bluuebunny/crossref_metadata_2025_split huggingface dataset:
Interest rate risk and time‐varying excess returns for Asian property stocks
Authors: Hiang Liow Kim , Huang Qiong 
Published: July 2006

PurposeAims to investigate whether the level and volatility of interest rates affect the excess returns of major Asian listed property markets within a time‐varying risk framework.Design/methodology/approachA three‐factor model is employed with excess return volatility, interest rate level and interest rate volatility as its factors. The generalized autoregressive conditionally heteroskedasticity in the mean (GARCH‐M) analyzes are undertaken on monthly excess returns of property stock indexes for the period 1987‐2003.FindingsProperty stocks are generally sensitive to changes in the long‐term and short‐term interest rates and to a lesser extent, their volatility. Moreover, there are disparities in the magnitude as well as direction of sensitivities in interest rate level and volatility across the listed property markets and under different market conditions. Overall, results indicate changes in the ARCH parameter, risk premia, volatility persistence and interest rate level and volatility effects before and after the 1997 Asian financial crisis. However, these noted changes are not uniform and depend on the individual listed property markets.Originality/valueThe findings enhance investors' understanding in financial asset pricing and complement existing evidence in international real estate. With the increasing significance of property stocks as real estate investment vehicles for international investors to gain property exposure in Asia and internationally, the paper is timely and provides the basis for more advanced research in international real estate investment strategies and capital asset pricing.
Real option premium in Hong Kong land prices
Authors: Chiang Yat‐Hung , Joinkey So Chun‐Kei , Stanley Yeung Chi‐Wai 
Published: July 2006

PurposeThis paper aims to identify the imbedded option value in price of auctioned land in Hong Kong, and to propose a more accurate valuation method in predicting land price.Design/methodology/approachBased on records of land auctions and property transactions during two periods of very different market conditions, land prices are estimated using the traditional hedonic pricing method as well as the option model modified from Quigg. The results are compared to deduce whether there is any imbedded option value, thus concluding whether the option model facilitates a more accurate valuation of land prices.FindingsThis study concludes that land auction prices have embedded option value in waiting to develop land. Option premiums increase with implied volatilities, which go up during market downturns, suggesting that developers place higher value on the option to develop during recessions.Research limitations/implicationsThe accuracy of the analysis may have been compromised by the limited number of land auctions conducted and the difficulties in inferring the value of multi‐ownership residential buildings from sample transactions of their constituent individual units. Future research will benefit from a larger sample of transactions.Practical implicationsThis paper illustrates that real option models provide the property industry with a valuation tool that addresses the concern arising from the irreversibility of investment decisions.Originality/valueThe study finds out the option premiums of vacant land in Hong Kong, lending empirical support to the application of option‐based models for more accurate land valuation under different market conditions.
Europe: gray hair and low growth
Authors: Godet Michel , Durance Philippe 
Published: July 2006

PurposeThis paper aims to explore the links between demographics and economics and to show how European institutions (like the European Commission) and European policies are slowly but surely taking into account these fundamental relations.Design/methodology/approachThe paper demonstrates the bases of the productivity gap between Europe, especially France, and the USA, by comparing GDP per active worker adjusted with the employment rate. In order to compare the level of wealth, the paper suggests using potential GDP per capita, taking into account the labor effort measured by the number of hours worked.FindingsThere can be no sustainable development without children. In comparison with the USA, Europe has a demographic deficit that is probably greater than any technology gap. All of Europe has discovered that there can be no growth without cradles and that gray hair will probably lead to soft growth. Given that the active population of the Europe of 25 will decrease by more than 20 million people between 2010 and 2030, increased immigration and successful integration of newcomers through more flexible public and family policies are needed.Originality/valueThis paper constitutes an appeal for more research about the links between demographics and economic growth, especially about the existence of a “demographic multiplier”, considering that development is the result of investment not only in technologies, but also in human capital.
Introducing a classification framework for prospective methods
Authors: Voros Joseph 
Published: July 2006

PurposeThe purpose of this article is to examine the nature and type of methods used in futures studies and foresight work which are explicitly concerned with creating “forward views” and/or “images of the future” (“prospective” methods).Design/methodology/approachA new analytical technique, “mode‐level analysis”, is introduced and described, based on a classification of “modes” of futures thinking and levels of “depth” of interpretive frameworks. By choosing both a set of thinking modes and a series of interpretive levels as a basis, prospective methods may be analyzed in terms of which mode(s) and what level(s) they operate with or at.FindingsTwo modes of thinking and five levels of depth are chosen for this analysis. The resulting schema is used to classify such methods as: wildcards, forecasting, “trend breaks”, visioning, backcasting, and alternative histories and counterfactuals. An analysis is also carried out on the method of “scenarios”, revealing a variety of different approaches operating at multiple levels of depth. The historical development of prospective methods is also discussed.Practical implicationsMode‐level analysis can be generalized to any number of modes or levels, depending on the application, context or objectives of the analyst. It may be used by academics for interest's sake and for teaching students, and by practitioners as both a design tool and a diagnostic one.Originality/valueThis paper introduces a new technique for classifying prospective methods, and may help lead to ideas for the creation of new methods.
If humanity and the environment fail one another …
Authors: Richardson Jacques 
Published: July 2006

PurposeThis paper seeks to summarize humanity's growing appraisal of cumulative transgressions against nature and how these may be proving reversible.Design/methodology/approachThe paper describes some of the current literature on environmental failure and the reasons therefor, and what, in global terms, activists are doing to rectify systemic breakdown.FindingsThe wrecking of nature is not new, but it is only recently that the conservationists, scientists, engineers and political activists of civil society have undertaken repairs and begun to meet the challenges of maintenance.Originality/valueThe application of rational, well‐intended corrective strategies (motivated beyond moralizing) are shown to undo some of the past's grossest misdemeanors.
How free is the radio spectrum?
Authors: Bohlin Erik , Weber Arnd , Preissl Brigitte 
Published: July 2006

PurposeNew technologies provide new opportunities for radio spectrum allocation and frequency use. This article seeks to summarize papers that form a special issue on spectrum management, and to provide also some outlooks toward policy.Design/methodology/approachThis editorial gives an introduction to the selection of papers included in this special issue. The editorial lays out the basic questions guiding the debate about spectrum management and explains the contribution of the various papers to this debate.FindingsThe editorial points out the high social, political and economic importance of spectrum management, and the need for a critical discussion of regulatory approaches is emphasised.Originality/valueThe editorial summarizes papers for a special issue on spectrum management and will be of value to academics, business and policy makers.
The social value of TV band spectrum in European countries
Authors: Hazlett Thomas W. , Müller Jürgen , Muñoz Roberto 
Published: July 2006

PurposeThis paper aims to estimate the social gains from an analog TV switch‐off in 13 EU countries, focusing on the value of TV band spectrum in alternative uses.Design/methodology/approachBy using data from existing mobile phone markets, changes are projected in retail prices for wireless voice services, assuming a reallocation (to mobile telephony) of about 42 percent of TV band spectrum.FindingsIt is forecast that retail mobile phone tariffs would substantially decline if a transition to digital television led to enhanced availability of VHF/UHF spectrum for wireless telecommunications. Consumer surplus gains offset transition costs by at least 2‐to‐1, and as much as 45‐to‐1. These net benefits are conservatively estimated in that other services (apart from mobile telephony) could prove more socially valuable, and because we ignore the considerable increase in video choices the transition could provide. It is also found, however, that wireless operators' profits sharply decline with additional spectrum, due to more intense competition. This suggests a public choice dynamic, often overlooked, that potentially helps to explain the slow pace of the digital TV transition.Practical implicationsRegulations blocking TV band spectrum from reallocation to non‐TV applications ought to be re‐examined in light of the associated costs and benefits.Originality/valueThis paper quantifies, using conservative methods, the cost of current spectrum policies.
Spectrum governance regimes: efficiency properties and policy choices
Authors: Wildman Steven S. , Bauer Johannes M. , Ting Carol 
Published: July 2006

PurposeThis paper proposes to describe a model and the results of a simulation exercise used to compare welfare outcomes for four governance regimes that might be employed for wireless services: two spectrum ownership regimes and two open commons regimes. Aims also to examine practical implications for policy makers.Design/methodology/approachA formal economic model was constructed and computational techniques were employed to explore the welfare consequences of alternative applications of policy instruments.FindingsFor the model examined, the market does as well as can be expected from government in setting interference tolerance for both types of regimes. However, commons regimes always generate excessive entry. While the theoretical optimum achievable by government in an ownership regime exceeds predicted welfare for a commons regime, for most model specifications the difference is not too large and an ownership regime can easily under‐perform a commons regime if imperfectly‐informed policy makers set policy variables incorrectly.Research limitations/implicationsThe necessity of using computational methods limits the generality of the findings.Practical implicationsThe modeling approach and analysis identify critical tradeoffs that must be addressed by policy makers in designing spectrum governance institutions.Originality/valueThis analytical approach makes possible hitherto impossible, side‐by‐side performance comparisons for alternative governance regimes. The framework can be extended and generalized to other policy issues.
The rain forest and the rock garden: the economic impacts of open source software
Authors: Forge Simon 
Published: July 2006

PurposeThe software industry is rapidly being reformed by the collective development of open, common software – open source software (OSS) – sometimes being free at no charge, but always with the source code revealed for changing, testing and improvement. The purpose here is to examine the role and power of software in the economy and review the economic impacts of the trend to OSS on the software industry, largely from a European industrial and social perspective.Design/methodology/approachThe paper briefly traces the economic significance of the software industry and the dominance in packaged software of the large US publishers, the phenomena of natural monopolies building in software packages, and the need for different industry structure for Europe, as it exhibits a small to medium‐sized enterprise (SME) and system integrator structure. It then examines the balancing affects of OSS. The paper also addresses the role that poor software plays in creating new costs or externalities for its users when it fails, contrasting the robustness of open source in defect repair.FindingsThe paper finds that the way forward in economic terms for Europe may well be to follow and encourage OSS for reasons of creating a strong software industry and for a counterbalance to current monopolistic trends.Practical implicationsThe paper's findings emphasise the need for investment, education and encouragement in OSS, by both the public and private sectors, to build a strong knowledge‐based society in Europe.Originality/valueThe paper introduces the ideas of the basic economic mechanisms of volume sales of software as a good, with analysis of the industry impacts of confluence of the network effect coupled with the law of increasing returns with volume to drive monopolistic positions in the proprietary software package industry.
Foreign investment and consolidation in the Brazilian mobile telecommunications market
Authors: Maciel Marcos , Whalley Jason , van der Meer Robert 
Published: July 2006

PurposeThis paper aims to analyse structural changes within the Brazilian mobile telecommunications market. More particularly, the paper aims to highlight why the market was fragmented and identify drivers for its subsequent consolidation.Design/methodology/approachComparative case studies are used to understand change in the Brazilian mobile telecommunications market. The evolution of the market is described and key factors driving change identified.FindingsThis paper shows how each of the leading mobile telecommunications groups in Brazil employed a different strategy, both for entering into the fragmented market and for participating in its subsequent consolidation. Attention is also drawn to the role of government in determining market structure, not least in terms of its rationale for initially fragmenting the market in order to encourage foreign investment.Originality/valueThis paper provides a detailed analysis of structural change within the Brazilian mobile telecommunications market. In doing so, it sheds light on the role played by foreign telecommunications companies in the transformation of one of the world's largest, but often overlooked, telecommunications markets.
Cutting corners: CKOs and knowledge management
Authors: Desouza Kevin C. , Raider Jeffrey J. 
Published: July 2006

PurposeRecently, the demise of the dot.com mania, coupled with slow economic growth has caused organizations to cut costs in an attempt to improve efficiency and the bottom line. Discontinuing or suspending knowledge management efforts and disbanding the chief knowledge officers' (CKOs) role is one common response from most organizations faced with these cost and efficiency pressures. The purpose of this paper is to describe why firms choose to cut knowledge management efforts and point to the deleterious long‐term effects of this course of action.Design/methodology/approachThe approach is based on discussions with executives.FindingsThe paper highlights three common reasons why firms choose to cut knowledge management efforts, namely: knowledge management is seen as a luxury, not a necessity; knowledge management is subsumed under information technology methods; and investment in knowledge management does not offer immediate results. Moreover, the paper argues that cutting knowledge management efforts does more harm than good for a corporation in the long run.Originality/valueThe paper describes techniques that CKOs should employ to gain support of their executive peers.
Towards e‐government: a survey of problems in organisational processes
Authors: Sundberg Hakan P. , Sandberg Karl W. 
Published: July 2006

PurposeThe purpose of this paper is to look at process initiatives in the Swedish social insurance administration, focusing on the problems of crossing functional boundaries, co‐ordinating processes over inter‐organisational boundaries and the issue of whether to aim for radical or incremental change.Design/methodology/approachThe survey involved data collection including a study of internal documents and 16 individual personal interviews.FindingsThe organisation experiences collaboration problems when cross‐functional work and processes collide with the traditional and hierarchical command and control structures. These are not easily dismantled, meaning intensive work to change the culture and break functional mind‐sets. Furthermore the administration struggles with and can benefit from co‐ordination of processes over the inter‐organisational boundaries. Changes in the customer front‐line affect the rest of the organisation and its processes. The study has shown that both functional units and support processes deep inside the organisation, like the systems development process, are affected, and that deficiencies in the underlying structure and organisation are revealed. The process efforts so far are scattered, but it may be more important for organisations to deploy process change, as a continuous strategic initiative, rather than embarking on huge radical redesign programmes.Originality/valueLittle information regarding processes and the public sector exists, and problems likely to be encountered by other public organisations are pointed out. The survey also puts light on support processes – not only business processes – required for e‐government.
An empirical test of the link between web site quality and forward enterprise integration with web consumers
Authors: Aladwani Adel M. 
Published: July 2006

PurposeTo understand the relationship between web site quality and consumers' web attitudes and purchases.Design/methodology/approachThe paper constructs and tests a model linking four sub‐dimensions of web site quality to purchasing intent of consumers using data gathered via a field survey.FindingsOnly the technical dimension of web site quality influences consumers' purchasing behavior both directly and indirectly through their attitudes towards the web site. Specific content quality and appearance quality have relatively stronger association with consumers' attitudes towards the web site than technical quality and general content quality do.Research limitations/implicationsFirst, the present study used a sample of students in testing the proposed model. In the future, there may be a need to re‐test the same research model using a wider sample of web consumers. Second, attitudes toward and intentions to buying online may change over time and this study does not take this fact into account. Future research may need to examine the proposed relationships using a longitudinal design.Practical implicationsIt was shown that by giving attention to building a technically sound web site with effective content and attractive design, an organization could bring in more consumers to its online business and convince them to make purchases.Originality/valueUnderstanding the link between multiple dimensions of web site quality and purchasing behavior of web consumers should help organizations know how to improve forward integration with their customers. Previous research, although helpful, failed to examine this important relationship. This paper tries to fill this void in the literature.
A game and network perspective on m‐business partnerships
Authors: Woolfall Damian 
Published: July 2006

PurposeTo examine how partner firms, involved in provisioning m‐business applications and services, manage inter‐firm conflict and cooperation.Design/methodology/approachSynthesises network analysis and game theory to propose a conceptual model in which to examine the affect of relationship conflict and cooperation on a partnership's business processes. The model is used to examine how Japan's NTT DoCoMo successfully managed its global network of partnerships.FindingsProvides initial support for conceptual linkages between interaction and partner management and the business processes in m‐business partnerships. Suggests that the unit of analysis for studying partnerships should extend beyond the dyadic relationship to a network. The paper also finds support for the use of social control mechanisms as a means in which to safeguard a focal relationship.Research limitations/implicationsCharacterised by high levels of uncertainty, task complexity and partner diversity, m‐business is an ideal environment in which to study partnerships. Continuing research efforts in this field will serve to bring managerial focus to understanding the broader concept of how m‐business macro‐markets operate.Originality/valueThe theoretical underpinnings of this paper provide a contemporary lens in which to examine the relationship between conflict, cooperation and process development and for developing a new stream of empirical research in the field of partnerships.
A mobile application based on software agents and mobile web services
Authors: Maamar Zakaria 
Published: July 2006

PurposeThe aim of the research is to discuss the design and development of a mobile application using two technologies known as software agent (SA) and mobile web services.Design/methodology/approachThe objectives were achieved by testing the integration of SAs and mobile web services into mobile applications. The approach suggested in the paper has relied on some modeling techniques such as service chart diagram and addressed some security issues.FindingsIt was found in the course of the work the necessity of being aware of the limitations of mobile devices, despite all the major developments that are happening. In addition, it was found that it is deemed appropriate to provide some modeling techniques which suit the development of mobile applications.Originality/valueThe paper discusses the concept of mobile web services. The paper is particularly useful to those who are in the field of mobile computing.
B2e mobile internet: an exploratory study of Italian applications
Authors: Rangone Andrea , Renga Filippo Maria 
Published: July 2006

PurposeThe paper presents an exploratory study to investigate the impact of B2e MI applications and, in particular, an empirical analysis of the main features of Italian B2e MI applications for automating sales‐ and field‐force activities.Design/methodology/approachThe study has been carried out with 16 case studies of B2e MI applications employed in different Italian companies.FindingsThe paper describes the main features and impacts of the applications, showing how the network is utilized, how the device and the usage mode (online or offline) affect these applications and indicating the major opportunities for improvement.Practical implicationsSome indications for management regarding B2e mobile applications are the need: to develop simple applications; and to start mobilizing the sales‐force, because this provides faster pay‐back and easiest implementation.Originality/valueThe paper provides material to illustrate the current situation and serve as a starting point for scientific analysis. Findings regarding the use of mobile phones and mobile networks as compared to fixed‐line solutions are presented and explained. Differences in the use patterns of the applications are also discussed with real case examples.