bluuebunny/crossref_metadata_2025_split huggingface dataset:
Corporate risk management in Hong Kong and Singapore
Authors: Sheedy Elizabeth 
Published: June 2006

PurposeTo better understand corporate risk management practice in Hong Kong and Singapore. To explore popular perception that use of derivatives in Hong Kong and Singapore lags that in the US. To explore possible speculative use of derivatives in these Asian countries.Design/methodology/approachA survey of non‐financial corporations using the format of the 1998 Wharton study. I investigated the extent to which derivatives are used, how they are used, and methods for their oversight.FindingsDerivatives are used more extensively in Hong Kong and Singapore than in the US. They are particularly popular for managing foreign exchange risk. Their use is more speculative than is common in the US; that is, market predictions play a significant role in the size and timing of hedge trades and derivatives are often used for active management of exposures. A lack of controls and management oversight (such as derivatives policies, regular valuations) is apparent, despite the extent of derivatives use.Research limitations/implicationsPotential bias may have arisen due to the method used for recruiting survey respondents. In this study post‐graduate students contacted and interviewed company staff, often based on their personal contacts. In contrast, the Wharton surveys have been mailed to potential respondents. Students may have been more likely to select companies that traded derivatives. The sample size (131 firms) is smaller than that of the Wharton studies, but probably sufficient to establish common trends.Practical implicationsNeed to address poor oversight of derivatives trading in order to prevent further disasters. Need to scrutinise the speculative use of derivatives to ensure that it is value‐adding for firm owners.Originality/valueTo highlight the extent of speculative use of derivatives in Hong Kong and Singapore. To encourage further scrutiny and controls over the use of derivatives by directors of and investors in non‐financial corporations in these countries.
Derivative usage by non‐financial firms in Sweden 1996 and 2003: what has changed?
Authors: Alkebäck Per , Hagelin Niclas , Pramborg Bengt 
Published: June 2006

PurposeThe purpose of this paper is to investigate Swedish non‐financial firms’ use of derivatives in 2003 and to compare the results with an earlier study investigating Swedish firms in 1996. This comparison is motivated by our interest in if and how the derivative practices of firms have changed over the seven years that passed between the two surveys.Design/methodology/approachSurveys are used to make comparisons between years. For this study, the authors used a similar questionnaire as Alkebäck and Hagelin, and investigate a similar sample of firms. Firms are classified according to firm size and industry to study changes in derivative usage for different types of firms.FindingsThe results show among other things that: 59 per cent of the Swedish firms use derivatives today compared to 52 per cent in 1996; this relatively modest change for the total sample hides significant increases in derivatives usage for small and medium sized firms; the use of derivatives for hedging the balance sheet among Swedish firms in 2003 is higher than for other countries but lower than for Swedish firms in 1996 suggesting that Swedish firms conform to international practice; and the issue of greatest concern to Swedish firms in 1996, lack of knowledge about derivatives within the firm, concerns Swedish firms little today.Research limitations/implicationsAs with other survey research, a major caveat is that responses represents opinions. It cannot be verified that the opinions coincide with actions. Further research could improve on the understanding of firms derivatives use by including more detailed data, different time spans, and larger samples.Originality/valueProvides evidence of the changes in the use of derivatives of Swedish firms.
The sensitivity of US banks' stock returns to interest rate and exchange rate changes
Authors: Lael Joseph Nathan , Vezos Panayiotis 
Published: June 2006

PurposeThe purpose of this paper is to investigate the impact of foreign exchange and interest rate changes on US banks’ stock returns.Design/methodology/approachThe approach employs an EGARCH model to account for the ARCH effects in daily returns. Most prior studies have used standard OLS estimation methods with the result that the presence of ARCH effects would have affected estimation efficiency. For comparative purposes, the standard OLS estimation method is also used to measure sensitivity.FindingsThe findings are as follows: under the conditionalt‐distributional assumption, the EGARCH model generated a much better fit to the data although the goodness‐of‐fit of the model is not entirely satisfactory; the market index return accounts for most of the variation in stock returns at both the individual bank and portfolio levels; and the degree of sensitivity of the stock returns to interest rate and FX rate changes is not very pronounced despite the use of high frequency data. Earlier results had indicated that daily data provided greater evidence of exposure sensitivity.Practical implicationsAssuming that banks do not hedge perfectly, these findings have important financial implications as they suggest that the hedging policies of the banks are not reflected in their stock prices. Alternatively, it is possible that different GARCH‐type models might be more appropriate when modelling high frequency returns.Originality/valueThe paper contributes to existing knowledge in the area by showing that ARCH effects do impact on measures of sensitivity.
Credit risk management: a survey of practices
Authors: Fatemi Ali , Fooladi Iraj 
Published: June 2006

PurposeProposes to investigate the current practices of credit risk management by the largest US‐based financial institutions. Owing to the increasing variety in the types of counterparties and the ever‐expanding variety in the forms of obligations, credit risk management has jumped to the forefront of risk management activities carried out by firms in the financial services industry. This study is designed to shed light on the current practices of these firms.Design/methodology/approachA short questionnaire, containing seven questions, was mailed to each of the top 100 banking firms headquartered in the USA.FindingsIt was found that identifying counterparty default risk is the single most‐important purpose served by the credit risk models utilized. Close to half of the responding institutions utilize models that are also capable of dealing with counterparty migration risk. Surprisingly, only a minority of banks currently utilize either a proprietary or a vendor‐marketed model for the management of their credit risk. Interestingly, those that utilize their own in‐house model also utilize a vendor‐marketed model. Not surprisingly, such models are more widely used for the management of non‐traded credit loan portfolios than they are for the management of traded bonds.Originality/valueThe results help one to understand the current practices of these firms. As such, they enable us to make inferences about the perceived importance of the risks. The paper is of particular value to the treasurers intending to better understand the current trends in credit risk management, and to academics intending to carry out research in the field.
Stock price performance of seasoned equity offerings: completed vs withdrawn
Authors: Frijns Bart , Navissi Farshid , Tourani‐Rad Alireza , Tsai Lana 
Published: June 2006

PurposeThis paper aims to investigate whether completed vs withdrawn equity offerings result in different stock price performance prior to announcement and between announcement and withdrawal or completion.Design/methodology/approachInvestigates stock price performance prior to equity offerings announcements and between the announcement and actual completion or withdrawal. Stock price performance is measured by cumulative abnormal returns (CARs).FindingsIt was found that stock price performance is strong only for firms that later complete the offerings. Firms that withdraw their offerings have poor stock price performance even before the announcement. Additionally, it was found that stock price performance for both the completed and the withdrawn offerings is poor after the announcement. Contrasting with prior research, the results show that firms complete their equity offerings, even though their stock price performance deteriorates. The fact that this deterioration is significantly smaller (approximately one‐third) than that of withdrawn offerings indicates that there is an acceptable level of deterioration that firms tolerate.Originality/valueThe paper evaluates short‐run stock price performance for a number of firms in the period 1984‐2000.
Institutional ownership and corporate value
Authors: Navissi Farshid , Naiker Vic 
Published: June 2006

PurposePrior studies examining the relation between the shareholdings by institutional investors and firm value have produced mixed results. These studies have assumed that a linear relation exists between corporate value and institutional shareholdings. The purpose of this study is to further investigate the nature of this relationship and by partitioning institutional investors into institutions that have appointed a representative to the board of directors of the firms in which they have a block investment and institutions with a similar holding but without a representative on the board of directors.Design/methodology/approachThe study is based on a sample of 123 firms with available financial and institutional ownership data. A cross‐sectional regression analysis is used to test the relation between corporate value and institutional ownership with and without board representation.FindingsThe results of the study suggest that share ownership by investors with board representation is positively related to the value of the firm at lower levels of ownership. However, as the share ownership increases, the impact on the value of the firm becomes negative, giving rise to a non‐linear relation. The extent of shareholding by institutions without board representation, on the other hand, is not related to the value of the firm.Research limitations/implicationsThe findings show that institutions with board representation have greater incentives to monitor management, and therefore their presence should have a positive influence on firm value. However, at high levels of ownership, institutional investors with board representation may induce boards of directors to make sub‐optimal decisions.Originality/valueThe study provides a deeper understanding of the relationship between firm value and institutional ownership. That is, the effect of shareholding by institutions with board representation is likely to have a non‐linear relation with firm value.
A time‐varying beta approach to measuring New Zealand's country risk
Authors: Tourani‐Rad Alireza , Choi Daniel F.S. , Wilson Benjamin John 
Published: June 2006

PurposeThe purpose of this paper is to estimate New Zealand's country level risk using a time‐varying country beta market model. Country beta is allowed to vary as a function of several macro‐economic variables, including the net government overseas borrowing, 90‐day bill rate, ten‐year bill rate, wool price, trade‐weighted index, manufacturers’ price index, retail trade, current account balance, and money supply.Design/methodology/approachMultivariate regression analysis is used to test the relation between country volatility and the macro‐economic variables for the period September 1985 to March 2000.FindingsIt is found that the US dollar exchange rate (USD) and the monetary conditions index (MCI) have a significant impact on New Zealand's country beta. The temporal variance of New Zealand's country beta displayed a great deal of volatility prior to and immediately following the 1987 stock market crash. The beta was far less volatile during the 1990s.Research limitations/implicationsThe variable set is restricted by the availability of data concerning the key macro‐economic statistics.Practical implicationsRisk at the country level is of increasing importance in the evaluation of offshore investments. Practical implications relate to the evaluation of investments in foreign markets, specifically the appropriate cost of capital, given increased integration of financial markets.Originality/valueThe study provides a better appreciation of the relationship between the country beta and several macro‐economic variables that has not been applied to the New Zealand economy before.
Latino students and libraries: a US Federal Grant Project Report
Authors: Solis Jacqueline , Dabbour Katherine S. 
Published: June 2006

PurposeThis paper aims to describe how an academic library is using federal grant money to contribute to Latino student success by strengthening library collections, archives, and information competence.Design/methodology/approachThis paper examines the inequalities faced by US Latinos in higher education and how the Oviatt Library at California State University Northridge is addressing this through a project funded by a Hispanic‐Serving Institutions (HSI) Program grant from the US Department of Education. The grant project has three objectives: 1) Increase students' library use by expanding the library's collection of Latino‐related materials, library instruction program, and outreach; 2) Acquire and provide access to primary archival materials related to Latino individuals and organizations in the local community; and 3) Create and administer valid and reliable information competence assessment tools.FindingsGrant money can be an important tool for contributing to a library's ability to respond to the needs of its community.Originality/valueThis case study should encourage libraries to seek funding from sources that are not generally considered.
CALIMERA: “mobilising local cultural institutions” for citizens
Authors: Davies Rob 
Published: June 2006

PurposeThe purpose of this paper is to demonstrate how CALIMERA set out to help ordinary citizens right across Europe to join e‐Europe through the digital services provided by their local cultural institutions and to extend the European research area by sharing knowledge and exchanging best practice with those countries providing strong potential for beneficial research partnerships with Europe in the local cultural services area.Design methodology/approachDuring its 18‐month duration (December 2003 to May 2005) CALIMERA monitored technical developments and solutions emerging from IST and national research and assessed their potential as widely transferable technologies for use by local institutions and citizens. It also aimed to co‐ordinate and sensitise the stakeholders including professional networks, national and local authorities and solution providers, contributing strongly to increased knowledge and confidence for national strategic bodies in designing and implementing IST strategies for local cultural services.FindingsThe results of CALIMERA: portal web site www.calimera.org 42 country reports; state‐of‐the‐art report on national and local policies; policy toolkit for cross‐domain working; best practice guidelines; policy and best practice forum; impact measurement recommendations; business models report; solutions noticeboard http://solutions.calimera.org; training guidelines; research road‐map; community mapping model; usability guidelines. Originality/value – The extensive portfolio of guidance, evidence and tools for policy makers and professional practitioners developed by CALIMERA will contribute to enabling local cultural institutions to play the important role necessary for achieving a new citizen‐centred and culturally aware Europe
Banned Books Week: a celebration of intellectual freedom
Authors: Long Sarah Ann 
Published: June 2006

PurposeTo provide background on annual Banned Books Week's event that promotes intellectual freedom issues in the USA.Design/methodology/approachHistorical and philosophical overview, including current celebration activities.FindingsThis year the American Library Association was notified of 547 challenges, up from 459 last year. Three of the ten most challenged books were cited for homosexual themes, the highest in a decade. Most of the books featured during Banned Books Week were challenged, but not actually banned. This is due to the efforts of librarians, teachers and booksellers to maintain them in collections.Originality/valueBanned Books Week draws attention to the danger that exists when restraints are imposed on the availability of information in a free society.
Customer retention management processes
Authors: Ang Lawrence , Buttle Francis 
Published: June 2006

PurposeCustomer retention has been a significant topic since the mid‐1990s, but little research has been conducted into management processes that are associated with excellent customer retention performance. This research investigates the associations between customer retention outcomes and a number of management processes including customer retention planning, budgeting and accountability and the presence of a documented complaints‐handling process.Design/methodology/approachThis is carried out using a quantitative survey of 170 companies in Australia. Participants represented all major standard industrial classification (SIC) codes.FindingsIt was found that excellence at customer retention is positively and significantly associated with the presence of documented complaints‐handling processes. None of the other variables is significantly associated with the dependent variable.Research limitations/implicationsThis research has limited generalisability to other regions and the self‐report nature of the data is not independently corroborated.Practical implicationsThe research emphasises the importance of developing and implementing documented complaints‐handling processes. Future research should examine whether standardised processes such as those embodied in ISO 10002 are more effective than ad hoc processes.Originality/valueThe major contribution of this paper is the clear link that it establishes between customer retention performance and the presence of a documented complaints‐handling process.
Marketing and non‐profit organizations in the Czech Republic
Authors: Bulla Martin , Starr‐Glass David 
Published: June 2006

PurposeThis paper aims to examine the context and nature of marketing used by nonprofit organizations in the Czech Republic.Design/methodology/approachA number of senior self‐designated marketing managers in a wide range of non‐profit organizations in Prague were interviewed to generate a descriptive narrative of what these key persons understood marketing to be and how they devised and implemented marketing within organizational strategy.FindingsThe findings paralleled that of other research (1995‐2005) on the understanding and role of marketing within the profit sector of the Czech Republic. While marketing was identified as an interesting and powerful concept, non‐profit policy makers generally had a limited understanding of a marketing theory or of the context in which exchange transactions occurred.Research limitations/implicationsThis project was designed as an initial survey. The limited number of representatives interviewed and their purposeful selection from a small number of high‐profile non‐profit organizations limit the reliability of the findings and reduce the extent to which they can be generalized.Practical implicationsThis paper provides a useful entry point for those interested in the use of marketing in the Czech Republic, a very significant transformative economy in the centre of Europe. Since one of the authors is a native Czech speaker, the paper reviews relevant marketing and non‐profit literature in Czech as well as English.Originality/valueWhile there has been some interest in the understanding and practice of marketing in the profit sector, it is believed that this is the first paper to address the non‐profit sector – a sector that plays a very significant role within transformative economies.
An integrated model of the behavioural dimensions of industrial buyer‐seller relationships
Authors: Leonidou Leonidas C. , Palihawadana Dayananda , Theodosiou Marios 
Published: June 2006

PurposeResearch on the behavioural aspects of buyer‐seller relationships, although sizeable, is too heterogeneous and fragmented to yield complete and conclusive insights as to the inter‐relationships of the basic parameters involved. This article attempts to put together extant knowledge on the subject under an integrated conceptual model comprising ten key behavioural constructs.Design/methodology/approachA total of 24 theoretically‐anchored hypotheses are developed, indicating possible positive or negative associations among the constructs of the model. Based on input received from 122 producers of industrial goods, the proposed model is empirically tested using structural equation modelling.FindingsOf the hypothesized associations examined, 16 were found to be statistically significant and in the right direction, two were significant but in the opposite direction, while the remaining six were not validated. The results confirm most of the findings of previous research on the subject, while some fresh insights on the interrelationships of the constructs used are also revealed.Research limitations/implicationsThe results of the study have serious implications for industrial marketers, organizational buyers, management consultants, and business educators, who may use the empirically tested model as a diagnostic and monitoring tool in guiding business relationships in the proper direction.Originality/valueThe article concludes that an integrative approach to studying the behavioural aspects of industrial buyer‐seller relationships can provide a more realistic understanding of the constructs at work, compared with a partial one which may conceal some of the effects of one construct over others and/or show misleading associations among constructs.
The effect of service brand extensions on corporate image
Authors: Pina Jose M. , Martinez Eva , de Chernatony Leslie , Drury Susan 
Published: June 2006

PurposeThe main objective of this study is to analyse the influence that service brand extensions have on corporate image.Design/methodology/approachAfter reviewing the previous literature, a model is proposed and tested that shows how extending a services brand affects the overall corporate image. Statistical analysis of data from a market survey involving actual services brands and hypothetical extensions was undertaken. Structural equation modelling was the main methodology employed.FindingsIt was found that the extent of perceived fit between the corporate brand and the service extension influences the perceived quality of the extension, which in turn affects corporate image, especially for corporate brands that originally had highly rated images.Research limitations/implicationsGiven that the study was done with hypothetical brand extensions, the proposed model is not tested in a real situation.Practical implicationsThe results offer important implications, both for academics and managers. Through an effective communication policy, the company must increase the perceived fit. The results also suggest directions for further research. For example, it would be interesting to explore how the model works across services categorised on the continuum of search, experience and credence.Originality/valueIn the literature, there are few works analysing the effect of service extensions on corporate image. The research allows the understanding of the concept of corporate image and the role performed by service brand extensions. The proposed model and the estimation with SEM methodology add value to the existing knowledge.