Pub Date : 2018-11-30DOI: 10.1504/IJRM.2018.10017683
Tsung-Hsun Lu
This study proposes a different way to implement candlestick trading rules. Applying profit targets to the PHLX semiconductor sector index (SOX) component stocks from 1992 to 2016, the author found two 3-day candlestick patterns can earn over 1% profit, after considering transaction costs and the data-snooping problem. This profit target approach thus provides an alternative way for investors to decide on which day to exit the market.
{"title":"Can profit targets improve the profitability of candlestick charting","authors":"Tsung-Hsun Lu","doi":"10.1504/IJRM.2018.10017683","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10017683","url":null,"abstract":"This study proposes a different way to implement candlestick trading rules. Applying profit targets to the PHLX semiconductor sector index (SOX) component stocks from 1992 to 2016, the author found two 3-day candlestick patterns can earn over 1% profit, after considering transaction costs and the data-snooping problem. This profit target approach thus provides an alternative way for investors to decide on which day to exit the market.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"216-226"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41893042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.1504/IJRM.2018.10017688
M. D. U. Onuoha, Mijwok Opec Amaykway, Menglan Duan, H. Elochukwu, Peifang Yang
Investment decision of any company is depended on the economic benefits accruable from such project and to what rate its returns on investment would be. Economic evaluation of project's feasibility is largely based on NPV estimation which involves the discounting of future earnings to present and then, finding the net value to ascertain the present worth of the project and how much it could increase the company's share value. This paper presents a study on the impact of production sharing formula on the contractor's and government's net present values (NPVs) by using the production sharing contract (PSC) of four different countries: Malaysia, Indonesia, Brunei and South Sudan. Result reveals the significant influence of PSC regimes on project's NPV and a new PSC term is proposed to South Sudanese government that will increase its NPV to 13.4% and that of the contractor to 0.434% as against the current regime.
{"title":"A proposed PSC fiscal regime for South Sudan's oil market: a new model harmonising contractor's and government's NPVs","authors":"M. D. U. Onuoha, Mijwok Opec Amaykway, Menglan Duan, H. Elochukwu, Peifang Yang","doi":"10.1504/IJRM.2018.10017688","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10017688","url":null,"abstract":"Investment decision of any company is depended on the economic benefits accruable from such project and to what rate its returns on investment would be. Economic evaluation of project's feasibility is largely based on NPV estimation which involves the discounting of future earnings to present and then, finding the net value to ascertain the present worth of the project and how much it could increase the company's share value. This paper presents a study on the impact of production sharing formula on the contractor's and government's net present values (NPVs) by using the production sharing contract (PSC) of four different countries: Malaysia, Indonesia, Brunei and South Sudan. Result reveals the significant influence of PSC regimes on project's NPV and a new PSC term is proposed to South Sudanese government that will increase its NPV to 13.4% and that of the contractor to 0.434% as against the current regime.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"227-258"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41849605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.1504/IJRM.2018.10016758
Harish V. Rao, Goutam Dutta, Sankarshan Basu
We introduce a new asset liability management (ALM) model based on decision support system (DSS) for a life insurance firm. The DSS is based on multi-stage stochastic linear programming (SLP) with recourse for strategic planning. The model can be used with minimal knowledge of management sciences. The model maximises the expected value of total reserve (policy holders' reserve and shareholders' reserve) at the end of the time period of planning with constraints both on the asset and the liability side of the firm's balance sheet. We discuss issues related to DSS interface design, one to one correspondences between the SLP model and the database and the difficulty in multi stage DSS compared to two stage DSS. We also compare and contrast the similarities and differences with our earlier work on SLP based DSS for process industries.
{"title":"New asset liability management model with decision support system for life insurance companies: interface design issues for database and mathematical models","authors":"Harish V. Rao, Goutam Dutta, Sankarshan Basu","doi":"10.1504/IJRM.2018.10016758","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10016758","url":null,"abstract":"We introduce a new asset liability management (ALM) model based on decision support system (DSS) for a life insurance firm. The DSS is based on multi-stage stochastic linear programming (SLP) with recourse for strategic planning. The model can be used with minimal knowledge of management sciences. The model maximises the expected value of total reserve (policy holders' reserve and shareholders' reserve) at the end of the time period of planning with constraints both on the asset and the liability side of the firm's balance sheet. We discuss issues related to DSS interface design, one to one correspondences between the SLP model and the database and the difficulty in multi stage DSS compared to two stage DSS. We also compare and contrast the similarities and differences with our earlier work on SLP based DSS for process industries.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"259-289"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43544974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.1504/IJRM.2018.10017696
Daniel Rust, L. D. Smith, D. L. Ryan, Juan Zhang
Revenue management has roots in the marketing of US airline passenger service following the deregulation of the industry in 1978. The business model is largely credited for opening opportunities to low-cost air travel worldwide, but condemned for deleterious effects on service and increased costs to consumers in many markets as industry consolidation occurred and airlines redesigned route and fare structures competitively. In this paper, we discuss the challenges of 'right-sizing' airport infrastructure and managing airside operations effectively in response to airlines' revenue-management practices. An historical review of dramatic changes at St. Louis Lambert International Airport will highlight motivations and risks of large capital expenditures and related revenues. A new analytical model to support adaptive airport planning and management is presented for non-financial measures of airside performance affected by airline revenue-management practices.
{"title":"The other side of revenue management: managing airport infrastructure and airside operations","authors":"Daniel Rust, L. D. Smith, D. L. Ryan, Juan Zhang","doi":"10.1504/IJRM.2018.10017696","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10017696","url":null,"abstract":"Revenue management has roots in the marketing of US airline passenger service following the deregulation of the industry in 1978. The business model is largely credited for opening opportunities to low-cost air travel worldwide, but condemned for deleterious effects on service and increased costs to consumers in many markets as industry consolidation occurred and airlines redesigned route and fare structures competitively. In this paper, we discuss the challenges of 'right-sizing' airport infrastructure and managing airside operations effectively in response to airlines' revenue-management practices. An historical review of dramatic changes at St. Louis Lambert International Airport will highlight motivations and risks of large capital expenditures and related revenues. A new analytical model to support adaptive airport planning and management is presented for non-financial measures of airside performance affected by airline revenue-management practices.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"189-215"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44162938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.1504/IJRM.2018.10017699
I. Jung, Imsu Park, J. Choi
This study aims to measure and compare the efficiency of two pricing strategies of retail chains, a Hi-Lo pricing strategy and an everyday low price (EDLP) strategy, according to different types of competition. This research suggests the speed of price adjustment approach to measure the efficiency of retail chains, and the nonlinear seemingly unrelated regression estimation captures the impacts of market competition. The findings suggest that, in highly competitive markets, the Hi-Lo chains show a greater speed of price adjustment, whereas a slower speed is shown in less concentrated markets. In particular, the Hi-Lo chains in the market leader position with the EDLP followers show that the speed of price adjustment is slower than in other markets. When Hi-Lo chains compete with each other in the same market, they offer price discounts more aggressively and adjust the price rapidly as a means to maintain their market position.
{"title":"Examining the performance index of retail pricing strategies under different types of competition","authors":"I. Jung, Imsu Park, J. Choi","doi":"10.1504/IJRM.2018.10017699","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10017699","url":null,"abstract":"This study aims to measure and compare the efficiency of two pricing strategies of retail chains, a Hi-Lo pricing strategy and an everyday low price (EDLP) strategy, according to different types of competition. This research suggests the speed of price adjustment approach to measure the efficiency of retail chains, and the nonlinear seemingly unrelated regression estimation captures the impacts of market competition. The findings suggest that, in highly competitive markets, the Hi-Lo chains show a greater speed of price adjustment, whereas a slower speed is shown in less concentrated markets. In particular, the Hi-Lo chains in the market leader position with the EDLP followers show that the speed of price adjustment is slower than in other markets. When Hi-Lo chains compete with each other in the same market, they offer price discounts more aggressively and adjust the price rapidly as a means to maintain their market position.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"290-325"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46537947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-22DOI: 10.1504/IJRM.2018.10013074
Xi Tian, Tao Yang, T. Yu
Using a large sample of Chinese family firms and nonfamily firms, we examine whether family ownership is associated with higher or lower levels of real earnings management (REM). On the basis of the agency and stewardship theories, we develop two competing hypotheses. Our findings are consistent with the prediction of the stewardship theory that family firms engage in lower levels of real activities manipulation relative to nonfamily firms. Specifically, family businesses are less likely to accelerate sales, over-produce, cut discretionary expenditures, or engage in more than one real activities manipulation. In our analyses, we control for a number of firm properties and fixed effects. Further analysis suggests that the negative association between family ownership and real activities manipulation is more prominent for young family firms than for mature family firms. Our results are robust to different measures of family firms, alternative measures of REM, and potential endogeneity.
{"title":"Real earnings management in family firms: evidence from Chinese listed firms","authors":"Xi Tian, Tao Yang, T. Yu","doi":"10.1504/IJRM.2018.10013074","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10013074","url":null,"abstract":"Using a large sample of Chinese family firms and nonfamily firms, we examine whether family ownership is associated with higher or lower levels of real earnings management (REM). On the basis of the agency and stewardship theories, we develop two competing hypotheses. Our findings are consistent with the prediction of the stewardship theory that family firms engage in lower levels of real activities manipulation relative to nonfamily firms. Specifically, family businesses are less likely to accelerate sales, over-produce, cut discretionary expenditures, or engage in more than one real activities manipulation. In our analyses, we control for a number of firm properties and fixed effects. Further analysis suggests that the negative association between family ownership and real activities manipulation is more prominent for young family firms than for mature family firms. Our results are robust to different measures of family firms, alternative measures of REM, and potential endogeneity.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"77-106"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41549543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-22DOI: 10.1504/ijrm.2018.10013080
J. Bharucha
Family economics primarily studies the influence of the family on consumption and investment behaviour through the generations. Research has clearly shown that the family should be the source for most of a youth's financial knowledge. This study attempts to fill a gap as scant literature is available on the influence of the family on financial behaviour of the youth in India. The interviews were largely administered in person and in a few cases through an email or on the phone. The results show that only 34% of parents were having discussions with their offsprings on financial planning and 42% of the respondents felt they were 'aware and educated enough' to impart financial training to their offsprings. 25% of the parents admitted to their lack of financial knowledge. Family involvement in financial education programs is not at all well developed in India. The study gives several recommendations in this regard.
{"title":"Economics is learnt in the family: revaluing family influence on financial behaviour in India","authors":"J. Bharucha","doi":"10.1504/ijrm.2018.10013080","DOIUrl":"https://doi.org/10.1504/ijrm.2018.10013080","url":null,"abstract":"Family economics primarily studies the influence of the family on consumption and investment behaviour through the generations. Research has clearly shown that the family should be the source for most of a youth's financial knowledge. This study attempts to fill a gap as scant literature is available on the influence of the family on financial behaviour of the youth in India. The interviews were largely administered in person and in a few cases through an email or on the phone. The results show that only 34% of parents were having discussions with their offsprings on financial planning and 42% of the respondents felt they were 'aware and educated enough' to impart financial training to their offsprings. 25% of the parents admitted to their lack of financial knowledge. Family involvement in financial education programs is not at all well developed in India. The study gives several recommendations in this regard.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"135-145"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41403086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-22DOI: 10.1504/IJRM.2018.10013077
Che-cheong Poon, Tak Man Anna Lisa Lee
The process innovation of QB HOUSEs has made them outweigh the traditional barbershops. It significantly reduces both money cost and time cost on the customer side, and enables a smart increase in total revenue together with a decrease in average total cost at the firm side. The marketing slogan of "HK$60 for a just-cut of 10 minutes" captured the heart of the fast-paced Hong Kong people, and the just-cut barbershop industry has grown rapidly in the past decade. By using data and information collected by field observations and interviews, this study identified the keys leading to QB HOUSEs' success in Hong Kong. It also points out that although the market of just-cut barbershops has not yet saturated, further enhancement in service quality and marketing strategies are needed for sustainable growth.
{"title":"The profitability of just-cut barbershops: a case study of QB HOUSEs in Hong Kong","authors":"Che-cheong Poon, Tak Man Anna Lisa Lee","doi":"10.1504/IJRM.2018.10013077","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10013077","url":null,"abstract":"The process innovation of QB HOUSEs has made them outweigh the traditional barbershops. It significantly reduces both money cost and time cost on the customer side, and enables a smart increase in total revenue together with a decrease in average total cost at the firm side. The marketing slogan of \"HK$60 for a just-cut of 10 minutes\" captured the heart of the fast-paced Hong Kong people, and the just-cut barbershop industry has grown rapidly in the past decade. By using data and information collected by field observations and interviews, this study identified the keys leading to QB HOUSEs' success in Hong Kong. It also points out that although the market of just-cut barbershops has not yet saturated, further enhancement in service quality and marketing strategies are needed for sustainable growth.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"107-119"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41628832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-22DOI: 10.1504/IJRM.2018.10013073
Nurharjanto, T. Haryono, D. Suhardjanto, Niki Lukviarman, E. Setiany
This study aimed to investigate the effect of corporate governance (CG) to state-owned enterprises (SOEs) performance before and after privatisation. The data consisted of primary data obtained through questionnaires, followed by focus group, and secondary data sourced from published annual reports of SOEs. This research gathered 94 observations of firm-year of SOEs listed in Indonesia. Multiple linear regression was employed to analyse the effect of the CG index on the financial performance, and paired sample t-test to test the performance before and after privatisation. The result shows that the CG index has a positive effect on the financial performance of SOEs. Furthermore, SOEs exhibited improved financial performance after privatisation. Accordingly, the government of Indonesia should selectively choose SOEs for privatisation to achieve the optimum results of privatisation in accordance with the priorities imposed by the government as the primary owner.
{"title":"Corporate governance, privatisation, and financial performance of Indonesian state-owned enterprises","authors":"Nurharjanto, T. Haryono, D. Suhardjanto, Niki Lukviarman, E. Setiany","doi":"10.1504/IJRM.2018.10013073","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10013073","url":null,"abstract":"This study aimed to investigate the effect of corporate governance (CG) to state-owned enterprises (SOEs) performance before and after privatisation. The data consisted of primary data obtained through questionnaires, followed by focus group, and secondary data sourced from published annual reports of SOEs. This research gathered 94 observations of firm-year of SOEs listed in Indonesia. Multiple linear regression was employed to analyse the effect of the CG index on the financial performance, and paired sample t-test to test the performance before and after privatisation. The result shows that the CG index has a positive effect on the financial performance of SOEs. Furthermore, SOEs exhibited improved financial performance after privatisation. Accordingly, the government of Indonesia should selectively choose SOEs for privatisation to achieve the optimum results of privatisation in accordance with the priorities imposed by the government as the primary owner.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"168-188"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48626198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-22DOI: 10.1504/IJRM.2018.10013078
Shiou-Yu Chen
Life insurance has played an essential role of safeguarding the interest of people from loss and uncertainty, hence understanding the range of changing motivations and preferences of life insurance purchasing behaviours is a key challenge for both the insurance companies and the government. Extant research has identified many factors that affect the life insurance purchasing behaviours objectively, yet relative little dealt with consumers 'subjectivity toward their life insurance purchasing behaviour. This study adopted an in-depth methodology that incorporates both the quantitative and qualitative methods called Q-methodology to investigate life insurance purchasing behaviour among consumers particularly in Taiwan. The analysis revealed five main types of life insurance consumers: financial planning, family care, social value, life planning, and future prospects. The results provided some implications and guidance for formulating national policies, as well as effective strategies for improving the competitiveness of the insurance companies and the government.
{"title":"Typology of life insurance consumers: a Q-methodological study","authors":"Shiou-Yu Chen","doi":"10.1504/IJRM.2018.10013078","DOIUrl":"https://doi.org/10.1504/IJRM.2018.10013078","url":null,"abstract":"Life insurance has played an essential role of safeguarding the interest of people from loss and uncertainty, hence understanding the range of changing motivations and preferences of life insurance purchasing behaviours is a key challenge for both the insurance companies and the government. Extant research has identified many factors that affect the life insurance purchasing behaviours objectively, yet relative little dealt with consumers 'subjectivity toward their life insurance purchasing behaviour. This study adopted an in-depth methodology that incorporates both the quantitative and qualitative methods called Q-methodology to investigate life insurance purchasing behaviour among consumers particularly in Taiwan. The analysis revealed five main types of life insurance consumers: financial planning, family care, social value, life planning, and future prospects. The results provided some implications and guidance for formulating national policies, as well as effective strategies for improving the competitiveness of the insurance companies and the government.","PeriodicalId":39519,"journal":{"name":"International Journal of Revenue Management","volume":"10 1","pages":"120-134"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49548224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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