bluuebunny/crossref_metadata_2025_split huggingface dataset:
Democratic development: a comprehensive concept of comparative assessment
Authors: Holmes Jennifer S. , Amin Gutiérrez de Piñeres Sheila 
Published: January 2007

PurposeExisting attempts to assess national development and processes of democratization suffer from conceptual and measurement challenges. This paper proposes a comprehensive concept of democratic development and develops a more inclusive concept of democracy to provide a common set of categories to evaluate its depth and quality.Design/methodology/approachIn order to measure the depth and health of democracy, democratic development incorporates four categories of human progress, each measured by multiple variables. The four categories deemed important for human progress are general development, democratic health, democratic inclusiveness, and human capital. Components of democratic development incorporate existing measures of political and economic development to create a comprehensive and accessible measure of democratic development.FindingsThe comparative tables based on multiple goals of development clearly reveal that neither the GDP index nor the HDI are adequate measures of development. Democratic development can be more fully captured by four perspectives: development, democratic inclusiveness, democratic health, and human capital, providing a framework to measure progress in reform, democracy, and development, from public agencies up to the national level. This concept incorporates aspects and orientations of the capabilities approach to create a concept that is amenable to use as a self‐assessment tool and as a basis for comparison of development, broadly conceived.Practical implicationsThis inclusive concept is particularly well suited for analyzing citizen satisfaction and democratic stability.Originality/valueRather than focusing on singular measures, the approach presented here offers a balanced set of measures aimed at providing a comprehensive view of the gamut of democratic and economic development processes relative to existing models that is more appropriate for self‐assessment/planning purposes than traditional measures, which may be more appropriate for statistical modeling purposes.
Education in pre‐ and post‐conflict contexts: relating capability and life‐skills approaches
Authors: Dubois Jean‐Luc , Trabelsi Milène 
Published: January 2007

PurposeConflicts, especially when they turn into civil war or genocide, have irreversible consequences for people. The impact is not only economic as shown by several quantitative studies, but also social and ethical since it deeply affects the mind and behaviour of both current and future generations. The main issue is, therefore, to avoid the eruption of such conflicts, in both pre and post‐conflict situations, by implementing preventive approaches. The purpose of this paper is to address this issue.Design/methodology/approachEven if macro‐analyses bring up a series of objective causal factors to explain the reasons of uprisings and conflicts, we insist on the importance of people's micro‐attitudes when confronted by such events. The freedom of the agent to react appropriately in order to generate peace, and his responsibility towards the other, become nowadays essential and have to be improved by appropriate innovative education programmes.FindingsLearning to live together and to behave with esteem and confidence, can contribute substantially to the peace‐keeping or peace‐building processes, especially in pre and post‐conflict situations. Such specific capabilities connect to the “life skills” education programme and could bring vital new opportunities.Practical implicationsHowever, the economic or political causes of societal failure may still remain, at the macro‐level, and jeopardise these opportunities, with the risk of transforming these positive capabilities into negative behaviour. Therefore, implementing in addition a social precautionary principle and appropriate investigation tools such as observatories and sentinel sites may be required to monitor such risks.Originality/valueThe paper offers insights into the following issue: to what extend and under which conditions will micro‐level measures effectively contribute to peace‐keeping, in the case of pre‐conflict situations, and to peace‐restoring in the case of post‐conflict contexts.
A deliberative ethic for development
Authors: Cameron John , Ojha Hemant 
Published: January 2007

PurposeThe purpose of this paper is to explore the possibility of a procedural deliberative alternative to an atomistic conception of individuals and an economic logic of markets or a priori universal lists, as ethical foundation for evaluating socio‐economic change.Design/methodology/approachTo develop this argument, the paper combines a modified Kantian categorical imperative with deliberative ethics drawing on the writings of Habermas and Dewey. The journey through the European Enlightenment thought of Kant to the contemporary thought of Habermas and Bourdieu aims at mapping continuity and change in key themes in development ethics. These ideas are then given practical application in a case‐study of the people‐forestry interface in Nepal.FindingsThe paper shows how Kantian non‐deception links to Habermas' notion of communicative action and Dewey's notion of cooperative inquiry, and how Kantian non‐coercion links to the inclusion of subaltern voices. While the paper proposes that more open deliberative processes can potentially produce ethical gains, it also identifies an idealistic risk in this position. Bourdieu's thinking is utilised to reveal limitations on improving deliberative processes where there are powerful mechanisms reproducing inequalities.Practical implicationsThe paper makes the case for greater attention being given to exploring deliberative processes as a prerequisite for ethical developmental actions.Originality/valueThe paper brings together authors who rarely feature in the development studies discourse and applies their ideas to a practical case study.
Sustainable livelihood approaches and soil erosion risks
Authors: Forsyth Tim 
Published: January 2007

PurposeThe purpose of this paper is to contribute to debates about environmental policy in developing countries by examining how far sustainable livelihoods approaches (SLAs) to development may allow an alternative and less universalistic approach to environmental changes such as soil erosion.Design/methodology/approachThe paper provides an overview of debates about environmental narratives and SLAs. There are tensions in both debates, about how far local institutions represent adaptations to predefined environmental risks, or instead enable a redefinition of risks according to the experience of poor people. In addition, there is a tension in how far SLAs should be seen as a fixed institutional design, or as a framework for organizing ideas and concerns about development. The paper presents research on soil erosion in Thailand as a case study of how SLAs can redefine risks from erosion for poor people.FindingsSLAs provide a more contextual analysis of how environmental changes such as soil erosion represent risk to different land users, and hence SLAs can make environmental interventions more relevant for reducing vulnerability. But this approach can only succeed if intervener agencies are willing to consider challenging pre‐existing environmental narratives in order to empower local livelihoods.Originality/valueThe paper adds to existing research on SLAs by exploring the implications of SLAs for redefining environmental assumptions. The paper forms part of work aiming to make debates about the politics of environmental knowledge and science more practically relevant within development policy.
Allocating responsibilities in multi‐level governance for sustainable development
Authors: Karlsson Sylvia I. 
Published: January 2007

PurposeThe purpose of this paper is to explore and compare three different principles – the culpability, capacity and concern principles – for allocating responsibility for governance in a multi‐level context of addressing sustainable development.Design/methodology/approachThe principles are first analysed from a theoretical and normative standpoint, linking to earlier literature on for example, the contribution principle, subsidiarity and global citizenship. Then the three principles are analysed in an empirical setting. The selected case is the issue complex around the health and environmental concerns from pesticide use in developing countries. Document analysis and semi‐structured interviews were carried out with relevant stakeholders from local, national and global governance levels on themes which enabled analysis of the workability and justness of the principles and whether they were already applied to some degree.FindingsAnalysis of the case shows the mutual complementarity of the three principles for allocating responsibility for governance, especially when culpability and capacity are dispersed across different agents and levels. However, the concern and capacity principles emerged as more important and promising. The results indicated the need for moving the value basis of agents towards more selfless global concern in order to create an effective multi‐level governance system.Practical implicationsThe results may help policymakers at different levels to analyse more systematically who should assume responsibility for sustainable development governance and why.Originality/valueExtends the analysis of principles for allocating responsibility for global issues.
Real estate investing
Authors: Johnson Don T. 
Published: January 2007

PurposeAims to explain the rationale for producing an issue on the topic of real estate investing and how these articles fit together.Design/methodology/approachEssay format.FindingsReal estate is probably the largest category of assets for investors and the works in this issue will assist in the decision making processes of real estate investors.Research limitations/implicationsEach of these papers covers only a limited topic and more research in the area is needed.Practical implicationsThese papers could change how asset allocation studies are conducted; allow investors to make superior returns around the turn of the month on real estate investment trusts (REITs); alter the capital structure of REITs; seek out real estate mutual funds with higher management fees (because they were associated with higher returns); invest directly in real estate properties.Originality/valueAll five of these papers either examine areas that have not been reviewed by researchers previously, or find results that may result in different investment decisions.
The turn‐of‐the‐month effect in real estate investment trusts (REITs)
Authors: Compton William S. , Johnson Don T. , Kunkel Robert A. 
Published: January 2007

PurposeThis study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.Design/methodology/approachA test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.FindingsA TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.Research limitations/implicationsThe data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.Practical implicationsThese results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.Orginality/valueThe daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.
Manager characteristics and real estate mutual fund returns, risk and fees
Authors: Philpot James , Peterson Craig A. 
Published: January 2007

PurposeThe purpose of this paper is to analyze the effects of individual manager characteristics on real estate mutual fund (REMF) performance. Human capital theory predicts that factors like education, experience and professional certifications improve skill sets and thus performance. Conversely, capital markets theory suggests that these things may be irrelevant in the management of mutual funds.Design/methodology/approachA total of 63 REMFs were sampled over the period 2001‐2003 and equations were estimate regressing, alternatively, risk‐adjusted return, market risk and management fees on a series of fund variables and manager characteristics including the manager's tenure, whether the fund manager holds a professional certification, whether the manager has specific real estate experience, and whether the fund is team‐managed.FindingsModest evidence is found that team‐managed funds have lower risk‐adjusted returns than solo‐managed funds. Managers with longer tenure tend to pursue higher market risk levels, and there is no relation between manager characteristics and management fees.Research limitations/implicationsThis study considers only one cross‐sectional time period. Future research might use longitudinal data.Practical implicationsDespite real estate being a specialized field of finance, there is little if any support for the predictions of human capital theory that experience, education and training result in greater performance among managers of REMFs.Originality/valueThis paper extends prior work in mutual fund management characteristics and fund performance to real estate funds.
The strong building: a case study in direct investment
Authors: Nelson Walt A. 
Published: January 2007

PurposeThe purpose of this case study is to examine direct investment in commercial real estate from the perspective of the individual. While most research is dominated by studies concerning direct investment by institutions (REITs, pension funds, etc.), the bulk of direct investment in commercial property is still conducted by individuals.Design/methodology/approachThe paper presents accounting and financial data from the original purchase, management and disposal of a small‐scale office building. Cash flows, returns and risks are measured and analyzed.FindingsThe case demonstrates that successful direct investments may be characterized by short‐term time horizons involving older, small‐scale properties.Practical implicationsThis case illustrates the non‐academic nature of real world direct investment in commercial property. The case demonstrates that emotion and good timing are just as important to a successful venture as are cash flows and thorough risk estimates. The case also shows that successful direct investment in commercial property may be limited to smaller, older properties held for short‐term time horizons.Originality/valueThis case study is unique because it identifies the property, the investor, the purchase price, the operating revenues and the sale price and net proceeds. Most case studies conceal many of these facts in order to preserve anonymity.
Dividend policy: a review
Authors: Bhattacharyya N. 
Published: January 2007

PurposeThis paper aims to briefly review principal theories of dividend policy and to summarize empirical evidences on these theories.Design/methodology/approachMajor theoretical and empirical papers on dividend policy are identified and reviewed.FindingsIt is found that the famous dividend puzzle is still unsolved. Empirical evidence is equivocal and the search for new explanation for dividends continues. Also a number of stylized empirical facts about dividends discovered by researchers are noted.Research limitations/implicationsAs with any review paper, the major limitation is that necessarily some papers will be left out. Also as newer research is published the review paper will become more dated.Originality/valueThis paper will give the reader a comprehensive understanding of the dividend puzzle and the major paradigms of dividend policy. The paper will also give the reader the major stylized facts about dividend policy.
The information content of Canadian open market repurchase announcements
Authors: Li Kai , McNally William 
Published: January 2007

PurposeThis study seeks to examine the role of firm characteristics and insider private information in affecting Canadian firms’ repurchase decision and the associated announcement period stock return.Design/methodology/approachPast studies of announcement returns employ a standard event‐study methodology, which produces biased parameter estimates when the corporate event is voluntary. This study employs the conditional event study methodology, which is free of self‐selection bias. The conditional model also provides a direct test of whether private information is conveyed through the announcement.FindingsIt is found that firms are more likely to buy back shares if they have greater free cash flows, lower market‐to‐book ratios, poor prior stock performance, and their insiders have large shareholdings. It is shown that the announcement period returns are strongly and positively related to the private information possessed by company insiders. The market reacts to the reason given for the repurchase and reacts less positively to repeat repurchases. Overall, the evidence is consistent with Isagawa's model which argues that repurchases signal that the insiders are not the type to waste their free cash flow.Research limitations/implicationsThis methodology should also be applied to US open market repurchases.Originality/valueThis is the first study to: explicitly test whether the abnormal return is attributable to private information; employ the conditional event study methodology in examining the announcement return; and study the returns to Canadian repurchase announcements.
The price linkages between Malaysian unit trust funds and the stock market
Authors: Low Soo‐Wah , Azlan Ghazali Noor 
Published: January 2007

PurposeThe primary objective of the paper is to examine the short and long run price linkages between Malaysian unit trust funds and the stock market index as proxied by the Kuala Lumpur composite index (KLCI) over the period 1996‐2000.Design/methodology/approachCointegration analyses are used to identify the long run relationship between unit trust funds and the stock market index while Granger causality tests are used to measure the short run price linkages.FindingsCointegration results show that the long run pricing performance of the unit trust funds differs significantly from that of the KLCI. Interestingly, the findings also reveal that two index funds are found not to be cointegrated with the stock market index. In the short run, one‐way Granger causality test shows that changes in the KLCI Granger causes changes in the unit trust funds. This suggests that fund managers are responding to the past changes in the stock market index over the short run.Research limitations/implicationsThe findings of non‐cointegration between passively managed funds and the KLCI are restricted to only two index funds in the sample among other actively managed funds. Since there were not enough index funds available over the study period, future research should include more index funds in the analysis.Practical implicationsIn the short run, investors may gather information on the changes in their portfolio composition by observing the movement in the KLCI.Originality/valueThe paper represents the first evidence on the pricing relationships between unit trust funds and the local stock market index and the findings are important to investors in terms of their investment strategies.
Investigation of performance of Malaysian Islamic unit trust funds
Authors: Abdullah Fikriyah , Hassan Taufiq , Mohamad Shamsher 
Published: January 2007

PurposeOne of the implications of Islamic investment principles is the availability of Islamic financial instruments in the financial market. The main aim of this research is to observe the differences in terms of performance between Islamic and conventional mutual fund in the context of Malaysian capital market.Design/methodology/approachTo achieve the major objectives of this paper standard methods wereused for evaluating the mutual funds performance, for example, Sharpe index and adjusted Sharpe index, Jensen Alpha, Timing and selectivity ability. The scope of the paper is to measure the relative quantitative performance of funds which was managed based on two different approaches.FindingsThe basic finding of the paper is that Islamic funds performed better than the conventional funds during bearish economic trends while, conventional funds showed better performance than Islamic funds during bullish economic conditions. In addition to that finding, both conventional and Islamic funds were unable to achieve at least 50 per cent market diversification levels, though conventional funds are found to have a marginally better diversification level than the Islamic funds. The results also suggest that fund managers are unable to correctly identify good bargain stocks and to forecast the price movements of the general market.Research limitations/implicationsThe main limitation is that the samples of conventional and Islamic mutual funds were from one developing market. The findings could be better validated if the sample included the mutual funds from other developed and developing economies, where both Islamic and conventional funds are available.Practical implicationsThe findings suggest that having Islamic mutual funds in an investment portfolio helps to hedge the downside risk in an adverse economic situation.Originality/valueSo far there is no published evidence on the relative performance of Islamic and conventional mutual funds in Malaysia as well as other developing countries. Therefore, this paper adds new knowledge to the mutual funds literature.