Faculty on Summer Conference Circuit

Whilst many people take time out over August to recharge, Henley Business School’s Faculty members have been flying to conferences around the world to share their latest research with their peers.

Here is a selection of papers presented by faculty from the School of Business Informatics, Systems and Accounting, the School of Marketing and Reputation, the ICMA Centre and the School of Real Estate and Planning.

Protecting Children through Dynamics-based Systems Mapping

Professor David Lane describes the use of system dynamics-based systems mapping in the Munro Review of Child Protection. Mapping was used to understand and communicate the problems experienced by the child protection sector in England, including the unintended consequences of previous policies. Mapping also created a holistic understanding of the wide range of issues that the sector confronted and provided a rigorous platform for the Review’s policy proposals.

You can read the original Munro Report on Child Protection and the final report by clicking 'Tell me more'

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Rhetoric International Standard Setting Process: Constructing Accounting Reality

Dr Renata Stenka presented a paper which aims to deepen our understanding of accounting as both a social and organisational phenomenon and to expose taken-for-granted assumptions and values of neo-classical economics perspectives regarding accounting regulation and change. It demonstrates how rhetoric, used as a tool to establish legitimacy, contributes to and facilitates the production and changes of accounting practices.  

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Ontology modeling for generation of clinical pathways

Increasing costs of health care, fuelled by demand for high quality, cost-effective healthcare has drove hospitals to streamline their patient care delivery systems. One such systematic approach is the adaptation of Clinical Pathways (CP) as a tool to increase the quality of healthcare delivery. In this paper, Jasmine Tehrani, Professor Kecheng Liu, and Dr Vaughan Michell present a method for generating clinical pathways based on organizational semiotics by capturing knowledge from syntactic, semantic and pragmatic to social level.

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The Dangers of Online Shopping Addiction Revealed

The effects of excessive shopping has been previously found to lead to compulsive or addictive behaviour prior to the arrival of the Internet. Research conducted at Henley by Dr Susan Rose, in conjunction with Dr Arun Dhandayudham, a clinical psychiatrist, now suggests that online retail websites may cause problem behaviour in some shoppers, which may range from mild impulsive buying through to compulsive or ultimately addictive buying behaviour. 

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Developing our Understanding of Values Based Brands within the Not-For-Profit Sector

Values in not-for-profit (NFP) organisations are said to be their raison d’etre – the reason why the organisation exists in the first place. It is suggested, therefore, that the types of values that drive behaviour in these organisations are different to those found in the for-profit context. But what is the relationship between values based behaviour of staff in these organisations and the values based behaviour of donors? Dr Helen Stride (Marketing and Reputation, Henley Business School) and Malcolm Higgs (University of Southampton) seek to find out.

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Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices

Dr Ioannis Oikonomou and Dr Nadia Kappou investigate the financial effects of additions to and deletions from two of the most well-known social stock indices: the Calvert social index and the MSCI KLD 400 index. By examining not only short-term abnormal returns but also trading activity, earnings per share and long-term performance of stocks that are involved in these events, we are able to shed new light on the characteristics of the “social index effect”.


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Trading Death: The Implications of Annuity Replication for the Annuity Puzzle, Arbitrage, Speculation and Portfolios

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers and inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt, permitting long positions in annuities to be offset, or short annuity positions to be created. The implications of this result for the annuity puzzle, arbitrage between the annuity and life insurance markets, and speculation on expected longevity are investigated. Professor Charles Sutcliffe argues that annuity replication could help solve the annuity puzzle, improve the price efficiency of annuity markets and promote the inclusion of annuities in household portfolios.

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Contingent-Claim-Based Expected Stock Returns

Dr Nicholas Zhiyao Chen (ICMA Centre, Henley Business School) and Ilya A. Strebulaev (Stanford University - Graduate School of Business; National Bureau of Economic Research) develop and test a parsimonious contingent claim model for cross-sectional stock returns under no-arbitrage condition. Because stocks are residual claims on firms' assets that generate operating cash flows (Merton, 1974), stock returns are cash flow rates scaled by the sensitivities of stocks to cash flows. We adapt implied-state generalized method of moments (Pan, 2002) to test the no-arbitrage relations between stock returns and cash flow rates.

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Operating inflexibility, profitability and capital structure

By introducing operating inflexibility into the standard capital structural model, Dr Nicholas Zhiyao Chen  (ICMA Centre, Henley Business School) , Avraham Kamara (Washington) and Jarrad Harford (Washington) build a two-regime model to show that the negative relation between profitability and financial leverage is not evidence against the trade-off model. Whereas firms increase their contractual operating costs when they are profitable, they have difficulty reducing them when they enter distress. This paper identifies the characteristics of those firms with high operating flexibility.

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Energy Efficiency Measures Improve House Prices

Professor Pete Wyatt and Dr Anupam Nanda joined researchers from Cambridge and UCL on a major research project for the Department of Energy and Climate. They have found the first concrete evidence of a link between energy efficiency measures in the home and property prices. Using a very large data set and as much information as possible about the features that are known to influence house prices, this research is the first to show that there is a consistent increase in house price associated with higher EPC ratings.

The research has also received a large amount of press coverage which you can view below:

Daily Mail    This is Money     The Construction Index     AOL

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