Momentum is an unresolved puzzle for the financial economists. The purpose of this paper is to dissect the sources of momentum profits and investigate the possible role played by…
Abstract
Purpose
Momentum is an unresolved puzzle for the financial economists. The purpose of this paper is to dissect the sources of momentum profits and investigate the possible role played by the macro-economic variables in explaining them.
Design/methodology/approach
The data for 493 companies that form part of Bombay Stock Exchange 500 index in India is used for calculating 6-6 momentum profits. Profits from the strategy are regressed on Capital Asset Pricing Model (CAPM) and Fama-French (FF) model to see whether they can explain these profits. Guided by prior research, three methodologies are used to see the possible role played by macro-economic variables in explaining momentum payoffs.
Findings
The empirical results show that momentum profits are persistent in the intermediate horizon. CAPM and FF three-factor model fail to explain these returns. Price momentum seems to be explained in one of the model by lagged macro-economic variables which lend an economic foundation to the Carhart factor. The “Winner minus Loser” factor explains about 37 percent of abnormal returns on the winner portfolio that are missed by the FF model. The unexplained momentum profits seem to be an outcome of investors’ over-reaction to past information. Hence, the sources of price momentum profits seem to be partially behavioral and partially rational.
Practical implications
The failure of risk models in fully explaining the momentum profits may be good news for portfolio managers who are looking out for stock market arbitrage opportunities.
Originality/value
This paper fulfills an identified need to study the sources behind price momentum profits in Indian context.
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Fayaz Kharadi, Karthikeyan A, Virendra Bhojwani, Prachi Dixit, Nand Jee Kanu and Nidhi Jain
The purpose of this study is to achieve lower and lower temperature as infrared sensors works faster and better used for space application. For getting good quality images from…
Abstract
Purpose
The purpose of this study is to achieve lower and lower temperature as infrared sensors works faster and better used for space application. For getting good quality images from space, the infrared sensors are need to keep in cryogenic temperature. Cooling to cryogenic temperatures is necessary for space-borne sensors used for space applications. Infrared sensors work faster or better at lower temperatures. It is the need for time to achieve lower and lower temperatures.
Design/methodology/approach
This study presents the investigation of the critical Stirling cryocooler parameters that influence the cold end temperature. In the paper, the design approach, the dimensions gained through thermal analysis, experimental procedure and testing results are discussed.
Findings
The effect of parameters such as multilayer insulation, helium gas charging pressure, compressor input voltage and cooling load was investigated. The performance of gold-plated and aluminized multilayer insulation is checked. The tests were done with multilayer insulation covering inside and outside the Perspex cover.
Practical implications
By using aluminized multilayer insulation inside and outside the Perspex cover, the improvement of 16 K in cool-down temperature was achieved. The cryocooler is charged with helium gas. The pressure varies between 14 and 18 bar. The optimum cooling is obtained for 17 bar gas pressure. The piston stroke increased as the compressor voltage increased, resulting in total helium gas compression. The optimum cool-down temperature was attained at 85 V.
Originality/value
The cryocooler is designed to achieve the cool-down temperature of 2 W cooling load at 100 K. The lowest cool-down temperature recorded was 105 K at a 2 W cooling load. Multilayer insulation is the major item that keeps the thermal radiation from the sun from reaching the copper tip.
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The objective of this chapter is to discuss how different techniques in Regional Science and Peace Science and the emerging techniques in Management Science can be used in…
Abstract
The objective of this chapter is to discuss how different techniques in Regional Science and Peace Science and the emerging techniques in Management Science can be used in analysing Disaster Management and Global pandemic with special reference to developing countries. It is necessary for me to first discuss the subjects of Disaster Management, Regional Science, Peace Science and Management Science. The objective of this chapter is to emphasise that the studies of Disaster Management should be more integrated with socioeconomic and geographical factors. The greatest disaster facing the world is the possibility of war, particularly nuclear war, and the preparation of the means of destruction through military spending.
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The purpose of this paper is to highlight the challenges of Nigerian Professional Football League teams at the club level, with a view to aligning this with developments at the…
Abstract
Purpose
The purpose of this paper is to highlight the challenges of Nigerian Professional Football League teams at the club level, with a view to aligning this with developments at the country level, and especially so in the aftermath of the 2014 FIFA World Cup in Brazil – an international event – where Nigeria participated alongside four others – Algeria, Cameroon, Ghana and Ivory Coast.
Design/methodology/approach
The meta-analysis adopts a qualitative research approach, drawing upon a review of secondary data sources and the observation technique.
Findings
Although Nigeria’s first team players ply their trade in Europe, there remains a challenge epitomised by the “disconnect” between the domestic league and the national team composition. As a consequence, brand ambassadors are proposed as one of the key conduits for re-aligning the identified disconnect.
Research limitations/implications
The dual focus on club level and a single country – albeit in the light of Nigeria, former African champions, poses a limitation as the domestic league in that country may not be representative of others across the continent. However, some insight is also derived from developments in another African football giant – i.e. Ghana, runners-up of the recently concluded 2015 African Nations Cup.
Practical implications
In the long history of the FIFA Football World Cup, only three African teams have ever reached the quarter-finals – notably Cameroon in 1990, Senegal in 2002 and Ghana in 2010. Although the Super Eagles relished the label of African Champions going in the World Cup finals, they remain incapacitated, having failed to “fly” into the round of 16 since their 1994 debut. Furthermore, the alignment at the micro or club level to the meso or country level remains to be investigated at both scholarly and policy levels.
Social implications
There are success stories on the management and development of football in Africa and as the case of Nigeria demonstrates, Stephen Keshi, the national coach, symbolises missed opportunities – i.e. brand ambassadors – to increase visibility and engagement with the domestic league.
Originality/value
This is one of the very few studies that have sought to highlight the misalignment between club and country within the research context of Africa. It is also one of the few papers that have called on the need for brand ambassadors as a means of bridging the gap in this area.
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Martha Harunavamwe and Herbert Kanengoni
The study assessed the impact of technostress creators, work–family conflict and perceived organisational support (POS) on work engagement for employees operating within the…
Abstract
Purpose
The study assessed the impact of technostress creators, work–family conflict and perceived organisational support (POS) on work engagement for employees operating within the virtual and hybrid work settings. The idea is to redefine the antecedents of work engagement in work settings that are characterised by excessive technology and work–family conflict.
Design/methodology/approach
Data gathered from 302 academics and support staff employees at a selected university in South Africa were utilised to assess the abovementioned relationships via variance-based structural equation modelling.
Findings
The combined effect of technostress, work–family conflict and POS on work engagement indicates that work–family conflict is a critical component in the relationship between technostress and work engagement. Although POS is seen as a job resource that lessens stress, the study found that the influence of work–family conflict is stronger than that of POS; hence, a negative influence is reported on work engagement. Despite the presence of support, overwhelming technostress creators and work–family conflict issues increase demands and influence work engagement negatively.
Research limitations/implications
The results noted that, in hybrid and virtual work settings, managers can drive employee engagement by focussing on designing more favourable work–life balance (WLB) policies, providing adequate information communication technology (ICT) support, fostering aspects of positive technology and defining the boundaries between work life and family time.
Practical implications
The managers need to realise the detrimental effects of both technostress and work–family conflict on work engagement in virtual and hybrid work settings. Expanding the personal and job resources of individuals in hybrid and virtual settings is critical to enable them to meet the additional work demands and to manage the strain imposed by technostress. Instituting relevant organisation support has proved to be inadequate to address the challenges relating to technostress and work–family conflict. Therefore, introducing WLB policies that assist employees to set clear boundaries between work and family time to avoid burn out and spillover is critical. This is especially important when dealing with technostress creators in the remote work setting. Additionally, providing adequate ICT support as well as training related to use of different devices and software should be part of the organisational culture.
Social implications
A manageable and reasonable workload should be maintained bearing in mind the complexity and ambiguity associated with the hybrid work setting. Managers should make allowances for employees to adjust managers' schedules to accommodate personal obligations, as well as adjust employees' workloads to accommodate family responsibilities. As for the coping strategy of technostress and work–family conflict, considering the positive effects of the supportive work environment is important.
Originality/value
This study provides a model on the interaction of the redefined antecedents (technostress and work–family conflict) of work engagement in high-tech environments such as virtual and hybrid work settings.
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Kareem Folohunso Sani, Ayantunji Gbadamosi and Rula R. Al-Abdulrazak
This study aims to investigate sustainability practices in the banking industry, focusing on a developing economy. It uses the triple-bottom-line framework to answer the following…
Abstract
Purpose
This study aims to investigate sustainability practices in the banking industry, focusing on a developing economy. It uses the triple-bottom-line framework to answer the following research question: how do banks in Nigeria conceptualise sustainability, and what role does it play in their banking practices?
Design/methodology/approach
This study adopts a social constructivist approach in its exploration of banking sustainability practices in an emerging economy, and the research design is a purpose-based (exploratory) approach. The qualitative data was collected from 33 bank personnel from various bank units and departments through semi-structured interviews to achieve the research objective.
Findings
The study reveals a lack of sustainability policies and programmes, as banks focus mainly on profitability. It uncovers unfair treatments of bank workers through casualisation, low wages and work overload. It indicates that most banks in developing countries ignore environmental considerations, as they still carry out paper-based transactions and use diesel-powered generators, which cause various negative environmental impacts. It also confirms that governments and banks in the country are not doing enough to propagate sustainable practices and banks have also not taken advantage of the sustainability concept to promote their brands; instead, they consider it as requiring additional operational costs.
Practical implications
The findings demonstrate the need for banks to see sustainability from a marketing point of view and adopt sustainable practices to create additional value that will improve their brand image and enhance their competitiveness.
Originality/value
The importance of sustainability in the banking industry in emerging economies is considered a viable means of contributing to the overall development goals of the United Nations as the world tries to preserve the environment. It also highlights the consequences of inaction or unsustainable banking practices.
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Nnedinma Umeokafor, Abimbola Windapo and Oluwole Alfred Olatunji
The purpose of this study is to investigate the influences of the characteristics of procurement strategies, in this instance labour-only, on project performance concerning health…
Abstract
Purpose
The purpose of this study is to investigate the influences of the characteristics of procurement strategies, in this instance labour-only, on project performance concerning health and safety (H&S), a project performance indicator.
Design/methodology/approach
Using non-probability purposeful and snowballing sampling methods, questionnaires were used to collect data from construction professionals in Nigeria. This was then analysed using descriptive (frequency and mean scores) and inferential statistics (Mann–Whitney-U and Kendall's Tau_b tests).
Findings
The findings indicate a statistically significant negative correlation between ‘the level of client involvement and ‘fatalities' and a positive one with ‘conducting of health and safety risk assessment' and ‘conducting employee surveys on health and safety attitude’. Poor hygiene is found to be the worst lagging indicator, while conducting of inspection is the most adopted leading indicator of project health and safety performance. It also emerged that there is no significant difference in the health and safety performance of projects procured through the procurement strategy in urban and rural areas.
Practical implications
The study provides valuable insight into the complexities in H&S management due to the high level of client involvement in labour-only procurement system (LoPS) projects and the level of diversity in their responsibilities therein. It creates a fundamental direction for developing a detailed framework or guidance notes for client involvement in the integration of H&S into LoPS projects.
Originality/value
This is the first study that examines the influence of the characteristics of procurement strategy on project health and safety performance. Evidence in the literature shows that project delivery outcomes significantly improve if procurement is strategically used, including when it is considered early in projects. However, integrating H&S into procurement strategies has received little attention.