ARCH models can be used to predict volatility and to enhance option pricing methodologies. A guide to these models is provided and illustrative results are presented for the…
Abstract
ARCH models can be used to predict volatility and to enhance option pricing methodologies. A guide to these models is provided and illustrative results are presented for the prices of Shell stock traded in London.
Veerades Panvisavas and J. Stephen Taylor
Seeks to examine the extent to which management contracts used by international hotel firms in Thailand mirror those used in the USA.
Abstract
Purpose
Seeks to examine the extent to which management contracts used by international hotel firms in Thailand mirror those used in the USA.
Design/methodology/approach
The study builds on previous research carried out in the late 1990s that highlighted new developments in the content and operation of hotel management contracts in the USA. Using a series of semi‐structured interviews with Thai hotel owners/representatives and international hotel firm executives, the focus is on establishing current management contract practices in Thailand.
Findings
The use of management contracts in Thailand, in substantive terms, largely mirrors practices in the USA. There were some detectable differences that existed which appear to be due to the relative lack of experience of Thai owners in dealing with international hotel firms.
Research limitations/implications
This study was essentially exploratory and was limited to a sample of management contracts representing around 20 per cent of all such contracts in Thailand. Future research should focus on examining the motivations of parties, methods of selecting and evaluating international hotel firms, and the specific issues parties confronted in implementing management contracts in Thailand.
Practical implications
Although at an early stage, this research suggests that Thai hotel owners need to gain greater knowledge of the practices of international hotel firms in other markets with a view to improving their bargaining power.
Originality/value
This study provides evidence of the influence of hotel management contract practices and trends in the USA on the relatively youthful hotel market of Thailand.
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Constantinos S. Verginis and J. Stephen Taylor
The main stakeholder of any valuation is the commissioning party and the outcome of the valuation process will determine for the commissioning party the value of the asset. The…
Abstract
The main stakeholder of any valuation is the commissioning party and the outcome of the valuation process will determine for the commissioning party the value of the asset. The second key stakeholder is the valuer. Often, however, there is third stakeholder group, the lending institution. Lending institutions often provide financing to the buyer and the financing decision is often based on the hotel's valuation. Based on a questionnaire survey of hotel valuation stakeholders this study reports the findings as to the perceived suitability of the discounted cash flow (DCF) valuations in respect of hotel property. The findings reported here suggest that the majority of respondents supported the view that the DCF method was the most suitable method in relation to hotel valuations. However, there are indications that the recommended practice of the need for using supporting valuation approaches might not be widely observed or understood. In addition, there was a view among a significant minority of respondents that the DCF method was only applicable for those properties operating at the higher market levels.
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Amanda C. Ginter and M. Elise Radina
To examine the lived experiences of the biological adult daughters of women with breast cancer.
Abstract
Purpose
To examine the lived experiences of the biological adult daughters of women with breast cancer.
Research approach
Family systems theory and phenomenology were used to guide this exploratory, qualitative study. Qualitative data were collected via one-time, semi-structured interviews with adult daughters of women with breast cancer.
Findings
Predominant themes included: close mother–daughter relationships, untimely disclosure of information, attentive fathers, optimistic outlooks, and influences on participants’ intimate relationships. Perceived strong familial and intimate relationships prior to breast cancer diagnosis helped ensure that mother–daughter relationships would remain strong, or even improve. Fathers’ attentiveness to mothers was pivotal in determining positive and negative attributes in daughters’ own intimate relationships.
Research implications
Based on the findings from this study, family scientists and healthcare professionals may have a better understanding of the patients’ young adult daughters’ concerns throughout breast cancer treatment and follow up.
Practical implications
Daughters may be at a loss when their mothers are diagnosed with breast cancer. Healthcare professionals can be equipped to recognize these signs when meeting with patients and families, offer suggestions for family members’ coping, and encourage daughters to consider their own breast cancer risk and screening.
Value
This study will provide a new insight into the experiences of daughters of women with breast cancer, and help family and health professionals understand how to support the relatives of breast cancer patients.
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Dorra Messaoud, Anis Ben Amar and Younes Boujelbene
Behavioral finance and market microstructure studies suggest that the investor sentiment and liquidity are related. This paper aims to examine the aggregate sentiment–liquidity…
Abstract
Purpose
Behavioral finance and market microstructure studies suggest that the investor sentiment and liquidity are related. This paper aims to examine the aggregate sentiment–liquidity relationship in emerging markets (EMs) for both the sample period and crisis period. Then, it verifies this relationship, using the asymmetric sentiment.
Design/methodology/approach
This study uses a sample consisting of stocks listed on the SSE Shanghai composite index (348 stocks), the JKSE (118 stocks), the IPC (14 stocks), the RTS (12 stocks), the WSE (106 stocks) and FTSE/JSE Africa (76 stocks). This is for the period ranging from February, 2002 until March, 2021 (230 monthly observations). We use the panel data and apply generalized method-of-moments (GMM) of dynamic panel estimators.
Findings
The empirical analysis shows the following results: first, it demonstrates a significant relationship between the aggregate investor sentiment and the stock market liquidity for the sample period and crisis one. Second, referring to the asymmetric sentiment, we have empirically given proof that the market is significantly more liquid in times of the optimistic sentiment than it is in times of the pessimistic sentiment. Third, using panel causality tests, we document a unidirectional causality between the investor sentiment and liquidity in a direct manner through the noise traders and the irrational market makers and also a bidirectional causality in an indirect channel.
Practical implications
The results reported in this paper have implications for regulators and investors in EMs. Firstly, the study informs the regulators that the increases and decreases in the stock market liquidity are related to the investor sentiment, not financial shocks. We empirically evince that the traded value is higher in the crisis. Secondly, we inform insider traders and rational market makers that the persistence of increases in the trading activity in both quiet and turbulent times is associated with investor participants such as noise traders and irrational market makers.
Originality/value
The originality of this work lies in employing the asymmetric sentiment (optimistic/pessimistic) in order to denote the sentiment–liquidity relationship in EMs for the sample period and the 2007–2008 subprime crisis.
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Jari Eloranta, Svetlozar Andreev and Pavel Osinsky
Did the expansion of democratic institutions play a role in determining central government spending behavior in the 19th and 20th centuries? The link between democracy and…
Abstract
Did the expansion of democratic institutions play a role in determining central government spending behavior in the 19th and 20th centuries? The link between democracy and increased central government spending is well established for the post-Second World War period, but has never been explored during the first “wave of democracy” and its subsequent reversal, that is 1870–1938. The main contribution of this paper is the compilation of a dataset covering 24 countries over this period to begin to address this question. Utilizing various descriptive techniques, including panel data regressions, we explore correlations between central government spending and the institutional characteristics of regimes. We find that the data are consistent with the hypothesis that democracies have a broader need for legitimization than autocracies as various measures of democracy are associated with higher central government spending. Our results indicate that the extension of franchise had a slight positive impact on central government spending levels, as did a few of the other democracy variables. We also find that early liberal democracies spent less and monarchies more than other regimes; debt increases spending; and participation in the Gold Standard reduced government spending substantially.
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In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…
Abstract
In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.
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Allison S. Gabriel, David F. Arena, Charles Calderwood, Joanna Tochman Campbell, Nitya Chawla, Emily S. Corwin, Maira E. Ezerins, Kristen P. Jones, Anthony C. Klotz, Jeffrey D. Larson, Angelica Leigh, Rebecca L. MacGowan, Christina M. Moran, Devalina Nag, Kristie M. Rogers, Christopher C. Rosen, Katina B. Sawyer, Kristen M. Shockley, Lauren S. Simon and Kate P. Zipay
Organizational researchers studying well-being – as well as organizations themselves – often place much of the burden on employees to manage and preserve their own well-being…
Abstract
Organizational researchers studying well-being – as well as organizations themselves – often place much of the burden on employees to manage and preserve their own well-being. Missing from this discussion is how – from a human resources management (HRM) perspective – organizations and managers can directly and positively shape the well-being of their employees. The authors use this review to paint a picture of what organizations could be like if they valued people holistically and embraced the full experience of employees’ lives to promote well-being at work. In so doing, the authors tackle five challenges that managers may have to help their employees navigate, but to date have received more limited empirical and theoretical attention from an HRM perspective: (1) recovery at work; (2) women’s health; (3) concealable stigmas; (4) caregiving; and (5) coping with socio-environmental jolts. In each section, the authors highlight how past research has treated managerial or organizational support on these topics, and pave the way for where research needs to advance from an HRM perspective. The authors conclude with ideas for tackling these issues methodologically and analytically, highlighting ways to recruit and support more vulnerable samples that are encapsulated within these topics, as well as analytic approaches to study employee experiences more holistically. In sum, this review represents a call for organizations to now – more than ever – build thriving organizations.