bluuebunny/crossref_metadata_2025_split huggingface dataset:
Litigating disciplinary proceedings against the SEC and FINRA: it sometimes pays
Authors: Rubin Brian L. , Cannon Christian J. 
Published: June 2009

PurposeThe purpose of this paper is to determine with statistics whether respondents should litigate or settle enforcement actions with the SEC or FINRA.Design/methodology/approachAll SEC administrative and FINRA litigated decisions from October 1, 2007 to September 30, 2008 were reviewed to see, among other things, how often the staff succeeded in proving its charges and, when it did, what penalties were sought and awarded. The approach is empirical, designed to inject meaningful quantitative data into the decision of whether to litigate.FindingsThe research shows, among other things, that respondents rarely win on liability but are usually successful in persuading SEC ALJs or FINRA panels to impose substantially lower sanctions than the staff sought.Research limitations/implicationsThe primary limitation is that it is usually not known what terms were offered to settle cases by the staff prior to the complaint being filed.Practical implicationsThe implication is that respondents in SEC and FINRA cases should consider more carefully whether to litigate rather than settle.Originality/valueThe statistics in the study are new and provide new evidence confirming prior years' studies. Any potential SEC or FINRA respondent would be interested in the statistics presented here.
Group of Thirty issues road‐map for financial reforms
Authors: Crowley Daniel F.C. , Heiman Bruce J. , Miller R. Charles , Morgan Philip J. , Perlow Mark D. , Tang David K.Y. , Shah Page Karishma 
Published: June 2009

PurposeThe purpose of this paper is to summarize the Group of Thirty's recommendations and explain how they relate to other concurrent financial market regulatory initiatives in the USA, UK, and Europe.Design/methodology/approachThe paper summarizes the report's four core recommendations, describes how they relate to recent reports by the US Treasury Department, the US Chamber of Commerce, and Committee on Capital Markets Regulation, and discusses how they may signal the direction of forthcoming domestic and coordinated international regulation.FindingsMomentum has been building for consolidation, increased oversight, and international coordination of the legal and regulatory framework that governs the financial industry. The report has an unabashedly pro‐regulatory agenda.Originality/valueThe paper provides helpful reference on the current direction of international financial institution regulation
Summary of selected FINRA regulatory notices and disciplinary actions, January‐March 2009
Authors: Davis Henry A. 
Published: June 2009

PurposeThe purpose of this paper is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices and Disciplinary Actions issued from January to March 2009 and a sample of disciplinary actions during that period.Design/methodology/approachThe paper provides excerpts from FINRA Regulatory 09‐12, Auction Rate Securities; 09‐13, Threshold for Single Arbitrator Cases; 09‐14, Trading Ahead of Customer Limit Orders; 09‐17, Investigations and Formal Disciplinary Actions.FindingsThe SEC has defined reporting requirements for settlements of customer disputes involving auction rate securities, raised the threshold for single arbitrator cases to $100,000, approved alternative means for calculating minimum price‐improvement obligations that firms must provide to trade ahead of customer limit orders, and provided guidance on its enforcement process to improve transparency into its regulatory framework.Originality/valueThese are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends. The FINRA staff is aware of this summary but has neither reviewed nor edited it. For further detail as well as other useful information, the reader should visit www.finra.org
The economic importance of vacation homes from the Tourism Satellite Account (TSA) perspective
Authors: Frenţ Cristi 
Published: June 2009

PurposeThis paper aims to show how the effect of vacation home tourism can be quantified within the Tourism Satellite Account (TSA). TSA is a statistical standard recommended by international organizations such as UNWTO, Eurostat and OECD, that measures the economic importance of tourism in the same way as the system of national accounts.Design/methodology/approachThe research focuses on the analysis of a conceptual framework for the statistics of vacation home tourism as it is reflected in the international statistical standards 2008 International Recommendations on Tourism Statistics (IRTS) and Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF). In addition, the analysis is exemplified by some TSA country results referring to vacation homes/second homes. In these illustrative examples calculations are made in a simple manner to show that vacation homes are a component of the main TSA aggregates – internal tourism consumption and tourism value added.FindingsComputing the share of vacation homes reveals that the figures obtained vary from country to country, providing an index for the “level of economic importance of vacation homes”. However, the level of economic importance of vacation homes depends heavily on the measurements each country decides to include in their TSA in relation to vacation homes and consequently the international comparability of data could be affected.Research limitations/implicationsIt was possible to calculate the contribution made by vacation homes to TSA aggregates only in those countries where the figures relating to this aspect of the economy were published/disseminated.Originality/valueComputing the contribution of vacation homes to the main TSA aggregates produced quantitative results, showing that vacation homes do make a contribution to the tourism economy.
Customer performance measurement in facilities management
Authors: Tucker Matthew , Pitt Michael 
Published: June 2009

PurposeA lack of effective and accessible customer performance measurement research is evident within the facilities management (FM) industry. The purpose of this paper is to enhance the level of performance measurement sophistication by developing the strategic application to measure customer satisfaction in FM.Design/methodology/approachThrough an extensive literature review, this paper researches the application of customer performance measurement in FM through a strategic management context.FindingsThe development of a customer performance measurement system (CPMS) for FM is introduced. The CPMS consists of four stages, combining quantitative benchmarking techniques with qualitative analysis in order to produce strategic objectives for business process improvement.Research limitations/implicationsThe CPMS framework is currently being tested. This paper should firstly be interpreted as an introduction to the theory and process behind the CPMS, whilst secondly in providing an update on the preliminary research findings from stage 1.Originality/valueThe level of sophistication of customer performance research within FM is limited. This paper aims to increase the accessibility and applicability of strategic customer performance measurement in FM to both FM customers and providers.
Promoting performance and the quality of working life simultaneously
Authors: Ramstad Elise 
Published: June 2009

PurposeThe purpose of this paper is to answer the question: how can organizations be developed in such a way that it improves simultaneously performance and the quality of working life (QWL). The focus is particularly on diverse organizational and management practices and the nature of development process.Design/methodology/approachThe empirical data consist of self‐assessments of development projects implemented at workplaces as a part of the Finnish Workplace Development Programme (1996‐2005). The self‐assessments have been gathered separately from management, staff and experts used in the project. The data are based on a sample of 1,113 responses from 409 development projects. The research approach is solution‐oriented, seeking factors that can promote concurrent improvements in both performance and the QWL.FindingsConcerning the work, management and organizational practices the findings show that comprehensive development of organization, i.e. implementation of practices is associated with simultaneous improvement in performance and the QWL. Second, concerning the nature of development method, the study shows that employee participation in planning and implementation phase, close collaboration during the process, the methods used by the experts and external networking were related to simultaneous outcomes at workplaces.Originality/valueThis paper makes a contribution to the debate on the effects of organizational development on performance and the QWL, and adds some new empirical findings. It also emphasizes the increasing importance of discussion between organizational development and innovation literature in the future.
Bootstrap methods for analyzing time studies and input data for simulations
Authors: Novoa Clara M. , Mendez Francis 
Published: June 2009

PurposeThe purpose of this paper is to present bootstrapping as an alternative statistical methodology to analyze time studies and input data for discrete‐event simulations. Bootstrapping is a non‐parametric technique to estimate the sampling distribution of a statistic by doing repeated sampling (i.e. resampling) with replacement from an original sample. This paper proposes a relatively simple implementation of bootstrap techniques to time study analysis.Design/methodology/approachUsing an inductive approach, this work selects a typical situation to conduct a time study, applies two bootstrap procedures for the statistical analysis, compares bootstrap to traditional parametric approaches, and extrapolates general advantages of bootstrapping over parametric approaches.FindingsBootstrap produces accurate inferences when compared to those from parametric methods, and it is an alternative when the underlying parametric assumptions are not met.Research limitations/implicationsResearch results contribute to work measurement and simulation fields since bootstrap promises an increase in accuracy in cases where the normality assumption is violated or only small samples are available. Furthermore, this paper shows that electronic spreadsheets are appropriate tools to implement the proposed bootstrap procedures.Originality/valueIn previous work, the standard procedure to analyze time studies and input data for simulations is a parametric approach. Bootstrap permits to obtain both point estimates and estimates of time distributions. Engineers and managers involved in process improvement initiatives could use bootstrap to exploit better the information from available samples.
An empirical analysis of the efficiency of online auction IPO processes and traditional IPO processes
Authors: Hensel Nayantara 
Published: June 2009

PurposeThe purpose of this paper is to examine whether the online auction mechanism in the USA is more effective at pricing initial public offerings (IPOs) than the traditional book building process.Design/methodology/approachThe analysis compares the performance of online auction IPOs with traditional IPOs issued in the same industry area and in the same year to assess the differences in first day mispricing and its persistence. The paper compares the characteristics of firms choosing the auction process relative to the traditional process. It also uses regression models to examine whether online auction IPOs had a significantly lower first day price increase than traditional IPOs.FindingsThe results indicate that for 60 percent of the auction IPOs, over 40 percent of the traditional IPOs issued in that year and in that three‐digit Standard Industry Classification (SIC) area had greater mispricing. The mispricing of online auction IPOs relative to traditional IPOs persist over time for 50‐80 percent of online auction IPOs. Regression analyses controlling for industry effects, year effects, size of the issue, and type of traditional underwriter (low, medium, and high volume underwriters) suggest that the auction's first day price surges are not significantly lower than those of traditional underwriters. Moreover, high volume traditional underwriters have statistically significantly higher first day price surges than low volume traditional underwriters, supporting the theory that they intentionally misprice to benefit their preferred clients. Firms choosing the auction process tend to be smaller in terms of the number of shares of their IPO and their annual sales than firms choosing the traditional IPO process. There is some overlap in industry sector and age, although this varies by year.Originality/valueThis paper suggests that the auction process may not be as efficient in pricing IPOs as was initially intended and that there are opportunities for further innovation and improvement.
The lead‐lag relationship between stock index options and the stock index market
Authors: Kim Sol , Joon Kim In , Oh Nam Seung 
Published: June 2009

PurposeThe purpose of this paper is to examine the price discovery role of the Korea Composite Stock Price Index 200 (KOSPI 200) stock index options market in contrast to other developed options markets.Design/methodology/approachThe price discovery roles of the stock and options markets using the error‐correction model derived from the co‐integration relationship are examined. Various analyses are conducted. First, Heston's stochastic volatility option pricing model is employed to confirm its usefulness, and compare the results with the Black and Scholes (BS) model. Second, whether the out of the money (OTM) options purchased by individual investors have a stronger price discovery role than options with other moneyness is examined. Finally, whether options have a stronger price discovery role in bullish or bearish markets than in normal markets is tested.FindingsIt is found that stock index prices lead implied index prices estimated from option prices using both BS and Heston models. In regards to the OTM options, the lead‐effect of real stock index to implied index prices holds. Also it is shown that there is a weak rise in the lead effect of the options to the stock index, but the lead effect of stock index market rules over that of the options market.Originality/valueThe paper examines the price discovery role of the KOSPI 200 stock index options market in contrast to other developed options markets and the results indicate that the consensus on the Korean financial markets may be incorrect.
Performance evaluation of resource allocation strategies for new product development under different workload scenarios
Authors: Wang Kung‐Jeng , Lee Yun‐Huei , Wang Sophia , Chu Chih‐Peng 
Published: June 2009

PurposeResource scarcity is a major difficulty facing firms that engage in new product development (NPD) projects. The purpose of this paper is to understand how resource allocation strategies affect NPD performance and which strategy is the best alternative, a research and development (R&D) process model is constructed using system dynamics.Design/methodology/approachMoreover, resource allocation strategies are categorized into two types: design‐stage‐first strategy and manufacturing‐stage‐first strategy, and several important indicators of performance evaluation are defined. Then different workload scenarios are developed to test the relationships between resource allocation strategy and various NPD performance measures.FindingsThe most important finding from simulation results is that a firm should allocate its resources into early development stage first in order to obtain superior R&D performance.Originality/valueThis paper has successfully constructed new system dynamics model for quantifying the performances of R&D process.
Developing an integrated dynamic model for evaluating the performance of research projects based on multiple attribute utility theory
Authors: Najmi Manoochehr , Ehsani Rahim , Sharbatoghlie Ahmad , Saidi‐Mehrabad Mohammad 
Published: June 2009

PurposeThe purpose of this paper is to develop an integrated dynamic model, based on empirical findings, which can be used in research centers for evaluating the performance of research projects by using multiple attribute utility theory.Design/methodology/approachIn developing the model, the measures by which the performance of research projects could be evaluated are identified by Delphi method and group decision making. These measures are categorized into three general success factors of time, cost and quality. Then a multi‐attribute utility function is applied to integrate these dimensions to determine the utility resulting from the performance of the project.FindingsThrough literature review it is evident that some evaluation techniques such as checklists, scoring models, analytical hierarchy process and engineering economic techniques have been developed for evaluating performance of projects. The present model complements and improves upon the existing models.Research limitations/implicationsThe parameters of model are determined based on research center's policy but they may be changed for other research centers. So the model depends on the expert's view. The model is not considered advantageous in situations where project gets ahead of program.Practical implicationsThe model is tested in an engineering research institute and the comparison is made with the results of the existing models.Originality/valueThe advantage of proposed model is its flexibility, dynamism and the capability to revise the model based on any changes in the objectives and policies of the research center.
Managing “quality failure” in China: lessons from the dairy industry case
Authors: Enderwick Peter 
Published: June 2009

PurposeThe purpose of this paper is to provide an analysis of the problem of “quality failure” in China using as an illustration the recent case of melamine contaminated dairy products.Design/methodology/approachThis conceptual paper examines whether it is possible to anticipate the incidence of quality fade and, if so, what can be done to minimise the likelihood of such problems occurring. Drawing on theoretical frameworks of alternative transactions governance modes, the discussion highlights the interaction between environmental operating conditions and effective governance modes.FindingsThe discussion suggests that it is possible to anticipate quality and safety problems and identifies the key environmental conditions in China that contribute to the problem of quality deterioration. Analysis of three primary transaction governance modes – contracts, hierarchy and trust – and local operating conditions reveals a dairy industry which, in contrast to many of the developed economies, is highly fragmented, politicised, ineffectively regulated and characterised by corrupt and opportunistic behaviour.Originality/valueThe dairy industry case provides a concrete application of recent conceptual analysis of quality and safety concerns in emerging markets. This case allows the derivation of recommendations on appropriate management practices for maintaining quality in the challenging business environment of China.
Emerging trends in financial markets integration: the Indian experience
Authors: Misra Arun Kumar , Mahakud Jitendra 
Published: June 2009

PurposeFinancial sector reform measures, which were initiated in 1991, have provided some degree of maturity and integration of different segments of India's financial markets. The purpose of this paper is to articulate the impact of financial sector reform measures on integration of various segments of financial markets in India.Design/methodology/approachThe paper surveys various methodologies for measurement of financial integration and uses the recently developed technique of co‐integration in a VAR framework to assess the extent of integration of various segments of India's financial markets.FindingsThe paper concludes that the financial market integration is inconclusive in India. Only a few segments of money market, Gilt market and foreign exchange market are integrated. Interest rate parity does not hold in India's case, which indicates poor evidence in support of international integration of domestic financial markets. Similarly, the analysis of the relationship between domestic saving and domestic investment does not support international integration. The study of co‐integration of Nasdaq and Bombay sensitive index (BSE), also revealed absence of international integration.Research limitations/implicationsOwing to non‐availability of time series data, the paper could not consider the mutual fund market, pension market and various derivatives markets in the overall process of assessment of financial integration. However, the impact on the findings is minimal, as these markets are not so far developed in India.Practical implicationsThe findings have significant practical implications particularly in the formulation of policies on management and interventions in the money market, foreign exchange and equity markets and in the overall formulation of monetary policy for the economy.Originality/valueThis paper presents a quite comprehensive research study on financial integration in India and is original, particularly in the area of application of the co‐integration technique for assessment of financial integration.
Determinants and persistence of research and development investments
Authors: Othman Radiah , Ameer Rashid 
Published: June 2009

PurposeThe purpose of this paper is to investigate the determinants and persistence of research and development (R&D) investments in Malaysia.Design/methodology/approachThe approach involves a regression analysis.FindingsThe regression analysis shows that lagged absorbed slack defined as the ratio of selling and administrative expenses to total sales and sales growth have positive affect on the R&D expenses, whereas diversification has negative impact on R&D expenses after controlling for leverage and profitability of the firms. Persistence in the firm‐level R&D expenses is found. Occasional tendency among firms to cut down R&D spending over the period of 2000‐2005 is found.Research limitations/implicationsSample size is a limitation.Practical implicationsThe findings have implications for the corporate governance and innovation charter of the firms.Originality/valueThe paper provides useful information from Malaysia regarding the determinants and persistence of R&D investments.