Valeria Scherger, Antonio Terceño and Hernán Vigier
The purpose of this paper is to develop a goodness index based on Hamming distance and ordered weighted averaging distance (OWAD), which is useful to make decisions. These…
Abstract
Purpose
The purpose of this paper is to develop a goodness index based on Hamming distance and ordered weighted averaging distance (OWAD), which is useful to make decisions. These alternative measures enrich the results of diagnostic fuzzy models and facilitate the experts’ task in decision-making. An application to a set of firms to verify the results is also presented.
Design/methodology/approach
The paper follows the basis of OWA operators to design a methodology to reduce the map of causes of business failure into monitoring key areas.
Findings
The present paper introduces two alternative measures to test the proposal of grouping. In the empirical application, the superiority of the minimum T-norm over other decision rules is verified. The ordered weighted averaging distance (OWAD) goodness index predicts a better adjustment over the index built using OWA and Hamming distance measures.
Practical implications
A useful mechanism to reduce the map of causes or diseases detected in key areas is added through this analysis. At the same time, these key areas can be disaggregated once some alert indicator is identified; this allows knowing the causes that require special attention. This application of OWA can encourage the development of suitable computer systems for monitoring the firm’s problems, alerting regarding failures and easing decision-making.
Originality/value
A comparison of grouping causes into key areas through a goodness index based on Hamming distance and OWAD is proposed. These contributions enrich the Vigier and Terceño (2008) model and could be applied to any model of fuzzy diagnosis to test the results.
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M. Teresa Sorrosal-Forradellas, Lisana B. Martinez and Antonio Terceño
The last great financial crisis which arose in the middle of 2007 in the USA produced contagion effects over others economies. The purpose of this paper is focused on analyzing…
Abstract
Purpose
The last great financial crisis which arose in the middle of 2007 in the USA produced contagion effects over others economies. The purpose of this paper is focused on analyzing the evolution of a set of economic variables of 17 European countries since 1991 until 2013. Sovereign bond spreads are also considered to compare the incidence of the financial crisis over the economies considering macroeconomics fundamentals and fixed bonds.
Design/methodology/approach
Self-organizing maps (SOMs) are used to achieve the purpose of the research. With this methodology, it is possible to analyze the evolution of the macroeconomic fundamentals of each country, obtaining particular and general conclusions according to the position of each country in the SOM. Moreover, the countries are compared between them and with its respective sovereign bond spreads level for each year of analysis.
Findings
The impact of the crisis is different between the countries was analyzed. Belonging to the European Monetary Union is an interesting characteristic of some of the most affect economies.
Research limitations/implications
This research presents wide implications for the economies to control the most vulnerable economic variables in front of financial crisis to prevent the contagion effect. The inclusion of more economic variables and countries could enhance the study.
Originality/value
This research analyzes the relationship between macroeconomic variables and sovereign bond spreads using an infrequent methodology. The results obtained are valuable because they highlight how the present crisis has differently affected the European countries.
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Laura Fabregat-Aibar, Antonio Terceño and M. Glòria Barberà-Mariné
The purpose of this paper is to carry out a literature review to determine which variables have the greatest impact on the survival capacity of mutual funds, and if these…
Abstract
Purpose
The purpose of this paper is to carry out a literature review to determine which variables have the greatest impact on the survival capacity of mutual funds, and if these variables also have an influence on the various ways in which mutual funds disappear.
Design/methodology/approach
The authors carry out a systematic review of the literature on mutual funds and identify the main features that affect their capacity for survival.
Findings
The results show that most of the articles are based on data from the US market and that the two most studied variables are the return and the size of the fund. Furthermore, the relationship between the behaviour of variables and the disappearance of funds has mainly been analysed by comparing surviving and non-surviving funds, but without specifying the way in which they disappeared. Finally, the results show that there is no single methodology for examining the survival of funds.
Originality/value
In the financial literature, no previous literature review has focused on the factors that influence the survival capacity of mutual funds. The authors consider that this review will provide a broader and more realistic vision of the level of academic interest in this field and identify any gaps that exist in the literature available.
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José M. Merigó, Salvador Linares-Mustarós and Joan Carles Ferrer-Comalat
Srikant Gupta, Pooja S. Kushwaha, Usha Badhera and Rajesh Kumar Singh
This study aims to explore the challenges faced by the tourism and hospitality industry following the COVID-19 pandemic and to propose effective strategies for recovery and…
Abstract
Purpose
This study aims to explore the challenges faced by the tourism and hospitality industry following the COVID-19 pandemic and to propose effective strategies for recovery and resilience of this sector.
Design/methodology/approach
The study analysed the challenges encountered by the tourism and hospitality industry post-pandemic and identified key strategies for overcoming these challenges. The study utilised the modified Delphi method to finalise the challenges and employed the Best-Worst Method (BWM) to rank these challenges. Additionally, solution strategies are ranked using the Criteria Importance Through Intercriteria Correlation (CRITIC) method.
Findings
The study identified significant challenges faced by the tourism and hospitality industry, highlighting the lack of health and hygiene facilities as the foremost concern, followed by increased operational costs. Moreover, it revealed that attracting millennial travellers emerged as the top priority strategy to mitigate the impact of COVID-19 on this industry.
Originality/value
This research contributes to understanding the challenges faced by the tourism and hospitality industry in the wake of the COVID-19 pandemic. It offers valuable insights into practical strategies for recovery. The findings provide beneficial recommendations for policymakers aiming to revive and support these industries.