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Article
Publication date: 21 August 2019

Tommy Gärling, Dawei Fang and Martin Holmen

The purpose of this paper is to review behavioral explanations of the empirical observation that investment managers in mutual fund companies increase their risk taking…

Abstract

Purpose

The purpose of this paper is to review behavioral explanations of the empirical observation that investment managers in mutual fund companies increase their risk taking when offered incentives based on how their performance is ranked compared to peers.

Design/methodology/approach

A conceptual model is proposed of how research on social comparison, competition and financial risk taking may explain increased investor risk taking induced by rank-based incentives. Research findings in each of the strands of research are reviewed.

Findings

A proposed main explanation is that an above-average bias in comparing oneself with competitors results in overconfidence that increases risk taking. A complementary proposed explanation is that an anticipated loss when lagging behind increases risk taking, and another proposed complementary explanation the belief that risk taking is a winning strategy.

Originality/value

The results provide a broad framework for directions of research on social comparison processes in the mutual fund industry addressing the difficulties in implementing performance evaluations.

Details

Review of Behavioral Finance, vol. 12 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 17 April 2020

Tommy Gärling, Dawei Fang, Martin Holmen and Patrik Michaelsen

The purpose of this paper is to investigate how social comparison and motivation to compete account for elevated risk-taking in fund management corroborated by asset…

Abstract

Purpose

The purpose of this paper is to investigate how social comparison and motivation to compete account for elevated risk-taking in fund management corroborated by asset market experiments when performance depends on rank-based incentives.

Design/methodology/approach

In two laboratory experiments, university students (n1 = 240/n2 = 120) make choices between risky and certain outcomes of hypothetical sums of money. Both experiments investigate in which direction risky choices in an individual condition (individual risk preference) are shifted when participants compare their performance to another participant's performance (social comparison), being instructed or not to outperform the other (incentive to compete).

Findings

In the absence of incentives to compete, participants tend to minimize the differences between expected outcomes to themselves and to the other, but when provided with incentives to compete, they tend to maximize these differences. An independent additional increase in risk-taking is observed when participants are provided with incentives to compete.

Originality/value

Original findings include that social comparison does not evoke motivation to compete unless incentives are offered and that increases in risk-taking depend both on what the other chooses and the incentives.

Details

Review of Behavioral Finance, vol. 13 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 2 March 2015

Yiwei Fang, Dawei Jin, Xian Sun and Haizhi Wang

This study aims to build on the organizational learning theory and propose a complex strategy by combining strategic alliance with subsequent acquisitions to penetrate new…

Abstract

Purpose

This study aims to build on the organizational learning theory and propose a complex strategy by combining strategic alliance with subsequent acquisitions to penetrate new product markets. The authors empirically examined whether and to what extent preacquisition alliance experience affects the short- and long-term stock performance of acquiring firms.

Design/methodology/approach

Data on acquisitions, in which the acquirers have experience from preacquisition alliance activities in their targets’ respective industry, were collected. Diversifying acquisitions were focused upon to ensure that preacquisition alliance experience is the major source of organizational learning. A standard event study to examine acquirers’ abnormal returns was used and a Fama-French calendar-time portfolio approach to gauge long-run abnormal stock performance was adopted. In addition, regression analysis was conducted to investigate the alliance–acquisition relationship, controlling a set of variables capturing firm and acquisition characteristics.

Findings

It has been documented that in the short run, alliance experience may not always benefit acquirers’ stock performance surrounding the acquisition announcements. In particular, for acquiring firms experiencing negative cumulative abnormal returns, investors value alliance experience negatively. However, for up to 36 months after acquisitions, acquirers with alliance experience outperform their counterparts in almost every acquisition category regardless of the short-term announcement returns.

Originality/value

The current study has used a large-scale representative sample to investigate the dynamic interaction between alliances and acquisitions as two organizational forms for firms to grow. Findings indicate that firms can deliberately learn from their alliance activities and, later on, enter new markets through acquisitions. More importantly, it was found that, at least for some acquirers, preacquisition alliance activities are associated with worse short-term stock price performance because of possible information spillover and lifted entry barriers. It was confirmed that short-term pain nets long-term gains for acquirers heading into new markets.

Details

Studies in Economics and Finance, vol. 32 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

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Article
Publication date: 5 September 2016

Dawei Zhang, Haiyang Li, Hongchang Qian, Luntao Wang and Xiaogang Li

This study aims to construct a double layer heat insulation coating based on hollow glass microspheres (HGMs) and to investigate the effect of particle size on barrier…

Abstract

Purpose

This study aims to construct a double layer heat insulation coating based on hollow glass microspheres (HGMs) and to investigate the effect of particle size on barrier property and heat insulation performance.

Design/methodology/approach

The waterborne double layer coating was composed of an anticorrosive epoxy ester primer and an HGM-containing silicone acrylic topcoat. With varied HGM sizes (20 μm, 40 μm, 60 μm and a 1:3 w/w mixture of 20 and 60 μm particles), the coating was immersed in 3.5 wt% NaCl solution for 28 days and was then subjected to a salt spray test for 450 h. The barrier properties of the coating were evaluated through electrochemical impedance spectroscopy. Heat insulation performance was examined using a self-made device.

Findings

The addition of HGMs decreased the barrier properties of the coating by creating particle/resin interfaces for water penetration. In the HGMs-containing coatings, the use of larger HGMs showed relatively good barrier properties because of the lower particle density. The coating with smaller particles yielded a higher heat insulating capacity as indicated by lower equilibrium temperatures.

Research limitations/implications

Future work will be focused on improving the barrier properties of the coating. Field exposure tests should also be performed to assess the long-term performance of the coating.

Practical implications

The mechanical properties of the coatings in this study also implied that HGMs can be used to develop scratch-resistant and impact-resistant coatings. Other potential applications for further studies include the uses of HGMs for coatings with improved fire retardancy and electromagnetic interference shielding.

Originality/value

A double layer coating was developed to provide balanced performance on both anticorrosion and heat insulation. The effects of HGM size were particularly highlighted.

Details

Pigment & Resin Technology, vol. 45 no. 5
Type: Research Article
ISSN: 0369-9420

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Article
Publication date: 30 April 2019

Yuanjie Zhi, Dongmei Fu, Tao Yang, Dawei Zhang, Xiaogang Li and Zibo Pei

This study aims to achieve long-term prediction on a specific monotonic data series of atmospheric corrosion rate vs time.

Abstract

Purpose

This study aims to achieve long-term prediction on a specific monotonic data series of atmospheric corrosion rate vs time.

Design/methodology/approach

This paper presents a new method, used to the collected corrosion data of carbon steel provided by the China Gateway to Corrosion and Protection, that combines non-linear gray Bernoulli model (NGBM(1,1) with genetic algorithm to attain the purpose of this study.

Findings

Results of the experiments showed that the present study’s method is more accurate than other algorithms. In particular, the mean absolute percentage error (MAPE) and the root mean square error (RMSE) of the proposed method in data sets are 9.15 per cent and 1.23 µm/a, respectively. Furthermore, this study illustrates that model parameter can be used to evaluate the similarity of curve tendency between two carbon steel data sets.

Originality/value

Corrosion data are part of a typical small-sample data set, and these also belong to a gray system because corrosion has a clear outcome and an uncertainly occurrence mechanism. In this work, a new gray forecast model was proposed to achieve the goal of long-term prediction of carbon steel in China.

Details

Anti-Corrosion Methods and Materials, vol. 66 no. 4
Type: Research Article
ISSN: 0003-5599

Keywords

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Article
Publication date: 7 March 2016

Y. Oner, Z.Q. Zhu, L.J. Wu and X. Ge

Due to high electromagnetic torque at low speed, vernier machines are suitable for direct-drive applications such as electric vehicles and wind power generators. The…

Abstract

Purpose

Due to high electromagnetic torque at low speed, vernier machines are suitable for direct-drive applications such as electric vehicles and wind power generators. The purpose of this paper is to present an exact sub-domain model for analytically predicting the open-circuit magnetic field of permanent magnet vernier machine (PMVM) including tooth tips. The entire field domain is divided into five regions, viz. magnets, air gap, slot openings, slots, and flux-modulation pole slots (FMPs). The model accounts for the influence of interaction between PMs, FMPs and slots, and radial/parallel magnetization.

Design/methodology/approach

Magnetic field distributions for slot and air-gap, flux linkage, back-EMF and cogging torque waveforms are obtained from the analytical method and validated by finite element analysis (FEA).

Findings

It is found that the developed sub-domain model including tooth tips is very accurate and is applicable to PMVM having any combination of slots/FMPs/PMs.

Originality/value

The main contributions include: accurate sub-domain model for PMVM is proposed for open-circuit including tooth-tip which cannot be accounted for in literature; the model accounts the interaction between flux modulation pole (FMP) and slot; developed sub-domain model is accurate and applicable to any slot/FMP/PM combinations; and it has investigated the influence of FMP/slot opening width/height on cogging torque.

Details

COMPEL: The International Journal for Computation and Mathematics in Electrical and Electronic Engineering, vol. 35 no. 2
Type: Research Article
ISSN: 0332-1649

Keywords

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Article
Publication date: 1 August 2016

Chih-Ta Yen and Guan-Jie Huang

The purpose of this paper is to propose a new optical steganography framework that can be applied to public optical binary phase-shift keying (BPSK) systems by…

Abstract

Purpose

The purpose of this paper is to propose a new optical steganography framework that can be applied to public optical binary phase-shift keying (BPSK) systems by transmitting a stealth spectrum-amplitude-coded optical code-division multiple-access signal through a BPSK link.

Design/methodology/approach

By using high-dispersion elements, the stealth data pulses temporally stretch and the amplitude of the signal decreases after stretching. Thus, the signal can be hidden underneath the public signal and system noise. At the receiver end, a polarizer is used for removing the public BPSK signal and the stealth signal is successfully recovered by a balanced detector.

Findings

In a simulation, the bit-error rate (BER) performance improved when the stealth power increased.

Research limitations/implications

The BER performance worsens when the noise power become large. Future work will consider increasing the system performance during high-noise power situation.

Practical implications

By properly adjusting the power of the amplified spontaneous emission noise, the stealth signal can be hidden well in the public channel while producing minimal influence on the public BPSK signal.

Originality/value

In conclusion, the proposed optical steganography framework makes it more difficult for eavesdroppers to detect and intercept the hidden stealth channel under public transmission, even when using a dispersion compensation scheme.

Details

Engineering Computations, vol. 33 no. 6
Type: Research Article
ISSN: 0264-4401

Keywords

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Article
Publication date: 17 March 2020

Hossein Dehdarirad, Javad Ghazimirsaeid and Ammar Jalalimanesh

The purpose of this investigation is to identify, evaluate, integrate and summarize relevant and qualified papers through conducting a systematic literature review (SLR…

Abstract

Purpose

The purpose of this investigation is to identify, evaluate, integrate and summarize relevant and qualified papers through conducting a systematic literature review (SLR) on the application of recommender systems (RSs) to suggest a scholarly publication venue for researcher's paper.

Design/methodology/approach

To identify the relevant papers published up to August 11, 2018, an SLR study on four databases (Scopus, Web of Science, IEEE Xplore and ScienceDirect) was conducted. We pursued the guidelines presented by Kitchenham and Charters (2007) for performing SLRs in software engineering. The papers were analyzed based on data sources, RSs classes, techniques/methods/algorithms, datasets, evaluation methodologies and metrics, as well as future directions.

Findings

A total of 32 papers were identified. The most data sources exploited in these papers were textual (title/abstract/keywords) and co-authorship data. The RS classes in the selected papers were almost equally used. DBLP was the main dataset utilized. Cosine similarity, social network analysis (SNA) and term frequency–inverse document frequency (TF–IDF) algorithm were frequently used. In terms of evaluation methodologies, 24 papers applied only offline evaluations. Furthermore, precision, accuracy and recall metrics were the popular performance metrics. In the reviewed papers, “use more datasets” and “new algorithms” were frequently mentioned in the future work part as well as conclusions.

Originality/value

Given that a review study has not been conducted in this area, this paper can provide an insight into the current status in this area and may also contribute to future research in this field.

Details

Data Technologies and Applications, vol. 54 no. 2
Type: Research Article
ISSN: 2514-9288

Keywords

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