Towards equity in the futures market : curriculum as a condition of access

This article provides a consideration of the problem of equity in education. In the first part of the discussion, the author draws on philosophical and sociological literatures to consider what equity means and its implications for education. Drawing on work by Burbules, Lord & Sherman, she looks to curriculum as a condition of access and the importance of learning support structures in bringing about equitable educational outcomes, conceived in terms of Amy Gutmanns’s democratic threshold. The paper offers a conceptual-theoretical model for thinking about the resourcing and curricular requirements for equity in contemporary liberal democratic societies, contrasting the social and economic policy mixes employed by governments situated at different points along a liberty/equality continuum.

Modeling destination brand equity in an emerging long haul market

The destination branding literature emerged as recently as 1998, and there remains a dearth of empirical data that tests the effectiveness of brand campaigns over time. This paper reports the results of an investigation into consumer-based brand equity for Australia as a long haul destination in an emerging South American market. In spite of the high level of academic interest in the measurement of perceptions of destinations since the 1970s, few previous studies have examined perceptions held by South American consumers. Findings suggest that destination brand awareness, brand image, and brand value are positively related to brand loyalty for a long-haul destination. The results also indicate that Australia is a more compelling destination brand for previous visitors compared to non-visitors.

Investigating attitudes towards three South American destinations in an emerging long haul market using a model of consumer-based brand equity (CBBE)

Despite the importance of destination image in market competitiveness, and the popularity of the field within tourism literature, there remains a dearth of published research examining travellers’ perceptions of destinations in South America. This manuscript addresses this gap by testing a model of consumer-based brand equity (CBBE) associated with three South American countries; Chile, Brazil and Argentina. The introduction of direct air links and a free trade agreement in 2008 has led destination marketing organisations (DMOs) in these countries to increase promotional efforts in the Australian market. This study shows that the CBBE model is an appropriate tool to explore consumers’ attitudes in the long haul travel context. The findings provide DMOs of the three countries studied, with benchmarks against which to compare the impact of future marketing communications in Australia. The results provide increased transparency and accountability to stakeholders, such as South American tourism businesses and Australian travel intermediaries.

The performance of diversified emerging market equity funds

We investigate the performance of globally diversified emerging market equity funds during the first decade of the twenty-first century. A vast majority of these funds do not outperform the market benchmark even before transaction costs. The systematic risk of most of the funds is similar to that of the market benchmark portfolio, which may suggest that they aim to offer diversification benefits rather than seeking superior risk-adjusted returns through active management. We do not find any evidence of market timing ability amongst these funds. Finally, whilst we detect persistence in performance, this result is driven mainly by the poorly performing funds.

The equity and efficiency of the Australian share market with respect to director trading

Purpose – The purpose of this paper is to investigate the extent of directors breaching the reporting requirements of the Australian Stock Exchange (ASX) and the Corporations Act in Australia. Further, it seeks to assess whether directors in Australia achieve abnormal returns from trades in their own companies. Design/methodology/approach – Using an event study approach on an Australian sample, abnormal returns for a range of situations were estimated. Findings – A total of 13 (seven) per cent of own‐company directors trades do not meet the ASX (Corporations Act) requirement of reporting within five (14) business days. Directors do achieve abnormal returns through trading in shares of their own companies. Ignoring transaction costs, outsiders can achieve abnormal returns by imitating directors' trades. Analysis of returns to directors after they trade but before they announce the trade to the market shows that directors are making small but statistically significant returns that are not available to the market. Analysis of returns to directors subsequent to the ASX reporting requirement up to the day the trade is reported shows that directors are making small but statistically significant returns that should be available to the market. Research limitations/implications – Future research should investigate the linkages between late reporting by directors and disadvantages to outside shareholders and the implementation of internal policies implemented to mitigate insider trading. Practical implications – Market participants should remain vigilant regarding the potential for late/non‐reporting of directors' trades. Originality/value – Uncovering breaches of reporting regulations are particularly important given that directors tend to purchase (sell) shares when the price is low (high), thereby achieving abnormal returns.

Long-term equity anticipation securities and stock market volatility dynamics

Recent empirical findings suggest that the long-run dependence in U.S. stock market volatility is best described by a slowly mean-reverting fractionally integrated process. The present study complements this existing time-series-based evidence by comparing the risk-neutralized option pricing distributions from various ARCH-type formulations. Utilizing a panel data set consisting of newly created exchange traded long-term equity anticipation securities, or leaps, on the Standard and Poor's 500 stock market index with maturity times ranging up to three years, we find that the degree of mean reversion in the volatility process implicit in these prices is best described by a Fractionally Integrated EGARCH (FIEGARCH) model. © 1999 Elsevier Science S.A. All rights reserved.

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Felmini, the success of a Portuguese footwear company in the Italian market

NSBE - UNL

Indoor location-based analytics systems: Portuguese market compettive assessment and entry procing strategy of BIPs' technology in Sonae Sierra Shopping malls stores

This project attempts to provide an in-depth competitive assessment of the Portuguese indoor location-based analytics market, and to elaborate an entry-pricing strategy for Business Intelligence Positioning System (BIPS) implementation in Portuguese shopping centre stores. The role of industry forces and company’s organizational resources platform to sustain company’s competitive advantage was explored. A customer value-based pricing approach was adopted to assess BIPS value to retailers and maximize Sonae Sierra profitability. The exploratory quantitative research found that there is a market opportunity to explore every store area types with tailored proposals, and to set higher-than-tested membership fees to allow a rapid ROI, concluding there are propitious conditions for Sierra to succeed in BIPS store’s business model in Portugal.

An internationalisation research project into the German market for the Portuguese canned seafood company COFACO.

This project is aimed to analyse the German market of canned fish, in order to find out if there is potential of entering the market for the Portuguese canned seafood company named COFACO. The purpose of this foreign market research, carried out for COFACO, is to highlight the main key aspects of the current German seafood market, founded out through a deep analysis. Moreover, the work project is also aimed to give the company suggestions regarding the Brand, the Product and the Distribution strategy to implement in order to succeed, once considered the opportunity to enter the market.

Fruta com cheiro: The implementation of a new brand of fruit in the Portuguese market

‘’Fruta com Cheiro’’ is an idea for a new brand of fruit that would be introduced in the Portuguese market that would differentiate itself from the brands already in the market and from other non-branded fruit producers. In order to prove that the idea was valid and would have a place in the market, two methods of exploratory research were used – in-depth interviews and focus groups – to understand attitudes and behaviors regarding fruit selection and purchase and also people’s perceptions to ‘’Fruta com Cheiro’’. After these two steps, several considerations were made in relation to preliminary marketing aspects such as brand creation and positioning. There was also a final remark on the fact that this thesis is not a business plan and its purpose was to show how viable would the project be.

Conceptualizing change in the Portuguese footwear industry: regional voices and cognitive spaces of agency

Expanding national services sectors and global competition aggravate current and perceived future market pressures on traditional manufacturing industries. These perceptions of change have provoked a growing intensification of geo-political discourses on technological innovation and ‘learning’, and calls for competency in design among other professional skills. However, these political discourses on innovation and learning have paralleled public concerns with the apparent ‘growth pains’ from factory closures and subsequent increases in unemployment, and its debilitating social and economic implications for local and regional development. In this respect the following investigation sets out to conceptualize change through the complementary and differing perceptions of industry and regional actors’ experiences or narratives, linking these perceptions to their structure-determined spheres of agent-environment interactivity. It aims to determine whether agents’ differing perceptions of industry transformation can have a role in the legitimization of their interests in, and in sustaining their organizational influence over the process of industry-regional transformation. It argues that industry and regional agent perceptions are among the cognitive aspects of agent-environment interactivity that permeate agency. It stresses agents’ ability to reason and manipulate their work environments to preserve their self-regulating interests in, and task representative influence over the multi-jurisdictional space of industry-regional transformation. The contributions of this investigation suggest that agents’ varied perceptions of industry and regional change inform or compete for influence over the redirection of regional, industry and business strategies. This claim offers a greater appreciation for the reflexive and complex institutional dimensions of industry planning and development, and the political responsibility to socially just forms of regional development. It positions the outcomes of this investigation at the nexus of intensifying geo-political discourses on the efficiency and equity of territorial development in Europe.

Towards the "cult of the equity"? Insurance companies and the interwar capital market

This article examines the ways in which insurance companies modified their investment policies during the interwar years, arguing that this period marked the start of the transition from ‘traditional’ to ‘modern’ investment practice. Economic and financial conditions raised considerable doubts regarding the suitability of traditional insurance investments, while competitive conditions forced insurance offices to seek higher-yielding assets. These pressures led to a considerable increase in the proportion of new investment devoted to corporate securities, including ordinary shares. Meanwhile new insurance investment philosophies began to be advocated, which accorded both legitimacy and importance to the role of ordinary shares in insurance portfolios.