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Typically, international capital budgeting is carried out using the adjusted net present value (NPV) approach. In this article, we present an alternate method for valuing international investments; one that is based on the option pricing theory developed by Black and Scholes (1973). We show that when (a) the decision being valued involves an irreversible investment, (b) the investment decision can be postponed, and (c) uncertainty is resolved gradually over time, using the option pricing approach may be more appropriate than the NPV approach. Applying the traditional NPV approach to value investments such as the decision to enter a new market, expand production, suspend operations temporarily or liquidate operations, may lead one to underestimate their value. This is because the naive NPV criteria is a static valuation method that ignores a firm's flexibility to postpone projects, to abandon them, or to shut down operations temporarily.

This paper studies the exchange rate exposure of investments by the United States, Japan and Germany in the London International Stock Exchange (LSE) from 1982 to 1991. Japanese and German investments are fully exposed to their own exchange rates, and the US is “supernominally” exposed to its own exchange rate. No significant changes in exposure are associated with the Plaza and Louvre Accords. The 1987 worldwide stock market crash exhibits a significant decrease in US exposure, and increase in German exposure. US, Japanese and German investments are also fully exposed to their own exchange rates for the periods before and after the 1986 “Big Bang” in London, except that US investments are “supernominally” exposed in the pre‐Big Bang period.

The authors analyze the equilibrium effects of non-tradable assets on optimal policy portfolios. They study how the existence of non-tradable assets impacts optimal asset allocation decisions of investors who own such assets and of investors who do not have access to non-tradable assets.

In this theoretical analysis, the authors analyze a model with tradable and non-tradable asset classes whose cash flows are jointly normally distributed. There are two types of investors, with and without access to non-tradable assets. All investors have constant absolute risk aversion preferences. The authors derive closed form solutions for optimal investor demand and equilibrium asset prices. They calibrated the model using US data for listed equity, bonds and private equity. Further, the authors illustrate the sensitivities of quantities and prices with respect to the main parameters.

The study finds that the existence of non-tradable assets has a large impact on optimal asset allocation. Investors with (without) access to non-tradable assets tilt their portfolios of tradable assets away from (toward) assets to which non-tradable assets exhibit positive betas.

The model provides important insights not only for investors holding non-tradable assets such as private equity but also for investors who do not have access to non-tradable assets. Investors who ignore the effect of non-tradable assets when reverse-engineering risk premia from asset covariances and market capitalizations might severely underestimate the equity risk premium.

The authors provide the first comprehensive analysis of the equilibrium effects of non-tradability of some assets on optimal policy portfolios. Thus, this paper goes beyond analyzing the effects of market imperfections on individual portfolio choices.

A supply chain consists of suppliers, manufacturers, distributors, and customers, all linked together with a forward flow of material and backward flow of information. It encompasses all activities associated with the flow and transformation of goods from raw material extraction through end use. Supply chain management is the integration of critical aspects of strategy formulation, marketing, operations, and distribution. A critical aspect of supply chain management is the selection of an appropriate type of supply chain to achieve optimal performance. This paper classifies manufacturing supply chains into three types; namely, lean, agile, and hybrid. The characteristics of these supply chains are presented. It is proposed that the selection of an appropriate type of supply chain should be driven by the characteristic of product an organization is manufacturing. A model is then developed and implemented to assist organizations in supply chain selection.

The purpose of the paper is to determine the factors that lead to satisfaction of the customers as regards to e‐banking services provided by selected banks in India.

Survey method was used to conduct the study. Data were collected through a well structured questionnaire from a sample of 350 respondents.

As a major finding of the study, six factors namely ease of use, reliability, convenient accessibility, security, low transaction cost and the time consumption emerged as factors that lead to customer satisfaction as regards e‐banking services. Further, the results of multiple regression showed that out of the above mentioned six factors, three factors, namely, ease of use (i.e. user friendly web sites leading to easy technology‐customer interaction), low transaction cost (i.e. saving of time, speed of service delivery, convenience and reduced paper work in monetary terms) and security (i.e. dependable safety mechanism in terms of illegal access of accounts, hacking and password protection) are found to be statistically significant at 5 percent significance level.

The study has a regional bias since the respondents belong to a single state of northern India. To have better generalisation of the results, a sample size could be made appropriately large and a wider geographical area be covered.

Taking findings of the study into consideration, strategies could be drawn by the bankers to spread their businesses as a large chunk of the population in India is still not using banking services. Through internet, however, access could be provided to customers residing in remote areas of the country.

The study is quite helpful for the policy makers in comprehending the attitude of banking customers towards e‐banking services provided by the banks and for developing appropriate strategies for placing themselves at competitively advantageous positions.

This study aims to assess the adequacy of unified theory of acceptance and use of technology-3 (UTAUT-3) model in understanding academician’s adoption to e-Learning, with intent of getting more academicians to accept e-Learning in the Sri Lankan higher education context. Limited validity of the model in an educational context led to this study. The emergence of internet-based technology has changed the way people live, work and study. Technological platforms such as e-Learning have advanced educational systems by enhancing learner experience while benefiting teachers and educators in many ways.

The study used a deductive approach and quantitative methodology, in which a theoretical model was tested using hypotheses to assess causality between study variables. The simple random sampling was used to collect data using a self-administered questionnaire that was sent via Google Forms to targeted respondents. The final sample consisted of 441 academicians who responded to factors of e-Learning adoption on a seven-point Likert scale. Structured equation modelling was used for data analysis.

It was revealed that performance expectancy, effort expectancy, facilitating conditions, habit and hedonic motivation were significant influences of academician’s adoption to e-Learning. However, social influence and personal innovativeness in IT were not significant predictors of e-Learning.

Due to the scope of the study, the factors that determine e-Learning adoption were limited to UTAUT-3 variables. Additionally, the concept was tested from only an academician’s perspective using quantitative methodology.

The findings are useful to higher education institute (HEI) administration, instructors and teaching assistants, policymakers to design and implement their online strategy as well as to make appropriate decisions in getting e-Learning accepted among a higher number of local HEI academicians. It is recommended for the decision-makers in the HEIs to consider the effect of the above findings in setting plans for higher e-Learning adoption. For instance, staff training catering to specific departmental needs, continuous awareness building, periodic reviewal of e-Learning system, e-Learning champions, introduction of policies and guidelines to encourage trial usage would be useful in this aspect.

Successful use of e-Learning would help HEIs to overcome certain issues that exist in a traditional classroom. e-Learning facilitates education delivery beyond time and space while supporting enhanced performance monitoring and skill development which ultimately improve quality of output and institutional performance.

The study examined the adequacy of UTAUT-3 in understanding the adoptability to e-Learning. Second, it recognised a set of factors that affect the academic staff acceptance of e-Learning in higher education environments. A useful framework is provided to the HEI’s administration to successfully implement e-Learning systems. This study contributes to the growing body of information system literature by examining the validity of UTAUT-3 framework in the use and acceptance of educational technology in a developing country.

Islamic banking industry with all of its exponential growth and global recognition has been under criticism for the past two decades. However, the problem signifies further when such criticism is made from within the organization and is well supported by outside (the customers). The purpose of this study is to provide a coherent exploration to investigate the factors that polarize its employees and customers across many parts of the world.

To investigate the phenomenon, a total of 30 responses were taken through interviews 15 each from customers and employees. Afterwards, the data was analysed and summarized into two categories. In doing so, the top five Malaysia’s Islamic banks were shortlisted to collect data from employees and customers.

A detailed thematic analysis resulted in six themes (Contradiction between theory and practice, Islamic banking knowledge and awareness, inadequate Shariah training, employees’ background, Shariah compliance, Islamic banking benefits) for employees and five (Islamic banking benefits, applying Shariah in Islamic banking, knowledge of Islamic banking, Islamic banking promotion, Islamic banking employees’ behaviour) for customers, respectively.

The results have stronger implications for both practice and theory as organizations can assess stakeholders and their perceptions about Islamic banking. Another implication is the comparative examination of employees and customers which can potentially affect decision and policy making in Islamic banks. Islamic banks can also address employment-related issues related to employees’ behaviour vis-à-vis marketing-related problems faced by its customers that will ultimately improve its global market share and strategic positioning.

The study is based on the importance of Islamic banking in Malaysia and explores the factors that potentially create a positive or negative insight into Islamic banking – both in employees and customers.

The purpose of this paper is to develop a multi‐item scale for measuring the customer relationship management effectiveness (CRME) in Indian retail banks and to examine its relationship with key customer response variable.

This research adopts two different studies to develop and validate the scale for CRME. In study 1, responses obtained from 197 Indian retail banking customers were used to identify key dimensions of CRME. In study 2, nomological validity for the CRME scale was provided using a new sample of 261 actual bank customers. Furthermore, the relationship between CRME dimensions and customer behavioral outcomes such as customer satisfaction, loyalty and cross‐buying were examined.

The results of factor analyses revealed five dimensions for CRME, namely, organizational commitment, customer experience, process‐driven approach, reliability and technology‐orientation. Organizational commitment, process‐driven approach and reliability were found to positively affect customer satisfaction. Reliability was found to have direct association with customer loyalty and both customer satisfaction and loyalty‐influenced cross‐buying.

The identification of the dimension will help bank managers to implement an effective customer relationship management (CRM) that enhances customer satisfaction, loyalty and provides opportunities for banks to cross‐sell other related and unrelated products to its customers.

This paper provides a robust scale for measuring CRME in the Indian banking context. It examines the relationship between CRM efforts and relational outcomes of satisfaction, loyalty and cross‐buying.

The present study investigates the moderating role of customer trust in customer relationship management (CRM) components and customer loyalty relationships in the context of the baking sector in Bangladesh.

Data were collected through a survey using a structured questionnaire from 350 customers of commercial banks in Bangladesh.

The key finding is that all CRM components (customer orientation, customer advocacy and customer knowledge) except customer engagement have positive impact on customer loyalty. Moreover, customer trust only moderates the relationship between customer knowledge and customer loyalty, whereas other CRM components and customer loyalty do not moderate by trust.

The findings of the study add to the substantial pool of knowledge on CRM components, customer trust and customer loyalty literature. More specifically, the moderating role of customer trust between customer knowledge and customer loyalty is the novel contribution of this research which will enrich the existing CRM literature particularly in the banking sector of Bangladesh.