bluuebunny/crossref_metadata_2025_split huggingface dataset:
Disentangling the value premium in the UK
Authors: Mouselli Sulaiman 
Published: May 2010

PurposeThe aim of this paper is twofold. First, it aims to provide better understanding for the main sources behind the value premium in the UK. Second, given that the value factor (HML) in the Fama‐French three‐factor model is itself a proxy for value premium, this paper seeks to illustrate the component of HML responsible for explaining UK portfolio returns.Design/methodology/approachFor the period July 1991 to June 2006, value premium is broken into two components: one is related to small stocks and the other to big stocks. Then monthly time‐series regressions are used to test which component of value premium provides better explanatory power for UK portfolio returns.FindingsThe empirical results indicate that the value premium in average returns is due to small market capitalization stocks. Moreover, value stocks do not seem riskier than growth stocks according to their market beta. Furthermore, the significance of the value factor (HML) in explaining UK portfolio returns is mainly due to its small stock component (HMLS). The paper suggests a revision for the Fama‐French three‐factor model that replaces HML by HMLS.Originality/valueAcademics are interested in understanding the main sources of value premium and the reasons behind the significance of the value factor in explaining UK portfolio returns. Investors and fund managers who wish to exploit the value premium will tilt their portfolios towards value stocks that have low‐market capitalization. Both academics and practitioners may consider altering the Fama‐French model, as suggested by the paper, when estimating the cost of capital.
Volatility persistence and trading volume in an emerging futures market
Authors: Chandra Pati Pratap , Rajib Prabina 
Published: May 2010

PurposeThe purpose of this paper is to estimate time‐varying conditional volatility, and examine the extent to which trading volume, as a proxy for information arrival, explain the persistence of futures market volatility using National Stock Exchange S&P CRISIL NSE Index Nifty index futures.Design/methodology/approachTo estimate the volatility and capture the stylized facts of fat‐tail distribution, volatility clustering, leverage effect, and mean‐reversion in futures returns, appropriate ARMA‐generalized autoregressive conditional heteroscedastic (GARCH) and ARMA‐EGARCH models with generalized error distribution have been used. The ARMA‐EGARCH model is augmented by including contemporaneous and lagged trading volume to determine their contribution to time‐varying conditional volatility.FindingsThe paper finds evidence of leverage effect, which indicates that negative shocks increase the futures market volatility more than positive shocks of the same magnitude. In addition, the results indicate that inclusion of both contemporaneous and lagged trading volume in the GARCH model reduces the persistence in volatility, but contemporaneous volume provides a greater reduction than lagged volume. Nevertheless, the GARCH effect does not completely vanish.Practical implicationsResearch findings have important implications for the traders, regulatory bodies, and practitioners. A positive volume‐price volatility relationship implies that a new futures contract will be successful only to the extent that there is enough price uncertainty associated with the underlying asset. Higher trading volume causes higher volatility; so, it suggests the need for greater regulatory restrictions.Originality/valueEquity derivatives are relatively new phenomena in Indian capital market. This paper extends and updates the existing empirical research on the relationship between futures price volatility and volume in the emerging Indian capital market using improved methodology and recent data set.
Gaming and simulation for transforming and reengineering government
Authors: Janssen Marijn , Klievink Bram 
Published: May 2010

PurposeIn the process of transformation, governments have to deal with a host of stakeholders and complex organizational and technical issues. In this viewpoint paper, an argument is made in favour of using gaming and simulation as tools designed to aid the transformation and reengineering of government. Based on the argument, a research agenda is proposed.Design/methodology/approachThe approach taken is a combination of literature research, argumentation and illustrations.FindingsSimulation and gaming have the potential to be used to activate and involve stakeholders at all layers of government in transformational efforts. These tools should be closely connected to visualization and interaction options, to facilitate communication and participation. Because the various stakeholders involved have different views and different approaches, it is both necessary and difficult to involve them in identifying problems and developing solutions. Given the considerable potential of these tools, more research is needed on the use and development of participative simulation and gaming tools.Research limitations/implicationsAlthough gaming and simulation have been used in many domains, they have yet to be tried in the area of e‐government. More research is needed into the instruments that can help governments in their transformation processes.Practical implicationsE‐government projects should be supported by tools such as gaming and simulation to facilitate the participation, involvement of and communication among the various relevant stakeholders, to create a shared understanding of the problems and of future scenarios.Originality/valueThe primary value of this viewpoint lies in the analysis of the potential opportunities of gaming and simulation in terms of transforming and reengineering government and the research agenda that follows from this analysis.
Choosing sides: contrasting attitudes to governance issues in Social Firms in the UK
Authors: Mason Chris 
Published: May 2010

PurposeThe purpose of this paper is to outline the findings of a quantitative study of Social Firms between 2006 and 2007. In doing so, it examines the challenges that boards and managers in these organisations face.Design/methodology/approachIn order to test propositions developed from a review of the social enterprise (SE) governance literature, the paper adopts a quantitative, survey‐based approach. The survey compared attitudes to governance issues among managers and board members in the UK‐based Social Firms.FindingsStatistical analysis of the findings highlighted some key outcomes, particularly regarding legitimacy, accountability and stakeholder inclusion of Social Firms Boards. Furthermore, the paper identifies divisions between managers and board members regarding the enterprise‐orientation of Social Firms.Research limitations/implicationsThe research adds to current sector debates concerning SE identity, especially related to the effectiveness of governance systems, the erosion of underpinning social values and the adoption of a keener enterprise focus. While the research signals key variables such as legitimacy, accountability and democracy, much larger, qualitative‐based studies are required that capture the voices of more SE boards.Practical implicationsThe key practical outcome from this small‐scale study is the difficulty faced by SE practitioners in managing the governance process. There are many forces pulling the SE sector (political, economic and not to mention social) and these undoubtedly have an impact at the grassroots level.Social implicationsHaving drawn conclusions on the key areas of significant difference between internal actors in Social Firms, it is vital not to forget that organisational governance does affect social beneficiaries. In the case of Social Firms, social beneficiaries are also bound together within the fabric of the organisation, forming part of the workforce as well as benefitting from access to employment. This presents problems for SE management, especially when diverging attitudes detract from, rather than enhance, social benefit.Originality/valueThe paper presents some new empirical support for many of the governance challenges facing SE practitioners in the UK. The paper contributes to knowledge by providing support for the debates concerning SE governance, identity and legitimacy.
Manifestations of climate change impacts affecting socio‐economy in Bangladesh
Authors: Maruf Hossain A.M.M. , Rahman Hasibur , Park Kihong 
Published: May 2010

PurposeThe purpose of this paper is to investigate the climate change effects on the socio‐economy in Bangladesh, focusing on the framework of sustainable development and assisting in “policy and integration” innovation. The paper also aims to project the importance of translation of physical parameter changes in climate change models into effects on natural productive systems and the socio‐economy in the future. This should be regarded as one of the most important prerequisites for “policy and integration” innovation towards sustainable development.Design/methodology/approachThe most tangible climate change effects linked with the socio‐economy in Bangladesh are described and used to construct a single schematic that starts with susceptibility to climate change and ends into sustainable development. Further focus is given into the framework of sustainable development.FindingsBangladesh is highly susceptible to increase in floods, moisture stress and salinity intrusion in a changed climatic scenario. All major user sectors of water will be affected despite of the country's very high per capita quanta water availability. This will adversely effect the overall socio‐economy and will be disproportionate to the poor. Adaptation and coping strategies must be addressed with development initiatives, thus “policy and integration” innovation are greatly required for sustainable development.Originality/valueThe paper describes the most tangible climate change effects linked with the socio‐economy in Bangladesh resulting in the construction of a single schematic starting with susceptibility to climate change and ending into sustainable development.
The European Union and quantified emission limitation and reduction commitments under the Kyoto Protocol
Authors: Schiele Simone 
Published: May 2010

PurposeThis paper aims to clarify the scope and content of the obligations and responsibilities which the European Community (EC) and the European Union (EU) Member States assumed under the Kyoto Protocol, including an examination of the procedures and mechanisms relating to compliance.Design/methodology/approachThe paper explores the participation of the EU as a “Regional Economic Integration Organization” in the Kyoto Protocol and explores the implications of possible non‐compliance with its obligations.FindingsWhile there is uncertainty, the text of the Kyoto Protocol as well as its negotiating history suggest that the EC entered into an emissions‐reduction commitment of 8 per cent additional to the obligations of EU Member States which redistributed their targets under a burden‐sharing agreement.Originality/valueThe paper challenges the prevalent opinion that the EC and the Member States of the EU share a common emission‐reduction target of 8 per cent under the Kyoto Protocol.
Global growth, international trade patterns and national inflation policies with capital accumulation in a multi‐country economy
Authors: Zhang Wei‐Bin 
Published: May 2010

PurposeThe purpose of this paper is to examine global monetary economic growth with free trade. It develops a multi‐country monetary growth model with capital accumulation to provide some insights into complexity of economic globalization with free trade and financial markets.Design/methodology/approachThe real aspects of the model is based on the neoclassical growth theory and monetary aspects of the model are based on the money‐in‐utility approach. The behavior of households is based on an alternative approach. The paper shows that the dynamics of the J‐country world economy can be described by 2J‐dimensional differential equations.FindingsThis paper simulates equilibrium and motion of the global economy with three, developed, newly industrializing, and developing countries and Cobb‐Douglas production functions. As the global monetary economic system is unstable, the perfectly competitive world economy may either experience unlimited growth or economic crisis. Because of the choice of the initial conditions and the parameters, the simulation demonstrates a situation of global economic declination. This paper also demonstrates, for instance, that the global economy worsens off as the developed economy reduces its propensity to save or increases its inflation policy.Social implicationsThis paper also tries to provide some possible implications of our model for the recent economic crisis. A policy implication of the results is that as global economies with free trade and financial markets are possibly structurally unstable and the global economy may suffer from economic declination, government interventions, and co‐operation among countries are necessary for global sustainable development.Originality/valueThe paper offers insights into the linkage between national monetary policies and global economic growth.
IDMEC – Faculdade de Engenharia da Universidade do Porto
Authors: de Castro Paulo M.S.T. , Camanho Pedro P. , da Silva Lucas F.M. , Moreira Pedro M.G.P. 
Published: May 2010

PurposeThe purpose of this paper is to describe the work of IDMEC, a not‐for‐profit R&D private association located in Porto and Lisbon, Portugal.Design/methodology/approachThe paper focuses on IDMEC's R&D activities, focusing on aeronautics.FindingsTogether IDMEC‐Porto and INEGI provide answers to R&D challenges in the broad area of aerostructures, from fracture and fatigue problems to advanced composites for space applications.Originality/valueThe paper offers a concise presentation of the IDMEC's R&D activities in the field of aeronautics.
Coastal bridges and the 120 Life Span – the Rio‐Antirio case study
Authors: Apostolopoulos Ch. Alk. 
Published: May 2010

PurposeThe purpose of this paper is to shed light on the uncertainties related to durability prediction of coastal bridges.Design/methodology/approachThe paper describes the problems encountered with the Rio‐Antric bridge in Greece.FindingsEven the most accurate models, especially those traditionally employed, fail to provide secure estimates, cases which create serious questions about suggested life spans. Local conditions, large‐scale effects, construction practise, dynamic phenomena, etc. create such a complex web of parameters able to negate even the most conservative estimates. As such, cathodic protection systems should be employed in every coastal structure as a defence measure.Originality/valueThe paper offers a typical example of how far engineering, material science and construction practise has to go to guarantee that any designed life is accurately met.
The power of nascency: realizing the potential of service‐learning in an unscripted future
Authors: Hrivnak George A. , Sherman Cynthia L. 
Published: May 2010

PurposeThe purpose of this paper is to review – from the perspective of nascent academic practitioners – the promise and challenges of service‐learning as an instructional methodology. The paper is contextualized in terms of preparing students of business and management with the requisite skills for coping and thriving in the unknowns of the unscripted future.Design/methodology/approachThe approach is a review of the context of the unscripted future and the considerations involved in determining the viability and appropriateness of service‐learning from the perspective of faculty who have not previously used this approach.FindingsAlthough there are numerous challenges and considerations involved in the use of service‐learning, particularly for faculty members who are new to this instructional method, thoughtful perseverance and attention to the issues inherent to this teaching tool can yield a powerful approach that is well‐suited to meeting the learning needs of students facing an unscripted future.Originality/valueThe paper provides not only a literature review of the current thinking in the service‐learning domain but also a set of resources relevant to the topic from the perspective of a nascent practitioner. The paper is designed to illustrate the unique challenges and strengths of faculty members who are considering implementing service‐learning in a management or organizational sciences course.
A transnational comparison of service‐learning as a tool for leadership development
Authors: Cress Christine M. , Yamashita Miki , Duarte Rebecca , Burns Heather 
Published: May 2010

PurposeThis investigation sought to identify learning outcomes for undergraduate students at a US college enrolled in community‐based learning courses. Specifically, the purpose of this paper is to examine the similarities and differences between American students' and international students' development of leadership skills through senior level service‐learning (SL) courses and analyzed the role of teaching methods on those outcomes.Design/methodology/approachOver 150 SL courses from students representing 30 countries were examined at a major university in the USA. US and non‐US student leadership and learning outcomes were cross‐tabulated with instructional techniques to analyze for statistically significant differences.FindingsFacilitating leadership skill development is a function of utilizing transformational rather than traditional classroom teaching techniques.Practical implicationsTransformational teaching and learning methods such as collaborative projects, student‐selected readings, and group decision‐making in SL courses help transform students' views of themselves, their communities, and the world as they consider their roles as leaders in an unscripted future.Originality/valueFew studies have examined the instructional elements in SL that transform student knowledge and leadership skills especially across such a breadth and variety of SL courses and student cultural backgrounds.
Moving forward together in sustainable, effective, and partnership‐oriented ways
Authors: Hogner Robert H. , Kenworthy Amy L. 
Published: May 2010

PurposeSustainable and effective university‐community partnerships are not easy to create, yet they are an integral part of student community‐based learning as they are uniquely designed to educate students about their roles as members of their local, national, and global communities. The purpose of this paper is to review the extant literature on effective university‐community partnering and draw out key themes to assist practitioners and researchers who are involved in the design, execution, and analysis of partnership programs. Following the review, a model partnership program focused on increasing students' knowledge and skills in the area of international citizenship, called the global leadership and service project (GLSP), is presented as an innovative service‐learning design template.Design/methodology/approachThe paper presents a review of the literature, key themes drawn from the literature, and a case study for use as readers consider, adapt, and integrate tools for effective, partnership‐based service‐learning projects into their curricula.FindingsSustainable, effective, and partnership‐oriented service‐learning projects are difficult to design and execute yet they are extremely effective at enhancing students' awareness, learning, and development as global citizens. The model presented through the GLSP provides a useful framework for adaptation in other university and professional settings.Originality/valueThe paper focuses on the community organization side of effective service‐learning partner‐oriented program design and provides a case study example of how such programs can be executed in a sustainable and contributory manner, each within the context of enhancing student learning as members of our global and interconnected society.
Process improvement projects shortcomings and resolution
Authors: Breyfogle Forrest W. 
Published: May 2010

PurposeThe purpose of this paper is to describe a business management system that addresses the following issue: Lean Six Sigma, total quality management, and other process improvement efforts center on the execution of process improvement projects; however, often these projects (e.g. Lean Six Sigma Black Belt projects) are identified in silos and do not benefit the business as a whole, e.g. $125 million is reported saved, but nobody can find the money.Design/methodology/approachThe paper “Where process‐improvement projects go wrong,” Wall Street Journal, January 25, 2010 (www.smartersolutions.com/blog/forrestbreyfogle/?p=2726) elaborates on the shortcomings of typical process improvement efforts by building an analog between process improvement programs and a spring's stress‐strain curve – stretching, yielding, and failing. To address the described issues, process improvement efforts need to be part of an overall enhanced business management system in order to have long‐lasting success. This structured organizational framework should integrate predictive scorecards with targeted strategies creation that blends analytics with innovation, which lead to the establishment of functional performance goals that pull for the creation of enterprise‐as‐a‐whole‐beneficial improvement projects, which positively impacts these target objectives.FindingsThe described nine‐step Integrated Enterprise Excellence (IEE) business management system provides the framework for achievement of these above‐described needs. The IEE system, for example, blends analytics with theory of constraints, competitive assessments, and economic environment so that created project work efforts have a whole‐system‐performance measurement benefit.Research limitations/implicationsIn Lean Six Sigma and Lean kaizen event programs, improvement projects are often selected from a brainstorming‐list of potential opportunities. Initial gains when starting such a deployment can be achieved; however, this effort typically stalls out and the process improvement teams are laid‐off when times get tough. The reason for this rough‐time downsizing is that the previous team process improvement project efforts were not, in the eyes of executives, expended in areas so that a significant overall enterprise benefit was achieved. IEE provides a business management system for addresses these issues so that business improvement efforts have a whole‐organization benefit.Practical implicationsThe IEE system can be used by management to address the business management problems of the day, e.g. management issues that led to the financial crisis and the problems that Toyota is now experiencing.Originality/valueMany who have studied the IEE system have said that this system provides a framework for how business should be run and should be taught in business schools.