In today’s business environment it is difficult to obtain senior management approval forthe expenditure of valuable resources to “guarantee “that a potentially disastrous event will not occurthat could affect the organisation performance. Analysing potential risk and the allocation...

Purpose – The economic system is an expectation's feedback system, thus decisions made by economic agents are based on their expectations about the future state of the economy. These decisions affect actual realization of economic variables and this process leads to the new expectations. For a...

Purpose – This paper aims to study the formation and amplification mechanism of the financial crisis and business cycle and also discuss the related optimal rules for the central bank and government. Design/methodology/approach – This study is developed basically on a simple financial...

Purpose – The aim of this paper is to provide a grammar for dissecting the financial crisis that began in the housing finance market of industrialized nations in 2007, rapidly becoming a general credit crisis and spreading to all parts of the world and causing a global recession of gigantic...

Purpose – The purpose of this paper is to describe the transformation of macro‐modelling from reduced form behavioural equations estimated separately, through to contemporary microfounded dynamic stochastic general equilibrium (DSGE) models estimated by systems methods. It is argued that...

Hotels tend to have a high level of fixed costs, which means that high losses will result if revenue is significantly reduced below the break‐even point. Hence, the traditional cost‐volume‐profit (CVP) model, which is widely used within the hotel sector to determine break‐even analysis,...

Yield management (YM) tends to emphasize revenue management, which is understandable, given the capital intensive nature of the hotel industry. To evaluate these strategies profitability or return must be assessed, together with management performance or efficiency, in the context of the level...

Purpose – Proposes a new covariance matrix robust estimator able to capture the correct orientation of the data and the large unconditional variance caused by occasional high volatility periods. Design/methodology/approach – Derives easy‐to‐compute estimates for the center and covariance...

Purpose – The purpose of this paper is to report on research in applying the financial appraisal profile (FAP) model to an information communication technology project within a professional association and to evaluate the model's effectiveness and acceptability. Design/methodology/approach –...

Purpose – Several major infrastructure projects in the Hong Kong Special Administrative Region (HKSAR) have been delivered by the build‐operate‐transfer (BOT) model since the 1960s. Although the benefits of using BOT have been reported abundantly in the contemporary literature, some BOT...