R. Boffey and G.N. Robson
Bank management, from a finance theory perspective, is generally acknowledged to involve the management of four major balance sheet risks: liquidity risk, interest rate risk…
Abstract
Bank management, from a finance theory perspective, is generally acknowledged to involve the management of four major balance sheet risks: liquidity risk, interest rate risk, capital risk and credit risk (Hempel et al, 1989). Of these, credit risk has commonly been identified as the key risk in terms of its influence on bank performance (Sinkey, 1992, p.279) and bank failure (Spadaford, 1988).
Marco Humbel, Julianne Nyhan, Nina Pearlman, Andreas Vlachidis, JD Hill and Andrew Flinn
This paper aims to explore the accelerations and constraints libraries, archives, museums and heritage organisations (“collections-holding organisations”) face in their role as…
Abstract
Purpose
This paper aims to explore the accelerations and constraints libraries, archives, museums and heritage organisations (“collections-holding organisations”) face in their role as collection data providers for digital infrastructures. To date, digital infrastructures operate within the cultural heritage domain typically as data aggregation platforms, such as Europeana or Art UK.
Design/methodology/approach
Semi-structured interviews with 18 individuals in 8 UK collections-holding organisations and 2 international aggregators.
Findings
Discussions about digital infrastructure development often lay great emphasis on questions and problems that are technical and legal in nature. As important as technical and legal matters are, more latent, yet potent challenges exist too. Though less discussed in the literature, collections-holding organisations' capacity to participate in digital infrastructures is dependent on a complex interplay of funding allocation across the sector, divergent traditions of collection description and disciplinaries’ idiosyncrasies. Accordingly, we call for better social-cultural and trans-sectoral (collections-holding organisations, universities and technological providers) understandings of collection data infrastructure development.
Research limitations/implications
The authors recommend developing more understanding of the social-cultural aspects (e.g. disciplinary conventions) and their impact on collection data dissemination. More studies on the impact and opportunities of unified collections for different audiences and collections-holding organisations themselves are required too.
Practical implications
Sustainable financial investment across the heritage sector is required to address the discrepancies between different organisation types in their capacity to deliver collection data. Smaller organisations play a vital role in diversifying the (digital) historical canon, but they often struggle to digitise collections and bring catalogues online in the first place. In addition, investment in existing infrastructures for collection data dissemination and unification is necessary, instead of creating new platforms, with various levels of uptake and longevity. Ongoing investments in collections curation and high-quality cataloguing are prerequisites for a sustainable heritage sector and collection data infrastructures. Investments in the sustainability of infrastructures are not a replacement for research and vice versa.
Social implications
The authors recommend establishing networks where collections-holding organisations, technology providers and users can communicate their experiences and needs in an ongoing way and influence policy.
Originality/value
To date, the research focus on developing collection data infrastructures has tended to be on the drive to adopt specific technological solutions and copyright licensing practices. This paper offers a critical and holistic analysis of the dispersed experience of collections-holding organisations in their role as data providers for digital infrastructures. The paper contributes to the emerging understanding of the latent factors that make infrastructural endeavours in the heritage sector complex undertakings.
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Koraljka Golub, Pawel Michal Ziolkowski and Goran Zlodi
The study aims to paint a representative picture of the current state of search interfaces of Swedish online museum collections, focussing on search functionalities with…
Abstract
Purpose
The study aims to paint a representative picture of the current state of search interfaces of Swedish online museum collections, focussing on search functionalities with particular reference to subject searching, as well as the use of controlled vocabularies, with the purpose of identifying which improvements of the search interfaces are needed to ensure high-quality information retrieval for the end user.
Design/methodology/approach
In the first step, a set of 21 search interface criteria was identified, based on related research and current standards in the domain of cultural heritage knowledge organization. Secondly, a complete set of Swedish museums that provide online access to their collections was identified, comprising nine cross-search services and 91 individual museums' websites. These 100 websites were each evaluated against the 21 criteria, between 1 July and 31 August 2020.
Findings
Although many standards and guidelines are in place to ensure quality-controlled subject indexing, which in turn support information retrieval of relevant resources (as individual or full search results), the study shows that they are not broadly implemented, resulting in information retrieval failures for the end user. The study also demonstrates a strong need for the implementation of controlled vocabularies in these museums.
Originality/value
This study is a rare piece of research which examines subject searching in online museums; the 21 search criteria and their use in the analysis of the complete set of online collections of a country represents a considerable and unique contribution to the fields of knowledge organization and information retrieval of cultural heritage. Its particular value lies in showing how the needs of end users, many of which are documented and reflected in international standards and guidelines, should be taken into account in designing search tools for these museums; especially so in subject searching, which is the most complex and yet the most common type of search. Much effort has been invested into digitizing cultural heritage collections, but access to them is hindered by poor search functionality. This study identifies which are the most important aspects to improve.
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Roberta Adami, Orla Gough, Suranjita Mukherjee and Sheeja Sivaprasad
This paper aims to examine the investment performance of pension funds in the UK using the three standard performance measurement models, the capital asset pricing model (CAPM)…
Abstract
Purpose
This paper aims to examine the investment performance of pension funds in the UK using the three standard performance measurement models, the capital asset pricing model (CAPM), Fama-French model and the Carhart model.
Design/methodology/approach
The authors use the CAPS-Mellon survey data for the period 1990-2008 and employ the three standard performance measurement models, the CAPM, Fama-French model and the Carhart model in assessing the investment performance of the pension funds.
Findings
The authors show that the abnormal returns of pension funds cannot be fully explained by size, book-to-market values, market returns, momentum and the term spread. The authors find larger abnormal returns in bond than in equity portfolios and that smaller funds outperform larger funds. The paper also shows that the addition of the momentum factor does not improve on the three-factor Fama-French model. The authors find that pension funds exhibit superior performance relative to the linear factor models.
Research limitations/implications
First, this study contributes to the extant literature on pension funds performance. Future research may also extend the authors' work to incorporate economic, tax, political and legal differences across the countries on the performance of pension funds. Second, due to data constraints, this study excludes the default probability of corporate bonds as an additional variable in their tests on bond returns. Future work may add the default probability as an additional variable whilst examining bond returns.
Practical implications
The authors believe that the findings will be considerable food for thought for fund managers who continuously attempt to explore opportunities to provide a higher return to investors.
Originality/value
To the authors' knowledge, this is the first comprehensive study that investigates the performance of UK equity and bond pension funds relative to standard linear factor models such as the CAPM, Fama and French, and Carhart.
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Jiju Antony, Sandeep Gupta, Vijaya Sunder M. and E.V. Gijo
The purpose of this paper is to provide lean and six sigma professionals and researchers of tomorrow with Ten Commandments of Lean Six Sigma (LSS).
Abstract
Purpose
The purpose of this paper is to provide lean and six sigma professionals and researchers of tomorrow with Ten Commandments of Lean Six Sigma (LSS).
Design/methodology/approach
The Ten Commandments of LSS are based on several years’ experience of four authors who act as researchers, LSS Master Black Belts, consultants, practitioners and trainers on various topics of Lean, Six Sigma and general quality management and continuous improvement.
Findings
The Ten Commandments in our opinion include: alignment of LSS initiative with organisational strategy, LSS project selection and prioritisation, selection of top talent for the project execution, leadership for LSS, effective training and design of appropriate curriculum for different LSS roles, development of reward and recognition system, LSS sustainability, Linking LSS with Organisational Learning and Innovation, Linking LSS with Environmental Management System Standards and finally LSS and Big Data.
Research limitations/implications
The key features outlined in this paper are based on the practitioners of LSS. The authors of this article are planning to pursue a global study to critically evaluate these commandments by various practitioners of LSS.
Originality/value
The senior managers and executives of various businesses can use these commandments of LSS as a guide to achieve and sustain competitive advantage.
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Fauziah, Taib and Mansor Isa
This paper seeks to focus on examining unit trust performance in Malaysia over the period 1991‐2001.
Abstract
Purpose
This paper seeks to focus on examining unit trust performance in Malaysia over the period 1991‐2001.
Design/methodology/approach
The broad based study covers full economic cycles using 7 different performance measures: raw return, market adjusted return, Jensen's alpha, adjusted Jensen's alpha, Sharpe Index, adjusted Sharpe Index, and Treynor Index.
Findings
The results show that on average the performance of Malaysian unit trust falls below market portfolio and risk free returns. However, the variance of unit trust monthly returns is less than the market. Performance by type of funds indicates that bond funds show relatively superior performance, over and above the market and equity unit trusts. This is due to the high interest rate kept during the crisis period. Findings also suggest that there is no persistency in performance as there is no significant inter‐temporal correlation between past and current performance.
Research limitations/implications
The issue of inferior performance needs further investigations to adjust for great importance placed on maintaining consistent dividend distribution. In addition, ill‐managed funds must be separately analysed to see if limited budget, less qualified managers, use of limited information and less sophisticated software could explain the poor performance.
Practical implications
A very useful source of information for potential investors and portfolio management companies looking for opportunities to invest.
Originality/value
The paper contributes to the present body of knowledge by offering broad based performance evidence from an emerging market with strong government back up for unit trusts investment.
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Marina Salse, Javier Guallar-Delgado, Núria Jornet-Benito, Maria Pilar Mateo Bretos and Josep Oriol Silvestre-Canut
The purpose of this study is to determine which metadata schemas are used in the museums and university collections of the main universities in Spain and other European countries…
Abstract
Purpose
The purpose of this study is to determine which metadata schemas are used in the museums and university collections of the main universities in Spain and other European countries. Although libraries and archives are also university memory institutions (according to a Galleries, Libraries, Archives and Museums perspective), their collections are not included in this study because their metadata systems are highly standardized and their inclusion would, therefore, skew our understanding of the diverse realities that the study aims to capture.
Design/methodology/approach
The analysis has three components. The first is a bibliographic review based on Web of Science. The second is a direct survey of the individuals responsible for university collections to understand their internal work and documentation systems. Finally, the results obtained are complemented by an analysis of collective university heritage portals in Europe.
Findings
The results of this study confirmed the hypothesis that isolation and a lack of resources are still major issues in many cases. Increasing digitalization and the desire to participate in content aggregation systems are forcing change, although the responsibility for that change at universities is still vague.
Originality/value
Universities, particularly those with a long history, have an important heritage whose parts are often scattered or hidden. Although many contemporary academic publications have focused on the dissemination of university collections, this study focuses on the representation of information based on the conviction that good metadata are essential for dissemination.
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Hannes Zacher and Cort W. Rudolph
As the workforce is aging and becoming increasingly age diverse, successful aging at work has been proclaimed to be a desirable process and outcome, as well as a responsibility of…
Abstract
As the workforce is aging and becoming increasingly age diverse, successful aging at work has been proclaimed to be a desirable process and outcome, as well as a responsibility of both workers and their organizations. In this chapter, we first review, compare, and critique theoretical frameworks of successful aging developed in the gerontology and lifespan developmental literatures, including activity, disengagement, and continuity theories; Rowe and Kahn’s model; the resource approach; the model of selective optimization with compensation; the model of assimilative and accommodative coping; the motivational theory of lifespan development; socioemotional selectivity theory; and the strength and vulnerability integration model. Subsequently, we review and critically compare three conceptualizations of successful aging at work developed in the organizational literature. We conclude the chapter by outlining implications for future research on successful aging at work.
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FINANCIAL fears are only less cruel than those of war, and lead men into extravagances which they would repudiate indignantly in their cooler moments. If the doings of the Economy…
Abstract
FINANCIAL fears are only less cruel than those of war, and lead men into extravagances which they would repudiate indignantly in their cooler moments. If the doings of the Economy Committee at Manchester in relation to children's libraries, as described in the article by Mr. Lamb in our last issue, are true, we have in them an example of a kind of retrenchment at the expense of the young which we hope is without parallel and will have no imitators. Some reduc‐tion of estimates we hear of from this or that place, but in few has the stupid policy which urges that if we spend nothing we shall all become rich been carried into full effect. Libraries always have suffered in times of crisis, whatever they are; we accept that, though doubtfully; but we do know that the people need libraries.