bluuebunny/crossref_metadata_2025_split huggingface dataset:
Window dressing in mutual fund portfolios: fact or fiction?
Authors: Hee Choi Seung , Chhabria Maneesh 
Published: April 2013

PurposeCongress and the Securities and Exchange Commission (SEC) have mandated mutual fund disclosure regimes to help investors make better investment decisions to strike an optimal balance between the investors' interest in more timely and accurate portfolio holdings disclosure and the cost associated with making and disclosing the holdings information available to investors. Many academics and practitioners point out that, despite all the regulations on portfolio disclosure, fund managers can still engage in practices that go against the spirit of the rules without violating the letter of the law. The purpose of this paper is to address the empirical question of whether the practice exists, using holdings data for more than 3,000 equity mutual funds during the time period from 1995 to 2004.Design/methodology/approachIn this paper, the authors examine window dressing by mutual fund portfolio managers, using holdings data covering more than 3,000 equity mutual funds from 1995 to 2004. The authors first investigate whether the fund holdings are materially different from universe holdings across performance quintiles based on holdings in the month of disclosure and in the following month. The second part of the analysis examines funds' patterns of buying and selling. Finally, the measure of “Buying Intensity” and “Selling Intensity” is examined, with a specific focus on the holdings data for the fourth quarter.FindingsAn examination of fund holdings finds no statistically significant evidence of systematic window dressing, either at the aggregate level or within subsamples of funds based on size or past performance. Rather, it was found that fund managers tend to chase momentum. A combination of investor sophistication and market oversight may serve to be effective in dissuading fund managers from engaging in the practice.Originality/valueThe authors' data are at the individual fund level, based on equity mutual funds holdings data provided to Morningstar on a quarterly or monthly basis (according to Elton et al., the Morningstar database provides timely and accurate mutual fund holdings information). These data allow us to infer better the investment manager intent vis‐à‐vis using 13F data, which is aggregate data across various fund families and separate accounts, or aggregate pension fund equity holdings data that includes aggregate holdings of multiple portfolio managers. In addition, the authors comment on the significance of the regulatory checks and balances that are designed to restrict fund managers' ability to window‐dress their portfolios. In summary, the combination of quantitative evidence from empirical tests and an examination of the legal framework under which mutual fund portfolio managers operate, lead to the conclusion that window dressing is not prevalent in the industry.
The conundrum of legislating risk reduction through financial regulatory reform
Authors: Gilsinan James F. , Seitz Neil , Fisher James , Islam Muhammad Q. , Millar James 
Published: April 2013

PurposeThe purpose of this paper is to examine the legislative process, in order to determine the likely effectiveness of financial reform efforts in the USA.Design/methodology/approachCase study of the legislative process, particularly the less visible parts such as rule making, that shaped the passage and implementation of the Dodd‐Frank Act and the failed Financial Accounting Standards Board (FASB) reform.FindingsIt is found that the process of financial reform legislation is structured in such a way as to thwart major reform, at least in the short run.Practical implicationsThe passage of a particular piece of legislation may be the least important element in the process of reform. Rule making and the decisions as to how a law will be implemented, can advance or significantly defeat the quest for change.Social implicationsMuch of what occurs in the legislative process is invisible, or appears arcane, to the ordinary citizen but can have major impact on their lives.Originality/valueThe paper provides a road map to understanding the least visible parts of financial reform efforts and suggests ways of achieving reform outcomes.
The evolution of technological inequalities: country effect vs industry composition
Authors: Gumbau‐Albert Mercedes , Maudos Joaquin 
Published: April 2013

PurposeUsing the EU‐KLEMS database for 12 countries and 16 industries, the purpose of this paper is to analyze the differences in technological capital intensity (R&D capital stock as a percentage of GVA) between industries and the evolution of inequalities between the EU‐11 and the USA, as well as between EU countries.Design/methodology/approachThe authors use shift‐share analysis and a Theil inequality index to break down these inequalities and to quantify the importance of either a country or a specialization effect.FindingsResults from the shift‐share analysis show that there was a technological gap in favor of the USA until the mid‐1990s linked to the greater accumulation of technological capital in most of the productive sectors considered, this being the main reason for the differences in technological innovation between the USA and the EU‐11. However, since 1995 a change in productive specialization has occurred, with a significant drop in the weight of lower technology‐intensive industries in the EU‐11 economy, as well as a significant drop in the weight of some medium technology‐intensive industries in the USA, accounting for the reduction in the technological gap between the EU and the USA. Results from the Theil index show that the differences in the productive structure of European countries explain most of their differences in technological capital intensity.Originality/valueThe study discusses the issue from the standpoint of the distribution of technological innovation across industries. The variable analyzed and constructed is R&D capital stock and not R&D expenditures. It applies a methodology (shift‐share analysis and Theil index) not commonly used to analyze technological innovation inequalities.
Triple Helix in practice: the key role of boundary spanners
Authors: Lundberg Heléne 
Published: April 2013

PurposeThe purpose of this paper is to generate additional insight into how the Triple Helix approach can be practiced in a regional context.Design/methodology/approachThis paper describes an attempt to develop innovation in a Swedish region, using the Triple Helix approach. The case study is based on a variety of data sources, including a number of semi‐structured interviews.FindingsIn implementing the Triple Helix approach, a key role was that of boundary spanners who scanned and pooled ideas for, and interest in, specific projects, building relevant networks and bridging the various involved cultures by semantically translating domain‐specific knowledge. The case also illustrates institutional entrepreneurship as the actors changed the system in which they acted.Research limitations/implicationsThe data come from one country and one region only. The use of other data and other research methods would shed more light on the studied issues.Practical implicationsThe driving and integrating role of boundary spanners in the case highlights the importance of this role in Triple Helix approaches.Originality/valueThe Triple Helix approach does not offer detailed advice on how to support development and innovation. This study fills a gap by analyzing how theory can be transformed into practice.
A corporate system for continuous innovation: the case of Google Inc.
Authors: Steiber Annika , Alänge Sverker 
Published: April 2013

PurposeHistory is full of companies that were once innovative leaders but lost their innovative ability. The purpose of this paper is to explore, from a firm‐level perspective, organizational characteristics for continuous innovation in rapidly changing industries.Design/methodology/approachFindings from 28 interviews at Google Inc., are compared to previous research on organizational characteristics for continuous innovation.FindingsGoogle's organization can be viewed as a dynamic and open corporate system for continuous innovation, involving the entire organization and supported by an innovation‐oriented and change‐prone top management and board. The relative importance of eight organizational characteristics in this corporate system is elaborated upon.Research limitations/implicationsThere is a need for empirical research contributing to the development of a more comprehensive analytical framework for continuous innovation, including the role of culture and selection/facilitation of self‐organizing individuals in innovation processes; and to study how to organize for both continuous innovation and continuous improvements.Practical implicationsThe importance of factors such as culture and the selection of individuals, identified in the empirical study, needs to be considered by managers, and might influence their understanding of how to sustain continuous innovation over time.Originality/valueThis paper provides, from a firm‐level perspective and based on a unique access to empirical data, increased understanding of organizational characteristics conducive to continuous innovation in rapidly changing industries, and highlights the importance of characteristics that received less emphasis in previous research literature.
The European Commission adopts AIFMD implementing regulation
Authors: McGowan Peter 
Published: April 2013

PurposeThis article aims to outline in depth the European Commission's adopted implementing rules (the Regulation) for the Directive on Alternative Investment Fund Managers. These new regulations have been eagerly awaited by private equity fund managers and their investors who have been seeking a measure of certainty about how the AIFMD will be transposed into local law.Design/methodology/approachThis piece summarizes some of the key points of the Regulation.FindingsThis article addresses the rules in the Regulation concerning: the calculations of assets under management; capital requirements in relation to professional liability risks applicable to alternative investment fund managers; operating conditions for alternative investment fund managers, including liquidity management, organizational requirements and rules on valuation; conditions for delegation; rules on depositaries, including the depositary's tasks and liability; transparency, reporting and disclosure requirements; and rules for cooperation arrangements.Practical implicationsThe Regulation supplements certain elements of the Directive and contains implementing rules that will have direct effect in EU member states on application without the need for national implementing legislation. By discussing some of the highlights of the Regulation, the article will help fund managers and investors gain a better perspective of the AIFMD, which is useful from both a compliance and business planning standpoint.Originality/valueThis piece is of value to those private equity fund managers and investors looking for guidance as to how to digest the Regulation and the implications of these new measures on their respective businesses, as well as the investment marketplace as a whole moving forward.
SEC institutes administrative proceedings against eight registered fund directors for failure to properly oversee asset valuations
Authors: Strench Bibb , Schellenger Jeffrey 
Published: April 2013

PurposeThe purpose of this paper is to explain the meaning and impact of the US Securities and Exchange Commission's (SEC) December 10, 2012 enforcement action against former mutual fund directors for failing to properly oversee the valuation of mutual fund portfolio securities.Design/methodology/approachThe paper provides an overview of the obligations of a board of directors with respect to the process used by a mutual fund to fair value portfolio securities that do not have reliable market prices, explains the background, factual circumstances and allegations set forth in the SEC enforcement order and emphasizes certain allegations made by the SEC that should cause mutual fund directors, investment advisers and compliance officers to review and refine certain aspects of the asset valuation policies and governance structure used in their mutual fund complex.FindingsThe SEC continues to prioritize mutual fund asset valuation enforcement actions. The SEC is willing and able to enter the board room to bring cases against independent directors, a path it has rarely taken in the past. While the facts underlying this enforcement action were extreme, mutual fund directors, compliance personnel and investment professionals should take immediate steps to review their asset valuation policies and related aspects of their governance structure to ensure that they comply with current rules, regulations, agency interpretations and accounting pronouncements, as well as best practices in the mutual fund industry.Originality/valueThe paper provides expert guidance from experienced investment management lawyers.
Professionalism and investment advisers
Authors: Frumento Aegis J. , Korenman Stephanie 
Published: April 2013

PurposeThe purpose of this paper is to introduce the concept of professionalism into the current discussion of the proper scope of regulation of investment advisers.Design/methodology/approachThe authors reviewed the scholarly literature on what constitutes a profession, the debates over the two bills introduced in Congress in 2012 concerning investment adviser regulation, and some of the studies that led up to those bills.FindingsThe authors concluded that professionalism could apply to some investment advisers, particularly financial planners, and that the development of such a profession should be encouraged. However, they found that such a profession would threaten the economic interests of broker‐dealers and their registered representatives, whose routine use of such titles as “financial advisor” or “investment consultant” has led to consumer confusion over the different roles of brokers and advisers. Therefore broker‐dealer interests favor more intense regulation of investment advisers by an SRO such as FINRA, presuming that would impair the development of a true profession of investment advisers.Practical implicationsThis paper aims to ensure that the development of a true profession of investment advisers and/or financial planners is openly and fully debated if and when consideration of investment adviser regulation is reintroduced.Originality/valueThe role that professionalism can and should play in investment adviser regulation has not been previously discussed, even though broker‐dealer registered representatives routinely use confusingly professional‐sounding titles to compete against independent investment advisers.
Top management team trust, behavioral integration and the performance of international joint ventures
Authors: Wai On Leung , Liang Xin , Priem Richard , Shaffer Margaret 
Published: April 2013

PurposeThis study seeks to identify antecedents of trust among top managers representing partners in international joint ventures (IJVs) and to show how this trust influences IJV performance.Design/methodology/approachThe paper proposes that the national cultural distance of the foreign partner, the business similarity of partners' organizations and behavioural integration are antecedents to trust, and that trust is a key mediator through which these antecedents affect IJV performance. Data are collected through a field survey from IJVs in Beijing and Shenzhen, PRC, and employ regression analysis to test these propositions.FindingsIt is found that: trust across IJV factional subgroups is influenced by partners' business similarity and by the behavioural integration of top managers representing the partners from both sides; and this trust mediates the relationship between the behavioural integration of top managers in Sino‐foreign IJVs and overall venture performance. The effects of business similarity and partner national cultural distance on overall performance were not mediated by trust.Research limitations/implicationsThe sample of the study used is limited to one country only – China. Besides, the paper's measures of cultural distance and categorization of national origin of foreign partners of IJVs may be subject to criticism.Practical implicationsFirst, the paper explicitly hypothesizes and tests the role of trust as a mediator of the relationships between trust antecedents and IJV performance. This is done in order to develop a more detailed understanding of how fixed partner characteristics and adjustable group processes affect IJV outcomes. Second, the study finds evidence that supports situational perspective and developmental perspective of trust development, but not the deterministic perspective. This is also consistent with some additional qualitative evidence which the authors collected through interviews. Third, the results indicate that some trust antecedents have direct effects on IJV performance, while others affect IJV performance through partner trust.Originality/valueThe study's exploratory results offer important new information for IJV researchers and for managers of IJVs.
Effects of Iranian online behavior on the acceptance of internet banking
Authors: Nikghadam Hojjati Sanaz , Reza Rabi Ali 
Published: April 2013

PurposeThe aim of this paper is to investigate the influence of online behavior of internet users on the adoption of internet banking in Iran.Design/methodology/approachThe samples used in this empirical study include 560 persons who were among Iranian internet users and completed the interactive questionnaires. The statistical analysis which has been used in regard to the dichotomous decision of adopting internet banking services was logistic regression.FindingsThe results reveal that the use of the internet for work or teamwork, selling or buying, finance activities or banking operations, and reading news, has significant relevance to the internet banking adoption, but using the internet with the purpose of having fun and entertainment and seeking commercial information does not have a significant effect on internet banking acceptance. Also, it was found that using the internet for reading news and hedonic goals has a negative effect on accepting internet banking. Other purposes of using the internet which were examined in this study had a positive effect on internet banking adoption in Iran.Practical implicationsThe findings of this research provide several ideas for the marketing of internet banking and for developing internet banking web sites. Useful insights are provided for internet banking adoption and costs reduction.Originality/valueThe analysis is based on a random sample of internet users in Iran which has rarely been discussed in previous literature. Also this is the first study to investigate the influence of internet users' behavior on internet banking adoption in Iran.
Why IJV over WOS? Home country effect on the US and Japanese MNEs
Authors: Jung Jae C. , Suh Taewon 
Published: April 2013

PurposeThis study aims to explore how sub‐dimensions of home country influence multinational enterprise (MNE) ownership strategy in international subsidiaries.Design/methodology/approachFollowing a grounded theory approach, the authors interviewed 36 managers of US and Japanese MNEs. Among 36 managers, 21 worked for Japanese firms, 12 for US firms, and three for the US‐Japanese IJVs.FindingsThis study proposes a list of cultural and resource‐based explanations for MNEs' divergent ownership patterns by nationality.Research limitations/implicationsThis research focused on two home countries, Japan and the USA. Future studies are required to extend and validate the findings in this study.Practical implicationsBy considering sub‐dimensions of home country effect, managers can make a more accurate prediction of the potential partner's willingness to form an IJV.Social implicationsThis study suggests that host countries' ownership restriction can make divergent effects on foreign investors by their nationality.Originality/valueThe central contribution of this paper is identifying a set of underlying factors of home country effect and explicating their individual effect on MNE ownership strategy.
Bias or rationality? The case of UK commercial real estate investment
Authors: Byrne Peter , Jackson Cath , Lee Stephen 
Published: April 2013

PurposeThe purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory.Design/methodology/approachThe developing behavioural real estate paradigm is used to challenge the idea that investor “man” is able to perform with economic rationality, specifically with reference to the analysis of the spatial dispersion of the entire UK “investible stock” and “investible locations” against observed spatial patterns of institutional investment. Location quotients are derived, combining different data sets.FindingsConsiderably greater variation in institutional property holdings is found across the UK than would be expected given the economic and stock characteristics of local areas. This appears to provide evidence of irrationality (in the strict traditional economic sense) in the behaviour of institutional investors, with possible herding underpinning levels of investment that cannot be explained otherwise.Research limitations/implicationsOver time a lack of distinction has developed between the cause and effect of comparatively low levels of development and institutional property investment across the regions. A critical examination of decision making and behaviour in practice could break this cycle, and could in turn promote regional economic growth.Originality/valueThe entire “population” of observations is used to demonstrate the relationships between economic theory and investor performance exploring, for the first time, stock and local area characteristics.
Arson treatment programmes for offenders with disability: a systematic review of the literature
Authors: Curtis Ashlee , McVilly Keith , Day Andrew 
Published: April 2013

PurposeThe purpose of this paper is to identify and evaluate treatment for adult fire setters with an intellectual disability, given the specific risks they present, the complexities of criminal proceedings associated with their behaviour, and subsequent rehabilitation. However, the review also took into account programmes for fire setters in the wider population, including those for children and adolescents, given that such research might also inform the development of programmes for offenders with an intellectual disability.Design/methodology/approachA systematic review of the literature was undertaken.FindingsOnly four studies which evaluated treatment programmes specifically for arsonists with an intellectual disability were identified. Although each of these studies reported a reduction in fire‐setting behaviour following programme completion, all employed relatively weak research designs. An additional 12 studies investigating programmes for arsonists without intellectual disability were also identified. It is concluded that there is a lack of evidence regarding treatment programme outcomes for arsonists with an intellectual disability. The extent to which such programmes can be adapted to suit adult offenders with an intellectual disability is discussed, with recommendations made for the design and evaluation of arson treatment programmes for offenders with intellectual disabilities.Originality/valueCurrently, minimal treatments programs exist for fire setting in offenders with intellectual disability. This review highlights the importance of further research into treatment programs for this specialised population.