Moinak Maiti and A. Balakrishnan
The purpose of this paper is to focus on one of the major emerging Asian economies – India – to examine the role of human capital in asset prices.
Abstract
Purpose
The purpose of this paper is to focus on one of the major emerging Asian economies – India – to examine the role of human capital in asset prices.
Design/methodology/approach
The analysis uses various statistical techniques (e.g. multifactor regression model, 3D graphs, GRS test and residual graphs) to test the role of human capital in asset prices.
Findings
A six-factor model designed for capturing the size, value, profitability, investment and human capital patterns in average portfolio returns performs better than both Fama–French’s (1993) three- and Fama–French’s (2015) five-factor model. The main problem of six-factor model is its failure in capturing the average returns on “microcap with low-value stocks that are highly profitable invests aggressively for asset growth but invests much lesser for human growth” and “microcap with unprofitable stocks whose returns behave like those of low-value firms with conservative investment”. The study finds the investment factor (CMA) of Fama–French’s (2015) five-factor model as the redundant factor for describing the portfolio average returns in the study sample.
Research limitations/implications
The paper argues that human capital also plays a role in predicting returns. This has significant public policy content.
Originality/value
The present study is novel for several reasons: first, it includes six-factor model descriptions; second, no comprehensive asset pricing study is done with human capital in Asian emerging markets, especially in India. Perhaps, this is the first study to examine whether portfolio returns are affected by the human capital in the Indian context. Third, the study period and methodology used are completely different from the previous studies.
Details
Keywords
THE highest strength wrought aluminium alloys currently available are based on the aluminium‐zinc‐magnesium‐copper system, and such alloys offer considerable potential for weight…
Abstract
THE highest strength wrought aluminium alloys currently available are based on the aluminium‐zinc‐magnesium‐copper system, and such alloys offer considerable potential for weight savings in airframe structures. However, these alloys have presented problems in service, arising from deficiencies in fracture toughness and fatigue crack propagation resistance together with a susceptibility to exfoliation corrosion and stress‐corrosion, which have led to restrictions being placed on their use by individual aircraft companies and by procurement authorities in a number of countries. This situation has led to the wide‐spread use in the UK and continental Europe of lower strength alloys of the aluminium‐copper‐magnesium‐silicon type, even though significant weight penalties are incurred in the process. There has been a more general acceptance of the high strength aluminium‐zinc‐magnesium‐copper alloys in the USA, where problems associated with their use have been partially alleviated by a willingness to replace components at short intervals, but even so during recent years a trend has developed there towards the use of lower strength versions of these alloys in attempts to improve airframe durability and reliability.
Guoli Wang and Chenxin Ma
Motivated by the wide application of procurement strategies in retailing, this paper aims to examine the effect of procurement strategies on decisions and profits and strategic…
Abstract
Purpose
Motivated by the wide application of procurement strategies in retailing, this paper aims to examine the effect of procurement strategies on decisions and profits and strategic inventory (SI) is considered.
Design/methodology/approach
The game-theoretic models are developed under a two-period fresh product supply chain (FSC), and consist of the mode of purchasing products only in the first period without SI (Scenario S), the mode of purchasing products in every period without SI (Scenario T) and the mode of purchasing products in every period with SI (Scenario TS).
Findings
Conducting the calculating and comparing, some major findings can be concluded. In general, two-period purchasing strategies (Scenarios T and TS) promote a higher freshness-keeping effort than the single buying strategy (Scenario S). Regarding the pricing strategy, SI and Scenario S can both contribute to obtaining a lower wholesale price, the retailer's pricing is relatively complicated and hinges on the consumer's sensitivity to freshness-keeping effort and the holding cost. Besides, comparing the sales quantity and the profit, the authors find that Scenario TS stimulates more demands and brings more profits for the manufacturer. However, Scenario TS is not the optimal selection for the reason that SI sometimes hurts the retailer and even the whole supply chain. Whereas, when the holding cost is in a certain range, Scenario TS will lead to a win-win situation.
Originality/value
The main findings of this study can give the enterprises some advice on the procurement strategies of fresh products and the decisions of pricing and the freshness-keeping effort.
Details
Keywords
Explains that efficient service delivery can often present aproblem for marketers due to the nature of the services. Summarizes thetwo general methods already suggested for…
Abstract
Explains that efficient service delivery can often present a problem for marketers due to the nature of the services. Summarizes the two general methods already suggested for improving the efficiency of service delivery – technological and humanistic. Discusses managerial guidelines for the implementation of these approaches to service delivery in several service industries, based on two service classification schemes.
Details
Keywords
Discusses the 27 papers in ISEF 1999 Proceedings on the subject of electromagnetisms. States the groups of papers cover such subjects within the discipline as: induction machines;…
Abstract
Discusses the 27 papers in ISEF 1999 Proceedings on the subject of electromagnetisms. States the groups of papers cover such subjects within the discipline as: induction machines; reluctance motors; PM motors; transformers and reactors; and special problems and applications. Debates all of these in great detail and itemizes each with greater in‐depth discussion of the various technical applications and areas. Concludes that the recommendations made should be adhered to.
Details
Keywords
I‐V characteristics of GaAs n‐i‐n structures are calculated by considering impact ionization of carriers. Impact ionization at reverse‐biased n‐i junction becomes a cause of steep…
Abstract
I‐V characteristics of GaAs n‐i‐n structures are calculated by considering impact ionization of carriers. Impact ionization at reverse‐biased n‐i junction becomes a cause of steep current rise when an acceptor density in the i‐layer is high. It is shown that an optimum acceptor density exists to keep a good isolation. Photoconduction transients of GaAs n‐i‐n structures are also simulated, and are shown to be strongly affected by existence of n‐i junctions.
“Consumerism”, for want of a better description, is given to the mass of statutory control (which shows no sign of declining) of standards, trading justice to the consumer, means…
Abstract
“Consumerism”, for want of a better description, is given to the mass of statutory control (which shows no sign of declining) of standards, trading justice to the consumer, means of redress to those who have been misled and defrauded, advice to those in doubt; and to the widespread movement, mostly in the Western world, to achieve these ends.
Subsonic jet transport has been with us now for about a quarter of a century. There are young people starting their careers today who have never known a sky without jet noise and…
Abstract
Subsonic jet transport has been with us now for about a quarter of a century. There are young people starting their careers today who have never known a sky without jet noise and the V‐wing silhouette of a passenger carrying aircraft. Indeed, it must seem to them as permanent a feature of our world as the steam train between the world wars to people such as myself; the big difference is, as I hope to show, that air transport has not yet reached a development plateau.
THE eleventh annual meeting of the Institute was for the first time held simultaneously in three centres—in New York City at Columbia University, in Detroit at Rackham Educational…
Abstract
THE eleventh annual meeting of the Institute was for the first time held simultaneously in three centres—in New York City at Columbia University, in Detroit at Rackham Educational Memorial, and in Los Angeles at the University of Southern California—from January 25 to 29. The purpose of the three simultaneous meetings was to minimize travel by executives and engineers from important war jobs in the present emergency. The same programme was offered at all three centres, papers being sometimes presented by proxies—experts in the same field as far as possible. In spite of the fact that attendance was divided between three centres, there was splendid representation at each place and a wide range of subjects was covered in the many papers. Naturally these were restricted more to analysis, and technology and information as to the latest design or production features of current aircraft or engines was withheld. The same ban applied to striking developments in accessories, instruments and armaments. All papers had to be approved by the Army or Navy and to be read substantially as written. While off‐the‐record discussions were permitted, these discussions were not made public. In particular there was a ban on comparisons between foreign and American materials, equipment or methods. The formula for control of comparison performance stated that the manufacturer's smooth curve calibrations and performance figures might be quoted, but no Wright field performance figures or data could be revealed. In spite of such restrictions a tremendous amount of valuable technical information was presented to the assembled engineers.
The relation between size and growth in banking firms in emerging economies has not been adequately addressed in the literature. By employing data for 1992-2014, the purpose of…
Abstract
Purpose
The relation between size and growth in banking firms in emerging economies has not been adequately addressed in the literature. By employing data for 1992-2014, the purpose of this paper is to examine the relationship between growth and productivity and how it interacts with ownership.
Design/methodology/approach
The longitudinal nature of the data suggests that the appropriate technique for the analysis is panel data econometrics. Accordingly, consistent with prior research, the author employs a fixed effects model. Besides accounting for firm-level observables, the author controls the economic environment and bank ownership by employing real GDP growth and ownership dummies.
Findings
The evidence appears to suggest that growth improves through both active and passive learning, the magnitude of the former far outweighing that of the latter. These results are remarkably robust: both baseline regressions and sensitivity tests point to similar conclusions.
Originality/value
To the best of the author’s knowledge, the paper makes two original contributions. First and more broadly, it tests the relationship between growth and productivity for banks in a leading emerging economy. Second, it distinguishes between two kinds of learning – active and passive – and explores which of them are more relevant for growth.