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An overview of share buybacks: A descriptive case from Malaysia
No full textInternational audienceThis paper reviews the trends and motivations of share buyback programs and highlights the different hypotheses that motivate companies to repurchase their shares. It then explores the share buyback phenomena among Malaysian listed firms during the years from 2010 to 2015. The paper also investigates whether the Malaysian listed firms use share buyback programs to manage their earnings. Based on our manually collected data, we find that 836 firms engage in share buybacks during the period from 2010 to 2015. We employ the criteria of Hribar et al. (2006) to check whether share buyback strategies were used to manipulate earnings per share (i.e. accretive share buyback). We find that more than 75% of firms engage in accretive share buybacks at least one time during the period. Specifically, those firms undertake 637 accretive share buybacks with a value of RM 7.650 billion. This paper contributes to a better understanding of share buyback strategies in general and accretive share buybacks in the Malaysian context. Finally, our findings provide a reference point for relevant parties to improve the applicable regulations of share buyback schemes
A green delivery-pickup problem for home hemodialysis machines; sharing economy in distributing scarce resources
No full textInternational audienceIn this paper, we address a green delivery-pickup problem for Home Hemodialysis Machines (HHMs) categorized as scarce commodities. The system supplies the HHMs either from the central depot of the company or from the individual owners. Based on the sharing economy concept, the individuals who own the HHM devices can involve in this home health care system and share them with others through the fleet of the company to make money. After delivery of portable HHM devices to the clients (patients), they will be collected, disinfected and reallocated to fulfill the demands of the other customers. Moreover, respecting the environmental concerns, the vehicles’ fuel consumption and consequently the GHG emissions are realistically assumed as a function of the vehicles’ load, such that the company and especially the individual owners contribute to reducing GHG emissions, in addition to the primary economic motivations. Current research provides a bi-objective mixed-integer linear programming model which seeks minimizing total system cost and total carbon emissions. In order to solve the problem, Torabi and Hassini’s (TH) technique is applied and then a multi-objective meta-heuristic algorithm, self-learning non-dominated sorting genetic algorithm (SNSGA-II), is developed for medium- and large-sized problems. Finally, the application of the problem is investigated by a real case study from the healthcare sector. Numerical analyses indicate that the proposed green sharing-enabled model has a meaningful impact on both operational-level logistics determinations as well as the environmental important attainment indicators. As notable savings are guaranteed in terms of total system cost and emission, the proposed model has a great potential to provide the item sharing activities with a proper sustainable solution
Designing creative teams from creative members: the role of reward interdependence and knowledge sharing
No full textInternational audienceThis paper aims to extend understanding of how team creative potential translates into team creativity. Drawing on social exchange theories, the authors propose that reward interdependence produce cooperative intra-team interactions, which in turn enables aggregate levels of individual member creativity to translate into team creativity. Further, the authors propose that reward interdependence enhances this link indirectly by motivating collective norms around knowledge sharing
Franchising in South Asia: Past, present, and future developments
No full textInternational audienceThis study represents a first comprehensive overview of the state-of-the-art of the franchise industry in South Asia. The development of franchising in the seven South Asian countries of Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka is outlined. A systematic overview of the franchise industry and its relatively short history in the region is created for each country, synthesizing economic and franchise infrastructure development. The study shows clear deficiencies across South Asia with regards to reliable legal regimes, specific franchise legislation and disclosure requirements, the availability of official data on franchising, and franchise education. Implications for policy makers and franchise academics conclude the analysis
Spillovers and diversification potential of bank equity returns from developed and emerging America
No full textInternational audienceWe examine the network spillovers, portfolio allocation characteristics and diversification potential of bank returns from developed and emerging America. We draw our results by applying a directional spillover index, the tail-event driven network (TENET) and nonlinear portfolio optimization methods on bank returns. We find that the spillovers and connectedness among banks from emerging America are noticeably smaller than those among banks from developed America. The largest emerging market spillover transmitters and receivers are the banks from Brazil, followed by the banks from Chile. The largest developed market spillover transmitter is JP Morgan Chase. The connectedness among banks from developed America is dominated by the banks from the USA, relative to those from Canada. The total connectedness of the emerging market banks is more intensified than that of the banks from developed America due to the effect of the COVID-19 pandemic. The portfolio optimization shows that in developed America, the largest banks from the USA are the largest risk contributors to total portfolio risk, whereas the banks from Canada contribute the least risk. In emerging America, the banks from Brazil contribute the most risk to total portfolio risk while the banks from Peru and one bank from Colombia contribute the least risk. The portfolio of banks from emerging America offers greater diversification potential and lower total portfolio allocation risk
Which is the relationship between the product's environmental criteria and the product demand? Evidence from the French food sector
No full textInternational audienceThe purpose of this paper is to identify which environmental criteria can influence the product demand in a context of business-to-business. These criteria can be related to the product's environmental characteristics, to the organization strategies or green practices developed by the firms and to the supplier selection process.Building the conceptual framework from the literature review, a set of environmental criteria were extracted, selected and validated. These criteria were used as a basis for the definition of a questionnaire survey that was sent to 5820 professionals from the food industry in France. The analysis of the 248 complete answers shows that the environmental characteristics of the product can influence product's demand. The most influential attribute to improve the product's environmental quality that increases the product's demand is the introduction of organic labelled raw materials. Besides, the practices that influence mostly the product demand are related to the geographical proximity with the stakeholders. Moreover, the results show that the most important selection criterion when choosing a supplier is the importance given to the quality and environmental performance of components offered. Hence, we show that in the French food market, as opposite to what is usually assumed in many research works, the carbon emissions yield during the production process and transportation process have still no significant impact on products' demand. Lastly, in this work, we quantify the demand increase that company can achieve when enhancing the environmental quality of its products. We show that the impact of the enhancement of those criteria on the demand can have different aspects. 55.6% of respondents advocate for a demand increase and most of them (33.6%) estimate this increase between 5 and 10% of the initial demand. Finally, some respondents (4.8%) indicate that the enhancement of environmental quality does not necessarily increase the demand. However, without efforts to enhance the environmental quality of their products, the demand can decrease.These findings allowed concluding that the business-customers are becoming more and more exigent by privileging organic labelled and local products and making that the companies analyse the geographical proximity with the stakeholders as a key factor during the selection process. We provide companies managers in food industry with better understanding about the environmental criteria that increase the products demand helping them to target the right decisions and to be efficient in their process of environmental quality enhancement. We also assess and try to quantify and give an estimation about the demand evolution regarding the enhancement of product's environmental quality. Our findings are also helpful for Operational Research community
Inflation cycle synchronization in ASEAN countries
No full textInternational audienceWe investigate the pairwise causality of inflation rates across time and frequencies, inflation cycle synchronization and network structure of causality between five ASEAN countries: Indonesia, Malaysia, The Philippines, Singapore, and Thailand. We draw our empirical results and conclusions by implementing dynamic conditional correlations (DCCs), a wavelet measure of cohesion for inflation cycle evolution assessment, and the spillover network index model of Diebold and Yilmaz [1,2]. We find evidence of time-dependent variation in the strength of co-movement between inflation cycles across countries. Positive network causality between inflation cycles and inflation integration across the ASEAN countries are identified. The lead–lag properties of economic indicators are observed to depend on the cycle’s periodicity. The inflation synchronization is particularly pronounced in Thailand
Estimating cannibalizing effects of sales promotions: The impact of price cuts and store type
No full textInternational audienceTo evaluate the financial impact of supermarket sales promotions, managers must estimate how much new demand comes from cannibalizing the base product compared with other sources. However, investigations into cannibalization are scant. Using vector autoregression analytical framework applied to three years of supermarket scanner data, and sales promotions for pound cake, we estimate cannibalization effects for two common price reductions (10% and 15%), across large, medium and small supermarkets. The sales bumps varied across supermarkets for each price cut while cannibalization effects were substantial only in large supermarkets, with moderate effects in medium stores and no effects in small supermarkets
Investor-advisor Big Five personality similarity and stock trading performance
No full textInternational audienceThe purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors
On the efficiency of foreign exchange markets in times of the COVID-19 pandemic
No full textInternational audienceWe employ multifractal detrended fluctuation analysis (MF-DFA) to provide a first look at the efficiency of forex markets during the initial period of the ongoing coronavirus disease 2019 (COVID-19), which has disrupted the global financial markets. We use high-frequency (5-min interval) data of six major currencies traded in forex markets during the period October 1, 2019 to 31 March 31, 2020. Before applying MF-DFA, we examine the inner dynamics of multifractality through seasonal and trend decompositions using loess. Overall, the results confirm the presence of multifractality in forex markets, which demonstrates, in particular, (i) a decline in the efficiency of forex markets during the COVID-19 outbreak and (ii) heterogeneous effects on the strength of multifractality of exchange rate returns under investigation. The largest effect is observed for the Australian dollar, which shows the highest (lowest) efficiency before (during) the COVID-19 pandemic, assessed in terms of low (high) multifractality. The Canadian dollar and the Swiss Franc exhibit the highest efficiency during the COVID-19 outbreak. Our findings may help policymakers shape a comprehensive response to improve forex market efficiency during such a black swan event