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Journal of Applied Management and Investments



ISSN 2225-3467



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Current Issues & Archive

 Volume 7 Issue 1 2018                                  Abstracts







 Dollar-Cost Averaging with Yearly and Biyearly Installments      

M. Bisceglia, P. Zola        

In this paper the authors considered Dollar-Cost Averaging (DCA) strategies with yearly and biyearly installments and compared their gross returns with those of a lump-sum investment for different medium-long term investment time horizons (between 5 and 20 years). The empirical analysis is conducted on several stock indices by means of rolling observation periods. The authors found that the average annual returns of the lump-sum investment are, in general, higher than those of the two considered DCA strategies and the percentage of observations in which the lump-sum outperforms both the considered DCA is higher for longer investment time horizons.

Keywords: investment strategies, dollar-cost averaging, stock indices, rolling windows, investment time horizon, total gross returns, average gross returns

JEL Codes: G11, O16, C22

Citation: Bisceglia, M. and Zola, P. (2018), “Dollar-Cost Averaging with Yearly and Biyearly Installments”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 1-14.


   The Book-to-Market Anomaly for Banking Stocks in the Indian Stock Market: A Panel Regression Analysis          

M. Dash, S. Kantheti, G. K. Teja

The book-to-market effect is one of the most widely-studied phenomena in stock returns. It is characterized by high book-to-market ratio stocks yielding higher returns than low book-to-market ratio stocks, i.e. when stock returns are positively related with book-to-market ratios. The classic Fama-French methodology for analyzing the book-to-market effect involves the comparison of the rates of return of a portfolio consisting of high book-to-market stocks with a portfolio consisting of low book-to-market stocks. The present study contributes to the literature by proposing different methodology for testing the book-to-market effect, viz. fixed-effects panel regression analysis. This study examines the book-to-market effect for banking stocks in the National Stock Exchange (NSE) of India. The data for the study was collected for a sample of eighteen stocks from the banking industry, for the period 01/04/2004 - 31/03/2014. The measures of stock performance considered in the study were mean returns, standard deviation of returns, beta, and the Sharpe and Treynor ratios. The book-to-market ratio was computed from the annual financial statements of the banks. The analysis was performed using fixed-effects panel regression analysis of stock performance on the book-to-market ratio, controlling for stock-specific and period-specific effects. The results of the study indicate significant negative relationship between the book-to-market ratio and the mean returns, Sharpe ratio, and Treynor ratio, significant positive relationship between the book-to-market ratio and beta, and no significant relationship between the book-to-market ratio and standard deviation of returns.

Keywords: book-to-market anomaly, Efficient Market Hypothesis, performance measures, fixed-effects panel regression

JEL Codes: G21, G14, C23

Citation: Dash, M., Kantheti, S. and  Teja, G.K. (2018), “The Book-to-Market Anomaly for Banking Stocks in the Indian Stock Market: A Panel Regression Analysis”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 15-23.


 Efficiency vs Effectiveness: Alternative Metrics for Research Performance

A. G. Goncharuk

This paper raised the problem of adequacy of the current performance metrics for a research. The author has looked at this problem from the publisher perspective, and tried answer the question how effective the publications are and how to adequately evaluate their performance. He reviewed the advantages and disadvantages of the existing metrics and concluded that the evaluation of research performance is a complex task which cannot adequately be expressed by a single index. The author developed the metrics applying a non-parametric technique DEA that calculates the relative efficiency on a relatively small number of publicly available data. The bidimensional tool for research (publication) performance analysis – "Efficiency-Effectiveness" matrix is suggested. The practicality of suggested metrics is demonstrated on a case of the Journal of Applied Management and Investments (JAMI). It helped to find the root causes of the low efficiency and low effectiveness of most of the articles of JAMI. Among them: a language variety, restricted access for readers to some volumes (issues), non-indexation in the leading international scientific databases, and practical orientation of many publications that usually are not high-cited. The identified problems should be the reasons for revising the editorial policy aimed at increasing the efficiency and effectiveness of the journal's publications. The author concluded that suggested metrics can’t find all problems of the publisher (journal), but they can allocate a group of problematic publications that burden it. The results of this study should be useful for publisher and chief editors of the research journals that want to improve the editorial policy and to increase the efficiency and quality of the publications (issues).

Keywords: research journal, publications, performance, efficiency, effectiveness

JEL Codes: C14, L82, O32

Citation: Goncharuk, A. G. (2018), “Efficiency vs Effectiveness: Alternative Metrics for Research Performance”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 24-37.


 Respecting Human Rights From Perspective Of Managing Diversity in OrganizationGood Practices     

E. Gross-Gołacka

Historically, the prevailing view has been that norms pertaining to human rights have applications only in the activities of states (governments), and not in the private sector. Every organisation in every sector has both influence and responsibilities when it comes to human rights. However, applying policies, the proliferation of voluntary initiatives and the belief that every organisation is responsible for respecting human rights, are all indicative of progress. Nonetheless, they have not resulted in the complete upholding of human rights at organisations. The workforce throughout the entire world is becoming more diversified. There is a lot of diversity on all ethnic, cultural, religious, linguistic and age backgrounds. The diversity of human resources is not a new phenomenon. For this reason, organisations require more diversity to become more innovative. The aim of this article is to present the role of the concept of diversity management in respecting human rights at an organisation. The goal has been reached through literature analysis, observations of social change and economic practice, a review of foreign and domestic research as well as the author’s own qualitative analysis of 50 strategies from international corporations. The conclusions from these analyses indicate that incorporating the concept of diversity management into companies and taking advantage of it, fulfils the obligations of organisations regarding the respect of human rights.

Keywords: human rights, diversity, organization, management

JEL Codes: M14, K38, J53

Citation: Gross-Gołacka, E. (2018), “Respecting Human Rights From Perspective of Managing Diversity in OrganizationGood Practices”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 38-48.


  Multichannel Marketing Attribution Using Markov Chains            

L. Kakalejčík, J. Bucko, P. A. A. Resende, M. Ferencova

The objective of this paper is to analyze the data of a selected company using Markov chains. The data about online customer journeys were analyzed. The authors found that Markov model decreases the credit assigned to channels favored by last-touch heuristic models and assigns more credit to channels favored by first-touch or linear heuristic models. By using Markov order estimator GDL the authors also found that order 4 was the most suitable for analysis of buyer journeys. Approximately 40% of revenue was generated by journeys with less than 5 interactions and thus indecisive customers have small incremental effect on the overall conversions.

Keywords: attribution modeling, multichannel attribution, Markov chains, digital analysis, web analytics

JEL Codes: M31, L81, C25

Citation: Kakalejčík, L., Bucko, J., Resende, P.A.A. and Ferencova, M. (2018), “Multichannel Marketing Attribution Using Markov Chains”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 49-60.



  Facebook Pages vs Websites: A Dilemma for E-Commerce Industry of Bangladesh

M. H. Nahid, R. Ahmed

This paper investigates the nature of dilemma which occurs for E-commerce merchants and consumers between Facebook page and responsive website. The authors have applied empirical evidences and analyzed qualitatively to find out how many merchants are operating their business with Facebook or websites or both, and how they are doing over the years. Then they have conducted qualitative approach such as interviews, observations and literature reviews to explore KPI of E-commerce industries and the reasons for this dilemma and how it affects the business followed by some recommendations to overcome those predicaments. The authors conducted an online survey involving a sample of 258 e-commerce merchants' and 130 e-commerce consumers' responses were used to gather data. This study aims to determine industry variables, analyze best industry practices, proposed a module designed by meticulous studies and fieldwork survey. Current research is a comparative study between expected and accurate results. It includes the investigation of E-commerce merchants on their investment attitudes toward the use of Facebook and website as their primary tool for sales and business operations. This paper also includes shopping experience of e-commerce consumers on Facebook and online stores. Random sampling was used for surveys, and MS Excel software was used to analyze data, including SPSS. The study shows that fundamental reason of this dilemma is not having some basic complementary and contemporary technical and business knowledge. They mostly didn't know how to create a responsive landing page within their budget and how to manage it by themselves. The authors have included a porter's 5 force model to identify the critical forces causing disruption in the business. The results suggest merchants to start their business with launching an operational shopping website to add more value to the business.

Keywords: e-commerce, content management system, key performance indicator, consumers, website, Facebook page

JEL Codes: L81, M15, L86

Citation: Nahid, M. N. and Ahmed, R. (2018), “Facebook Pages vs Websites: A dilemma for E-Commerce Industry of Bangladesh”, Journal of Applied Management and Investments, Vol. 7 No. 1, pp. 61-69.



 Book Review: Financial Innovation: Theories, Models and Regulation

A. G. Goncharuk

Citation: Goncharuk, A.G. (2018), “Book Review: Financial Innovation: Theories, Models and Regulation”, Journal of Applied Management and Investments, Vol. 7 No. 1, p. 70.








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