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Article
Publication date: 23 August 2021

Marshall A. Geiger, Rajib Hasan, Abdullah Kumas and Joyce van der Laan Smith

This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate…

Abstract

Purpose

This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate industry-specific market uncertainty. It extends the literature by being the first to empirically examine investor information demand and disaggregate market uncertainty.

Design/methodology/approach

This paper constructs a measure of information search by using the Google Search Volume Index and computes measures of aggregate and disaggregate market uncertainty using institutional investors' trading data from Ancerno Ltd. The relation between market uncertainty, as measured by trading disagreements among institutional investors, and information search is analyzed using an OLS (Ordinary Least Squares) regression model.

Findings

This paper finds that individual investor information demand is significantly and positively correlated with aggregate market uncertainty but not associated with disaggregated industry uncertainty. The findings suggest that individual investors may not fully incorporate all relevant uncertainty information and that ambiguity-related market pricing anomalies may be more associated with disaggregate market uncertainty.

Research limitations/implications

This study presents an examination of aggregate and disaggregate measures of market uncertainty and individual investor demand for information, shedding light on the efficiency of the market in incorporating information. A limitation of our study is that our data for market uncertainty is based on investor trading disagreement from Ancerno, Ltd. which is only available till 2011. However, we believe the implications are generalizable to the current time period.

Practical implications

This study provides the first concurrent empirical assessment of investor information search and aggregate and disaggregate market uncertainty. Prior research has separately examined information demand in these two types of market uncertainty. Thus, this study provides information to investors regarding the importance of assessing disaggregate component measures of the market.

Originality/value

This paper is the first to empirically examine investor information search and disaggregate market uncertainty. It also employs a unique data set and method to determine disaggregate, and aggregate, market uncertainty.

Details

International Journal of Managerial Finance, vol. 18 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 17 October 2020

William M. Cready and Abdullah Kumas

This analysis is the first to explore the overall roles of the offsetting attraction and distraction influences of earnings news in shaping the level of attention given to the…

Abstract

Purpose

This analysis is the first to explore the overall roles of the offsetting attraction and distraction influences of earnings news in shaping the level of attention given to the equity market by market participants.

Design/methodology/approach

We use multivariate regression approach and examine how trading activity levels within the set of non-announcing firms varies with respect to collective measures of contemporaneous earnings announcement visibility. We employ attention and information transfer theories in our hypothesis development.

Findings

This analysis is the first to explore the overall roles of the offsetting attraction and distraction influences of earnings news in shaping the level of attention given to the equity market by market participants. Specifically, we examine how the number of earnings announcement activity affects investor attention as measured by trading volume given to the set of non-announcing firms. We find that while earnings announcement numbers lower trading volume responses to earnings news among announcing firms (consistent with Hirshleifer et al., 2009), their distractive influence does not carry over into the market as a whole. More importantly, investor attention to both the overall market and the larger subset of non-announcing firms increase in response to earnings news activity levels. However, after decomposing the announcers as same-industry and different-industry announcers, we find that investor attention to the non-announcing segment of the market increases with the number of same-industry announcers, but actually seems to decrease (i.e. they distract attention) with the number of different-industry announcers. We also find that the associated earnings surprise brings attention to non-announcing firms (consistent with earnings news is relevant to overall market price movements). Finally, we find that distraction effects are attenuated in the financial crisis period.

Research limitations/implications

A promising area of future research is to examine the relation between market pricing efficiency and aggregate earnings activity for the set of non-announcing firms. Although it will be a challenging task to measure pricing efficiency for the non-announcers, this will complement the prior literature only focusing on the announcing segment of the market.

Practical implications

First, instead of assessing the impact of number of earnings announcements on the subset of announcing firms, which is a micro-level perspective, we identify the impact of news arrivals on all firms in the market including the vastly larger set of non-announcing firms. Second, by decomposing the number of announcements into industry-related and -unrelated news we show that different types of news arrivals spark investor attention differently, suggesting the importance of categorizing the news into related and unrelated industries.

Social implications

A potential future area of research identified by our analysis is to investigate what type of investors' attention is distracted or attracted during the earnings announcements. A promising area of future research is to examine the relation between market pricing efficiency and aggregate earnings activity for the set of non-announcing firms.

Originality/value

This paper is the first one exploring the overall roles of the offsetting attraction and distraction influences of earnings announcements in shaping the level of investor attention given to the equity market by market participants. Our findings should be of interest to investors, analysts, security market regulators and researchers.

Details

Asian Review of Accounting, vol. 28 no. 4
Type: Research Article
ISSN: 1321-7348

Keywords

Article
Publication date: 7 August 2023

Abdul Basit, Ismail Nizam, Rosalind Goh, Sharmila Sethumadhavan, Noor Rosly Hanif, Zubair Hassan and Ainoriza Mohd Aini

Property management companies in residential properties are increasingly using ICT and specific property management software applications to conduct daily property management…

Abstract

Purpose

Property management companies in residential properties are increasingly using ICT and specific property management software applications to conduct daily property management tasks. However, the benefits of using specific software applications and how it can add value to property management companies are largely unexplored. The present study examines the impact of property management mobile applications usage features on strata property residents' satisfaction in Kuala Lumpur.

Design/methodology/approach

A total of 205 residents from 3 strata residential buildings in Kuala Lumpur using property management applications were surveyed. The study employed structural equation modelling using SPSS Amos software.

Findings

The findings suggest that visitor management and security management via software applications positively influence the residents' satisfaction. However, facility management via software application was found to be negatively affecting residents' satisfaction.

Originality/value

The study highlighted the benefit of property managers adopting property management software to achieve increased residents' satisfaction in strata residential properties.

Article
Publication date: 4 May 2023

Muhammad Asyraf Abdullah and Siti Rabiatull Aisha Idris

Pb-free solders have been developed to replace the standard Sn–Pb eutectic solder since the prohibition on Pb used in solders. The Sn–Ag–Cu series of lead-free solders is the most…

Abstract

Purpose

Pb-free solders have been developed to replace the standard Sn–Pb eutectic solder since the prohibition on Pb used in solders. The Sn–Ag–Cu series of lead-free solders is the most extensively used in the electronics industry. The Ag3Sn, which forms during isothermal ageing, can significantly degrade solder joint reliability. Sn–Ag–Cu solder’s high price further hindered its use in the electronics industry. This paper aims to investigate different copper percentages into Sn–xCu solder alloy to improve its microstructure and strength performance.

Design/methodology/approach

The solder alloys used in this work were Sn–xCu, where x = 0.0, 0.3, 0.5, 0.7, 1.0 Wt.%, which was soldered onto electroless nickel immersion gold (ENIG) substrate using carbon dioxide (CO2) gas laser. Then these samples were subjected to isothermal aging for 0, 200, 500, 1,000 and 2,000 h. The Sn–xCu solder alloy was fabricated through a powder metallurgy process.

Findings

Microstructure characterization showed that Cu addition resulted in fine and rounded shape of Cu–Sn–Ni particles. Shear strength of Sn–xCu solder joints was increased with increasing Cu content, but at aging duration of 1,000 h, it dropped slightly. It is believed that the strength improved due to the increment of diffusion rate during isothermal aging.

Practical implications

In a Cu–Sn solder, the recommended amount is 1.0 Wt.% of Cu. In extensive aging procedures, it was discovered that Sn1.0Cu solder improved the reliability of solder joints. The findings indicated that the innovative solder alloys might satisfy the needs of high-reliability applications.

Originality/value

The study shows that the right amount of Cu enhances the solidification of Sn–Cu solder, increasing the shear force of the Cu–Sn solder joint. The Sn1.0Cu exhibits a ductile fracture on the top microstructure, improving the joint’s average shear strength.

Details

Soldering & Surface Mount Technology, vol. 35 no. 4
Type: Research Article
ISSN: 0954-0911

Keywords

Open Access
Article
Publication date: 15 July 2021

Ahlam Ammar Sharif and Andrew Karvonen

Architectural theorists have a long tradition of acknowledging the centrality of building users to architectural production. This article contributes to the discourse on…

Abstract

Purpose

Architectural theorists have a long tradition of acknowledging the centrality of building users to architectural production. This article contributes to the discourse on architecture, actor–network theory (ANT), and users by proposing a typology of user translations ranging from supporting to tinkering to adjusting to resisting.

Design/methodology/approach

The research utilises an ANT-inspired ethnography of sustainable lighting scripts at the Masdar Institute of Science and Technology (MIST). It comprises semi-structured interviews with MIST designers and students, and site visits and participant observation to understand how the users interpret the scripts and how they interact and change them on a daily basis.

Findings

There is a shared understanding that users do not simply receive architectural designs but interpret and change them to suit their preferences. The findings reveal the multiple ways that users interpret and respond to the assumptions of designers and in the process, recast the relations between themselves and their material surroundings.

Originality/value

The research contributes to acknowledging the centrality of users to architectural design processes and the interpretation of design scripts, addressing the limitation in current literature in demonstrating the diversity of ways that users react to such scripts. The research suggests that user actions have significant implications on long-term building performance. It accordingly points to the need for devising multiple means of user involvement in the design process and allowing greater flexibility in design scripts to improve the alignment with user preferences.

Details

Open House International, vol. 46 no. 2
Type: Research Article
ISSN: 0168-2601

Keywords

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