Factors affecting the site of investment, and the reliance on savings for arctic breeders : the capital–income dichotomy revisited

The extent to which migratory birds that breed in the Arctic and winter in southern biomes rely on residual body stores for reproduction is unresolved. The short arctic summer and the limited availability of food early in the season constrain the time available for successful reproduction. Birds that are able to bring sufficient endogenous reserves to the breeding ground to meet, at least partially, the demands of egg-laying can initiate clutch production soon after arrival, thereby shortening the length of the breeding season and improving the chances of reproductive success. The amount of reserves available will be influenced by body size, the increased energetic and predation costs associated with carrying large stores, distances between staging sites and the location of the breeding grounds within the Arctic. Birds need not fly directly to the breeding grounds from the established temperate staging sites. Extensive feeding by migrants may occur in the Arctic, even within a few kilometres of the breeding sites as the birds track the retreating snowline. Irrespective of their size, birds are thus able to store some resources necessary for egg laying at local or regional scales. It is thus important to make a distinction between local capital and distant capital breeding. The extent to which a bird is characterized as a distant capital, local capital, or an income breeder not only varies between species, but also between individuals and seasons.

Dynamically opted protection envelope (DOPE) - A cost-effective strategy of insuring an investment portfolio

Popular ways of hedging downside risk of a stock portfolio is by means of a constant proportion portfolio insurance (CPPI) strategy or by means of an options-based portfolio insurance strategy (OBPI). However both have drawbacks in terms of practical applicability given transaction costs. Moreover they are not useful in times of very low liquidity e.g. in a market crash. Here we shall first review the common portfolio insurance techniques and then posit an alternative approach using a zero-coupon bond to extract downside coverage to the extent desired by an investor. While the posited strategy will not guarantee full downside protection for the entire investment horizon, it is unaffected by transaction costs resulting from need to periodically reallocate funds and is a lot easier to implement practically compared to options-based strategies. Unlike CPPI and OBPI, it will work in a crash situation too.

A synthetic protective put strategy for phased investment in projects without an outright deferral

This paper proposes and computationally demonstrates a synthetic protective put strategy for real options. Specifically, it deals with the problem of deferral option when an outright deferral is not permissible owing to competitive pressures. It is demonstrated that, in such a situation, an appropriate strategy would be to invest in the new project in phases rather than doing it all at once. The replicating portfolio for a protective put on the project is obtained by setting the owner’s equity in the project equal to the price of a call option on the value of the project. This is a logical extension of the financial protective put to the real options scenario and is relatively simple and practicable for businesses to adopt and apply.

Psychometric properties of a scale to measure investment in the sick role : the Illness Cognitions Scale

Rationale, aims and objectives A person’s beliefs about their illness may contribute to recovery and prognosis. Some degree of acceptance of illness and its impact is necessary to integrate the presence of a chronic disorder into one’s lifestyle and adhere to necessary components of illness management; however, some individuals can become ‘stuck’ and have difficulty adjusting out of the sick role. Inventories exist to measure illness cognitions, attitudes and behaviours as they relate to hypochondria and psychosomatic illness, but there is no extant measure of sick role inertia.We describe the psychometric properties of a new scale, the Illness Cognitions Scale (ICS), a metric of investment in the sick role.

Methods The ICS was administered to 97 individuals with bipolar or schizoaffective disorder, and the psychometric properties of the scale measured. Dimensionality was assessed using Principal Components Analysis with Oblimin rotation.

Results The scale has a strong internal consistency, with a Cronbach’s alpha of 0.858. Results of a factor analysis suggested the presence of one main factor, with three other smaller, related sub-factors, capturing aspects of maladaptive illness beliefs.

Conclusion The ICS is a 17-item, internally validated scale measuring difficulty adjusting out of the sick role. The scale predominantly measures a single construct. Further research on external validity of the ICS is required as well as determination of the clinical significance and patient acceptability of the scale.

Explaining organizational investment in CRM point solutions

This paper asks why organisations invest in non-integrated CRM point solutions when many of the benefits of enterprise systems are claimed to be due to integration of processes and information. This paper identifies six factors that explain why organisations invest in CRM point solutions: reduced risk; lower cost; quick benefits realization; low integration ability, low interdependence of business units, and high business-unit differentiation. The evidence suggests that when interdependence between parts of an organization is low, possibly due to one unit producing a clearly differentiated product, the attractions of lower risk, lower cost, and/or faster access to the benefits are likely to induce organizations to adopt CRM point solutions. The contribution of this study is that it recognizes that, and explains why, it is not always optimal for organizations to adopt integrated CRM solutions.

Investment and oil price volatility

In this note, we consider the relationship between oil price volatility and firm returns for 560 firms listed on the New York Stock Exchange. Using daily time series data from 2000 to 2008, we find that oil price volatility increases firm returns for the majority of the firms in our sample.

Foreign direct investment in the Asia-Pacific region : overview of recent trends and patterns

APEC represents the world's most powerful economies. Although much trade related research has been undertaken on APEC countries, investment in the region is still not well understood. This paper provides an overview of FDI of selected APEC economies. Three main themes emerge from this review. First, APEC economies have experienced phenomenal growth in FDI over the last twenty years although such growth is uneven among countries. Second, FDI appears to shift from the primary sector into the manufacturing and tertiary sectors of the economy as economies grow further. Thus, future FDI in APEC economies will likely be relatively higher in the tertiary sector as the poorer members of APEC continue to grow. Third, FDI is found to contribute positively to economic growth in all economies considered although results show that FDI in the tertiary sector generally leads to higher economic growth.

Impacts of currency fluctuations on Japanese foreign direct investment

The Japanese currency has appreciated substantially against most other currencies over the last two decades. During the same time Japan has become one of the world's largest providers of FDI. Japan's share of total FDI outflows increased from about 6 percent during the late 70's to 21 percent in 1990 while its share of the total stock of FDI in the world increased from less than 1 percent in 1960 to more than 13 percent in 1993. Not surprisingly, Japan's role in international business in general and its FDI activities, in particular, have attracted considerable attention from researchers world wide. However, much of this attention has been directed towards the patterns and determinants of Japanese foreign direct investment, in particular to the United States. The impact of changes in the value of the Yen on Japanese FDI has been largely overlooked. Thus, this paper fills an important gap in the literature by focusing on the influence of changes of the exchange rate on Japanese foreign direct investment. A comprehensive simultaneous equa-tion model of Japanese FDI is developed on a regional level to gauge the extent to which currency fluctuations affect Japanese FDI activities. The results suggest that the exchange rate is an effective mechanism through which to influence FDI. Thus, the exchange rate should not be overlooked by the World Trade Organisation in its efforts to further liberalise investment through the Multilateral Agreement on Investment.

Investment performance within urban regeneration locations

Purpose – Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. However, there is relatively little knowledge regarding the investment performance of property in regeneration areas. Indeed, there is a perception that such locations carry increased risk and that the returns achieved may not be sufficient to offset the added risk. The main objective of this paper, therefore, is to construct regeneration property performance indicators consistent with the CBRE rent index and average yield monitor.

Design/methodology/approach – Local market experts were asked to estimate rents and yields for hypothetical standardised offerings for a range of regeneration locations throughout the UK, covering the period 1995 to 2002.

Findings – The results show that rental growth was similar in regeneration locations compared to the prime market. However, the analysis highlights a major yield shift for property in regeneration areas in the short to medium term. The downward pressure in yields would suggest that once a regeneration area becomes established and rental growth emerges, investor interest is stimulated resulting in increased competition and a shortening of yields.

Originality/value – The significance of this research is the quantification of property investment performance from regeneration areas that previously has not been available to investment institutions and decision makers. From a policy perspective this analysis is of relevance in confirming the maturing of locations that have received high levels of public sector support and indicating the effectiveness of regeneration policy mechanisms in creating sustainable urban environments capable of meeting private sector investment goals.

Banking on ICT : how the Tuvalu financial services industry benefits from investment in ICT

Financial service industries in every country have made substantial investments in information and communication technologies (ICTs). What have been the benefits from this investment? This research extends the decades of research into the relationship between ICT investment and organisational performance in several ways. First the study uses the resource-based value framework to propose an ICT Investment Model to comprehensively describe the relationship between ICT investment and organisational performance. Second, the research identifies nine specific benefits the Tuvalu financial services industry (TFSI) has received from ICT investment. Third, the study does so with a qualitative research methodology in a specific industry in a developing country (most studies in this area are quantitative and have a national or multi-industry perspective in an economically developed country). Key benefits from ICT investment in the TFSI include improvements in collaboration, efficiency, data monitoring and communication.

Health information technology governance : a perspective on investment decision processes

Realizing value from IT investments continues to be a challenge for most healthcare organizations. IT governance (ITG) is envisaged to solve many of these challenges. ITG is the practice that establishes accountability framework for IT investments by allocating decision rights among major participants involved in IT decision processes. As ITG is relatively new in healthcare industry, it is expected that knowledge about how healthcare organizations govern their IT decisions is limited. This research aims to extend this knowledge and to assist both researchers and professionals by providing insights on how IT decisions are made and governed in healthcare organizations (HOs). This research adopts case-study methodology to investigate IT governance in two distinctly different HOs. The research findings indicate that HOs implement ITG to achieve alignment between business objectives and IT. Both HOs set up a five-stage IT decision process to identify, evaluate and prioritize IT investment ideas. They also established generic committee-structures that clearly defined roles and decision authorities to govern such process. It is suggested here that ITG in HOs is heavily influenced by strategic priorities, organizational structure, governance experience and governmental initiatives. Effective ITG in HOs is challenged by IT alignment, policy government, involvement of healthcare executives, and lack of business metrics to justify and evaluate decisions. The research proposes recommendations to address these challenges.

The politics of gendered emotions : disrupting men's emotional investment in privilege

This paper explores the implications of the neglect of emotions in critical masculinity studies and profeminist masculinity politics. This neglect in part results from feminist and profeminist critiques of the literature on emotional inexpressiveness as a tragedy for men that ignores male privilege and men's social power. To focus on men's emotions is seen by some profeminist commentators as psychologising men at the expense of sociological understandings of men's social power. However, in neglecting the place of emotions in men's lives, critical masculinity studies has overlooked the ways in which men's emotional attachment to privilege can perpetuate oppressive gender relations and male violence against women. By exploring men's emotional investment in unequal gender relations, the article outlines ways in which emotions can also be used as a catalyst to disrupt men's attachment to male privilege.