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Article
Publication date: 1 September 2001

Timothy Rodgers and Deb Ghosh

A large number of correlation analysis studies of UK data have suggested that there is a weak relationship between student input quality (for example, “A” level…

Abstract

A large number of correlation analysis studies of UK data have suggested that there is a weak relationship between student input quality (for example, “A” level performance) and degree performance. This paper re‐examines this relationship using a different statistical method, namely, a multinomial logit analysis. Unlike the earlier studies, we find strong explanatory variables for degree performance. For example, it is found that an increase of one in average “A” points, other things being equal, increases the probability of a first or upper second‐class grade (a “good degree”) by 5.8 per cent, while student dissatisfaction with a course will reduce this probability by 15 per cent. Potential students should also note that taking subjects like geography and history, other things being equal, increases the probability of a “good degree”, while taking, for example, law, reduces it.

Details

Quality Assurance in Education, vol. 9 no. 3
Type: Research Article
ISSN: 0968-4883

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Article
Publication date: 14 August 2017

Farshid Mehrdoust, Amir Hosein Refahi Sheikhani, Mohammad Mashoof and Sabahat Hasanzadeh

The purpose of this paper is to evaluate a European option using the fractional version of the Black-Scholes model.

Abstract

Purpose

The purpose of this paper is to evaluate a European option using the fractional version of the Black-Scholes model.

Design/methodology/approach

In this paper, the authors employ the block-pulse operational matrix algorithm to approximate the solution of the fractional Black-Scholes equation with the initial condition for a European option pricing problem.

Findings

The fractional derivative will be described in the Caputo sense in this paper. The authors show the accuracy and computational efficiency of the proposed algorithm through some numerical examples.

Originality/value

This is the first paper that considers an alternative algorithm for pricing a European option using the fractional Black-Scholes model.

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Article
Publication date: 1 March 2000

Keith E. Gray and Deb Ghosh

Introduces the relationship marketing paradigm as a means of analysing the purchaser‐provider relationship within the NHS internal market. This focus is justified in the…

Abstract

Introduces the relationship marketing paradigm as a means of analysing the purchaser‐provider relationship within the NHS internal market. This focus is justified in the context of the limitations of orthodox economic analysis. The research evidence is based upon a national survey of all NHS trust hospitals in England. The survey consisted of key questions relating to the process of relationship building strategies employed by NHS hospital trusts. In particular, emphasis was given to non‐price competitive behaviour, i.e. the extent to which health care contracts were augmented or customised by providers. An empirical analysis is presented, identifying those factors driving such non‐price competitive behaviour, based upon a LOGIT model. The results suggest the hypotheses tested are consistent with the evidence from our survey. Finally, the model is used to make some tentative predictions regarding the future of the purchaser‐provider relationship within the reformed NHS.

Details

Journal of Management in Medicine, vol. 14 no. 1
Type: Research Article
ISSN: 0268-9235

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Article
Publication date: 1 December 1999

Deb Ghosh and Timothy Rodgers

The reformers of the UK higher education system hoped that radical reform would simultaneously result in: improvements in the quality of education provided, increases in…

Abstract

The reformers of the UK higher education system hoped that radical reform would simultaneously result in: improvements in the quality of education provided, increases in cost efficiency and a significant expansion in student numbers. This paper takes a close look at the reforms by undertaking both a time‐series and a cross‐section econometric analysis of the data to examine the relationships between quality, quantity and efficiency. Claims that the evidence shows that there have been genuine efficiency improvements and that these can be explained by the mechanics of the principal‐agent relationship which exists between the taxpayer and the higher education sector. However, it is also found that educational quality is costly, for example it is likely to cost the taxpayer £1,200 per academic per year to gain one percentage point in the production of first‐class graduates.

Details

Quality Assurance in Education, vol. 7 no. 4
Type: Research Article
ISSN: 0968-4883

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Article
Publication date: 11 October 2019

Ramaa Arun Kumar and Mahua Paul

This study aims to estimate total factor productivity (TFP) growth for the post-2008 period for selected industries in the manufacturing sector at NIC 3-digit. Total…

Abstract

Purpose

This study aims to estimate total factor productivity (TFP) growth for the post-2008 period for selected industries in the manufacturing sector at NIC 3-digit. Total factor productivity growth (TFPG) estimates are based on the theoretical framework provided by studies such Hall (1988), Abraham et al. (2009) and Crepon et al. (2005) that incorporate market imperfection in labour and product market, thereby modifying the traditional TFP estimation as Solow Residual.

Design/methodology/approach

Based on the theoretical model that incorporates market imperfections in labour as well as product market in modifying the TFP estimates using the Levinsohn–Petrin framework of empirical estimation, the authors have calculated industry wise TFPG for 62 industries at NIC 3-digit level.

Findings

The study finds three distinct trends: first, there are considerable industrial disparities in productivity growth in terms of TFP. The estimates have been found to be higher than the conventional Solow Residual for most industries, indicating the role played by market imperfections in affecting the conventional measure of productivity growth. Second, estimates of bargaining power are found to be lower than those compared to the earlier estimates in Maiti (2013) for the Indian organised manufacturing case for 1998-2005. This observation is commensurate with the observation in recent years of a falling share in labour wage in total output in organised manufacturing sector. Finally, the study also found a statistically significant contribution of greater mechanisation on TFPG while an adverse effect of the rising dependence of organised manufacturing on contractual labour.

Originality/value

The role of market imperfections in measuring TFPG has been undertaken, and it has been found to be an important factor, as the estimated measures vary from the conventional measures of TFPG. Moreover, the study has considered a very recent period from 2008-2015 in estimating TFPG, as well as analysing the factors behind the trends in TFPG at industrial level.

Details

Indian Growth and Development Review, vol. 13 no. 1
Type: Research Article
ISSN: 1753-8254

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Article
Publication date: 8 January 2018

Haihua Zhu and Jing Li

Three-dimensional digital design and manufacturing technology are changing the current manufacturing pattern and have become the core of enterprise competition. However…

Abstract

Purpose

Three-dimensional digital design and manufacturing technology are changing the current manufacturing pattern and have become the core of enterprise competition. However, the research and application of three-dimensional digital technology in the present phase have a strong bias toward the design of three-dimensional model and focus little on process planning. It restricts the development of manufacturing industry. Therefore, this paper aims to present a design scheme of three-dimensional digital process planning.

Design/methodology/approach

A three-dimensional digital process design method is developed by combining model-based definition technology and knowledge engineering technology. Model-based definition technology is used to display the process information. And knowledge engineering technology is used for process decision; meanwhile, ontology technology is introduced to describe process knowledge. And taking shaft part as an example, this paper establishes the general ontology of manufacturing process and the special ontology of shaft. This research provides an available method for the three-dimensional digital process planning.

Findings

Traditional process planning mainly is based on two-dimensional engineering drawing, which leads to the low efficiency and quality of process planning. Moreover, it cannot achieve effective mining and management of knowledge. Thus, applying an effective knowledge management technology into a three-dimensional process system is necessary.

Research limitations/implications

This paper contributes to an available method for three-dimensional digital process planning.

Originality/value

The introduction of model-based definition technology makes process information display in three-dimensional environment. And ontology technology achieves sematic reference and efficient management of process knowledge.

Details

Kybernetes, vol. 47 no. 4
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 1 October 2006

K. Prasad, N.C. Sahoo, R. Ranjan and A. Chaturvedi

This research paper reports a novel genetic algorithm (GA)‐based approach for reconfiguration of radial distribution networks for real loss minimization and power quality…

Abstract

Purpose

This research paper reports a novel genetic algorithm (GA)‐based approach for reconfiguration of radial distribution networks for real loss minimization and power quality improvement.

Design/methodology/approach

A fuzzy controlled GA has been used for efficient reconfiguration of radial distribution systems for loss minimization and power quality improvement. The special features of the proposed algorithm are: an improved chromosome coding/decoding for network representation so as to preserve the radial property without islanding any load after reconfiguration and an efficient convergence characteristics attributed to fuzzy controlled mutation.

Findings

The proposed network reconfiguration algorithm is very much effective in arriving at the global optimal solution (minimum loss network structure) because of efficient search of the solution space. Also, no invalid chromosomes are generated in the genetic evolution because of appropriate coding/decoding. The algorithm is found to be very much suitable for real time implementations.

Research limitations/implications

This research paper provides the power distribution engineers with a computationally efficient approach for optimal operation of distribution systems.

Practical implications

The algorithm proposed in this paper is computationally much faster compared to most of the present day mathematical programming approaches for distribution system operation. This makes it very much attractive for online implementations in any radial distribution network.

Originality/value

This paper has proposed a novel chromosome coding/decoding technique for radial distribution system and a fuzzy logic‐based mutation probability controller for efficient search of global solution space to be used in GA‐based optimal operation of radial distribution systems.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 25 no. 4
Type: Research Article
ISSN: 0332-1649

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Article
Publication date: 21 March 2011

Mohammad Rahim and Seyed Móhammad‐Bagher Malaek

The purpose of this paper is to present a novel approach in terrain following (TF) flight using fuzzy logic. The fuzzy controller as presented in this work decides where…

Abstract

Purpose

The purpose of this paper is to present a novel approach in terrain following (TF) flight using fuzzy logic. The fuzzy controller as presented in this work decides where and how the aircraft needs to change its altitude. The fast decision‐making nature of this method promises real‐time applications even for tough terrains in terms of shape and peculiarities. The method could always assist to design trajectories in an off‐line manner.

Design/methodology/approach

To achieve the aforementioned goal, the method effectively incorporates the dynamics of the aircraft. Basically, the mathematical method employs special relationships among existing slope of the terrain and its derivative together with aircraft flying speed and height above the ground to construct suitable fuzzy rules. The fuzzification method is based on Sugeno and three rule‐sets are used for fuzzy structure. These rules are implemented using Fuzzy Logic Toolbox in MATLAB.

Findings

Different case studies conducted for flights in XZ‐plane show the effectiveness of the method as compared to other existing methods available to the authors. The results illustrate a good tracking based on the fuzzy approach while using both 18 and 27 rules with respect to the optimal approach. Furthermore, it is shown that decreasing number of rules from 27 to 18 rules causes only minor changes in the solution.

Practical implications

The current work offers a new approach in low‐level flights where maintaining a suitable height above the ground is essential. This is especially important for civil aircraft approaching an airport with low or non‐visibility and during aborted landing manoeuvres. The domain of the current work is however confined to only planning of TF manoeuvres. Nevertheless, the work could be expanded into TF/terrain avoidance and three‐dimensional manoeuvres which are not in the scope of the current work.

Originality/value

The current work addresses the problems associated with low‐level flight; such as TF using artificial intelligence and fuzzy logic. The provided intelligence helps the aircraft conduct TF manoeuvres by understanding the general patterns of the existing terrain. The method is fast enough to be applied for real‐time applications.

Details

Aircraft Engineering and Aerospace Technology, vol. 83 no. 2
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 10 December 2018

Soumya G. Deb and Pradip Banerjee

This paper aims to explore whether following an apparently sub-optimal “almost zero leverage (AZL)” policy by some Indian firms actually creates incremental value for…

Abstract

Purpose

This paper aims to explore whether following an apparently sub-optimal “almost zero leverage (AZL)” policy by some Indian firms actually creates incremental value for their shareholders or is detrimental for them.

Design/methodology/approach

The paper investigates the relative equity market and operating performance of a sample of Indian firms adopting an AZL policy between 1998 and 2014, vis-a-vis, their leveraged peers from the same industry. The authors also look at the dynamic time variability of patterns, if any, in such relative performance and explore whether such patterns are explained primarily by investor perceptions or there are other factors to it.

Findings

The study show that Indian firms following post AZL policy exhibit superior equity performance compared to their leveraged counterparts, particularly during market downturns. The authors also find that this superior equity market performance is not merely because of the positive investor perception about the potential benefits of a robust debt-free balance sheet. The authors’ results show that the AZL firms register higher business risk and significantly superior operating performance, post being low leverage. The results hold even after using several robustness checks.

Practical implications

The study concludes that the managers of AZL firms take full advantage of the increased financial flexibility available with them and venture into riskier but more rewarding avenues and actually create incremental value for their shareholders.

Originality/value

The study highlights an apparently counterintuitive pattern in Indian context, counterintuitive particularly because choosing an AZL policy leads to forgo the availability of significant tax shield for firms. The results, the authors believe, can have significant implications for lenders and investors in the Indian capital markets in particular and emerging markets in general.

Details

Journal of Asia Business Studies, vol. 12 no. 4
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 5 December 2016

Surinder Kaur, Venkat A. Raman and Monica Singhania

Human resource (HR) disclosures are voluntary in nature in most countries including India. The voluntary nature of HR disclosures results in discrepancy in the HR…

Abstract

Purpose

Human resource (HR) disclosures are voluntary in nature in most countries including India. The voluntary nature of HR disclosures results in discrepancy in the HR disclosure practices across companies and industries. The purpose of this paper is to examine the extent of HR disclosures in annual reports of Indian listed companies and to identify their determinants in a three stage analysis.

Design/methodology/approach

In the first stage a 16 item human resource disclosure index (HRDI) has been constructed for the set of CNX 200 companies listed on National Stock Exchange. Thereafter the effect of various independent variables on HRDI is analysed descriptively. Finally in the third stage HRDI has been regressed against the independent variables using regression analysis technique to identify key determinants of HRDI.

Findings

The research reveals that there is high variation among sample companies as regard HRDI. The results of descriptive analysis, correlation analysis and multivariate regression analysis establish that government’s participation in ownership and market capitalisation has positive significant effect on HRDI at 1 per cent, presence of separate HR directors committee, presence of more independent directors on board at 5 per cent and cross-list America and profit after tax at 10 per cent level. Implicitly HRDI is positively affected by size of company as measured by market capitalisation. Though contrary to expectations, other variables leverage, number of employees, assets, ownership concentration, type of auditor, age, complexity of business structure, employee expense to total operating expense ratio, industry affiliation, foreign investment and proportion of non-executive directors on board are found to have moderate though insignificant influence on HRDI.

Research limitations/implications

Cross-sectional design, dependence on annual reports as a primary document for disclosure and subjectivity in HRDI construction are the main limitations of the research. A longitudinal study may be carried to study the pattern of HR disclosures in future. Weighted ranking of different items of disclosures may be studied to improve the understanding of extent of disclosures.

Practical implications

The HRDI as constructed in the research may be used as a benchmark by companies to improve their HR disclosures. It can also be used by accounting bodies and company regulators while deciding about standards regarding HR disclosures. Investors can also use HR disclosures made by a company as a basis to understand its financial standing and future potentials.

Originality/value

The study adds to the existing literature by developing 16 item HRDI to measure the extent of disclosures by listed companies in India and thereafter by including some new propositions in the determinants of HRDI have never been tested in the existing studies. These propositions are government’s participation in ownership, separate HR committee of directors, board composition and foreign activity. These propositions have been empirically validated in this research except for foreign activity.

Details

Asian Review of Accounting, vol. 24 no. 4
Type: Research Article
ISSN: 1321-7348

Keywords

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