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The cornerstone of Modern Portfolio Theory with implications for many aspects of corporate finance is that reduced correlation among assets and reduced standard deviation are key elements in portfolio risk reduction. The purpose of this paper is to analyze the conditional correlation and standard deviation of a broad set of indices with the S & P 500 conditioned on market performance.

The authors examined volatility and correlation for a set of indices for a 19-year period based on weekly data from July 2, 1993 to June 30, 2012. These included the NASDAQ, MSCI EAFE, Russell 1000, Russell 2000, Russell 3000, Russell 1000 Growth, Russell 1000 Value, Gold, MSCI EM and Dow Jones UBS Commodity. The data for the Wilshire US REIT, Barclays Multiverse, Multiverse 1-3, Multiverse 3-5 and Multiverse 10+ became available starting July 2, 2002. For these indices the authors used weekly data from July 1, 2002 through June 30, 2012. For the iBarclays TIPS, the authors used weekly data from the time of availability, namely, for the period December 12, 2003 through June 29, 2012.

The findings demonstrate that both the conditional correlations and standard deviations vary as a function of market performance. Moreover, the authors obtain a U-shape distribution of correlations conditioned on market performance for equity indices, such as NASDAQ, as well as for the Wilshire REIT. Namely, correlations tend to be high when market returns are at low or high extremes. For more typical market performance, correlations tend to be low. A modified U-shape is found for bond indices and the Dow Jones UBS Commodity Index. Interestingly, the correlation between gold and the S & P 500 is unrelated to the return on the S & P.

While it has been observed that asset classes move together, this paper is the first to systematically analyze the nature of these asset class correlations.

The present study aims to investigate the role of brand store image in the context of private and national fashion brands. The study examines two issues: do private brand consumers differ from national brand consumers in their perception of the attributes they value in their store image? And, do fashion consumers in general differ in their perception of the attributes they value in a store image?

Data were collected through a field survey comprising 395 respondents: 195 private brand consumers and 200 national brand consumers.

Findings indicate that the two groups of consumers do not differ in their perception of store image. Cluster analysis reveals two groups of consumers: “Brand Store Image Enthusiasts” who are high in their perception of their brand store image attributes, and “Brand Store Image Indifferent” consumers who are low in their perception of their brand store image attributes. The first group was also found to have greater brand loyalty.

Different marketing strategies are offered to each fashion sector. In addition, distributors in the fashion industry should build a strategy for Brand Store Image Enthusiasts who are high in their perception of all three brand store attributes. It is essential to point out the psychological meaning of the brand when appealing them.

The study contributes to the consumer behavior literature by tying the well-established construct of brand store image to the fashion sector in the context of private and national labels.

Leadership in higher education has become of increasing importance as the size of the enterprise has grown, and this has naturally led to a growing research interest in the topic. Using systematic review methods, this chapter interrogates and synthesises the research literature on leadership in higher education in terms of its meanings, application and practice, and the issues and critiques raised. It concludes that research into leadership in higher education has been both extensive and global in nature, identifying a variety of understandings, practices and approaches adopted, and the continuing dominance of white men in senior leadership positions. There is clearly scope for more research on this topic, which could both emphasise different issues and give greater recognition to the particular nature of higher education and higher education institutions.

The previous decade has been characterized by emerging market firms expanding into international markets. This trend has led to scholars in the IB arena to grapple with the new phenomenon of emerging multinational enterprises (EMNEs), specifically the relationship between internationalization and performance of the EMNEs. This paper seeks to add to the literature by capturing the impact of firm resources on the internationalization‐performance relationship. Empirical analysis on a sample of 787 Indian manufacturing firms indicates that there is a non‐linear relationship between internationalization and performance. Findings also indicate that a firm’s capabilities in cost efficiency and marketing have a moderating impact on this relationship.

This study sought to provide an understanding of what a culturally contextualized model of instructional leadership looks like in Turkey, and how this differs from models disseminated in the USA.

This study employed qualitative meta-synthesis to systematically review the full set of 22 qualitative studies of instructional leadership in Turkey. A systematic synthesis strategy was applied to code the findings from each study to develop broad themes that describe key domains of principal instructional leadership practice.

The results showed that instructional leadership of school principals in Turkey is composed of four main dimensions and ten subdimensions. The main dimensions include: (1) emphasis on national goals and competition, (2) maintaining the learning environment, (3) motivating and enabling teachers, and (4) monitoring program alignment and test results.

While broad dimensions of instructional leadership described in the international literature are relevant in Turkey, some practices used to enact those dimensions appear poorly aligned with the institutional–cultural context of Turkish schools. Thus, findings from this study support the assertion that the specific practices used to measure, assess and practice instructional leadership must be adapted to the context of a specific society.

This paper contributes to international efforts to develop a globally validated knowledge base in educational leadership and management.

Relying on information processing and attribution theories, which relate to the formation of leadership perceptions and attributes, the current study seeks to examine the relationship between demographic variables and principals' systems thinking (PST) in an integrated model. The present study purpose was threefold: first, the study seeks to examine whether attributions middle leaders make about PST may show substantial and systematic variance in a management team. Second, the study seeks to investigate the influence of principal–middle leaders’ relational demography variables (gender, education and tenure) (dis)similarity on middle leaders’ PST attribute. Finally, the study seeks to explore the moderating role of duration of principal- principal–middle leader acquaintance in the relationship of demographic (dis)similarity to PST.

Data were collected from 305 dyads (middle leaders and their principals) from 101 schools. MANOVA analysis and hierarchical regression analyses were used to test the hypothesis.

Findings showed that it is both appropriate and important to examine group-level effects when studying PST effects. Also, PST levels were higher in gender-similar relationships than in gender-dissimilar ones. Finally, duration of acquaintance was found to moderate the relationship between principal–middle leaders’ gender (dis)similarity and PST appraisal.

Focusing on principal–middle leader relationships, which are explicitly relational, with a consideration for level relationships may potentially highlight the need to consider multiple levels of analysis in order to understand how PST attribution occurs. This focus can help us to capture the core of PST social dynamics among the dyad, as well as highlighting the distinction, if any, between in-groups and out-groups. Acknowledging that school faculty are motivated by their interpersonal relationships with their principals and how such relationships are contingent upon demography (dis)similarity and the duration of acquaintance between dyads may help to broaden the understanding regarding potential antecedents of middle leaders' PST attribution and its implication for school organizations.