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Abstract

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Messy Data
Type: Book
ISBN: 978-0-76230-303-8

Article
Publication date: 6 June 2022

Yanlin Sun, Siyu Liu and Shoudong Chen

This paper aims to identify the direct impact of fund style drift on the risk of stock price collapse and the intermediary mechanism of financial risk, so as to better…

Abstract

Purpose

This paper aims to identify the direct impact of fund style drift on the risk of stock price collapse and the intermediary mechanism of financial risk, so as to better protect the interests of minority investors.

Design/methodology/approach

This paper takes all the non-financial companies on the Chinese Growth Enterprise Market from 2011 to 2020 as study object and selects securities investment funds of their top ten circulation stocks to study the relationship between fund style drift and stock price crash risk.

Findings

Fund style drift is likely to add stock price crash risk. Financial risk is positively correlated with stock price crash risk. Fund style drift affects stock price crash risk via the mediating effect of financial risk, and fund style drift and financial risk have a marked impact on the stock price crash risk of non-state enterprises, yet a non-significant impact on that of state-owned enterprises.

Originality/value

This paper links fund style drift with stock price crash risk in an exploratory manner and enriches the study perspectives of relationship between institutional investors’ behaviors and stock price crash risk, thus enjoying certain academic value. On the one hand, it furnishes a new approach to the academic frontier issue concerning financial risk and stock price crash risk, and proves that financial risk is positively correlated with stock price crash risk. On the other hand, it regards financial risk as a mediating variable of fund style drift for stock price crash risk and further explores different influencing mechanism of institutional investors’ behaviors.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 9 February 2015

Thanh T. Nguyen, Ninon K. Sutton and Dung (June) Pham

The purpose of this paper is to reexamine the stock price drifts after open-market stock repurchase announcements by differentiating actual repurchases from repurchase…

Abstract

Purpose

The purpose of this paper is to reexamine the stock price drifts after open-market stock repurchase announcements by differentiating actual repurchases from repurchase announcements and by controlling for the repurchasing firms’ earnings improvement in the announcement year relative to the prior year.

Design/methodology/approach

The authors use the calendar-time method and matching method based on different criteria to calculate the post-announcement abnormal returns.

Findings

The results show that only firms actually repurchasing their shares exhibit a positive post-announcement drift. More importantly, the authors find that these repurchasing firms have the same post-announcement drift as their matching firms that have similar size and earnings performance but do not repurchase. This supports the argument that the post-repurchase announcement drift found in previous studies is not a distinct anomaly but the post-earnings announcement drift in disguise.

Social implications

The post-repurchase announcement drift found in previous studies is the post-earnings announcement drift in disguise.

Originality/value

The study shows that because high earnings performance positively relates to real repurchase activities, controlling for earnings performance in examining whether a drift occurs after repurchase announcements.

Details

Managerial Finance, vol. 41 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 March 1990

L. De Schepper, W. De Ceuninck, H. Stulens, L.M. Stals, R. Vanden Berghe and S. Demolder

A new method of studying the accelerated ageing of interconnection materials is applied to a high‐stability thick film resistor system (the Du Pont HS‐80 system). The new…

Abstract

A new method of studying the accelerated ageing of interconnection materials is applied to a high‐stability thick film resistor system (the Du Pont HS‐80 system). The new method, referred to hereafter as the in‐situ method, allows measurement of the electrical resistance of a thick film resistor to a resolution of a few ppm during accelerated ageing. With the in‐situ technique, the electrical resistance measurements are performed at the elevated ageing temperature during the ageing treatment, whereas with the conventional ageing method the resistance measurements are carried out at room temperature, between subsequent annealing steps. The measuring resolution obtainable with the in‐situ method is orders of magnitude better than with the conventional method. The ageing kinetics can therefore be studied on a shorter time scale and in greater detail than with the conventional method. In this paper, the authors use the in‐situ method to study the accelerated ageing of the Du Pont HS‐80 thick film resistor system, encapsulated with a proper glaze. It will be shown that kinetics of the resistance drift observed in this system cannot be described by an Arrhenius‐type equation. The ageing data can only be interpreted in terms of a kinetic model incorporating a spectrum of activation energies for the ageing process. Such a model is given, and is shown to provide a good explanation of the observed ageing behaviour. The physical process that causes the observed ageing is most probably diffusion of silver from the contacting terminals into the amorphous matrix of the thick film resistor.

Details

Microelectronics International, vol. 7 no. 3
Type: Research Article
ISSN: 1356-5362

Article
Publication date: 9 January 2009

James J. Divoky and Mary Anne Rothermel

The purpose of this paper is to explore and analyze the effectiveness of long period supplementary zone rules that can simultaneously increase chart sensitivity to small…

Abstract

Purpose

The purpose of this paper is to explore and analyze the effectiveness of long period supplementary zone rules that can simultaneously increase chart sensitivity to small process drift and not significantly increase the false alarm rate.

Design/methodology/approach

A stable, on‐target process was simulated and drift induced into the process. The rates of drift varied from 0.03σ to .0003σ per subgroup measurement. A total of 613 different supplementary zone rules were implemented in conjunction with the three‐sigma limiting rule. For each combination, 100,000 observations were simulated and the effect on the false alarm rate and increase in chart sensitivity estimated. An effectiveness measure was developed to relate false alarm rate to chart sensitivity.

Findings

A total of 87 rules were uncovered which effectively detected a wide range of process drifts. When the increase in chart sensitivity is discounted by the false alarm rate, 13 rules increased chart sensitivity by over 10 percent. These rules were based on longer rather than shorter rule length.

Research limitations/implications

The effective rules discovered form a nonlinear pattern in the space the examined rules define. This indicates a direction for future research outside the scope of this study. These rules are also easy to implement in existing Shewhart chart applications where the process drifts at an unknown rate.

Originality/value

While supplementary trend rules have been studied in the past, the extension to zone rules has not been made. This study begins to fill that void and indicates the direction for future efforts in the area.

Details

International Journal of Quality & Reliability Management, vol. 26 no. 1
Type: Research Article
ISSN: 0265-671X

Keywords

Article
Publication date: 1 March 1995

James J. Divoky and Richard W. Taylor

Examines trend rules in conjunction with other well‐knownsupplementary runs rules to assess their impact when used in controlcharting. Focuses on a set of 613 trend rules…

344

Abstract

Examines trend rules in conjunction with other well‐known supplementary runs rules to assess their impact when used in control charting. Focuses on a set of 613 trend rules deemed as potential candidates to increase the sensitivity of the control chart. The examined rules are viewed in the light of a stable environment, which determines the false alarm rate, and then in an environment in which the process mean is subjected to drift. Results indicate that there are subsets of trend rules that aid in the detection of out‐of‐control conditions depending on the severity of the drift and the number of zonal‐based supplementary runs rules used.

Details

International Journal of Quality & Reliability Management, vol. 12 no. 2
Type: Research Article
ISSN: 0265-671X

Keywords

Article
Publication date: 5 May 2015

Yi-Ching Chen, Tawei Wang and Jia-Lang Seng

The purpose of this paper is to investigate the relation between voluntary accounting changes (VACs) and post-earnings announcement drift. In addition, the authors examine…

Abstract

Purpose

The purpose of this paper is to investigate the relation between voluntary accounting changes (VACs) and post-earnings announcement drift. In addition, the authors examine how accounting choice heterogeneity moderates such association.

Design/methodology/approach

The authors collect VAC firms in the US in the period from 1994 to 2008 and identify the heterogeneity of accounting choices between VAC and non-VAC firms. To test the hypotheses, the authors consider a 10-Q filing window and a post-filing drift window. The 10-Q filing window begins from one trading day before and ends on one trading day after the quarterly report filing date. The post-filing drift window begins from two trading days after the filing date and ends on 60 trading days with respect to the earnings announcement date.

Findings

The results demonstrate that, overall, VAC does not affect the three-day market reactions to 10-Q filings. However, after taking into account the accounting choice heterogeneity, the authors observe that VAC is positively related to the market reactions to surprises and negatively associated with the post-filing period drift.

Originality/value

The paper contributes to the literature by showing that VACs affect the market’s responses to 10-Q filings only when such change results in different accounting practices compared to the VAC firm’s major competitors. Furthermore, given the change with heterogeneity requires more time to process, VACs are related to post-filing announcement drift.

Details

Asian Review of Accounting, vol. 23 no. 1
Type: Research Article
ISSN: 1321-7348

Keywords

Article
Publication date: 7 August 2018

K.S. Ranjani and Sanjeev Kumar

The purpose of this paper is to investigate empirical evidence of drift from social goals (mission drift) among Indian microfinance institutions (MFI).

Abstract

Purpose

The purpose of this paper is to investigate empirical evidence of drift from social goals (mission drift) among Indian microfinance institutions (MFI).

Design/methodology/approach

The study used multiple proxies, namely, loan size, operating efficiency and equity as dependent variables to avoid the complexities in interpreting mission drift solely through loan size. The study uses data from 211 Indian MFI for the period of 1985–2014. The dynamic panel data estimation method of Arellano and Bond (1991) is used for the analysis to avoid endogeneity issues in the data estimation.

Findings

The study finds that efficiency and change in average loan balance are characterized by higher lending rates and higher profitability to firms. Higher lending rates imply poverty premium which means that poor pay more for the same services than their rich counterparts. Equity results in movement toward safer borrowers and a consequent mission drift.

Research limitations/implications

The study uses self-reported data from organizations provided through Microfinance Information Exchange.

Social implications

Access to credit to the poor is an important poverty alleviation goal and present study will contribute toward policy formation in institutional provision of credit and banking services to the poor.

Originality/value

To the best of the authors’ knowledge, present study is the first to use alternative proxies in the form of operating efficiency and equity to explore relationships between the variables that can help to better understand the phenomenon of mission drift.

Details

International Journal of Social Economics, vol. 45 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 1 June 1998

Graham Badley

Ten strategies are offered as collectively making a case for an educational conception of professional development in higher education. These strategies, it is argued…

1046

Abstract

Ten strategies are offered as collectively making a case for an educational conception of professional development in higher education. These strategies, it is argued, should help the system to resist the various forms of academic drift that are discernible, and especially those described as “research drift” and “teaching drift”, which could, unless stemmed, lead to a fragmentation of higher education. Educational development is also promoted as a set of conditions and as a series of strategies which could help higher education institutions counter the deleterious effects of “managerial shift” which is characterised as a more or less deliberate attempt to move universities away from the values of collegiality towards those of a contrasting ideology which strongly features bureaucracy and efficiency. By adopting an educational approach to professional development, higher education institutions would be helping to establish themselves more effectively as learning organisations and would be contributing to the Dearing aim of creating a learning society.

Details

Quality Assurance in Education, vol. 6 no. 2
Type: Research Article
ISSN: 0968-4883

Keywords

Article
Publication date: 11 June 2019

Shijia Wang

This paper aims to improve shearer positioning accuracy. Shearer positioning using an inertial navigation system (INS) is a highly useful technology; however, positioning…

Abstract

Purpose

This paper aims to improve shearer positioning accuracy. Shearer positioning using an inertial navigation system (INS) is a highly useful technology; however, positioning accuracy is seriously hindered by INS attitude error, particularly heading drift.

Design/methodology/approach

A shearer positioning model with double-INS based on extended Kalman filter was proposed. The constant distance between two INSs (INS 1 and INS 2) was selected as the observation vector. Allan variance was used to identify the noise type of the vertical-axis gyroscope, and the stochastic process of heading drift for two INSs was obtained and divided into incongruous drift and concurrent drift.

Findings

Simulation was then carried out to determine the optimal arrangement of the two INSs. For incongruous drift, the optimal arrangement satisfied the condition that the line connecting INS 1 and INS 2 was perpendicular to the shearer lateral axis (in the shearer coordinate frame) and parallel to the east-north plane (in the east-north-up coordinate frame). Under optimal arrangement, the positioning accuracy increased against the distance between INS 1 and INS 2. For concurrent drift, the double-INS positioning model had no effect. Under the circumstances, the number of INSs should be increased so that the uncertainty of INS drift was reflected as much as possible.

Originality/value

A new double-INS positioning model was proposed with the constant distance between the two INSs. The optimal arrangement for double-INS was obtained.

Details

Sensor Review, vol. 39 no. 4
Type: Research Article
ISSN: 0260-2288

Keywords

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