Do retail option traders know better about market volatility?

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as predictors of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient and that covered warrants are typically overvalued. The results are attributable to the fact that, in Hong Kong and Singapore, the covered warrants markets are dominated by retail investors who tend to use covered warrants' leverage to speculate on the price movements of the underlying assets rather than to express their view on volatility. Arbitrage is not possible in the markets as short-selling of covered warrants is prohibited.

Do retail option traders know better about market volatility?

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as a predictor of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient. The results are attributable to the fact in Hong Kong and Singapore the covered warrants markets are dominated by retail investors, who tend to use covered warrants' leverage to speculate on the price movements of the underlying rather than to express their view on volatility.

How intimate are Australian e-business retail supply chains?

The adoption of electronic commerce strategies is becoming an important means of assisting industries, and indeed whole economies, to gain significant net benefits. The extent to which e-commerce-based strategies, such as quick response and efficient consumer response, might have an effect on local economies depends in part on how readily they are being adopted. The dominant form of adoption of these strategies is to be found in the business-to-business forms of e-commerce. To be successful, business partners must be in a position to develop customer intimacy through sharing of information, to improve their stock replenishment practices, and enhance their levels of online customer support. This paper presents the initial results of a national survey completed in the retail sector of the Australian economy, that assesses how well Australian industry is responding to these e-commerce challenges.

Prediction intention to quit in the call centre industry: does the retail model fit?

Purpose – Models of workplace turnover are rarely assessed in contexts other than that in which they were developed. This reduces their generalizability and their usefulness in providing managers with guidance as to what they might do to reduce workers intentions to quit. The purpose of this study is to test a model derived from a study of shop floor retail salespeople in the call centre environment.

Design/methodology/approach – A questionnaire measuring the variables in the model was completed by 126 call centre representatives recruited from 11 call centres in Melbourne, Australia.

Findings – Although the model was supported, the interactions among the variables differed. In particular, stressors played a bigger, albeit indirect, role in the intention to quit.

Practical implications – Call centre managers need to consider carefully the aspects of the work environment that may be stressful. If appropriately addressed, turnover may be reduced, and productivity increased.

Originality/value – This paper demonstrates that the model of turnover derived from shop floor salespeople is generally robust in the call centre setting. It provides management of call centres with some guidance as to the factors associated with turnover and areas that can be addressed to reduce it.

Implemetation of electronic commerce and human resource strategies in an Australian retail banking context

As organisations deploy eCommerce and internet technologies for competitive advantage and to satisfy increasingly demanding customers, they will need to develop human resource (HR) strategies that prepare their employees to work with these technologies effectively. Little systematic investigation has been undertaken to discover how companies manage their HR functions to achieve these outcomes. In the retail banking sector these issues have become very important with increased competition, industry changes and heightened competition. This paper examines HR management strategy in one Australian bank as it moves towards online service provision and adopts other eCommerce applications. The paper draws on theoretical insights from Porter’s (2001) views of competitive advantage from the internet and writers discussing the informational society (Castells, 2001) and post-fordist organisations (Clegg, 1990). An analysis of interview data from this case study shows the issues that one bank is dealing with as it seeks competitive advantage from its customer service offerings while it revises its HR strategies.

A retail supply chain risk assessment conceptual model

Supply chains are increasingly relying on information and communications technologies and in particular electronic commerce to facilitate transactions between supply chain partners. The adoption of these enabling technologies brings several enhancements to the conduct of business including gains in efficiency. However there are also drawbacks inherent in these technologies that include threats that are imposed on businesses that use them. This paper presents a study on retail supply chains and the risks and vulnerabilities that cooperating supply chain partners are exposed to when adopting these technologies. In particular, the paper discusses the various threats and vulnerabilities of retail supply and presents a conceptual model of such risks.

Linking eCommerce and human resource strategies: a case study in a large Australian retail bank

The implementation of eCommerce technologies has considerably changed how employees in the banking industry interact with customers. For example, some customers use electronic banking applications to such an extent that they find little or no need to go into a branch. This change has had a significant impact on the way that jobs are designed and the way that employees are being managed. The preliminary findings from the case study of a large bank in Australia indicate that moving customers out of the branch to an online environment has created unforeseen issues for the way employees interact with customers and this in turn has changed the way that they do their jobs. The key challenge for banks in the future is how to form effective relationships with customers without some kind of face-to-face interaction. This impacts how organisations recruit and retain their staff as well as the level and type of skills required for jobs redesigned after the implementation of eCommerce applications. It is also an important factor in employee satisfaction.

IT outsourcing issues in Singapore : the vendor's perspective

Most studies undertaken in the area of IT outsourcing seem to focus only on the customer’s perspective leaving a gap in knowledge about the vendor’s perspective. This study aims to correct this deficiency by investigating the views of four organisations providing IT services in Singapore, and comparing this to the current literature base of customer views. The findings showed that the vendor’s views about security, contract management and flexibility differed from the customer’s point of view. However, two issues, partnerships and vendor inexperience, seem to match the vendor issues found in this study. Additionally, two approaches were found to be used by vendors in the IT outsourcing activities, multiple-team approach and single-team approach. A multiple–team approach is likely to be used by vendors having a contract-based relationship and single-team approach is likely to be used by vendors having a partnership-based relationship.

Loyalty program attributes and their influence on retail customer satisfaction

This paper empirically examines the extent to which loyalty program attributes explain variations in satisfaction with the retail offer. Two dimensions of loyalty program attributes are introduced including hard attributes and soft attributes. Store satisfaction is examined in terms of the elements of the retail offer. The results suggest that emphasis on hard and soft attributes enhance customer satisfaction with a retailers’ merchandise, trading format, customer service and customer communication. Additionally, hard attributes have a more significant influence than soft attributes on satisfaction with all elements of the retail offer excluding merchandise.

The role of brand orientation in explaining retail offer advantage

We provide a conceptualisation and operationalisation of brand orientation within the context of retailing. We then empirically test this operationalisation in terms of a retail offer advantage across the dimensions of merchandise, trading format, customer service and customer communication. Our results suggest that the degree to which a retailer values brands and its practices are oriented towards building brand capabilities provides a valuable theoretical framework to explain variations in retailers' advantage over their competitors.