Showing papers by "European Business School London published in 2017"

Are Correlations Constant? Empirical and Theoretical Results on Popular Correlation Models in Finance

Abstract: Multivariate GARCH models have been designed as an extension of their univariate counterparts. Such a view is appealing from a modeling perspective but imposes correlation dynamics that are similar to time-varying volatility. In this paper, we argue that correlations are quite different in nature. We demonstrate that the highly unstable and erratic behavior that is typically observed for the correlation among financial assets is to a large extent a statistical artefact. We provide evidence that spurious correlation dynamics occur in response to financial events that are sufficiently large to cause a structural break in the time-series of correlations. A measure for the autocovariance structure of conditional correlations allows us to formally demonstrate that the volatility and the persistence of daily correlations are not primarily driven by financial news but by the level of the underlying true correlation. Our results indicate that a rolling-window sample correlation is often a better choice for empirical applications in finance.

Doing critical management accounting research in emerging economies

Abstract: The paper introduces methodological and theoretical premises of critical management accounting research and provides some guidance for researchers. We see critical management accounting research in terms of three overlapping and interrelated ‘analytical acts’ that researchers often perform: contextualising, historicising and theorising. To contextualise, researchers need to establish connections between local, everyday management accounting occurrences and changes taking place in the wider socio-political and cultural spheres. Historicising relates micro-histories to macro-histories. Thus, critical researchers need to locate management accounting technologies in historically-specific social and political contexts, and understand their emergence and reproduction as outcomes of the evolution of political-economic systems. Given the empirical findings are often site-specific and idiosyncratic in critical research, theorisation is important. Although they may be quite interesting in their peculiarity, especially to the local readership in those countries, these findings need to be made interesting for wider consumption. Theorising, in this sense, is a critical act signifying local occurrences by raising and placing them in a higher-order schema of meaning.

Bedsides healthcare rationing dilemmas: A survey from Bulgaria and comparison with Portugal

Abstract: We investigate the views of Bulgarian citizens on the principles that should guide microallocation healthcare resources and compare them directly with those of Portuguese citizens. A self-administered online questionnaire was used to collect data from a sample of 298 Bulgarian citizens, using methods from a matching previous study in Portugal. Respondents faced a hypothetical rationing exercise where they had to choose and order four patients (differentiated by personal and health characteristics) and a set of statements that embodied: (i) distributive criteria for prioritizing patients, (ii) who should prioritize patients, and (iii) the likelihood of these prioritization decisions being real. Descriptive statistics, factor analysis, and non-parametric test were used. Findings suggest that Bulgarian respondents: (i) support a plurality of distributive principles to underpin healthcare priority setting with an incident on the severity of health conditions, on utilitarianism and on reducing health inequalities; (ii) trust in the health professional to make prioritization decisions and (iii) do not seem to believe that patients' prioritization will ever become real. While Bulgarian and Portuguese respondents support a number of shared ethical principles they place a different level of importance to each. Bulgarians value mainly the age criterion in prioritizing patients, whereas Portuguese revealed a greater concern about efficiency.

Should Lifestyles Be a Criterion for Healthcare Rationing? Evidence from a Portuguese Survey.

Abstract: Background: We evaluated whether different personal responsibilities should influence the allocation healthcare resources and whether attitudes toward the penalization of risk behaviours vary among individual’s sociodemographic characteristics and health related habits. Study design: A cross-sectional study. Methods: We developed an online survey and made it available on various social networks for six months, during 2015. The sample covered the population aged 18 yr and older living in Portugal and we got 296 valid answers. Respondents faced four lifestyle choices: smoking, consumption of alcoholic beverages, unhealthy diet and illegal drug use, and should decide whether each one is relevant when establishing healthcare priorities. Logistic regressions were used to explore the relation of respondents’ sociodemographic characteristics and health related behaviours in the likelihood of agreeing with the patients engaged in risky behaviour deserve a lower priority. Results: Using illegal drugs was the behaviour most penalized (65.5%) followed by heavy drinkers (61.5%) and smoking (51.0%). The slight penalization was the unhealthy dieting (29.7%). The sociodemographic characteristics had different impact in penalization of the risks’ behaviours. Moreover, the respondents who support the idea that unhealthy lifestyles should have a lower priority, all strongly agreed that the smoking habit (OR=36.05; 95% CI: 8.72, 149.12), the unhealthy diets (OR=12.87; 95% CI: 3.21, 51.53), drink alcohol in excess (OR=20.51; 95% CI: 12.09, 85.46) and illegal drug use (OR=73.21; 95% CI: 9.78, 97.83) must have a lower priority in the access to healthcare. Conclusions: The respondents accept the notion of rationing healthcare based on lifestyles.

Empowering Refugees With Technology: Best Practices And Research Agenda

Abstract: Recommended Citation AbuJarour, Safa'a; Krasnova, Hanna; Diaz Andrade, Antonio; Olbrich, Sebastian; Tan, Chee-Wee; Urquhart, Cathy; and Wiesche, Manuel, (2017). "EMPOWERING REFUGEES WITH TECHNOLOGY: BEST PRACTICES AND RESEARCH AGENDA". In Proceedings of the 25th European Conference on Information Systems (ECIS), Guimarães, Portugal, June 5-10, 2017 (pp. 3263-3273). ISBN 978-0-9915567-0-0 Panels. https://aisel.aisnet.org/ecis2017_panels/4

Geographic Proximity and Managerial Alignment: Evidence from Asset Sell-Offs by Real Estate Investment Trusts

Abstract: While the relation between geographic dispersion and firm value has been extensively studied, there are intriguing aspects that we do not yet understand. For example, Bernile, Kumar and Sulaeman (2015) report that, “local investors may perceive an informational advantage where there is in fact none.” Additionally, when we talk of local assets versus distant assets, there is little data showing what that means. REITs offer a unique and more complete data source of evidence about the proximity issue and value. In our unique panel dataset of more than 800,000 property-year observations, we find that local must be carefully evaluated as in most cases these REITs own a wide pool of geographically diversified assets. We apply a two-stage sequential choice model to mitigate selection bias at the firm-level and property-level. We find that REITs tend to dispose of distant properties and there is a negative relation between distance and cumulative abnormal returns. The top-ten MSAs in our disposition sample were over 860 miles (1,388 kilometers) from their REIT headquarters (HQs). The average cumulative abnormal return (CAR) was over three times as large and statistically significant for those dispositions that were below the median distance compared to those farther. However, further analyses show that headquarters that were in smaller areas (below the mean by population) were the only REITs to have positive abnormal returns. Thus, the gain is to firms that are located in smaller areas and who dispose of properties closer to their HQs. The gains are monotonically declining by distance from their HQs. This evidence is supportive of managerial alignment theory in the literature.Further, informational and social factors explain corporate decisions on asset sell-offs: this social interaction effect exists for those HQs located in less-populated areas. Consistent with the hypothesis of Landier, Nair and Wulf (2009), we find a positive and significant relation between aggregated proximity of a firm’s property holdings (Geographic HHI) and employee friendliness, indicating proximity between a particular firm’s headquarters and its underlying properties is associated with poor shareholder protection due to better employee protection. Together, these findings suggest a dominant role for the managerial alignment hypothesis. We find in particular that for HQs in less-populated MSAs, the managerial alignment effect dominates the information asymmetry effect.

Relative Importance Assigned to Health Care Rationing Principles at the Bedside: Evidence From a Portuguese and Bulgarian Survey.

Abstract: Activity was undertaken to develop a Prioritization Scoring Index for Portugal and Bulgaria that weights the importance given to ethical rationing principles that should guide decisions at the bedside. Data from two random samples of 355 Portuguese and 298 Bulgarian members of the public were collected from an online questionnaire. Questions asked about the level of importance given to specific issues related to patient's prioritization criteria. Responses were analyzed quantitatively with the SPSS. In the process of selecting the patient to treat, Portuguese and Bulgarian respondents seem unanimous in giving greater importance to (i) the treatment outcomes, (ii) the severity of illness, (iii) children, and (iv) patients' fragility. In general, Portuguese and Bulgarian respondents allocate more than 50% of the prioritization weight to equity considerations, approximately 35% to efficiency considerations, and 5% to lottery selection. Even so, Bulgarian respondents rate highly the equity and less the efficiency consideration than Portuguese respondents. Although the pursuit of efficiency seems to be valued by respondents, their major concern seems to be with the reduction of inequalities in health.

A influência da marca territorial na predisposição do consumidor turístico: O caso Cabo Verde

Abstract: Objetivo: O principal objetivo do presente trabalho consiste em discutir a influencia da criacao de uma marca territorial na identidade percebida pelo consumidor em contextos de turismo, no caso particular de Cabo Verde. Desenho/metodologia/abordagem: Como estudo exploratorio, analisou-se a criacao da marca territorial Cabo Verde na perspetiva dos pressupostos teoricos do prisma de identidade da marca e propoe-se um modelo que relaciona a influencia da identidade local com as intencoes comportamentais em turismo por parte de residentes e turistas. Resultados: Os resultados obtidos mostram uma gestao da marca territorial Cabo Verde (em especifico a identidade da marca) relacionada com a identidade local, o que sugere que se trate de um determinante importante na procura turistica do destino Cabo Verde. Estudos futuros deverao testar esta relacao atraves de um modelo de equacoes estruturais no que toca aos construtos motivacao, satisfacao e lealdade, bem como discutir a identidade percecionada pelos turistas atraves de entrevistas, relacionando-a com a marca territorial desenvolvida e a identidade local presente na logomarca. Limitacoes/implicacoes: O estudo constitui um instrumento de auxilio da gestao territorial em contextos especificos de turismo, aliado ao estudo do comportamento do consumidor turistico, o que se reflete na maior ou menor competitividade entre destinos turisticos (i.e. planeamento de espacos, estrategias de comunicacao, promocao de servicos, vendas integradas e combate a sazonalidade). Originalidade/valor: Desenvolvimento da teoria em contextos especificos de turismo numa otica de marketing (comportamento do consumidor). Numa perspetiva interdisciplinar, este artigo apresenta uma reflexao teorica no sentido de melhor compreender a gestao da marca em contextos de destinos turisticos. Palavras-chave: Cabo Verde, gestao da marca, identidade, marketing, turismo.

"Don't Call Me Refugee!" – The Role of Social Identity in the Adoption of Refugee-Specific Mobile Applications

Abstract: In 2015, about 890,000 refugees arrived in Germany and an increasing number of mobile applications have been specifically developed to socially include newcomers by informing them about bureaucracy, customs, and language of the host country. Though such applications may be functional in terms of the potential value they deliver to refugees, they may also contribute to unexpected and overlooked forms of further exclusion because the very label "refugee" is associated with an excluded and disempowered population. In this paper, we draw on social identity theory to provide indications that applications specifically developed for refugees can trigger an identity threat and may lead to associations with stereotypical and undesirable aspects of one's identity. We propose a research design to compare the intention to use of two versions of a mobile languagelearning application, a refugee-specific version in the identity threat condition and a neutral version in the control condition.

Que princípios éticos devem definir o estabelecimento de prioridades entre doentes

Abstract: Este artigo visa investigar e comparar os julgamentos de valor de estudantes universitarios portugueses da area empresarial e da saude em materia de priorizacao de doentes e comparar estes julgamentos, indiretamente, com os da populacao inglesa. Para tal, recorre‑se a uma abordagem quali‑quantitativa aplicada a um exercicio hipotetico de racionamento que envolve a priorizacao de quatro doentes, distinguidos pelas suas caracteristicas pessoais e condicoes de saude. Os dados foram tratados atraves de analises bivariadas e de conteudo. Conclui‑se que os estudantes portugueses suportam um pluralismo de principios eticos similares aos da sociedade inglesa. Contudo, podera existir entre os estudantes portugueses um conflito de opinioes no que respeita a priorizacao dos doentes mais novos.

Level of Recommendation and Satisfaction after an event: the NOS Primavera Sound case study

Abstract: Purpose: This paper aims to evaluate the level of recommendation and satisfaction related with sociodemographic characteristics of visitors and the loyalty they show regarding the festival. Methodology: Data from a random sample of 1397 visitors were collected from an online questionnaire after the festival occurred. In univariate analysis with application of the ANOVA test, we observe that the global satisfaction is influenced by age, marital status, educational degree, residence, if they participated in the previous edition, type of ticket and intention to return for the next edition. In the application of the factorial analysis, three distinct factors emerged: the recommendation of the festival, the satisfaction with the organization and the satisfaction with the stages. In the econometric models we highlight simultaneously the gender and the intention to return that influence the recommendation and the satisfaction. Findings: The results will be important for the framework of management and marketing of the event NOS Primavera Sound in the sense that they can be used for the visitor segmentation through the identification of sociodemographic characteristics of visitors, the levels of recommendation, satisfaction and loyalty towards the event. Originality/Value: This is the first time a post-event analysis is applied to NOS Primavera Sounds, in Portugal. Keywords: Factorial Analysis, Musical Festival, Customer Satisfaction. [PT] Titulo: "Nivel de recomendacao e satisfacao apos um evento: o estudo de caso do NOS Primavera Sound" Resumo Objetivos: Este artigo tem como objetivo avaliar o nivel de recomendacao e satisfacao relacionado as caracteristicas sociodemograficas dos visitantes e a lealdade que demonstram em relacao ao festival. Metodologia: Os dados de uma amostra aleatoria de 1397 visitantes foram coletados de um questionario on-line apos a ocorrencia do festival. Na analise univariada com aplicacao do teste ANOVA, observamos que a satisfacao global e influenciada por idade, estado civil, escolaridade, residencia, se eles participaram da edicao anterior, tipo de ingresso e intencao de retornar para a proxima edicao. Na aplicacao da analise fatorial, emergiram tres fatores distintos: a recomendacao do festival, a satisfacao com a organizacao e a satisfacao com as etapas. Nos modelos econometricos destacamos simultaneamente o genero e a intencao de retorno que influenciam a recomendacao e a satisfacao. Resultados Os resultados serao importantes para a estrutura de gestao e marketing do evento NOS Primavera Sound, no sentido de que podem ser utilizados para a segmentacao de visitantes atraves da identificacao de caracteristicas sociodemograficas dos visitantes, os niveis de recomendacao, satisfacao e lealdade para com o evento. o evento. Originalidade/valor: E a primeira vez que uma analise pos-evento e aplicada ao NOS Primavera Sounds, em Portugal. Palavras-chave: Analise fatorial, Festival musical, Satisfacao do cliente.

Coder, décoder, recoder ? - Ordres normatifs et enjeux de la régulation financière à l’ère du trading algorithmique

Abstract: Cet article met en perspective la pratique de la regulation financiere telle qu’elle se deploie au sein des marches financiers contemporains, alors qu’un nouvel ordre normatif y a emerge ces dix dernieres annees. Celui-ci, porte par les technologies algorithmiques, bouleverse les conditions d’exercice de la regulation. Le code informatique, se substituant a la parole et a l’ecriture, induit en effet un basculement d’un ordre normatif a un autre : la norme, auparavant explicitee par recours a des dispositifs interpretatifs, se trouve remplacee par un ordre place sous le signe du calcul. L’auteur identifie quelques-unes des consequences portees par ce basculement recent.

Asymétries entre partenaires et confiance: le cas des alliances stratégiques entre PME et multinationales

Abstract: Cet article a pour objectif d’analyser les effets des asymetries interorganisationnelles sur la confiance dans le cadre d’alliances strategiques entre PME et firmes multinationales (FMN). La plupart des auteurs avancent que l’existence de dissimilarites entre les partenaires d’une alliance ne favorise pas le developpement de la confiance entre eux. Dans le cadre de cette contribution, les effets des asymetries sur la confiance ont ete analyses a partir d’une etude qualitative de dix cas d’alliances entre PME francaises dans l’industrie aeronautique et geants du secteur. Il en ressort que malgre les asymetries, la confiance peut se developper entre les partenaires si des dispositions sont prises par ces derniers pour favoriser la cooperation.

A competitividade regional externa das NUTS II de Portugal e Espanha

Abstract: Este trabalho foi parcialmente financiado pela Fundacao para a Ciencia e Tecnologia (FCT) atraves da Unidade de Investigacao Aplicada em Gestao (UNIAG) no âmbito do projeto no UID/GES/4752/2016

Technological entrepreneurship applied to Green Spaces and Ecotourism

Abstract: Purpose: This study aims to present a development project using technological tools that promote guided visits to green spaces, expanding users’ knowledge over different dimensions, from botanical to cultural. These tools mainly promote interaction and may have an impact in ecotourism. Design/methodology/approach : In order to develop this project there were designed the technologic tools contents, selected places able to provide those contents, performed market studies with inquiries for potential users and clients and conducted a product development analysis. Findings : In the development of the project there have been established many conclusions, mainly related to distinguishing clients from users, assessing general care for greens spaces and creating appealing tools containing features that interest people. Originality/value : The most valued distinctive characteristic is exactly the ambition of designing tools that interact with the users. In this way, these technologies go beyond the compiling of data for scientific knowledge, creating interactivity through their features such as routings. Keywords : plants; biodiversity; environment; ecotourism; sustainability; entrepreneurship.