Stéphane Hamayon, Florence Legros and Yannick Pradat
The authors aim to demonstrate the importance of taking into account “mean reversion” in asset prices and show that this type of modeling leads to a high share of equities in…
Abstract
Purpose
The authors aim to demonstrate the importance of taking into account “mean reversion” in asset prices and show that this type of modeling leads to a high share of equities in pension funds’ asset allocations.
Design/methodology/approach
First, the authors will study the long-run statistical characteristics of selected financial assets during the 1895-2011 period. Such an analysis corroborates the fact that, for long holding periods, equities exhibit lower risk than other asset classes. Moreover, they will provide empirical evidence that stock market returns are negatively skewed in the short term and show that this negative skewness vanishes over longer time horizons. Both these characteristics favor the use of a semi-parametric methodology.
Findings
This empirical study led to two major findings. First, the authors noticed that the distribution of stock returns is negatively skewed over short time horizons. Second, they observed that the fat-tailed shape of the returns distribution disappears for time periods longer than five years. Finally, they demonstrated that stock returns exhibit “mean-reversion”. Consequently, the optimization program should not only take into account the non-Gaussian nature of returns in the short run but also incorporate the speed at which volatility “mean reverts” to its long-run mean.
Originality/value
To simulate portfolio allocation, the authors used a Cornish–Fisher Value-at-Risk criterion with the advantage of providing an allocation that is independent of the saver’s preferences parameters. A backtesting analysis including a calculation of replacement rates shows a clear dominance of the “non-Gaussian” strategy because the retirement outcomes under such a strategy would be positively affected.
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Alexandre de Vicente Bittar and Luiz Carlos Di Serio
Micro and small enterprises (MSEs) play a crucial role in the development of any country by generating innovative ideas. However, they face inherent restrictions that hinder their…
Abstract
Purpose
Micro and small enterprises (MSEs) play a crucial role in the development of any country by generating innovative ideas. However, they face inherent restrictions that hinder their innovation capabilities. It is essential to support innovation policies to overcome these barriers and foster innovation. This study aims to explore how innovation policies can reduce barriers to innovation in MSEs using the lens of innovation capabilities.
Design/methodology/approach
Through a multiple case study, the authors examined eight MSEs in São Paulo (Brazil) and five in Florence (Italy) to conduct this study. These countries share a similar level of importance when it comes to MSEs.
Findings
Current innovation policies could be more effective for MSEs if certain barriers they encounter are faced and resolved, such as limited financial resources and a scarcity of qualified workers. These barriers directly affect two key elements of their innovation capability: financial resources and human resources. Therefore, it is essential to develop innovation policies that target these elements directly to enable MSEs to overcome these obstacles and thrive.
Originality/value
This study aims to enhance the knowledge of how innovation policies can help alleviate obstacles to innovation and how they can influence the various components that comprise the innovation capability of MSEs. This research can be valuable for policymakers as it provides insight into which innovation policies impact each aspect of innovation capability, enabling them to choose the most suitable policy based on the specific needs and local circumstances of the MSEs.
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Sameeullah Khan, Asif Iqbal Fazili and Irfan Bashir
This paper aims to theorize that millennials' counterfeit buying behavior is partly driven by perceived peer counterfeit consumption – the perception that counterfeit luxury…
Abstract
Purpose
This paper aims to theorize that millennials' counterfeit buying behavior is partly driven by perceived peer counterfeit consumption – the perception that counterfeit luxury consumption is a norm within members of their own generation.
Design/methodology/approach
The research is based on two survey-based studies: Study 1 investigates the phenomenon on young millennials (n = 438) and Gen X (n = 374) using moderation analyses in PROCESS Macro; and Study 2 is based on young millennials (n = 643) and runs a partial least squares structural equation modeling model.
Findings
The findings reveal that perceived counterfeit consumption within own (vs other) generation leads to greater counterfeit purchase intention and this effect is stronger for young millennials (vs Gen X). Counterfeiting values (materialism, counterconformity and morality) strengthen the impact of perceived peer counterfeit consumption on the counterfeit purchase intention of young millennials, thereby establishing counterfeit luxury consumption as a salient norm.
Practical implications
To modify perceptions about peer counterfeiting norms, normative messages must communicate counterfeit avoidance among millennials through social media influencers. Luxury brand managers must focus on the experiential value of luxury and pursue unconventional luxury inspired by a sense of rebelliousness and independence.
Originality/value
This work demonstrates that millennials engage in counterfeit luxury consumption when they perceive it as a salient consumption norm among members of their own generation. It adds a novel construct of perceived counterfeit consumption and demonstrates the role of generation as a normative referent. The article provides a values-based motivational account of conformity to peer counterfeiting norms.
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At least three demographic trends in the twentieth century are having a tremendous impact on the patterns of women's lives. With increased life expectancy, reduced birth‐rate, and…
Abstract
At least three demographic trends in the twentieth century are having a tremendous impact on the patterns of women's lives. With increased life expectancy, reduced birth‐rate, and expanded occupational mobility, the life cycle of the American female has undergone great change. At midlife, many women today begin roles new to them—widow/divorcee, student, salaried employee, head‐of‐household are usually discussed. They may be confronted with new challenges—entering or reentering the labor force, returning to school, renewing old skills and roles—or may merely be struggling to survive. Rarely mentioned are the never‐married women and the fact that most people work because they must acquire the basics for themselves and/or for others.
Bruno Iamamura, Mathieu Rossi, Michel Hecquet, Vincent Lanfranchi, Sylvain Recorbet and Florence Tridon
The purpose of this paper is to present an original study of industrial inductors with different air-gap materials in order to reduce the vibration and noise of inductors…
Abstract
Purpose
The purpose of this paper is to present an original study of industrial inductors with different air-gap materials in order to reduce the vibration and noise of inductors. Acoustic comfort is an increasingly important factor at the design stage of industrial inductors associated to converters. In addition, power converters in the railway domain are more and more compact and powerful.
Design/methodology/approach
Experiments, simulations and test devices were used to determine the main physical phenomena that generate the undesirable audible noise. Electric and vibratory measurements (modal and operational analysis) were compared with the numerical calculations. PWM and sinusoidal supply were taken into account and different prototypes with different materials in the air-gap were built.
Findings
This study analyzes and details the origin of the electromagnetic noise due to the vertical mode, in order to reduce the vibration and noise of inductors. A detailed analysis using finite element simulation and experimental measurements of free-free mode or forced mode under electrical excitation was conducted to interpret the vibrations of the structure. In addition, in order to observe trends and the impact of magnetostriction effect, the authors propose a simplified model.
Practical implications
Electric and vibratory measurements (modal and operational analysis) are compared with the numerical calculations.
Originality/value
This paper gives a response about the origin of the noise with different experimental measurements. Changing the air-gap material is beneficial for the deflection of the inductor. However, it has been presented that, following the shape of the inductor, it is beneficial to reduce or increase the stiffness of the material depending on the column height. For a fixed Young’s modulus air-gap, a ratio Column height/air-gap thickness exists, which makes it possible to cancel the deflection.