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Article
Publication date: 6 September 2011

Spyros Spyrou

The purpose of this paper is to provide a situated, theoretically informed account of national identity construction by exploring children's engagement with nationalism in the…

579

Abstract

Purpose

The purpose of this paper is to provide a situated, theoretically informed account of national identity construction by exploring children's engagement with nationalism in the context of the classroom in divided Cyprus. The paper aims to illustrate how children enter and participate in the cultural world of nationalism in the classroom by accepting, resisting, and negotiating the ideological meanings they encounter there.

Design/methodology/approach

The research on which the paper draws used an ethnographic approach. The paper draws primarily on teacher‐student exchanges during class lessons and, to a lesser extent, on interviews with children.

Findings

The paper suggests that the process of engagement between children, teachers, and nationalism often produces powerful senses of belonging which are, however, always limited and unstable both because of ideological contradictions and ambiguities and because of children's access to alternative knowledge.

Research limitations/implications

Though the ethnographic evidence suggests that nationalism in educational contexts produces powerful senses of belonging among children, more research is necessary to document the processes by which children consume nationalistic ideologies.

Originality/value

The paper is original because it offers a dynamic explanation of national identity construction through the application of practice theory to ethnographic data which takes into account both the powerful institutional constraints imposed on children at school as well as their agency and ability to impact their worlds.

Details

International Journal of Sociology and Social Policy, vol. 31 no. 9/10
Type: Research Article
ISSN: 0144-333X

Keywords

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Article
Publication date: 2 April 2021

Konstantina Liosi and Spyros Spyrou

This study examines the impact of monetary policy on income inequality in Eurozone countries for the period between 2005 and 2017.

1068

Abstract

Purpose

This study examines the impact of monetary policy on income inequality in Eurozone countries for the period between 2005 and 2017.

Design/methodology/approach

The authors use regression analysis, panel vector autoregression (PVAR) analysis and impulse response functions, in order to examine the impact of monetary policy on income inequality in Eurozone countries.

Findings

This study examines the impact of monetary policy on income inequality in Eurozone countries for the period between 2005 and 2017. The results indicate that, on average, monetary policy tends to increase income inequality. A closer examination indicates that for Ireland, Germany and the Netherlands monetary policy has no impact on income inequality or a weak impact (France), while for Spain, Portugal, Greece and Italy the impact is more pronounced. PVAR analysis and impulse response functions further indicate that female income inequality responds more significantly to monetary policy.

Originality/value

In contrast to previous studies the authors estimate separate models for males, females and the total population to evaluate whether gender is an important factor. Furthermore, the authors use two proxies for monetary policy: the shadow rate (SR) and the total assets (TAs) of the central bank.

Details

Journal of Economic Studies, vol. 49 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 8 April 2020

Spyros Spyrou

This paper examines the impact of macroeconomic and risk factors on the profitability and volatility of professional momentum portfolios for the US, the UK, Japan and Germany, for…

251

Abstract

Purpose

This paper examines the impact of macroeconomic and risk factors on the profitability and volatility of professional momentum portfolios for the US, the UK, Japan and Germany, for the period 1998–2018. Many of the factors employed, such as energy price changes and economic policy uncertainty, have been largely neglected in the relevant literature.

Design/methodology/approach

Regression analysis, VECTOR AUTOREGRESSION (VAR), Panel-VAR, Variance Decomposition Analysis

Findings

The results indicate that, since the financial crises in the US and the EU, energy prices and economic-policy uncertainty have become important return determinants, along with market-related uncertainty that seems to have a stable impact over time, especially for the U.S. and U.K. portfolios.

Research limitations/implications

Economic policy uncertainty significantly affects contemporaneous momentum returns in the US, UK and Japan, mainly between 2007 and 2018, while market-related uncertainty affects all markets during all subperiods. In addition, the variance of market-related uncertainty (VIX) explains a large percentage of the variance in the momentum returns for the US, UK and Germany.

Practical implications

The main implication of the findings for portfolio managers is that a manager may increase (decrease) exposure to the momentum factor during optimistic (pessimistic) periods and during periods of rising energy prices (high economic policy and market-related uncertainty).

Originality/value

The paper examines the impact of factors, such as energy prices and economic policy uncertainty, which have been largely neglected in the relevant literature on the possible drivers of the momentum strategies. It employs professional portfolios that are often used in practice as benchmark indexes.

Details

Review of Behavioral Finance, vol. 12 no. 4
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 6 September 2011

Madeleine Leonard, Martina McKnight and Spyros Spyrou

The purpose of this paper is to provide an overview of the six main articles which represent the special issue on “Growing up in divided societies” and to locate the articles…

811

Abstract

Purpose

The purpose of this paper is to provide an overview of the six main articles which represent the special issue on “Growing up in divided societies” and to locate the articles within a framework of children's experiences of divided societies.

Design/methodology/approach

The article reviews the main methodologies employed by authors of the six articles and evaluates how these methodologies contribute to debates on researching children and young people's everyday lives.

Findings

The paper presents the core findings of the six articles and discusses these in relation to core themes, methodologies and policy implications.

Originality/value

The authors argue that there is a dearth of research on children and young people's everyday lives in politically contested societies and the special issue responds to this vacuum.

Details

International Journal of Sociology and Social Policy, vol. 31 no. 9/10
Type: Research Article
ISSN: 0144-333X

Keywords

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Case study
Publication date: 2 October 2021

Olga Kandinskaia and Francisco López Lubián

Via this case, students are introduced to several alternative methods of valuation, including the valuation based on the “real options” theory. The novelty of the case is the link…

Abstract

Theoretical basis

Via this case, students are introduced to several alternative methods of valuation, including the valuation based on the “real options” theory. The novelty of the case is the link between valuation and the type of innovation that the company represents. The suggested valuation frameworks, which include both quantitative and qualitative assessments, are applicable not only in the context of an IPO valuation but also in the context of any kind of M&A activity.

Research methodology

This case was prepared mostly via secondary research. All the information about Uber and the industry was collected via publicly available sources. No internal documents of the company were used in the preparation of this case. The primary research consisted of an interview with the protagonist Catherine (whose name is disguised). Other disguised elements in the case include the name of the Value Investor conference organizer (Spyros Spyrou, not his real name), the country of the Value Investor conference (omitted) and the conference venue (Princess hotel, not any actual venue).

Case overview/synopsis

In 2019, Uber, the famous ride-sharing company, made waves in financial markets as the most controversial IPO valuation. With a wide range of proposed values, Uber puzzled investors, once again living up to its fame of a rebel and a disruptor. When Uber finally went public in May 2019, its IPO valuation stood at $82.4bn. The heated discussion in the media continued even after the IPO: “Is Uber worth this amount? Is there an upside potential for the investors who bought shares at the IPO price? What if this is a hype and markets are simply embracing higher valuations?”

Complexity academic level

This case can be used at the undergraduate, graduate (MBA) or executive level in finance-related courses such as Company Valuation or Valuing Innovation, which cover the topic of valuation and specifically the topic of valuing innovative companies.

Details

The CASE Journal, vol. 17 no. 4
Type: Case Study
ISSN: 1544-9106

Keywords

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Article
Publication date: 13 June 2016

Evanthia Zervoudi and Spyros Spyrou

– The purpose of this paper is to report new original evidence on optimal holding periods and optimal asset allocations (Benartzi and Thaler, 1995).

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Abstract

Purpose

The purpose of this paper is to report new original evidence on optimal holding periods and optimal asset allocations (Benartzi and Thaler, 1995).

Design/methodology/approach

The authors employ a number of different value functions, a recent dataset, different markets, and varying investment horizons.

Findings

The authors report original evidence across markets and over-time, employing different value functions and varying investment horizons. The results results indicate that, during the past decades, the optimal holding period (seven months during the whole period and four/five months during crises) is not affected by the value function employed, is in accordance with the Myopic Loss Aversion hypothesis, is consistent across markets, but is sensitive to economic crises and shorter to that reported in Benartzi and Thaler (12 months). The optimal asset allocation is also different to that of Benartzi and Thaler during crises periods and/or assuming value functions with probability distortion.

Originality/value

The paper employs a number of different value functions, with and without probability distortion; it compares investor behavior in three important international markets (USA, UK, Germany); as a further robustness test the authors use various investment horizons.

Details

Review of Behavioral Finance, vol. 8 no. 1
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 28 October 2013

Spyros Spyrou

This paper aims to investigate the yield spread determinants for a sample of European markets in the light of the recent financial crisis. It utilises findings from two different…

1433

Abstract

Purpose

This paper aims to investigate the yield spread determinants for a sample of European markets in the light of the recent financial crisis. It utilises findings from two different strands in the literature: findings on bond spread determinants and findings on the effect of investor sentiment on equity returns.

Design/methodology/approach

The explanatory variables in the regression models proxy not only for economic fundamentals (e.g. economic activity, default risk, liquidity risk, general market conditions) but also for investor sentiment. A vector autoregressive approach is employed.

Findings

The results indicate that fundamental variables are significant for the determination of the level of yield spreads, as suggested by previous studies. Local and international investor sentiment, however, both current and past, is also a statistically significant determinant for both the level and monthly changes of yield, especially during the crisis period 2007-2011.

Research limitations/implications

The implication of this finding is significant for all parties involved: government officials, private lenders, EU/ECB/IMF officials, and market participants.

Practical implications

Focusing solely on quantitative economic performance indicators may not have the desirable effect of reducing borrowing rates and facilitating the return to economic stability. Perhaps, reassuring and/or sending strong qualitative signals to financial markets may be as important. Involved agents may have to address not only technical financial issues but also the perception that market participants have about the proposed solutions to the crisis and eventually affect market sentiment.

Originality/value

The issue of the effect of investor sentiment on government yield spreads during a crisis has not been investigated before.

Details

Journal of Economic Studies, vol. 40 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 6 September 2011

Erik van Ommering

The purpose of this paper is to propose a new approach to understanding the interrelationships between education and violent conflict, namely, one that focuses on the…

1372

Abstract

Purpose

The purpose of this paper is to propose a new approach to understanding the interrelationships between education and violent conflict, namely, one that focuses on the multifaceted, context‐specific impact of conflict on school communities and departs from the lived experiences of teachers and students in conflict‐affected places.

Design/methodology/approach

The paper is based on ethnographic, child‐centred research in elementary schools in Lebanon. It explores how the 2006 war between Hezbollah and Israel and subsequent internal sectarian strife in Lebanon have shaped the ways in which school communities confront issues of violence and identity.

Findings

By viewing the relationship between education and violent conflict as multifaceted and context‐dependent, this paper elicits how schools may become complicit in the continuing of violent conflict, rather than supporting its ending. It shows how teachers' pleas for peace are overruled by political conflict, partly as a result of children's engagement with politics. The paper argues for grounding educational interventions in children's lived realities so as to optimise their capacities for bridging differences and shaping a better future.

Originality/value

The lived experiences of students and teachers in conflict zones have rarely been exposed. On the basis of anthropological research, this paper offers original and critical insights into the interrelationships between education and violent conflict, based on the perspectives of elementary school students and their educators.

Details

International Journal of Sociology and Social Policy, vol. 31 no. 9/10
Type: Research Article
ISSN: 0144-333X

Keywords

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Article
Publication date: 25 November 2013

Spyros Spyrou

– The purpose of this paper is to provide a review of theory and empirical evidence on herding behavior in financial markets.

12814

Abstract

Purpose

The purpose of this paper is to provide a review of theory and empirical evidence on herding behavior in financial markets.

Design/methodology/approach

Review and discussion of the literature.

Findings

More than two decades of empirical and theoretical research have provided a significant insight on investor herding behavior.

Research limitations/implications

The discussion indicates that there are still open issues and areas with inconclusive evidence, e.g. the author knows relatively little for markets other than equity markets.

Practical implications

The paper may need empirical methodologies to evaluate herding that address current limitations.

Originality/value

The paper reviews recent empirical evidence and identifies open issues for future research.

Details

Review of Behavioral Finance, vol. 5 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 6 September 2011

Lucille Grétry

The aim of the paper is to present some events in the life of ex‐child soldiers in the Democratic Republic of Congo (DRC) in relation to the social policy in place and the social…

1412

Abstract

Purpose

The aim of the paper is to present some events in the life of ex‐child soldiers in the Democratic Republic of Congo (DRC) in relation to the social policy in place and the social representation of child soldiers and childhood in the country. The paper presents an overall picture of the different interventions used with child soldiers in Kinshasa, some elements of the social representation of the child soldier, and finally three stages in a child soldier's life, which bring into question those representations.

Design/methodology/approach

The study used a qualitative approach including general informal observation, semi‐directive interviews, focus groups based on drawings and inquired‐investigator exercises with 45 ex‐child soldiers in three towns in DRC. Finally 12 interviews, based on the image classification exercise were carried out with Congolese adults belonging to the middle class in Kinshasa.

Findings

The paper suggests that child soldiers are represented as passive victims, while the reality of their life shows their capacity for action and decision.

Research limitations/implications

Because of the continuing fighting inside DRC, part of the population is not accessible.

Practical implications

The paper includes implications for actions by the NGO sector or other kinds of aid organization.

Originality/value

First, the paper uses new tools for collecting data from children. Second, it presents a study of a subject that, whilst being widely popularized through the media, lacks adequate scientific research. Third, the paper brings into question the Western point of view of the experience of child soldiers.

Details

International Journal of Sociology and Social Policy, vol. 31 no. 9/10
Type: Research Article
ISSN: 0144-333X

Keywords

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