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In a randomized controlled trial, a large retail chain’s Chief Executive Officer (CEO) sets new goals for the managers of the treated stores by asking them to “do what they can” to reduce the employee quit rate. The treatment decreases the quit rate by a fifth to a quarter, lasting nine months before petering out, but reappearing after a reminder. There is no treatment effect on sales. Further analysis reveals that treated store managers spend more time on human resources (HR) and less on customer service. Our findings show that middle managers are instrumental in reducing personnel turnover, but they face a trade-off between investing in different activities in a multitasking environment with limited resources. The treatment does produce efficiency gains. However, these occur only at the firm level.
According to modern survey many entrepreneurs noted the negative consequences of the pandemic: 76% reported a decrease in revenue, 66% a decrease in demand for goods or services, 36% a decrease in the number of suppliers, 24% a decrease in the number of branches or points of sale. Every third entrepreneur (34%) sent employees on unpaid vacation, and every fifth (18%) had to resort to dismissing employees. Most entrepreneurs do not expect to return to pre-crisis indicators in the short term.
Currently, in connection with the situation related to the coronavirus infection pandemic, new approaches are emerging in the field of business valuation and consulting, developed in practice by institutions involved in business appraisal, project, and corporate finance issues . The paper based on the case from Russian fitness industry examines the transformation of the business appraisal approach in project finance in the pandemic situation.The author analyses the recommendations of the Russian and foreign experts in the field of business appraisal and project finance and apply them to the case from the fitness industry.
The paper investigates the variety of peer effects on individual performance in a team sport. The individual performance of more than 5,000 soccer players, from 234 teams, between 2010 and 2015, is measured with the help of the FIFA video game simulator developed by EA Sports. The study reveals positive peer effects on individual performance although the marginal benefit decreases. Additionally, team cohesion contributes to an improvement of players’ ranking.
The main objective of the paper is to investigate the analysts’ recommendations’
value and to determine on which market the analysts have more predictive
power that can be defined as an extent of a stock price’s reaction around a
particular recommendation what leads to abnormal returns of the security.
Such recommendations are significant in decision-making whether to buy or
to sell a particular stock. We observed 1,881 events from 168 companies traded
at the London Stock Exchange and the New York Stock Exchange in a period
between January 1, 2016, and April 31, 2019. We used an event study analysis
and classical one-factor market model to determine expected returns for a particular
stock in an estimation window. It was found that both American and
European Union markets are feasible to be outperformed by the analysts but it
is impossible to highlight any of the markets as they behave almost identically
around positive, neutral and negative recommendations.
The main objective of the paper is to investigate the analysts’ recommendations’ value and to determine on which market the analysts have more predictive power that can be defined as an extent of a stock price’s reaction around a particular recommendation what leads to abnormal returns of the security. Such recommendations are significant in decision‐making whether to buy or to sell a particular stock. We observed 1,881 events from 168 companies traded at the London Stock Exchange and the New York Stock Exchange in a period between January 1, 2016, and April 31, 2019. We used an event study analysis and classical one‐factor market model to determine expected returns for a particular stock in an estimation window. It was found that both American and European Union markets are feasible to be outperformed by the analysts but it is impossible to highlight any of the markets as they behave almost identically around positive, neutral and negative recommendations.
Focusing on managerial problems related to the measurement of intangibles, this paper develops and validates a hedonic-pricing methodology for the evaluation of the intangible resources of companies obtaining their shadow prices.
The paper adapts a hedonic-pricing methodology developed primarily for markets in real estate and secondhand cars to define how much intangibles may contribute to companies' market value. A certain calibration of the original tool has been developed to make this methodology appropriate for interpretation and practical use. The main advantage of this approach is that it allows for an evaluation of the shadow prices of intangible resources. These prices can be interpreted as the market value of the intangible resources which are not reflected on the balance sheet.
The results of this study demonstrate that hedonic pricing with a self-selection correction generates robust estimates. As one can see, the positive contribution of a high endowment of intangibles for all shadow prices is confirmed through estimations using two different techniques. Meanwhile, the negative effect of a low endowment is even more evident for the baseline model. This model shows consistent negative shadow prices for the majority of underinvested intangibles. Brands have the highest shadow prices in the introduced models; human capital, as measured by the qualification of top management and investments in employees, has likewise demonstrated high prices. However, most structural resources seem to be not reflected to a large degree in companies' market value.
This paper brings new opportunities to obtain the monetary value of intangible resources based on estimated market prices of a corporation's resource portfolio. These prices may be used for several purposes – for example, benchmarking for performance management, capital budgeting or knowledge-management practices. Moreover, by having methodological value, this study opens ways to evaluate any other intangibles which are not explicitly discussed in the empirical test of this particular study.
This study primarily contributes to the methodological advancement of evaluation of corporate intangible resources. It departs from the conventional hedonic-pricing mechanism to identify cogent estimates to intangibles in monetary terms. Importantly, this mechanism implies individual shadow prices for specific intangible resources which makes the contribution of this study unique for the existing literature, both within resource-based and value-based views.
Algunas ciudades planifican estratégicamente múltiples eventos deportivos pequeños y medianos en diferentes fechas en su calendario anual de actividades y evitan enfocarse en un solo evento de gran magnitud. Así surge el concepto de cartera de eventos deportivos. Este artículo tiene como objetivo presentar un método para cuantificar la inyección de dinero del turismo deportivo en una ciudad a partir de una cartera de eventos. Esta metodología se aplica al portafolio de una pequeña localidad con una política orientada a la promoción del turismo a través de la organización de eventos deportivos. Los ingresos generados por los turistas deportivos en el bienio 2017-2018 se estiman utilizando 1123 encuestas realizadas a partir de cuatro eventos incluidos en la cartera de la ciudad. Los hallazgos de investigación de este artículo son pioneros en el campo cuantitativo del estudio de carteras de eventos.
The organization of several small-scale events throughout the year is called event portfolio and may contribute to the development of the city strategy in the touristic, social and economic fields. The organization of a set of sporting events represents an important innovation in the development of city marketing. This paper analyzing the scarce literature on event portfolio provides the main elements to benefit from this innovative strategy to achieve sustainable sports tourism for host cities. Among the innovative strategies, the inclusion of leverage and cross-leverage approaches in the management of event portfolios is studied in depth.
The study is divided into two phases. First, the Web of Science (WOS) and SCOPUS databases are searched using keywords. Once the selection of scientific studies that analyze the phenomenon of event portfolios has been obtained, an exhaustive review is carried out, allowing us to obtain novel findings on the field of study.
The work provides a classification of the portfolios of sports events analyzed in science considering the configuration (formal vs informal) and whether there is an integrated strategy. Second, the delimitation of the deficiencies and the most important aspects to be developed in sports-events portfolio management.
This study contributes with a summary of the main elements to consider when managing sports events portfolios. Moreover, the importance of integrated strategies is underlined, as well as the relevance of leveraging the strategies. The contributions are of interest in being a novel field with room for scientific development and with an eminently practical nature.
This article contributes to the development of contestable market theory by investigating how competitiveness in the eSports industry influences the size of this industry, as measured by the volume of monetary prizes. We use data on each gamer's prize earnings for each tournament from 1999 to 2015 to estimate panel vector autoregression (V.A.R.) model with fixed effects. The main finding is that competition does not increase industry size. This result confirms the hypothesis from the contestable market theory that perfect competition does not always facilitate better development, especially in industries where natural barriers result in a small number of leading firms or teams.
This research analyse the US and the EU money markets interdependence from 2004
to 2018. The study explains to what extent the volatility of the chosen money markets
instruments in two regions is inter-correlated before, during and after the financial
crisis of 2008. We apply the econometric analysis and estimate time-series models of
class GARCH to study the historical dynamics of interbank rates and bond returns.
The study demonstrates that correlation between returns of analogous money market
instruments in the EU and US is not stable over time. We find that correlation rises in
periods when countries are exposed to the same external shocks as global financial
crisis. Wavelet coherence analysis suggests that investors do not get any advantages
of portfolio diversification investing only in US treasuries with different maturities
for more than 256 days and do not get any advantages at all investing only in
Adaptation as a process of adaptation is characteristic of any system, therefore it is also characteristic of economic systems, which, from the point of view of economic theory, are open, which makes it possible for their interaction with the external environment.
The concept of adaptation as a scientific direction is interdisciplinary [2; 3;13;14]. In economic theory, it is in the stage of formation . This concept is designed to analyze the mechanisms of adaptation of economic agents to changing conditions. The central concepts of the adaptation concept are such terms as "adaptation of economic agents", "adaptation mechanisms" and "adaptability".
The article presents the main ideas of the author's concept of adaptation of economic entities. The authors also made an attempt to substantiate the proposed quantitative approach to assessing adaptability.
The problem of investment projects efficiency assessment and commensurability of long-term effectiveness for the full payback period remains relevant for strategic planning.
In long term monitoring of capital expenditure profitability, we suggest to measure the absolute effect of project for the accounting date by the Net Interim Value (NIV) of accumulated cash flow. Based on this approach we also suggest using the Average Profitability Index (API) as a metric to assess the rate of investment profitability.
And aggregated assessment of return on investment of the whole investment program can be made as Weighted Average Profitability Index (WAPI) with terminal investment values as weights for pojects. The profitability monitoring database is a source of knowledge for costs engineering over the full investment life cycle and a digital value management tool.
The article is devoted to the problems of modern diagnostics of the financial health and success of the company using quantitative and qualitative information about the activities and features of the business model. Most of the existing diagnostic methods are designed for large, steadily developing companies that do not take into account the organizational features of running a small business.
In this article, the authors offer the results of the development and practical testing of the "Business Radar C2GK" methodology, which is a unique system for a comprehensive assessment of the company's activities, search for development zones, and recommendations for their development in small and medium-sized businesses.
The paper discusses the influence that social innovations based on social
entrepreneurship projects have over the sociocultural environment of small
territories. Social innovations have become a known development driver in
small territories by providing new opportunities for interaction between
actors. This has resulted in improved communication and increased capacity
for joint action. Growing cooperation networks address common issues,
promote social partnership and help create new socio-innovative ecosystems,
thus contributing to social capital. For this paper, we analysed semi-structured
interview data collected during a field study of 2018–2019 in Volosovsky
and Luzhsky districts, Leningrad region, and Kargopolsky and Velsky dis
tricts, Arkhangelsk region. We interviewed representatives of forty-eight
governmental and non-governmental cultural projects and organizations in
all economic sectors. The study revealed that systemic strategic collaboration
between social entrepreneurs takes place with coordinating external influ
ence. Business partnership and collaboration with no pragmatic reason develop
simultaneously. This developing interrelationship between such actors is
unique. Social entrepreneurship business models in small territories often
include cooperation with other projects and offer complimentary products
and services. Cooperation networks formed by social entrepreneurs actually
include various actors, which leads to sustainable ecosystems. Cultural events
and permanent platforms organized by social entrepreneurs are places where
social projects, small businesses and residents of the territories all interact
together. This environment forms new behaviour patterns that create new
partnerships. We recognize the potential of social entrepreneurship to become
a more substantial development driver in small territories, but more long-
term studies are required in this matter.
The use of digital technologies provides a competitive advantage and financial viability of companies. At the same time, there is an opinion about their negative impact on the activities of insurance organizations.
Analyzed innovative technologies in the Russian insurance market for a four-year period of companies' activity. The primary goal was to assess the effectiveness of using digital advances for insurers and policyholders. Due to the conducted research, the main trends in the Russian insurance market at the present time have been identified.
The purpose of this work is to critically evaluate the evolution of risk factors and factor models. A systematic and structured literature review is carried out to observe and understand the past trends and extant patterns/themes in the present research area, evaluate contributions and summarize knowledge, thereby identifying limitations, implications and potential directions of further research. The main message from the study is that evolution of risk factors and factor models are continuous and endless development. Still today over 300 risk factors are identified by the researchers and many other yet to be discovered but out of them all only few are significantly responsible in explaining the stock markets risk return relationship. Study classifies risk factors into two groups: global and specific risk factors. Study answer the question ‘whether evolution of risk factors and factor models are endless development’. Finally, the present study gives an appropriate direction to the future studies to be taken in terms of risk factors and factor models. Due to continuous evolution and changing of nature of the risk factor it seems quite impossible to have a stable efficient factor models that can explain stock market risk return relationship globally in long run.
This study aims to examine whether the publication of analyst recommendations has reaction in the Russian stock market. This study also aims to determine the other factors that influence the reaction. The study finds that Russian stock market significantly reacts to analyst recommendations publications. Then study deeply investigates about the influence of other factors on the Russian market when an analyst's recommendations are published such as changes in recommendation levels, companies' size and general economic situation. The analysis done in the context of three types of recommendations: “buy,” “hold” and “sell.” The study finds that the market reacts not only to separate forecasts and subsequent recommendations, but also to the changes in recommendations' levels as well. Interestingly, the study finds that the impact of crises is not found to be a significant factor in the context of the Russian market.
A maiden attempt has been made to study India's first offshore LIDAR-based wind profiling at Gulf of Khambhat. Both time series and panel data are used to derive the study conclusions. Quantile and panel analysis of the wind profiling done and based on that study finds interesting results. Study finds that wind characteristics are not constant over the quantiles and even change the polarisation. Study also concludes that wind dispersion is highly positively related to the wind speed. Finally, study concludes that there is no cross-sectional (12 sectors: 40 to 200 m) random effect. Study findings have high policy implications.