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1 – 10 of over 2000
Article
Publication date: 10 July 2017

Walid Ben Omrane, Chao He, Zhongzhi Lawrence He and Samir Trabelsi

Forecasting the future movement of yield curves contains valuable information for both academic and practical issues such as bonding pricing, portfolio management, and…

Abstract

Purpose

Forecasting the future movement of yield curves contains valuable information for both academic and practical issues such as bonding pricing, portfolio management, and government policies. The purpose of this paper is to develop a dynamic factor approach that can provide more precise and consistent forecasting results under various yield curve dynamics.

Design/methodology/approach

The paper develops a unified dynamic factor model based on Diebold and Li (2006) and Nelson and Siegel (1987) three-factor model to forecast the future movement yield curves. The authors apply the state-space model and the Kalman filter to estimate parameters and extract factors from the US yield curve data.

Findings

The authors compare both in-sample and out-of-sample performance of the dynamic approach with various existing models in the literature, and find that the dynamic factor model produces the best in-sample fit, and it dominates existing models in medium- and long-horizon yield curve forecasting performance.

Research limitations/implications

The authors find that the dynamic factor model and the Kalman filter technique should be used with caution when forecasting short maturity yields on a short time horizon, in which the Kalman filter is prone to trade off out-of-sample robustness to maintain its in-sample efficiency.

Practical implications

Bond analysts and portfolio managers can use the dynamic approach to do a more accurate forecast of yield curve movements.

Social implications

The enhanced forecasting approach also equips the government with a valuable tool in setting macroeconomic policies.

Originality/value

The dynamic factor approach is original in capturing the level, slope, and curvature of yield curves in that the decay rate is set as a free parameter to be estimated from yield curve data, instead of setting it to be a fixed rate as in the existing literature. The difference range of estimated decay rate provides richer yield curve dynamics and is the key to stronger forecasting performance.

Details

Managerial Finance, vol. 43 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 2 August 2022

Shijian Wang, Qiyuan He, Quanwei Liang, Jie Cui, Qing Jiang, Chang Liu, Chao He, Lang Li and Yao Chen

The study aims to examine the effect of inclusions and inherent microstructure on fatigue behavior of 34Cr2Ni2Mo steel.

Abstract

Purpose

The study aims to examine the effect of inclusions and inherent microstructure on fatigue behavior of 34Cr2Ni2Mo steel.

Design/methodology/approach

Fatigue behavior of 34Cr2Ni2Mo steel was investigated for up to 1E10 cycles.

Findings

Results showed that both inclusion and inherent microstructure have an influence on the crack initiation mechanism. Fatigue cracks mostly initiated from inclusions, whereas substrate-induced crack initiations were also observed. Fatigue life of inclusion-induced failures is mostly determined by the location of inclusions rather than the loading stress. The inherent microstructure seems to tolerate inclusions at a lower stress level in very high-cycle regime owing to the absence of internal inclusion-induced failure. For the substrate-induced crack initiations, high-density dislocations are found to be accumulated around the carbide particle-matrix interface, which may be the cause of crack initiation in the inherent structure due to strain localization.

Originality/value

The effect of inclusions and inherent microstructure on fatigue behavior of 34Cr2Ni2Mo steel up to 1E10 cycles.

Highlights

  • Fatigue failure occurs even at a lifetime of 5.76E9 cycles.

  • Surface inclusion induced premature failures.

  • Inherent microstructure tolerates inclusions at lower stress level.

  • Internal carbides promote substrate-induced crack initiations.

Fatigue failure occurs even at a lifetime of 5.76E9 cycles.

Surface inclusion induced premature failures.

Inherent microstructure tolerates inclusions at lower stress level.

Internal carbides promote substrate-induced crack initiations.

Details

International Journal of Structural Integrity, vol. 13 no. 5
Type: Research Article
ISSN: 1757-9864

Keywords

Article
Publication date: 21 July 2022

Yajun Dai, Chang Liu, Min Zhan, Xiangyu Wang, Chao He and Qingyuan Wang

The investigations provide a basis for the optimization of the alloy 6061-T6 friction stir welding (FSW) process to improve the mechanical properties of welded joints.

38

Abstract

Purpose

The investigations provide a basis for the optimization of the alloy 6061-T6 friction stir welding (FSW) process to improve the mechanical properties of welded joints.

Design/methodology/approach

The local deformation of the FSW joint in tension and fatigue test were experimentally investigated by digital image correlation (DIC) technique.

Findings

The local stress-strain behaviors of the sub-regions show that the plastic strain always concentrated at the heat affected zone (HAZ) on the advancing side both in tension and high cycle fatigue and eventually leads to the final fracture. The evolution of the plastic strain at very low stress is extremely slow and accounts for most of the total fatigue life. However, the local deformation exhibits a sudden increase just before the fatigue failure.

Originality/value

Based on the experimental data, the result indicates that the HAZ is the weakest zone across the weld and the strain localization in high cycle fatigue is very harmful and unpredictable for the FSW joints.

Details

International Journal of Structural Integrity, vol. 13 no. 5
Type: Research Article
ISSN: 1757-9864

Keywords

Open Access
Article
Publication date: 24 February 2022

Huiyun Shi, Lu Zhang, Boyao Song and Chao He

The development of tourism around Wolong Nature Reserve changes the local communities' ways of life. This study discusses how ecotourism affects the households' use of…

Abstract

Purpose

The development of tourism around Wolong Nature Reserve changes the local communities' ways of life. This study discusses how ecotourism affects the households' use of their capitals, the livelihood strategies as well as illustrates the impact on the habitats in the reserve through Department for International Development’s (DFID) Sustainable Livelihood Framework (SLF) with data collected during fieldwork.

Design/methodology/approach

The study focuses on (1) Calculating Livelihood Capital Index. (2) The effects of livelihood capitals on livelihood strategy were calculated by multinomial logistic regression.

Findings

The study has yielded the following results: (1) In general, tourism promotes people's livelihood capitals. The growth in different types of households under tourism settings is ranked as full-time tourism operators > part-time tourism operators > traditional living households. (2) Tourism development mainly shifts livelihood strategies in two ways. Firstly, travel operating replaces some traditional practices that make livings; secondly, increased needs for potherbs and herbs from tourists let households enter into the hills to pick the plants more actively, which intensifies the destruction of giant panda's habitats. (3) Nine types of livelihood capitals indicators, namely farmland quality, distance between house and roads, number of laborers, average housing area, average income per person, whether family members being village cadres, and ever having received skills training shape livelihood strategies in different levels.

Originality/value

Three discussions are drawn from the study: (1) Enhancing the exploit for tourism resources to form a diversified competition. (2) Introducing herb growing to fulfill tourists' needs and improve people's livelihood in the meantime. (3) Optimizing the tourism surveillance and management system and improving the rules and regulations.

Details

Forestry Economics Review, vol. 4 no. 1
Type: Research Article
ISSN: 2631-3030

Keywords

Article
Publication date: 5 July 2022

Debiao Meng, Shiyuan Yang, Chao He, Hongtao Wang, Zhiyuan Lv, Yipeng Guo and Peng Nie

As an advanced calculation methodology, reliability-based multidisciplinary design optimization (RBMDO) has been widely acknowledged for the design problems of modern…

Abstract

Purpose

As an advanced calculation methodology, reliability-based multidisciplinary design optimization (RBMDO) has been widely acknowledged for the design problems of modern complex engineering systems, not only because of the accurate evaluation of the impact of uncertain factors but also the relatively good balance between economy and safety of performance. However, with the increasing complexity of engineering technology, the proposed RBMDO method gradually cannot effectively solve the higher nonlinear coupled multidisciplinary uncertainty design optimization problems, which limits the engineering application of RBMDO. Many valuable works have been done in the RBMDO field in recent decades to tackle the above challenges. This study is to review these studies systematically, highlight the research opportunities and challenges, and attempt to guide future research efforts.

Design/methodology/approach

This study presents a comprehensive review of the RBMDO theory, mainly including the reliability analysis methods of different uncertainties and the decoupling strategies of RBMDO.

Findings

First, the multidisciplinary design optimization (MDO) preliminaries are given. The basic MDO concepts and the corresponding mathematical formulas are illustrated. Then, the procedures of three RBMDO methods with different reliability analysis strategies are introduced in detail. These RBMDO methods were proposed for the design optimization problems under different uncertainty types. Furtherly, an optimization problem for a certain operating condition of a turbine runner blade is introduced to illustrate the engineering application of the above method. Finally, three aspects of future challenges for RBMDO, namely, time-varying uncertainty analysis; high-precision surrogate models, and verification, validation and accreditation (VVA) for the model, are discussed followed by the conclusion.

Originality/value

The scope of this study is to introduce the RBMDO theory systematically. Three commonly used RBMDO-SORA methods are reviewed comprehensively, including the methods' general procedures and mathematical models.

Article
Publication date: 12 April 2022

Qing-Yun Deng, Shun-Peng Zhu, Jin-Chao He, Xue-Kang Li and Andrea Carpinteri

Engineering components/structures with geometric discontinuities normally bear complex and variable loads, which lead to a multiaxial and random/variable amplitude…

Abstract

Purpose

Engineering components/structures with geometric discontinuities normally bear complex and variable loads, which lead to a multiaxial and random/variable amplitude stress/strain state. Hence, this study aims how to effectively evaluate the multiaxial random/variable amplitude fatigue life.

Design/methodology/approach

Recent studies on critical plane method under multiaxial random/variable amplitude loading are reviewed, and the computational framework is clearly presented in this paper.

Findings

Some basic concepts and latest achievements in multiaxial random/variable amplitude fatigue analysis are introduced. This review summarizes the research status of four main aspects of multiaxial fatigue under random/variable amplitude loadings, namely multiaxial fatigue criterion, method for critical plane determination, cycle counting method and damage accumulation criterion. Particularly, the latest achievements of multiaxial random/variable amplitude fatigue using critical plane methods are classified and highlighted.

Originality/value

This review attempts to provide references for further research on multiaxial random/variable amplitude fatigue and to promote the development of multiaxial fatigue from experimental research to practical engineering application.

Details

International Journal of Structural Integrity, vol. 13 no. 3
Type: Research Article
ISSN: 1757-9864

Keywords

Article
Publication date: 31 July 2007

Philip Constable and Nooch Kuasirikun

The purpose of this paper is to examine the relationship between accounting and the early roots of the nation‐state in mid nineteenth‐century Siam/Thailand.

1853

Abstract

Purpose

The purpose of this paper is to examine the relationship between accounting and the early roots of the nation‐state in mid nineteenth‐century Siam/Thailand.

Design/methodology/approach

First, the paper examines the theoretical inter‐relationship between accounting and nationalism. Second, it relates this theoretical understanding to a study of the changing concepts, methods and structures of indigenous Siamese accounting at a time of transition when foreign mercantile influence was beginning to have an impact on the mid nineteenthcentury Siamese economy. Third, the paper analyses how these accounting structures and practices came to constitute a socio‐political instrument, which contributed to the administrative development of a Siamese dynastic state by the mid nineteenth‐century. Finally, the paper studies the ways in which this dynastic state began to promote national characteristics through the use of its accounts to create a sense of Siamese cultural identity.

Findings

The findings emphasise the important role of accounting in the construction of political and national identity.

Originality/value

This inter‐disciplinary paper highlights a general neglect in the accounting literature of the instrumental role of accounting in nation‐state formation as well as offering a re‐interpretation of Thai historiography from an accounting viewpoint. Moreover as an example of alternative accounting practice, this paper provides an analysis of indigenous accounting methods and structures in mid nineteenth‐century Siam/Thailand at the point when they were becoming increasingly influenced by foreign mercantilism.

Details

Accounting, Auditing & Accountability Journal, vol. 20 no. 4
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 6 June 2016

Yina Mao, Ching-Wen Wang and Chi-Sum Wong

The purpose of this paper is to propose a model explaining the roles of right-hand person and the factors contributing to the successful relationship between the top…

Abstract

Purpose

The purpose of this paper is to propose a model explaining the roles of right-hand person and the factors contributing to the successful relationship between the top executive and the right-hand person.

Design/methodology/approach

In-depth qualitative case studies are conducted. Longitudinal observations, interviews with six right-hand persons and the top executives in three organizations are conducted to test the propositions of the model.

Findings

Results indicate that different types of congruence between the top executive and the right-hand person are required when the right-hand person is performing the roles of an implementer and joint decision maker.

Research limitations/implications

This study extends the leadership literature by investigating the phenomenon of right-hand person of the top executive, which has seldom been studied systematically or scientifically. It provides insights and serves as a stepping stone for future research in this area. One key limitation is that it is a qualitative study with limited samples under investigation.

Practical implications

Practical implications concerning how to build up a successful relationship between the top executive and the right-hand person can be drawn from the proposed model. Insight concerning how to collaborate between the top executive and the right-hand person can be drawn from the in-depth case analyses.

Social implications

The phenomenon of right-hand person is not limited to business organizations. The collaboration between the key decision maker and his chief assistant should be applicable to other contexts such as non-government organizations.

Originality/value

To the best of the knowledge, this is the first paper that investigates the right-hand person phenomenon in the literature. As the right-hand person of the top executive can have important influence on organizational performance, the study may serve as the stepping stone for further understanding of this important phenomenon.

Details

Leadership & Organization Development Journal, vol. 37 no. 4
Type: Research Article
ISSN: 0143-7739

Keywords

Content available
Article
Publication date: 1 August 2005

Michael Mainelli and Ian Harris

130

Abstract

Details

Journal of Business Strategy, vol. 26 no. 4
Type: Research Article
ISSN: 0275-6668

Content available
Article
Publication date: 1 December 2004

Michael Mainelli and lan Harris

101

Abstract

Details

Journal of Business Strategy, vol. 25 no. 6
Type: Research Article
ISSN: 0275-6668

1 – 10 of over 2000