title: Modelling the yield curve with Orthonormalised Laguerre Polynomials: A consistent cross-sectional and inter-temporal approach

authors: Krippner, Leo

subjects: yield curve

abstract: This article proposes the orthonormalised Laguerre polynomial (OLP) model of the yield curve, a generic linear model that is both cross-sectionally consistent (that is, it reliably fits the yield curve at a given point in time), and inter-temporally consistent (that is, the cross-sectional parameters are shown to be consistent over time within the expectations hypothesis framework). The OLP model generalises the exponential-polynomial model for a single yield curve, as originally proposed by Nelson and Siegel (1987), and also allows for the simultaneous modelling of other same-currency yield curves that have instrument-specific differences (such as default risk), as in Houweling, Hoek and Kleibergen (2001). New Zealand data is used to illustrate the empirical application of the OLP model.

text: Modelling the yield curve with Orthonormalised Laguerre Polynomials: A consistent cross-sectional and inter-temporal approach This article proposes the orthonormalised Laguerre polynomial (OLP) model of the yield curve, a generic linear model that is both cross-sectionally consistent (that is, it reliably fits the yield curve at a given point in time), and inter-temporally consistent (that is, the cross-sectional parameters are shown to be consistent over time within the expectations hypothesis framework). The OLP model generalises the exponential-polynomial model for a single yield curve, as originally proposed by Nelson and Siegel (1987), and also allows for the simultaneous modelling of other same-currency yield curves that have instrument-specific differences (such as default risk), as in Houweling, Hoek and Kleibergen (2001). New Zealand data is used to illustrate the empirical application of the OLP model.

year: 2003-09

title: Creating Successful Partnerships in the People's Republic of China: The Significance of Guanxi Characteristics in the Relationship Building Process Between Cultural Entrepreneurs and Art Dealers.

authors: Allott, Joella

subjects: Guanxi

abstract: This research investigated the process of guanxi development in business partnerships between art dealers and artists in the Beijing art industry. The characteristics of guanxi were identified at each stage of the relationships’ development. They were then examined to identify which factors were the most influential. Finally, their effects on the business relationship were examined.
 
Qualitative data was collected through in-depth interviews over two years in three of Beijing’s art districts. The transcribed and translated interviews were analysed using a grounded theory approach. This process was aided by qualitative software which enabled comparisons to be made between participants allowing theory to emerge. 

It was found that there were two markets in the art industry, one based on the giving of gifts to gain favours and the second on private market forces. The former, the painting gift culture, was found to be corrupt and often connected to bribing government officials. Within this environment galleries used guanxi networks to locate new supply and artists used them to locate art dealers. This reduced cost in time and money but did not always provide a competitive advantage if the product did not suit the market. 

Previous research has focussed primarily on the outcomes of guanxi as opposed to its development. To initiate business guanxi an intermediary was not necessary although it did facilitate the process. Of the three methods used to build guanxi, banqueting, gift giving and favours, it was found that banquets were most important at the first and second stages to initiate guanxi and build ganqing as the relationship evolved. It also played an important role in creating affective trust before cooperation began. Gift giving also increased ganqing at the second stage. Favours were most important after guanxi had consolidated and also contributed to an increase in ganqing. 

Having good guanxi did not lead to cognitive trust, but it was needed for cognitive trust to develop. This paradox led to formulating the Guanxi-Trust Model of Business Partnerships. Due to a disposition to distrust ganqing was developed which led to affective trust in order to kick start the relationship. The decision to cooperate was based on ability, perceived risks and mutual benefits. As cognitive trust developed it was compartmentalised into ability, moral character and mutual benefit which determined the willingness to cooperate. Throughout the process guanxi contributed to affective trust whereas successful cooperation led to cognitive. Cognitive trust also increased ganqing which improved the pair’s guanxi. Galleries that implemented the Guanxi-Trust Model were able to lock artists into long-term relationships due to successful cooperation and ganqing. The artists remained loyal to the galleries allowing them to create competitive pricing strategies which in turn provided sustainability over time. 

The findings provide empirical support for prior theoretical frameworks on guanxi development. Moreover, the development of a new framework shows how trust develops alongside guanxi in cooperative relationships. This contributes to an understanding of country specific factors enhancing prior theoretical models of trust.

text: Creating Successful Partnerships in the People's Republic of China: The Significance of Guanxi Characteristics in the Relationship Building Process Between Cultural Entrepreneurs and Art Dealers. This research investigated the process of guanxi development in business partnerships between art dealers and artists in the Beijing art industry. The characteristics of guanxi were identified at each stage of the relationships’ development. They were then examined to identify which factors were the most influential. Finally, their effects on the business relationship were examined.
 
Qualitative data was collected through in-depth interviews over two years in three of Beijing’s art districts. The transcribed and translated interviews were analysed using a grounded theory approach. This process was aided by qualitative software which enabled comparisons to be made between participants allowing theory to emerge. 

It was found that there were two markets in the art industry, one based on the giving of gifts to gain favours and the second on private market forces. The former, the painting gift culture, was found to be corrupt and often connected to bribing government officials. Within this environment galleries used guanxi networks to locate new supply and artists used them to locate art dealers. This reduced cost in time and money but did not always provide a competitive advantage if the product did not suit the market. 

Previous research has focussed primarily on the outcomes of guanxi as opposed to its development. To initiate business guanxi an intermediary was not necessary although it did facilitate the process. Of the three methods used to build guanxi, banqueting, gift giving and favours, it was found that banquets were most important at the first and second stages to initiate guanxi and build ganqing as the relationship evolved. It also played an important role in creating affective trust before cooperation began. Gift giving also increased ganqing at the second stage. Favours were most important after guanxi had consolidated and also contributed to an increase in ganqing. 

Having good guanxi did not lead to cognitive trust, but it was needed for cognitive trust to develop. This paradox led to formulating the Guanxi-Trust Model of Business Partnerships. Due to a disposition to distrust ganqing was developed which led to affective trust in order to kick start the relationship. The decision to cooperate was based on ability, perceived risks and mutual benefits. As cognitive trust developed it was compartmentalised into ability, moral character and mutual benefit which determined the willingness to cooperate. Throughout the process guanxi contributed to affective trust whereas successful cooperation led to cognitive. Cognitive trust also increased ganqing which improved the pair’s guanxi. Galleries that implemented the Guanxi-Trust Model were able to lock artists into long-term relationships due to successful cooperation and ganqing. The artists remained loyal to the galleries allowing them to create competitive pricing strategies which in turn provided sustainability over time. 

The findings provide empirical support for prior theoretical frameworks on guanxi development. Moreover, the development of a new framework shows how trust develops alongside guanxi in cooperative relationships. This contributes to an understanding of country specific factors enhancing prior theoretical models of trust.

year: 2016

title: Ngā kura a Hineteiwaiwa: The embodiment of Mana Wahine in Māori fibre Arts

authors: Campbell, Donna

subjects: Mana Wahine

abstract: Imagine you are on a continuum of past present and future, in the present while connected to the past and creating for the future. Kairaranga  are constantly in this experience through engaging with the materiality of the practices of raranga and raranga whatu.  
The key focus of this thesis is to provide theoretical discussion of the raranga and whatu practices that are the creative component of this doctoral research.  The theories that inform the analysis are Kaupapa Māori and Mana Wahine both of which, like raranga, are organic to this place, Aotearoa , and have grown as descendants of Papatūānuku  and Ranginui . The connection between these theories and the creative practices of raranga and whatu form a cultural praxis through which I argue enables the transformative power of raranga and whatu practices.  This too is the essence of Te Whare Pora, a weaving house that embraces kairaranga both conceptually and materially and which provides the approach to the project. Te Whare Pora is a place of knowledge and a place of practice. Like Kaupapa Māori and Mana Wahine theories it is a cultural form and expression of praxis. As kairaranga we create taonga  informed by the creative genius of our tūpuna  from the native plants of the land. These ageless practices and the taonga we create are permeated with our own present realities. The taonga then carry this tūpuna knowledge into the future in multiple forms. To highlight this, I explore a range of practices that exemplify raranga and raranga whatu as cultural embodiment.  This is articulated through notions of raranga as an expression of cultural bodies of knowledge, creative practice and regenerative praxis that span the past, present and future.  As such, this thesis is an expression of the creative journey of theory and practice inspired by tūpuna knowledge in the art forms of raranga and raranga whatu. The practices of raranga and raranga whatu not only transform the materials the kairaranga is using, but also the kairaranga themselves. These practices become self-affirming, culturally affirming and ultimately decolonizing.

text: Ngā kura a Hineteiwaiwa: The embodiment of Mana Wahine in Māori fibre Arts Imagine you are on a continuum of past present and future, in the present while connected to the past and creating for the future. Kairaranga  are constantly in this experience through engaging with the materiality of the practices of raranga and raranga whatu.  
The key focus of this thesis is to provide theoretical discussion of the raranga and whatu practices that are the creative component of this doctoral research.  The theories that inform the analysis are Kaupapa Māori and Mana Wahine both of which, like raranga, are organic to this place, Aotearoa , and have grown as descendants of Papatūānuku  and Ranginui . The connection between these theories and the creative practices of raranga and whatu form a cultural praxis through which I argue enables the transformative power of raranga and whatu practices.  This too is the essence of Te Whare Pora, a weaving house that embraces kairaranga both conceptually and materially and which provides the approach to the project. Te Whare Pora is a place of knowledge and a place of practice. Like Kaupapa Māori and Mana Wahine theories it is a cultural form and expression of praxis. As kairaranga we create taonga  informed by the creative genius of our tūpuna  from the native plants of the land. These ageless practices and the taonga we create are permeated with our own present realities. The taonga then carry this tūpuna knowledge into the future in multiple forms. To highlight this, I explore a range of practices that exemplify raranga and raranga whatu as cultural embodiment.  This is articulated through notions of raranga as an expression of cultural bodies of knowledge, creative practice and regenerative praxis that span the past, present and future.  As such, this thesis is an expression of the creative journey of theory and practice inspired by tūpuna knowledge in the art forms of raranga and raranga whatu. The practices of raranga and raranga whatu not only transform the materials the kairaranga is using, but also the kairaranga themselves. These practices become self-affirming, culturally affirming and ultimately decolonizing.

year: 2019