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Book part
Publication date: 13 August 2018

Robert L. Dipboye

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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Book part
Publication date: 17 February 2020

Simon Grima and Eleftherios I. Thalassinos

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Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

Abstract

Several popular and academic pieces of late have expressed concerns regarding the sustainability of public defined benefit pension funds. Since the onset of the Great Recession, concern has increased. In this paper recent arguments are analyzed in the context of three related data sets: panel data on public sector pensions spanning 2001-2009, historic asset return data, and business cycle data. Findings generally indicate that while public sector plans have suffered a difficult decade, current anxieties may be somewhat overwrought. Several remedial policies are investigated. Remedial policies, such as improving plan administration, altering portfolio allocations, and increasing both employee and employer contributions, are observed to be more promising than either freezing or closing the funds.

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Journal of Public Budgeting, Accounting & Financial Management, vol. 25 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 2 March 2012

Casimiro Álvarez‐Mariño, Xose M. Lopez‐Fernandez, Antonio J.M. Jacomo Ramos, Ricardo A.F. Castro Lopes and José Miguel Duarte Couto

This paper aims to present and define a factor to assess the severity supported along transformer windings when the transformer is subjected to a transient voltage waveform due a…

259

Abstract

Purpose

This paper aims to present and define a factor to assess the severity supported along transformer windings when the transformer is subjected to a transient voltage waveform due a switching operation of a vacuum circuit breaker (VCB). This factor is identified as time domain severity factor (TDSF).

Design/methodology/approach

Since each of switching waveforms depend on the electrical interaction between transformer and the VCB, it implies that each of those combinations is characterized by a TDSF. To obtain the TDSF implies to manage two different models of the transformer under consideration. Firstly, a terminal model (black box model) of the transformer is built to compute the switching waveform at transformer terminals during VCB operation. Then, a detailed model (white box model) of the transformer is used to compute the internal transient voltage distribution along transformer windings.

Findings

A practical application of a power system consisting of a real transformer connected to a VCB is performed to show the sensibility of the TDSF coefficient.

Originality/value

Previous works found in the literature already consider the evaluation of the overvoltages in transformer associated to switching transient by coefficients, such as the frequency domain severity factor (FDSF). But this factor, as a global coefficient, could not assess the severity along windings to localize dielectrically weak points. Therefore, this paper overcomes this limitation proposing an alternative coefficient identified as time domain severity factor (TDSF).

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COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 31 no. 2
Type: Research Article
ISSN: 0332-1649

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Book part
Publication date: 24 October 2013

Suk-Joong Kim, Linda Lee and Eliza Wu

This chapter investigates the impact of policy interest rate news from the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) on stock returns and volatilities of U.S…

Abstract

This chapter investigates the impact of policy interest rate news from the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) on stock returns and volatilities of U.S. NYSE and German DAX listed commercial banks. We find that Fed news has the most influence on both U.S. and German listed bank stocks and an unexpected policy rate increase (decrease) lowers (raises) returns and raises volatility in the majority of cases. On the other hand, ECB news generally increases bank stock volatility in the United States but has little impact within its own domestic banking industry. While our results for the U.S. listed banks confirm that their stock prices are more responsive in bad economic times and also during periods of monetary tightening, we find disparities for German banks suggesting that U.S. and European banking industries respond heterogeneously to monetary policy news but the Global Financial Crisis increased the sensitivity of all banks to monetary policy news.

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Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

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Article
Publication date: 7 June 2019

Shelby D. Hunt

The purpose of this paper is to provide a retrospection on the importance, origins and development of the research programs in the author’s career.

458

Abstract

Purpose

The purpose of this paper is to provide a retrospection on the importance, origins and development of the research programs in the author’s career.

Design/methodology/approach

The study uses an autobiographical approach.

Findings

Most of the articles, research monographs and books that constitute this research and publishing efforts can be categorized into seven distinct, but related, research programs: channels of distribution; marketing theory; marketing’s philosophy debates; macromarketing and ethics; relationship marketing; resource-advantage theory; and marketing management and strategy. The value system that has guided these research programs has been shaped by specific events that took place in the author’s formative years. This essay chronicles these events and the origins and development of the seven research programs.

Originality/value

Chronicling the importance, origins and development of the seven research programs will hopefully motivate and assist other scholars in developing their own research programs.

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Journal of Historical Research in Marketing, vol. 11 no. 1
Type: Research Article
ISSN: 1755-750X

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Book part
Publication date: 24 October 2013

Sheng-Hung Chen

This chapter examines the impact of banking competition, bank regulation, and the global financial crisis (GFC) of 2008–2009 on banks’ productivity changes. For the empirical…

Abstract

This chapter examines the impact of banking competition, bank regulation, and the global financial crisis (GFC) of 2008–2009 on banks’ productivity changes. For the empirical analysis, I apply a semi-parametric two-step approach of Malmquist index estimates and bootstrap regression to a cross-country panel data of 8,451 commercial banks from 82 countries over the period 2004–2012. Empirical results show that (1) banking competition and capital regulation significantly enhance bank productivity, (2) a tighter bank supervision have a positive impact on bank productivity, and (3) bank productivity decreases during the GFC, but starts to increase as the GFC recovers. I also present consistent evidence that commercial banks in countries with better national governance have higher productivity growth before, during and after the GFC.

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Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

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Book part
Publication date: 15 August 2002

Andreas Kontoleon, Richard Macrory and Timothy Swanson

The paper focuses on the question of the extent to which individual preference-based values are suitable in guiding environmental policy and damage assessment decisions. Three…

Abstract

The paper focuses on the question of the extent to which individual preference-based values are suitable in guiding environmental policy and damage assessment decisions. Three criteria for “suitableness” are reviewed: conceptual, moral and legal. Their discussion suggests that: (i) the concept of economic value as applied to environmental resources is a meaningful concept based on the notion of trade-off; (ii) the limitations of the moral foundations of cost-benefit analysis do not invalidate its use as a procedure for guiding environmental decision making; (iii) the input of individual preferences into damage assessment is compatible with the basic foundations of tort law; (iv) using individual preference-based methods provides incentives for efficient levels of due care; (v) determining standing is still very contentious for various categories of users as well as for aggregating non-use values. Overall, the discussion suggests that the use of preference-based approaches in both the policy and legal arenas is warranted provided that they are accurately applied, their limitations are openly acknowledged and they assume an information-providing rather than a determinative role.

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An Introduction to the Law and Economics of Environmental Policy: Issues in Institutional Design
Type: Book
ISBN: 978-0-76230-888-0

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Book part
Publication date: 26 April 2014

Małgorzata Pawłowska, Krzysztof Gajewski and Wojciech Rogowski

The aim of this study is to understand the determinants of relationship between banks and nonfinancial corporations within Poland (which are considered relationship banking from…

Abstract

Purpose

The aim of this study is to understand the determinants of relationship between banks and nonfinancial corporations within Poland (which are considered relationship banking from this point onward).

Design/methodology/approach

The main sources of data used in the study are the large credit database (credit register of the National Bank of Poland (NBP)) and other aggregated data, including data from the Warsaw Stock Exchange and the NBP. Econometric panel logit methods have been used to test how different factors affect bank–firm relationships. Three main groups of factors have been investigated: the characteristics of the firm (i.e., size, ownership type, and R&D activity); the characteristics of the financial sector (i.e., competition in the banking sector); and macroeconomic conditions.

Findings

The findings demonstrate that Polish firms readily establish single-bank relationships, and firms with the highest quality of credit portfolios borrow often from multiple creditors. All conducted estimations demonstrated that the relationship between financing from a single bank and from foreign capital had a positive sign. Also, a decrease in concentration in the banking sector, which may be identified with an increase in competition, supports the establishment of relationship banking.

Research limitations/implications

The study was performed using the data from large exposure database collected for supervisory purposes. Exposures (credits, derivatives, etc.) larger than 500 thousand PLN (approx. 120 thousand EUR) were only considered. Future research on bank–firm relationships should focus on the influence of financing costs, maintaining relationships when the borrower is in a difficult financial position, and other unique features of banks using the strategy of relationship financing.

Practical implications

The understanding of the characteristics of bank–firm relationships can help to improve banking practice and supervisory policy in Poland.

Originality/value

This study makes a noticeable contribution to the understanding of the banking sector and its relationships with nonfinancial corporations in Poland. It is the first empirical study on such a large sample of panel data from Polish banking sector and industries, too.

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Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

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Book part
Publication date: 28 June 2016

Tarmo Kadak and Erkki K. Laitinen

The assessment of the success of Performance Management Systems (PMS) is difficult because there are many success factors, they are mutually dependent on each other, and located…

Abstract

Purpose

The assessment of the success of Performance Management Systems (PMS) is difficult because there are many success factors, they are mutually dependent on each other, and located at different hierarchical levels of an organization. Therefore, there is a need to describe the complete logical chain, which makes PMS successful for an organization and to find out a comprehensive list of key factors (KF) affecting the success of PMS. The objective of this research paper is to develop a method to assess success of a PMS based on a logical chain of 14 KF.

Methodology/approach

The research first develops a logical chain based on the 14 KFs on the basis of prior studies and then carries out a survey about these KFs (15 check points) of PMS and their connection to organizational performance for a small sample of firms from two EU countries.

Findings

There are next findings of this study which indicate following: KFs of PMS affect organizational performance; successful PMS improves organizational performance; PMS is successful for the organization when the completeness of the logical chain in PMS is high.

Practical implications

The practical contribution of this study is that findings show that firms can assess their own PMSs and compare their check point values against the values of successful PMS group. This kind of analysis indicates directly improvement potential for the different check points in PMS.

Details

Performance Measurement and Management Control: Contemporary Issues
Type: Book
ISBN: 978-1-78560-915-2

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