Antonio Chamorro, José Manuel García-Gallego and Hermelinda da Conceição Trindade-Carlos
The aim of this study is to analyse the importance of bottle design in relation to other purchasing criteria, and also to understand which design elements are most attractive to…
Abstract
Purpose
The aim of this study is to analyse the importance of bottle design in relation to other purchasing criteria, and also to understand which design elements are most attractive to consumers.
Design/methodology/approach
A survey of a sample of 437 wine drinkers was carried out in Portugal using non-probabilistic sampling. The technique used was conjoint analysis based on the SPSS conjoint module.
Findings
One of the key findings was the low importance of bottle design in shaping consumer preferences compared to other attributes (origin, price and category of wine). In terms of design elements, the label had the biggest influence on consumer choice, followed by the type of bottle, bottle seal and brand name, in that order. Differences in consumer choice were evident according to the level of knowledge of wine and frequency of consumption.
Practical implications
The findings of this study provide guidance for Portuguese wineries as regards the marketing and design decisions of their products and packaging.
Originality/value
This study sheds new light on the importance of wine bottle design on consumer preferences. Previous studies in the area have proved to be minimal and heterogeneous.
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Gonçalo das Neves Carneiro and Carlos Conceição António
In the reliability assessment of composite laminate structures with multiple components, the uncertainty space defined around design solutions easily becomes over-dimensioned, and…
Abstract
Purpose
In the reliability assessment of composite laminate structures with multiple components, the uncertainty space defined around design solutions easily becomes over-dimensioned, and not all of the random variables are relevant. The purpose of this study is to implement the importance analysis theory of Sobol’ to reduce the dimension of the uncertainty space, improving the efficiency toward global convergence of evolutionary-based reliability assessment.
Design/methodology/approach
Sobol’ indices are formulated analytically for implicit structural response functions, following the theory of propagation of moments and without violating the fundamental principles presented by Sobol’. An evolutionary algorithm capable of global convergence in reliability assessment is instrumented with the Sobol’ indices. A threshold parameter is introduced to identify the important variables. A set of optimal designs of a multi-laminate composite structure is evaluated.
Findings
Importance analysis shows that uncertainty is concentrated in the laminate where the critical stress state is found. Still, it may also be reasonable in other points of the structure. An accurate and controlled reduction of the uncertainty space significantly improves the convergence rate, while maintaining the quality of the reliability assessment.
Practical implications
The theoretical developments assume independent random variables.
Originality/value
Applying Sobol’ indices as an analytical dimension reduction technique is a novelty. The proposed formulation only requires one adjoint system of equilibrium equations to be solved once. Although a local estimate of a global measure, this analytical formulation still holds because, in structural design, uncertainty is concentrated around the mean-values.
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Chris Bates, Carlos Conceicao, Guy Norman, David Pudge and Patrick Sarch
The purpose of this paper is to explain the FSA's new disclosure regime for short selling during rights issues, which it introduced by amending the Code of Market Conduct (MAR 1…
Abstract
Purpose
The purpose of this paper is to explain the FSA's new disclosure regime for short selling during rights issues, which it introduced by amending the Code of Market Conduct (MAR 1) under the Financial Services and Markets Act 2000 (FSMA).
Design/methodology/approach
The paper outlines the new provisions; explains the legal basis for the new regime; details the specific additions to the Code of Market Conduct; discusses the use of the UK super‐equivalent positions; explains the lack of FSA consultation based on urgent need for action; discusses practical issues for market participants, including compliance systems and controls; provides answers to frequently asked questions (FAQs) relating to the scope of the regime in terms of issuers and transactions covered, the applicability of the disclosure requirement to pre‐existing positions, the timing of intra‐day positions, netting of short and long positions for the purpose of calculating whether a short position reaches the threshold, including short positions in a rights issue in the calculation of the overall net short position, the exclusion of positions an entity holds in its capacity as a market maker, the requirement for the legal entity that holds the short position to make the required disclosures but not to aggregate positions held by its affiliates, the means of disclosure, disclosure deadlines, the content of disclosures, and disclosure of changes in position; and indicates likely further FSA action.
Findings
The new measures require market disclosure of short positions of 0.25 per cent or more in companies undertaking rights issues. The deadline for required disclosures is 3.30 pm on the business day following the day the short position threshold is reached. The new rules apply to shares in UK‐listed companies from 20 June 2008. The measures have been implemented as changes to the Code of Market Conduct rather than FSA rules as such. Rather than carrying out a consultation and cost‐benefit analysis as normally required by the FSMA, the FSA apparently relied on the FSMA's provisions that allow immediate amendments in cases of urgent need. The FSA is undertaking a wider review of the capital‐raising process and considering other measures, such as restrictions on stock lending.
Practical implications
On an ongoing basis firms need to have in place systems and controls that identify announcements by companies that they are undertaking rights issues subject to the regime and provide the means to calculate the level of positions held by the firm that might require disclosure.
Originality/value
The paper offers practical guidance by experienced securities lawyers.
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Carlos Conceicao and Rosalind Gray
The purpose of this paper is to discuss the implications of recent decisions by the UK Information Commissioner under the Freedom of Information Act 2000, ordering the UK…
Abstract
Purpose
The purpose of this paper is to discuss the implications of recent decisions by the UK Information Commissioner under the Freedom of Information Act 2000, ordering the UK Financial Services Authority (FSA), over its objections, to disclose details of certain investigations.
Design/methodology/approach
Explains the details of two recent decisions by the Information Commissioner that have called into question whether the FSA can refuse to disclose the names of firms it investigates or censures privately or informally.
Findings
If the Information Commissioner's view is upheld over the FSA's appeals, the FSA could no longer conduct mystery shopping exercises and other types of informal thematic investigations without the risk of the details of those exercises having to be disclosed, and the Information Commissioner's reasoning could possibly be extended to require the disclosure of the FSA's views about firms expressed in reports prepared by supervisors, such as Arrow reports, and private warnings.
Originality/value
Practical interpretation of FSA policy by expert securities lawyers.
Details
Keywords
Chris Bates, Carlos Conceicao, Mark Poulton and David Pudge
The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of…
Abstract
Purpose
The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of financial instruments that have a similar economic effect to shares, such as CfDs, that took effect on June 1, 2009.
Design/methodology/approach
The paper explains the principles behind the extended disclosure regime and summarizes questions and answers from the FSA to assist market participants' understanding of that regime, covering issues such as domicile of the issuer, instruments covered, how a disclosable holding is calculated, the inclusion of financial instruments relating to unissued shares, treatment of holdings acquired before June 1, 2009, potential double counting, how the regime applies to intra‐group movements of holdings and delta‐adjusted reporting, and exemptions for client‐serving intermediaries, market timing, trading books, and investment management.
Findings
Qualifiying financial instruments give a legal right to acquire (on the holder's own initiative) shares already in issue and with voting rights attached. The policy behind the new regime is to require the disclosure of financial instruments with similar economic effect to qualifying financial instruments which are used to build stakes in companies.
Originality/value
The paper presents practical guidance from experienced financial institution and securities lawyers.
Details
Keywords
This paper aims to explore the key challenges faced by regulators following the implementation of the market abuse directive (MAD) in developing a consistent approach to tackling…
Abstract
Purpose
This paper aims to explore the key challenges faced by regulators following the implementation of the market abuse directive (MAD) in developing a consistent approach to tackling market abuse. The paper seeks to argue that how regulators respond to these challenges will have a significant impact on the success of the key objectives of MAD, which is to foster a cross‐border regime with common standards of market conduct.
Design/methodology/approach
An observation by the author which looks at the areas in which regulators need to develop greater cross‐border co‐operation.
Findings
Suggests that, notwithstanding the introduction of MAD, there are substantial differences in the way European regulators tackle market abuse.
Originality/value
A useful summary of the implications of MAD on European regulators and how they might be addressed.