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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Richard Lu, Vu Tran Hoang and Wing-Keung Wong
The literature has demonstrated that lump-sum (LS) outperforms dollar-cost averaging (DCA) in uptrend markets while DCA outperforms LS only when the asset price is mean-reverted…
Abstract
Purpose
The literature has demonstrated that lump-sum (LS) outperforms dollar-cost averaging (DCA) in uptrend markets while DCA outperforms LS only when the asset price is mean-reverted or downtrend. To bridge the gap in the literature, this study aims to use both Sharpe ratio (SR) and economic performance measure (EPM) to compare the performance of DCA and LS under both accumulative and disaccumulative approaches when the asset price is simulated to be uptrend.
Design/methodology/approach
This study uses both disaccumulative and accumulative approaches to compare DCA with LS and uses both SR and EPM to evaluate their performance when the asset price is simulated to be uptrend. Instead of using the annualized returns that are commonly used by other DCA studies, we compute the holding-period returns in the comparison in this paper.
Findings
The simulation shows that no matter which approach is used, DCA outperforms LS in nearly all the cases in the less uptrend markets while DCA still performs better than LS in many cases of the uptrend markets, especially when the market is more volatile and investment horizon is long, regardless which approach the authors used. The authors also find more evidence supporting DCA over LS by using EPM, which is more suitable in the analysis because the returns generated by DCA are positive skewed and flat-tailed that are ignored when SR is used.
Research limitations/implications
The authors conclude that DCA is a better trading strategy than LS for investment even in the uptrend market, especially on high risky assets.
Practical implications
Investors could consider choosing DCA instead of LS as their trading strategy, especially when they prefer long term investment and investing in high-risk assets.
Social implications
Fund managers could consider recommending DCA to their customers, especially when they prefer long term investment and investing in high-risk assets.
Originality/value
This is the own study and, as far as the authors know, this is the first study in the literature uses both SR and EPM to compare the performance of DCA and LS under both accumulative and disaccumulative approaches when the asset price is simulated to be uptrend.
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Purpose: The purpose of this study is to assess the main and interaction effects of activity-based costing (ABC), internal information systems integration (IISI), and external…
Abstract
Purpose: The purpose of this study is to assess the main and interaction effects of activity-based costing (ABC), internal information systems integration (IISI), and external information systems integration (EISI) on manufacturing plant operational performance, controlling for plant characteristics.
Methodology/approach: The study uses survey data from a cross-section of 369 U.S. manufacturing plants. Data were analyzed using hierarchical regression model.
Findings and implications: The results indicate partial support for the main and two-way interaction effects on plant operational performance. The three-way interaction effects are significant and positive, suggesting that deploying all three resources (i.e., ABC, IISI, and EISI) leads to the higher plant operational performance.
Originality/value: The paper significantly extends prior research and contributes to the understanding of the main and interaction effects of ABC, IISI, and EISI on manufacturing plant operational performance. The paper would also be of interest to practitioners interested in keeping up with academic literature.
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Shih-Shuo Yeh, Anestis K. Fotiadis, Mei-Ling Huang and Tzung-Cheng Huan
Using the Analytical Hierarchy Process, this study aims to identify organizational and market factors that prevent hoteliers from adopting greener management systems. This study…
Abstract
Using the Analytical Hierarchy Process, this study aims to identify organizational and market factors that prevent hoteliers from adopting greener management systems. This study first constructs a list of critical factors based on expert judgments reported in the literature and the responses from a select group of experienced managers. Then, the list is further refined by six hotel managers who consolidate the factors, which results in four categories explained by 20 items. Subsequently, this study draws from surveys on an expert panel consisting of 20 study subjects who are familiar with hotel operations. The survey results show that hoteliers’ abilities to create a greener image are the most important factor influencing the managers’ decisions to adopt environmentally friendly management schemes. Nevertheless, their motivation of adopting a green strategy seems to be associated with a marketing strategy, instead of generic environmental stewardship.
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This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/09513559710156724. When citing the…
Abstract
This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/09513559710156724. When citing the article, please cite: Victor C.W. Wong, Sammy W.S. Chiu, (1997), “Health-care reforms in the Peopleʼs Republic of China: Strategies and social implications”, International Journal of Public Sector Management, Vol. 10 Iss: 1/2, pp. 76 - 92.