Business and Management Research Publications
Presented here is a selection of research from the University of Edinburgh Business School.
Recent Submissions
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Reading between the aisles: a contextualised study of young fashion consumers' experiences of retail space
(The University of Edinburgh, 2002) -
Long Memory, the 'Taylor Effect' and Intraday Volatility in Commodity Futures Markets
(Management School and Economics. The University of Edinburgh, 1999)This paper investigates long term dependence in commodity futures markets. Using daily futures returns on cocoa, coffee and sugar, we show that FIGARCH models are able to adequately describe both the long and short run ... -
The Proportion Underwritten and the Reaction to SEOs: UK Tests of the Eckbo-Masulis Theory
(Management School and Economics. The University of Edinburgh, 1999)The Eckbo-Masulis (1992) theory predicts that a seasoned offer is more likely to be underwritten the higher the proportion of shares expected to be sold to new investors and further predicts a negative relation between ... -
Company Value and Economic Currency Risk: an empirical study of UK-listed importers and exporters
(Management School and Economics. The University of Edinburgh, 1998)This study examines the impact of economic currency exposure on UK share prices using both daily and monthly data. It makes use of survey information to identify two types of firm on the basis of exchange rate sensitivity ... -
Tax and the Use of Historic Returns in Estimating the Equity Risk Premium
(Management School and Economics. The University of Edinburgh, 1998)The paper analyses the use of a historic risk premium as a proxy for the current premium allowing current tax rates to differ from historic rates. If tax rates are assumed constant, adjustments to the CAPM for an imputation ... -
A Hidden Markov Chain Model for the Term Structure of Bond Credit Risk Spreads
(Management School and Economics. The University of Edinburgh, 1998)This paper provides a Markov chain model for the term structure and credit risk spreads of bond processes. It allows dependency between the stochastic process modeling the interest rate and the Markov chain process describing ... -
The Nature and Determinants of the Economic Currency Exposure of Non-Financial UK Firms
(Management School and Economics. The University of Edinburgh, 1998)This study examines the sensitivity of sales, profit margins and input costs to exchange rate movements for non-financial, UK firms. The sample is a representative cross-section of larger, publicly-listed firms and is not ... -
Cross-Sectional Variation in Investment Trust Discount Volatility
(Management School and Economics. The University of Edinburgh, 1998)Discount volatility is generally an important component of total risk for closed-end funds but there is considerable cross-sectional variation in the magnitude of this discount volatility. These are interesting aspects of ... -
Signalling and Excess Returns from Venture Capital Backed Flotations
(Management School and Economics. The University of Edinburgh, 2001)This paper examines the UK Venture Capital market with particular focus on the experiences of venture capitalist backed flotations. Management buy outs are focused upon, in particular to attempt to determine if recent ... -
Deregulation of the Japanese Markets - Opportunities for the Edinburgh Investment Community
(Management School and Economics. The University of Edinburgh, 1997)The proposed deregeulation of the Japanese financial markets, first announced in November 1996 is intended to make the financial system more competitive and to make better use of the country's Y1200 trillion of personal ... -
When is a Promise a Strategic Liability?
(Management School and Economics. The University of Edinburgh, 1997)Employers offer pension plans for two main reasons; paternalism and skills market competiveness. Recent changes in legislation and business practice have promoted the scrutiny of the underpinnings for such a management ... -
Re-assessing the Equity Risk Premium
(Management School and Economics. The University of Edinburgh, 1997)Estimates of the historical equity risk premium in the UK are in the range 7 per cent to 9 per cent per annum. Until recently, portfolio investors and industrialists have been encouraged to use a premium of this order in ... -
Fund Turnover and Investment Performance
(Management School and Economics. The University of Edinburgh, 1997)We examine the level of share dealing activity of UK long-term institutional funds and, for UK pension funds, assess the impact of this dealing activity on investment performance. The analysis is carried out using annual ... -
Occupational Pension Schemes and Human Resource Management: Some Survey Evidence
(Management School and Economics. The University of Edinburgh, 1997)Definitions of Human Resource Management (HRM) have been both numerous and multifaceted and various classifications have been arranged to try to capture the essence of HRM. Although there is not one rigid "HRM position", ... -
Towards a Transparent Approach to the Appraisal of Over-rented Property
(Management School and Economics. The University of Edinburgh, 1996)We develop a number of alternative discounted cash flow approaches to the appraisal of over-rented property. These reveal the complicated risk characteristics and option characteristics of over-rented property, indicating ... -
The New Insider Dealing Legislation - A Confusing Outcome
(Management School and Economics. The University of Edinburgh, 1996)This paper assess the impact of new insider dealing legislation on companies, brokers' analysts, professional fund managers and private investors. The revised legislation came into effect in April 1994. Our main conclusions ... -
Ordinary Share Price Behaviour Around 'C' Share Issues by Investment Trusts
(Management School and Economics. The University of Edinburgh, 1995)This paper examines the "C" share issue, a method of issuing shares which is peculiar to the UK investment trust industry. In particular, we analyse abnormal returns and discount/premium to net asset value behaviour of the ... -
Components of Risk for Investment Trusts
(Management School and Economics. The University of Edinburgh, 1996)Risk assessment is a topical subject in the investment trust sector. Several fund management groups have started issuing risk gradings from their investment trusts. Money Management and Micropal now publish volatility ... -
Some Thoughts on Trends and Maturity Patterns in UK Venture Capital, 1985- 1993
(Management School and Economics. The University of Edinburgh, 1994)Venture capital is equity finance (the business risk-bearing class of capital) provided to unquoted businesses. Such investee firms can be started up, expanded, rescued, purchased as unquoted businesses, or become unquoted ...
