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The purpose of this paper is to address the following research question: What are the perceptions of professionals and consumers regarding the antecedents of client referrals in the financial advice sector?

A total of 61 qualitative interviews were conducted, with the following three key groups: independent financial advisers (IFAs; 20 interviews), clients of IFAs (26 interviews) and consumers who manage their own financial affairs and do not use the services of an IFA (15 interviews).

The financial advisers interviewed believe that client referrals are important to their business success, that they can influence clients to become ambassadors who will consciously seek out new clients and that excellent service will motivate clients to provide referrals. However, the interviews with the clients painted a different picture. While advisers believe that they can influence client referral behavior, the clients did not believe that they were influenced by the adviser to make referrals.

The sampling method was non-random and relied on the professional contacts of the principal researcher as a starting point, from which a network of contacts was established to identify interviewees. The study casts doubt on the ability of professional service providers to influence client referral behavior. This novel finding deserves further research investigation.

There is clearly scope for greater measurement in connection with referrals in professional service businesses. The propensity for clients to refer should be included as a metric in the performance measurement of professional service providers, in addition to standard financial measures. This would encourage the service provider to consider referrals during client interactions.

The study reports on a substantial qualitative study involving both professional service providers and their clients. While the providers believe that client referrals are critical to their business success, the evidence collected provides little or no support for this belief. Clients report they are not motivated to refer. Advisers do not explicitly measure referrals. The reality of referrals seems not to match the mythology.

The purpose of this paper is to explore the significance of culture generally, and Arab culture in particular, for the development of trust in business-to-business (B2B) banking relationships.

Qualitative fieldwork was employed, gathering in-depth interview data from bankers and their business clients in the United Arab Emirates (UAE). In total, 80 relationships between bankers and business clients were investigated.

The development of trusting relationships between bankers and clients is affected by the cultural origins of the relationship partners. Strongly held religious beliefs, and loyalty to family, tribe and nation, lead to strong affect-based trust between bankers and clients from Arab culture. Cognitive-based trust is more characteristic of UAE banker/client relationships that involve partners from outside the Arab world.

The study was conducted in the UAE. Additional tests in other Arab countries would be valuable. The qualitative nature of the study means that statistical generalizations cannot be drawn.

The cultural origins of banking relationship managers are of considerable importance when seeking to develop relationships of trust with business banking clients in the Arab world.

This substantial, qualitative study of banker relationships with business clients throws considerable light on the importance of culture as an antecedent to trust in B2B banking relationships.

Competitive success in business‐to‐business markets often depends upon the ability of the firm to adapt specifically to the needs of a single customer organization. Research into buyer‐seller relationships in industrial markets has shown that both buying and selling firms implement specific adaptations for a single partner. Adaptation can take place at the level of the product or more broadly in terms of management processes, information exchange, and even organizational restructuring. The paper develops an improved taxonomy for dyadic adaptation in business‐to‐business markets, and explores the driving forces behind relationship‐specific adaptation. Adaptation by supplier firms is found to be more frequent than adaptation by buyers. Supplier adaptation is driven by relative power, buyer support, and by the managerial preferences of the two firms for a more or less relational form of exchange. Several managerial implications and avenues for further research are discussed.

We evaluate the performance of fixed income mutual funds using stochastic discount factors motivated by continuous-time term structure models. Time-aggregation of these models for discrete returns generates new empirical “factors,” and these factors contribute significant explanatory power to the models. We provide a conditional performance evaluation for US fixed income mutual funds, conditioning on a variety of discrete ex-ante characterizations of the states of the economy. During 1985–1999 we find that fixed income funds return less on average than passive benchmarks that do not pay expenses, but not in all economic states. Fixed income funds typically do poorly when short-term interest rates or industrial capacity utilization rates are high, and offer higher returns when quality-related credit spreads are high. We find more heterogeneity across fund styles than across characteristics-based fund groups. Mortgage funds underperform a GNMA index in all economic states. These excess returns are reduced, and typically become insignificant, when we adjust for risk using the models.

This study aims to conceive and develop a pricing model for the Ijara contingent convertible contract (ICCC, hereafter), considering the possibility that the lessee may default. The ICCC model grants the lessor the option of converting the unpaid amount into equity or recovering the leased equipment and selling it at market price in case of financial distress.

The ICCC is consistent with the profit-sharing approach and the new risk management techniques, which are compatible with Islamic philosophy. Relying on real options theory and the contingent claim approach, a closed-form solution of the firm’s assets is developed in a dynamic environment, where the rate of return is generated by a Cox-Ingersoll-Ross stochastic process.

Examining the numerical analysis reveals the impact of the firm value, the conversion or sell decision and the conversion ratio and volatility on the ICCC value. The value of the ICCC can increase substantially as the value of the firm approaches the conversion threshold. The conversion ratio as well as the asset market price play equally an important role in the decision to convert or sell.

This paper develops a pricing model for a contingent Ijara contract, which incorporates a conversion option to mitigate the lessee’s credit risk during periods of economic instability. The ICCC is a cooperative strategy that would be advantageous to all parties, including the lessor and lessee. In the event of a conversion, businesses may be able to continue operating thanks to this financial innovation, and the lessor may profit from the company’s recovery by freeing up more resources for the use of more profitable ventures.

The purpose of this paper is to determine the best conditional asset pricing model for the Tokyo Stock Exchange sample by utilizing long‐run daily data. It aims to investigate whether there are any other firm‐specific variables that can explain abnormal returns of the estimated asset pricing model.

The individual firm sample was used to conduct various cross‐sectional tests of conditional asset pricing models, at the same time as using test portfolios in order to confirm the mean variance efficiency of basic unconditional models.

The paper's multifactor models in unconditional forms are rejected, with the exception of the five‐factor model. Further, the five‐factor model is better overall than the Fama and French model and other alternative models, according to both the Gibbons, Ross, and Shanken test and the Hansen and Jagannathan distance measure test. Next, using the final conditional five‐factor model as the de facto model, it was determined that the turnover ratio and the size can consistently predict Jensen's alphas. The book‐to‐market ratio (BM) and the past one‐year returns can also significantly predict the alpha, albeit to a lesser extent.

In the literature related to Japanese data, there has never been a comprehensive test of conditional asset pricing models using the long‐run data of individual firms. The conditional asset pricing model derived for this study has led to new findings about the predictability of past one‐year returns and the turnover ratio.

The endpoint and hallmark of the success of intercultural teaching is often seen as the attainment of intercultural competence. Yet, there is a need for a detailed examination of some of the enduring personal and professional identity and culture aspects of cross-cultural teaching. In this chapter, I deliberate over the application of narrative inquiry tools for unpacking teachers' experiences of immersion in a foreign country and culture of schooling. I reflect on my own experiences as a teacher in Japan and draw on an inquiry into the experiences of novice Canadian teachers in Hong Kong or Japan to shed light on fluid conceptions of culture shock and reverse culture shock in terms of cultural identity transformations. I also raise to the forefront inquiry puzzles about the phenomenon of intercultural competence acquisition.