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Article
Publication date: 1 January 2002

H.J. Smoluk and E. Tylor Claggett

Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the most…

193

Abstract

Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the most significant shifts occurred in inflation in the mid 1970s as OPEC suddenly raised oil prices. This abrupt change likely caused consumers' expectations of future inflation to deviate significantly from realized (ex‐post) inflation. Using a Markov chain model, inflation forecasts that take into consideration changing regimes are employed to derive a unique set of real stationary variables that are likely to better represent consumers' expectations and are an alternative to the standard approach of adjusting nominal variables with ex‐post inflation. We employ these real variables in the consumption‐based capital asset pricing model (CCAPM). Estimates of the representative investor's coefficient of relative risk aversion (CRRA) are derived within the framework typically used to examine the equity premium puzzle. Our tests confirm that the equity premium puzzle, if it exists in Japan, is not as significant as previously thought.

Details

Studies in Economics and Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 17 August 2015

Alexander Hendrik Maegebier

– Two strands of the literature are combined, namely the modeling of disability insurance and the design, valuation and discussion of insurance-linked securities.

491

Abstract

Purpose

Two strands of the literature are combined, namely the modeling of disability insurance and the design, valuation and discussion of insurance-linked securities.

Design/methodology/approach

This paper provides a discussion regarding the advantages and detriments of disability-linked securities in comparison with mortality-linked bonds and swaps as well as regarding potential disability-linked indices and the potential use. The discussion is followed by an introduction of a potential design and a corresponding valuation of disability bonds and swaps.

Findings

This securitization will provide useful tools for the risk management of disability risk in a risk-based regulatory framework.

Originality/value

No disability-linked securities have been defined and discussed so far.

Details

The Journal of Risk Finance, vol. 16 no. 4
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 26 September 2011

Samih Azar

This paper seeks to reconsider the Euler equation of the Consumption Capital Asset Pricing Model (CCAPM), to derive a regression‐based model to test it, and to present evidence…

901

Abstract

Purpose

This paper seeks to reconsider the Euler equation of the Consumption Capital Asset Pricing Model (CCAPM), to derive a regression‐based model to test it, and to present evidence that the model is consistent with reasonable values for the coefficient of relative risk aversion (CRRA). This runs contrary to the findings of the literature on the equity premium puzzle, but is in agreement with the literature that estimates the CRRA for the purpose of computing the social discount rate, and is in line with the research on labor supply. Tests based on General Method of Moments (GMM) for the same sample produce results that are extremely disparate and unstable. The paper aims to check and find support for the robustness of the regression‐based tests. Habit formation models are also to be evaluated with regression‐based and GMM tests. However, the validity of the regression‐based models depends critically on their functional forms.

Design/methodology/approach

The paper presents empirical evidence that the conventional use of GMM fails because of four pathological features of GMM that are referred to under the general caption of “weak identification”. In addition to GMM, the paper employs linear regression analysis to test the CCAPM, and it is found that the regression residuals follow well‐behaved distributional properties, making valid all statistical inferences, while GMM estimates are highly unstable.

Findings

Four unexpected findings are reported. The first is that the regression‐based models are consistent with reasonable values for the CRRA, i.e. estimates that are below 4. The second is that the regression‐based tests are robust, while the GMM‐based tests are not. The third is that regression‐based tests with habit formation depend crucially on the specification of the model. The fourth is that there is evidence that market stock returns are sensitive to both consumption and dividends. The author calls the latter “extra sensitivity of market stock returns”, and it is described as a new puzzle.

Originality/value

The regression‐based models of the CCAPM Euler equation are novel. The comparison between GMM and regression‐based models for the same sample is original. The regression‐based models with habit formation are new. The equity premium puzzle disappears because the estimates of the CRRA are reasonable. But another puzzle is documented, which is the “extra sensitivity of market stock returns” to consumption and dividends together.

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Article
Publication date: 16 November 2012

Gemunu Nanayakkara and Lokman Mia

The purpose of this research is to investigate the effect of operational efficiency, gender of the borrowers and the population density on the performance of microfinancing…

812

Abstract

Purpose

The purpose of this research is to investigate the effect of operational efficiency, gender of the borrowers and the population density on the performance of microfinancing institutions that play a significant role in alleviating poverty in developing countries.

Design/methodology/approach

A model showing the relationships among the variables is first proposed based on the hypotheses developed in the literature review. Then the model is tested with empirical data using multiple regression and path analysis. Data used in the analysis relate to 234 microfinancing institutions across 63 countries.

Findings

The study finds that operational efficiency and gender of the borrowers have a direct impact on the performance of microfinancing institutions. Although population density does not have a direct impact on performance it has an indirect effect through operational efficiency and gender of the borrowers.

Practical implications

The findings of this study reveal to the policy makers and managers of microfinancing institutions the importance of focussing on the three factors analysed (operational efficiency, gender of the borrowers and population density) to reduce poverty.

Originality/value

The study enhances the current knowledge in the literature relating to microfinancing. The findings help to improve the performance of microfinancing institutions resulting in efficient and effective utilisation of hundreds of millions of donor funds originating from tax payers in developed countries.

Details

Pacific Accounting Review, vol. 24 no. 3
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 1 December 2022

Julia Wojciechowska-Solis and Magdalena Śmiglak-Krajewska

The purpose of this paper was to determine the profile of dairy product consumers in the organic market.

178

Abstract

Purpose

The purpose of this paper was to determine the profile of dairy product consumers in the organic market.

Design/methodology/approach

The study was based on a survey questionnaire developed by the author and administered to a total of 1,108 respondents. The statistical analysis (including descriptive statistics, the analysis of the discriminative function and the Chi2 test was performed with the use of Statistica 13.1 PL. The respondents’ gender was the factor behind the differences in how they behaved.

Findings

The consumers indicated the channels they rely upon to find information on organic dairy products; in addition to trusting the opinions of their family members and experts, they also use web platforms. Further, they specified their preferred locations for buying favorite products during the pandemic: specialized organic food shops, large distribution chains and online stores.

Practical implications

These outcomes will help in identifying target consumer segments and information channels for specific information and advertising messages. They also form an important resource for developing some potential strategies which the supply chain stakeholders could implement to promote organic consumption of dairy products.

Originality/value

This study identifies consumers’ preferred dairy products; motives for purchasing organic dairy products; barriers that consumers believe exist in the market; sources of knowledge about products purchased by consumers; and consumers’ preferred channels for purchasing organic dairy products. To the best of the author’s knowledge, this is the first study of dairy product consumers in the organic market in Poland.

Details

British Food Journal, vol. 125 no. 7
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 19 August 2021

Herbert Smoluk and Rozhin Yousefvand Mansouri

Despite numerous studies, our understanding of the determinants of disability insurance (DI) claim rates in the USA is clouded. When the unemployment (UE) rate soars during an…

55

Abstract

Purpose

Despite numerous studies, our understanding of the determinants of disability insurance (DI) claim rates in the USA is clouded. When the unemployment (UE) rate soars during an economic downturn such as the spread of COVID-19, assuming a linear positive relationship between the two variables, as the prior literature has suggested, forewarns a large spike in DI claim rates. Yet, if the model is misspecified, it can lead to misinformed decisions such as reducing DI awards during an economic downturn when such awards are needed the most. This study aims to improve the accuracy of the DI claims' prediction.

Design/methodology/approach

This study suggests that the relationship between the UE rate and DI claim rate is nonlinear and examines this hypothesis using a panel dataset of 866 state-year observations from 2002–2018.

Findings

The results provided compelling evidence in support of the proposed quadratic relationship between the UE rate and DI claim rate and revealed that compared to a quadratic model, the linear model overestimated the DI claim rate by approximately 18 percent or 172,000 claims per year.

Practical implications

Given that DI awards represent hundreds of thousands of dollars in present value terms, the impact of increase in DI claims on the Social Security Disability Fund during an economic downturn might not be as high as some model might forecast.

Originality/value

To our knowledge, no other studies have examined a quadratic relationship between the UE rate and the DI claim rate. This study is especially relevant during the coronavirus (COVID-19) pandemic and its aftermath. In April 2020, the UE rate spiked to nearly 15 percent nationwide, with Nevada and Michigan at 28 percent and 22.7 percent, respectively. The nonlinear model used in this study suggests that, as the UE increases, DI claims increase, albeit at a decreasing rate. On the contrary, a linear relationship between the UE rate and DI claim rates implies that the increase in the DI claim rate would be constant regardless of the UE rate. This misspecification can result in misinformed decisions, such as the reduction of DI awards because of the overestimation of claims during economic downturns. This can lead to lower award rates during economic turmoil when this assistance is most needed.

Details

Journal of Economic and Administrative Sciences, vol. 39 no. 3
Type: Research Article
ISSN: 2054-6238

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Article
Publication date: 1 May 2006

Jorma Larimo, Marin Marinov and Svetla Marinova

This article aims to analyse the strategies of international brewing companies in the Central and Eastern European (CEE) beer market and the development of national beer markets…

4206

Abstract

Purpose

This article aims to analyse the strategies of international brewing companies in the Central and Eastern European (CEE) beer market and the development of national beer markets in the region since 1990.

Design/methodology/approach

The research is explorative, based on a broad variety of secondary data sources and company interviews.

Findings

The findings provide an insight into the approaches of foreign brewing companies operating in CEE markets. Despite some differences in the initial internationalisation motives, target market choice and market entry modes that reflected the strategic priorities of investing brewers, market‐seeking motives, strong brands, marketing intelligence, rapid aggressive internationalization and control over the operations have been the key success factors for Western brewers in CEE.

Research limitations/implications

The secondary nature of the research information is a limitation for the validity of the study. Nevertheless, the triangulation of data sources using various secondary data, supported by in‐company interviews and authors' insights, has aimed at minimising the research bias.

Practical implications

Considering the growth and consolidation in the brewing industry world‐wide, brewers in CEE should focus on further mergers and acquisitions, product diversification/upgrading and brand innovation.

Originality/value

This paper represents an original attempt to assess the trends in the development of the brewing industry in CEE post‐1990. It reflects the impact of international interest on the CEE brewing companies and raises some concerns associated with the preservation of the brewing heritage in the region.

Details

British Food Journal, vol. 108 no. 5
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 8 July 2021

Tekeste Birhanu, Sewunet Bosho Deressa, Hossein Azadi, Ants-Hannes Viira, Steven Van Passel and Frank Witlox

This paper aimed to investigate the determinants of loans and advances from commercial banks in the case of Ethiopian private commercial banks.

554

Abstract

Purpose

This paper aimed to investigate the determinants of loans and advances from commercial banks in the case of Ethiopian private commercial banks.

Design/methodology/approach

The study randomly selected seven commercial banks to represent the population stratified on their asset, deposit and paid-up capital amounts. The study utilized an unbalanced panel data model as each bank started operation at a different period of time and considered the period 1995–2016 for secondary details.

Findings

The findings showed that the deposit size, credit risk, portfolio investment, average lending rate, real gross domestic product (GDP) and inflation rate had significant and optimistic effects on the lending and advancement of private commercial banks. On the contrary, liquidity ratio had significant and negative effects on private commercial bank loans and advances. Finally, the study forwarded a feasible recommendation for concerned organs to focus on deposit size, credit risk, portfolio investment, average lending rate, real GDP, inflation rate and liquidity ratio. The results of this study will help banking industry policymakers and planners understand how to minimize inflation and unemployment by improving development and sustainable economic growth.

Originality/value

The findings of this study can also affect the general attitudes of a society by increasing knowledge and improve the quality of life for the general public.

Details

International Journal of Bank Marketing, vol. 39 no. 7
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 1 July 1992

Terrance L. Pohlen and M. Theodore Farris

Recycling has experienced rapid growth as a technique to reduce thesolid waste stream volume. Despite the public appeal and acceptance ofrecycling, the reverse logistics channels…

4957

Abstract

Recycling has experienced rapid growth as a technique to reduce the solid waste stream volume. Despite the public appeal and acceptance of recycling, the reverse logistics channels used in recycling have received minimal attention. However, the reverse channels′ membership and capabilities have a significant impact on the efficiency of processing recyclable material for remanufacture into recycled products. Differing product characteristics, extensive handling, and low density shipments pose considerable obstacles to establishing an efficient reverse channel for recyclable commodities. A framework, based on interviews and current literature, describes the reverse logistics channel structure, membership and functions, and provides a foundation for identifying the issues affecting efficiency and marketability, and possible future directions for improving efficiency within the reverse channel structure.

Details

International Journal of Physical Distribution & Logistics Management, vol. 22 no. 7
Type: Research Article
ISSN: 0960-0035

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Article
Publication date: 1 June 2021

Nina Drejerska, Wioleta Sobczak, Jarosław Gołębiewski and Weronika Aniela Gierula

The purpose of this paper is to describe organic food supply and demand from the perspective of evolutionary economics. Furthermore, identification of motives of organic food…

763

Abstract

Purpose

The purpose of this paper is to describe organic food supply and demand from the perspective of evolutionary economics. Furthermore, identification of motives of organic food purchasing as well as the most important distribution channels was performed.

Design/methodology/approach

This study included review of statistical data available on organic food market, observations from three different formats of shops in France and Poland as well as collected data from 54 French and 85 Polish consumers.

Findings

The findings of this paper show how the organic food market undergoes evolutionary changes, especially how supply and demand sides are being tuned to each other. Health properties of organic food were found as universal characteristics affecting organic food purchasing, regardless the level of the national market development. Organic food retail adjusts to consumer demand, but the rate of this transformation is different when markets of different countries are compared.

Originality/value

Changes in supply and demand are continuous in the organic food market; therefore, they should be monitored on an ongoing basis. The insights extend present knowledge on consumer behaviour indicating health concerns as a universal motive affecting organic food purchasing. The study also takes the existing literature a step further by providing additional insight into adjustment of organic food retail to consumer demand.

Details

British Food Journal, vol. 123 no. 8
Type: Research Article
ISSN: 0007-070X

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