A. Can Inci and Rachel Lagasse
This study investigates the role of cryptocurrencies in enhancing the performance of portfolios constructed from traditional asset classes. Using a long sample period covering not…
Abstract
Purpose
This study investigates the role of cryptocurrencies in enhancing the performance of portfolios constructed from traditional asset classes. Using a long sample period covering not only the large value increases but also the dramatic declines during the beginning of 2018, the purpose of this paper is to provide a more complete analysis of the dynamic nature of cryptocurrencies as individual investment opportunities, and as components of optimal portfolios.
Design/methodology/approach
The mean-variance optimization technique of Merton (1990) is applied to develop the risk and return characteristics of the efficient portfolios, along with the optimal weights of the asset class components in the portfolios.
Findings
The authors provide evidence that as a single investment, the best cryptocurrency is Ripple, followed by Bitcoin and Litecoin. Furthermore, cryptocurrencies have a useful role in the optimal portfolio construction and in investments, in addition to their original purposes for which they were created. Bitcoin is the best cryptocurrency enhancing the characteristics of the optimal portfolio. Ripple and Litecoin follow in terms of their usefulness in an optimal portfolio as single cryptocurrencies. Including all these cryptocurrencies in a portfolio generates the best (most optimal) results. Contributions of the cryptocurrencies to the optimal portfolio evolve over time. Therefore, the results and conclusions of this study have no guarantee for continuation in an exact manner in the future. However, the increasing popularity and the unique characteristics of cryptocurrencies will assist their future presence in investment portfolios.
Originality/value
This is one of the first studies that examine the role of popular cryptocurrencies in enhancing a portfolio composed of traditional asset classes. The sample period is the largest that has been used in this strand of the literature, and allows to compare optimal portfolios in early/recent subsamples, and during the pre-/post-cryptocurrency crisis periods.
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The case opens with Martha Stewart's 2005 release from prison following her conviction for obstructing an insider-trading investigation of her 2001 sale of personal stock. The…
Abstract
The case opens with Martha Stewart's 2005 release from prison following her conviction for obstructing an insider-trading investigation of her 2001 sale of personal stock. The scandal dealt a crippling blow to the powerful Martha Stewart brand and drove results at her namesake company, Martha Stewart Living Omnimedia (MSO), deep into the red. But as owner of more than 90 percent of MSO's voting shares, Stewart continued to control the company throughout the scandal.
The company faced significant external challenges, including changing consumer preferences and mounting competition in all of its markets. Ad rates were under pressure as advertisers began fragmenting spending across multiple platforms, including the Internet and social media, where MSO was weak. New competitors were luring readers from MSO's flagship publication, Martha Stewart Living. And in its second biggest business, merchandising, retailing juggernauts such as Walmart and Target were crushing MSO's most important sales channel, Kmart. Internal challenges loomed even larger, with numerous failures of governance while the company attempted a turnaround.
This case can be used to teach either corporate governance or turnarounds.
Students will learn:
How control of shareholder voting rights by a founding executive can undermine corporate governance
The importance of independent directors and board committees
How company bylaws affect corporate governance
How to recognize and respond to early signs of stagnation
How to avoid management actions that can make a crisis worse
How weaknesses in executive leadership can push a company into crisis and foster a culture that actively prevents strategic revitalization
How control of shareholder voting rights by a founding executive can undermine corporate governance
The importance of independent directors and board committees
How company bylaws affect corporate governance
How to recognize and respond to early signs of stagnation
How to avoid management actions that can make a crisis worse
How weaknesses in executive leadership can push a company into crisis and foster a culture that actively prevents strategic revitalization
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![Kellogg School of Management](/insight/static/img/kellogg-school-of-management-logo.png)
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Jordan L. LeBel and Nathalie Cooke
The purpose of this research is to examine the nature of consumers' relationships with branded spokescharacters by drawing upon brand personality theory and reader‐response…
Abstract
Purpose
The purpose of this research is to examine the nature of consumers' relationships with branded spokescharacters by drawing upon brand personality theory and reader‐response theory, focusing specifically on food trade characters. We aim to show that the persuasive power of these characters resides not only in their appearance, but also in the complex narratives consumers project (sometimes unwittingly) onto the spokescharacter.
Design/methodology/approach
The paper reports the results of a survey – blending quantitative and qualitative methodologies – designed to document consumer perceptions, affective responses and spontaneous associations to different characters (i.e. Aunt Jemima, Robin Hood, Betty Crocker, Uncle Ben, Poppin' Fresh the Pillsbury's Doughboy, and M. Felix and Mr Norton, characters created by a Montreal‐based cookie company).
Findings
The results revealed that consumers associate spokescharacters with distinct personality profiles. Also, a connection was found between spokescharacters and narrative: a relationship where the characters become part of a larger narrative paradigm and more importantly, a relationship where the consumer is cast in a specific role vis‐à‐vis the spokescharacter.
Practical implications
These results should invite brand managers to stay current with the variety of associations that consumers form and how these associations influence the perception of their brand's personality. The results further underscore the need to understand the role into which consumers are cast vis‐à‐vis a branded character. Future research should examine cross cultural differences in the perception and narratives of branded characters, especially since many multinational companies use branded characters across cultural divides.
Originality/value
The paper shows how consumers play an active role in rendering a spokescharacter likeable, credible, and even memorable and documents the narratives that engage consumers and are both constructed collaboratively with them and propagated by them.
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Isabelle Cuykx, Caroline Lochs, Kathleen Van Royen, Heidi Vandebosch, Hilde Van den Bulck, Sara Pabian and Charlotte de Backer
This scoping review aims to explore how “food media”, “food messages” and “food content” are referred to in scholarly writing to enhance a shared understanding and comparability.
Abstract
Purpose
This scoping review aims to explore how “food media”, “food messages” and “food content” are referred to in scholarly writing to enhance a shared understanding and comparability.
Design/methodology/approach
Following the PRISMA, ScR-guidelines, four scientific databases were screened on published manuscripts in academic journals, books and doctoral theses mentioning food media, content and messages within the prevalent meaning as in human communication.
Findings
Of the 376 included manuscripts, only a small minority (n = 7) provided a conclusive definition of at least one of the three earlier-mentioned concepts; 40 others elucidated some aspects of food media, messages or content; however, they emphasized different and, sometimes even, contrasting aspects. In addition, the review explores in which disciplines the manuscripts mentioning food media, messages or content occur, which methodologies are used and what target groups and media are most common.
Originality/value
Based on this aggregated information, a definition of food media, messages and content is proposed, aiming to enhance the comparability of diverse academic sources. This contribution invites scholars to critically reflect on the included media and content types when comparing studies on food media, messages or content.
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Anastasios Zopiatis and Yioula Melanthiou
This paper aims to explore the nature of the celebrity chef phenomenon and its impact on the contemporary hospitality industry, to both enrich current knowledge on the topic, as…
Abstract
Purpose
This paper aims to explore the nature of the celebrity chef phenomenon and its impact on the contemporary hospitality industry, to both enrich current knowledge on the topic, as well as inform future research endeavors.
Design/methodology/approach
The study was based on a narrative literature review of secondary data sources, namely, academic literature and industry-related articles, and video data collected from popular video-hosting websites.
Findings
Despite the vast popularity of celebrity chefs, the phenomenon remains underexplored, with limited coverage given to it by hospitality-related literature. Prior investigations primarily focused on celebrity chefs’ commercial influence and power of advocacy, with little reference to their impact on the next generation of culinary professionals and on the sustainability of the profession.
Research limitations/implications
This commentary has numerous theoretical and practical implications for industry stakeholders who wish to explore this phenomenon beyond the limited confinements of its commercial impact. In particular, the study explores the nature of the phenomenon, where television, social media and the celebrity status of chefs influence both the values and norms surrounding the profession, and individuals’ vocational choices. That said, findings suggest that additional research is required on this topic.
Originality/value
The exploration of celebrity chefs as a topic has so far been limited and has leaned toward one dimension in hospitality literature, despite its interesting scope. This critical overview provides conceptual clarity on issues such as the phenomenon’s commercial and vocational impact and highlights areas of concern and opportunity. Moreover, the study sets a clear pathway for further research.