New evidence on practical implications of the CAPM

2021 ◽  
Author(s):  
Roi D. Taussig
Keyword(s):  
New Evidence ◽  
Practical Implications

scholarly journals Religion, national culture and cross-country differences in the use of trade credit

2019 ◽  
Vol 15 (3) ◽  
pp. 350-370
Author(s):  
Markus Mättö ◽  
Mervi Niskanen
Keyword(s):  
Cultural Values ◽  
National Culture ◽  
Trade Credit ◽  
Cultural Dimensions ◽  
Firm Level ◽  
Content Type ◽  
Cross Country ◽  
New Evidence ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to investigate whether religion or national culture can explain previously observed cross-country variation in trade credit. Design/methodology/approach Using the firm-level SME data from 35 European countries, religion and cultural factors of Hofstede and Schwartz, the authors provide new evidence on the determinants of the cross-country variation in trade credit. Findings The results indicate that religion and national culture are associated with trade credit. The authors find that the levels of trade credit are higher in Catholic countries than in Protestant ones and that peoples’ religiousness has an impact on trade credit only in Catholic countries. The authors also find that Hofstede’s cultural dimensions, such as power distance and uncertainty avoidance, are positively associated with trade credit. Practical implications Overall, authors’ findings indicate that religion and national culture are important determinants of trade credit management, and that the association between commonly used cultural values and trade credit depends on the religious, legal, and financial environment. Originality/value To the best of authors’ knowledge, this is the first study to research the relationship between national culture and trade credit.

The shape of income distribution and decomposition of the changes in income inequality in India

2019 ◽  
Vol 46 (3) ◽  
pp. 760-776 ◽  
Author(s):  
Aswini Kumar Mishra ◽  
Anil Kumar ◽  
Abhishek Sinha
Keyword(s):  
Income Inequality ◽  
Research Work ◽  
Income Growth ◽  
Analysis Tool ◽  
Distribution Analysis ◽  
Content Type ◽  
Income Distributions ◽  
The Rich ◽  
New Evidence ◽  
Practical Implications

Purpose Though Indian economy since 1980s has expanded very rapidly, yet the benefits of growth remain very unequally distributed. The purpose of this paper is to provide new evidence about the shape, intensity and decomposition of inequality change between 2005 and 2012. The authors find that Gini, as a measure of income inequality, has increased irrespective of geographic regions. Design/methodology/approach Based on a recent distribution analysis tool, “ABG,” the paper focuses on local inequality, and summarizes the shape of inequality in terms of three inequality parameters (α, β and γ) to examine how the income distributions have changed over time. Here, the central coefficient (α) measures inequality at the median level, with adjustment parameters at the top (β) and bottom (γ). Findings The results reveal that at the middle of distribution (α), there is almost the same inequality in both the periods, but the coefficients on the curvature parameters β and γ show that there is increasing inequality in the subsequent period. Finally, an analysis of decomposition of inequality change suggests that though income growth was progressive, however, this equalizing effect was more than offset by the disequalizing effect of income reranking. Research limitations/implications This paper shows how it can be possible both for “the poor” to fare badly relatively to “the rich” and for income growth to be pro-poor. Practical implications This paper stresses the significance of inequality reduction. Social implications Inequality reduction is very much imperative in ending poverty and boosting shared prosperity. Originality/value Perhaps, this research work is first of its kind to examine the shape and decomposition of change in income inequality in India in recent years.

Institutional perspectives of dividend policy in India

2018 ◽  
Vol 10 (3) ◽  
pp. 324-342 ◽  
Author(s):  
H. Kent Baker ◽  
Sujata Kapoor ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Dividend Policy ◽  
Mail Survey ◽  
Active Monitoring ◽  
Content Type ◽  
Dividend Policies ◽  
Dividend Payments ◽  
New Evidence ◽  
Level Of Importance ◽  
Practical Implications

Purpose This study aims to examine dividend policy from the perspective of institutional investors in India. It focuses on the level of importance these investors attach to the dividend policy of their investee firms, the level of influence they exercise in shaping such firms’ dividend policies and their reactions to changes in dividends. This study also reports how institutional investors view various explanations for paying dividends. Design/methodology/approach A mail survey provides a profile of respondents and their firms, as well as responses to 29 closed-ended questions involving various explanations for paying dividends and 22 closed-ended questions on various dividend issues. Findings The evidence shows that Indian institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Their reactions to dividend changes are asymmetric. Taxes are a major driver for why they seek dividends, whereas liquidity needs to play little role in shaping their preferences. The two most commonly used methods of active monitoring are selling shares and communicating concerns to investee companies. Research limitations/implications The number of responses limits the ability to test for statistically significant differences between the various competing hypotheses. Practical implications The findings support multiple explanations for paying cash dividends and provide new evidence supporting the positive relation between inflation and dividend payments. Originality/value This study provides the first survey evidence on the views of institutional investors on dividend policy in India.

scholarly journals Inspiring teaching: learning from exemplary practitioners

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Pamela Sammons ◽  
Ariel Mariah Lindorff ◽  
Lorena Ortega ◽  
Alison Kington
Keyword(s):  
Professional Development ◽  
School Improvement ◽  
Professional Learning Communities ◽  
Learning Communities ◽  
Professional Learning ◽  
Design Methodology ◽  
Small Scale ◽  
Multiple Perspectives ◽  
New Evidence ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the concept of ' inspiring teaching' based on case studies of exemplary practitioners in England to inform professional development and collaborative learning and support school improvement. Design/methodology/approach The study adopted a mixed methods design involving multiple perspectives. Data sources included interviews with teachers, two systematic classroom observation schedules and qualitative field notes from classroom observations. Quantitative and qualitative findings were integrated to allow for triangulation and synthesis. Findings The ‘inspiring’ sample of teachers exhibited many strengths in terms of the characteristics of more effective teaching identified in previous literature. However, the integration and synthesis of evidence also reveals core features of inspiring practice and highlighted the strong emotional and reflective components that distinguish inspiring practice, including: positive relationships; good classroom/behaviour management; positive and supportive climate; formative feedback; high quality learning experiences; enjoyment, and high levels of student engagement and motivation. Research limitations/implications This small-scale study was based on a purposive sample of 17 teachers in England therefore results cannot necessarily be generalised to other contexts. Practical implications The research findings and approaches can be used to support teachers' professional development and provide resources to promote collaboration in developing professional learning communities. Originality/value The investigation provides new evidence on the characteristics, practices and views of inspiring teachers. The use of multiple perspectives and integration of findings provides new evidence to inform and support the development of professional learning communities.

Religious coping in adolescents: New evidence and relevance

2019 ◽  
Author(s):  
Lluis Oviedo ◽  
Josefa Torralba
Keyword(s):  
Coping Strategies ◽  
Religious Coping ◽  
Coping Styles ◽  
Religious Faith ◽  
Coping Resource ◽  
Life Crisis ◽  
New Evidence ◽  
Practical Implications ◽  
Secular Coping ◽  
Religious Decline

Adolescence is frequently seen as a troubled age and, in many societies, as a time of sharp religious decline. The question arises to what extent religious faith and practice could still help teenagers to cope with their distress, especially when religion fades away in secularized environments and stops being a common coping resource. A new survey has been conducted in South-East Spain (N=531) to assess coping styles – religious and secular – and how they are related to other variables. The outcomes confirm that religious coping becomes a minority choice; it is related to age – for those older in the sample – and is mixed with secular coping strategies. Secularization implies a confidence lost in religious means to tackle distress and life crisis and the search for alternative coping strategies. The study explores the practical implications of those outcomes.

Effects of perceived product similarity and ad claims on brand responses in comparative advertising

2015 ◽  
Vol 27 (4) ◽  
pp. 535-558 ◽  
Author(s):  
Chanthika Pornpitakpan ◽  
Yizhou Yuan
Keyword(s):  
Factorial Design ◽  
Undergraduate Students ◽  
Design Methodology ◽  
Target Product ◽  
Perceived Similarity ◽  
Research Gaps ◽  
Comparative Advertising ◽  
Content Type ◽  
New Evidence ◽  
Practical Implications

Purpose – The purpose of this paper is to investigate the effect of perceived product similarity and comparative ad claims on brand responses. Design/methodology/approach – This study uses a two (similarity between the target product and the comparison product: relatively similar vs dissimilar) by three (product attributes of the target product: common to the comparison product, distinct from the comparison product, and a combination of common and distinct attributes) between-subjects factorial design with 300 Thai undergraduate students. Findings – It finds that when perceived similarity between the products is high, a combination of superiority (distinct) and parity (common) ad claims lead to the best brand responses. When perceived similarity is low, superiority claims bring about the best brand responses. Research limitations/implications – It extends comparative advertising and category-substitution research by addressing the research gaps in perceived similarity and claim type. Practical implications – Companies should emphasize a product’s superior attributes in general but a combination of common and superior attributes when the product is relatively similar to other products in comparative advertising. Originality/value – This study provides new evidence that perceived product similarity moderates the effect of comparative ad claims on brand responses.

The impact of the reputation of underwriter and sponsoring representative on IPO underwriting fees

2016 ◽  
Vol 6 (4) ◽  
pp. 342-366 ◽  
Author(s):  
Chao Chen ◽  
Xinrong Wang
Keyword(s):  
Initial Public Offering ◽  
Political Connection ◽  
Content Type ◽  
Underwriting Fees ◽  
The One ◽  
Public Offering ◽  
The Impact ◽  
New Evidence ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the effect of the reputation of underwriters and sponsoring representatives on initial public offering (IPO) underwriting fees, and further investigates the role of ownership and political connection. Design/methodology/approach The methodology includes three models. Model 1 empirically investigates the effect of underwriter’s reputation on underwriting fee. Model 2 studies the effect of sponsoring representative’s reputation on underwriting fee. Model 3 further examines the effect of underwriter’s reputation and sponsoring representative reputation on the underwriting fee controlling for the impact of ultimate controlling ownership and political connection. Findings The study documents that underwriters’ and sponsoring representatives’ reputation can result in reputational premiums. In the IPO of state-owned enterprises (SOEs), the reputation of underwriters and sponsoring representatives does not significantly affect the underwriting fees. In the IPO of non-state-owned enterprises (NSOEs), there is a significantly positive correlation between underwriters’ and sponsoring representatives’ reputation and underwriting fees. Further research results show that, on the one hand, the effect of underwriters’ and sponsoring representatives’ reputation on underwriting fees is not significant in the IPO of NSOEs with political connection. On the other hand, underwriting fees are positively associated with underwriters’ and sponsoring representatives’ reputation in the IPO of NSOEs without political connection. Research limitations/implications The sponsoring representative’s fee is not disclosed separately, which makes it difficult to distinguish the incremental effect from underwriter’s services and reputation. Practical implications NSOEs relative to SOEs are more likely to pay higher underwriting fees for hiring underwriter and sponsoring representative with better reputation during the process of IPO. Social implications The reputation of underwriter and sponsoring representative does not matter to SOEs but does matter to NSOEs. However, NSOEs’ political connection affects underwriter fees. Originality/value This paper provides new evidence of sponsoring representatives’ reputation and political connection on the underwriting fees in the IPO in Chinese SOEs and NSOEs.

scholarly journals Subjective Well-Being and Job Types: New Evidence From China

2019 ◽  
Vol 16 (1) ◽  
pp. 24-31
Author(s):  
Meng Yan ◽  
Kai Shi
Keyword(s):  
Public Sector ◽  
Household Income ◽  
Probit Model ◽  
Well Being ◽  
Ordered Probit ◽  
Ordered Probit Model ◽  
Subjective Well Being ◽  
The Public ◽  
New Evidence ◽  
Practical Implications

Abstract Research purpose. The job types might be potential determinants of subjective well-being (SWB), which is seldom investigated in the current literature. This article examines this relationship by collecting data from the Chinese Household Income Project in 2013 to explore this relationship. Approach. In line with existing studies on SWB, we apply the ordered probit model and further estimate the effects of different job types on SWB. Findings. This article demonstrates that individuals employed by Sino-foreign joint enterprises tend to have the lowest SWB. On the contrary, those employed by the public sector and private enterprises are more likely to acquire higher satisfaction. Practical implications. To conclude, job types are closely linked with SWB and job types should be incorporated as a crucial factor when further analysing the SWB.

Stability versus fragility: new evidence from 84 banks

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohsin Ali ◽  
Omair Haroon ◽  
Syed Aun R. Rizvi ◽  
Wajahat Azmi
Keyword(s):  
Financial Stability ◽  
Banking Industry ◽  
Financial Sector ◽  
Islamic Banks ◽  
Policy Makers ◽  
Content Type ◽  
Muslim Majority ◽  
The Stability ◽  
New Evidence ◽  
Practical Implications

Purpose This paper aims to examine whether competition from Islamic banks add to the financial stability and profitability of financial sector and to assess the sources of such (in)stability. Design/methodology/approach Using Herfindahl–Hirschman Index as a measure of competition and Z-score as a measure of stability, the authors run panel GMM regressions to assess their association with data from 84 banks in Indonesia and Malaysia over a period from 2005 to 2018. Findings Increasing competition from Islamic banks in East Asian banking industry adds to the stability of the system while it does not affect profitability. This stability is derived from both asset and liability side. Research limitations/implications While adding to the literature on banking and Islamic finance, this paper suggests to the policy makers that policies promoting Islamic banking will tend to assist in enhancing financial sector stability. Practical implications Growth in alternative financial instruments brings steadiness within the financial structure. Such growth and competition should be encouraged. Originality/value The paper exploits an interesting setting of dual-banking industry in two large Muslim-majority developing country for testing two competing theories: competition-fragility and competition-stability. Such a setting also allowed us to examine whether increasing stability of financial sector is driven by demand or supply.

External accountants’ business advice and SME performance

2015 ◽  
Vol 27 (2) ◽  
pp. 166-188 ◽  
Author(s):  
Peter John Carey
Keyword(s):  
Small Businesses ◽  
Small Firms ◽  
External Support ◽  
Empirical Literature ◽  
Full Time ◽  
Resource Based View ◽  
Content Type ◽  
Internal Resources ◽  
New Evidence ◽  
Practical Implications

Purpose – This study aims to investigate whether “small- and medium-sized enterprises” (SMEs) benefit from their external accountants’ business advice through enhanced firm performance. Most SMEs draw on external support, and their main advisors are external accountants (Bennett and Robson, 1999). The resource-based view of the firm suggests that firms will seek external support if they perceive a gap in their internal resources. Design/methodology/approach – Data were collected from a questionnaire mailed to a random sample of Australian SMEs, defined as businesses having between 5 and 200 full-time employees. Findings – An analysis of 380 survey respondents confirms a positive relationship between the voluntary purchase of business advice and SME performance, and that SME performance is further enhanced when business advice is purchased jointly with auditing. These relationships apply to the small (5-49 employees) but not to the medium-sized (50-200 employees) businesses. Findings are consistent with smaller firms having narrower resource bases and thus a greater need to source business advice. Practical implications – The accounting profession has long encouraged a broadening of its service base, and evidence that small businesses perceive a performance benefit from their accountants’ business advice provides support for the profession’s strategy. Originality/value – This research extends the empirical literature investigating the link between the business advice of an external accountant and SME performance. It explains small firms’ demand for business advice by extending the application of the resource-based view of the firm and provides new evidence consistent with “knowledge spillover” from auditing to business advice in the small firm environment.

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