This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk…
Abstract
Purpose
This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk measures, diversification strategies and portfolio optimization.
Design/methodology/approach
The authors also cover related disciplines such as trading rules, contagion and various econometric aspects.
Findings
While scholars could first develop theoretical models in behavioral economics and behavioral finance, they subsequently may develop corresponding statistical and econometric models, this finally includes simulation studies to examine whether the estimators or statistics have good power and size. This all helps us to better understand financial and economic decision-making from a descriptive standpoint.
Originality/value
The research paper is original.
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Mohsen Sadeghi Dastaki, Abbas Afrazeh and Masoud Mahootchi
Over the past years, many studies have explored the role of knowledge management (KM) in companies. KM is concerned with the measurement of knowledge to manage knowledge…
Abstract
Purpose
Over the past years, many studies have explored the role of knowledge management (KM) in companies. KM is concerned with the measurement of knowledge to manage knowledge efficiently. On the other hand, the intangible nature of knowledge makes its measurement challenging. Furthermore, there is no standardized method to measure knowledge, and it is chiefly measured based on the subjective judgment of researchers. Moreover, New Product Development (NPD) departments in many companies strive to assess their knowledge in terms of company products and knowledge workers. Hence, this study aims to propose a product-based two-phase technique that measures the company knowledge inventory.
Design/methodology/approach
In the first phase, the value of knowledge is quantified relative to products, knowledge workers and the entire company using two concepts of knowledge width and depth. Then, a three-dimensional knowledge asset map (knowledge, products and knowledge worker dimensions) is designed to assess and audit knowledge workers. Finally, this technique recruits an integer linear programming model with a cost minimization objective function to optimize the supply of NPD knowledge requirements in the second phase.
Findings
This model enables managers to determine what type of knowledge can be supplied by existing knowledge workers, whether within the company or by other external sources.
Originality/value
Among existing knowledge measurement methods, only a few use a product-based measuring technique. However, they fail to offer suitable scenarios for managers' decision-making process and consider cost structures in measurement techniques. Hence, this paper attempts to overcome these drawbacks.
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James M.W. Wong, Albert P.C. Chan and Y.H. Chiangn
Manpower is the most valuable asset in the construction industry. Based on an examination of literature, selected key data sources, and views from 29 key informants, this paper…
Abstract
Manpower is the most valuable asset in the construction industry. Based on an examination of literature, selected key data sources, and views from 29 key informants, this paper addresses the important labour resource context related to the construction industry in the case of Hong Kong. These include the trends of the critical indicators of the labour market in construction and the implications of the changing markets and technology on the future pattern of skill requirements, and the government policies on construction personnel. The findings are of immense importance to anyone involved in the construction industry, particularly training organizations and policy makers in their mission to maintain a skilled, competitive and adequate workforce able to meet the future demands of the industry. The changing labour market trends and skill requirements pose challenges for construction personnel in terms of upgrading their skills. Further research is recommended to construct robust models predicting the occupational trends in labour resources for effective manpower planning and to establish a labour market information system which could lead to capturing periodic labour market signals with a view to assisting the process of policy making on various human resource development aspects of construction workforce in Hong Kong.
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This chapter examines the role and importance of leadership in public management reform through the experience of Hong Kong. It aims to identify the gap between leadership in…
Abstract
This chapter examines the role and importance of leadership in public management reform through the experience of Hong Kong. It aims to identify the gap between leadership in public organizations and public management reform in both theory and research and to make recommendations on how the gap can be bridged, particularly under the Asian context. It is a major irony that while both leadership and public management reform have a common concern of fostering positive change in public organizations, these two streams of research are separated, incompatible, and even conflicting. While leadership study is influenced by disciplines such as the psychology and emphasizes a multifaceted approach, most public management reforms are based on the New Public Management (NPM) model which is economics-oriented and structure-driven. Through studying the role of leadership in the public management reform in Hong Kong, it is argued the hollowing-out of leadership in reform is often one of the leading causes for the failure to achieve the expected outcomes. This chapter will elaborate its argument in the following sequence. First, it will review the generic literature on leadership to highlight the importance and relevancy of leadership for public organizations. Second, it will point out the leadership crisis in public management reform caused by the dominance of the NPM model. Finally, it will discuss the negative impact of the hollowing-out of leadership on public management reform and how this problem should be tackled.
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This chapter presents the survey of selected linear and mixed integer programming multi-objective portfolio optimization. The definitions of selected percentile risk measures are…
Abstract
This chapter presents the survey of selected linear and mixed integer programming multi-objective portfolio optimization. The definitions of selected percentile risk measures are presented. Some contrasts and similarities of the different types of portfolio formulations are drawn out. The survey of multi-criteria methods devoted to portfolio optimization such as weighting approach, lexicographic approach, and reference point method is also presented. This survey presents the nature of the multi-objective portfolio problems focuses on a compromise between the construction of objectives, constraints, and decision variables in a portfolio and the problem complexity of the implemented mathematical models. There is always a trade-off between computational time and the size of an input data, as well as the type of mathematical programming formulation with linear and/or mixed integer variables.
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Qiongwei Ye and Baojun Ma
Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and continues to…
Abstract
Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and continues to revolutionize business and society. Split into four distinct sections, the book first lays out the theoretical foundations and fundamental concepts of E-Business before moving on to look at internet+ innovation models and their applications in different industries such as agriculture, finance and commerce. The book then provides a comprehensive analysis of E-business platforms and their applications in China before finishing with four comprehensive case studies of major E-business projects, providing readers with successful examples of implementing E-Business entrepreneurship projects.
Internet + and Electronic Business in China is a comprehensive resource that provides insights and analysis into how E-commerce has revolutionized and continues to revolutionize business and society in China.
Jiasen Sun, Shuqi Xu and Guo Li
To improve the sustainable performance of the power supply chain system (PSCS), the Chinese government proposed a series of relevant policies and promoted the application of…
Abstract
Purpose
To improve the sustainable performance of the power supply chain system (PSCS), the Chinese government proposed a series of relevant policies and promoted the application of various technologies in the power industry. This study analyzes the sustainable performance and technology levels of PSCSs in various regions of China.
Design/methodology/approach
To quantify the technological heterogeneity between PSCSs, this study incorporates a meta-frontier into the performance evaluation model. To increase the performance of inefficient PSCSs, this study also proposes a series of performance improvement path indexes.
Findings
Empirical analysis of China's provincial PSCSs, using data from 2014 to 2017, has yielded several key findings. First, the average performance of PSCSs of all provinces in China is 0.7192, indicating that PSCSs in China have great potential for improvement. Second, independent of power generation subsystem (PGS) or power retail subsystem (PRS), regional differences affect the technological heterogeneity of PSCSs in China. Third, for PGS, the technological level of PSCSs in the eastern region displays a high level, while the management level can still be greatly improved. Fourth, only the PSCS of Beijing is best in both PGS and PRS. The two subsystems of the PSCSs in the other provinces are either insufficiently managed or technologically inadequate.
Originality/value
Compared with the traditional performance model, the model proposed in this study considers the technological heterogeneity between PSCSs. In addition, the path indexes proposed in this study clearly indicate an improvement direction and the specific improvement level for inefficient PSCSs.
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Although the Chinese economy has experienced a strong and rapid growth due to the success of its economic reform, the Chinese central government faces a stern fiscal decline. The…
Abstract
Although the Chinese economy has experienced a strong and rapid growth due to the success of its economic reform, the Chinese central government faces a stern fiscal decline. The fiscal problem has undermined the ability of the central government in completing many crucial governing tasks. By examining the institutional root of the fiscal problem, this paper argues that the fiscal decline is part of the ironic corollary of the decentralization strategy of China’s economic reform which produces a “weak center, strong local” outcome. To fully address the problem, China should undertake major institutional reforms to redefine as well as institutionalize the fiscal roles of different levels of government.
Albert P.C. Chan, Wen Yi and Francis K.W. Wong
Extreme hot environments are prevalent in many occupational settings, and facilities management workers are no exception. Wearing suitable cooling garment is a useful means to…
Abstract
Purpose
Extreme hot environments are prevalent in many occupational settings, and facilities management workers are no exception. Wearing suitable cooling garment is a useful means to alleviate heat strain and improving performance at heat exposure. This paper aims to evaluate the effectiveness and applicability of the cooling vest across four selected fields (i.e. construction, outdoor cleaning and horticulture, kitchen work and work involved manual handling at the airport) and identify the shortcomings of the cooling vest used by the participating workers.
Design/methodology/approach
This study adopted a two-phase design: a quantitative questionnaire survey followed by qualitative in-depth interviews.
Findings
A remarkable physical strain alleviation (PSA) of 21.1 per cent (14.8 per cent in construction, 18.8 per cent in horticulture and cleaning, 27.4 per cent in kitchen and catering and 26.5 per cent in airport apron service) is achieved by the use of cooling vest in four industries. Despite the success of PSA, several shortcomings of the cooling vest were identified: easily stained color, heavy weight, short cooling time, inflexibility that presents a hazard around moving equipment, lack of industry-specific design, nondurable and thick fabric with poor permeability.
Originality/value
The findings of the current study do not only confirm the effectiveness of the cooling vest in alleviating heat strain and physical strain but also identify the major shortcomings upon which further improvements can be made.