboratory tests, the application of numerical analysis was made by using the finite element program PLAXIS 3D 2013.

It was concluded that the settlement increased with increasing the simulated train load amplitude, there is a sharp increase in settlement up to the cycle 500 and after that, there is a gradual increase to level out between, 2,500 and 4,500 cycles depending on the load frequency. There is a little increase in the induced settlement when the load amplitude increased from 0.5 to 1 ton, but it is higher when the load amplitude increased to 2 ton, the increase in settlement depends on the geogrid existence and the other studied parameters. Both experimental and numerical results showed the same behavior. The effect of load frequency on the settlement ratio is almost constant after 500 cycles. In general, for reinforced cases, the effect of load frequency on the settlement ratio is very small ranging between 0.5 and 2% compared with the unreinforced case.

Increasing the ballast layer thickness from 20 cm to 30 cm leads to decrease the settlement by about 50%. This ascertains the efficiency of ballast in spreading the waves induced by the track.

The current work aims to present a review of academic literature that systematizes the body of knowledge related to marketing and consumer behavior in order to identify the most effective variables that encourage the consumer towards a proper and better lifestyle, accordingly the paradigm of management, marketing and technology efforts to promote a “better” society preventing obesity.

A literature review was carried out to examine the studies of marketing and consumer behavior published in international peer-reviewed journals over the last twenty-three years (2000–2023). Our review finally considered a total amount of 46 articles.

Findings elucidate three overarching themes and associated sub-hemes, encompassing: (1) Product design for obesity prevention, including aspects such as labeling, nomenclature, packaging and assortment; (2) Technology-supported preventive measures, involving mobile applications, self-monitoring, short message services and digital therapeutics; and (3) Marketing and communication strategies, incorporating social advertising, nudge, social influence and initiatives targeting childhood obesity prevention. Furthermore, a comprehensive research agenda is presented, delineating potential avenues for future investigations predicated on the utility of the results in fostering subsequent endeavors within the realms of: efficacy and effectiveness studies; personalization and tailoring; behavioral change techniques and gamification; user experience and acceptance; cost-effectiveness and implementation; as well as ethical and privacy concerns.

Main limitations are related to the characteristics of the analyzed literature, resulting in only English journal articles, book chapter and so on. Thus, other relevant contributions in different languages discussing interesting insights might have been neglected.

This study offers several insights to managers, marketers and policymakers involved in the issue of the obesity prevention. Since obesity represents a crucial challenge for public health at a global level, with its incidence reaching epidemic proportions in recent decades, the results may be extremely useful and powerful because suggesting – by employing a robust resulting corpus of knowledge on this domain – several practical features, actions and tactics to face such an important challenge. Moreover, this paper offers for scholar and researcher a systematized knowledge around the issues of obesity prevention, together with a detailed research agenda emerging by the critical analysis of the emerging insights, and to practitioners systematized useful insights to project and develop their future business strategies.

By providing several actions and tactics for obesity prevention (e.g. as for product labeling, naming, packaging, assortment; the exploitation of new technologies for mobile applications design, self-monitoring, short message service (SMS) alert systems, digital therapeutics; the role of social advertising, nudge, social influence) this work perfectly match the emerging societal orientation related to business, marketing and technology efforts to create a “better” society.

The study shed lights the need for a holistic approach to obesity prevention, involving interaction between individual main topics. Importantly this is the first study to analyze the issue of obesity prevention by considering a multidisciplinary corpus of literature, analyzed trough an individual-centric orientation.

This study aims to test the relationship between knowledge sharing and employee engagement. In particular, the mediating and moderating roles of competency development and social climate, respectively, are also the focus of this research.

Of self-completed questionnaires collected from luxury hotels in India, 507 are usable for data analysis. The structural equation modelling (SEM) was used to examine the proposed hypotheses.

The structural equation modeling–based results illustrate a positive significant association between knowledge sharing and employee engagement. Also, there is a significant support to establish the mediating effect of competency development and the moderating effect of social climate on this relationship. The expansion of competencies of employees achieved through knowledge sharing leads to higher engagement.

This work is carried out in Indian hospitality sector and may not be generalizable to other cultural settings.

This study’s results add to the knowledge sharing scholarship by envisaging a possible association with an employee attitudinal outcome, i.e. employee engagement.

To the best of the authors’ knowledge, this is one of the first studies to unravel the social processes through which knowledge sharing enhances competency development, and subsequently employee engagement, mainly through the influence of social climate.

This study aims to provide a systemic and integrated view of how Industry 4.0 and its enabling technologies affect companies' internal and external environments. It offers a comprehensive view of the contribution about ten years after the start of the Fourth Industrial Revolution.

The study performs a systematic literature review based on Industry 4.0 management literature. Analyzing the results of the 308 final papers in the sample made it possible to build a theoretical model to explain the contribution of Industry 4.0 to the internal and external environment of the company.

The results highlight the contribution of Industry 4.0 to the processes and environment of the company by providing a systemic and integrated view, highlighting the most applied enabling technologies and their internal, external, and combined usefulness in business processes.

Finally, the paper provides a broad view of the Industry 4.0 topic ten years after its origin through an extensive literature analysis that allows us to highlight the significant studies and the areas still under-researched by researchers and opens the debate on the Industry 5.0 scenario.

The model makes it possible to appreciate the role of Industry 4.0 and its enabling technologies in companies in a broad and systemic view and to understand, from a managerial point of view, the interactions, synergies, and possibilities within processes and the reflection on the external environment.

The purpose of this paper is to consider the ethical and environmental implications of allowing space resource extraction to disrupt existing fuel economies, including how companies can be held accountable for ensuring the responsible use of their space assets. It will also briefly consider how such assets should be taxed, and the cost/benefit analyses required to justify the considerable expense of supporting this emerging space industry.

This paper adopts theoretical bioethics methodologies to explore issues of normative ethics and the formulation of moral rules to govern individual, collective and institutional behaviour. Specifically, it considers social justice and social contract theory, consequentialist and deontological accounts of ethical evaluation. It also draws on sociological and organisational literature to discuss Dowling and Pfeffer’s (1975) and Suchman’s (1995) theories of pragmatic, cognitive and moral legitimacy as they may be applied to off-world mining regulations and the handling of space assets.

The findings of this conceptual paper indicate there is both a growing appetite for tighter resource extraction regulations to address climate change and wealth concentration globally, and an opportunity to establish and legitimise new ethical norms for commercial activity in space that can avoid some of the challenges currently facing fossil fuel divestment movements on Earth.

By adopting methodologies from theoretical bioethics, sociology and business studies, including applying a legitimacy lens to the issue of off-world mining, this paper synthesises existing knowledges from these fields and brings them to the new context of the future space resource economy.

The paper starts from an observation of a discrepancy between the ambitions for sustainable change in the agro-industry and the actual changes being implemented. We offer one possible explanation by investigating the organizational structures conditioning change in this industry.

We apply a case study methodology, focusing on the Danish pig industry and its organizational conditions for change. Based on interviews and document analysis, and building on systems theory, we develop the concept of change structures, understood as decision premises that guide the change of further decision premises.

The analysis suggests that the pig industry’s change structures predominantly enable changes that cut costs and optimize the production, which may conflict with and possibly foreclose the changes needed to realize the industry’s sustainable ambitions. This conflict and its implications are not acknowledged by the industry.

The analysis indicates that the industry may be locked in its current form of organizational change. We suggest a way to overcome the lock-in by fostering organizational mechanisms that enable alternative interpretations to emerge internally. Without this, achieving the required sustainable change in the industry may hinge on stronger external regulation and support.

Conceptually, the notion of change structures supplements actor-oriented analytical approaches that focus on change agents and sense-making. Empirically, we contribute with an analysis of the conditions of possibility for sustainable change in an important yet understudied industry in organization studies; namely, the conventional agro-industry.