Martin Elton and Brian Vickery
Operational research was born during the 1939–45 war as an aid to military decision making. After the war it was rapidly applied to industrial production, and many new techniques…
Abstract
Operational research was born during the 1939–45 war as an aid to military decision making. After the war it was rapidly applied to industrial production, and many new techniques were developed. It has since spread to all spheres of policy making.
In Australia, the Dawkins green paper of 1987 supposedly set a clear framework for merging institutions in the new unified national system. However, neither the Commonwealth nor…
Abstract
In Australia, the Dawkins green paper of 1987 supposedly set a clear framework for merging institutions in the new unified national system. However, neither the Commonwealth nor the various state governments took a strong leadership role in deciding which institutions should merge, leaving the actors to determine their own futures. In South Australia, three universities now exist, which was the least preferred option of the state’s educational planners. Two of those universities offer MBA programmes on contiguous campuses, a situation, supposedly, which would not be tolerated by the Dawkins guidelines. The third university, in a suburban location, also offers post‐graduate management education. In South Australia the Dawkins reforms of 1987 have had minimal impact on the delivery of post‐graduate management programmes, while a new university has emerged from the reform process.
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In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is…
Abstract
In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is essential to yield a fair and unbiased evaluation of the manager. In the following analyses, category‐based benchmarks are assessed against established benchmarks to evaluate, which alternative accurately evaluates a portfolio manager's performance. The results indicate that the category‐based benchmarks are more appropriate comparison reference for evaluating the systematic risk of equity portfolios and equity security returns.
Rene Paquibut and Ahmed Al Naamany
Higher education institutions (HEIs) worldwide are required to acquire accreditation for the sake of their academic reputation at the institutional as well as programs levels…
Abstract
Purpose
Higher education institutions (HEIs) worldwide are required to acquire accreditation for the sake of their academic reputation at the institutional as well as programs levels. Meeting the requirements of standards established by accrediting bodies can be daunting for HEIs undergoing accreditation for the first time. Drastic organizational change is required to overhaul and implement systems to meet the requirements of quality standards. HEIs in the Sultanate of Oman are determined to acquire and maintain institutional accreditation from the Oman Academic Accreditation Authority (OAAA). The purpose of this paper is to describe how a HEI has undergone organizational change to meet the requirement of the research–teaching nexus standard using Lewin’s and McKinsey 7-S change management models.
Design/methodology/approach
This is a qualitative research which made use of primary and secondary data. The primary data were collected through focus group discussions and workshops, and documents analysis while internet resources were used for secondary data. The dimensions of the research–teaching nexus were determined through review of the literature which became the basis for evaluating the HEI’s practices in the area. Lewin’s and McKinsey 7-S change management models were combined to provide the conceptual framework for describing the process of change the HEI undertook.
Findings
Lewin’s and McKinsey 7-S change management models allowed for a systemic and systematic perspective of the change required for the HEI to meet the research–teaching nexus standards and acquire institutional accreditation. The HEI documented its practices, conducted an evaluation and instituted the changes in the dimensions of the research–teaching nexus and the supporting 7-S elements. As final result, the HEI was granted institutional accreditation.
Research limitations/implications
This is a case study of the experience of an HEI in the Sultanate of Oman in its effort to acquire institutional accreditation from the OAAA. However, this case study can provide insights to a larger audience of institutions in Oman and within the Gulf region (or even outside the region) that are in the process of going through a similar experience. For those who have already undergone a similar exercise, this case study can provide a valuable comparison.
Practical implications
The practical experience of the HEI in the Sultanate of Oman can provide valuable lessons/insights to those in the praxis of educational management and quality assurance in education.
Social implications
Quality in education is a social issue. HEIs are pressured to acquire and maintain accreditation as evidence of quality. The case study provides the larger audience a perspective of how much effort HEIs place in this aspect.
Originality/value
This paper documented the experience of an HEI in the Sultanate of Oman. This is the first paper describing an HEI’s change process in a country which is also implementing a new academic accreditation system. In this paper, two change models – Lewin’s and McKinsey’s 7-S – were integrated to provide a more comprehensive perspective in analyzing organizational change. Review of the literature has shown that these two models have not been used together in one paper, providing novelty to otherwise “classic” models. This paper should be valuable to HEIs pursuing accreditation. It is a “universal” knowledge that acquiring accreditation is a major goal of all HEIs worldwide. The described process of organizational change should be insightful to those who are responsible for steering this process with the goal of acquiring accreditation. Educational leaders at the forefront and center of the change process should find in this paper a valuable reference material, providing a systemic and systematic view of the change they have to lead in order to acquire the much-coveted accreditation. Faculty, staff and students of HEIs can be advocates or sources of resistance. This paper should provide better understanding of the process of change and how they, as stakeholders, benefit from it. Finally, students of educational management and leadership should find this paper as a useful case study for class discussion.
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Michael Tucker, Walter Hlawischka and Jeff Pierne
The role of art in a portfolio of investments is examined using Sotheby's art index as & proxy for returns on art investments. Historical data for portfolios of artwork and other…
Abstract
The role of art in a portfolio of investments is examined using Sotheby's art index as & proxy for returns on art investments. Historical data for portfolios of artwork and other financial securities over the period 1981 to 1990 are used to construct the optimal mean‐variance portfolio. The art investment receives over 36% of this portfolio. This large percentage can be traced in part to the low correlation of art returns to the returns of other financial securities. Clearly investments in art deserve the serious consideration of mean‐variance investors
The purpose of this paper is to test the efficacy of an application of modern portfolio theory (MPT) from 2000 through 2009, a period during which the annual rate of return on the…
Abstract
Purpose
The purpose of this paper is to test the efficacy of an application of modern portfolio theory (MPT) from 2000 through 2009, a period during which the annual rate of return on the S & P 500 is negative. The financial media have called this period “the lost decade” for investors.
Design/methodology/approach
Using monthly data, the author uses a series of annual out-of-sample tests to compare the risk-reward performances of MPT portfolios against those of the S & P 500.
Findings
The author finds that the MPT portfolios outperformed the S & P 500. During the “lost decade”. They generated a cumulative return of over 77 percent compared to a cumulative return of −9.1 percent on the S & P 500. Moreover, the MPT portfolio β’s are low, ranging from 0.45 to 1.01, suggesting above-average risk-reward performances.
Research limitations/implications
The MPT portfolios are relatively small, and might not be well diversified. That said, they comprise a core set of securities that could help investors achieve a risk-reward performance that exceeds that of the S & P 500.
Practical implications
The results suggest that investors should not overlook the potential of MPT, despite its theoretical and practical limitations, to provide above-average returns at below-average risks.
Originality/value
This is the first study to show the efficacy of MPT during a period in which it was criticized at having failed investors when they needed it most.
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PAULINE A. THOMAS and STEPHEN E. ROBERTSON
Aslib is interested in developing modular simulation models of aspects of library systems in order to investigate the use of such models as aids to systems design and operation…
Abstract
Aslib is interested in developing modular simulation models of aspects of library systems in order to investigate the use of such models as aids to systems design and operation. The conceptual model of library procedures, developed during the OSTI‐supportcd project on the use of bibliographic records in libraries, offered a suitable basis for a pilot study. The pilot study was aimed at investigating the practicality of developing and using simulation models of library operations, and gaining experience in the application of simulation techniques to problems in the library and information field. The simulation language used was GPSS, in accordance with the 1968 edition of the IBM GPSS/360 User's Manual, H20–0326–2.
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Examines advantages and disadvantages of aggregated analytic models and disaggregated simulation models. States the object is to explore the advantages and disadvantages of the…
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Examines advantages and disadvantages of aggregated analytic models and disaggregated simulation models. States the object is to explore the advantages and disadvantages of the two types of model, with greater emphasis on simulation models that are of more recent development, concentrates on models of the consumer decision process. Discusses that, for many marketing situations, aggregated (macro) models are not enough, and that means of developing and using disaggregated (micro) models must be sought. Concludes that simulation is a means of gradually building up the experience needed for a comprehensive marketing strategy based on a total marketing model.
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Carl B. McGowan and William Dobson
This paper presents a new research design to test the efficacy of the Arbitrage Pricing Theory of Ross [1976], similar to that applied by Christofi, Christofi and Philippatos…
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This paper presents a new research design to test the efficacy of the Arbitrage Pricing Theory of Ross [1976], similar to that applied by Christofi, Christofi and Philippatos [1993]. In particular, we use a combination of factor analysis and canonical correlation to test the underlying relationships between APT factors developed using factor analysis and unanticipated changes in five macro‐economic variables that have been shown to be related to stock returns. The results of this paper indicate that the first factor of industry returns is strongly related to the S&P 500 while the remaining four factors are highly correlated with the term structure of interest rates, the rate of inflation, the default premium, and the industrial production, respectively.