Structuring stock investment funds with a limited number of qualified students

2019 ◽  
Vol 46 (4) ◽  
pp. 499-512
Author(s):  
David A. DeBoeuf
Keyword(s):  
Portfolio Management ◽  
Portfolio Performance ◽  
Investment Funds ◽  
Classroom Structure ◽  
Entrance Exam ◽  
Content Type ◽  
Student Preparedness ◽  
Stock Investment ◽  
Short Period ◽  
Practical Implications

Purpose The purpose of this paper is to outline the problems encountered by a student-managed investment program (SMIP) when the pool of qualified finance majors is limited in number. Restructuring the program to a single-semester course and opening the class to motivated/intelligent non-finance majors increased the number of applicants, but resulted in alternative difficulties, particularly time constraints and inadequate student preparedness. A prerequisite exam and regimented classroom structure were the solutions. Design/methodology/approach The paper discusses the problems encountered and solutions devised to address the early year difficulties experienced by a newly developed SMIP at a relatively small university. The core of the paper chronicles the classroom approach to solving the main problem of a single-semester portfolio management course, the handling of an investment learning curve in a short period of time. Findings Though empirically limited due to the program’s infancy, portfolio performance has been encouraging and student feedback exceptional. Regarding the former, stocks purchased by the fund have created greater wealth in total than that of equal dollar investments in an S&P500 index fund. Practical implications Universities interested in running a student-managed fund should feel secure in a one-semester approach, regardless of talent pool size, as measured by the number of motivated, intelligent finance majors. Originality/value Aside from the uniqueness of requiring a mastery of entrance exam investing materials prior to the first class, this paper’s outline of core portfolio management activities includes several strategies and methods meant to streamline the process within a groupthink design.

Macau’s Pataca and identity

2015 ◽  
Vol 4 (4) ◽  
pp. 423-433
Author(s):  
Paul B. Spooner
Keyword(s):  
Design Methodology ◽  
Monetary Authority ◽  
First Century ◽  
Core Component ◽  
Investment Funds ◽  
Unique Role ◽  
Content Type ◽  
Bank Of China ◽  
Banking Institutions ◽  
Practical Implications

Purpose – For over a 100 years, Macau’s Pataca has been tied to Macau’s identity, its independent financial existence and its links to the Lusophone world. Its role as a supporter of the Macau identity relies upon the strength and capabilities of its financial institutions, the Macau Monetary Authority and banking institutions that issue its currency (Banco Nacional Ultramarino and Bank of China). The paper aims to discuss the above issue. Design/methodology/approach – The author uses statistics and data from the Macau Monetary Authority. Findings – There are three possible scenarios that could emerge: first, retired in favor of the RMB, the HK dollar; second, maintained with its use expanding as Macau’s revenues and investment funds grow, or third, become a force for stronger economic cohesion and identity among the Lusophone nations. Practical implications – Which of these scenarios will offer Macau the highest possibility of maintaining its international network of relationships and representation, diversifying its economy into new growth markets and playing a unique role in China’s twenty-first century destiny? Originality/value – This paper studies a rarely discussed topic and focuses on a core component of Macau’s existence.

When I am old I shall wear purple: a qualitative study of the effect of group poetry sessions on the well-being of older adults

2016 ◽  
Vol 20 (4) ◽  
pp. 195-198 ◽  
Author(s):  
Richard Seymour ◽  
Michael Murray
Keyword(s):  
Older People ◽  
Assisted Living ◽  
Well Being ◽  
Content Type ◽  
Short Period ◽  
Different Types ◽  
Poetry Reading ◽  
The Impact ◽  
Health And Well Being ◽  
Practical Implications

Purpose There is increasing evidence that participation in various art forms can be beneficial for health and well-being. The purpose of this paper is to examine the impact of participating in a poetry reading group on a group of older residents of an assisted living facility. Design/methodology/approach Six poetry sessions, each on a different theme, were conducted with a group of volunteer participants. These sessions, those of pre- and post-study focus groups and interviews with the group facilitator and staff contact were audio-recorded. The transcripts of the recordings were then subjected to a thematic analysis. Findings Overall the participants were enthused by the opportunity to participate in the project and the benefits were confirmed by the support staff. In addition, reading poetry on particular themes promoted different types of discussion. Research limitations/implications The number of participants in this study was small and the study was conducted over a short period of time. Practical implications This paper confirms the impact of poetry reading for older people. The challenge is to explore this impact in more detail and over community as well as residential settings. Originality/value This paper is the first empirical report on the value of poetry reading for older people.

Large-cap vs small-cap portfolio performance: new empirical evidence from ETFs

2019 ◽  
Vol 18 (1) ◽  
pp. 71-94
Author(s):  
Gerasimos Rompotis
Keyword(s):  
Design Methodology ◽  
Portfolio Performance ◽  
Exchange Traded Funds ◽  
Investment Strategies ◽  
Time Data ◽  
Content Type ◽  
Risk Characteristics ◽  
The Usa ◽  
First Time ◽  
Practical Implications

PurposeA well-documented pattern in the literature concerns the outperformance of small-cap stocks relative to their larger-cap counterparts. This paper aims to address the “small-cap versus large-cap” issue using for the first time data from the exchange traded funds (ETFs) industry.Design/methodology/approachSeveral raw return and risk-adjusted return metrics are estimated over the period 2012-2016.FindingsResults are partially supportive of the “size effect”. In particular, small-cap ETFs outperform large-cap ETFs in overall raw return terms even though they fail the risk test. However, outperformance is not consistent on an annual basis. When risk-adjusted returns are taken into consideration, small-cap ETFs are inferior to their large-cap counterparts.Research limitations/implicationsThis research only covers the ETF market in the USA. However, given the tremendous growth of ETF markets worldwide, a similar examination of the “small vs large capitalization” issue could be conducted with data from other developed ETF markets in Europe and Asia. In such a case, useful comparisons could be made, so that we could conclude whether the findings of the current study are unique and US-specific or whether they could be generalized across the several international ETF markets.Practical implicationsA possible generalization of the findings would entail that profitable investment strategies could be based on the different performance and risk characteristics of small- and large-cap ETFs.Originality/valueThis is the first study to examine the performance of ETFs investing in large-cap stock indicesvis-à-visthe performance of ETFs tracking indices comprised of small-cap stocks.

The “comply-or-explain” principle in directive 95/2014/EU. A rhetorical analysis of Italian PIEs

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Simone Pizzi ◽  
Andrea Venturelli ◽  
Fabio Caputo
Keyword(s):  
Rhetorical Analysis ◽  
Social Implications ◽  
Global Reporting Initiative ◽  
Future Research ◽  
Political Debate ◽  
Content Type ◽  
Short Period ◽  
Italian Context ◽  
Practical Implications ◽  
Comply Or Explain

Purpose The purpose of this paper is to evaluate the effectiveness of the comply-or-explain principle in the Italian context. In particular, the analysis will evaluate, which factor impact on firms' voluntary adoption of this tool to adequate their non-financial reports to the legal requirements of Directive 95/2014/EU. Design/methodology/approach The methodology consists of two different levels of analysis. The first part is statistical descriptive, and it consists of a rhetorical analysis on the justifications provided by the firms about their omissions to comply with Directive 95/2014/EU. The second part is inferential and its aim is to evaluate, which factors impact on comply-or-explains adoption. Findings The findings reveal how the comply-or-explain application in Italy has been characterized by several criticisms. The result highlight how the justifications adopted by the firms is influenced by their sector of activity and omission's type. Moreover, the analysis suggests how the sector of activity and the level of adherence to global reporting initiative influenced the average number of omissions. Research limitations/implications The limitations of the research are represented by the focuses on a single country and by the short period of analysis. In this sense, future research could be addressed to the analysis of countries different from Italy. Moreover, accounting scholars could provide further contributions to the political debate through the evolution of the “comply-or-explain” principle’s strategies over the years. Practical implications The practical implications connected to the present research are twofold. The first one is represented by the possibility for policymakers to increase the degree of attention about the use of comply-or-explain as legitimization's tool. The second one is represented by the possibility for practitioners to identify a new reporting framework. Social implications The social implications are represented by the possibility for stakeholders to evaluate the reliability's degree of the disclosure produced by Italian public interest entities after the implementation of Directive 95/2014/EU. Originality/value Despite the growing attention paid by academics regard Directive 95/2014/EU, this is the first attempt to analyze the comply-or-explain from a rhetorical perspective.

How can ecological fairs increase sustainability in a university campus?

2019 ◽  
Vol 20 (3) ◽  
pp. 515-529
Author(s):  
Luciana Londero Brandli ◽  
Amanda Lange Salvia ◽  
Leila Dal Moro ◽  
Vanessa Tibola da Rocha ◽  
Janaina Mazutti ◽  
...  
Keyword(s):  
Local Community ◽  
Social Economic ◽  
University Campus ◽  
Content Type ◽  
University Campuses ◽  
The Social ◽  
Short Period ◽  
The University ◽  
Practical Implications

Purpose This paper aims to highlight the contribution of ecological fairs to the promotion of sustainability in university campuses, based on a case study carried out at the University of Passo Fundo, located in Southern Brazil. Design/methodology/approach Producers and consumers of the ecological fairs were interviewed to analyse how the social, economic and environmental spheres of sustainable development are impacted by these fairs. In total, 24 interviews were conducted. Findings The results showed how fairs positively impact the academic and local community while bringing sustainability into university campuses. Research limitations/implications The main limitations of this study were the number of interviews and the short period during when the study was conducted. Practical implications This case study demonstrated how the promotion of ecological fairs on a university campus plays an important role in the implementation and practice of sustainability and can serve as an example for other institutions that intend to work on similar projects. Originality/value This paper contributes to the literature by providing a discussion on how ecological fairs represent a good addition in the process of universities to become more sustainable and which aspects of each sustainability sphere are involved.

Joint stock company with variable capital (JSCVC)

2014 ◽  
Vol 56 (4) ◽  
pp. 302-310 ◽  
Author(s):  
Bijan Bidabad
Keyword(s):  
Design Methodology ◽  
Joint Stock Company ◽  
Islamic Banks ◽  
Stock Company ◽  
Investment Funds ◽  
Content Type ◽  
Legal Personality ◽  
Profit Distribution ◽  
Practical Implications ◽  
Financial Outcome

Purpose – The purpose of this paper is to propose joint stock company with variable capital (JSCVC), as financial sharing funds and banks necessitate that their capital and number of shareholders be instantaneously variable. Legal personality and accounts clearing of this type of corporations are different from conventional companies. Design/methodology/approach – JSCVC is a corporation in which capital and shares of shareholders vary by new entrance or withdrawal of shareholders at any point of time. Findings – Interest rate-based calculations were removed and Rastin Sharing Accounting was applied for JSCVS. Shareholders of JSCVC share the company’s nominal capital proportional to nominal values of their shares. Financial outcome of JSCVC is proportional to values of shares weighted by shares duration of participation. Research limitations/implications – To prevent spoiling of shareholders’ rights, legal procedure of issuing shares for JSCVC should be defined in compliance with domestic commerce laws in any country. Practical implications – JSCVC can be used by majority of investment funds, credit unions, saving and loan associations, pension and provident funds, thrift saving plans as well as Islamic banks and financial sharing activities. In JSCVC, deposit at a bank is treated as a share of the company (bank). Social implications – JSCVC has fair profit distribution and accounts clearing arrangements. Originality/value – Different variable capital companies have been defined in many countries’ laws, but essential modifications are presented in JSCVC definition to regulate financial sharing arrangements and bank’s performances.

scholarly journals Copula methods for evaluating relative tail forecasting performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ángel León ◽  
Trino-Manuel Ñíguez
Keyword(s):  
Design Methodology ◽  
Screening Strategy ◽  
Performance Measure ◽  
Superior Performance ◽  
Gaussian Copula ◽  
Portfolio Performance ◽  
Lower Tail ◽  
Content Type ◽  
Forecasting Performance ◽  
Practical Implications

PurposeThe authors apply their method to analyze which portfolios are capable of providing superior performance to those based on the Sharpe ratio (SR).Design/methodology/approachIn this paper the authors illustrate the use of conditional copulas for identifying differences in alternative portfolio performance strategies. The authors analyze which portfolios are capable of providing superior performance to those based on the SR.FindingsThe results show that under the Gaussian copula, both expected tail ratio (ETR) and skewness-kurtosis ratio portfolios exhibit remarkably low correlations respecting the SR portfolio. This means that these two portfolios are different respecting the SR one. The authors also find that copulas which focus on either the upper tail (Gumbel) or the lower tail (Clayton) render significant differences. In short, the copula analysis is useful to understand what kind of equity-screening strategy based on its corresponding performance measure (PM) performs better in relation to the SR portfolio.Practical implicationsCopula methods for evaluating relative tail forecasting performance provide an alternative tool when forecast differences are very small or found non statistically significant through standard tests.Originality/valueOur copula methods to evaluate models' performance differences are significant because when models' performance is rather similar, conclusions on statistical differences, can be defective as they may hinge on the subsample type or size used, leading to inefficient investment decisions. Our method based in copula is novel in this research topic.

Strengthening quality culture in private sector and health care

2018 ◽  
Vol 31 (3) ◽  
pp. 276-292 ◽  
Author(s):  
Pernilla Ingelsson ◽  
Ingela Bäckström ◽  
Kristen Snyder
Keyword(s):  
Organizational Culture ◽  
Comprehensive Approach ◽  
Work Culture ◽  
Soft Data ◽  
Content Type ◽  
Short Period ◽  
Different Types ◽  
Organizational Work ◽  
One Year ◽  
Practical Implications

Purpose The purpose of this study is to present a comprehensive approach to studying organizational culture using “soft measures” to facilitate sustainable quality development in organizations. The purpose is also to present, discuss and compare the results from a survey designed to measure a company’s value base. Design/methodology/approach A number of different methods were used to collect soft data to study and measure organizational culture and at the same time influence the culture and the leadership within three organizations. One method, the survey, was used on two different occasions to obtain an overview of the culture within an organization and to investigate if the activities had influenced the culture and the leadership. Findings The application of soft measures used by leaders to study and develop organizational culture resulted in statistically significant positive changes in organizational work culture, according to a pre-post survey after a short period of one year. Practical implications The approach can be used by leaders in different types of organizations as the challenge of changing the organizational culture through the leadership seems to be a common challenge regardless of line of business. Originality/value The study shows the benefits of using a comprehensive approach to assess an organization’s culture based on qualitative measures and analysis.

The possible inclusion of legal provisions in Islamic banking and finance

2018 ◽  
Vol 60 (2) ◽  
pp. 662-680 ◽  
Author(s):  
Carino Modan ◽  
Rusni Hassan
Keyword(s):  
Task Force ◽  
Regulatory Framework ◽  
Lessons Learned ◽  
Islamic Banking ◽  
Investment Funds ◽  
Content Type ◽  
Banking And Finance ◽  
Legal Provisions ◽  
Definition Of ◽  
Practical Implications

Purpose This paper aims to thoroughly examine the extent to which the current legal and regulatory framework is inclusive towards Islamic banking and finance (IBF) practices in the attempts to introduce IBF as a significant component in the Mozambique’s financial system. This is achieved by providing a critical review on the Mozambican current legal and regulatory framework including the court and arbitration system, as well as the country’s financial institutions law and regulations. Design/methodology/approach The methodology used in this study is the qualitative approach. The analysis made is based on descriptive and analytical approach whereby the study examined and critically analysed the banking regulations in Mozambique with the purpose of finding the legal gap in the existing legal and regulatory framework that allows the introduction of IBF in the country. Findings This study finds that whilst some legal provisions in the current legal and regulatory framework are conflicting with the Sharï’ah principles such as the definition of loans and the concept of interest, there is also a certain number of enabling features that can be immediately explored, including deposits (with no interest), leasing operations, investment funds or venture capital. Research limitations/implications At present, to the best of the authors’ knowledge, this is the first attempt ever made to assess the compatibility of the existing Mozambican commercial laws with the Islamic principles hence identifying the challenges that might arise due to the implementation of IBF practices in Mozambique. Practical implications This paper has several practical implications in the sense that it helps the financial market authorities in Mozambique to be able to foresee possible inclusion of provisions on Islamic transactions in the country’s existing financial regulations. Social implications The contributions of this paper lie in the valuable recommendations made on the insertion of Islamic principles in the current regulatory framework as well as assisting in overcoming some of the conflicting aspects in medium to long term. Mozambique should explore and benefit from the experience and lessons learned by the neighbouring countries that have successfully adopted the IBF practice. It is recommended that the Central Bank should establish a “task force team”, comprising of multi-skilled professionals and experts in Islamic finance from various internal areas ranging from licensing to supervision together with Sharï’ah scholars and representatives from the Muslim Community, to study the required process for adoption of IBF in the country. Originality/value There is no other study on IBF in Mozambique, particularly on legal and regulatory aspects.

Variation in the structure and administration of student-managed investment funds

2019 ◽  
Vol 46 (4) ◽  
pp. 481-488
Author(s):  
Charles M. Boughton ◽  
Katherine L. Jackson
Keyword(s):  
Best Practices ◽  
Design Methodology ◽  
Past Research ◽  
Primary Data ◽  
Future Research ◽  
Primary Research ◽  
Investment Funds ◽  
Content Type ◽  
Managed Funds ◽  
Practical Implications

Purpose The purpose of this paper is to understand the differences present in student-managed investment funds (SMIF). Design/methodology/approach The paper uses primary data collected by survey and interviews. Findings The findings of this paper suggest that research efforts need to be focused on the topical area and transparency in the field needs to be improved. Research limitations/implications Past research is validated and future research is needed. Practical implications The need to develop and disseminate best practices in the management of SMIF’s. Social implications Student-managed funds are widespread and growing but operate as independent entities. Originality/value The paper is original and based on primary research.

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