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Article
Publication date: 13 June 2023

Lawrence J. Belcher and Landon J. Belcher

The “experience is the best teacher” model assumes that acquiring expertise in a given domain reduces biases. Research in expert knowledge in investment decisions has shown better…

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Abstract

Purpose

The “experience is the best teacher” model assumes that acquiring expertise in a given domain reduces biases. Research in expert knowledge in investment decisions has shown better ability to produce improved results in asset selection or portfolio returns. Universities created student-managed investment funds (SMIFs) to train students in portfolio management as fiduciaries. However, analyses of the effectiveness of the SMIF as a medium for expert knowledge transfer have not been done.

Design/methodology/approach

The authors’ analyze an SMIF's structure against established models of expert knowledge transfer, using the voting patterns of the trustees of the fund from the recorded minutes of the fund's meetings to show the fund's structure and outcomes demonstrate effective knowledge transfer. Voter consensus between faculty and student trustees is one proxy the authors use for knowledge transfer.

Findings

Consensus between faculty and students was uniformly high across all recommendations. Chi-square tests were employed to test for independence between approval of recommendation and level of consensus, showing dependence in most cases. Analysis of sale returns over the 12-year sample period showed significantly better performance of asset sales over relevant benchmarks for both equity and fixed income portfolios.

Originality/value

Most analyses of SMIF structure concentrate on well-known issues with things like student turnover, summers or other structural issues. Performance is evaluated based on returns. This study looks at the SMIF as an expert knowledge transfer medium and examines expert/novice decision approval in terms of knowledge transfer.

Details

Managerial Finance, vol. 49 no. 9
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 16 August 2022

Philippe Masset, Alexandre Mondoux and Jean-Philippe Weisskopf

This study aims to identify the price determinants of fine wines in a small and competitive market. These characteristics are found in many lesser-known wine-producing countries…

424

Abstract

Purpose

This study aims to identify the price determinants of fine wines in a small and competitive market. These characteristics are found in many lesser-known wine-producing countries and are often difficult to analyse because of lack of data.

Design/methodology/approach

This study hand-collects and transcribes wine-related data for 149 Swiss wineries and 2,454 individual wines over the period 2014–2018 directly from wine lists provided by wineries. This study uses multivariate ordinary least squares regressions to analyse the relation between wine attributes and prices and to assess the effect of a currency shock caused by the sudden appreciation of the Swiss franc in 2015 as well as a reduction in information asymmetries induced by the novel coverage of Swiss wines by The Wine Advocate.

Findings

Prices mainly depend on collective reputation, production techniques and product positioning. Surprisingly, following a sharp appreciation of the Swiss franc, producers did not reduce prices. The arrival of a highly influential wine expert on the market also had a positive price effect on rated wines and producers. Both hint at wineries attempting to position themselves relative to competitors.

Originality/value

Few studies examine the price drivers in lesser-known wine markets, where competition is fierce. This study’s results show that wine pricing differs from other more famous and larger wine regions. In addition, to the best of the authors’ knowledge, this study is also the first to analyse the impact of a currency shock and a reduction in information asymmetries on wine prices.

Details

International Journal of Wine Business Research, vol. 35 no. 1
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 5 April 2013

Thibault Le Texier

The aim of this paper is to seek to reveal the familial roots of modern management thought, largely overlooked by a vast majority of management historians.

782

Abstract

Purpose

The aim of this paper is to seek to reveal the familial roots of modern management thought, largely overlooked by a vast majority of management historians.

Design/methodology/approach

Using a hermeneutic approach, the early uses of the word “management” are analyzed, as well as the different literature where it is the most frequently employed.

Findings

“Management” does not mean primarily “business management.” Rather, the first meanings of this word refer to the family realm. As such, the development of early management thought is not a matter of technical or scientific innovation, nor is it a matter of institutional size or profit. For a long time, management practices have concerned things more than people. In the twentieth century, the principle of control comes to supersede the principles of care and self‐government.

Research limitations/implications

The paper's findings call for another history of management thought, as against the too narrow histories of modern business management and the too inclusive histories of management as an ancestral and universal practice.

Practical implications

This research sheds light on two forgotten roots of management thought: the principles of care and of self‐government, which management practitioners could bring up‐to‐date. By presenting the family as the first locus of true “management” thought, it is an invitation to draw from domestic ways of governing.

Originality/value

The historical material here analyzed remains largely unknown to management historians. The method, focusing on text analysis rather than on the study of practices, remains rare in the field of management history.

Details

Journal of Management History, vol. 19 no. 2
Type: Research Article
ISSN: 1751-1348

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