Research Papers - Dept of Business

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THE PERSPECTIVES OF UNIVERSITY ACADEMICS ON THEIR INTENTION TO PURCHASE GREEN SMARTPHONES IN SRI LANKA
(Informing Science Institute, 15 June 2023) Janak, P; Kumarasinghe; Huang, Q; Rathnayake, N
Aim/Purpose Most people use their phones for work and communication. Businesses today require sustainable mobile phones to limit the environmental impact of mobile phones. According to the Environmental Protection Agency (EPA), a green product uses less energy. Green smartphones need low radiation emission, are made from recyclable materials, and are designed to last longer than typical smartphones. Further, the manufacturing process needs to have a low environmental impact. The present study aims to identify the influence of variables (such as Green Awareness, Environmental Concern, Altruism, and Willingness to Pay) on green smartphone purchase intention among academics in the Sri Lankan higher education sector. Background With the swift technological advances, almost everyone has begun to use smartphones. Simultaneously, smartphone manufacturers have begun to release cutting-edge smartphone models to the general public. As a result, it has generated a significant amount of e-waste for the environment. As a result, therefore, the sustainability of green smartphones has become a major societal concern in the developed world, but this is not yet true in the developing world Methodology The study used a qualitative research method in which the authors attempted to acquire primary data by conducting in-depth interviews with academics from the Sri Lankan higher education sector using a semi-structured interview guide. Eight interviews were conducted, audio recorded, and word-to-word transcribed for content analysis. Researchers used content analysis to determine the presence, meanings, and linkages of specific words, themes, or concepts. Contribution The findings provide important environmental insights for smartphone makers and society, such as introducing waste reduction programs and energy-saving practices and creating awareness among people to change their consumption patterns. The study will provide valuable insights into the green smartphone phone purchasing intentions of academics in a developing country, especially helping green smartphone producers and marketers construct effective tactics with the insight of the current study based on university faculty members’ viewpoints. Findings The current study’s findings revealed that academics acknowledge the need for environmental protection with an awareness of the green concept and environmental concerns. According to the interviews, most participants intended to move from their present smartphone to an ecologically friendly phone, as they explained on altruism. This implies that even academics in underdeveloped countries are worried about environmental issues and have shown a more robust understanding of these issues and how environmentally aware individuals’ activities may assist the earth’s sustainability. Further, academics have a willingness to pay for a green smartphone. Recommendations for Practitioners Academics prioritize environmental conservation when making purchases. This implies that manufacturers and enterprises should focus on developing and innovating more environmentally friendly products. Recommendations for Researchers Using only academics as a sample approach is severely limited if the study’s population comprises people with various qualities. Nevertheless, this study presented only four independent variables, and more factors impacting green smartphone purchasing intention may exist. As a result, it is proposed that future research consider other factors. Impact on Society It was discovered that most participants displayed altruism in their product purchases, implying that policymakers must strengthen the moral practice of concern for the welfare and happiness of other humans, even in developing countries. Future Research A further in-depth study focusing on many perspectives, such as limits and motivations for purchasing green products in various socioeconomic groups with varying moderating factors such as gender, education, and rural-urban, would be advantageous. Individual (emotions, habits, perceived behavioral control, trust, values, personal norm, knowledge) and situational (availability, product attributes, subjective norm, brand, eco-labeling) variables should be included in future research
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Investment risk concepts and measurement of risk in asset returns
(MCB UP Ltd, 1995-01-01) Alles, L. A
The theory of finance is built around return and risk concepts and a basic tenet of finance is that there is a trade off between the risk and returns of assets. As such the measurement of risk goes to the very core and foundation of the theory of finance. Given that the main theories of finance have been maturing over several decades of discussion and debate, one would imagine that a concept as fundamental as the measurement of risk would be a well settled issue by now. On the contrary, the recent finance literature shows ample evidence that risk measurement and risk concepts are drawing continued scrutiny from academic researchers. This is because there are several alternative, and competing ways in which risk can be conceived of and it is not clear which of the alternative concepts is most appropriate. Each concept of risk can be measured or estimated in several ways as well. Estimation methods can be diverse in their precision. Risk measurement can be further complicated by the fact that risk is not a static feature. Risk changes over time. Whether risk changes can be modelled satisfactorily is a major challenge taken up by researchers.
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The information on inflation in the Australian term structure
(Routledge, 1997-12-01) Alles, L. A; Bhar, R
In this paper we examine the information on inflation contained in the term spread of the Australian term structure in a model in which we allow the expected real term spread to vary with time. Previously, Mishkin (1990) assumed a constant expected real term spread in a similar inflation forecasting model. We further extend the model by allowing the coefficient of the nominal yield spread also to vary with time. Results show that the model based on the time-varying expected real rate, estimated with the Kalman filter, is more suitable than the model based on the constant real rate. Also, the term spread lagged one period has more information on future inflation than the contemporaneous term. Finally, the forecasting power of a model with a randomly time-varying yield spread is inferior to the other versions examined.
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An examination of causality and predictability between Australian domestic and offshore interest rates
(North-Holland, 2000-01-01) Alles, L. A; Ann, A.T. H
This paper studies the causality and predictability between Australian domestic and offshore short term interest rates in both the first and second moments during the period 1987 to 1996. Causality flow is observed to be stronger from the domestic to the offshore market in the earlier sub periods but characterised by significant two-way causality flow in the latter sub-periods. Volatility tests show that the volatility in one market spills over to the other market simultaneously, which is consistent with Australian markets being well integrated with global markets. The predictability across the two markets in the first moments is examined through an error correction model, whose forecasting performance is assessed relative to a benchmark random walk model. To test the predictability of volatility, four different models are compared: A GARCH model, A GARCH model incorporating contemporaneous spillover effects, a GARCH model with lagged spillover effects, and a benchmark random walk model. Results indicate that the error correction model and the GARCH model with contemporaneous volatility spillover are the superior models for forecasting changes in interest rates and for forecasting volatility, respectively.
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Futures and forward price differential and the effect of marking-to-market: Australian evidence
(Blackwell Publishers Ltd, 2001-07) Alles, L. A; Peace, P. P. K
The objective of this paper is to examine the effects of marking-to-market of futures contracts on the price differential between futures and forward contracts based on the predictions ofthe Cox, Ingersoll and Ross (1981) (CIR) model. Cox et al., (1981) derive a series of propositions with respect to the relationship between futures and forward prices and a set of testable implications. These are tested empirically in this paper using Australian data from November 1991 to June 1997. The results provide evidence of the presence of significant futures and forward price differences, where the futures price is consistently below the forward price. Only partial support is found for the Cox et al., (1981) propositions, implying that the effect of marking-tomarket is not able to fully account for the price differential. Therefore, it is not possible to rule out the influence of other institutional factors on the futuresforward price difference.
Open Access
Asset Securitization and Structured Financing Future Prospects and Challenges for Countries in Emerging Markets
(International Monetary Fund, 2001-09-01) Alles, L. A
This article examines the issues and challenges involved for institutions, policy makers, and law-makers in less developed countries in their efforts to implement asset securitization techniques in their financial markets. Challenges and issues in the areas of market development, legislation, accounting, regulation and structuring are examined in the light of recent developments in securitization techniques.
Open Access
CAPM and Risk in the Australian Regulatory Context
(SSRN, 2002-09-01) Alles, L. A; Johnson, N. W; Kenyon, P
As one component in the determination of price caps for access to regulated gas pipelines under the National Access Code for Natural Gas Pipeline Systems (which is given legal effect through relevant State legislation), regulators utilise the CAPM to determine a 'reasonable' rate of return on the capital employed by the pipeline owner in the provision of gas transport services. A key issue in the use of CAPM in this manner is the determination of beta, the coefficient measuring systematic risk in the CAPM. Pipelines are not commonly traded in Australia, and hence market betas cannot be readily calculated from market data. This necessitates estimation of beta by other means. The methods used in practice is essentially a combination of comparisons with like pipelines which are traded (usually in the US or UK) combined with what can best be described as guesswork to incorporate differences between these pipelines and the pipelines being regulated. This process is less than rigorous and subject to rent-seeking behaviour by pipeline owners. This paper considers risk from the perspective of first principles, and derives a methodology for determining beta in the Australian regulatory context based upon a theoretical consideration of diversification choices of individuals.
Open Access
Problems and prospects of utilizing canal banks to enhance the built-environment in Colombo
(NSF, 2003-07-27) Perera, R
Waterfronts are assets that enhance the quality of built-environment in urban areas. They are used as public and recreational spaces in many cities around the world. However, cities and towns in Sri Lanka most often turn their back to water bodies. Colombo has environmental assets in the form of a sea front, a lake and a canal network, yet not much attempt has been made to utilize their potential to enhance the quality of environment of the city until recent times. The lake is being rehabilitated while the canal network has already been rehabilitated under externally funded projects. It is observed that the rehabilitated canal network is fast falling back to its previous state of stagnation and pollution due to non-utilization of improved canals and banks. This paper focuses attention on possible strategies to sustain their improved environmental quality in order to enhance the built-environment of the city
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Asset Securitization and Structured Financing Future Prospects and Challenges for Emerging Market Countries
(IMF working paper, 2006-01-31) Alles, L. A
This article examines the issues and challenges involved for institutions, policy makers, and law-makers in less developed countries in their efforts to implement asset securitization techniques in their financial markets. Challenges and issues in the areas of market development, legislation, accounting, regulation and structuring are examined in the light of recent developments in securitization techniques.
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Industry return predictability, timing and profitability
(North-Holland, 2006-04-01) Yao, J; Alles, L. A
This paper aims to investigate the predictability of Australian industrial stock returns. Several identified economic variables are found to contain significant predictive power over industry portfolio returns in a Bayesian dynamic forecasting model. The Bayesian updating process was also applied in an investigation of out-of-sample prediction, timing ability and the profitability of an investment strategy of industry-rotation. When the predictor variables are employed in out-of-sample analysis, the predictive power is superior to the naïve prediction. The timing ability and profitability associated with predictability are also economically significant. When the industry momentum is examined, the results show that a group-rotation strategy can enhance the portfolio performance.
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The Effect of Investment Horizons on Risk, Return and End‐of‐Period Wealth for Major Asset Classes in Canada
(Blackwell Publishing Ltd, 2006-06) Alles, L. A; Athanassakos, G
The objective of this paper is to investigate whether the current pructice among financiul planners of recom- mending stocks at an eurly age and progressively mov- ing into cash or bonds as retirement upproaches would be uppropriate. We computed returns, risks and end-of- period wealth distributions of vurious Canadian asset classes at increasing horizons between I957 and 2003, bused on the bootstrapping technique. Results show that investment outcomes at short horizons can be quite d$- ferent from outcomes at longer horizons. Evidence is provided in jiavour of time diversificution, while the cur- renl market practice oj' life cycle investing is not fully supported as stocks continue to exhibit more favourable risk-return payoffs than other asset classes, even at shorter time intervuls
Open Access
Impact of urbanization on the water resources and public health in Pathumthani Province, Thailand
(2006-11-22) Perera, R; Pradhan, P
This study attempts to analyze and describe the trend and pattern of urbanization, its impact on water resources as well as public health in Pathumthani province, which is an adjacent province of Bangkok Metropolitan. This province has good canal (khlong) network system. These khlongs have their own cultural and historical values. But the province has been promoted as a location for industrial development policy reforms introduced in Thailand in 1977. The study was carried out, using GIS as a tool, to identify the land use change. Major chemical parameters were selected to analysis water quality and cases registered data on water born diseases were analyzed to identify the impact on public health. The study reveals that growths have mainly occurred along the highways, river and khlongs sections. The findings highlight the situation of water quality in river and khlongs arising out of the process of urbanization in the province and its affect on public health.
Open Access
Risk factors in the Sri Lankan capital market
(2008) Alles, L. A; Murray, L
This paper examines whether additional risk factors such as the variance, skewness and coskewness of returns offer an appropriate explanation of company returns in the Sri Lankan Capital Market. Arguments for considering these risk factors in pricing models to better deal with the characteristics of a smaller developing capital market are presented. Using individual company returns, empirical tests examine whether the extra risk factors offer a significant explanation of the cross section of returns. Results indicate that while CAPM betas offer little explanation of company returns, variance and, to a lesser extent, skewness are significantly related to returns in this market. Coskewness has little importance. Robustness tests confirm that these measures are unrelated to company size.
Open Access
An option pricing approach to the estimation of downside risk: A European cross-country study
(Palgrave Macmillan UK, 2008-05) Alles, L. A
The purpose of this paper is to undertake a comparative study of the costs of downside protection for investors in the four major European stock markets: UK, Germany, France and Italy, and to investigate the time diversification effects in these markets by examining the variation of this cost as the investment horizon is extended. The cost of downside protection and time diversification effects are investigated by examining the properties of a protective put strategy and a capital protected equity participation strategy in each country's stock market over investment horizons ranging from 1 to 20 years. Long-horizon investment outcomes are generated using a bootstrapping technique. Results indicate that the cost of downside protection differs from one country to another, but there is a common pattern of the cost decreasing as the investment horizon lengthens. In overall terms, the pattern of decreasing protection costs at longer investment horizons is consistent with the notion of the time diversification benefits of investment risk.
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Identification of stock market maniplulation: a case study
(Business Perspectives, Publishing Company, 2008-05-05) Alles, L. A; Simpson, J; Evans, J; Westaway, J
This paper is based on an actual expert witness report undertaken by university business academics for a corporate regulatory authority in a developed country. The paper describes the methodology used to identify cases of stock market manipulation by insiders of a no liability mining company. An actual data set has been analyzed but the company and the country remain anonymous. It should be added that the real parties originally under suspicion were in fact charged with stock market manipulation based on the actual expert witness report outlined in this paper.
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The cost of downside protection and the time diversification issue in South Asian stock markets
(Routledge, 2008-06-01) Alles, L. A
The objectives of this article are to carry out a comparative study of the costs of downside protection for investors in the stock markets of Bangladesh, India, Pakistan and Sri Lanka, and to investigate the time diversification issue in these markets by examining the variation of this cost as the investment horizon is extended. The cost of downside protection and time diversification effects are investigated by examining the properties of a protective put strategy and a capital protected equity participation strategy in each country’s stock market over investment horizons ranging from 1 to20 years. Long-horizon investment outcomes are generated using a bootstrapping technique. Results indicate that the cost of downside protection differs from one country to another, but there is a common pattern of the cost decreasing as the investment horizon lengthens. In overall terms, the pattern of decreasing protection costs at longer investment horizons is consistent with the notion of the time diversification benefits of investment risk.
Open Access
Construction waste management from a gender perspective
(2008-09) Manowong, E; Perera, R
Construction industry generates high volume of waste. The availability of dump sites for construction waste is decreasing and becoming a serious problem. Common waste management strategies such as Reduce, Reuse, Recycle (3Rs) can be provided for construction waste management (CWM). However, in order to be extensively implemented in construction industry, such practices need to be recognized by construction operatives and the general public whose behavior may be influenced by their attitudes and perception. A survey was carried out to investigate current situation of CWM in various regions of Thailand. Attitudes, perceptions, and roles of men and women in the construction-related sectors were analyzed. Recommendations are planners and decision-makers to improve the relevant parties’ perception and attitudes towards CWM policy planning and implementation in the GMS countries.
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Investment performance and holding periods: An investigation of the major UK asset classes
(Palgrave Macmillan UK, 2009-12) Alles, L. A; Murray, L
The objective of this article is to offer further investigation of the practice of investors to concentrate their investments in cash or bonds as they grow older, and their investment horizons decrease. To provide evidence in this regard, we assess the impact of investment horizon by computing returns, risks and end-of-period wealth distributions of the major UK asset classes, over increasing time horizons. We use monthly observations between 1963 and 2005, and our assessment is based on a block bootstrapping technique. This methodology offers an improvement on previous studies, as it facilitates the retention of past time series patterns of returns. It is likely that these patterns will continue into the future. Results show that investment outcomes at short horizons are different to outcomes at longer horizons. Evidence is provided in favour of time diversification, up to a 5-year horizon. Further, we find that the probability of ending with a shortfall in end-of-period wealth decreases as the holding period lengthens. We also find that higher risk asset classes outperform lower risk asset classes and have higher end-of-period wealth for longer holding periods.
Open Access
The Global Financial Crisis and Pro-Cyclical Instability Issues of Financial Institutions: The Post-Crisis Responses
(SSRN, 2010-01-15) Alles, L. A
Key factors identified as contributing to the global financial crisis included the roles of financial accounting policies and credit rating agencies, and the combination of these factors in producing a continuing pro-cyclical destabilising effect on financial institutions. This article examines the progress made so far or the lack of it, in addressing these issues in the post-crisis period.
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Design considerations for retirement savings and retirement income products
(Palgrave Macmillan UK, 2011-02) Alles, L. A
In the backdrop of a world with an ageing population and increasing life expectancy, the impact of the global financial crisis on the values of pension and superannuation funds has underscored the vulnerability of the wealth pool of retirees and their well-being during retirement. In light of this, it is important to examine how the design and delivery of retirement savings and income products can address these vulnerabilities. The purpose of this article is to review and evaluate the factors that need to be considered and the features that need to be incorporated in designing and developing retirement savings and retirement income products to address the concerns of investors, both in the accumulation and draw down phases of retirement investment management.