On the nature and financial performance of bitcoin

2019 ◽  
Vol 20 (2) ◽  
pp. 114-137 ◽  
Author(s):  
Elise Alfieri ◽  
Radu Burlacu ◽  
Geoffroy Enjolras
Keyword(s):  
Constant Term ◽  
Financial Assets ◽  
True Nature ◽  
Content Type ◽  
World Region ◽  
Academic Literature ◽  
Market Index ◽  
Portfolio Managers ◽  
Practical Implications ◽  
Relevant Factors

Purpose The purpose of this article is to provide some insights on the true nature of bitcoin and to study empirically its performance by using robust models, widely used in the academic literature. Previous studies assess performance with simple measures such as the Sharpe ratio. Such measures are insufficient because they do not take into account the bitcoin’s specificities, such as the possibilities to diversify risk. Design/methodology/approach The authors use quantitative methodologies to assess the performance of financial assets. Performance is defined as a risk-adjusted return. The authors use regression analysis and measure bitcoin’s performance as the constant term (α) of the projection of its returns on the returns of relevant factors of risk. Findings Bitcoin has low correlation with the market index and with factor-mimicking portfolios, which indicates opportunities to diversify risk. The performance of bitcoin (α) is positive and significant; this result is robust across period and world region specifications. Research limitations/implications The true nature of bitcoin is subject of debate and needs further research. Furthermore, other factors should be considered in analysing the bitcoin’s performance, such as those related to investors’ behaviour or political risk. Practical implications The empirical results obtained in this paper may be used by professional portfolio managers to diversify risk and to enhance their portfolio’s performance. Originality/value This paper adds to the literature by arguing that bitcoin has the nature of common stock, and therefore, its performance has to be assessed with models that are relevant for this type of securities. This paper is the first using performance models that adjust returns for relevant sources of risk.

scholarly journals Measuring resource efficiency and resource effectiveness in manufacturing

2018 ◽  
Vol 67 (9) ◽  
pp. 1854-1881 ◽  
Author(s):  
Mangesh Gharfalkar ◽  
Zulfiqur Ali ◽  
Graham Hillier
Keyword(s):  
Design Methodology ◽  
Inverse Correlation ◽  
Resource Efficiency ◽  
Waste Generation ◽  
Content Type ◽  
Academic Literature ◽  
Shared Data ◽  
Resource Intensity ◽  
Three Stages ◽  
Practical Implications

Purpose The purpose of this paper is twofold: first, to identify and analyse existing resource efficiency (RE) and resource effectiveness measures and indicators (REMIs); and second, to identify gaps and develop a new indicator of “operational resource effectiveness” (OREft) suitable for manufacturing units. Design/methodology/approach Research methodology consists of three stages: gap identification, development and testing. Through review of academic literature, 40 REMIs are identified and analysed. A survey of manufacturers is carried out to validate the hypothesis and seek inputs on the development of the new indicator. The proposed indicator is tested by comparing OREft index of two manufacturing units with each other, with resource intensity per unit (RIPU), waste intensity per unit (WIPU) and with four other REMIs. Findings Analysis of 40 REMIs clearly points towards the absence of a hypothesised REMI. In total, 78 per cent of manufacturers surveyed in north England substantiate the hypothesis. Inverse correlation established between the proposed OREft indicator, RIPU, WIPU and other comparisons is likely to validate the output generated by the proposed indicator. Research limitations/implications Testing of this indicator is limited to two dissimilar manufacturing units that shared data. Practical implications The proposed indicator is useful for comparing the operational resource effectiveness of individual factories over a period as well as with other factories. RIPU and WIPU captured in this indicator also represent operational RE that can be used to initiate improvement action. Originality/value Inclusion of both, the resource consumption and the waste generation along with discount/multiplying factors that capture the circularity aspects is likely to be the distinguishing feature of this indicator.

Long-term dependency between sovereign bonds and sectoral indices of India: evidence using Hurst exponent and wavelet analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Santanu Das ◽  
Ashish Kumar
Keyword(s):  
Wavelet Analysis ◽  
Hurst Exponent ◽  
Minimum Variance ◽  
Portfolio Risk ◽  
Content Type ◽  
Sovereign Bonds ◽  
Portfolio Returns ◽  
Portfolio Managers ◽  
Practical Implications

PurposeThe purpose of this study is to provide a new way to optimize a portfolio and to show that combining the Hurst exponent and wavelet analysis may help to increase portfolio returns.Design/methodology/approachThe authors use the Hurst exponent and wavelet analysis to study the long-term dependencies between sovereign bonds and sectoral indices of India. The authors further construct and evaluate the performance of three portfolios constructed on the basis of Hurst standard deviation (SD) – global minimum variance (GMV), most diversified portfolio (MDP) and equal risk contribution (ERC).FindingsThe authors find that an ERC portfolio generates positive superior return as compared other two. Since our sample includes periods of two crisis – post-2007 financial crisis and the ongoing pandemic, this study reveals that combining government bond with equities and gold provides a higher returns when the portfolios are constructed using the risk exposures of each asset in the overall portfolio risk.Practical implicationsThe findings provide guidance to portfolio managers by helping them to select assets using the Hurst approach and wavelet analysis thereby increasing the portfolio returns.Originality/valueIn this study, the authors use a combination of Hurst exponent and wavelet analysis to understand the long-term dependencies among various assets and provide a new methodology to optimize a portfolio. As far as the authors’ knowledge, no study in the past has attempted to provide a joint framework for portfolio optimization and therefore this study is the first to apply this methodology.

scholarly journals How open is OpenGLAM? Identifying barriers to commercial and non-commercial reuse of digitised art images

2019 ◽  
Vol 76 (1) ◽  
pp. 1-26 ◽  
Author(s):  
Foteini Valeonti ◽  
Melissa Terras ◽  
Andrew Hudson-Smith
Keyword(s):  
Design Methodology ◽  
Art Museums ◽  
End Users ◽  
Institutional Perspective ◽  
Content Type ◽  
Image Tracking ◽  
Academic Literature ◽  
Risks And Benefits ◽  
Quality Image ◽  
Practical Implications

Purpose In recent years, OpenGLAM and the broader open license movement have been gaining momentum in the cultural heritage sector. The purpose of this paper is to examine OpenGLAM from the perspective of end users, identifying barriers for commercial and non-commercial reuse of openly licensed art images. Design/methodology/approach Following a review of the literature, the authors scope out how end users can discover institutions participating in OpenGLAM, and use case studies to examine the process they must follow to find, obtain and reuse openly licensed images from three art museums. Findings Academic literature has so far focussed on examining the risks and benefits of participation from an institutional perspective, with little done to assess OpenGLAM from the end users’ standpoint. The authors reveal that end users have to overcome a series of barriers to find, obtain and reuse open images. The three main barriers relate to image quality, image tracking and the difficulty of distinguishing open images from those that are bound by copyright. Research limitations/implications This study focusses solely on the examination of art museums and galleries. Libraries, archives and also other types of OpenGLAM museums (e.g. archaeological) stretch beyond the scope of this paper. Practical implications The authors identify practical barriers of commercial and non-commercial reuse of open images, outlining areas of improvement for participant institutions. Originality/value The authors contribute to the understudied field of research examining OpenGLAM from the end users’ perspective, outlining recommendations for end users, as well as for museums and galleries.

scholarly journals Industry professionalisation of strata title managers: what are the implications for governance?

2015 ◽  
Vol 33 (2) ◽  
pp. 187-204 ◽  
Author(s):  
Erika Altmann
Keyword(s):  
Qualitative Research ◽  
Pilot Study ◽  
Design Methodology ◽  
Social Implications ◽  
Small Scale ◽  
Research Project ◽  
Content Type ◽  
Academic Literature ◽  
The Impact ◽  
Practical Implications

Purpose – The purpose of this paper is to explore the rise of strata manager as a newly emergent profession and note their impact on the governance within medium and high density, strata titled housing such as flats, apartments, town-houses and CIDs. Design/methodology/approach – This research presents finding from a small scale, qualitative research project focused on the interaction between the owner committee of management and strata managers. Findings – The introduction mandatory certification is championed by industry bodies. The strata managers considered they already demonstrated valuable attributes desired by committees of management. These differed to the attributes targeted by the new training regime, and the attributes valued by the committees of management. Research limitations/implications – This is a small scale pilot study. A larger study will need to be undertaken to confirm these results. Practical implications – There is a disjunct between the training and what strata managers consider relevant to undertaking their duties. This has significance for the ongoing governance of these properties and industry professionalisation. The resilience of Australia’s densification policies will depend on how learning will translate into better governance outcomes for owners. Social implications – One in three people within Australia’s eastern states lives or owns property within strata titled complex (apartments, flats and townhouse developments). The increasing number of strata managers and professionalisation within their industry has the ability to impact an increasing number of people. Originality/value – The impact of this new profession, and their requirements in terms of expertise has not been fully considered within existing academic literature.

Revisiting green packaging from a cost perspective

2019 ◽  
Vol 26 (3) ◽  
pp. 1080-1104 ◽  
Author(s):  
Gaganpreet Singh ◽  
Neeraj Pandey
Keyword(s):  
System Dynamics ◽  
Reverse Logistics ◽  
Design Methodology ◽  
Content Type ◽  
Academic Literature ◽  
Green Packaging ◽  
Glass Bottles ◽  
Process Dimension ◽  
Practical Implications

Purpose The purpose of this paper is to explore green packaging from the process dimension. Specifically, it focuses on understanding the behavior of costs associated with installing green packaging infrastructure. Design/methodology/approach The study used system dynamics to design the model. The model was tested on three industries employed in manufacturing glass bottles to generalize the result. Findings The study concludes that cost of remanufacturing which initially is higher because of recollection phases and reverse logistics costs eventually becomes lower than new manufacturing as soon as system achieves stability and continues to follow the same trend over the period of time. Practical implications The study put forwards an explanation to the concerns of manufacturers who were unwilling to install green packaging or remanufacturing infrastructure into their operations because of several cost- and risk-related dilemmas. Originality/value The study extends the academic literature by answering the queries raised by Kassaye and Holloway (2015).

Business travel: a perspective paper

2019 ◽  
Vol 75 (1) ◽  
pp. 113-116
Author(s):  
Berendien Lubbe
Keyword(s):  
Design Methodology ◽  
Theoretical Framework ◽  
Business Travel ◽  
Content Type ◽  
Academic Literature ◽  
The Past ◽  
Different Types ◽  
The Future ◽  
Practical Implications

Purpose The purpose of this paper is to provide a brief perspective on the growth of business travel over the past 60 years and how it may unfold in the future, highlighting certain themes and noting limitations in the research. Design/methodology/approach This paper is based on selected academic literature and industry sources on business travel which briefly reviews its growth and directions of research in this field. Practical implications The paper distinguishes between different types of business travel and provides a bird's eye view of the future. Originality/value The review distinguishes between different forms of business travel and concludes that greater clarity of the business travel concept will enable research to be conducted within a properly defined theoretical framework.

scholarly journals The PhD system under pressure: an examiner’s viewpoint

2019 ◽  
Vol 27 (1) ◽  
pp. 2-12 ◽  
Author(s):  
David E. Alexander ◽  
Ian R. Davis
Keyword(s):  
Point Of View ◽  
Doctoral Degrees ◽  
Academic World ◽  
Content Type ◽  
Academic Literature ◽  
Open Debate ◽  
Academic Qualifications ◽  
Examination Process ◽  
Practical Implications

PurposeThe purpose of this paper is to review the issues and challenges associated with examining PhD theses in the modern, rapidly changing academic world. The PhD degree has been described as the “pinnacle of academic qualifications”, but it is under threat in terms of the quality of supervision and the outcome of examinations. By bringing the issues into the open and discussing them, more can be done to safeguard the health of the modern doctorate.Design/methodology/approachThis paper reviews the mainstream academic literature on doctoral degrees from the point of view of the origin and development of the contemporary PhD. Then it offers some reflections on supervision, examination, standards of judgement, benchmarking of results and different routes to the doctorate. The pressures upon the modern university are related to issues encountered in examining doctoral theses.FindingsIn modern neo-liberal environments, the PhD degree is under pressure in terms of its quality and rigour. This paper offers a simple conceptual model of the challenges involved in ensuring the quality of PhD examinations and their outcomes. Priorities for the various stakeholders are suggested to ensure that PhD research continues to set the “gold standard” for excellence.Practical implicationsRecognising and confronting the problems with the modern PhD and how it is examined will help guarantee the quality of the degree. A more open debate on the pressures under which supervision and examinations are conducted will help establish rules or guidelines for conduct.Originality/valueThere are remarkably few evaluations of the PhD examination process, which in recent years has become increasingly problematic. The authors adopt a comprehensive approach to the issues and relate them to the societal context in which universities are developing.

Illuminating the black box of entrepreneurship education programs

2013 ◽  
Vol 55 (3) ◽  
pp. 234-252 ◽  
Author(s):  
Alex Maritz ◽  
Christopher R. Brown
Keyword(s):  
Design Methodology ◽  
Entrepreneurship Education ◽  
Extensive Literature ◽  
Education Programs ◽  
Content Type ◽  
Education Literature ◽  
Academic Literature ◽  
Comprehensive View ◽  
Comprehensive Framework ◽  
Practical Implications

PurposeThe aim of this paper is to explore the components of entrepreneurship education programs (EEPs) and their interrelationships to develop a conceptual framework through which entrepreneurship education may be contextually evaluated and developed.Design/methodology/approachThe paper presents an extensive literature review of the entrepreneurship education literature which is used to inform a comprehensive framework for entrepreneurial education; based upon contextualisation, outcomes, objectives, audience, assessment, content and pedagogy.FindingsThe paper develops a comprehensive and parsimonious framework for understanding and evaluating entrepreneurship education programs based on and adapted from the extended conceptualisations and contextualisation of previous research on entrepreneurship education programs.Research limitations/implicationsThis paper presents preliminary conceptualisation and as such requires subsequent testing in various entrepreneurship contexts.Practical implicationsThe framework elaborated upon can provide a comprehensive view of entrepreneurship education programs by examining and describing the relationships between the components. In so doing, the paper illuminates for educators and researchers a comprehensive view of an entrepreneurship education program which can be used by contextualising the components of outcomes, objectives, assessment and pedagogy.Originality/valueThe value of this work lies in its responsiveness to the calls in the academic literature for more appropriate evaluations of entrepreneurship programs and greater contextualisation of the programs to facilitate research into the effectiveness of such programs. The paper proposes that EEPs have to be developed, not only with objectives in mind, but in the context within which they operate.

scholarly journals Engaging donors in smart compassion: USAID CIDI’s Greatest Good Donation Calculator

2015 ◽  
Vol 5 (1) ◽  
pp. 95-112 ◽  
Author(s):  
Koray Özpolat ◽  
Juanita Rilling ◽  
Nezih Altay ◽  
Eric Chavez
Keyword(s):  
Rhode Island ◽  
Public Awareness ◽  
Systems Dynamics ◽  
User Engagement ◽  
Decision Tool ◽  
Content Type ◽  
Academic Literature ◽  
Humanitarian Supply Chains ◽  
The University ◽  
Practical Implications

Purpose – The purpose of this paper is to introduce a game-like decision tool – “Greatest Good Donations Calculator (GGDC)”, which has been collaboratively developed by scholars from the University of Rhode Island and the USAID Center for International Disaster Information. Design/methodology/approach – The study is grounded in two streams of research – human learning through games and systems dynamics literature. The problem of “unsolicited in-kind donations” is discussed followed by the development of the GGDC. Findings – The GGDC is a game-like decision tool that informs users on some of the complexities associated with humanitarian supply chains, and the ineffective nature of unsolicited in-kind donations compared to monetary contributions when sent in response to international disasters. Research limitations/implications – The GGDC could be made more interactive and playable that could improve user engagement. The GGDC’s value to the humanitarian community and public could also be measured in other ways, such as surveys and A/B split tests after a major donation campaign. Practical implications – Games, simulations and game-like tools could successfully be used to educate donors about smart compassion. Social implications – Humanitarian researchers and scholars should consider more games to motivate/drive social change in the humanitarian world. Originality/value – This is the first paper to introduce the GGDC to the humanitarian logistics community with detailed content about positioning the study in the academic literature, and stages of development. Scholars, searching to adopt games or developing new games for the humanitarian world may find the information valuable. The GGDC is a unique example of federal government – academia collaboration in raising public awareness of the unsolicited good donations problem.

Conversion potential: a metric for evaluating search engine advertising performance

2017 ◽  
Vol 11 (2) ◽  
pp. 142-159 ◽  
Author(s):  
Bernard J. Jansen ◽  
Theresa B. Clarke
Keyword(s):  
Search Engine ◽  
Retail Sector ◽  
Data Set ◽  
Content Type ◽  
Academic Literature ◽  
Working Definition ◽  
Search Engine Advertising ◽  
Practical Tool ◽  
Definition Of ◽  
Practical Implications

Purpose This research is based on the premise that current metrics for search engine advertising (SEA) are misleading and do not sufficiently allow managers to evaluate traffic and conversions simultaneously. This study aimed to conceptually develop and assess conversion potential (CvP) as a unifying construct for both measuring and evaluating the performance of SEA campaigns. Design/methodology/approach A data set of nearly seven million records covering almost three years of a multi-million-dollar keyword marketing campaign from a major US retailer was used to validate the construct of CvP. Findings Results empirically validate how CvP measures both campaign traffic and sales in SEA, using the optimization factor of ad rank, which is one of many possible factors. Research limitations/implications Although the data set is large and covers a lengthy period of time, it is limited to one company in the retail sector. Practical implications The research instantiates CvP as a metric for overall SEA account performance while demonstrating that it is a practical tool for future campaign planning. The metric simultaneously incorporates a sales ratio and a traffic ratio. Originality/value This is the first study to formalize and provide a working definition of CvP in the academic literature. The contribution is a theoretical and practical managerial framework to mutually evaluate, measure and make decisions about SEA efforts.

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