bluuebunny/crossref_metadata_2025_split huggingface dataset:
Systematic liquidity and excess returns: evidence from the London Stock Exchange
Authors: Galariotis Emilios C. , Giouvris Evangelos 
Published: July 2009

PurposeThe purpose of this paper is to test whether the 2007 identification of commonality in liquidity by Galariotis and Giouvris for the UK is robust to different methodological approaches; to find whether commonality is priced; and to identify how changes in trading regimes, hence liquidity provision, affect the relationship between commonality and excess returns.Design/methodology/approachThe paper builds on the 2001 methodology of Huberman and Halka. In addition it extracts common factors using principal component analysis to test the effect of commonality on excess returns.FindingsThe findings of this paper confirm the presence of a systematic time‐varying component in UK spreads (under a different approach) even after controlling for well‐known spread determining variables.Originality/valueThe paper provides original evidence on the presence and the effect of systematic liquidity on asset pricing in the UK, showing that it is sensitive to the nature of trading regimes. It is concluded that in order‐driven regimes the effect of commonality on asset pricing is reduced, hence policy makers should consider this when deciding on trading systems
Modelling a radiology department service using a VDL integrated approach
Authors: Gabriella Guglielmino Maria , Celano Giovanni , Costa Antonio , Fichera Sergio 
Published: July 2009

PurposeThe healthcare industry is facing several challenges such as the reduction of costs and quality improvement of the provided services. Engineering studies could be very useful in supporting organizational and management processes. Healthcare service efficiency depends on a strong collaboration between clinical and engineering experts, especially when it comes to analyzing the system and its constraints in detail and subsequently, when it comes to deciding on the reengineering of some key activities. The purpose of this paper is to propose a case study showing how a mix of representation tools allow a Manager of a Radiology Department to solve some human and technological resource re‐organizational issues, which have to be faced due to the introduction of a new technology and a new portfolio of services.Design/methodology/approachIn order to simulate the activities within the radiology department and examine the relationship between human and technological resources, different visual diagrammatic language (VDL) techniques have been implemented to get knowledge about the heterogeneous factors related to the healthcare service delivery. In particular, flow charts, IDEF0 diagrams and Petri nets have been integrated each other with success as a modelisation tools.FindingsThe simulation study performed through the application of the aforementioned VDL techniques suggests the opportunity of re‐organizing the nurse activities within the radiology department.Originality/valueThe re‐organization of a healthcare service and in particular of a radiology department by means of joint flow charts, IDEF0 diagrams and Petri nets is a poorly investigated topic in literature. This paper demonstrates how flow charts and IDEF0 can help people working within the department to understand the weak points of their organization and constitute an efficient base of knowledge for the implementation of a Petri net aimed at improving the departmental performance.
Contemporary leadership in healthcare organizations
Authors: Wikström Ewa , Dellve Lotta 
Published: July 2009

PurposeThe purpose of this paper is to gain a deeper understanding of the main contemporary challenges for healthcare leaders in their everyday work practice, and the support they need to master their experienced dilemmas.Design/methodology/approachQualitative in‐depth interviews (n=52), and focus‐group interviews (n=6) with 31 first‐line and 45 second‐line healthcare leaders are analysed in line with constructivist grounded theory.FindingsIn this paper, two leadership models are proposed for defining and differentiating ways of meeting different logics and demands made on leaders in the healthcare sector. The first model is leadership by separating different logics and fragmentation of time. Here, leaders express a desire for support in defining, structuring, dividing, and allocating tasks. The second model is leadership by integrating different logics and currentness of solutions. In this case, leaders want support in strengthening proactive leadership and shaping the basis for participative employeeship.Research limitations/implicationsThis research is designed to describe what people experience rather than to assess the frequency of that experience in the studied settings. However, it would be interesting to elaborate on the findings of this study using other research methodologies.Practical implicationsThe findings contribute to contextual knowledge that is of relevance in supporting healthcare leaders. This is helpful in identifying important conditions that support the establishment of leadership and employeeship, leading to improvements in healthcare practice.Originality/valueThe paper describes how contemporary leadership in the healthcare sector is constituted through different strategies for meeting multiple logics.
Measurement of social capital as an indicator of community‐based initiatives (CBI) in the Islamic Republic of Iran
Authors: Riaz Sheikh Mubashar , Zulfiqar Ali Syed , Hussain Abid , Shehzadi Romana , Mahmood Afzal Muhammad 
Published: July 2009

PurposeThe purpose of this paper is to observe whether measurement of social capital is an effective tool or can be used as a standard tool for community‐based initiatives (CBI) evaluation. It also points at the significance of social capital in the health related grass root initiatives.Design/methodology/approachCBI is an integrated socio‐economic development approach implemented by the organized communities, supported by inter‐sectoral actions for improvement of quality of life and health of the people. Support by WHO's office of Eastern Mediterranean Region, Islamic Republic of Iran implement programmes like basic development needs, healthy cities, healthy villages and women in health and development, that are evaluated during 2005‐2006. Social capital, that includes the networking, sharing norms and cooperation amongst communities, is measured as one of the indicators during the evaluation, by surveying 240 households in three CBI and three control villages, using the World Bank's, Social Development Department's Social Capital Assessment Tool for data collection.FindingsThe evaluation results reveal that the social capital indicators like affiliation percentage; trust reciprocity; and collective action are better in CBI areas than their controls. CBI areas have a better access to public services, are more peaceful, people are more willing to help others and there is less segregation due to income and social status.Originality/valueThe evaluation findings support the use of social capital indicators for investigating the impact and affectivity of CBI for health and development, and underlines the need for their consideration during implementation processes and further investigation.
Sexual harassment – a touchy subject for nurses
Authors: Cogin Julie , Fish Alan 
Published: July 2009

PurposeThe purpose of this paper is to examine prevalence of sexual harassment (SH) in nursing and the environmental factors that contribute to incidents of SH.Design/methodology/approachA mixed‐method research methodology is adopted. A total of 538 questionnaires are collected from nurses working in eight different hospitals across metropolitan and rural areas in Australia. A total of 23 in‐depth semi‐structured interviews are conducted.FindingsPrevalence of SH in nursing is high with 60 percent of female nurses and 34 percent of male nurses reporting a SH incident in the two‐year period prior to this paper. The questionnaire data suggest that patients are the most likely perpetrator, however, the interviews name physicians as typical perpetrators. A model is tested via structural equation modelling and revealed that leadership behaviors, an unbalanced job gender ratio and no prior socialization are positively associated with SH.Research limitations/implicationsThis paper closes gaps in theory by introducing a new framework explaining the contextual factors that heighten a nurses' probability of being harassed. Some variables such as organizational culture and specific nursing units have not been explored and can be considered a limitation of the paper.Practical implicationsThe results of this paper assist health professionals to adopt proactive practices for managing SH and plan a workforce where SH is minimized.Originality/valueThis paper illustrates the prevalence of different types of SH and the causes for male and female nurses that have not been investigated previously. The results help health managers make informed decisions in regard to intervention strategies.
Constant‐sum sampling: an apology for statistics' “original sin”
Authors: Powers Michael R. 
Published: July 2009

PurposeThe purpose of this editorial is to consider the importance of random samples subject to a constant‐sum constraint (that is, a succession of identically distributed random variables that add up to some predetermined constant) in human experience and intuition.Design/methodology/approachThe importance of constant‐sum random samples is motivated by considering the intuition that successive random variables must be negatively correlated to provide the “balance” required by convergence results such as the law of large numbers. Given that the intuition of negatively correlated trials is valid in the context of constant‐sum sampling, we explore the roles of this model in both evolutionary and modern‐day contexts.FindingsThe connection between constant‐sum sampling and the intuition that convergence results require negatively correlated random variables suggests that the constant‐sum model played a significant role in the lives of our primitive human ancestors. Because of the continued prevalence of constant‐sum samples in the modern world, it is concluded that the intuition of negatively correlated random variables should not be so quickly and categorically dismissed.Originality/valueThe editorial studies the relationship between constant‐sum random sampling and the intuition of negatively correlated random variables, and reveals the important role that the constant‐sum model has played – and still plays – in human cognition.
Macroeconomic uncertainty and conditional stock‐price volatility in frontier African markets
Authors: Adjasi Charles K.D. 
Published: July 2009

PurposeThe purpose of this paper is to analyse the impact of macroeconomic uncertainty on stock‐price volatility in Ghana.Design/methodology/approachThe method of analysis is in two stages. The first stage estimates univariate volatility models for each macroeconomic variable; namely consumer price index (proxy for inflation), exchange rate, money supply, interest rates, oil price, gold price, and cocoa price using the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) model. In the second stage volatility effect of macroeconomic variables on stock prices is estimated using the most recent squared residuals from the mean‐conditional variance of macroeconomic variables as exogenous variables in the conditional variance equation of the stock price.FindingsThe results show that higher volatility in cocoa prices and interest rates increases volatility of the stock prices, whilst higher volatility in gold prices, oil prices, and money supply reduces volatility of stock prices.Originality/valueThis paper departs from previous studies on African markets, by incorporating time‐varying volatility characteristics of stock returns and further examining the effect of conditional volatility of macroeconomic variables on the volatility of stock. It also incorporates the effect of external macroeconomic uncertainties from oil and commodity price shocks.
An econometric analysis of the lead‐lag relationship between India's NSE Nifty and its derivative contracts
Authors: Swaroop Debasish Sathya 
Published: July 2009

PurposeThe purpose of this paper is to examine the lead‐lag relationships between the National Stock Exchange (NSE) Nifty stock market index (in India) and its related futures and options contracts, and also the interrelation between the derivatives markets.Design/methodology/approachThe paper uses serial correlation of return series and autoregressive moving average (ARMA) model for studying the lead‐lag relationship between hourly returns on the NSE Nifty index and its derivatives contracts like futures, call and put options. Further, the lead‐lag relation between hourly returns of the derivatives contracts among themselves is also studied using ARMA models.FindingsThe ARMA analysis shows that the NSE Nifty derivatives markets tend to lead the underlying stock index. The futures market clearly leads the cash market although this lead appears to be eroding slightly over time. Although the options market leads the cash overall, there is some feedback between the two with the underlying index leading at times. Further, it is found that the index call options lead the index futures more strongly than futures lead calls, while the futures lead puts more strongly than the reverse.Practical implicationsThe results imply that the derivative contracts on NSE Nifty lead the underlying cash market. Thus, the derivative markets are indicative of futures price movements and this will certainly be helpful to potential investors to design their risk‐return portfolio while investing in stocks and derivatives contracts.Originality/valueThis paper is an original piece of work towards exploring the lead‐lag relation between NSE Nifty and the derivative contracts. The issue of price discovery on futures and spot markets and the lead‐lag relationship are topics of interest to traders, financial economists, and analysts.
Detecting risk transmission from futures to spot markets without data stationarity
Authors: Ozun Alper , Erbaykal Erman 
Published: July 2009

PurposeThe purpose of this paper is to analyze cointegration and causality relationships between spot and futures markets in Turkish foreign‐exchange markets.Design/methodology/approachThe research employs Bounds cointegration test and Toda‐Yamamoto causality test to detect a possible risk transmission between spot and futures markets. Time series of Turkish spot and futures foreign‐exchange markets from January 2, 2006 to March 25, 2008 on a daily basis are used for empirical analysis.FindingsThe empirical tests suggest that there is unidirectional causality running from future exchange‐rate market to spot market implying that foreign‐exchange markets have informational efficiency in Turkey.Originality/valueThe paper has originality in both employing Bounds test and Toda‐Yamamoto test to examine the relationship between spots and derivative markets, and in being one of the first empirical papers examining Turkish futures markets. In addition, the paper presents a guide on how Bounds and Toda‐Yamamoto tests can be applied to detect interactions among markets without data stationarity.
Forecast of value at risk for equity indices: an analysis from developed and emerging markets
Authors: Yi‐Hou Huang Alex , Tseng Tsung‐Wei 
Published: July 2009

PurposeThe purpose of this paper is to compare the performance of commonly used value at risk (VaR) estimation methods for equity indices from both developed countries and emerging markets.Design/methodology/approachIn addition to traditional time‐series models, this paper examines the recently developed nonparametric kernel estimator (KE) approach to predicting VaR. KE methods model tail behaviors directly and independently of the overall return distribution, so are better able to take into account recent extreme shocks.FindingsThe paper compares the performance and reliability of five major VaR methodologies, using more than 26 years of return data on 37 equity indices. Through back‐testing of the resulting models on a moving window and likelihood ratio tests, it shows that KE models produce remarkably good VaR estimates and outperform the other common methods.Practical implicationsFinancial assets are known to have irregular return patterns; not only the volatility but also the distributions themselves vary over time. This analysis demonstrates that a nonparametric approach (the KE method) can generate reliable VaR estimates and accurately capture the downside risk.Originality/valueThe paper evaluates the performance of several common VaR estimation approaches using a comprehensive sample of empirical data. The paper also reveals that kernel estimation methods can achieve remarkably reliable VaR forecasts. A detailed and complete investigation of nonparametric estimation methods will therefore significantly contribute to the understanding of the VaR estimation processes.
Market orientation, supplier perceived value and business performance of SMEs in a Sub‐Saharan African nation
Authors: Jekanyika Matanda Margaret , Oly Ndubisi Nelson 
Published: July 2009

PurposeIn the current customer‐centred business environment, organisations are adopting market‐oriented behaviour in an effort to enhance their value creation and delivery capabilities. This study seeks to investigate whether supplier market orientation leads to the creation of superior supplier perceived value and organisational performance. It is contended that supplier perceived value creation mediates the relationship between market orientation and business performance.Design/methodology/approachA model was developed that places supplier perceived value creation as a mediator of the relationship between market orientation and business performance. The model was tested using structural equation modelling on 244 fresh produce suppliers interviewed in face‐to‐face interviews.FindingsThe results indicate that, whilst customer orientation enhances supplier perceived value creation, competitor orientation and interfunctional coordination were negatively associated with it. Supplier perceived value creation had a mediating effect on the link between market orientation and business performance. Additionally, supplier perceived value creation had a negative effect on financial performance, but was positively related to marketing performance.Practical implicationsThe study indicates that not all market orientation components lead to positive effects on business performance. For some organisations market orientation can actually reduce business performance. Thus managers should specifically be careful to implement customer orientation as a way of enhancing business performance as the costs may outweigh the benefits.Originality/valueLimited work has investigated the role of supplier perceived value creation and research has called for empirical work on mediators of the market orientation‐business performance link. The paper adds to existing knowledge by unveiling how supplier market orientation influences their ability to conceptualise supplier delivered value.
Impact of government export assistance on internationalization of SMEs from developing nations
Authors: Shamsuddoha A.K. , Yunus Ali M. , Oly Ndubisi Nelson 
Published: July 2009

PurposeThe purpose of this paper is to examine the effects of government assistance programmes on internationalization of SMEs from an Asian developing nation.Design/methodology/approachPrimary data from a sample of 203 SMEs in three export‐oriented industries in Bangladesh were analyzed using structural equations model to examine both direct and indirect causal effects of government assistance on their internationalization.FindingsResults suggest that the usage of market development‐related government assistance significantly influence internationalization directly as well as indirectly via other determinants, whereas finance‐ and guarantee‐related assistance has only indirect effect.Practical implicationsGovernment export assistance programmes play an important role in the SMEs' internationalization process by contributing to a number of firm‐ and management‐related factors that determine international marketing performance of a firm. The study provides a guideline for SME managers as to how they can benefit from both categories of export assistance programmes in improving their positive attitudes towards the export market environment, building their knowledge and enhancing commitment to exporting for better success in their international operations.Originality/valueThe importance of export assistance programmes is well recognized in the literature but its causal effect on internationalization of small and medium‐sized enterprises (SMEs) is low. The paper tries to fill this gap by reporting the results of an empirical study examining effects of government assistance programmes on internationalization of SMEs from an Asian developing nation, where there is a gross dearth of research.
An empirical study of usage of external business services by Chinese SMEs
Authors: Xiao Jianzhong , Fu Hong 
Published: July 2009

PurposeAdopting an evidenced‐based approach, this paper seeks to examine the usage of external business services by small and medium‐sized enterprises (SMEs) in China.Design/methodology/approachThe empirical data are based on the first large‐scale survey of small businesses (around 500 in each city) and service providers (90‐200 in each city) designed and organised by the authors in Chengdu, Lanzhou and Shenzhen between November 2005 and March 2006, as part of a DFID project. The three cities were selected to enable the market conditions to be assessed in cities that are at different levels of economic development.FindingsThere is a variety of business services market in China. Using logistic models it is found that firm size, sector, exporter and growth‐intention appear to be important factors influencing demand side of services. It is also indicated that professional staff, referral via local SME bureau and networking appear to be the main variables influencing supply‐side behaviour.Research limitations/implicationsIn order to specify the nature of business service market, it is important to understand the needs of (small) firms and how these are currently being addressed. This will enable policy measures to be designed that meet the needs of businesses.Originality/valueThis is an empirical study that utilises the logistic model to examine the relationship of service usage with demand variables and supply variables. In this context, the value of the research is to assess the supply‐demand gap in a developing country.