Risk-mitigating effect of ESG on momentum portfolios

2019 ◽  
Vol 20 (5) ◽  
pp. 542-555 ◽  
Author(s):  
Lars Kaiser ◽  
Jan Welters
Keyword(s):  
Design Methodology ◽  
Risk Mitigation ◽  
The Other ◽  
Crash Risk ◽  
Momentum Strategies ◽  
Content Type ◽  
Sustainable Products ◽  
Momentum Investing ◽  
The Impact ◽  
Insight Into

Purpose Existing empirical evidence on the impact of environmental, social and governance (ESG) integration on momentum portfolios is limited. The combination of the two is relevant given the risk-mitigating effect of ESG criteria, as well as the existence of momentum crashes. As such, ESG might lend itself to reduce crash risk for momentum investors. Design/methodology/approach In this paper, the authors provide insight into the impact of an ESG-constrained investment universe on momentum returns. The overall investment universe is split into high and low ESG-rated segments to anylse the characteristics of momentum portfolios conditional on the ESG rating. Findings The authors document the existence of a momentum premium across European stocks and for a subset of high and lows ESG-rated stocks. However, absolute returns of momentum strategies are significantly lower if momentum strategies are pursued on a subset of high ESG stocks. Additionally, findings document a risk-mitigation effect of ESG for momentum portfolios with significantly lower returns for momentum portfolios based on low ESG stocks during periods of momentum crashes. Originality/value Research on momentum investing and the momentum premium is large and well established, yet many questions remain. A recent study by Daniel and Moskowitz (2016) has analyzed crash risk for momentum investors and identified periods of strong momentum crashes. On the other hand, the literature on ESG integration in standing investment approaches is still limited, but as demand for sustainable products is increasing, so is the demand for a better understanding of the impact of ESG integration. Consequently, the authors provide evidence on the benefits of ESG integration for momentum investors to reduce their exposure to momentum crash risk.

Formation of contracts for the international sale of goods under Korean law and the CISG

2017 ◽  
Vol 21 (3) ◽  
pp. 208-223
Author(s):  
Byung Mun Lee
Keyword(s):  
Comparative Study ◽  
Design Methodology ◽  
Case Law ◽  
The Other ◽  
Basic Question ◽  
Content Type ◽  
International Sale Of Goods ◽  
The Comparative Study ◽  
International Sales ◽  
Insight Into

Purpose The purpose of this paper is to describe and analyze the rules on the formation of contracts under Korean law and the Contracts for the International Sale of Goods (CISG) in a comparative way and introduce the relevant proposed rules under the Amendment Draft of the Korean Civil Code (KCC). In addition, it attempts to compare and evaluate them in light of the discipline of comparative law. Design/methodology/approach In order to achieve the purposes of the study, it executes a comparative study of the rules as to the formation of contracts of the CISG, Korean law and the Amendment Draft of the KCC. The basic question for this comparative study is placed on whether a solution from one jurisdiction is more logical than the others and to what extent each jurisdiction has responded to protect the reasonable expectations of the parties in the rules as to the formation of contracts. Findings The comparative study finds that most of the rules under the CISG are quite plausible and logical and they are more or less well reflected in the proposals advanced by the KCC amendment committee. On the other hand, the other rules under the CISG which have brought criticisms in terms of their complexity and inconsistent case law invite us their revision or consistent interpretation. The drawbacks of the CISG have also been well responded in the Amendment Draft of the KCC. Nevertheless, it is quite unfortunate that the Amendment Draft of the KCC still has a rule that regards any purported performance with non-material alteration of the terms of an offer as an acceptance. Originality/value This study may provide legal and practical advice to both the seller and the buyer when they enter into a contract for international sales of goods. In addition, it may render us an insight into newly developed or developing rules in this area and show us how they interact with each other. Furthermore, it may be particularly useful in Korea where there is an ongoing discussion for revision of the KCC.

What makes court-referred mediation effective?

2014 ◽  
Vol 25 (1) ◽  
pp. 21-37 ◽  
Author(s):  
Amira Galin
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Process And Outcome ◽  
Refusal To Participate ◽  
The Impact ◽  
Practical Implications ◽  
Theoretical Insight ◽  
Insight Into ◽  
Low Rate

Purpose – The purpose of this paper is to obtain insight into court-referred mediation in the Israeli Labor Courts, by analyzing its processes and outcomes, as a function of tactics used by both the disputants and the mediator. Design/methodology/approach – Observation of 103 court-referred mediations, for each of which a detailed process and outcome were documented. Data on disputants' refusal to participate in the mediation was also collected. At the end of each mediation case, disputants were given a questionnaire in which they expressed their satisfaction with the outcome and their evaluation of the mediator's contribution. Findings – A low rate of refusal to participate in court-referred mediation was found. Also, the higher the ratio of soft tactics to pressure tactics employed (by all parties involved) during the process, the higher the rate of agreements. Mediators use significantly more soft tactics than disputants, and are more active in using tactics. The two significant variables that predict the mediation's agreement are the ratio between soft tactics to pressure tactics used by all parties, and mediator contribution to the process. Practical implications – The significant role of soft tactics in the process, outcome, and satisfaction of court-referred mediation may serve as a guideline for disputants and mediators. Originality/value – This unique research, which examines the impact of tactics on court-referred mediation, may provide added and significant theoretical insight into its process and outcome, as well as a better understanding of other “hybrid” (compulsory at the beginning, voluntary at the end) mediations.

Tolstoy in a recipe

2014 ◽  
Vol 44 (4) ◽  
pp. 310-323 ◽  
Author(s):  
Ana Tominc
Keyword(s):  
Design Methodology ◽  
The Other ◽  
Food Culture ◽  
Content Type ◽  
Current Trends ◽  
New Middle Class ◽  
Cooking Shows ◽  
Local Construction ◽  
The Impact ◽  
The Relationship

Purpose – The purpose of this study is to demonstrate the impact of global celebrity chefs and their discourse about food on the genre of cookbooks in Slovenia. Design/methodology/approach – Focusing this discourse study on cookbook topics only, the analysis demonstrates the relationship between the aspirations of local celebrity chefs for the food culture represented globally by global celebrity chefs, such as Oliver, and the necessity for a local construction of specific tastes. While the central genre of TV celebrity chefs remains TV cooking shows, their businesses include a number of side products, such as cookbooks, which can be seen as recontexualisations of TV food discourse. Findings – Hence, despite this study being limited to analysis of cookbooks only, it can be claimed that the findings extend to other genres. The analysis shows that local chefs aspire to follow current trends, such as an emphasis on the local and sustainable production of food as well as enjoyment and pleasure in the form of a postmodern hybrid genre, while, on the other hand, they strive to include topics that will resonate locally, as they aim to represent themselves as the “new middle class”. Originality/value – Such an analysis brings new insights into the relationship between discourse and globalisation as well as discourse and food.

CSR-enhancing factors for business vs public stakeholders: evidence from Hong Kong

2020 ◽  
Vol 14 (3) ◽  
pp. 399-419
Author(s):  
Sungwook Min ◽  
Namwoon Kim ◽  
Carlos Lo
Keyword(s):  
Hong Kong ◽  
Design Methodology ◽  
Equation Model ◽  
The Other ◽  
Content Type ◽  
Differential Effects ◽  
Stakeholder Groups ◽  
Strategic Motivation ◽  
Corporate Social ◽  
The Impact

Purpose The purpose of this study provides the enhancing factors of corporate social responsibility (CSR) and examines their differential effects on corporate social performances for business-stakeholder groups (i.e. investors, employees, suppliers and customers) and public-stakeholder groups (i.e. communities and the environment). Design/methodology/approach This study uses a differenced-equation model to test the differential effects of CSR-enhancing factors. The study tests the impact of each factor controlling the effects of the other CSR-enhancing factors in one multivariate analysis with survey data of 776 small and medium-sized enterprises from Hong Kong. Findings This study finds that firms give more CSR efforts for public stakeholders than for business stakeholders as firms’ financial resources, institutional conformity and their perceived regulatory pressure increase. On the other hand, firms provide more CSR efforts for business stakeholders than for public stakeholders when such efforts are based on their strategic motivation. Originality/value The main contribution of this study is to clarify diverse CSR-enhancing factors for different stakeholders, in particular, business vs public stakeholders, thus to help firms understand the effective ways to increase CSR actions for specific target stakeholder groups.

On the impact of market mergers over herding: evidence from EURONEXT

2014 ◽  
Vol 6 (2) ◽  
pp. 104-135 ◽  
Author(s):  
Panagiotis Andrikopoulos ◽  
Andreas Albin Hoefer ◽  
Vasileios Kallinterakis
Keyword(s):  
Risk Factors ◽  
Design Methodology ◽  
Market Volatility ◽  
Herd Behavior ◽  
Content Type ◽  
Common Risk Factors ◽  
The Impact ◽  
First Time ◽  
European Equity ◽  
Insight Into

Purpose – The purpose of this paper is to present and empirically test for the first time the hypothesis that herding in a market increases following the market's merger in an exchange group. Design/methodology/approach – The hypothesis is tested empirically in EURONEXT's four European equity markets (Belgium, France, the Netherlands and Portugal) on the premise of the Hwang and Salmon (2004) measure which allows us insight into the significance, structure and evolution of market herding. Tests are conducted for each market for the period prior to and after its merger into EURONEXT, controlling for a series of variables (market conditions, common risk factors, size) to gauge the robustness of the findings. Findings – Results indicate that, with the exception of Portugal, herding grows in significance, yet declines in momentum post-merger. The authors ascribe the findings to EURONEXT's enhanced transparency (which makes it easier for investors to observe their peers’ trades, thus allowing them to infer and free-ride on their information) and its fast-moving informational dynamics that render herding movements shorter-lived. These results are robust when controlling for various market states and common risk factors, with deviations being observed when controlling for size and market volatility. Originality/value – The study presents results for the first time on the impact of exchange mergers on herd behavior. The authors believe these to constitute useful stimulus for further research on the issue and bear important implications for regulators/policymakers in view of the ongoing proliferation of exchange mergers that has been underway since the 1990s.

To what extent do articles published in other than “top journals” have impact on marketing?

2014 ◽  
Vol 48 (1/2) ◽  
pp. 271-287 ◽  
Author(s):  
Kamal Haddad ◽  
Gangaram Singh ◽  
Don Sciglimpaglia ◽  
Hung Chan
Keyword(s):  
Design Methodology ◽  
Citation Index ◽  
Social Science Citation Index ◽  
The Other ◽  
Journal Ranking ◽  
Content Type ◽  
The Social ◽  
Misclassification Errors ◽  
Need To Evaluate ◽  
The Impact

Purpose – The purpose of this study is to examine the relevance and limitations of using a top journal approach as a proxy for an article's value or contribution. Design/methodology/approach – The authors determined the citations for all articles published in 2001 and 2003 in 26 key marketing journals included in the Social Science Citation Index and 50 journals included in Google Scholar to rate the impact of a specific article. They also assessed these articles to examine the source of citations, as a way of measuring impact. Findings – This study indicates that articles published in the journals most often considered the top three or four in marketing are cited by others significantly more often than the ones published in the other journals. However, the authors found substantial misclassification errors from using publications in these “top” journals to infer a top article status across three different criteria for defining a top article. Originality/value – These findings strongly support the need to evaluate each article on its own merits, rather than abdicating this responsibility by using journal ranking as a proxy for an article's value or contribution.

Consumers’ intention to donate to two children’s charity brands: a comparison of Barnardo’s and BBC Children in Need

2015 ◽  
Vol 24 (2) ◽  
pp. 134-146 ◽  
Author(s):  
Nina Michaelidou ◽  
Milena Micevski ◽  
Nikoletta Theofania Siamagka
Keyword(s):  
Theoretical Model ◽  
Design Methodology ◽  
Brand Image ◽  
The Other ◽  
Content Type ◽  
Non Profit ◽  
Income Levels ◽  
For Profit ◽  
Consumer Intentions ◽  
The Impact

Purpose – This paper aims to examine consumers’ non-profit brand image, brand typicality and past behaviour as determinants of intention to donate to two children charity brands. Design/methodology/approach – Data for this study were obtained from two separate studies via a questionnaire, both in the context of two children charities, one for Barnardo’s and the other for BBC Children in Need charity. A theoretical model is developed, tested and compared across the two charity brands. Findings – Findings highlight that different factors influence intentions to donate time and money according to the charity brand. Brand typicality is a key determinant of time donations, while the impact of non-profit brand image dimensions on time and money donations differs across the two charities. Past behaviour affects intentions to donate money in both charities but impacts time donations in only one of the two charities investigated. Research limitations/implications – The study examines specific dimensions of non-profit brand image across two different charity brands and offers theoretical insights about the value of brand image in a non-for profit context in shaping consumer outcomes (i.e. consumer intentions to donate). Originality/value – The study sheds further light into the notion of typicality put forward by Michel and Rieunier (2012) for two children’s charity brands that differ in terms of their strength and income levels and examined past behaviour as a determinant to donate to charity brands.

Lease vs buy: clarifying the impact of tax and borrowing rates

2019 ◽  
Vol 45 (5) ◽  
pp. 686-696 ◽  
Author(s):  
Jim Musumeci ◽  
Thomas O’Brien
Keyword(s):  
Design Methodology ◽  
Conventional Wisdom ◽  
The Other ◽  
Tax Rates ◽  
Content Type ◽  
Tax Rate ◽  
Rate Difference ◽  
The Impact

Purpose The purpose of this paper is to survey the lease vs buy coverage in leading managerial finance textbooks and to clarify the impact of tax rates and borrowing rates. Design/methodology/approach The survey uses “plain vanilla” lease vs buy scenarios to critique and clarify particular issues in the textbook presentations. Findings The survey finds: a lone text shows that there can be a gain from leasing if the lessee’s tax rate is higher than the lessor’s, which challenges the “conventional wisdom” maintained in all the other texts; some textbook examples attribute an overall benefit to leasing to the tax rate difference, but the benefit is actually due to a borrowing rate difference, and borrowing rate differences may be a more important source of leasing benefits than tax rate differences. Originality/value The survey provides insights that are not well known and should be useful to instructors and practitioners.

scholarly journals Impact of the corona virus disease 2019 pandemic on physiotherapy services in Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daha Garba Muhammad ◽  
Jamila Suleiman Musa
Keyword(s):  
Prevention And Control ◽  
Design Methodology ◽  
Respiratory Diseases ◽  
Virus Disease ◽  
The Other ◽  
Content Type ◽  
Corona Virus ◽  
And Control ◽  
The Impact

PurposeThis study aimed to explain the impact of the corona virus disease 2019 (COVID-19) pandemic on physiotherapy services in Nigeria.Design/methodology/approachThis is a commentary piece.FindingsThe pandemic has potential of reducing efficacy of physiotherapy services. It also showed that the mental health of local physiotherapists was badly affected. On the other hand, the pandemic allowed physiotherapists to support infectious disease prevention and control and as well as providing awareness of the role of physiotherapy in the management of respiratory diseases.Originality/valueIt shows the effect of COVID-19 on physiotherapy care.

Testing the impact of citizen characteristics and demeanor on police officer behavior in potentially violent encounters

2018 ◽  
Vol 41 (1) ◽  
pp. 24-40 ◽  
Author(s):  
Lois James ◽  
Stephen James ◽  
Bryan Vila
Keyword(s):  
Design Methodology ◽  
Laboratory Experiments ◽  
Racial Bias ◽  
Police Legitimacy ◽  
Content Type ◽  
Multi Level ◽  
Race Ethnicity ◽  
Business Clothing ◽  
The Impact ◽  
Insight Into

Purpose The purpose of this paper is to investigate whether citizen characteristics (race/ethnicity and attire) or demeanor predicted how officers interacted in simulation scenarios that could turn violent. Design/methodology/approach Controlled-laboratory experiments were conducted during which police participants (n=50) responded to equivalent numbers of black, white, and Hispanic individuals in multiple branching video scenarios in a use-of-force simulator. Within these scenarios, the attire of on-screen individuals was varied (“street” or “business” clothing) as was their demeanor – individuals were either friendly or confrontational. Each scenario had the potential to end peaceably or turn violent, depending on how the officers treated people in the simulator. Findings Multi-level modeling revealed that neither the race/ethnicity nor the attire of on-screen individuals predicted how officers interacted with them. However, the demeanor of on-screen individuals did – officers were significantly more likely to verbally escalate and end up with a deadly outcome when faced with confrontational individuals (f=3.96; df=1, 558; p<0.05). Research limitations/implications These findings offer important new insight into how fairly officers interact with people during routine encounters that have the potential to turn violent, and what this means for perceptions of police legitimacy, procedural justice, and allegations of racial bias. Originality/value This is the first laboratory study to test the impact of citizen characteristics and demeanor on how officers escalate and de-escalate encounters.

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