Browsing by Author "Leone, Vitor"

Now showing 1 - 14 of 14
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    Collective Organisational Publicness versus Privateness in Community Sport: A National Panel Study of Local Authorities
    (European Sport Management Quarterly, 2020-05-18) Hodgkinson, Ian R.; Hughes, Paul; Leone, Vitor
    Research Question: The role and merit of publicness versus privateness in community sport provision is hotly contested in the sport management field, but is there a relationship between ownership types in local authorities’ community sport provision and sports participation levels? Research Methods: The study combines secondary data on sports participation with objective data on ownership types in community sport provision among local authorities in England, between 2009-15. The panel model examines whether the mix of ownership types in community sport is associated with differences in reported sports participation levels. Results and Findings: The study reveals higher collective organisational publicness in community sport is associated with lower sports participation levels among local populations. The opposite is true of higher collective privateness in local authorities’ provision, where higher levels of sports participation are observed among local populations. Implications: If local authorities are to influence sports participation levels among their populations, there is a need to better understand how community sport provision should be delivered. Informed by the findings, greater privateness in local authorities’ community sport provision is associated with higher sports participation levels.
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    The Economic Impact of International Students in Leicester. Leicester Castle Business School.
    (DMU/Internal, 2017-02-01) Granger, R.C.; Brown, D. L.; Leone, Vitor; Foyle, C.
    THE ECONOMIC IMPACT OF INTERNATIONAL STUDENTS IN LEICESTER
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    Effects of the ECL Model on Regulatory Capital in European Banks: IRB and Standardized Approaches
    (International Journal of Finance & Banking Studies, 2022-08-04) Boscia, Manuela R; Dantas, Jose Alves; Leone, Vitor; Kimura, Herbert
    The paper’s purpose was to assess whether the effects on the regulatory capital of the ECL model in European banks differs among those that adopted IRB or standardized approaches to credit risk management. The empirical tests revealed that there was a significant reduction in the level of capita buffers of European banks when the IFRS 9 was first adopted, and that this reduction was more pronounced among banks using a standardized approach to credit risk than for those that relied on an IRB approach. Further testing confirmed the premise that there was an underestimation of capital requirements in the period prior to the adoption of the ECL. The study fills a gap in literature, by evaluating the difference in the impact of adopting the ECL model on the banking system, as a function of the credit risk management approach for capital purposes. The assessment of what happened in the European banking system can be used as a guidance to other jurisdictions still in transition to the ECL model.
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    Equity Ownership in Cross-border Mergers and Acquisitions by British Firms: An Analysis of Real Options and Transaction Cost Factors
    (Wiley, 2017-02-19) Ahammad, Mohammad F.; Leone, Vitor; Tarba, Shlomo Y.; Glaister, Keith W.; Arslan, Ahmad
    The authors investigate the factors influencing the share of equity ownership sought in cross-border mergers and acquisitions (CBM&As). Drawing on real options theory and transaction cost economics (TCE), they address and hypothesize key factors linked to commitment under exogenous uncertainty and the separation of desired and non-desired assets’ influence on share of equity sought by acquiring firms in CBM&As. Empirical analysis based on 1872 CBM&As undertaken by British firms in both developed and emerging economies shows that British MNEs are more likely to pursue a partial acquisition in a target foreign firm when those foreign firms are from culturally distant countries. Further, findings support the view that the high cost of separating desired assets from non-desired assets motivates firms to make a partial acquisition rather than acquire the target completely. This is one of the first studies to use real options theory to address the cost of commitment under exogenous uncertainty, as well as TCE logic to address the separation of desired and non-desired assets in the target firmwhile analysing equity ownership sought in CBM&As. Empirically, this paper contributes by examining CBM&As by British firms in both developed and emerging markets.
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    Factors influenceing the share of ownership sought in cross- border acquisitions - UK perspectives
    (EuroMed Research Business Institute, 2015-09-10) Ahammad, Mohammad F.; Leone, Vitor; Tarba, Shlomo Y.; Arslan, Ahmad
    The aim of the paper is to investigate the factors influencing share of ownership sought in cross border acquisitions (CBAs). Drawing on multiple theoretical explanations, we develop and test hypotheses on factors influencing the share of equity sought by foreign firms in CBAs. Findings based on a sample of 1872 CBAs by UK firms show that the share of equity sought is influenced by a number of factors, including the difficulty in integrating local firm managers in culturally distant countries and size of the local firm. We contribute in existing literature by approaching the aspects of equity share in CBAs from a novel perspective of real options theory and transaction cost economics (TCE).
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    Financial Literacy and Advice Perceptions among UK Higher Education Students: An ethnicity tale?
    (Springer, 2023-07) Thompson, Piers; Leone, Vitor
    Although considerable efforts have been made in many countries to raise the financial literacy of those from disadvantaged backgrounds, it is unclear whether this is having an effect. This is particularly the case for those of ethnic minority background, who may suffer from other disadvantages. This study examines the financial literacy of students from two universities in the East Midlands region of the UK. It considers the role played by ethnic background. It is found that significant differences in financial literacy remain between the White majority and particular ethnic groups. In part, this appears to reflect their perceptions of the types of decision they see financial literacy relating to. Some ethnic groups saw financial literacy as being of more relevance for larger, less frequent financial decisions, but saw less connection, and relevance, to the day to day choices they had to make. Ethnicity also potentially has an indirect effect, as informal sources of advice, and those that promote a financial market perspective, tend to be valued more highly. The implications are worrying given that the respondents are the more highly educated independent young members of the population. Current attempts to assist the development of financial literacy therefore appear to be failing those from some ethnic minority groups. This will leave them at a continuing disadvantage, unless interventions can highlight the day to day importance and value of financial literacy.
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    Frontiers of Commercial Real Estate Portfolio Performance: Are Sector-Region Efficient Diversification Strategies a myth or reality?
    (Taylor and Francis, 2017-12-08) Leone, Vitor; Ravishankar, G.
    This paper departs from the traditional optimisation methods used to evaluate portfolio performance. Rather, the Stochastic Frontier Analysis approach is used to econometrically determine the benchmark real estate portfolio frontier and subsequently assess the gains from diversifying real estate portfolios along regional and sectoral dimensions in the UK. Portfolio specific inefficiency measures are obtained which indicate whether a portfolio is efficiently diversified and therefore places on the benchmark frontier and if not, the degree to which performance can be improved is quantified. Portfolio-specific efficiencies average at 85–91%, indicating scope to further improve performance. Further, diversification be it on a sectoral or regional dimension, contributes to significantly lower variability in portfolio efficiencies.
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    High frequency trading, price discovery and market efficiency in the FTSE100
    (Elsevier, 2019-05-30) Leone, Vitor; Kwabi, Frank
    This study examines the role of high frequency trading in price discovery and efficiency in the FTSE100 index tick changes. Using a unique data set, we find that there is no random walk when investors extract information at a millisecond to a second. Further analysis provides evidence that the information cannot be extracted by investors at frequencies starting from 10 minutes. This is consistent with the view that the market already experiences a random walk, which contributes to the weak form of market efficiency.
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    An investigation of regime shifts in UK commercial property returns: a time series analysis
    (Routledge, 2015-09-22) Leone, Vitor; Coleman, Simeon
    The random-walk hypothesis, vis-à-vis asset price, suggests that prices traded in a market cannot be predicted based on historical information. Employing unsecuritized UK commercial property returns, we analyse this hypothesis by investigating regime shifts or multiple changes in persistence in the series. Our results uncover regime shifts in both the aggregate and sector-specific data. Specifically, the shifts are less frequent in the Industrial sector, compared to the Office, Retail and Aggregate returns data. We highlight some implications for academics, practitioners and regulators.
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    Latin-American Stock Market Dynamics and Co-movement
    (Wiley, 2018-10-19) Coleman, Simeon; Leone, Vitor; De Medeiros, Ribeiro Otavio
    With the economic relevance of the relationships among emerging and frontier equity markets becoming increasingly significant, this paper investigates co-movement among returns from six Latin-American stock markets [Mexico (BMV), Brazil (BOVESPA), Chile (IPSA), Peru (IGBVL), Argentina (MERVAL), Venezuela (IBVC)] and also with the U.S. S&P 500 Composite index. In part, we employ Principal Component Analyses, to account for the maximum portion of the variance present in the returns by examining rolling windows with 8,6,4,3,2, and 1-year periods. We also investigate the incidence of structural breaks and co-movement, aiming to uncover the dynamics in co-movements among these markets. We find evidence of high co-movement among the Latin-American markets, and also with the U.S. markets. Venezuela and Mexico’s equity markets are at the extremes. However, our results do not corroborate findings of clear evidence, reported in previous studies, of the U.S. having a leading role in the region.
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    Planning to Improvise? The Role of Reasoning in the Strategy Process: Evidence from Malaysia
    (Spinger, 2017-07-10) Hughes, Paul; Hodgkinson, Ian R.; Arshad, Darwina; Hughes, Mathew; Leone, Vitor
    Planning and improvisation are depicted as alternate decision-making orientations in the strategy process literature, executed by two parallel cognitive contexts: rational or intuitive, but can rationality and intuition be harmonised in the strategy process? Strategic managers may not have to choose to either plan or improvise, rather there is a need to shift the focus of research from such trade-offs to paradoxical thinking. Drawing on survey data from Malaysian research-intensive firms, we investigate how strategy develops through managers’ strategic reasoning under key external (market turbulence) and internal (centralisation, manager level) contingencies. In contrast to common assumptions in the management literature, we find that both rational and intuitive reasoning can drive planning and improvisation for firms in emerging economies, with additional positive moderation effects under centralisation and manager level. Firms that achieve high levels of both planning and improvisation concurrently are characterised by significantly greater rationality relative to the high planning group and the high improvisation group. The findings extend strategy process research, highlighting how firms in emerging economies differ from theory derived from developed economies.
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    Signalling the Dotcom bubble: A multiple changesin persistence approach
    (Elsevier, 2014-09-18) Leone, Vitor; De Medeiros, Ribeiro Otavio
    This study investigates multiple changes in persistence in the dividend–price and price–earnings ratio of the NASDAQ Composite Index. Recent time series methods that are capable of signalling and dating asset price bubbles are employed, in particular the method developed by Leybourne, Kim, and Taylor (2007).The method allows for breaks between periods in which the data are integrated of order zero I(0) and integrated of order one I(1). The results confirm the existence of the so-called Dotcom bubble with its start and end dates. Furthermore, an unexpected negative bubble was also identified, extending from the beginning of the 1970s to the beginning of the 1990s, suggesting that the NASDAQ stock prices were below their fundamental values as indicated by their dividend yields, finding not previously reported in the literature. As the tools used by regulators take considerable time to take effect, methods capable of picking up warnings signals of the start of a bubble could be very useful. We conjecture that the method-ology can also be applied to study recent phenomena in real estate, commodity and foreign exchange markets
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    Stock Market Co-Movement in Latin America
    (2015-07-23) Leone, Vitor; Ribeiro de Medeiros, Otavio
    This paper investigates co-movement in eight Latin-American stock markets (Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Venezuela) using common factor analysis. The common factors are obtained using principal component analysis (PCA) and therefore account for the maximum portion of the variance present in the stock exchanges investigated. We test for co-movement in different periods so as to ascertain any changes that have taken place from one period to the next. In particular, we examine rolling windows with 5-year, 3-year, 2-year, and 1-year periods. We also specify and estimate a vector autoregressive model and test for co-movement between the eight markets during the sample period by means of impulse response functions. The results of both methods suggest no convergence between (co-movement) the exchanges over the entire sample period. However, we find evidence of an increasing co-movement from 2002 to 2008, which implies a growing integration between these markets. However, the trend towards increasing integration between the stock markets seems to have suffered a setback in 2008 due to the world financial crisis. Since then, a possible resume to the trend of increasing integration is unclear. The impulse response analysis shows that Argentina, Brazil, Chile, Colombia, Mexico and Peru present moderate response to shocks in each other’s markets and very low responses to shocks in Ecuador and Venezuela’s markets. Also, responses of Ecuador and Venezuela’s market returns to shocks in the other markets are very low.
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    Technological progress, non-price factors competitiveness, and changes in trade income elasticities: empirical evidence from South Korea and Hong Kong
    (European Journal of Economics and Economic Policies: Intervention, 2020-09-01) Leone, Vitor; Resende Cunha, Marco Flavio; Coleman, Simeon; Torres Almeida Raposo, Daniela
    In the balance-of-payments-constrained growth model literature, income elasticities (IEs) are considered as the crucial element determining a country’s long-run growth rate. Although the extant literature accepts that technology matters for IEs magnitude, explanations linking technology and IEs magnitude are limited. In this paper, we make use of the National Innovation System (NIS) concept from the Evolutionary School to explain the channels through which the size of a country’s IEs is influenced by the level of development of its NIS, which in turn is a channel through which the non-price competitiveness factors work. Additionally, we empirically test the hypothesis that the catch-up allowed by NIS developments achieved in South Korea and Hong Kong improved their IEs over the 1980–1995 period. Our empirical results suggest a link between the level of NIS development and the size of the IEs.