scholarly journals Active management, value investing and pension fund performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luis Otero-González ◽  
Pablo Durán-Santomil ◽  
Rubén Lado-Sestayo ◽  
Milagros Vivel-Búa
Keyword(s):  
Design Methodology ◽  
Pension Fund ◽  
Fund Performance ◽  
Pension Funds ◽  
Active Management ◽  
Value For Money ◽  
Return On Assets ◽  
Content Type ◽  
Value Investing ◽  
Price Earnings Ratio

PurposeThis paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.Design/methodology/approachThe sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.FindingsThe paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.Originality/valueThis is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.研究目的本文旨在分析、我們能否根據退休基金的積極管理及其基本原理, 找到就風險調整表現而言之最優勝產品.研究設計/方法我們的樣本包括於2000年至2017年期間活躍於歐元區內投資活動的所有退休基金。這意味著、樣本確保了相關之退休基金就基準、可供投資的資產及貨幣而言、均擁有較大的相似性。所有數據均從晨星基金資料庫檢索得來的。.研究結果本文顯示、集中程度和價值比率是決定表現的重要因素。在這個意義上說，如投資在與基準不同的及附有就本益比 – 資產收益率 (PER - ROA) 而言被低估的資產的那些集中投資組合上, 這會是效果較佳的策略.研究的原創性探討積極管理和價值投資策略如何影響退休基金表現的學術研究為數不多, 本文乃屬這類研究。.

Comparing the service experience of satisfied and non-satisfied customers in the context of wine tasting rooms using the SERVQUAL model

2019 ◽  
Vol 32 (2) ◽  
pp. 301-324
Author(s):  
Matti Haverila ◽  
Kai Haverila ◽  
Mehak Arora
Keyword(s):  
Structural Equation Modeling ◽  
Customer Satisfaction ◽  
Structural Equation ◽  
Design Methodology ◽  
Equation Modeling ◽  
Value For Money ◽  
Service Experience ◽  
Content Type ◽  
Survey Results ◽  
Repurchase Intent

Purpose The purpose of this study is to compare satisfied and non-satisfied customers in the context of wine tasting rooms using the SERVQUAL model and to examine the relationships in the model in terms of service experience to better understand customer needs. Design/methodology/approach The data used in this study were derived from a survey conducted among wineries in British Columbia, Canada. Analysis of survey results using the partial least squares structural equation modeling was undertaken. Sample size was 402. Findings The findings show that the SERVQUAL constructs that had the most impact on customer satisfaction and dissatisfaction were tangibility and assurance. Somewhat surprisingly, the perceived value for money construct was not significantly related to customer satisfaction but was significantly related to repurchase intent. Furthermore, all SERVQUAL constructs, except the reliability construct, were significantly related to customer satisfaction. Originality/value This study provides an overview of how wineries can improve their services to increase the number of satisfied customers.

scholarly journals Motivation-based segmentation of local food in urban cities

2018 ◽  
Vol 120 (9) ◽  
pp. 2195-2207 ◽  
Author(s):  
Poppy Arsil ◽  
Elton Li ◽  
Johan Bruwer ◽  
Graham Lyons
Keyword(s):  
Design Methodology ◽  
Local Food ◽  
Health Benefits ◽  
Value For Money ◽  
Content Type ◽  
Food Purchasing ◽  
Segmentation Analysis ◽  
Alternative Approach ◽  
Locally Grown ◽  
Practical Implications

Purpose The purpose of this paper is twofold: first, to investigate the motives of urban consumers when purchasing local food products using means-end chain (MEC) analysis and second, to introduce an alternative approach to segment the market based on consumers’ motivation using decision segmentation analysis (DSA). Design/methodology/approach DSA was used as advanced segmentation procedure of hierarchy value maps (HVMs) produced by MEC analysis. Findings The findings suggest that there are two main segments of local food consumers in urban Indonesia: value-for-money and health benefits. The value-for-money segment is dominant when making local food purchasing. Research limitations/implications This study sample is not representative of local food consumers in urban Indonesia as only three urban cities were interviewed. Practical implications An understanding of the motivation-based segmentation of local food in urban cities is a useful tool in order to reinforce and attract local food consumers to consume more locally grown food. Originality/value This study reveals the motivation-based segmentation of local food in urban cities in Indonesia.

scholarly journals Airline passengers’ perceptions of service quality: themes in online reviews

2019 ◽  
Vol 31 (2) ◽  
pp. 855-873 ◽  
Author(s):  
Ana Brochado ◽  
Paulo Rita ◽  
Cristina Oliveira ◽  
Fernando Oliveira
Keyword(s):  
Social Media ◽  
Design Methodology ◽  
Online Reviews ◽  
Value For Money ◽  
Content Type ◽  
The Core ◽  
Content Analyses ◽  
Airline Passengers ◽  
Media Platform ◽  
Post Purchase

PurposeThis paper aims to identify the main themes shared in online reviews by airline travellers, as well as which of these themes were linked with higher and lower value for money ratings.Design/methodology/approachThe research used mixed content analyses (i.e. quantitative and qualitative) to examine 1,200 reviews of six airline companies shared by airline travellers in a social media platform.FindingsThe analyses revealed nine themes in descriptions of airline travel experiences. These are the core services during “flights”, “airport” operations, crew and ground “staff”, ticket “classes”, “seats”, inflight “services”, “entertainment”, overall experiences of “airlines” and post-purchase recommendations of with which companies to “fly”. Low value for money ratings are linked with the “airport” and “flights” themes.Originality/valueThe results offer useful insights into airline travellers’ overall experiences based on social media information and facilitate the identification of the main themes linked with different value for money ratings.

Challenging investment decision-making in pension funds

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Carl-Christian Trönnberg ◽  
Sven Hemlin
Keyword(s):  
Decision Making ◽  
Critical Incident ◽  
Pension Fund ◽  
Investment Decision ◽  
Investment Decisions ◽  
Pension Funds ◽  
Content Type ◽  
Fund Managers ◽  
Intuitive Thinking ◽  
Investment Decision Making

PurposeThe purpose of this study was to gain a better understanding of pension fund managers investment thinking when confronted with challenging investment decisions. The study focuses on the theoretical question of how dual thinking processes in experts’ investment decision-making emerge. This question has attracted interest in economic psychology but has not yet been answered. Here, it is explored in the context of pension funds.Design/methodology/approachThe sample included 22 pension fund managers. The authors explored their decision-making by applying the critical incident interview technique, which entailed collecting investment decisions that fund managers retrieved from recent memory (Flanagan, 1954). Questions concerned the investment situation, the decision-making process and the challenges and uncertainties the fund managers faced.FindingsMany of the 61 critical incidents examined concerned challenging (mostly stock) investments based on extensive analysis (e.g. reliance on external analysts for advice; analysis of massive amounts of hard company and stock market information; scrutiny of company reports and personal meetings with CEOs). However, fund managers to a high degree based their decisions on soft information judgments such as experience and qualitative judgements of teams. The authors found heuristics, intuitive thinking, biases (sunk cost effects) and social influences in investment decision-making.Research limitations/implicationsThe sample is small and not randomly selected.Practical implicationsThe authors suggest anti-bias training and better acquaintance with human forecasting limitations for pension fund managers.Originality/valuePension fund managers’ investment thinking has not previously been investigated. The authors show the types of investment situations in which analytical and intuitive thinking and biases occur.

Operating performance of acquirers after acquisition: evidence from India

2019 ◽  
Vol 12 (3) ◽  
pp. 327-341
Author(s):  
Bipin Kumar Dixit
Keyword(s):  
Design Methodology ◽  
Operating Performance ◽  
Difference In Difference ◽  
Return On Assets ◽  
Content Type ◽  
Acquisition Period ◽  
Acquiring Firms ◽  
Book To Market Ratio ◽  
Matching Criteria ◽  
And Control

Purpose The purpose of this paper is to examine the operating performance of Indian using difference-in-difference (DD) methodology. It, further, examines whether there is a difference in the operating performance of acquirers doing partial and full acquisitions. Design/methodology/approach Four different benchmark criteria are used to select control firms, namely, size, size and industry, size and leverage, and size and book-to-market ratio. To measure the operating performance, return on assets (ROA) is calculated as the ratio between earnings before depreciation, interest, tax and amortization (EBDITA) and total assets (TA), expressed in percentage. This paper examines the ROA of event and control firms for three years in each pre- and post-acquisition period and finally compares them using the DD method. Findings Using a sample of Indian acquirers, the results show that the operating performance of Indian acquirers neither improves nor deteriorates after accounting for an appropriate benchmark. Operating performance of event firms significantly reduces in the post-acquisition period. However, non-acquiring firms of similar size and pre-operating performance also exhibit similar results. Finally results show that, the operating performance of acquirers making full acquisitions deteriorates. Originality/value It provides insights into the operating performance of Indian acquirers with an improved methodology, which accounts for the performance of control firms. The author also uses multiple matching criteria to find control firms to overcome the possible bias of the results dependent on the matching criteria. To the best of the author’s knowledge, the author could not find other studies comparing the operating performance of acquirers making partial and full acquisitions.

How to develop successful and ethical investment analysts

2019 ◽  
Vol 46 (5) ◽  
pp. 590-598
Author(s):  
Matteo Arena ◽  
David K. Krause
Keyword(s):  
Experiential Learning ◽  
Best Practices ◽  
Student Satisfaction ◽  
Student Outcomes ◽  
Design Methodology ◽  
Fund Performance ◽  
Investment Analysis ◽  
Ethical Investment ◽  
Content Type ◽  
Successful Student

Purpose The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of the Marquette University’s Applied Investment Management (AIM) program. Design/methodology/approach The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes. Findings Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at their first post-graduation job than finance major students who graduate outside the program. Originality/value This paper provides a detailed description of the distinguishing characteristics of the AIM program and, in doing so, it offers ideas that could be implemented by other SMIPs to improve student satisfaction, proficiency in investment analysis and employment prospects.

How can European museums reach sustainability?

2017 ◽  
Vol 72 (3) ◽  
pp. 303-318 ◽  
Author(s):  
Nuria Recuero Virto ◽  
Maria Francisca Blasco López ◽  
Sonia San-Martín
Keyword(s):  
Market Orientation ◽  
Customer Value ◽  
Design Methodology ◽  
Marketing Strategies ◽  
Value For Money ◽  
Content Type ◽  
Value Perceptions ◽  
Decision Making Processes ◽  
The Impact ◽  
Practical Implications

Purpose This research aims to provide evidence of the impacts of market orientation, customer value approach (through prestige, value for money and reputation for quality) and innovation on museum sustainability. Design/methodology/approach The model is analysed through partial least squares (PLS-SEM), using a sample of 549 European museums. Findings The results reveal that reputation for quality, prestige, innovation and value for money positively and significantly influence museum sustainability. Interestingly, the most meaningful linkage is between market orientation and innovation. Practical implications This research helps museums that need to increase their customer value and innovativeness so as to ensure museum sustainability. It proves that museum managers have to increase employees’ involvement in decision-making processes. Originality/value By using a wide sample of European museums, this study suggests that museum managers need to consider the impact of marketing strategies and customer value perceptions on the economic and social sustainability of museums.

China will drag feet on urgent pension reform

2019 ◽  
Keyword(s):  
Social Sciences ◽  
Pension Fund ◽  
Pension Reform ◽  
Pension Funds ◽  
The Self ◽  
Content Type ◽  
Younger Workers ◽  
Urban Worker ◽  
The Government ◽  
New Research

Subject Pension reform in China. Significance China's main pension fund could be completely depleted as early as 2035. New research published by the Chinese Academy of Social Sciences (CASS) predicts that expenditure from the urban worker basic pension fund will begin exceeding contributions in 2028, after which reserves will decline exponentially and could be exhausted within eight years. The government has already introduced measures to address the most pressing problems, such as the gross imbalance between regional pension funds and the failure of employers to contribute to the scheme. Impacts Younger workers will rely on their own savings and investment schemes, having little faith in the government pension. Rural residents, the self-employed and precariously employed have little or no meaningful state-backed pension. International insurers will eventually be allowed to enter China's private pension sector.

An overview of construction procurement methods in Australia

2017 ◽  
Vol 24 (4) ◽  
pp. 593-609 ◽  
Author(s):  
Farshid Rahmani ◽  
Tayyab Maqsood ◽  
Malik Khalfan
Keyword(s):  
Construction Industry ◽  
Historical Development ◽  
Design Methodology ◽  
Theoretical Concept ◽  
Decision Makers ◽  
Value For Money ◽  
Content Type ◽  
Public Projects ◽  
The Past ◽  
Project Participants

Purpose The purpose of this paper is to review the use of various construction procurement systems in the past and present, specifically within the Australian construction industry and to overview the historical development of procurement both globally and in the Australian context through the existing literature. Design/methodology/approach The paper is an in-depth literature review of various construction procurement systems used in the past and present, both in general and within the context of Australian construction industry. Findings The findings suggest that even though relationship-based procurement (RBP) systems offer significant benefits to all project participants, they are unproved by many decision makers because of lack of robust theoretical concept and inability in demonstrating value for money (VfM) for public projects, which would be one of the factors causing move away from RBP in the future. Originality/value This review is one of its kind. There is no such review done before within the context of Australian construction industry in such a detail. This review is a part of a recently completed PhD study.

DuPont analysis and dividend policy: empirical evidence from Malaysia

2018 ◽  
Vol 30 (1) ◽  
pp. 52-72
Author(s):  
Samuel Jebaraj Benjamin ◽  
Zulkifflee Bin Mohamed ◽  
M. Srikamaladevi Marathamuthu
Keyword(s):  
Design Methodology ◽  
Dividend Policy ◽  
Explanatory Power ◽  
Return On Assets ◽  
Policy Studies ◽  
Content Type ◽  
Market Participants ◽  
Dupont Analysis ◽  
Asset Turnover ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the informativeness of asset turnover (ATO) and profit margin (PM) of the DuPont analysis in explaining dividend policy. Design/methodology/approach Annual financial data from Compustat for the period 2004-2009 were used to analyze a sample of Malaysian firms. Findings This study finds both PM and ATO to strongly explain contemporaneous dividends. The decomposition of return on net operating assets (RNOA) into PM and ATO also improves the explanatory power of dividends. The results of the predictive model show that PM and ATO are useful in predicting the propensity of firms to pay dividends. The results of the change dividend model, however, do not provide any significant results for PM and ATO. Practical implications Understanding the influence of ATO and PM on dividends could enable managers to realize the importance of these factors when making dividend policy decisions. Other market participants, such as financial analysts and lenders, could also recognize the empirical specifics related to decomposing the profitability measure into its two components, one measuring the asset efficiency and the other measuring the profitability per unit of product, in the context of dividend policy. Originality/value This study extends the empirical specifics of prior dividend policy studies by decomposing the popular profitability measure of return on assets into its two components of PM and ATO.

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