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The purpose of this paper is to conduct an empirical analysis of the pattern of time value decay in listed equity options, considering both call and put options and different moneyness and maturity levels.

The research design is empirical, with great attention paid to creating a standardized measure of time value that can be both tracked over time for an individual option contract and meaningfully compared across two or more different option contracts.

The author finds that moneyness classification at the beginning of the holding period is the key determinant of the pattern of subsequent time decay. The type of option, call or put, and the maturity of the contract have surprisingly little relevance to the pattern of time decay “out-the-money contracts having similar patterns on average, regardless of whether they are calls or puts, 30-day or 60-day contracts.” More detailed analysis reveals that In-the-money and out-the-money contracts have slow time decay for most of the contract life, with a significant percentage of the time decay concentrated on the final day of the option. At-the-money contracts experience strong decay early in the life of the option.

The study is limited by not having intra-day data included to analyze more frequent price movements.

The results reported in the paper provide insight into issues of active management facing options traders, specifically choices such as the initial maturity of the option contract and rollover frequency.

Very few studies examine the important issue of how option time value behaves. Time value is the subjective part of the option contract value, and therefore very difficult to predict and understand. This paper provides insight into typical empirical patterns of time value behavior.

Points to the decline of “craftsmanship” as a factor leading to the demise of the ability to control timber decay in an environmentally‐friendly fashion. Considers pesticides and other chemical‐based treatments as a lower‐cost, relatively recent, but often unsuccessful remedy to timber decay. Outlines major timber‐decay problems: dry rot, wet rot and woodboring insects, and their detection techniques. Includes diagrams and detailed discussion on remedial treatments. Concludes that timber decay cannot be effectively treated without an understanding of the interaction of the external environment, building materials, design and content, and the activities within and occupants of a building, and that manipulation of a single variable (timber decay organisms) is bound to be unsuccessful without such understanding.

Buildings respond differently to microbial invasion depending on the design, type of construction materials and finishes used and extent of exposure to climatic factors. However, in the hot-humid tropical environment of Nigeria, much is not known about how buildings with different types of façade finishes or claddings are liable to microbial decay. The purpose of this research is to investigate the susceptibility of buildings with different types of façade finishes to microbial decay in Enugu metropolis, southeast Nigeria.

A survey involving physical observation of purposively selected 383 buildings and questionnaire administration to their owners was carried out in the study area. The data were subjected to descriptive and logistic regression analyses.

Most of the 383 buildings sampled were less than 41 year and 47% of them had painted façade finishes followed by 25.1% with cementitious finishes. Around 63.4% of the buildings had their façade finishes or claddings colonised by microbes. Older buildings of 15 years and above and those with cementitious materials and paints as their predominant façade finishes were more likely to experience microbial decay than newer ones and those having refractory bricks, ceramic tiles, aluminium composite materials and plastics/polymers as their predominant façade finishes or claddings.

The study identifies the categories of buildings that are likely to be more susceptible to microbial decay; and thus contributes to research on how to slow down the rate of biodeterioration of building façade finishes or claddings in the hot-humid tropical environments.

This is the first study on the susceptibility of buildings with different types of façade finishes or claddings to microbial decay in the hot-humid tropical environment of Enugu metropolis, southeast Nigeria. It also provides a clue on the age at which buildings become more vulnerable to microbial decay in the study area.

Ventilation is driven by weather conditions, occupant actions and mechanical ventilation, and so can be highly variable. This paper reports on the development of two analysis algorithms designed to facilitate investigation of ventilation in occupied homes over time.

These algorithms facilitate application of the CO₂ concentration decay tracer gas technique. The first algorithm identifies occupied periods. The second identifies periods of decaying CO₂ concentration which can be assumed to meet the assumptions required for analysis.

The algorithms were successfully applied in four occupied dwellings, giving over 100 ventilation measurements during a six-month period for three flats. The specific implementation of the decay identification algorithm had important ramifications for the ventilation rates measured, highlighting the importance of interrogating the way that appropriate periods for analysis are identified.

The analysis algorithms provide robust, reliable and repeatable identification of CO₂ decay periods appropriate for ventilation rate analysis. The algorithms were coded in Python, and these have been made available via GitHub. As well as supporting future CO₂ tracer gas experiments, the algorithms could be adapted to different purposes, including the use of other tracer gases or exploring occupant exposure to indoor air pollution.

Empirical investigations of ventilation in occupied dwellings rarely aim to investigate the variability of ventilation. This paper reports on analysis methods which can be used to address this gap in the empirical evidence.

The aim of this paper is to scrutinize the accessibility and decay of web references (URLs) cited in five open access social sciences journals indexed by ISI.

After acquiring all the papers published by these journals during 2002‐2007, their web citations were extracted and analyzed from an accessibility point of view. Moreover, for initially missed citations complementary pathways such as using Internet Explorer and the Google search engine were employed.

The study revealed that at first check 73 per cent of URLs are accessible, while 27 per cent have disappeared. It is notable that the rate of accessibility increased to 89 per cent and the rate of decay decreased to 11 per cent after using complementary pathways. The “.net” domain, with an availability of 96 per cent (a decay of 4 per cent) has the greatest stability and persistence among all domains, while the most stable file format is PDF, with an availability of 93 per cent (a decay of 7 per cent).

Given the inevitable, destructive and progressing decay phenomenon in web citations, after estimating the extent of this decay for five journals using innovative and standard methods, this paper suggests recommendations for preventing it. The paper carries research value for web content providers, publishers, editors, authors and researchers.

This paper intends to explore the localist perspectives concerning Hong Kong’s political development. The persistent growth of localists in the polity of the Hong Kong Special Administrative Region (HKSAR) has not only challenged the current political order but also aroused Beijing’s national security considerations. The oath-taking controversies of 2016 demonstrated the strife that now exists between Beijing and the localists in Hong Kong. The purpose of this paper is to analyze the localists’ perceptions of the political decay, legitimacy crisis and reverse democratization in HKSAR to illuminate further their perceptions of Hong Kong’s political development.

This paper uses the theoretical discussion of the relations between political decay, legitimacy, the legitimacy crisis and reverse democratization as the key analytical framework to understand the localists’ perspective concerning Hong Kong’s political development. Based on an analysis of the localists’ discourse, the implication for the HKSAR regime’s legitimacy and for reverse democratization will be discussed.

The emergence of the new localists leads to the belief that Hong Kong’s political development is experiencing the reverse of democratization as the government cannot fully absorb the demands made by the general public. The reverse democratization is directly impacting the regime’s legitimacy, but in the HKSAR’s case, the new localists see the root of the problem as stemming from Beijing, that is that the Chinese Communist Party’s legitimacy problem is due to its underdevelopment in the legal, political and cultural spheres. This underdevelopment has weakened the legitimacy of the HKSAR’s administration, especially with regard to political reform, the legal interpretation of the Basic Law, and the influx of immigrants and tourists from the Mainland into the Hong Kong’s society. The China factor, from the Localists’ viewpoint, is at the root of the political decay and the legitimacy crisis in Hong Kong. More significantly, the localists regard the involvement of Beijing in Hong Kong’s affairs as its way to disrupt the autonomous status of the HKSAR. As a result, public discontent has further intensified and created the legitimacy crisis for the HKSAR Government.

This paper is the first academic paper to provide a critical analysis of Hong Kong’s localists’ views regarding Hong Kong’s political development since becoming the HKSAR. In contrast with the existing literature about Hong Kong’s democratization and political development, this paper introduces localists’ views and advocates the idea of “reverse democratization” to explain their perceptions concerning Hong Kong’s political development.

The purpose of this study is to identify the persistence and decay of uniform resource locator (URLs) associated with Web references. The decaying of Web references is analyzed in relation to their age, domain, technical errors and error codes.

The Web references of the Journal of Informetrics were selected for analysis and interpretation to fulfill the set objectives. The references of all the scholarly articles, excluding editorials and reviews published in the Journal of Informetrics for five years from 2007 to 2011 were recorded in a text file. Later, the URLs were extracted from the articles to verify their accessibility in terms of persistence and decay. The collected data were then transferred into an excel file and tabulated for further analysis and interpretation using simple statistical techniques.

The results showed that of the total 7,409 citations retrieved from 221 articles, 358 citations (4.8%) were Web citations. These Web citations were assessed to find their persistence and decay. The results reveal that 115 (32.12%) Web references were missing or dead. The most common error associated with the missing Web citations was Error 404 Page not found, contributing 60% of the total missing citations, followed by 400 Bad Request Error (35.65%). The domain analysis of missing Web citations depicts that most of the missing URLs were associated with the .gov domain (40%), followed by .edu (29.58%) and .com (26.04%).

The Web references of a single journal, namely, Journal of Informetrics, were analyzed for five years, and hence, the generalization of findings needs to be cautioned.

The URL decay is becoming a major problem in the preservation and citation of the Web resources, and collaborative efforts are needed to reduce the decaying of URLs.

A good number of studies have been conducted to analyze the persistence and decay of Web references, as it is the hot topic of research across disciplines, and this study is a step further in the same direction.

The organizational decision-making perspective (ODM) has a legacy regarding its concern for budgeting as an essential organizational routine in decision-making. Budgeting has also become a direct concern to organizational institutional theory (OIT) because of its prominent role in institution building, where budgeting can build trust in inter-organizational relationships. This paper builds on these two perspectives to explore organizational budget processes' formation, disruption, and re-creation over time.

We conducted a comprehensive review and critical analysis of the ODM and OIT perspectives, focusing on a fundamental paradox between ODM's emphasis on stability through organizational routines and OIT's focus on organizational legitimacy through the decoupled expression of organizational values. We then expanded on these paradoxical concerns in the context of budgeting, formalizing them into specific research propositions for future studies.

Tensions around the stability, decay, and re-creation of budgets as organizational routines emerge as a pressing issue requiring further empirical investigation from the ODM perspective. A critical issue in the OIT perspective is the potential for organizational budgets to provide an opportunity to decouple from practice through routinized expressions of rationality and to facilitate loose coupling in practice. These findings offer a fresh perspective and open up new avenues for future research in this area.

This paper contributes to the accounting and organizational research literature by shedding light on how organizations respond to the potential decay of budget routines and the manifestation of organizational values in decoupling processes by further re-creating and elaborating budget processes.

This study aims to study the interaction effects between a rectangular supersonic jet with a flat wall computationally using wall length as a parameter. The purpose of this study is to investigate the effect of change in wall length on supersonic core length (SCL) reduction, jet deflection and jet decay behavior.

The design Mach number and aspect ratio at the rectangular exit were 1.8 and 2, respectively. To study the wall length effects on jet-wall interactions, wall length (L_w) was varied as 0.5D_h, 1D_h, 2D_h, 4D_h and 8D_h, where D_h was the hydraulic diameter of the nozzle exit. The flat wall with the matching width of the rectangular exit section of a supersonic nozzle was placed at the nozzle exit such that the supersonic jet grazed past the wall. The studies were carried out at over-expansion [nozzle pressure ratio (NPR) = 4], near optimum expansion (NPR = 6) and under-expansion (NPR = 8) levels.

Results indicated that significant reduction in wall-bounded SCL was noticed in the range of 0.5D_h  ≤  L_w ≤ 1D_h for both over-expansion and under-expansion conditions. At L_w ≥ 4D_h, SCL got enhanced at NPR = 4 and 6 but had a negligible effect at NPR = 8.

Thrust vector control, noise reduction and easy take-off for high-speed aircraft.

The effect of change in flat wall length on interaction characteristics of a rectangular supersonic jet was not studied before in terms of SCL reduction and jet decay behavior.

The purpose of this study is two-fold. First, it aims to differentiate the response of a stretching jet encountering a quadratic air resistance from the classical jet shape formed in a frictionless medium. Second, it investigates how the resulting jet forms with and without air resistance, seeking evidence that supports the similarity flows frequently studied for stretching/moving thin bodies under the boundary layer approximation.

This study extends the established electrohydrodynamic stretching jet theory, used to model electrospinning or jet printing in the absence of air resistance, to encompass the impact of the retarding force on the jet stretching in both the cone and final regimes before it impinges on a substrate.

A close examination of the nonlinear governing equations reveals that the jet rapidly thins near the nozzle because of the combined action of viscous and electrical forces. In this region, the exponentially decaying jet receives further support from the air resistance, resulting in a closer alignment with the observed experimental jet. This exponential decay, accelerated by the inversely quadratic speed of the liquid particles, serves as clear evidence for the existence of a similarity flow over an exponentially stretching sheet. Furthermore, in the final regime, the jet stretching exhibits an algebraic decay in the absence of air friction, while with air resistance, it decays exponentially to reach a limiting speed. In the former case, a square root dependence of the stretching jet speed leads to the emergence of a similarity flow over a thin stretching jet, while in the latter case, a Sakiadis’ similarity flow appears over a continuously moving flat surface.

The analysis goes beyond jet hydrodynamics, delving into the interplay of electrostatic forces (including Coulomb’s law) and quadratic air drag, drawing upon experimental data on glycerol liquid presented in earlier publications.

Finally, the asymptotic behavior of the stretching jet under the combined influence of electrostatic pull and its electric currents because of bulk conduction and surface convection is validated through a comprehensive numerical simulation of the nonlinear system.