bluuebunny/crossref_metadata_2025_split huggingface dataset:
Life cycle effect on the value relevance of common risk factors
Authors: Xu Bixia 
Published: June 2007

PurposeThe expected rate of return for individual firms is determined by multiple firm‐specific factors. There is no evidence on how firm life cycle contributes to the determination of the expected rate of return. This study explores how life cycle stage affects the expected rate of return.Design/methodology/approachRegression analysis is applied to observe the effect of life cycle. Expected rate of return is dependent variable. Life cycle measures are interacted with commonly identified risk factors. Empirical data was collected for publicly traded firms from COMPUSTAT.FindingsThe major finding of this study is the significant impact of life cycle stage. Results indicate that the value relevance of risk factors is conditional on firm life cycle stage. Findings suggest that capital markets do realize and incorporate information conveyed in firm life cycle stage when interpreting risk factors.Research limitations/implicationsFuture research can explore effects of life cycle stage on share return volatility as investors trade off between return and risk.Originality/valueThis study targets a major aspect (i.e. what determine the expected rate of return in the finance literature) to shed light on the limited understanding of what contribute to individual firms’ risk premium. This study has implications for investor risk assessment and corporate risk management.
Seasonal affective disorder and the pricing of IPOs
Authors: Dolvin Steven D. , Pyles Mark K. 
Published: June 2007

PurposeIt has been found that stock market returns vary seasonally with the amount of daylight, and they attribute this effect to seasonal affective disorder (SAD), which is a psychological condition that causes depression and heightened risk aversion during the fall and winter months. The goal of this study is to examine whether this effect also manifests itself in the pricing of initial public offerings (IPOs).Design/methodology/approachThe authors conduct an empirical analysis on IPO data collected over the period 1986‐2000. Specifically, we examine potential pricing differences between IPO that go public during the fall and winter months, relative to other issues. The paper begins by exploring differences on a univariate basis (i.e. testing via t‐statistics), subsequently extending the analysis by controlling for firm and offer characteristics in a multiple regression framework.FindingsThe paper finds that IPOs experience higher levels of underpricing in both the fall and winter months and that offer price revisions are higher during the winter months. Both of these results are consistent with SAD influencing the IPO pricing process.Originality/valueThe results suggest that behavioral issues (i.e. the emotions of buyers) may have as much of an effect on the pricing of IPOs as more traditional characteristics. Further, the results imply that firms with flexible issuance schedules should avoid going public during months affected by SAD, thereby potentially reducing the cost of issuance.
Contesting the dominance of emotional labour in professional nursing
Authors: McClure Robert , Murphy Christine 
Published: June 2007

PurposeThe main intension of this paper is to challenge the dominance of emotional labour in professional nursing.Design/methodology/approachThe article begins by evaluating the central conceptual and definitional aspects of emotional labour, emotion work and emotional work. The purpose of this discussion is to argue against the false public and private dichotomy that has plagued emotional labour and emotion work. Second, it is proposed that the central and helpful defining aspects of emotional labour and emotion work are Marx's concepts of exchange‐value and use‐value. These defining attributes are used in conjunction with other re‐conceptualisations, which unite these terms in order to create more encompassing constructs that are useful for focusing on the waged and unwaged aspects of professional nurses' emotional work response behaviours. Finally, the use of emotional labour in professional nursing is contested on the grounds that the construct has limited theoretical and empirical utility for researching the complex nature of professional nurses' emotional work response behaviours.FindingsIt is recommended that a more robust encompassing concept needs to be developed, which accurately reflects the nature and complexity of professional nurses' waged and unwaged emotional work response behaviours, as they are important overlooked facets of behaviour that can be theoretically related to professional nurses' contextual performance.Originality/valueThe paper provides a better understanding of professional nurses' emotional work response behaviours, which benefit nursing research and practice by drawing on other areas of theory and research.
Strategic behaviour of institutional providers in mental handicapped care in The Netherlands
Authors: Van Harten Willem H. , Veldhuis Marleen J.M. , Hoeksma Bernhard H. , Krabbendam Koos J. 
Published: June 2007

PurposeThe purpose of this paper is to describe an inventory of the strategic responses of institutional providers of mental handicapped care to the strengthening of consumer choice through a personal care budget (PCB)Design/methodology/approachSemi structured interviews were conducted among 26 providers covering 52 per cent of the total market volume of about 100,000 clients annually.FindingsA representative number of providers was included; on average a percentage below the national average of PCB users was found to be served. Of the 26 providers, 16 indicated adaption to their strategy in response to expected consumer empowerment. The actual deployment of this response in the organisations seemed not to be very thorough or explicit. Surprisingly, as a growing part of PCB‐clients choose alternative providers, no concerns were raised concerning the possible emergence of new service providers.Originality/valueAlthough the market share of PCB users is growing fast and existing providers do not seem to absorb this accordingly, a lack of market analysis and strategic behaviour of the traditional providers in response to this development was found. Based on this research growth of market shares of disruptive service providers can very well be anticipated.
Analyzing impacts of bioenergy expansion in China using strategic environmental assessment
Authors: Owens Gene M. 
Published: June 2007

PurposeThe purpose of this paper is to examine the several methodologies and activities taken to assess the environmental impacts of a $33 million pilot project undertaken through a loan from the Asian Development Bank (ADB) jointly with significant Chinese government investments. The ADB biogas utilization project has supported construction of over 7,500 biogas digesters in more than 140 rural villages. An additional 10,000 biogas digesters are programmed as well as significant investment in biogas production through large‐scale animal agribusinesses. The latter will be supported through investments utilizing the Clean Development Mechanism (CDM).Design/methodology/approachThe paper provides a longitudinal perspective by: looking at the project's Initial Environmental Examination (IEE) undertaken at appraisal; assessing the ongoing energy and environmental monitoring plan currently under way; and examining the potential for the use of Strategic Environmental Assessment (SEA) as a tool for integrating environmental policy considerations on a regional or provincial level in China.FindingsImproved technologies for application of renewable energy – in particular successful application and adoption of biogas digesters at the village level – offer the potential to promote sustainable, cost‐effective growth in agriculture with concurrent positive environmental impacts.Practical implicationsBased on the relative success of ongoing efforts to promote the adoption of biomass technologies, a significant expansion of the bioenergy program is under consideration by the Ministry of Agriculture.Originality/valueThe case study suggests that there is potential for use of SEA as a tool for the establishment of regional or provincial environmental priorities by taking account of information on the economic, social and environmental benefits, costs and risks of adopting a national strategy for biomass utilization. SEA is a recent innovation in China and must be adapted to local conditions.
A fuzzy‐analysis‐based method for measuring contractors' environmental performance
Authors: Yao Hong , Shen Li‐Yin , Hao Jianli , Yam Chi‐ho Michael 
Published: June 2007

PurposeThe purpose of this paper is to present a fuzzy‐analysis‐based scoring (F‐EPS) method for measuring contractors' environmental performance during project construction in order to assist contractors in improving their environmental performance during project construction.Design/methodology/approachTo review relevant literature and conduct practical investigations for establishing the indicators which measure the environmental performance made by contractors. This will be followed by establishing the performance benchmarks for measuring the performance level of the environmental indicators, and presenting a fuzzy‐analysis‐based scoring method for measuring a contractor's environmental performance. A practical case was adopted to demonstrate the procedures of applying the F‐EPS model.FindingsThis paper provides an alternative method, fuzzy‐analysis‐based scoring (F‐EPS) method for assessing contractors' environmental performance. Whilst there are existing methods developed in previous studies for assessing the environmental performance of construction projects, it appears that little study has been conducted to investigate measuring the environmental performance by contractors during the construction process. Shen et al. (2005) suggested measuring contractors' environmental performance by using an environmental performance score (EPS). However, the major weakness of using the EPS model is that the model does not take into consideration the characteristics of the subjective and fuzzy assessment process. The F‐EPS method is thus developed to help mitigate these weaknesses.Practical implicationsF‐EPS model provides a simple and easy‐to‐apply tool to assist contractors in identifying the poor environmental performance areas; thus corrective methods can be used to make improvement. It provides an effective method for contractors' environmental performance to be communicated to involved stakeholders.Originality/valueThere are many variables affecting contractors' environmental performance, which present difficulties for measuring the performance efficiently and effectively. This paper has presented a new approach, a fuzzy‐analysis‐based method, for measuring the environmental performance used by contractors through applying the fuzzy analysis principles.
Valuation when bankruptcy is a possibility and taxes matter
Authors: Venezian Emilio C. 
Published: June 2007

PurposeThis article aims to report the results of research into the effect of expanding the traditional models for valuation of simple securities to include the effect of taxation of the cash flows from investing and the possibility of bankruptcy of the issuer.Design/methodology/approachThe models developed use the same techniques as the textbook models but lead to conclusions that are novel.FindingsIn particular, the models suggest that reducing the tax rate on capital gains does not always benefit bondholders and shareholders. For common stock the changes in both market value and realizable value depend not only on the change in tax rate, but also on the growth rate of the dividend stream.Practical implicationsThe models presented follow the textbook models, so they assume stationary conditions. Future research should examine the case of conditions that may be mean‐reverting but are not stationary.Originality/valueThe immediate practical implications are in the domain of public policy, where the debate over the effect of tax changes has been based on overly simplified models.
On the use of value at risk for managing foreign‐exchange exposure in large portfolios
Authors: Al Janabi Mazin A.M. 
Published: June 2007

PurposeIt is the purpose of this article to empirically test the risk parameters for larger foreign‐exchange portfolios and to suggest real‐world policies and procedures for the management of market risk with the aid of value at risk (VaR) methodology. The aim of this article is to fill a void in the foreign‐exchange risk management literature and particularly for large portfolios that consist of long and short positions of multi‐currencies of numerous developed and emerging economies.Design/methodology/approachIn this article, a constructive approach for the management of risk exposure of foreign‐exchange securities is demonstrated, which takes into account proper adjustments for the illiquidity of both long and short trading/investment positions. The approach is based on the renowned concept of VaR along with the innovation of a software tool utilizing matrix‐algebra and other optimization techniques. Real‐world examples and reports of foreign‐exchange risk management are presented for a sample of 40 distinctive countries.FindingsA number of realistic case studies are achieved with the objective of setting‐up a practical framework for market risk measurement, management and control reports, in addition to the inception of a practical procedure for the calculation of optimum VaR limits structure. The attainment of the risk management techniques is assessed for both long and short proprietary trading and/or active investment positions.Practical implicationsThe main contribution of this article is the introduction of a practical risk approach to managing foreign‐exchange exposure in large proprietary trading and active investment portfolios. Key foreign‐exchange risk management methods, rules and procedures that financial entities, regulators and policymakers should consider in setting‐up their foreign‐exchange risk management objectives are examined and adapted to the specific needs of a model of 40 distinctive economies.Originality/valueAlthough a substantial literature has examined the statistical and economic meaning of VaR models, this article provides real‐world techniques and optimum asset allocation strategies for large foreign‐exchange portfolios in emerging and developed financial markets. This is with the objective of setting‐up the basis of a methodology/procedure for the measurement, management and control of foreign‐exchange exposures in the day‐to‐day trading and/or asset management operations.
Insurance risk exchange in the presence of background risk and private information
Authors: Lin Wen‐chang , Lu Jin‐ray 
Published: June 2007

PurposeThe purpose of this study is to introduce an insurance risk‐exchange model in the presence of background risk and private information and which solves the optimal insurance and investment decisions simultaneously.Design/methodology/approachThe model undertakes a continuous‐time two‐agent framework in which the decisions depend on who can determine the insurance quantity as well as the agents' risk attitudes. The decisions are solved by using dynamic‐programming techniques.FindingsThe results show that the insured may purchase full insurance even if the insurance price is actuarially unfair and the insurance risk and investment risk are uncorrelated. Further, the demand for insurance may be affected by background risk even if the two risks are uncorrelated. If Pareto optimality is impeded by private information, the paper shows that the deadweight loss can be mitigated by forming a hedging demand with respect to the parameter risk.Originality/valueThis study is not only an extension of the existing continuous‐time insurance demand model, but also may be considered a model of “enterprise risk management” for institutional agents.
Input hedging: generalizations
Authors: Alghalith Moawia 
Published: June 2007

PurposeThe purpose of this paper is to generalize input‐hedging models.Design/methodology/approachUsing a general utility function and general probability distributions, the paper extends the Paroush‐Wolf and Alghalith theoretical models by including two risky (hedged) inputs.FindingsThe paper finds that the inclusion of two risky inputs affects the previous theoretical results.Originality/valueThe paper introduces new theoretical and technical contributions. Also, it is intended to be a foundation for future empirical and theoretical studies.
DC circuit vacates the fee‐based brokerage rule
Authors: Ericson Robert B. 
Published: June 2007

PurposeThe paper aims to explain the background and to discuss the implications for broker‐dealers of US Circuit Court of Appeals for the District of Columbia March 30, 2007 decision in Financial Planning Association v. Securities and Exchange Commission (FPA) vacating Rule 202(a)(11), which had exempted fee‐based brokerage accounts from the Investment Advisers Act of 1940 (the Advisers Act) under certain conditions.Design/methodology/approachThe paper explains how the distinction between broker‐dealers and investment advisers seemed relatively clear in the past, how fee‐based brokerage accounts began to blur that distinction, how Rule 202(a)(11) allowed broker‐dealers to offer fee‐based brokerage accounts without complying with the Adviser's Act under certain conditions, how the FPA decision vacates Rule 202(a)(11), and potential consequences of the FPA decision for broker‐dealers.FindingsThe paper finds that if FPA stands, it will have broad implications for broker‐dealers that offer fee‐based brokerage accounts, as the Advisers Act contains a variety of requirements that do not apply to traditional brokerage accounts. Broker‐dealers should assess their fee‐based programs and develop strategies for complying with the provisions of the Advisers Act or restrict their programs to remove them from the reach of the Act.Originality/valueWritten immediately after the FPA decision, this paper provides essential guidance to broker‐dealers on how they will have to reposition their fee‐based programs if that decision stands.
Rule 12b‐1: a look at the past, present and future
Authors: Rosella Michael R. , Pugliese Domenick 
Published: June 2007

PurposeThe purpose of this paper is to assess the history, current use, and possible future of Rule 12b‐1 of the Investment Company Act of 1940.Design/methodology/approachThis paper briefly reviews the history behind the original adoption of Rule 12b‐1, then discusses the ways in which 12b‐1 fees are used today, some of the issues surrounding the Rule, and finally, briefly explores where we might be heading in the future.FindingsThe paper finds that, first adopted in 1980 in an effort to prop up a then ailing industry, Rule 12b‐1 and Rule 12b‐1 fees have been a staple for many mutual funds for almost 30 years. Over this time, the ways in which 12b‐1 fees are used has evolved significantly such that some people now wonder whether the Rule continues to serve the purpose for which it was designed.Originality/valueThe paper provides a comprehensive evaluation of how mutual funds' use of Rule 12b‐1 has changed, what the underlying issues are, and the prospects for reexamination of the Rule.
Litigation in the information age: taking discovery into the digital era to comply with new federal e‐discovery requirements
Authors: Fujitani Riki , Kunisaki Eric 
Published: June 2007

PurposeThe paper aims to discuss the growing importance of electronic discovery in commercial litigation; the impact of the e‐discovery amendments to the Federal Rules of Civil Procedure (FRCP), and the steps corporations should take to address the new rules.Design/methodology/approachThe paper reviews the impact of corporate reliance on electronic information on litigation; regulations that require corporations to protect data; significant cases that established ground rules for discovery of electronic information, including McPeek v. Aschcroft and Zubulake v. Warburg; the requirements of the e‐discovery rules that have been included for the first time in the FRCP; and outlines the steps that corporations should take to mitigate corporate e‐discovery risks.FindingsThe paper concludes that electronic discovery challenges will continue to grow for corporations as e‐discovery becomes increasingly important in commercial litigation; that companies can mitigate their e‐discovery risks by proactively working to meet the new requirements; that forward‐looking companies can gain important “safe harbor” protection by instituting a reliable litigation hold strategy; and that companies can use the new federal rules as an opportunity to better manage and forecast their legal costs.Originality/valueThe paper provides a general review of significant e‐discovery rulings; an explanation of the impact of the amended FRCP on corporations; and practical steps that companies can take to mitigate e‐discovery risks.
Delaware Court of Chancery issues two important decisions on stock options backdating, spring‐loading and bullet‐dodging
Authors: Alexander Stephen , Rissier Warren , Chun Susan 
Published: June 2007

PurposeThe purpose of this paper is to describe the implications of two recent decisions in Ryan v. Gifford and In Re Tyson Foods, Inc. concerning stock options backdating, “spring‐loading,” and “bullet‐dodging.”Design/methodology/approachThe paper summarizes the facts of the two cases, defines spring‐loading and bullet‐dodging, and explains how the court held in both cases that plaintiffs had sufficiently alleged demand futility, that directors of the two corporations had shown bad faith and breached their duty of loyalty, and that the doctrine of fraudulent concealment took precedence over the statute of limitations.FindingsThe paper finds that backdating of options is so egregious that board approval cannot meet the test of business judgment and there is a substantial likelihood of director liability. A director who intentionally uses inside knowledge not available to shareholders in order to enrich employees while avoiding shareholder‐imposed requirements cannot be said to be acting loyally and in good faith as a fiduciary. The best practice for companies is only to grant options that are in strict compliance with their shareholder‐approved option plans as well as applicable accounting, tax, and disclosure rules, and on either fixed‐in‐advance dates or when the companies' insiders would be free to trade.Originality/valueThe paper provides a thorough explanation of two of the most important court decisions to date on stock options backdating, spring‐loading, and bullet‐dodging.
Changes in the investment adviser business in the United States
Authors: Glenn Paul D. 
Published: June 2007

PurposeThe purpose of this paper is to discuss the overall profile of SEC‐registered investment advisers in the USA, to identify trends and influences on the profile of investment advisers, and to extrapolate to future expectations in the profile of SEC‐registered investment advisers.Design/methodology/approachThe approach reviews the SEC registration filings by all investment advisers from a granular level to the overall impact and identifies trends and patterns from a similar analysis applied consistently over a six‐year period of similar annual analysis.FindingsThe paper reveals that the numbers of registered investment advisers continues to grow. Hedge fund advisers were required to register with the SEC until the US Court of Appeals for the DC Circuit entered a decision vacating that rule. Where that decision takes the investment advisory community will be reflected in statistics from future SEC filings by investment advisers. The data show an increasing globalization of the investment adviser business and continued growth opportunities for compliance professionals.Originality/valueThe paper is based on review of statistics of all SEC‐registered investment advisers filed with the SEC on forms ADV Part 1 for 2006. The study analyzed the statistics and drew conclusions relevant to compliance professionals in the investment adviser space.