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Article
Publication date: 2 July 2020

Ingo Hoffmann and Christoph J. Börner

This paper aims to evaluate the accuracy of a quantile estimate. Especially when estimating high quantiles from a few data, the quantile estimator itself is a random number with…

169

Abstract

Purpose

This paper aims to evaluate the accuracy of a quantile estimate. Especially when estimating high quantiles from a few data, the quantile estimator itself is a random number with its own distribution. This distribution is first determined and then it is shown how the accuracy of the quantile estimation can be assessed in practice.

Design/methodology/approach

The paper considers the situation that the parent distribution of the data is unknown, the tail is modeled with the generalized pareto distribution and the quantile is finally estimated using the fitted tail model. Based on well-known theoretical preliminary studies, the finite sample distribution of the quantile estimator is determined and the accuracy of the estimator is quantified.

Findings

In general, the algebraic representation of the finite sample distribution of the quantile estimator was found. With the distribution, all statistical quantities can be determined. In particular, the expected value, the variance and the bias of the quantile estimator are calculated to evaluate the accuracy of the estimation process. Scaling laws could be derived and it turns out that with a fat tail and few data, the bias and the variance increase massively.

Research limitations/implications

Currently, the research is limited to the form of the tail, which is interesting for the financial sector. Future research might consider problems where the tail has a finite support or the tail is over-fat.

Practical implications

The ability to calculate error bands and the bias for the quantile estimator is equally important for financial institutions, as well as regulators and auditors.

Originality/value

Understanding the quantile estimator as a random variable and analyzing and evaluating it based on its distribution gives researchers, regulators, auditors and practitioners new opportunities to assess risk.

Details

The Journal of Risk Finance, vol. 21 no. 3
Type: Research Article
ISSN: 1526-5943

Keywords

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Book part
Publication date: 6 September 2021

Mahender Reddy Gavinolla, Agita Livina, Sampada Kumar Swain and Galina Bukovska

Purpose – Purpose of the research is to make a comprehensive study to elucidate the existing landscape of scientific production of disease outbreaks, pandemics and tourism…

Abstract

Purpose – Purpose of the research is to make a comprehensive study to elucidate the existing landscape of scientific production of disease outbreaks, pandemics and tourism research. In doing so, authors analyzed scientific production of pandemics and tourism-related studies such as year-wise publications, productive authors, institutes, funding sponsors, thematic areas of research and citation analysis.

Design/methodology/approach – Authors analyzed the research papers indexed in the online Scopus database over 50 years of time starting from 1971 to 2020 by using bibliometrics, and the data are visualized by using data visualization tools like VOSviewer and the Tableau.

Findings – The understanding of disease outbreaks and pandemics in tourism has increased over the years in terms of number of papers, citation, networks and collaborative themes of research.

Research limitations/implications – Data for the study were generated from Scopus online database and limited to English-written journal articles that were produced with search strategy of specific keywords associated with tourism, virus, pandemics and disease outbreak.

Practical implications – Findings of the research provide insights into academia and practitioners on the understanding of disease outbreaks, pandemics and tourism research, coherent development of the concept and understanding the research gap and focussed area of research.

Originality/value – As per authors' understanding, this paper would be one of the first attempts to provide greater understanding of disease outbreaks, pandemics and tourism as a research topic by examining the growth and evolution in an academic context through bibliometric analysis.

Paper type – Review paper.

Details

Virus Outbreaks and Tourism Mobility
Type: Book
ISBN: 978-1-80071-335-2

Keywords

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Book part
Publication date: 10 October 2007

Christoph Maeder

New Public Management (NPM) was widely welcomed in the early 1990s of the last century in Switzerland. In accordance with different diagnoses of insufficiency against the public…

Abstract

New Public Management (NPM) was widely welcomed in the early 1990s of the last century in Switzerland. In accordance with different diagnoses of insufficiency against the public bureaucracies, several NPM programs on all three levels of the Swiss state were launched. But interestingly, most of them did not succeed: they were abandoned, voted down by the electorate, and where they were completed, not much has really changed. So the question from a sociological point of view is, how and why did this happen? To find preliminary answers, NPM is described as a particular professional orthodoxy and confronted with the findings of two ethnographic case studies. What clearly becomes visible is how organizational and professional cultures were neglected by the technical approach of the NPM. This gave way to phenomena like free riding on a reform within the organizations, and in one case to a “fordization” of work resulting in a decrease in workplace quality. If public management seeks an impact in the future, it has to account for the culture within organizations more thoroughly and should seek to use context-sensitive language.

Details

Cultural Aspects of Public Management Reform
Type: Book
ISBN: 978-0-7623-1400-3

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Article
Publication date: 6 February 2017

Ansgar Zerfass and Christine Viertmann

The purpose of this paper is to report on a multi-step research project which explores concepts that explain communication value across different disciplines and builds a…

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Abstract

Purpose

The purpose of this paper is to report on a multi-step research project which explores concepts that explain communication value across different disciplines and builds a framework that identifies and systematizes communication goals linked to generic corporate goals.

Design/methodology/approach

Based on a literature review of work on value creation through communication, drawn from 815 publications in 36 international journals across several disciplines (public relations, marketing, management, etc.) and published from the year 2000 onward, the authors have developed a framework, named “Communication Value Circle.” The application of the framework was discussed with chief communication officers from global companies and was used during a communication alignment process in a global healthcare company.

Findings

Empirical surveys across several continents show that communication professionals use a multitude of rationales to explain the value of their work to top executives. These range from building reputation, brands and identity, to gaining thought leadership, boosting sales, motivating employees, preventing crises and listening to stakeholders. The researchers have identified four major value dimensions of communication (enabling operations, building intangibles, adjusting strategy, and ensuring flexibility). The framework encompasses 12 specific goals for communication that can be derived from corporate strategy.

Research limitations/implications

The framework stimulates the debate on the diverse concepts of communication value, performance and measurement, and the need to integrate those approaches into theory and practice. Additional qualitative studies to verify the framework are proposed.

Practical implications

The communication value circle can be used as a management tool for planning, evaluating, and revising strategic directions for communication in any corporation.

Originality/value

Explaining the value of communication continues to be one of the most important challenges for professionals and scholars alike. This paper proposes a consistent explanation for the theory and practice of what constitutes corporate communication.

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