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Book part
Publication date: 12 December 2007

Zhi Lu Xu, Bert D. Ward and Christopher Gan

Ng (2002), and Lim and McAleer (2003) explained that if the national economies are not converging, or if the responses of national economies to random shocks are asymmetric, the…

Abstract

Ng (2002), and Lim and McAleer (2003) explained that if the national economies are not converging, or if the responses of national economies to random shocks are asymmetric, the cost of premature monetary integration would be high. This chapter investigates the feasibility of adopting a single currency for ASEAN-5 countries. The research uses the Kalman Filter procedure to test the economic convergence among ASEAN-5 countries, relative to Japan and the US. In addition, the symmetry of underlying structural shocks is also examined by applying a structural vector autoregression (SVAR) model. The research findings showed that Singapore, Malaysia, and Thailand (ASEAN-3) appear to be relatively suitable for forming an Optimum Currency Area. However, the results did not show significance evidence whether the Japanese Yen or the US dollar will be a suitable currency for the ASEAN-3 countries to adopt commonly.

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Asia-Pacific Financial Markets: Integration, Innovation and Challenges
Type: Book
ISBN: 978-0-7623-1471-3

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Article
Publication date: 3 April 2009

Gilbert V. Nartea, Bert D. Ward and Hadrian G. Djajadikerta

This paper aims to confirm the existence of size, book to market (BM) and momentum effects in the New Zealand (NZ) stock market. It also aims to compare the performance of the…

4661

Abstract

Purpose

This paper aims to confirm the existence of size, book to market (BM) and momentum effects in the New Zealand (NZ) stock market. It also aims to compare the performance of the CAPM, the Fama‐French (FF) model, and Carhart's model in explaining the variation of stock returns.

Design/methodology/approach

The paper adapts the Fama and French methodology using a 2×3 size‐BM ratio sort. It also forms three portfolios based on past returns to verify the momentum effect.

Findings

The paper documents significant BM and momentum effects but a relatively weaker size effect. The paper finds some improvement in explanatory power provided by the FF model relative to the CAPM but it still leaves a large part of the variation in stock returns unexplained. The FF model is also unable to explain the strong momentum effect in New Zealand.

Practical implications

The findings imply that: cost of capital estimates would be more accurate using Carhart's model; portfolio managers can increase returns by investing in small and high BM firms that are recent winners; performance evaluation should take into account the size, BM, and momentum effects; and the existence of size and BM return premia appear to be rewards to risk bearing.

Originality/value

The existing literature testing the robustness of the FF model in markets outside the USA is sparse, especially in emerging markets, with most of these studies suffering from data problems. The NZ stock market provides an interesting setting for such a study because of its unique characteristics.

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International Journal of Managerial Finance, vol. 5 no. 2
Type: Research Article
ISSN: 1743-9132

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Available. Content available
Book part
Publication date: 12 December 2007

Abstract

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Asia-Pacific Financial Markets: Integration, Innovation and Challenges
Type: Book
ISBN: 978-0-7623-1471-3

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Article
Publication date: 1 June 1999

George K. Chacko

Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the…

10002

Abstract

Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the marketing strategies employed, together with the organizational structures used and looks at the universal concepts that can be applied to any product. Uses anecdotal evidence to formulate a number of theories which can be used to compare your company with the best in the world. Presents initial survival strategies and then looks at ways companies can broaden their boundaries through manipulation and choice. Covers a huge variety of case studies and examples together with a substantial question and answer section.

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Asia Pacific Journal of Marketing and Logistics, vol. 11 no. 2/3
Type: Research Article
ISSN: 1355-5855

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Article
Publication date: 1 July 2005

Rutger Muurling and Thorsten Lehnert

Employee Stock Options are the most widely used incentive compensation tool, and prior research has shown their advantages. However, research among different peer groups…

735

Abstract

Employee Stock Options are the most widely used incentive compensation tool, and prior research has shown their advantages. However, research among different peer groups, different time frames, different research methodologies, and the constantly changing public opinion prevents unanimous agreements on the various benefits of Employee Stock Options. In this paper we apply a number of research hypotheses tested in recent US studies to a European sample of EuroStoxx 50 companies. Due to the globalisation, the similar accounting regulations and the IT and telecommunications revolu tions, Europe and the United States have grown closer together than ever before and are expected to display similar business practices. This assessment should be especially relevant for the large European companies, which mostly have a dual listing in the United States and are therefore essentially forced to manage according to American practices. How ever, the results differ significantly from the existing US research, providing insufficient grounds to accept previous findings for European companies.

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Managerial Finance, vol. 31 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 2000

Yaw A. Debrah and Ian G. Smith

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on…

11599

Abstract

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.

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Management Research News, vol. 23 no. 2/3/4
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 April 2005

Jarrod M. Haar and Michael P. O’Driscoll

This study explored a number of work‐family attitudes and the current and future use of work‐family practices by gender, using a sample of 100 New Zealand employees. Females were…

780

Abstract

This study explored a number of work‐family attitudes and the current and future use of work‐family practices by gender, using a sample of 100 New Zealand employees. Females were significantly more supportive of work‐family practice users towards both male and female users. Female employees also perceived greater benefits from work‐family practices than male respondents. Finally, female respondents were more likely to consider using work‐family practices in the future, although there were no differences to wards current use of work‐family practices by gender. Overall, the findings suggest that female employees are more supportive of work‐family practices, their users, and the benefits associated with their use, supporting the socialisation theoretical perspective. The implications for research are discussed.

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Equal Opportunities International, vol. 24 no. 3/4
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 1 April 2005

Li‐teh Sun

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American…

814

Abstract

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

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International Journal of Sociology and Social Policy, vol. 25 no. 4/5
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 June 2005

Li‐teh Sun

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American…

828

Abstract

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

Details

International Journal of Sociology and Social Policy, vol. 25 no. 6/7
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 July 2005

Lionel Martellini and Branko Urošević

Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex‐ante, i.e., before uncertain ties are…

1826

Abstract

Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex‐ante, i.e., before uncertain ties are resolved, cash bonuses are valued ex‐post, i.e., by discounting the realized cash grants. Such a lack of consistency can, potentially, distort empirical results. A related, yet mostly overlooked, problem is that when ex‐post valuation is used pay‐performance measures cannot be well defined. Consistent use of ex‐ante valuation for all components of a compensation package would simultaneously resolve both of these problems and provide a natural framework for the analysis of agency problems. In this paper, we perform ex‐ante valuation of cash bonus contracts as if the executive’s performance were measured by the company stock price, demonstrate how the shape of the bonus contract influences the executive’s attitude toward risk, and study the pay‐performance sensitiv ty of such contracts. We commence by demonstrating that a typical executive bonus contract with a linear incentive zone has a pay off structure equivalent to a portfolio of standard and binary European call options so that the ex‐ante contract value is given by the linear combination of Black and Scholes call and binary call prices, with the strike prices at the boundary points of the incentive zone. Assuming that a risk neutral executive can choose the level of stock price volatility by selecting a set of projects at origination, we show that bonus contract terms can dramatically affect the executive’s risk taking behavior and pay performance incentives. Our results are extended to bonus contracts with non‐linear incentive zones, and performance share contracts with vesting risk.

Details

Managerial Finance, vol. 31 no. 7
Type: Research Article
ISSN: 0307-4358

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