Eddie Hui, Philip Yam, John Wright and Kevin Chan
The purpose of this study is to verify whether the trading strategy can beat the “buy-and-hold” strategy for the securitized real estate indices of six Asian economies: Hong Kong…
Abstract
Purpose
The purpose of this study is to verify whether the trading strategy can beat the “buy-and-hold” strategy for the securitized real estate indices of six Asian economies: Hong Kong, China, Japan, Taiwan, Thailand and Malaysia.
Design/methodology/approach
This paper constructs a trading strategy from the Shiryaev-Zhou index and tests the strategy on the securitized real estate indices of six emerging Asian economies: Hong Kong, China, Japan, Taiwan, Thailand and Malaysia. The authors compare the resulting profits from using the trading strategy with the resulting profits from using the “buy-and-hold” strategy. The authors consider three cases: no transaction costs, 0.1 percent transaction costs, and 0.2 percent transaction costs.
Findings
The results show that the trading strategy the authors constructed generally outperforms the “buy-and-hold” strategy even in the presence of transaction costs. In particular, the authors have a new finding as follows: Thailand and Malaysia's securitized real estate indices fell drastically during the period of observation. However, applying the trading strategy to these two securitized real estate indices can still earn a profit.
Practical implications
The trading strategy is particularly useful in protecting investors from huge loss in adverse market conditions. The results can be applied to the field of finance/investment that investors can construct a trading strategy similar to the authors to earn more profits.
Originality/value
This study will consider cases where both buying and selling costs exist, so the scenario is more like stock transactions in real-life equity markets. Furthermore, in this paper, for each securitized real estate index, the authors plot a graph to show the holding and non-holding periods under the trading strategy. This would help the authors explain the resulting profit under the trading strategy. This kind of graphical analysis was neglected by Hui and Yam.
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E.T. Otunola and R.S. Ogunbiyi
The aim of the paper is to evaluate the microbiological and physico‐chemical characteristics of fermented pounded yam, a unique and popular food of the Igbominas of Nigeria.
Abstract
Purpose
The aim of the paper is to evaluate the microbiological and physico‐chemical characteristics of fermented pounded yam, a unique and popular food of the Igbominas of Nigeria.
Design/methodology/approach
Fresh pounded yam was prepared in the laboratory by a modification of the traditional method, and then fermented for varying periods of time (0‐96hrs), also essentially by the traditional method. Analysis was carried out on the products following documented and established procedures.
Findings
Data obtained indicated noticeable increases in the populations of all the groups of microorganisms investigated with increases in fermentation time, except coliforms which declined in population after 24 hours. Heating of the samples after each fermentation interval resulted in significant reductions in microbial populations such that coliforms could not even be detected after 24 hours of fermentation. Lactic acid production, an indication of flavour development, and pH drop were highest at 48 hours of fermentation. The samples also became softer with increases in fermentation period. The heated samples were considered safe microbiologically, since they contained neither coliforms nor faecal coliforms.
Research limitations/implications
The consumption of fermented pounded yam is encouraged since it is safe microbiologically and develops a desired flavour, while further research should be carried out on the nutritional benefits.
Practical implications
The findings here suggested that adequate heating after fermentation is necessary to eliminate any potential microbial contamination, and for full flavour development.
Originality/value
The results of this research contribute to the knowledge of fermented foods, especially those that are indigenous to Nigeria and West Africa.
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Antonio K.W. Lau, Richard C.M. Yam and Esther P.Y. Tang
Recent studies have advocated the impact of technological innovation capabilities (TIC) on firms' competitive performances. This paper adopts a study framework of innovation audit…
Abstract
Purpose
Recent studies have advocated the impact of technological innovation capabilities (TIC) on firms' competitive performances. This paper adopts a study framework of innovation audit to examine the relevance of TIC on the innovation performance of the electronics industry in Hong Kong (HK)/Pearl River Delta region.
Design/methodology/approach
Empirical data were acquired through a recent survey of electronics firms in the region. Pearson correlation and regression analysis were employed to examine the relationship between TIC and innovation performance.
Findings
The results verify that R&D, resource allocation, learning, and strategy planning capabilities can significantly improve the innovation sales. R&D and resource allocation capabilities can also significantly improve new product introduction.
Research limitations/implications
The paper contributes to existing literature by studying the impact of TIC on innovation performance in HK. It also explores two out of seven TIC – R&D and resource allocation capabilities – to improve firms' innovation performance in the region.
Originality/value
This paper is one of very few that provide empirical evidence of the TIC and innovation performance in HK. It also revisits the audit framework proposed by recent innovation studies, which helps theoretical development.
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Marc Wouters, Susana Morales, Sven Grollmuss and Michael Scheer
The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and…
Abstract
Purpose
The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and it provides a comparison to an earlier review of the management accounting (MA) literature (Wouters & Morales, 2014).
Methodology/approach
This structured literature search covers papers published in 23 journals in IOM in the period 1990–2014.
Findings
The search yielded a sample of 208 unique papers with 275 results (one paper could refer to multiple cost management methods). The top 3 methods are modular design, component commonality, and product platforms, with 115 results (42%) together. In the MA literature, these three methods accounted for 29%, but target costing was the most researched cost management method by far (26%). Simulation is the most frequently used research method in the IOM literature, whereas this was averagely used in the MA literature; qualitative studies were the most frequently used research method in the MA literature, whereas this was averagely used in the IOM literature. We found a lot of papers presenting practical approaches or decision models as a further development of a particular cost management method, which is a clear difference from the MA literature.
Research limitations/implications
This review focused on the same cost management methods, and future research could also consider other cost management methods which are likely to be more important in the IOM literature compared to the MA literature. Future research could also investigate innovative cost management practices in more detail through longitudinal case studies.
Originality/value
This review of research on methods for cost management published outside the MA literature provides an overview for MA researchers. It highlights key differences between both literatures in their research of the same cost management methods.
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C.A. Agbon, O.O. Onabanjo and E.C. Okeke
The Home Grown School Feeding and Health Programme (HGSHP) in Nigeria provides primary school pupils across the country with one meal daily. The purpose of this paper is to…
Abstract
Purpose
The Home Grown School Feeding and Health Programme (HGSHP) in Nigeria provides primary school pupils across the country with one meal daily. The purpose of this paper is to standardize the HGSHP meals in Osun State and determine the energy, protein and mineral contribution to the school children's daily nutrient intake.
Design/methodology/approach
All the HGSHP meals served school children were studied. Questionnaire, standardization of recipe and chemical analysis were employed to evaluate the HGSHP meals and to suggest improvement.
Findings
All the meals were cooked. Dishes composed of a mixture of a legume (cowpea) commonly called beans, a cereal (maize or rice) or tuber (yam) taken with a soup or stew and fish or egg. The bean meals were high in protein and carbohydrate. All the dishes had very low zinc content and did not meet 30 per cent of the school children's daily zinc requirements.
Originality/value
This paper may be the first to evaluate the nutritional contribution of school meals in Nigeria.
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Orville L. Freeman and Ruth Karen
By the year 2,000 the world's population will total six billion persons. They will have to coexist on a planet where resources are limited, however ingenious man's use of them may…
Abstract
By the year 2,000 the world's population will total six billion persons. They will have to coexist on a planet where resources are limited, however ingenious man's use of them may be. Facing these facts, some planners are considering seriously the concept of triage, under which some sections of the earth, and the people living in them, are written off because it seems impossible to save them and still maintain a sustainable society for the rest of the planet. The triage concept is touted as the hardheaded ability to set priorities. However, we find this attitude morally repugnant, socially indefensible, politically dangerous, and economically irrational.
Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects…
Abstract
Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.
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Antonio K.W. Lau, Richard C.M. Yam and Esther P.Y. Tang
While the beneficial impact of supply chain integration (SCI) and modular product design are generally acknowledged, few empirical studies have examined how an organization can…
Abstract
Purpose
While the beneficial impact of supply chain integration (SCI) and modular product design are generally acknowledged, few empirical studies have examined how an organization can achieve better performance through SCI with modular product design. The purpose of this paper is to examine the relationship between SCI and modular product design, as well as their impact on product performance.
Design/methodology/approach
By surveying 251 manufacturers in Hong Kong, structural equation modelling is used to test the research constructs and the hypothesized model.
Findings
The results confirm that information sharing, product co‐development and organizational coordination are crucial organizational processes within SCI. Companies that have high levels of product modularity appear to be good at product co‐development and organizational coordination directly and at information sharing indirectly. Furthermore, companies that have high levels of product co‐development or product modularity appear to have better product performance.
Research limitations/implications
This paper theoretically and empirically identifies three specific organizational processes within SCI (information sharing, product co‐development and organizational coordination), which affect modular product design and product performance. These more specific findings were previously absent from the literature. However, the study is limited to the cross‐sectional nature of a survey study, the operationalization of SCI and product modularity, and the nature of the product types.
Originality/value
This paper empirically examines the relationships between SCI and product modularity, which has seldom been attempted in previous research. It clearly identifies exactly which processes within SCI are directly and indirectly related to product modularity.
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The purpose of this paper is to take a cybernetic perspective on the impact of the earthquakes on the Convergence gathering. Convergence is an organisation formed by a network of…
Abstract
Purpose
The purpose of this paper is to take a cybernetic perspective on the impact of the earthquakes on the Convergence gathering. Convergence is an organisation formed by a network of alternative life-stylers almost 30 years ago in Canterbury, New Zealand. It holds an annual six-day gathering of 300-500 people over the New Year. Convergence evolved an acephalous structure in that there is no ongoing structured leadership. Leadership occurs in distributed, low key, transient and self-selected ways. Convergence has had its challenges and generally proved itself to be resilient.
Design/methodology/approach
This paper discusses the concepts of circularity, resilience, system archetypes, requisite variety, appreciative systems, network theory, antifragility, autopoiesis, structural coupling and learning organisations in relation to the Convergence gathering.
Findings
The Christchurch earthquakes of late 2010 and 2011 had an enormous impact on the people of Christchurch. While the earthquakes have not had any significant direct effects on Convergence, a significant number of people involved in Convergence suffered major chronic trauma or changes to life circumstances, which has impacted on the organisation. Nearly five years later many participants are still traumatised, while others are energised to develop Convergence as an organisation pioneering an innovative way of operating.
Research limitations/implications
This research is a part of an ongoing PhD research project so results to date are provisional.
Practical implications
It may assist Convergence to understand the dynamics of perturbations.
Originality/value
There is little written on acephalous operation especially in the medium scale range. It is also hoped this research will help other organisations considering an acephalous structure.