bluuebunny/crossref_metadata_2025_split huggingface dataset:
Savings behaviour in Fiji: an empirical assessment using the ARDL approach to cointegration
Authors: Narayan Paresh Kumar , Narayan Seema 
Published: July 2006

PurposeThis paper aims to delineate the short‐ and long‐run relationships between savings, real interest rate, income, current account deficits (CADs) and age dependency ratio in Fiji using cointegration and error correction models over the period 1968‐2000.Design/methodology/approachThe recently developed bounds testing approach to cointegration is used, which is applicable irrespective of whether the underlying variables are integrated of order one or order zero. Given the small sample size in this study, appropriate critical values were extracted from Narayan. To estimate the short‐ and long‐run elasticities, the autoregressive distributed‐lag model is used.FindingsIn the short‐ and long‐run: a 1 per cent increase in growth rate increases savings by over 0.07 and 0.5 per cent, respectively; a 1 per cent increase in the CAD reduces savings rate by 0.01 and 0.02 per cent, respectively; and the negative coefficient on the real interest rate implies that the income effect dominates the substitution effect, while in the short‐run the total effect of the real interest rate is positive, implying that the substitution effect dominates the income effect.Originality/valueThis paper makes the first attempt at estimating the savings function for the Fiji Islands. Given that Fiji's capital market is poorly developed, the empirical findings here have direct policy relevance.
A democratic view on prosperity
Authors: Cojanu Valentin 
Published: July 2006

PurposeThis paper aims to advance the argument that the process of wealth creation predominantly originates from the economic system of democracy. It seeks to put forth the concept of economic democracy and understand as the process enabling the opportunities for welfare gains to multiply in favour of ever‐larger parts of population.Design/methodology/approachThe paper questions the main insight of the conventional view on the benefits of specialisation according to which a nation's prosperity becomes inevitable under the circumstances of efficient allocation of available resources. It takes instead account of how economic interests intertwine with political processes and proposes an analytical deconstruction of the economic influence of political decisions with extensive consideration to Olson's perspective on collective action.FindingsThe argument is that the conventional prediction is necessarily limited by several particular occurrences that make the process of wealth creation take a course dependent on the democratic organization of economic activities. The set of policy actions, as well as its underlying principles rest on the understanding that diversification of sources of economic gains should stand as option number 1 on any governmental priority list in order to achieve a better standard of living.Originality/valueThe paper sheds light on a different perspective, which does not take for granted the principles of free market and open society as determinants of a country's prosperity and proposes instead an understanding of the sources of prosperity based on occupational diversification as a practical consequence of the economic democracy.
The valuation effects of stock splits in NASDAQ
Authors: Lyroudi Katerina , Dasilas Apostolos , Varnas Antonios 
Published: July 2006

PurposeTo investigate whether a stock split is still considered a policy that creates value for the underlying company and the rationale behind such action for companies listed on the NASDAQ.Design/methodology/approachThe event study methodology of Strong is employed to examine the announcement effect of stock splits on stock prices.FindingsThe results indicate a positive market reaction at the stock split announcement and that the liquidity hypothesis explains well the rationale for the stock splits.Research limitations/implicationsThe sample is quite small (57 observations) and the examination period is limited to 1999 and 2000.Practical implicationsFindings are of particular interest to researchers, practitioners and investors that have an interest in firms listed on NASDAQ.Originality/valueLimited research on the stock price behaviour of firms listed on NASDAQ around stock split announcement date.
Optimisation of FTSE 100 tracker funds
Authors: Rafaely B. , Bennell J.A. 
Published: July 2006

PurposeTracker funds offer an attractive balance between risk and return, by providing the profit of the index, with the reduced risk associated with the broad market cover. An effectively designed tracker fund will achieve best tracking of the index with minimal running and trading costs. This paper aims to investigate the use of improved optimisation methods for the design and maintenance of tracker funds.Design/methodology/approachMost current methods of tracker fund optimisation use quadratic programming (QP), due to its simple formulation and efficient solution. However, the explicit tracking of the return of the index and the optimal selection of the subset of shares composing the fund is not directly available using these methods. This paper investigates ways to overcome the shortcomings of current methods by using genetic algorithms (GA). A GA based tracker fund optimisation method is applied to Financial Times Stock Exchange 100 data using computer simulations.FindingsTracking performance is presented and compared to QP. Results show the advantage of the new method for various conditions of tracker fund subset size and update rates. In particular, there is an improved performance when evaluating the errors in optimising returns of the index.Practical implicationsThe paper intentionally sets out to use commercially available software to implement the optimisation approaches, thus demonstrating that the advantages of using GAs are easily realisable and do not require tailor made software.Originality/valueThe paper provides a direct comparison between the established approach of QP and a GA. The implementation uses commercially available software and is therefore easily realisable in practice.
Macroeconomic risk and the Fama‐French three‐factor model
Authors: Black Angela J. 
Published: July 2006

PurposeThis paper aims to examine the relationship between the conditional variance of the factors from the Fama–French three‐factor model and macroeconomic risk, where macroeconomic risk is proxied by the conditional variance for a default risk premium and real gross domestic product (GDP) growth.Design/methodology/approachA generalised autoregressive conditional heteroscedastic model is used to generate the conditional volatilities and bivariate Granger causality tests are used to examine the empirical relationship between the risk measures.FindingsPast values of the conditional variance for a default risk premium have information that is precedent to the conditional volatility for value premium and the small stock risk premium, and the conditional variance for the market risk premium has information about the future volatility of macroeconomic risk, as proxied by the conditional variance for GDP growth.Research limitations/implicationsThe implications are that conditional volatility associated with default is related to current and future volatility in value premium; however, volatility associated with the market risk premium appears to be a predictor of future macroeconomic risk. A caveat is that the results are dependent on the proxies used for macroeconomic risk and more refined measures of macroeconomic risk may yield different results.Practical implicationsThis paper suggests that examination of the relationship between the volatility of macroeconomic factors and the explanatory factors in asset‐pricing models will help to further understanding of the relationship between risk and expected return.Originality/valueThis paper focuses directly on the links between risk associated with the Fama–French factors and macroeconomic risk. This added knowledge is beneficial to practitioners and academics whose interest lies in asset price modelling.
Financial liberalization and price rigidity in the Nigerian banking system
Authors: Felix Ayadi O. , Hyman Ladelle 
Published: July 2006

PurposeMany developing countries embarked on a program of financial liberalization in order to maximize the benefits associated with a free market system. The preponderance of the evidence in the financial economics literature is that market‐determined interest rates become volatile subsequent to financial liberalization. This paper aims to examine the liberalization program in Nigeria with a view to finding out whether the level of banking competition is increased after financial liberalization.Design/methodology/approachThe test of banking competition is premised on the argument by Hannan and Berger that retail interest rate rigidity results from either market concentration or the size of the customer base. The cointegration and error correction models are applied to quarterly wholesale and retail interest rates from 1987 through 2001, in order to analyze their long‐run as well as short‐run dynamics.FindingsThe retail lending and deposit rates possess a long‐run equilibrium relationship. Moreover, the minimum rediscount (wholesale) rate (MRR) and the deposit rate also exhibit a long‐run equilibrium relationship. If the lending and deposit rates diverge from their long‐run equilibrium relationship, 37 per cent of the disequilibrium is corrected each quarter by changes in the lending rate. On the other hand, any disequilibrium in the long‐run relationship between the deposit and MRRs can be corrected by changes in the MRR at about 58 per cent per quarter.Originality/valueThe results imply that the financial liberalization in Nigeria failed to achieve its key objective of a market‐driven interest rate system.
Comparing users' perspectives of in‐person and virtual reference
Authors: Nilsen Kirsti 
Published: July 2006

PurposeThe purpose of this paper is to compare user perspectives on visits to in‐person and virtual reference services conducted by participants in the Library Visit Study, an ongoing research project.Design/methodology/approachThis paper compares satisfaction rates, identifies staff behaviours that influence user satisfaction, and suggests how both face‐to‐face and virtual reference can be improved. Since 1990, participants in the Library Visit Study have been MLIS students who ask questions at in‐person and virtual reference desks, and report on their experiences. In addition to these accounts, students complete questionnaires on their experiences. Level of satisfaction with the in‐person or virtual transactions, based on the “willingness to return” criterion, are computed. Satisfaction is compared with other factors such as correctness of answers and friendliness of library staff. Underlying problems that influence satisfaction are identified. Findings – Data from 261 in‐person and 85 virtual reference transaction accounts (both e‐mail and chat) show that virtual reference results in lower satisfaction than in‐person reference. Underlying problems that are associated with user dissatisfaction were identified in face‐to‐face reference and carry over to virtual reference, including lack of reference interviews, unmonitored referrals and failure to follow‐up. Research limitations/implications – The number of virtual reference visits is relatively small (85) compared with 261 in‐person visits. Practical implications – The reasons for ongoing failures are examined and solutions that can help improve both face‐to‐face and virtual reference are identified. Education and training of reference staff can be improved by recognition of the behavioural causes of dissatisfaction in users. Originality/value – This paper provides empirical data that compare user perceptions of in‐person and virtual reference.
Learning our way to change: improved institutional alignment
Authors: Davis Hiram L. , Somerville Mary M. 
Published: July 2006

PurposeAt California Polytechnic State University in San Luis Obispo, USA, systems thinking practice guides strategic organizational change. A new Research and Information Service and education (RISE) initiative and an emerging professional knowledge management model illustrate participants' “deep learning” as leaders realign the organization within the broader context of the academic enterprise. This study aims to examine this initiative.Design/methodology/approachThis “thought leadership” approach uses soft systems methodology (SSM) to support collaborative learning focused on re‐examining organizational contexts and assumptions. Fortified by data‐driven dialogue, library faculty and staff learn how to think holistically about repurposing resources, redirecting programming, restructuring staff, and retooling expertise.FindingsRethinking activities guided by SSM build library staff capacity to improve systems and services through active learning experiences focused on interpreting results and applying insights from user research. Results to date also identify elements of and processes for transformational thought leadership in contemporary information and knowledge organizations.Research limitations/implicationsThis promising line of inquiry suggests the efficacy of systems thinking for organizational change initiatives which seek to better align workplace outcomes with constituencies' needs. Results to‐date also suggest elements of, and processes for, thought leadership initiatives which seek to create sustainable workplace learning culture.Practical implicationsThis applied systems thinking methodology can inform organizational decision making intended to improve institutional alignment and, concurrently, advance workplace learning.Originality/valueSSM is typically used in an isolated intervention by external organizational development consultants. At California Polytechnic State University, organizational leaders seek to embed SSM in workplace culture to further evidence‐based information practice and workplace learning.
Adapt or die: a call to action for libraries
Authors: Long Sarah Ann 
Published: July 2006

PurposeTo introduce an OCLC report on public perception of libraries.Design/methodology/approachAn overview of the report is given, along with personal recommendations in response to research results.FindingsLargely, the reaction to libraries is positive, yet overwhelmingly survey respondents were not aware of, nor do they use, most libraries' electronic information resources. The internet is more of a competitor than realized, as most in the survey ranked the quality of library and internet information about equal. The author believes that libraries must change from passive to aggressive marketers of library services, as well as make libraries easier to use, with fewer rules and more self‐service.Originality/valueReliable research has generated valuable and challenging insights for libraries.
Does labour law actually produce equality among workers?
Authors: Ichino Pietro 
Published: July 2006

PurposeThe purpose of this paper is to deal with the problem of labour law effectiveness, i.e. the comparison between the protective rules’ reasons for existence and their practical effects.Design/methodology/approachThe paper briefly reviews the most important economic models from which arguments can be drawn in support of (or against) the coherence between labour law aims and effects, particularly focusing on the principal/agent model, which considers the work contract as partially functioning as a sort of insurance policy aimed to guarantee a certain degree of equality among workers notwithstanding their different ability and luck. The paper then assumes the traditional labour law commitment to building equality among workers as a test‐bench of the labour law effectiveness. It then proposes a crucial test for the equalization principle's practical functioning: when is it fair to dismiss an inefficient worker? The paper analyses the current mechanism of judicial application of just cause for dismissal, showing how, in its Italian version, it actually causes the most rigid courts’ orientation – instead of the average one, or the median one – to be assumed by employers and employees as a benchmark for their behaviour in case of litigation.FindingsThis mechanism appears theoretically coherent with the guarantee, traditionally pursued by labour law, of equality among workers independently of the differences among their performances; but this effect is based on the prerequisite that they are hired “under the veil of ignorance” about the efficiency of their future performance; this is why this effect can operate only within the firm where they are employed. Outside the firm, in the external labour market, the same traditional mechanism causes an effect of exclusion for the worker whose lack of efficiency is already visible. The paper concludes that the best effective guarantee of welfare for the worker who turns out to be the loser in the natural or social lottery is today given – rather than by a strong protection of stability of the work relationship – by a system of education, professional training, information and intensive assistance in the labour market, capable of reducing as much as possible, or even eliminating, his/her deficit of initial endowment or handicap, either pre‐existing or acquired.Originality/valueThe paper offers insight into the issue of whether labour law actually produces equality among workers.
The strategic use of American cyberlaw and cyberspace jurisprudence
Authors: Ware Robert 
Published: July 2006

PurposeThe purpose of this paper is to examine the impact of jurisdictional conflict on the internationalization of firms with internet – focused strategies – in both the physical and virtual environments.Design/methodology/approachThis paper examines this new phenomenon in the international legal environment through the analysis of Yahoo!'s website internationalization and a review of American cyberlaw jurisprudence.FindingsThis paper suggests that firms with Internet‐focused strategies are aware of the asymmetries in the application and enforcement of extraterritorial judgments, and use these asymmetries as a component of their website internationalization strategy. This paper also suggests that previous calls for the regulation of cyberspace, which are based only on an analysis of the virtual environment, may provide misleading conclusions regarding the operation of international jurisdictional conflict.Research limitations/implicationsThis is a nonquantitative analysis and scope‐limited to American law.Practical limitationsThe paper contain practical and actionable information, and suggests framework for future quantitative and nonquantitative research.Originality/valueThis is the only paper, known to the author, to investigate cyberspace jurisprudence using theories from Law and International Business.
Market scanning for new service development
Authors: Veflen Olsen Nina , Sallis James 
Published: July 2006

PurposeThe purpose of this paper is to develop and test a theoretical model of narrow and broad market scanning in a service industry, including short‐ and long‐term outcomes.Design/methodology/approachIn a cross‐sectional survey, structural equation modeling is used to test the hypotheses on a sample of 126 hotel managers in Norway.FindingsGiven that services often involve direct interaction between the customer and the provider, customers play a more active role in the service development process. This has ramifications for how service firms scan their environment and, in turn, for incremental and discontinuous innovation. It is found that narrow and broad scanning each affect the new service development process in a unique way. Narrow scanning has a strong positive effect on profitability through incremental service adaptation; broad scanning has a weak but significant effect on profitability through incremental service adaptation, and broad scanning positively influences spin‐off knowledge.Research limitations/implicationsThe two greatest limitations of the research, which translate into important avenues for future research, are to develop a better measure of discontinuous innovation, and to test the model in an alternative setting, because hotels are very dependent on locality and surroundings.Practical implicationsWhen developing services, services managers must distinguish between short‐ and long‐term performance, and how they scan their markets. Adapting to customers to the exclusion of exploring new opportunities threatens long‐term viability.Originality/valueThe paper offers the following advice: as with organizational learning, service firms need to scan their markets by design, not default.
Large firms, entrepreneurial marketing processes, and the cycle of competitive advantage
Authors: Miles Morgan P. , Darroch Jenny 
Published: July 2006

PurposeThe paper aims to explore how large firms might leverage entrepreneurial marketing processes to gain and renew competitive advantage.Design/methodology/approachThe paper applies past research on entrepreneurial marketing and entrepreneurship with examples from a long‐term case study of firms in New Zealand, Sweden, the UK, and the USA to illustrate how entrepreneurial marketing processes can be strategically employed by large firms to create or discover, assess, and exploit entrepreneurial opportunities more effectively and efficiently.FindingsThe paper offers insight into how large firms leverage entrepreneurial marketing processes to gain advantage. The findings suggest that, in free and open markets, entrepreneurial marketing processes can be strategically employed to create superior value for the firm's customers and owners.Originality/valueThe paper contributes to the work of both academics working at the marketing/entrepreneurship interface and executives seeking to leverage marketing to create competitive advantage.