BR CLAYTON, AW FAIRCLOUGH and TR HART
Logisticians explain how the computer giant routinely handles its international resourcing and delivery.
Vitor Pires, Renato Dourado Cotta de Mello and Clarice Secches Kogut
This teaching case was based on both primary and secondary sources of information. An interview with the entrepreneur and protagonist of the case was conducted, recorded and fully…
Abstract
Research methodology
This teaching case was based on both primary and secondary sources of information. An interview with the entrepreneur and protagonist of the case was conducted, recorded and fully transcribed. Also, secondary data (digital and print media) were obtained from the interviewee, before, during and after the interview, as well as on governmental, institutional and company websites.
Case overview/synopsis
The Ninho da Águia Farm is a family business located in Minas Gerais and specialized in coffee production. Although founded in 1969 by Aides Gomes Monteiro, it was only when his surfer son Clayton Barbosa Monteiro took over the business that the small farm started focusing on specialty coffee, quality beans and international markets. With no formal education, Clayton managed to implement several managerial, organizational and strategic changes in the company, including its internationalization. Understanding the logic behind the development of the farm can help students understand several important concepts in International Business in relation to international entrepreneurs and effectuation/causation decision-making logics.
Complexity academic level
This teaching case was designed for graduate courses in international business/international strategy. But because of the richness of the case, it could also be used in other courses (e.g. marketing or international marketing). However, should this be the case, different teaching notes would be necessary.
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Luiz Eduardo Gaio, Tabajara Pimenta Júnior, Fabiano Guasti Lima, Ivan Carlin Passos and Nelson Oliveira Stefanelli
The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.
Abstract
Purpose
The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.
Design/methodology/approach
For this, value-at-risk (VaR) valuation models applied to the daily returns of portfolios composed of stock indexes of developed and emerging countries were tested. The Historical Simulation VaR model, multivariate ARCH models (BEKK, VECH and constant conditional correlation), artificial neural networks and copula functions were tested. The data sample refers to the periods of two international financial crises, the Asian Crisis of 1997, and the US Sub Prime Crisis of 2008.
Findings
The results pointed out that the multivariate ARCH models (VECH and BEKK) and Copula-Clayton had similar performance, with good adjustments in 100 percent of the tests. It was not possible to perceive significant differences between the adjustments for developed and emerging countries and of the crisis and normal periods, which was different to what was expected.
Originality/value
Previous studies focus on the estimation of VaR by a group of models. One of the contributions of this paper is to use several forms of estimation.
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Érica Maria Calíope Sobreira, Clayton Robson Moreira da Silva and Cláudia Buhamra Abreu Romero
Given that slow fashion is a movement that develops a comprehensive understanding of sustainable fashion and it is little explored in the Brazilian academic field, this study aims…
Abstract
Purpose
Given that slow fashion is a movement that develops a comprehensive understanding of sustainable fashion and it is little explored in the Brazilian academic field, this study aims to analyze the influence of empowerment and materialism on slow fashion consumption.
Design/methodology/approach
Data were collected via an online survey, and quantitative methods were applied to analyze the sample of 306 clothing consumers from Fortaleza, the 5th largest Brazilian city and capital of the State of Ceará, which ranks fifth in the Brazilian Textile and Apparel Chain Billing Ranking.
Findings
In general, empowerment had a positive influence on slow fashion consumption. On the other hand, materialism positively influenced only one orientation toward slow fashion (exclusivity).
Research limitations/implications
As a limitation of the study, the lack of a specific scale to measure consumer empowerment stands out. In addition, the sample was restricted to consumers from Fortaleza, thus results might differ for different locations.
Practical implications
The study provides managerial implications related to how strategies of empowerment can be incorporated by slow fashion companies into their marketing programs, such as more active consumer involvement in product co-creation processes.
Originality/value
This study contributes to the construction of theoretical and empirical knowledge on slow fashion, from its association with constructs such as empowerment and materialism. Furthermore, a conceptual model involving all relations found between the factors of the three constructs has been proposed.
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Guilherme Cardoso, Karem Ribeiro and Luciano Carvalho
Risk management has been crucial to investors and regulators for pursuing market diversification opportunities and developing strategies to ensure market stability. This study…
Abstract
Purpose
Risk management has been crucial to investors and regulators for pursuing market diversification opportunities and developing strategies to ensure market stability. This study examines the dependence structures of volatility, related to co-movements and macroeconomic effects, among Latin American stock markets and the risk–return spectrum benefits in the Latin American market using time-varying returns and volatility forecasts within a multivariate structure.
Design/methodology/approach
The sample comprised the largest stock markets in Latin America during the period from January 2000 to December 2017 and copulas and multivariate models were applied.
Findings
The results indicated that the copula with the best fit for modeling the dependence structure of the markets was symmetric Joe-Clayton with time-varying parameters. The dependence volatility structure was higher in the positive (upper tail) than in the negative (lower tail) returns, which may indicate that the Latin American markets had diversification benefits during downturns. Evidence of market coupling was found during times of the global crisis (subprime crisis) in Latin America. The presence of monetary and temporal effects over the dependence structures suggests that investors may obtain gains in a multivariate structure with copula distributions.
Originality/value
The findings will be of interest to researchers and practitioners for several reasons. First, this study contributes to the growing literature on the relationship between market dependence and volatility. Second, it indicates that the Latin American markets may present diversification advantages during downturns. Third, it informs the influence of macroeconomic effects on Latin American markets. The models that included the nonnormal and asymmetric characteristics of the financial market yielded better results in terms of less information loss and data adherence.
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Building societies, as we illustrated in the Preface, occupy an important position in the British financial system. There are at present over four hundred societies although this…
Abstract
Building societies, as we illustrated in the Preface, occupy an important position in the British financial system. There are at present over four hundred societies although this industry is highly concentrated, with the ten largest societies (with well developed branch networks) in 1978 accounting for 66 per cent of the total assets.
Osvaldo Candido and Jose Angelo Divino
The purpose of this paper is to investigate the relationship between inflation, interest rate, and output gap in the US economy in the post Second World War period, without…
Abstract
Purpose
The purpose of this paper is to investigate the relationship between inflation, interest rate, and output gap in the US economy in the post Second World War period, without assuming any structure nor imposing any restriction on that relationship.
Design/methodology/approach
The authors apply vine copula modeling to investigate asymmetry and tail behavior on both conditional and unconditional dependence among those variables. The dependence parameter is allowed to evolve over time according to a stochastic autoregressive processes. Additionally, a conditional expectation based on vine copula is used to analyze the conditional expectation of interest rate.
Findings
The results suggest that the joint distribution, both conditional and unconditional, of the interest rate and inflation is asymmetric to the left, while the pair interest rate and output gap have symmetrical distributions coupled with low persistence and high volatility. Besides the unquestionable evidence that the US monetary policy has been mostly focused on inflation stabilization, there is also indication of nonlinearity in the conditional expected interest rate and asymmetric behavior by the Federal Reserve in the long run.
Originality/value
The vine copula modeling allows for several forms of asymmetries and tail dependence, which is a flexible modeling strategy for multivariate distributions. Moreover, the conditional expectation implied by vine copulas is suitable to account for nonlinearity in the interest rate conditional on inflation and output gap.