bluuebunny/crossref_metadata_2025_split huggingface dataset:
Using employee volunteering programs to develop leadership skills
Authors: Bell Christine 
Published: January 2007

PurposeThe purpose of the paper is to examine the use of employee volunteering programs to develop leadership skills.Design/methodology/approachThe study used a series of interviews carried out in ten companies in the north of the UK in 2004.FindingsThe paper finds that employee volunteering programs provide a potentially rich source of learning for team leaders and other volunteers. Such a strategy can encourage employees to recognize learning opportunities for their own leadership skills.Originality/valueThe paper provides valuable information on the development and use of employee volunteering programs.
Creating older entrepreneurs: a development dilemma
Authors: Gray Harry 
Published: January 2007

PurposeThe aim of this paper is to examine retired workers and the development of entrepreneurs.Design/methodology/approachThe paper looks at aspects of retirement such as transfer of learning and limitations to ambition with a view to the possibility of the development of entrepreneurship.FindingsThe paper finds that the would appear to be a need for a new kind of support service that helps retired people to be economically active.Originality/valueThe paper provides useful information on the development of entrepreneurs among the retired.
Women leaders: how to help them “hit the ground running”
Authors: Cornish Liz 
Published: January 2007

PurposeThe aim of the paper is to look the development of women leadership.Design/methodology/approachThe paper looks at how organizations can help women at crucial leadership transition stages.FindingsThe paper finds that the first months in any leadership challenge can be both exiting and vulnerable. Used well, it is an unparalleled opportunity to accelerate success and create long‐term positive momentum.Originality/valueThe paper provides useful suggestions for supporting women in the leadership transition.
Does sustainability sell? Market responses to sustainability certification
Authors: Harris Susan M. 
Published: January 2007

PurposeThe purpose of this paper is to describe the results of two projects aimed at testing market responses to the first‐ever fast moving consumer goods (FMCG) independently certified as sustainable.Design/methodology/approachThe method used comprised three phases: independent sustainability certification of products using a full life cycle assessment; nationwide roll‐out of seven certified household products in retail outlets throughout New Zealand, and trials of certified lamb meat in three butcher shops in Brisbane, Australia; and monitoring of sales data and consumer responses to certified products.FindingsRecord sales averaging +52 per cent above historical were achieved and sustained for the seven household products over a period of 18 months. Certified lamb meat product was well received, with 95 per cent of customers surveyed indicating that they would consider buying certified meat in future.Practical implicationsThe paper indicates that there is consumer demand for products that are clearly identified as genuinely sustainable, even though they may be perceived to be more expensive than traditional products. The market for certified sustainable products may become more mainstream as consumer concern regarding sustainability increases, and product disclosure standards become more stringent.Originality/valueThe paper describes the results of the first‐ever market tests of independently certified sustainable products in the FMCG sector. It gives an early indication that some consumers will select independently certified sustainable products in preference to others, provided that the product is clearly labeled and well marketed. The results also indicate that sales of certified sustainable products can be sustained over time.
Slovenia and its new environmental mechanisms for reduction of greenhouse gas emissions
Authors: Kranjcevic Evald 
Published: January 2007

PurposeThe purpose of this paper is to evaluate different greenhouse gas (GHG) mitigation policy instruments implemented in Slovenia, especially their impact on industrial competitiveness.Design/methodology/approachAnalysis of existing mitigation policies.FindingsThe introduction of new policy instruments in Slovenia has not been very effective in curbing GHG emissions, but it certainly brought attention to the problem. As there is still a lot of space for improvements, additional effort should be made to improve existing instruments or to propose additional mitigation measures.Practical implicationsThe paper evaluates existing policy instruments, which are still in their evolutional phases. The significance of this paper is to help to intensify indirect influence on GHG emissions reduction, especially on the national level, as proper introduction and understanding of the problem leads to more comprehensive and credible solutions regarding GHG emission reduction strategies. In addition, some new steps and/or measures are also indicated with this paper, especially concerning future evolution of EU emission trading scheme and national CO2 tax regulation.Originality/valueThe paper is a new source of information about implementation of GHG mitigation policy measures in Slovenia. Analysis of adaptation and mitigation activities as well as integration of all aspects of climate change issues into strategies for sustainable development is of significant importance for the relevant decision makers – to monitor the impact of their own policies for domestic assessment purposes, that is to choose a policy strategy, to understand the implications of existing and alternative policy strategies, and to understand the joint interactions of multiple, individual policy strategies.
The fund of hedge funds reporting puzzle
Authors: Amenc Noël , Malaise Philippe , Vaissié Mathieu 
Published: January 2007

PurposeThe development of alternative investment has not yet been accompanied by genuine consideration of the specific characteristics of the risks and returns of hedge funds with regard to the provision of information to investors. To fill the gap, in 2004 EDHEC launched an international consultation process, seeking to implement a new framework for funds of hedge funds reporting.Design/methodology/approachThe consultation process was based on a series of recommendations proposed by EDHEC with regard to the academic state‐of‐the‐art on risk measurement in the alternative universe. The findings of the survey, which brought together the opinions of 98 institutional investors and fund managers, allow a consensus to be established on the information required for the implementation of a relevant reporting method in the field of alternative investment.FindingsInterestingly, despite somewhat conflicting goals, investors and fund managers, except for slight discrepancies, globally agree on the definition of relevant information, and as a result on the content of the reports of tomorrow.Originality/valueA very large majority of hedge fund managers are satisfied with a reporting method based on a mean‐variance structure, which is totally inappropriate for the risk and return profiles of alternative investment. To address this issue, the paper presents a series of indicators relying on a basic return‐based analysis that allow a true and fair picture of the risk and return characteristics of alternative investment to be drawn. This paper therefore offers a pragmatic but robust answer, for both investors and fund managers, to the fund of hedge funds reporting quandary.
Stationarity and stability of underwriting profits in property‐liability insurance
Authors: Leng Chao‐Chun 
Published: January 2007

PurposeTo examine whether the properties of the combined‐ratio series, an indicator of underwriting profitability in property‐liability insurance, have changed over time.Design/methodology/approachUsing the autocorrelation function (ACF) and partial autocorrelation function (PACF), we check whether combined ratios are stationary.FindingsUnderwriting profit has worsened in recent years, and combined ratios are non‐stationary. This characteristic of combined ratios needs further analysis for its impact on underwriting cycles.Practical implicationsTraditional concepts of underwriting cycles, such as predictable cycle lengths and trends, may have changed.Originality/valueThe possibility of a non‐stationary combined‐ratio series is recognized, and the possible existence of non‐stationarity and breaks in combined ratios is introduced.
Multi‐national underwriting cycles in property‐liability insurance
Authors: Meier Ursina B. 
Published: January 2007

PurposeThe purpose of this article is to examine the existence of underwriting cycles in property‐liability insurance for Switzerland, the USA, and Japan over a period of 40 years (1957‐1997), it aims to overcome some of the limitations of a pure autoregressive process of second order (AR(2)).Design/methodology/approachLoss‐ratio data for the three countries are used for the recent period 1957‐1997. To test for the existence of cycles and calculate their length, we start with autoregressive processes of second order and include more variables that should be taken into account. We also estimate a cointegration model in order to separate long‐term and short‐term dynamics.FindingsThe hypothesis of cycles of six years in length no longer holds globally and it is necessary to go further than estimating simple AR(2) processes. Different models or specifications seem adequate for different countries because of the varying structure of the insurance markets. Cycles are still found for the USA and most estimations for Switzerland, whereas most specifications for Japan have not revealed cycles.Originality/valueMost empirical work on underwriting cycles has so far been done on US data. This study investigates insurance cycles for three countries on three continents. Based on the autoregressive process of second order and the estimations presented in the companion to this article (i.e. Part I), the model is extended by inclusion of more variables and some of the time‐series characteristics that were ignored in many previous studies are dealt with.
Dynamic monitoring of financial intermediaries with subordinated debt
Authors: González‐Rivera Gloria , Nickerson David 
Published: January 2007

PurposeThe purpose of this paper is to show that subordinated debt regulatory proposals assume that transactions in the secondary market of subordinated debt can attenuate moral hazard on the part of management if secondary market prices are informative signals of the risk of the institution. Owing to the proprietary nature of dealer prices and the liquidity of secondary transactions, the practical value of information provided by subordinated debt issues in isolation is questionable.Design/methodology/approachA multivariate dynamic risk signal is proposed that combines fluctuations in equity prices, subordinated debt and senior debt yields. The signal is constructed as a coincident indicator that is based in a time series model of yield fluctuations and equity returns. The extracted signal monitors idiosyncratic risk of the intermediary because yields and equity returns are filtered from market conditions. It is also predictable because it is possible to construct a leading indicator based almost entirely on spreads to Treasury.FindingsThe signal for the Bank of America and Banker's Trust is implemented. For Bank of America, the signal points mainly to two events of uprising risk: January 2000 when the bank disclosed large losses in its bond and interest‐rate swaps portfolios; and November 2000 when it wrote off $1.1 billion for bad loans. For Banker's Trust, the signal points to October/November 1995 after the filing of federal racketeering charges against Banker's Trust; and October 1998 when the bank suffered substantial losses from its investments in emerging markets.Originality/valueThe signal is a complementary instrument for regulators and investors to monitor and assess in real time the risk profile of the financial institution.
Human mortality: written in the stars?
Authors: Powers Michael R. 
Published: January 2007

PurposeThis paper seeks to consider certain characteristics of the human mortality table, and the possibility that mortality rates are governed by an underlying natural law.Design/methodology/approachAfter providing a brief overview of the mathematics of the mortality table, explores the reasonableness of using a simple analytic function to model the mortality hazard rate.FindingsBy comparing the perceived accuracy of Makeham's Law in actuarial science with that of the Titius‐Bode Law in astronomy, it is seen that simple mathematical rules are not always as useful as they may appear initially.Originality/valueThe editorial identifies a problem common to all branches of the natural and social sciences: the possibility of “discovering” formal mathematical relationships where none in fact exists.
Managing credit risk with info‐gap uncertainty
Authors: Beresford‐Smith Bryan , Thompson Colin J. 
Published: January 2007

PurposeThe paper aims to provide a quantitative methodology for dealing with (true) Knightian uncertainty in the management of credit risk based on information‐gap decision theory.Design/methodology/approachCredit risk management assigns clients to credit risk categories with estimated probabilities of default for each category. Since probabilities of default are subject to uncertainty the estimated expected loss given default on a loan‐book can be subject to significant uncertainty. Information‐gap decision theory is applied to construct optimal loan‐book portfolios that are robust against uncertainty.FindingsBy choosing optimal interest‐rate ratios among the credit risk categories one can simultaneously satisfy regulatory requirements on expected losses and an institution's aspirations on expected profits.Research limitations/implicationsIn the analysis presented here only defaults over specific time frames have been considered. However, performance requirements expressed in terms of defaults and profits over multiple time frames that allow for transitions of clients between credit risk categories over time could also be incorporated into an information‐gap analysis.Practical implicationsAn additional management analysis tool for applying information‐gap modeling to credit risk has been provided.Originality/valueThis paper provides a new methodology for analyzing credit risk based on information‐gap decision theory.
Mapping corporate drift towards default
Authors: Bandyopadhyay Arindam 
Published: January 2007

PurposeThe purpose of this article is to discuss a Black‐Scholes‐Merton (BSM)‐based market approach to quantify the default risk of publicly‐listed individual companies.Design/methodology/approachUsing the contingent claim approach, a framework is presented to optimally use stock market and balance sheet information of the company to predict its probability of failure as well as ordinal risk ranking over a horizon of one year.FindingsBy applying the methodology, yearly estimates of the risk neutral and real probability of default for 150 Indian corporates from 1998 to 2005 were constructed, that give up‐to‐date point‐in‐time perspective of their risk assessment. It was found that option model can provide ordinal ranking of companies on the basis of their default risk which also has good early warning predictability.Originality/valueThe option‐based default probability estimation may be an innovative approach for measuring and managing credit risk even in the emerging market economy. The asset value model developed in this paper based on the BSM model can facilitate the Indian banks as well as investors to get an early warning signal about the company's default status.
Value‐at‐risk concept by Swiss private banks
Authors: Rogachev Andrey 
Published: January 2007

PurposeThe purpose of this paper is to consider the problem of using the Value‐at‐Risk (VaR) technique and examine its practical implementation by Swiss Private Banks.Design/methodology/approachThe paper is based on a survey originally undertaken in 2003 and updated in 2005. The research results provide details on how asset and portfolio managers understand and apply VaR methodology in their daily business.FindingsFrom the banks' perspectives, VaR has both positive and negative points. It is like a common denominator for various risks. The reason is that VaR is used by portfolio managers as comparable risk measurement across different asset classes and business lines.Originality/valueThis analysis shows how banks can implement VaR concept more effectively through its practical implementation areas in: portfolio management decisions and asset allocation; the “what‐if” modeling of candidate traders; and measuring and monitoring market risk.
Recent developments in hedge fund enforcement and regulation by the SEC under the leadership of Chairman Cox suggest that he may not be the free market advocate everyone once thought he was
Authors: Morgan Nicolas , Totino Edward , Weiner Perrie 
Published: January 2007

PurposeThis paper aims to draw conclusions about the likelihood that Securities and Exchange Commission (“SEC”) Chairman Christopher Cox will take significant action to reduce regulation affecting hedge funds based on how the SEC has dealt with hedge fund regulation in both the rule making and enforcement arenas since Mr. Cox became Chairman.Design/methodology/approachAssesses actions taken by the SEC under Mr Cox's leadership with regard to PIPE (private investment in public equity) transactions by hedge funds, hedge fund registration rules, portfolio disclosure requirements, and alleged collusion among short‐selling hedge funds, research firms, and journalists.FindingsThe SEC's enforcement activities with respect to hedge funds that make short sales before the announcement of a PIPE transaction indicate that the SEC has no plans to lighten the regulatory or enforcement burden on hedge funds. The SEC's response to the DC Circuit Court's decision striking down the hedge fund registration rule likewise indicates that additional hedge fund regulation remains an SEC priority. While it remains to be seen how the SEC investigations and civil actions regarding the alleged collusion between short‐selling hedge funds, research firms and journalists will turn out, it appears unlikely that Chairman Cox will take any bold action to protect freedom of expression and the marketplace of ideas from attacks by disgruntled companies.Originality/valueProvides a timely and insightful view of the near‐term outlook for SEC regulatory and enforcement policy toward hedge funds.
The Investment Advisers Act: the need for clarity in the post‐Goldstein era
Authors: Wider Jedd 
Published: January 2007

PurposeThis paper seeks to discuss regulatory clarifications provided by the SEC since the June 2006 DC Court of Appeals decision in Goldstein v. Securities and Exchange Commission disrupted the SEC's hedge fund registration framework and other recently promulgated investment adviser practices and procedures.Design/methodology/approachDescribes recent legislative efforts to reexamine the hedge fund industry and the SEC's response letter on several important issues raised by the American Bar Association Subcommittee on Private Investment Entities; highlights the need for the SEC and/or legislatures to address numerous issues raised by the Goldstein decision.FindingsThe SEC's response letter to the ABA Subcommittee on Private Investment Entities provided clarification on recordkeeping requirements for performance information, performance‐based compensation, and deadlines for distributing audited financial statements of funds‐of‐funds to investors. Further actions to be taken by the SEC and/or legislatures are still uncertain on issues such as the applicability of the antifraud provisions of the Advisers Act, the investment adviser accreditation threshold for “accredited investors,” liberalization of the manner of offering restrictions, increasing financial tests for individuals qualified to invest in hedge funds, and the necessity for general solicitation restrictions.Originality/valueA useful update on the continually changing regulatory environment for hedge funds by an attorney who specializes in investment fund regulation.
NASD publishes initial proposal to change conflict of interest rules relating to underwriting of public offerings in the United States
Authors: Gittleman Charles S. , Sacks Russell D. 
Published: January 2007

PurposeThis paper aims to describe the NASD's recent proposal modifying NASD Rule 2720, the rule by which underwriting can be conducted where the underwriter and the issuer have a “conflict of interest” as defined by the rules.Design/methodology/approachSummarizes and analyzes the proposal.FindingsOn September 14, 2006, the National Association of Securities Dealers, Inc. (“NASD”) published for initial comment proposed amendments to Conduct Rule 2720 (the “Rule”) relating to conflicts of interest that occur between underwriters and issuers in the context of securities distributions (the “Proposal”). The Proposal substantially changes the Rule, and, as such, adjusts certain aspects of the underwriting process including: where the underwriter and the issuer are affiliates; where the underwriter or its affiliates (including venture capital and private equity arms) have an ownership interest in the issuer; and where the purpose of the securities offering is to repay debt owed to the underwriter or its affiliates.Practical implicationsNASD‐member broker‐dealers may seek to monitor the state of the Proposal in order to ensure that firm policies and procedures are consistent with future changes to the Rule. NASD members will also want to consider how the Proposal signals NASD's changes in thinking in respect of how they approach conflicts of interest in their own businesses.Originality/valueAlerts practitioners and the industry to a new proposal that has significant consequences for underwriting, particularly in an age of increasingly global financial institutions.
Tackling risk‐based compliance
Authors: Ludwick Kevin 
Published: January 2007

PurposeThis paper seeks to recommend a way for the compliance function to identify, monitor, and report the risks it faces to the firm's management.Design/methodology/approachOutlines the principal challenges in setting up a risk reporting system and recommends a three‐phase approach for implementing such a system.FindingsDeveloping a risk reporting system presents three challenges: designing a reporting system driven in real time by compliance work with a varied data set, organizing the information and processes of the compliance function so they can be automated, and arranging the presentation of risk to reflect complex organizational structures. The three phases for implementing such a system are gaining management sponsorship, looking for pilot projects to score quick victories, and rolling out the program.Originality/valueAn overview of compliance risk reporting systems that stresses the importance of collecting the right data in an automated fashion.