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Article
Publication date: 1 October 2003

Raphael N. Markellos, Terence Mills and Costas Siriopoulos

This paper employs three months of observations sampled at 60‐second intervals to analyzethe behavior of two basket indices from the emerging Athens Stock Exchange: the General…

322

Abstract

This paper employs three months of observations sampled at 60‐second intervals to analyze the behavior of two basket indices from the emerging Athens Stock Exchange: the General Index of the Main (Listed) Securities Market and the Index of the Secondary (Unlisted) Securities Market. The empirical analysis employs robust regression using dummy variables to uncover a rich variety of time‐of‐day regularities in the first four moments of the distribution of returns, the tail behavior, and the dynamic and cross‐dynamic behavior of the two markets. Markets tend to behave differently during their opening and closing, while results are invariably sensitive to outliers. Overall, the results are comparable to those reported for developed equity markets. However, in contrast to other studies, we find no conclusive evidence of long‐memory in either the mean or variance process. ARMA models of seasonally differenced absolute returns were used as a simple but effective way of dealing with the strong regularity in volatility.

Details

Managerial Finance, vol. 29 no. 9
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 10 August 2021

Pedro Argento, Marcelo Cabus Klotzle, Antonio Carlos Figueiredo Pinto and Leonardo Lima Gomes

Brazil is characterized by the inexistence of a more robust system of guarantees and rules to minimize risks and protect agents in energy futures contracts. In this sense, this…

67

Abstract

Purpose

Brazil is characterized by the inexistence of a more robust system of guarantees and rules to minimize risks and protect agents in energy futures contracts. In this sense, this study aims to answer the question of how a centralized clearing agent can compute safety margin requirements to help reduce the systemic risk of the energy futures contracts market in Brazil.

Design/methodology/approach

The intermediate steps and specific objectives are to analyze the volatility behavior, identify the autoregressive conditional heteroscedasticity effects and model the variance of the return series. Based on this, the authors calculate the value-at-risk and conditional value-at-risk metrics for the energy futures contracts. As a robustness test, the authors added a peak over threshold methodology from extreme values theory.

Findings

In general, monthly products require margins because of their higher variance. With the asymmetrical distribution of returns, the authors needed to consider different maintenance margins for the long and short positions. It was also shown that two guarantee margins were required to secure the contracts as follows: the initial margin and the maintenance margin. The three factors that defined the size of the maintenance margin the volatility, skewness and kurtosis of the return series.

Originality/value

The contribution of this study lies in promoting the understanding of the risk dimensions of the energy derivatives market in Brazil and it offers concrete recommendations for how to mitigate this risk through market mechanisms and structures. Similar arrangements can be applied to other emerging markets.

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Article
Publication date: 1 August 1997

Terence C. Krell and Joan Winn

Comprises an Internet dialogue between two academics, which explores the dynamics of men and women forming professional relationships. Raises issues which can be used for helping…

659

Abstract

Comprises an Internet dialogue between two academics, which explores the dynamics of men and women forming professional relationships. Raises issues which can be used for helping organizations to facilitate the appropriate development of inter‐gender working relationships.

Details

Journal of Organizational Change Management, vol. 10 no. 4
Type: Research Article
ISSN: 0953-4814

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Book part
Publication date: 17 September 2020

Stewart Clegg, Miguel Pina e Cunha, Medhanie Gaim and Nils Wåhlin

In the long term, all organisations may be temporary. Some, however, are more temporary than others. Temporary organisations are designed not so much with an eye on enduring as on…

Abstract

In the long term, all organisations may be temporary. Some, however, are more temporary than others. Temporary organisations are designed not so much with an eye on enduring as on accomplishing a specific task. In this chapter, the authors explore paradoxes, understood as persistent mutually defining oppositions that occur at the intersection of ‘the temporary’ and ‘the enduring’. To do so, the authors discuss the concept of memory, which we use to explore the process of preserving and reproducing memories of people and events as a bridge between the temporalities of organising that are past and were never intended to endure, and those that are ongoing. By reconstructing one case of the European Capital of Culture initiative, the authors discuss memory as critical to temporary organisations in the sense that temporary organisations always have a memory that affords continuity: hence are enduring. The authors argue that there is endurance in the temporary and temporariness in endurance: expressing the paradoxical essence of organising.

Details

Tensions and paradoxes in temporary organizing
Type: Book
ISBN: 978-1-83909-348-7

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Article
Publication date: 1 March 1997

Rodney Wilson

Economists usually try to avoid making moral judgements, at least in their professional capacity. Positive economics is seen as a way of analysing economic problems, in as…

616

Abstract

Economists usually try to avoid making moral judgements, at least in their professional capacity. Positive economics is seen as a way of analysing economic problems, in as scientific a manner as is possible in human sciences. Economists are often reluctant to be prescriptive, most seeing their task as presenting information on the various options, but leaving the final choice, to the political decision taker. The view of many economists is that politicians can be held responsible for the morality of their actions when making decisions on economic matters, unlike unelected economic advisors, and therefore the latter should limit their role.

Details

Humanomics, vol. 13 no. 3
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 1 August 1991

Terence Hogarth and Michael C. Barth

Charts the success of an experiment by B&Q, thelarge DIY chainstore, in opening a store, staffedentirely by older workers. The subsequentsuccess of this proactive response to the…

1333

Abstract

Charts the success of an experiment by B&Q, the large DIY chainstore, in opening a store, staffed entirely by older workers. The subsequent success of this proactive response to the changing demographic structure has proved to managers and public alike, that older workers are a valuable part of the UK labour market.

Details

International Journal of Manpower, vol. 12 no. 8
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 1 June 2012

Terence M. Garrett and Arthur Sementelli

Public management is moving towards more control by executives in the name of the people. Executive knowledge is privileged by initiatives such as new public management and…

584

Abstract

Purpose

Public management is moving towards more control by executives in the name of the people. Executive knowledge is privileged by initiatives such as new public management and collaborative public management that promote the market spectacle. The purpose of this paper is to employ a “radical,” or critical, interpretation based primarily on concepts and social critiques developed by Marx, by Weber and by Debord, to offer a position, polemic, and perspective regarding the nature and effects of public management on the American polis.

Design/methodology/approach

The authors develop a social critique of bureaucracy and government towards domination governance of the polis primarily by developing and using the theoretical work of scholars such as Marx, Weber, and Debord for this analysis.

Findings

These developments towards more control by executives are corrosive to the last vestiges of representative democracy in the USA.

Originality/value

The question remains as to whether it is too late to reform, or turn back, the onset of the new public managerialism and whether the current condition of public administration is a symptom of the overall market spectacle trend.

Details

International Journal of Social Economics, vol. 39 no. 7
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 April 1963

‘WORK STUDY specialists of Europe—from both the Six and the Seven— are getting together in London this year regardless of what happens to other meetings,’ said Mr. R. M. Currie…

68

Abstract

‘WORK STUDY specialists of Europe—from both the Six and the Seven— are getting together in London this year regardless of what happens to other meetings,’ said Mr. R. M. Currie, C.B.E., President of the European Work Study Federation, in a statement on the forthcoming Congress of the Federation which is to take place at Church House, Westminster, from May 20 to 23.

Details

Work Study, vol. 12 no. 4
Type: Research Article
ISSN: 0043-8022

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Case study
Publication date: 20 October 2017

Caren Scheepers, Lyal White and Adrian Kitimbo

Leadership; Political Economy; Strategy; Entrepreneurship.

Abstract

Subject area

Leadership; Political Economy; Strategy; Entrepreneurship.

Study level/applicability

Masters in Business Administration (MBA); MPhil in Strategic Leadership.

Case overview

On 5 February 2016, South African entrepreneur Jannie Van Eeden faced a dilemma about whether to expand his current businesses or not. He had to choose between focusing exclusively on hospitality and tourism or dividing his time and resources between the tourism business and expanding his existing logistics business. Expansions to his logistics business would entail investing in a warehouse and supplying fresh produce to the lodges in the wider area of Lake Malawi where he was based. Van Eeden realised that he needed to take into account the political economy of Malawi in unpacking the contextual variables related to his decision. Various stakeholders’ roles are illustrated in the case, for example the government’s role in enabling entrepreneurial businesses as well as the investments made by foreign organisations and international donors.

Expected learning outcomes

Development of leaders who can take contextually intelligent decisions. Insights into conducting Political Economy analysis to enable doing business in Africa.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 7: Management Science.

Details

Emerald Emerging Markets Case Studies, vol. 7 no. 4
Type: Case Study
ISSN: 2045-0621

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Book part
Publication date: 20 January 2021

Kristie M. Young, William W. Stammerjohan, Rebecca J. Bennett and Andrea R. Drake

Psychological contracts represent unofficial or informal expectations that an individual holds, most commonly applied to an employer–employee relationship. Understanding…

Abstract

Psychological contracts represent unofficial or informal expectations that an individual holds, most commonly applied to an employer–employee relationship. Understanding psychological contracts helps explain the consequences of unmet expectations, including increased budgetary slack and reduced audit quality. This chapter reviews and synthesizes accounting behavioral research that discusses psychological contracts and that was published in academic and practitioner journals in the areas of financial accounting, management accounting, auditing, taxes, non-profit organizations, accounting education, and the accounting profession itself. Despite the prevalence of psychological contracts in the workplace and the applicability to behavioral research, accounting literature remains limited regarding applications of psychological contracts. This chapter aggregates research across all areas of accounting to provide suggestions for use of psychological contracts in future research and thus create a connected research stream.

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