bluuebunny/crossref_metadata_2025_split huggingface dataset:
Do we know the future of the university?
Authors: Abeles Tom P. 
Published: July 2006

PurposeThis paper presents the idea that the direction of the university, today, must be seen, first as an enterprise that is different from the idea of the university as seen by Newman, Kant and von Humboldt. Secondly, it must be seen as a problem for the faculty and not that of the institution.Design/methodology/approachThis article examines and discusses the future of universities.FindingsThe probability of institutional closings is high. As with consolidation in any industry, the demand for employees, even with increasing enrolments will diminish and the purpose of the institutions, as with the replacement of one technology by another, will change. For many, particularly medallion institutions, survival by providing a selective on‐campus experience will be a defined opportunity. On the other hand, many institutions will become virtual or will be mixed in both brick and click space. These, of course, will have presence on the net that will not be tied to time or place. Others will become certification providers of many forms, from record keeping and advising to evaluation of qualifications for both students and employers.Practical implicationsThe university is changing due to both internal and external pressures. Current efforts to formulate solutions are based on a model that no longer exists. Survival of many post secondary institutions depends on recasting the direction based on new models; survival of faculty at the baccalaureate level requires rethinking the idea of a teacher and a scholar.Originality/valueThis paper discusses the future and direction of universities.
Downwards sloping demand curves for stock?
Authors: Levin Eric J. , Wright Robert E. 
Published: July 2006

PurposeThe purpose of the analysis is to estimate price elasticities of demand for individual FTSE‐100 stocks between 1 August 1994 and 31 July 1995.Design/methodology/approachThis paper measures excess demand in order to measure the slope of the demand curve for individual stocks. An econometric approach is adopted that models the slope of the excess demand curve within an econometric framework using signed market maker transactions data between 1 August 1994 and 31 July 1995.FindingsThe findings confirm that the demand curves for individual stocks do slope downwards. For example, the mean estimated percentage fall in stock price caused by a new share issue that is 1 per cent of the existing number of outstanding shares is −5.6.Practical implicationsDownward sloping demand curves pose difficulties for theories in finance that rely on the law of one price and price‐takers in competitive markets. For example, the dividend policy and capital structure irrelevance theorems of corporate finance, and the efficient markets hypothesis assumption that the price of a stock is determined only by information about future cash flows and the discount rate are not consistent with a downward sloping demand curve.Originality/valueThe slope of the demand curve is estimated using an econometric model and market makers' transactions data for specific stocks. This approach identifies observable unexpected shifts in the demand for a stock as unexpected changes in market makers' inventories. This approach is superior to event studies because it provides multiple observations that enable the slope of the demand curve to be quantified with sufficient confidence to calculate the price elasticity of demand for the stock.
Idiosyncratic volatility and security returns: evidence from Germany and United Kingdom
Authors: Drew Michael E. , Malin Mirela , Naughton Tony , Veeraraghavan Madhu 
Published: July 2006

PurposeMalkiel and Xu state that idiosyncratic volatility is highly correlated with size and that it plays a powerful role in explaining expected returns. The purpose of this paper is to ask whether idiosyncratic volatility is useful in explaining the variation in expected returns; and whether the findings can be explained by the turn of the year effect.Design/methodology/designMonthly stock returns and market values of all listed firms in Germany and UK covering the period 1991‐2001 from Datastream are used as the basis of the evaluation.FindingsThe paper finds that the three‐factor model provides a better description of expected returns than the Capital Asset Pricing Model (CAPM). That is, it is found that firm size and idiosyncratic volatility are related to security returns. In addition, it is noted that the findings are robust throughout the sample periodOriginality/valueThe paper shows that the CAPM beta alone is not sufficient to explain the variation in stock returns.
Do what insiders do
Authors: Bajo Emanuele , Petracci Barbara 
Published: July 2006

PurposeThis paper aims to investigate the main motivations for Italian insiders to trade relevant stakes of their companies, specifically assuming that most transactions are driven by speculative intents. According to an information asymmetry hypothesis, insiders, having a superior information set, may better detect the temporary under or overvaluation of stocks. Moreover, when insider trading law is not well enforced, insiders may take advantage of relevant and undisclosed information. In both cases, such transactions would convey an important signal to uninformed traders.Design/methodology/approachIn order to determine whether insiders are able to earn abnormal returns, a standard event study methodology is used and, then, a profitable mimicking portfolio strategy is proposed.FindingsThe paper finds statistical evidence of a positive relationship between the change of holdings and the sign of market movement: excess returns are earned after a positive increase of relevant stakes and negative abnormal returns follow an opposite insiders' strategy. In particular, we find significant excess returns between the first and the third month following insiders' transactions. Market response is generally higher for insiders' purchases rather than sales and for insiders owning more than 50 per cent of the company.Research limitations/implicationsAs at European level laws on insider trading have been updated recently, future research could study this phenomenon after 2002, investigating if new laws were able to guarantee strong efficiency of the Italian market.Originality/valueThis paper is interesting because it is one of the few studies on insider trading carried out outside the USA.
Bayesian Markov mixture of normals approach to modeling financial returns
Authors: Chang George 
Published: July 2006

PurposeThe purpose of this paper is to investigate whether Markov mixture of normals (MMN) model is a viable approach to modeling financial returns.Design/methodology/approachThis paper adopts the full Bayesian estimation approach based on the method of Gibbs sampling, and the latent state variables simulation algorithm developed by Chib.FindingsUsing data from the S&P 500 index, the paper first demonstrates that the MMN model is able to capture the unconditional features of the S&P 500 daily returns. It further conducts formal model comparisons to examine the performance of the Markov mixture structures relative to two well‐known alternatives, the GARCH and the t‐GARCH models. The results clearly indicate that MMN models are viable alternatives to modeling financial returns.Research limitations/implicationsThe univariate MMN structure in this paper can be generalized to a multivariate setting, which can provide a flexible yet practical approach to modeling multiple time series of assets returns.Practical implicationsGiven the encouraging empirical performance of the MMN models, it is hopeful that the MMN models will have success in some interesting financial applications such as Value‐at‐Risk and option pricing.Originality/valueThe paper explicitly formulates the Gibbs sampling procedures for estimating MMN models in a Bayesian framework. It also shows empirically that MMN models are able to capture the stylized features of financial returns. The MMN models and their estimation method in this paper can be applied to other financial data, especially in which tail probability is of major interest or concern.
Futuring and visioning: complementary approaches to strategic decision making
Authors: Millett Stephen M. 
Published: July 2006

PurposeThe purpose of this article is to clarify the difference between futuring and visioning and to suggest how they may be better implemented as complementary approaches to strategic decision‐making.Design/methodology/approachA veteran of more than 80 scenario development projects, the author describes the tools required and the best practices for defining the mission, setting the goals, developing a vision, and making plans that move a business beyond the familiar of today to the uncertainties of tomorrowFindingsOffers examples of companies that used futuring and visioning tools to prepare product scenarios that anticipated the future, unarticulated voice of the customer.Practical implicationsGuidance for leadership: Recognize the difference between futuring and visioning, and do both in a complementary way. Encourage, if not require, people to think about the future of both customers and products. Set up a futuring unit to prepare trend monitoring and scanning, trend analysis, build forecasting models, and prepare narrations on the future of the external business environment for the entire company. Set up a program whereby employees have opportunities to participate in visioning exercises, especially when the topic question involves visioning at their own operational levels. Use the products of futuring as a frame of reference for visioning exercises. Develop a vision for the company based upon wide participation and using both futuring and visioning. Consistently articulate the vision for both external and internal audiences.Originality/valueThe article provides guidance about the process of learning about the future so that organizations can routinely integrate futuring and visioning into a vision statement and strategic plans
Detecting behavioural patterns of Dutch controller graduates through interpretive interactionism principles
Authors: De Loo Ivo , Nederlof Peter , Verstegen Bernard 
Published: July 2006

PurposeThe research goal was to trace behavioural patterns of management accountants, comprising activities and courses of action, in order to enhance understanding of the management accounting profession.Design/methodology/approachProtoscripts were derived, using interview techniques and a research method called “interpretive interactionism”. These protoscripts depict observable, recurrent activities and patterns of interaction characteristic for a group of persons, and can be used in various types of situations.FindingsThe paper describes the procedure and outcome of the collection of behavioural protoscripts used by management accountants and controllers, as well as their possible ordering.Research limitations/implicationsThe findings enlarge understanding of the controller profession, but are limited solely to controller activities. The protoscripts collected are stereotypical, at least for the controllers interviewed. Of course, all human experience is interpretation and it should be acknowledged that interpretations are never complete.Practical implicationsThe control mechanisms and instruments that emerge in an organisation are the result of several interrelated factors and processes. Of special interest here is the behaviour of management accountants and controllers in shaping, maintaining and exerting control. Behavioural protoscripts can show how management accountants give contents to their role and structure their daily work.Originality/valueScripted behaviour of management accountants has received little prior research attention, especially in combination with the research method of interpretive interactionism.
Responsibility in action: expressions of values in a Swedish company
Authors: Baldvinsdottir Gudrun , Johansson Inga‐Lill 
Published: July 2006

PurposeTo illustrate and discuss how different types of responsibility values are mobilised in a Swedish international company.Design/methodology/approachThe paper is informed by a constructivist pragmatism framework. The part of the study related to the case site was inspired by an ethnographic research approach and involved intensive face‐to‐face observations over a period of two years. Data was collected at four main levels: external and internal documents, observation of project meetings, interviews with project members, and informal talks with organisation members.FindingsPossible conflicts of interest between human and business perspectives are exposed. Awareness of these interest‐conflicts, however, facilitates a potential bridging of the two perspectives. Our findings suggest possible explanations as to why management control (MC) models work in practice. Although values pertaining to shareholder maximisation are given prominence in external communication, the internal MC model also emphasises the values considered necessary and desirable by professionals, such as confidence, commitment and respect. The study reveals that the way values are handled affects the responsibility taken by employees in everyday situations. By using the constructivist pragmatism framework, it becomes clear that values cause people to act, and not MC systems.Originality/valueAlthough many studies have described the shortcoming of MC models, few studies platform from the concept of responsibility. In this paper it is shown how accounting communicates values underpinning responsibility, and contributes towards explaining why certain types of MC models can be more successful than others.
Adapting ethnographic research methods to ad hoc commercial market research
Authors: Agafonoff Nick 
Published: July 2006

PurposeThe purpose of this paper is to delve into the nature of ethnography to evaluate its potential as an applied qualitative research method in commercial ad hoc market research. A re‐interpretation of ethnography adapted for the commercial market research environment is proposed and a conceptual framework for its implementation offered.Design/methodology/approachThis will include examination of the different ethnographic approaches employed across social and market research fields.FindingsAn examination of several case studies reveals how ethnography can produce both tactical and strategic insights into aspects of consumer usage, behaviour, experience and culture.Originality/valueThe paper discusses how ethnographic research can potentially connect marketers, businesses and whole corporations with their consumers, in ways that other forms of market research cannot.
Cosmopolitanism as a consumer orientation
Authors: Caldwell Marylouise , Blackwell Kristen , Tulloch Kirsty 
Published: July 2006

PurposeThe paper aims to increase our understanding of an under‐investigated research area of consumption, that is, cosmopolitanism as a consumer orientation.Design/methodology/approachAbout 16 informants, either Australians who had worked or studied overseas, or expatriates residing in Australia, participated in a qualitative research study. Analysis was an iterative process involving textual interpretation of interview transcripts and photographs supplied by informants.FindingsSupport is found for Thompson and Tambyah's idea that a cosmopolitan consumer orientation comprises dominant masculine and counter‐veiling feminine traits. Contradicting Thompson and Tambyah, the study validates Cannon and Yaprak's idea that a cosmopolitan consumer orientation simultaneously embraces maintaining close ties to their cultural roots and seeking to consume products from other cultures. Additional aspects of cosmopolitanism are identified, including the benefits of expatriate enclaves and difficulties upon returning home.Research limitations/implicationsTheory validation arises as a consequence of finding partial support for past findings. Theory generation manifests as suggested modifications to extant theory and identification of additional aspects of cosmopolitanism as a consumer orientation.Practical implicationsUnderstanding cosmopolitanism as a consumer orientation has implications for understanding consumption of culturally distant products.Originality/valueThe paper offers foundations for future research into an increasingly significant aspect of consumption.
Symbolic double‐coding: the case of Australian pubs
Authors: Pettigrew Simone 
Published: July 2006

PurposeDiscussions of symbolic meaning tend to focus on consumer goods and as a result there is relatively little consideration given to the meanings associated with less tangible receptacles such as locations. The purpose of this paper is to explore the symbolic meaning resident in a particular consumption location, namely the Australian pub (public drinking house).Design/methodology/approachInterviews and observations were used to explore Australians' perceptions of their pubs. Fifty‐two patrons and seven bar tenders were interviewed in 23 pubs across three Australian states (Western Australia, New South Wales, and Victoria).FindingsThe men and women interviewed accepted that pubs are still male‐dominated domains. At the same time, they regarded pubs to be iconic of Australian culture. The findings suggest that consumption locations can be replete with numerous symbolic meanings and that it is possible for individuals to perceive contradictory meanings relating to the same location. Obtaining an understanding of individuals' and groups' sense of place can yield a richer interpretation of the possibly contradictory symbolic meanings resident in particular consumption locations.Originality/valueIn recent times there have been growing calls for consumer researchers to include the concept of place attachment in their efforts to better understand the consumption process. This paper draws together the theoretical areas of symbolic meaning, self‐concept, and place attachment to provide insight into the consumption dynamics occurring every day in Australian pubs.
An internationally focused synthesised marketing strategy underpinned by qualitative research
Authors: Trim Peter R.J. , Lee Yang‐Im 
Published: July 2006

PurposeThe aim of the paper is to make explicit how qualitative research can enable senior marketers to formulate an internationally focused synthesised marketing strategy. A number of marketing research issues are highlighted including the need to track customer expectations; identify what customer value represents; and explain how scenario analysis and planning can be embraced in order to produce marketing initiatives that facilitate company‐customer interaction.Design/methodology/approachThis paper is based on a review of the literature and can be considered a critical appraisal and appreciation. The internationally focused synthesised marketing strategy represents an extension of the marketing body of knowledge.FindingsA number of trends have been identified in the business environment that will refocus the attention of senior marketers in the years ahead. It is envisaged that marketing researchers will work more closely with marketing intelligence officers and marketing strategists in order to actively harness the benefits associated with the internet; engage more fully in regional, national and international research projects; and provide assistance to those responsible for developing and deploying customer relationship management models and concepts.Research limitations/implicationsPractising marketers and marketing academics need to undertake joint qualitative research projects in order to establish how electronic business is transforming buyer‐supplier relations through time. Qualitative research can be undertaken in order to identify customer expectations and these can be matched with the level of customer service provided. Qualitative research can also be undertaken to establish how concerns regarding an individual's privacy can be maintained when purchasing online.Practical implicationsMarketing practitioners need to adopt a pro‐active approach to qualitative research and engage in more future oriented research. This may require an investment in raising the skill base of marketing researchers and the development of new organizational structures.Originality/valueThis paper will be of interest to marketing academics, marketing researchers and senior marketing managers, as it links the marketing research process with marketing intelligence and decision‐making. Several aspects of the marketing body of knowledge have been extended and a link established with aspects of general management.
Making changes within a team
Authors: Denton D. Keith 
Published: July 2006

PurposeTo illustrate the use of team employment and management within a variety of organizations.Design/methodology/approachWrites about experiences of introducing team management into a Tool company and GE. Also provides some exercises in training and planning for team management.FindingsSome of the key points made were the need for pilot testing, for the team to own the numbers and targets, and for open communications.Originality/valueSome useful pointers for anyone considering a more team based approach to product or service delivery.
Team member involvement in team leader training and performance
Authors: Lyons Paul 
Published: July 2006

PurposeThis study seeks to: involve team members in part of the actual design of training for their own team leaders; improve team leader knowledge and skills; and demonstrate the use of skill charting (SC) for learning and performance improvement.Design/methodology/approachUsing focus groups of team members and q‐sort methodology we were able to have team members identify practical performance elements regarding the behavior of their team leaders. Integrating these performance elements into the training design for team leaders and using SC as a training tool, we were able to compare two groups of team leaders: one group (the study group) whose training focused, specifically, on the team‐generated performance elements and another group (the traditional group) whose training was focused on general, team leader performance elements.FindingsIn the perceptions of the team members, the S group team leaders, following training, performed more effectively regarding: response time, positive reinforcement, and focus on desired behavior of team members, than did the T group team leaders. Mean scores of ratings of performance were higher for S group team leaders than T group team leaders on all variables save one.Research limitations/implicationsOwing to the nature of SC training, sample sizes could not be large; that is, sample sizes could not exceed 35 participants per each condition. Statistical tests are thus influenced. Other limitations involve the obvious time gap between actual training and the subsequent changes in behavior and performance. The study does offer considerable support to other research that makes use of SC training tools.Practical implicationsThe activities undertaken in the study serve to involve team members, recognize their knowledge and skill, and empower them via decision making and personal recognition.Originality/valueThis study points to ways to involve team members directly in performance improvement and learning.