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Rogers, Dale S., Douglas M. Lambert, Keely L. Croxton y Sebastián J. García‐Dastugue. "The Returns Management Process". International Journal of Logistics Management 13, n.º 2 (1 de julio de 2002): 1–18. http://dx.doi.org/10.1108/09574090210806397.
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Returns management is the supply chain management process by which activities associated with returns, reverse logistics, gatekeeping, and avoidance are managed within the firm and across key members of the supply chain. The correct implementation of this process enables management not only to manage the reverse product flow efficiently, but to identify opportunities to reduce unwanted returns and to control reusable assets such as containers. In this paper, we describe how the returns management process can be implemented within a firm and across the supply chain. The process is described in terms of its sub‐processes and associated activities, and the interfaces with corporate functions, other supply chain management processes and other firms. Examples of successful implementation are provided.
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Bernon, Michael, John Cullen y Jonathan Gorst. "Online retail returns management". International Journal of Physical Distribution & Logistics Management 46, n.º 6/7 (4 de julio de 2016): 584–605. http://dx.doi.org/10.1108/ijpdlm-01-2015-0010.
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Purpose – With the rapid growth of consumer sales being fulfilled through omni-channel retailing, the purpose of this paper is to explore the subsequent impact on the levels of consumer retail returns experienced through online sales and the emergent returns management strategies being affected by retailers in relation to network configuration and returns management processes. Design/methodology/approach – The authors uses a mixed methods approach from an interpretive perspective. It is appropriate to describe the approach in terms of convergent design, since the authors have collected both qualitative and quantitative data. Findings – Return rates for online retailing can be double those for stores, while return levels for “considered purchases” remain similar. The findings suggest that omni-channel returns management has yet to fully mature and the authors find challenges for network design and returns processes in offering a seamless solution. Research limitations/implications – For practitioners the authors identify a number of challenges and offer insights to improve performance in returns management process, while for academic colleagues the authors propose a number of avenues for further research both in the qualitative and quantitative fields. Originality/value – While a significant body of extant literature exists, in researching the generalized retail returns management process this paper make a contribution by addressing the emergent managerial implications of omni-channel retail returns.
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Dapiran, G. Peter y Booi H. Kam. "Value creation and appropriation in product returns management". International Journal of Logistics Management 28, n.º 3 (14 de agosto de 2017): 821–40. http://dx.doi.org/10.1108/ijlm-11-2015-0199.
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Purpose Product returns management (PRM) is a core supply chain management process. Though the importance of value creation and appropriation is acknowledged, extant studies on value in product returns tend to be limited to the residual asset value (cost recovery) of the returned products. Further, value discussion in PRM is limited to the value implications for a single party in the returns transaction rather than all the product returns chain entities. The purpose of this paper is to explore value creation and appropriation in a triad of supplier-retailer-3PL in the product returns chain. Design/methodology/approach The study uses an inductive qualitative approach. Semi-structured interviews with executives in a triad of organisations formed the primary data source for the study. Findings The paper identifies six value drivers and develops a value creation and appropriation framework. It shows that facilitation, value orientation, process alignment and relational factors are key drivers of value creation and appropriation in PRM. Research limitations/implications The findings reinforce the view that value creation and appropriation are the outcomes of multi-party interactions in a product return chain. The framework presented contributes to the literature by showing the linkages amongst key drivers. Practical implications The findings show the important role of external process facilitation and how a 3PL contributes to value creation in a triadic relationship. Originality/value Research based on a triadic product returns chain is a unique dimension of this study.
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Mollenkopf, Diane, Ivan Russo y Robert Frankel. "The returns management process in supply chain strategy". International Journal of Physical Distribution & Logistics Management 37, n.º 7 (14 de agosto de 2007): 568–92. http://dx.doi.org/10.1108/09600030710776482.
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Petersen, J. Andrew y V. Kumar. "Are Product Returns a Necessary Evil? Antecedents and Consequences". Journal of Marketing 73, n.º 3 (mayo de 2009): 35–51. http://dx.doi.org/10.1509/jmkg.73.3.035.
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The firm–customer exchange process consists of three key parts: (1) firm-initiated marketing communications, (2) customer buying behavior, and (3) customer product return behavior. To date, the literature in marketing has largely focused on how marketing communications affect customer buying behavior and, to some extent, how past buying behavior affects a firm's decisions to initiate future marketing communications. However, the literature on product returns is sparse, especially in relation to analyzing individual customer product return behavior. Although the magnitude of the value of product returns is known to be high ($100 billion per year), how it affects customer buying behavior is not known because of a lack of data availability and understanding of the role of product returns in the firm–customer exchange process. Given that product returns are considered a hassle for a firm's supply chain management and a drain on overall profitability, it is important to study product return behavior. Thus, the authors empirically demonstrate the role of product returns in the exchange process by determining the exchange process factors that help explain product return behavior and the consequences of product returns on future customer and firm behavior. In addition, the authors demonstrate that product returns are inevitable but by no means evil.
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FENG, Ling, MeiLing ZHANG, Yi DING, YuMei ZHANG y Zhen CAI. "Process management of drug returns to the inpatient dispensary". Pharmaceutical Care and Research 13, n.º 4 (30 de agosto de 2013): 300–303. http://dx.doi.org/10.5428/pcar20130419.
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Rintamäki, Timo, Mark T. Spence, Hannu Saarijärvi, Johanna Joensuu y Mika Yrjölä. "Customers' perceptions of returning items purchased online: planned versus unplanned product returners". International Journal of Physical Distribution & Logistics Management 51, n.º 4 (29 de abril de 2021): 403–22. http://dx.doi.org/10.1108/ijpdlm-10-2019-0302.
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PurposeThe purpose of this study is to address two issues relevant to those managing product returns: (1) how customers perceive the returning process and assessing the extent that these perceptions have on satisfaction with the organization, loyalty and word-of-mouth (WOM) and (2) are these outcomes moderated by whether customer returns were planned or unplanned?Design/methodology/approachThe data consisted of 21 semi-structured interviews (pilot study) and a quantitative survey (n = 384; main study) targeted at consumers who had bought fashion items online.FindingsQualitative insights revealed that perceptions of the returning experience are driven by monetary costs, convenience, stress and guilt. Quantitative findings showed that the returning experience explains return satisfaction for both planned and unplanned returners, and returning satisfaction explains overall satisfaction and WOM. The noteworthy difference concerns loyalty: although customers that planned to return items are more loyal to the organization, it is the unplanned returners whose loyalty can be significantly increased by better managing the returning process.Practical implicationsReturning products online is increasingly common and thus forms an important part of the customer's overall experience with an organization. Returns management can therefore drive key customer outcomes. Understanding the dynamics between the product return experience, return satisfaction and customer outcomes will help practitioners design and implement more informed returns management strategies. Measures are also presented that assess the cognitive and emotional aspects associated with returning products.Social implicationsReturning products is an increasingly important challenge for online retailers. Understanding what kinds of returning behaviors occur allows companies to design and execute better informed decisions to manage this phenomenon, not only for the sake of firm performance but also for societal and environmental benefits – the triple bottom line.Originality/valueWhile scholars have investigated the relationship between return policies (e.g. free vs fee) and profitability, no prior literature has examined the returning experience: how consumers perceive the returning process; motivations for their returns (whether returns were planned or not) and subsequent customer outcomes.
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Clendenin, John A. "Closing the Supply Chain Loop: Reengineering the Returns Channel Process". International Journal of Logistics Management 8, n.º 1 (1 de enero de 1997): 75–86. http://dx.doi.org/10.1108/09574099710805600.
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Business process reengineering applied to the returns channel is becoming increasingly important as a result of marketplace requirements for productivity and customer satisfaction. This article provides an overview of a reengineering approach to “reverse logistics” and presents methodologies which may be helpful to management. Several examples from the literature are provided as illustrations of issues involved in reengineering the returns channel process and measuring return to available (RTA). The core processes of the Xerox Business Process Architecture (XBPA) are studied to identify the issues involved with solving the business issue by process rather than with functional strategies. Issues associated with business problem benchmarking as an input to reengineering and the key aspects of managing by process are also presented.
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French, Monique L. y Richard Discenza. "Returns in process industries: a managerial perspective". Management Research News 29, n.º 12 (diciembre de 2006): 769–81. http://dx.doi.org/10.1108/01409170610717808.
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Bechwati, Nada Nasr y Wendy Schneier Siegal. "The Impact of the Prechoice Process on Product Returns". Journal of Marketing Research 42, n.º 3 (agosto de 2005): 358–67. http://dx.doi.org/10.1509/jmkr.2005.42.3.358.
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This article introduces a framework to help researchers understand the mechanisms underlying product returns. The framework draws on research in consumer choice, consumer memory, and attitude stability to predict how the process that consumers go through at a predecisional stage affects their postpurchase behavior. The likelihood of product returns is considered contingent on the amount and nature of cognitive responses generated during the choice process. In Study 1, the authors focus on the impact of the nature of cognitive responses and show that the generation of responses of a different nature while choosing directly affects the likelihood of choice reversal. The comparative versus non-comparative nature of thoughts generated influences their diagnosticity and, accordingly, their impact on product returns when consumers are exposed to disconfirming information. In Study 2, the authors draw on the inoculation theory to manipulate the number of prechoice thoughts. They find that when faced with disconfirming information favoring a new brand, inoculated consumers who are presented with choice alternatives sequentially are less likely to return a brand than consumers who are exposed solely to positive information about the chosen brand at a prepurchase stage.
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Zhou, Mo y Joseph Buongiorno. "Optimal forest management under financial risk aversion with discounted Markov decision process models". Canadian Journal of Forest Research 49, n.º 7 (julio de 2019): 802–9. http://dx.doi.org/10.1139/cjfr-2018-0532.
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The common assumption of risk neutrality in forest decision making is generally inadequate because the stakeholders tend to be averse to fluctuations in the return criteria. In Markov decision processes (MDPs) of forest management, risk aversion and standard mean-variance analysis can be readily dealt with if the criteria are undiscounted expected values. However, with discounted criteria such as the fundamental net present value of financial returns, the classic mean-variance optimization is numerically intractable. In lieu of this, this paper (i) presents a linear-programming method to calculate the variance of discounted criteria conditional on any specific policy and (ii) adopts, as an alternative to the variance measure of risk, the “discount normalized variance” (DNV), an economically meaningful criterion consistent with income-smoothing behavior. The DNV is then used in procedures analogous to mean-variance analysis and certainty-equivalent optimization tractable by quadratic programming. The methods are applied to the management of uneven-aged, mixed-species forests in the southern United States. The results document the trade-off between the expected net present value and risk of financial returns, as well as the consequences for selected ecological criteria.
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Schumann, Keith D., J. Richard Conner, James W. Richardson, Jerry W. Stuth, Wayne T. Hamilton y D. Lynn Drawe. "The Use of Biophysical and Expected Payoff Probability Simulation Modeling in The Economic Assessment of Brush Management Alternatives". Journal of Agricultural and Applied Economics 33, n.º 3 (diciembre de 2001): 539–49. http://dx.doi.org/10.1017/s107407080002099x.
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AbstractWoody plant encroachment restricts forage production and capacity to produce grazing livestock. Biophysical plant growth simulation and economic simulation were used to evaluate a prescribed burning range management technique. Modeling systems incorporated management practices and costs, historical climate data, vegetation and soil inventories, livestock production data, and historical regional livestock prices. The process compared baseline non-treatment return estimates to expected change in livestock returns resulting from prescribed burning. Stochastic analyses of production and price variability produced estimates of greater net returns resulting from use of prescribed burning relative to the baseline.
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Röllecke, Felix Johannes, Arnd Huchzermeier y David Schröder. "Returning Customers: The Hidden Strategic Opportunity of Returns Management". California Management Review 60, n.º 2 (6 de diciembre de 2017): 176–203. http://dx.doi.org/10.1177/0008125617741125.
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Product returns are both a challenge and an opportunity for most retailers, since more than US$640 billion in revenue is lost each year because of preventable product returns. A major impediment to unlocking the full potential of these returns is the firm’s returns management program: the policies governing the customer-firm exchange process. Recent insights from research and practice have yielded the unprecedented opportunity to open the “black box” of developing effective programs. Yet, such development must address three main questions: What types of returns management programs exist? What misunderstandings impede returns management effectiveness? How can retailers develop effective programs? This article distinguishes among different types of returns management programs and discusses the managerial misunderstandings that reduce their effectiveness. It presents a framework for developing, implementing, and controlling effective programs that allow retailers to boost sales, reduce returns, and increase profitability.
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Shiller, Ilona y Ishmael Radikoko. "Testing Weak-Form Market Efficiency On The TSX". Journal of Applied Business Research (JABR) 30, n.º 3 (24 de abril de 2014): 647. http://dx.doi.org/10.19030/jabr.v30i3.8550.
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<p>This study tests the validity of the weak-form EMH on the Canadian TSX equity market using seven TSX daily index returns. Quantitatively, a variety of statistical tests is used to test for the randomness of return series. Results of the common statistical (i.e., the autocorrelation, the BG, the runs) tests all suggest that returns are serially correlated, except returns on the TSX 60 capped index. After rejecting the RWM of TSX indices using univariate unit root (i.e., ADF, PP, KPSS), we proceed to test for the possibility of nonlinear dynamic patterns present in return series. BDS results reject an IID underlying residual series after fitting AR(2) to TSX daily index returns, indicating that a deterministic chaotic process describes the data well. This finding of a temporal dependency is supported also by results of the R/S analysis, which indicates that all TSX index returns possess long-memory properties of an anti-persistent trend-reversing behaviour with two indices showing stronger degree of anti-correlation and five indices showing weaker degree of anti-correlation. Overall, results uniformly reject the RWM governing TSX equity index returns, implying that the Canadian equity market is weak-form inefficient.</p>
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Nageswaran, Leela, Soo-Haeng Cho y Alan Scheller-Wolf. "Consumer Return Policies in Omnichannel Operations". Management Science 66, n.º 12 (diciembre de 2020): 5558–75. http://dx.doi.org/10.1287/mnsc.2019.3492.
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We study the pricing and return policy decisions of an omnichannel retailer serving customers who differ in how they realize their uncertain valuation for a product—by inspecting in store before purchase or by purchasing online and possibly returning misfit products. Customers may return misfit products either to stores for a full refund or online as per the firm’s return policy. We model prices to be identical across channels, allow crosschannel returns, and endogenize customers’ purchase and return decisions, capturing typical features of an omnichannel setting. Our analysis helps explain why some omnichannel firms choose full refunds, whereas others charge a fee for online returns. We find that omnichannel firms with good salvage partners for online returns (e.g., Nordstrom) as well as those with more store-based customers (e.g., Macy’s) should offer full refunds. Similarly, firms are incentivized to offer full refunds for products that customers are more likely to inspect in store (e.g., Express for footwear). In contrast, firms with a significant store network and better in-store salvage opportunities (e.g., J.C. Penney) might be better off charging a fee for online returns in order to nudge customers to return in store. Finally, an omnichannel firm should be cautious both in making the return process more convenient and in improving accessibility to its stores, because these seemingly beneficial policies, if combined with a partial-refund policy, could undermine the firm’s overall profit. This paper was accepted by Vishal Gaur, operations management.
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de Araújo, Ana Carolina, Erica Mayumi Matsuoka, July Ellen Ung, Alexandre Massote y Mauro Sampaio. "An exploratory study on the returns management process in an online retailer". International Journal of Logistics Research and Applications 21, n.º 3 (4 de septiembre de 2017): 345–62. http://dx.doi.org/10.1080/13675567.2017.1370080.
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Meng, Lingyan y Dishi Zhu. "Application of Algorithms of Constrained Fuzzy Models in Economic Management". Complexity 2021 (15 de abril de 2021): 1–12. http://dx.doi.org/10.1155/2021/9912534.
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Stochasticity and ambiguity are two aspects of uncertainty in economic problems. In the case of investments in risky assets, this uncertainty is manifested in the uncertainty of future returns. On the contrary, the complexity of the economic phenomenon itself and the ambiguity inherent in human thinking and judgment are characterized by indistinct boundaries. For the same problem, research from different perspectives can often provide us with more comprehensive and systematic information. Currently, the expected value of return or the variance representing risk is still used as a rational investment criterion for both single-stage portfolios and multistage portfolios. However, in general, the greater the expected return of an investor, the greater the risk he should take. Different investors have different requirements for profitability, but regardless of their expected return, they always hope to find a set of portfolios that maximize the probability of achieving the expected rate of return. In this paper, after analyzing the development of portfolio investment theory research, we take fuzzy information processing as the entry point and systematically discuss the theory and methods of fuzzy modeling of portfolio investment decision-making from the perspective of fuzziness around the portfolio investment decision-making process. The results of the empirical analysis show that the existence of basis constraints affects investors’ investment strategies as well as their final returns, but there is a limit to the influence of basis constraints on portfolio performance, and investors can obtain optimal investment returns by selecting a reasonable number of securities to form a portfolio based on the characteristics of different securities.
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Bernon, Michael, John Upperton, Marko Bastl y John Cullen. "An exploration of supply chain integration in the retail product returns process". International Journal of Physical Distribution & Logistics Management 43, n.º 7 (2 de agosto de 2013): 586–608. http://dx.doi.org/10.1108/ijpdlm-03-2012-0060.
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Purpose – The purpose of this paper is to empirically explore supply chain integration (SCI) enabling practices, their benefits and barriers in a retail product returns process context. Design/methodology/approach – The study adopts a case study research strategy. It draws on a single case, comprised of an original equipment manufacturer (OEM) and its two retailers. It utilizes an in-depth semi structured interviewing approach, combined with walk-through observations. Findings – The study finds that management of retail product returns can significantly benefit both an OEM and its customers when appropriate SCI enabling practices are deployed. While these practices are similar to those in forward supply chain processes, barriers are driven by the characteristics of product returns processes. Research limitations/implications – The limitations of this study stem primarily from its methodological design. A single case research strategy provides a limited opportunity for external generalization of the research findings. Practical implications – This study illustrates the value of SCI initiatives in product returns processes and informs managers ' decision making in the planning and execution of similar SCI implementations in product returns processes. Originality/value – This research claims to be one of the first works that systematically and empirically explores SCI in reverse supply chain processes, as opposed to forward supply chain processes.
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Nelly, Walter P. y Patrick A. Taylor. "The Process Of Post Regulatory Changes And Industry Development Following Motor Carrier Deregulation: An Intervention And Profitability Study". Journal of Applied Business Research (JABR) 14, n.º 3 (31 de agosto de 2011): 37. http://dx.doi.org/10.19030/jabr.v14i3.5702.
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<span>The Motor Carrier Act of 1980 was supposed to make the U.S. motor carrier industry more economically efficient, largely by stimulating market entry. That entry would presumably depress industry earnings and returns to motor carriers equities. While we find a deregulated industry that offers easy entry to new competitors, incumbent firms do not exhibit lower stockholder returns as new firms go public. When profits are examined, however, returns on total capital and profit margins tend to decline for both incumbent and entrant firms. The increased risk and lower returns, documented by pre-deregulation studies give way to a competitive and stable post deregulation industry.</span>
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Dieu Dang, Huong. "KiwiSaver fund performance and asset allocation policy". Pacific Accounting Review 31, n.º 2 (1 de abril de 2019): 232–57. http://dx.doi.org/10.1108/par-06-2018-0044.
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Purpose This paper aims to examine the performance and benchmark asset allocation policy of 70 KiwiSaver funds catergorised as growth, balanced or conservative over the period October 2007-June 2016. The study focuses on the sources for returns variability across time and returns variation among funds. Design/methodology/approach Each fund is benchmarked against a portfolio of eight indices representing eight invested asset classes. Three measures were used to examine the after-fee benchmark-adjusted performance of each fund: excess return, cumulative abnormal return and holding period returns difference. Tracking error and active share were used to capture manager’s benchmark deviation. Findings On average, funds underperform their respective benchmarks, with the mean quarterly excess return (after management fees) of −0.15 per cent (growth), −0.63 per cent (balanced) and −0.83 per cent (conservative). Benchmark returns variability, on average, explains 43-78 per cent of fund’s across-time returns variability, and this is primarily driven by fund’s exposures to global capital markets. Differences in benchmark policies, on average, account for 18.8-39.3 per cent of among-fund returns variation, while differences in fees and security selection may explain the rest. About 61 per cent of balanced and 47 per cent of Growth funds’ managers make selection bets against their benchmarks. There is no consistent evidence that more actively managed funds deliver higher after-fee risk-adjusted performance. Superior performance is often due to randomness. Originality/value This study makes use of a unique data set gathered directly from KiwiSaver managers and captures the long-term strategic asset allocation target which underlines the investment management process in reality. The study represents the first attempt to examine the impact of benchmark asset allocation policy on KiwiSaver fund’s returns variability across time and returns variation among funds.
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Do, Thuy Hang. "Determinants of Innovation Commercialization Management and Anticipated Returns: An Exploratory Typology of SMEs". International Journal of Innovation and Technology Management 11, n.º 06 (25 de noviembre de 2014): 1450042. http://dx.doi.org/10.1142/s0219877014500424.
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This paper explores the effects of firm characteristics on the commercialization management and anticipated innovation returns within small- and medium-sized enterprises (SMEs). Our results suggest that young and small firms tend to be more innovative and have higher expectation for anticipated returns despite their less systematic management. By contrast, medium-sized firms are more likely to formalize their management, yet they have lower anticipated returns. Small equity-financed firms tend to approach a more systematic management of commercialization and anticipate high returns. Mature firms pursue a less systematic approach and anticipate lower returns. Overall, our findings show that firm characteristics such as size, age, R&D level, type of financing, innovation novelty and protection of intellectual properties play a significant role in the commercialization process. Employing an updated typology, this study provides additional insights into the firms' commercialization management and sheds some light on the owner-managers' anticipated returns from innovation.
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Adrangi, Bahram y Farrokh Ghazanfari. "Corporate Bond Returns And Weekday Seasonality". Journal of Applied Business Research (JABR) 13, n.º 1 (7 de septiembre de 2011): 9. http://dx.doi.org/10.19030/jabr.v13i1.5768.
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<span>This study examines trading day and calendar day returns-generating processes and tests the weekend effect in the corporate bond market. We reject the calendar day hypothesis while the trading day hypothesis cannot be rejected as the corporate bonds returns-generating process. Furthermore, we find a reverse weekend effect in the corporate bond market in that Monday returns are on-average positive and statistically significant in this sample.</span>
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Espahbodi, Hassanali, Pouran Espahbodi y Hassan Tehranian. "An alternative description of the stochastic process generating security returns". Applied Stochastic Models and Data Analysis 4, n.º 1 (marzo de 1988): 1–12. http://dx.doi.org/10.1002/asm.3150040102.
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Metcalfe, J. S. "Competition, Fisher's Principle and increasing returns in the selection process". Journal of Evolutionary Economics 4, n.º 4 (diciembre de 1994): 327–46. http://dx.doi.org/10.1007/bf01236409.
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Matouq, Mohammed. "Process Safety Management Strategies and Risk Assessment". Volume 4 issue 2 4, n.º 2 (1 de agosto de 2021): 52–61. http://dx.doi.org/10.48103/jjeci472021.
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The benefits of achieving excellent process safety prevent or mitigate incidents. Well, the decision-making process has a benefit on risk reduction. This paper guides how an effective system can be established to develop methods and models for mandatory safety and a healthful workplace. The success of health and safety management depends on the discipline, commitment, and participation of all employees to ensure the success of management strategies and ensure the reduction of significant risks. The sustainability challenges are increasingly by evaluating risk and process safety due to the differences in the knowledge and experiences. Failure Mode and Effective Analysis (FMEA) combined with risk management principles provide an overall assessment to express the deviation that might occur in the process before failure and distinguish the importance of risk factors. This article intended to provide a method for integrating an organization's safety and health regardless of its size and work contributed to regulations and requirements. The benefits to implementing this model in the company will show returns in the investment. The main challenges include identification and discussion of the potential risks, in addition, to the collaborative of researchers between environmental protection and process system leading to the reliability and better understanding of the existing safety concepts.
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Glegg, Charmaine, Kimberly Gleason, Oneil Harris y Jeff Madura. "What kinds of takeover defenses are most beneficial to shareholders during and following the bidding process?" Corporate Ownership and Control 7, n.º 4 (2010): 252–65. http://dx.doi.org/10.22495/cocv7i4c2p3.
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We investigate whether the strength of target antitakeover defenses impacts the market’s perception of the wealth generated for both targets and bidders shareholders in acquisitions, as well as the long-run post-acquisition returns to bidders. Our results indicate that while returns to bidder shareholders are a decreasing function of takeover defense strength, target shareholders benefit from moderate takeover defense strategies, at least in the short term. However, target shareholders are adversely affected by the highest levels of takeover defenses, both in the short run and in terms of any position they hold in the acquirer after the transaction is completed, which is reflective of value destruction during the bidding process by entrenched managers. Long run returns to successful bidders are highest when a weak defense target is acquired, and a declining function of target takeover defense strength. The lowest long run returns are experienced by bidders that acquire targets with very-strong takeover defenses. These results are confirmed by multivariate analyses. Overall, our results support the Entrenchment and Myopia theories, and partially support the bargaining power hypothesis.
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Ishfaq, Rafay, Uzma Raja y Shashank Rao. "Seller-induced scarcity and price-leadership". International Journal of Logistics Management 27, n.º 2 (8 de agosto de 2016): 552–69. http://dx.doi.org/10.1108/ijlm-05-2014-0073.
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Purpose – The purpose of this paper is to evaluate the interaction between inventory availability (scarcity) and pricing levels (price-leadership (PL)), and its effect on product returns in the internet retail supply chain. Specifically, this paper investigates how supply chain managers can use inventory (seller-induced scarcity) and pricing (PL) levers to control product returns. Design/methodology/approach – Empirical data of sales and product returns from an internet retailer is analyzed to identify the scale of the effect that product scarcity and PL has on product returns. These factors are considered in developing a sales-return process model which is used with empirical data in a simulation study. The study evaluates changes in product returns for different policy settings related to PL and inventory levels. Findings of the simulation study are validated using statistical analysis of empirical data. Findings – PL and seller-induced product scarcity affect the rate of product returns; however, the scale of this effect depends on inventory and pricing decisions. The results identify an inflection boundary based on scarcity and PL levels which reverses this effect. This reversal is explained by underlying principles at play regarding buyers’ valuation of the sale and corresponding product attributes. Practical implications – Supply chain managers in internet retail can leverage lower inventory under the seller-induced scarcity approach to improve revenues. However, reducing inventory levels beyond a threshold is counterproductive, due to an associated increase in product returns. Similarly, setting market competitive prices (PL) can help reduce product returns. Under the seller-induced scarcity condition, this effect is reversed for inventory levels below a threshold. Retailers can implement the methodology developed in this paper to identify the inventory-price threshold that can help increase revenues while keeping the rate of product returns at a manageable level. Originality/value – This research extends prior work regarding the role of product scarcity and pricing on product returns and develops a deeper understanding of how these factors can be managed to control product returns in the internet retail setting.
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LI, GENDAO y BAOFENG SUN. "OPTIMAL DYNAMIC PRICING FOR USED PRODUCTS IN REMANUFACTURING OVER AN INFINITE HORIZON". Asia-Pacific Journal of Operational Research 31, n.º 03 (junio de 2014): 1450012. http://dx.doi.org/10.1142/s0217595914500122.
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The return of used products (cores) is the beginning of remanufacturing. Although an appropriate pricing policy can effectively manage the returns, a static pricing policy cannot match the returns and demands because of the high uncertainties in both sides, which in turn results in high inventory cost or lost-sale cost. In this paper, we apply a dynamic pricing policy commonly used in retail setting to the core acquisition management in remanufacturing and study the pricing problem for used products with the objective of minimizing average cost over an infinite horizon. We formulate the pricing problem as a continuous-time Markov decision process and characterize the structural properties of the optimal policy. We also conduct a numerical study to investigate the benefit of dynamic pricing.
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Rege, Sameer y Samuel Gil Martín. "PORTUGUESE STOCK MARKET: A LONG-MEMORY PROCESS?" Business: Theory and Practice 12, n.º 1 (10 de marzo de 2011): 75–84. http://dx.doi.org/10.3846/btp.2011.08.
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This paper gives a basic overview of the various attempts at modelling stochastic processes for stock markets with a specific application to the Portuguese stock market data. Long-memory dependence in the stock prices would completely alter the data generation process and econometric models not considering the long-range dependence would exhibit poor forecasting abilities. The Hurst exponent is used to identify the presence of long-memory or fractal behaviour of the data generation process for the daily returns to ascertain if the process follows a fractional brownian motion. Detrended fluctuation analysis (DFA) using linear and quadratic trends and the Geweke Porter-Hudak methods are applied to detect the presence of long-memory or persistence. We find that the daily returns exhibit a small amount of long memory and that the quadratic trend used in the DFA overestimates the value of the Hurst exponent. These findings are corroborated by the use of the Geweke Porter-Hudak method wherein the Hurst exponent is close to the DFA using the linear trend.
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Lashgari, Shima, Jurgita Antuchevičienė, Alireza Delavari y Omid Kheirkhah. "BEYOND CAPM: AN INNOVATIVE FACTOR MODEL TO OPTIMIZE THE RISK AND RETURN TRADE-OFF". Journal of Business Economics and Management 15, n.º 4 (23 de septiembre de 2013): 615–30. http://dx.doi.org/10.3846/16111699.2013.770789.
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Different models have tried to improve the Capital Asset Pricing Model findings, on the basis that different factors can affect asset return. This paper examines a series of explanatory factors, broader than those explained by traditional theory, to see whether they are able to more accurately explain the returns. Should the previous point be confirmed, we must consider that the risk of an asset depends on multiple factors, rather than the few that are usually identified in the literature. Even though more than 300,000 factors are examined in this paper, the results show that in recent years just 87 factors are able to fully explain the returns of 4,500 companies in the 15 European countries examined. Our analysis also shows that business and macroeconomic, rather than financial factors, are those that heavily bear on asset returns; and that factors that affect asset return, either only positively or only negatively, do not exist. However, the same factor can affect some companies positively and others negatively. Thus, since not all firms are always sensitive to the same factors, there is the possibility to further decrease risk in proportion to return, through a factor-based risk optimisation process.
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Midor, Katarzyna y Jozef Žarnovský. "Innovative Use of Quality Management Methods for Product Improvement". Management Systems in Production Engineering 24, n.º 4 (1 de diciembre de 2016): 264–67. http://dx.doi.org/10.2478/mspe-08-04-2016.
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Abstract Organisations constantly look for new, innovative solutions and methods which could be used to improve their efficiency and increase the quality of their products. Identifying the causes for returns is an important issue for modern companies, as returns are the cause for the increase in production costs and, most importantly, the loss of credibility in the eyes of the client. Therefore, for the company to be able to sustain or strengthen its position on the market, it has to follow the rules of quality management. Especially important is the rule of constant improvement. This rule is primarily connected with preventing errors and defects from occurring at all the stages of the production process. To achieve that, one must, among other things, use quality management tools. The article presents an analysis of causes for returns of a vibrating screen produced by a company which manufactures machinery and equipment for the extractive industry, using quality management tools such as the Ishikawa diagram and Pareto analysis. The analysis allowed for the identification of the causes of client returns which could not be previously identified, and proposing solutions for them.
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Post, Jerry y Albert Kagan. "Evaluating Uses Of Information Technology In Health Care Administration". Journal of Applied Business Research (JABR) 14, n.º 2 (1 de septiembre de 2011): 1. http://dx.doi.org/10.19030/jabr.v14i2.5710.
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<span>This paper examines the distributional properties of stock returns in the Nigerian stock market. Because emerging stock markets present several institutional, political and economic barriers, we hypothesize that the structural adjustment program begun in 1986 resulted in a sustained increase in the variability of stock returns. Conventional variance homogeneity tests could not reject the hypothesis of changing volatility in the security returns process. However, the Lagrange multiplier test reveals the presence of autoregressive conditional heteroscedasticity (ARCH) effect in the stock returns.</span>
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Ayadi, O. Felix, Lloyd P. Blenman y C. Pat Obi. "Stock Return Characteristics In A Thin Incipient Stock Market". Journal of Applied Business Research (JABR) 14, n.º 3 (31 de agosto de 2011): 113. http://dx.doi.org/10.19030/jabr.v14i3.5709.
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<span>This paper examines the distributional properties of stock returns in the Nigerian stock market. Because emerging stock markets present several institutional, political and economic barriers, we hypothesize that the structural adjustment program begun in 1986 resulted in a sustained increase in the variability of stock returns. Conventional variance homogeneity tests could not reject the hypothesis of changing volatility in the security returns process. However, the Lagrange multiplier test reveals the presence of autoregressive conditional heteroscedasticity (ARCH) effect in the stock returns.</span>
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Kohli, Bindya y Deepa Pillai. "Influence of Board Reformation on the Stock Returns: an Event Study". International Journal of Engineering & Technology 7, n.º 3.16 (26 de julio de 2018): 71. http://dx.doi.org/10.14419/ijet.v7i3.4.16186.
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Investor sentiments pertaining to stocks are propelled by the contentions of financial sector reforms, fiscal policy and management change. Any uncertainty has a significant impact on the stock prices and returns accruing to the company. The paper examines the effect of change in management on the stock returns of a corporate entity. Organizational performance is dependent on the realization of the numerous roles the board of directors are entrusted with. Any change in the composition of the board through the resignation, retirement or ouster can thus have a significant impact on the stock prices and returns accruing to the company. It is anticipated that voluntary resignations, age related turnovers have small or negative impact on the stock price reactions. The paper investigates the impact of the ouster of the Chairman of the Tata group on the volatility of the daily prices and returns of four companies under the Tata umbrella. Event study methodology has been adopted following the market model of return generating process. Investors react to the market information thereby affecting the security prices positively or negatively during the event window. The findings disclose market sentiments are affected on the occurrence of the event though the acceptance of the event may be unforeseen.
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Walters, Lisa M., Mark A. Nickerson y Linda A. Hall. "Improving the 1040 process by applying lean principles: a case study". TQM Journal 32, n.º 2 (22 de noviembre de 2019): 249–67. http://dx.doi.org/10.1108/tqm-02-2019-0048.
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Purpose The purpose of this paper is to investigate a subject accounting firm’s existing workflow processes for preparing individual tax returns with an emphasis on identifying predominant areas of waste. Design/methodology/approach Specific Quality and Lean tools were applied to qualitative data secured from on-site visits to the firm. Quantitative data analysis of productivity measures was performed to identify additional sources of muda (waste) as well as validate the findings from the qualitative analysis. Corrective actions were recommended as applicable. Findings This case study of the subject firm identifies predominant wastes in the individual tax return process as defects and waiting. The authors propose that these categories of waste (waiting and defect) may indeed be the predominant forms of waste in service organizations and require further research. Research limitations/implications At least two limitations exist. The first was the inability to capture exact cycle times for each of the process steps. A second limitation was that the data on staff performance were gathered via interview rather than through direct observation. Practical implications Individual income tax return preparation (Form 1040) provides a significant revenue stream for many accounting firms. Managing the processes involved in an effective and timely fashion is critical to profitability. Additionally, other service industries, including financial and accounting firms of similar size or function, may find these areas of waste relevant and adopt similar strategies for eliminating or reducing them in service-processes. Originality/value Negligible literature exists concerning wastes in accounting firms. However, accounting firms in the USA earn an average of more than 50 percent of their total fees from tax services, including income tax return preparation.
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Bora, Ivani Mausumi y Manoj Kumar. "Long Term Dynamics of Indian ADRs Market: The Case of Persistence and Irregular Cycles". Accounting and Finance Research 6, n.º 2 (22 de marzo de 2017): 71. http://dx.doi.org/10.5430/afr.v6n2p71.
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The focus of this study is to understand the previously ignored return generating dynamics of American Depositary Receipts (ADR) markets. The main objective of this study is to investigate the nature of the return generating process of the Indian ADRs market. Specifically, the study addresses following interrelated research questions: Do returns series of Indian ADRs market exhibit random walk behavior or rather depict persistence and nonlinear dynamics? Is there any cyclicity in the returns series of Indian ADRs market? Rescaled Range (R/S) method on daily and weekly return series of Bank of the New York Mellon Indian ADR index (BKIN) from 2002 to 2016 has been applied to address the above questions. Empirical findings revealed that returns series of Indian ADRs market: (a) do not exhibit random walk behavior and rather depict both nonlinear behavior and persistence (long range dependence); (b) possess non-periodic cycles of 0.793, 2.38 and approximately 7 years. The findings can work as crucial inputs to forecasting, risk-management and market regulation processes. The knowledge of the average cycle length and persistence will enhance preparedness to handle the opportunities and risks at all levels in the market.
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Rodríguez, Javier y Wilfredo Toledo. "Chinese single-listed ADRs: returns and volatility". International Journal of Managerial Finance 11, n.º 4 (7 de septiembre de 2015): 480–502. http://dx.doi.org/10.1108/ijmf-07-2014-0103.
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Purpose – Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper is to empirically examine the factors affecting the returns and volatility of a sample of Chinese single-listed ADRs, in comparison with traditional Chinese ADRs. Design/methodology/approach – The methods used in this paper are similar to those used in the examination of traditional or dual-listed Chinese ADRs. However, motivated by the very nature of single-listed ADRs, the authors estimate a base model which includes factors from the two presumably most important markets for single-listed Chinese ADRs (i.e. the Chinese and US markets). In all of the estimations, the authors follow a two-step procedure. First, the authors estimate a GARCH(1,1) model with the mean equation modeled as an AR(p) process and from those models estimate GARCH (conditional) variances. Findings – In line with the evidence on traditional Chinese ADRs, the authors find that both the Chinese and the US markets are important predictors of single-listed ADR returns. The results are robust to variations in the model specifications. Originality/value – Single-listed ADR return behavior is still an under-researched topic. In this paper, the authors contribute to the literature on Chinese single-listed ADRs by empirically examining the determinants of their mean return and volatility.
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Mahindroo, Ankit, Harsh Vardhan Samalia y Piyush Verma. "Moderated influence of return frequency and resource commitment on information systems and reverse logistics strategic performance". International Journal of Productivity and Performance Management 67, n.º 3 (5 de marzo de 2018): 550–70. http://dx.doi.org/10.1108/ijppm-05-2016-0101.
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Purpose Reverse logistics (RL) is a strategic instrument across industries. The rapid evolution of online marketplaces has led to frequent product returns with variations across diversified businesses. These marketplaces have caused potential losses due to fraudulent returns, hence requiring a commitment of resources to RL. With information systems (IS) playing a role in improved supply chain performance, the purpose of this paper is to analyse the impact of a conceptualized IS framework on achieving RL strategic outcomes, under the individual moderating influence of resource commitment (RC) and return frequency. Design/methodology/approach Data have been collected through a questionnaire from top to middle management executives managing the supply chain, logistics and IS. Moderated regression analysis was conducted on the collected sample using Hayes’ (2013) process modeling. Findings The study depicts that IS capability, IS for logistics, IS partnership quality and IS for value addition lead to RL strategic benefits. Also, return frequency and RC act as relatively strong moderators with a negative impact. When analyzed for the individual IS constructs, RC has a stronger moderating impact than return frequency. Practical implications The IS usage framework can be used effectively by practitioners for enhancing strategic RL performances depending on variations in committed resources and return frequency for individual industries. Originality/value The study proposes an IS usage framework for achieving enhanced RL strategic outcomes and emphasizes on the moderating role played by RC and return frequency for producing the results.
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Nurdian, Risky Agung, Fardan Zamakhsyari y Yusuf Amrozi. "Implementation of Supply Chain Management in Managing Vehicle Spare Parts Using CodeIgniter Framework". Jurnal AKSI (Akuntansi dan Sistem Informasi) 5, n.º 1 (7 de mayo de 2020): 19–23. http://dx.doi.org/10.32486/aksi.v5i1.448.
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Company Z is a business entity engaged in the distribution of motorcycle parts in partnership with local shops in the supply chain. The process of recording parts distribution services, service returns and report services is still done manually. So this process is quite vulnerable to data loss that has been recorded. Therefore, a more effective and efficient recording system is needed. The system will be designed using the concept of Supply Chain Management which includes the process of purchasing goods, selling goods, managing suppliers, returning goods and managing reports. In this study the authors used a descriptive qualitative research method with interview, observation and document collection data collection techniques. The system is designed using a codeigniter framework and uses a MySQL database. The system that has been designed can provide solutions in recording the purchase, sales, management, product returns, and report management services that have been carried out based on the website so that it becomes more effective and efficient.
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Abildgren, Kim. "175 years of financial risks and returns in central banking: Danmarks Nationalbank, 1839–2014". Financial History Review 24, n.º 3 (diciembre de 2017): 307–29. http://dx.doi.org/10.1017/s0968565017000221.
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This article explores long-term trends in risks and returns within central banking using Danmarks Nationalbank as a case study. Core earnings generated by the basic functions and the associated risks typical of a central bank accounted on average for most of the Nationalbank's financial returns over the past 175 years. For a long period, this was the result of a passive risk-management strategy under which financial risks and returns just reflected the various functions performed by the Nationalbank and not the outcome of a deliberate decision-making process. A formalised and holistic risk-management framework was introduced only in the 1990s.
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Bejaoui, Azza, Adel Karaa y Emna Mahat. "Duration Dependence And Mean Reversion : An Attempt Of Identification In Tunisian Stock Market". Journal of Applied Business Research (JABR) 31, n.º 1 (15 de diciembre de 2014): 185. http://dx.doi.org/10.19030/jabr.v31i1.9000.
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<p class="-1">This study investigates the duration dependence of Tunisian stock market over the period from January 07, 1998 to March 29, 2013; using two-state Duration Markov-switching model. Through this model, duration dependence is emphasized in the conditional mean return, volatility, risk-return trade-off and transition probabilities. We demonstrate that TUNINDEX index weekly returns can be sorted into bull and bear market states. Our results are consistent with mean reversion process; i.e. mean reversion is the tendency of asset prices to return to a trend path. Finally, we conclude that Tunisian stock market fluctuations can be characterized by the presence of the countercyclical return volatility due to the asymmetric movements of the risk premia.</p>
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Puspitaningtyas, Zarah. "Empirical evidence of market reactions based on signaling theory in Indonesia stock exchange". Investment Management and Financial Innovations 16, n.º 2 (19 de abril de 2019): 66–77. http://dx.doi.org/10.21511/imfi.16(2).2019.06.
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Signaling theory assumes that it is necessary to signal investors to how they perceive company’s prospects. One of them is dividend announcements. The announcement of dividends is predicted to be a signal for investors in the investment decision making process. This study aims to determine and analyze the effect of dividend announcements, both increases and decreases in dividends, on stock returns. This study is intended to find empirical evidence about market reactions based on signaling theory in Indonesia Stock Exchange on the period 2017. The analysis of this study uses the event study method and hypothesis testing carried out using different test paired sample t-test. The results of this study prove that the market reacts to the announcement of dividends. The market reaction is indicated by the value of abnormal returns, namely abnormal returns in the positive direction when the announcement of dividend increased and abnormal returns in the negative direction when the announcement of dividend decreased. The value of abnormal returns in a positive direction reflects the company’s performance in good condition, and vice versa. This result indicates that dividend announcements are a signal and contain information relevant to investors in the investment decision making process.
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Ishigaki, Aya, Tetsuo Yamada y Surendra M. Gupta. "Design of a Closed-Loop Supply Chain with Stochastic Product Returns". International Journal of Automation Technology 11, n.º 4 (29 de junio de 2017): 563–71. http://dx.doi.org/10.20965/ijat.2017.p0563.
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This research focuses on the relation between time variation and the behaviors of a closed-loop supply chain with stochastic product returns. In recent years, activities that reduce environmental impact, such as recycling and reusing materials, have been increasing. Designing a closed-loop supply chain for recycling or reuse operations will support social responsibility and competitive advantage. However, in order to establish supply chains for sustainability, it is necessary to consider not only environmental benefits but also economic efficiency. Moreover, both the quantity of demand and returns are indefinite in an actual closed-loop supply chain. In this study, we assume that the arrival interval of return inward follows a logarithmic normal distribution. Further, we design basic models with a manufacturing and remanufacturing process to understand the behavior of a closed-loop supply chain with stochastic product returns in a finite horizon and investigate the influence of different choices in management on the cost and environmental factors.
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Bertoldi, Bernardo, Chiara Giachino, Stefano Bernard y Virginia Prudenza. "Fiat-Chrysler deal: looking for a good returns from M & A". Journal of Business Strategy 36, n.º 4 (20 de julio de 2015): 23–33. http://dx.doi.org/10.1108/jbs-02-2014-0015.
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Purpose – The aim of this paper is to investigate the cross-border acquisition’s process through the Fiat-Chrysler case. Many automotive companies have considered cross-border mergers and acquisition (M & A) as a necessary step to face increasing competition and globalization, but only few of them were successful. In particular, some best practices in terms of lessons-learned are highlighted. Design/methodology/approach – The paper is based on the analysis of a cross-border acquisition: the qualitative approach allows authors to better understand all the dynamics, complexities and problems that characterize companies facing this process (Yin, 1984). Authors used public information, Internet sources and Fiat’s documents to gather all the necessary information. Findings – In a cross-border acquisition, compatibility and complementarity of products and markets are fundamentals, whereas unmanaged cultural differences, as well as misunderstanding of the real motivations, are a slow but deadly poison: integration and a clear common focus on the final target are key factor for success. Research limitations/implications – The investigation is limited to the strategy used by Fiat-Chrysler. If the authors’ suggestions can be confirmed or improved by using other case studies, guidelines could be very useful to companies dealing with M & A. Practical implications – The paper offers recommendations on how big companies can manage a cross-border acquisition, illustrates the key steps to be successful and tries to define the necessary elements for a successful M & A. Originality/value – The paper shows how two real multinational companies operating in the automotive sector have decided to become one entity; moreover, it highlights the fundamental steps of the process, giving to the management a good example of what must happen in reality.
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Ahsan, Kamrul y Shams Rahman. "An investigation into critical service determinants of customer to business (C2B) type product returns in retail firms". International Journal of Physical Distribution & Logistics Management 46, n.º 6/7 (4 de julio de 2016): 606–33. http://dx.doi.org/10.1108/ijpdlm-09-2015-0235.
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Purpose – In spite of regular occurrence of product returns, research into determinants of returns services in retail businesses is still limited. To fill the gap, the purpose of this paper is to investigate critical determinants of customer to business type product returns services in the retail industry. Design/methodology/approach – The authors develop a framework of product returns services that consists of three major service categories and 16 returns service determinants. The criticality of the determinants of product returns management are assessed employing the analytic hierarchy process (AHP) based multi-criteria decision-making approach. Under AHP set up the authors interview retail operations managers of major retail firms in Australia to identify critical determinants of product returns services. Findings – Results indicate that the most important returns services dimensions are the way in which returns services are handled through interaction, and the outcome of service delivery. The top five critical service determinants of product returns are related to: communication support service for customer, money back for any type of returns, customer support access, user-friendly interaction, and product replacement. Originality/value – The findings of the study can be considered by senior managers of retail firms as a reference guide for designing efficient and effective returns service systems and developing strategies for competitive advantage through product returns, namely, customer retention.
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Giat, Yahel y Dan Bouhnik. "A Decision Support System and Warehouse Operations Design for Pricing Products and Minimizing Product Returns in a Food Plant". Interdisciplinary Journal of Information, Knowledge, and Management 16 (2021): 039–54. http://dx.doi.org/10.28945/4692.
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Aim/Purpose: The first goal is to develop a decision support system for pricing and production amounts for a firm facing high levels of product returns. The second goal is to improve the management of the product returns process. Background: This study was conducted at a food importer and manufacturer in Israel facing a very high rate of product returns, much of which is eventually discarded. The firm’s products are commonly considered to be a low-cost generic alternative and are therefore popular among low-income families. Methodology: A decision support module was added to the plant’s business information system. The module is based on a supply chain pricing model and uses the sales data to infer future demand’s distribution. Ergonomic models were used to improve the design of the returns warehouse and the handling of the returns. Contribution: The decision support system allows to improve the plant’s pricing and quantity planning. Consequently, it reduced the size of product returns. The new design of the returns process is expected to improve worker’s productivity, reduces losses and results in safer outcomes. This study also demonstrates a successful integration and of a theoretical economical model into an information system. Findings: The results show the promise of incorporating pricing supply chain models into informing systems to achieve a practical business task. We were able to construct actual demand distributions from the data and offer actual pricing recommendations that reduce the number of returns while increasing potential profits. We were able to identify key deficiencies in the returns operations and added a module to the decisions support system that improves the returns management and links it with the sales and pricing modules. Finally, we produced a better warehouse design that supports efficient and ergonomic product returns handling. Recommendations for Practitioners: This work can be replicated for different suppliers, manufacturers and retailers that suffer from product returns. They will benefit from the reduction in returns, as well as the decrease in the losses associated with these returns. Recommendation for Researchers: It is worthwhile to research whether decision support systems can be applied to other aspects of the organizations’ operations. Impact on Society: Product returns is a lose-lose situation for producers, retailers and customers. Moreover, mismanagement of these returns is harmful for the environment and may result in the case of foods, in health hazards. Reducing returns and improving the handling improves sustainability and is beneficial for society. Future Research: The decision support system’s underlying pricing model assumes a specific business setting. This can be extended using other pricing models and applying them in a similar fashion to the current application.
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Zhang, Jing, Wei Zhang, Andreas Schwab y Sipei Zhang. "Institutional Environment and IPO Strategy: A Study of ChiNext in China". Management and Organization Review 13, n.º 2 (8 de mayo de 2017): 399–430. http://dx.doi.org/10.1017/mor.2016.40.
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ABSTRACTTaking an institution-based view, we investigate how entrepreneurs respond to immature regulatory environments in order to be listed on stock markets in countries with an emerging economy. Unlike stock markets in developed countries, in emerging markets, gaining government approval for listing is a critical and more unpredictable process for entrepreneurs. Hence, entrepreneurs who are preparing for a public offering might give substantially discounted shares to venture capital (VC) investors. This will lead to higher investment returns in pre-IPO deals than those at earlier stages, which distorts the risk-return tradeoff found in developed markets. In particular, the VC investors affiliated with powerful organizations that can promise entrepreneurs preferential access to stock market gatekeepers will gain even higher pre-IPO investment returns. The associated additional institutional rents earned by VC investors, however, are expected to decrease over time, as the stock markets mature. Related hypotheses with regard to the investment timing, VC firm affiliations with government agencies, securities traders, and universities are tested using data from ChiNext in China (2009–2013). This study highlights that institutional factors impact the behavior of participants in emerging markets. It extends current theories derived almost exclusively from developed markets.
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Smith, Zachary Alexander y Muhammad Zubair Mumtaz. "Hedge fund managers and deceit: is the accusation of performance manipulation valid?" Chinese Management Studies 11, n.º 3 (7 de agosto de 2017): 387–414. http://dx.doi.org/10.1108/cms-02-2017-0035.
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Purpose The purpose of this paper is to examine whether there is significant evidence that hedge fund managers engage in deceptive manipulation of their reported performance results. Design/methodology/approach A model of hedge fund performance has been developed using standard regression analysis incorporating dependent lagged variables and an autoregressive process. In addition, the extreme bounds analysis technique has been used to examine the robustness and sensitivity of the explanatory variables. Finally, the conditional influence of the global stock market’s returns on hedge fund performance and the conditional return behavior of the Hedge Fund Index’s performance have been explored. Findings This paper begins by identifying a model of hedge fund performance using passive index funds that is well specified and robust. Next, the lag structure associated with hedge fund returns has been examined and it has been determined that it seems to take the hedge fund managers two months to integrate the global stock market’s returns into their reported performance; however, the lagged variables were reduced from the final model. The paper continues to explore the smoothing behavior by conditioning the dependent lagged variables on positive and negative returns and find that managers are conservative in their estimates of positive performance events, but, when experiencing a negative result, they seem to attempt to rapidly integrate that effect into the return series. The strength of their integration increases as the magnitude of the negative performance increases. Finally, the performance of returns for both the Hedge Fund Index and the passive indices were examined and no significant differences between the conditional returns were found. Research limitations/implications The results of this analysis illustrate that hedge fund performance is not all that different from the performance of passive indices included in this paper, although it does offer investors access to a unique return distribution. From a management perspective, we are reminded that we need to be cautious about hastily arriving at conclusions about something that looks different or feels different from everything else, because, at times, our preconceived notions will cause us to avoid participating in something that may add value to our organizations. From an investment perspective, sometimes having something that looks and behaves differently from everything else, improves our investment experience. Originality/value This paper provides a well-specified and robust model of hedge fund performance and uses extreme bounds analysis to test the robustness of this model. This paper also investigates the smoothing behavior of hedge fund performance by segmenting the returns into two cohorts, and it finds that the smoothing behavior is only significant after the hedge funds produce positive performance results, the strength of the relationship between the global stock market and hedge fund performance is more economically significant if the market has generated a negative performance result in the previous period, and that as the previous period’s performance becomes increasingly negative, the strength of the relationship between the Hedge Fund Index and the global stock market increases.
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DAHLANDER, LINUS. "APPROPRIATION AND APPROPRIABILITY IN OPEN SOURCE SOFTWARE". International Journal of Innovation Management 09, n.º 03 (septiembre de 2005): 259–85. http://dx.doi.org/10.1142/s1363919605001265.
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Firms in open source software (OSS) are active in a field encompassing all the characteristics of a public good, given the non-excludability and non-rivalry nature of OSS. The fact that many important inputs to the innovative process are public should not be taken to mean that innovators are prevented from capturing private returns. The objective of this paper is to explore how firms appropriate returns from innovations that are created outside the boundaries of firms and in the public domain, using the case of OSS. To do so, the paper draws upon an explorative multiple case study of five small firms that attempt to appropriate returns from OSS, with rich empirical evidence from various data sources. The cases illustrate how firms try a variety of approaches to appropriate adequate returns, and suggest that selling services is the dominant trend. Firms also balance the relative inefficiency of traditional means of intellectual property rights such as patents by putting greater emphasis on first-mover advantages and creating network externalities.
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Dorey, John, Sangwan Kim y Yong-Chul Shin. "The disappearing abnormal returns to a fundamental signal strategy". Managerial Finance 43, n.º 4 (10 de abril de 2017): 406–24. http://dx.doi.org/10.1108/mf-05-2016-0142.
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Purpose The purpose of this paper is to examine whether abnormal returns to a fundamental signal (FS) strategy disappear after the publication of Abarbanell and Bushee (1998). Design/methodology/approach Using data on NYSE/AMEX firms from 1974 to 2012, this research estimates annual Fama and MacBeth (1973) cross-sectional regression of risk-adjusted buy-and-hold returns on the FSs after controlling for contemporaneous earnings changes and a proxy for market risk. Findings This paper finds that predictable hedge returns to the FSs substantially decrease and become statistically insignificant after the Abarbanell and Bushee’s publication date. This research also finds that the FSs have not lost their importance to equity valuation process; value relevance of the FSs has not diminished, and the FSs have retained their predictive ability over time. The evidence on changing information and trading environments appears to contribute to the disappearing abnormal returns to a FS strategy. Originality/value This paper adds to the growing body of literature on the persistence of pricing anomalies.