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Article
Publication date: 1 June 1954

E.G. Broad bent

IN Parts I, II and III of this series we have discussed the physical nature of divergence, control reversal and various forms of flutter, and have seen how these phenomena…

Abstract

IN Parts I, II and III of this series we have discussed the physical nature of divergence, control reversal and various forms of flutter, and have seen how these phenomena can be predicted by theory. The flutter problem is so complicated, however, that the aircraft designer needs the assistance of certain guiding principles; otherwise he may find when the aircraft is ready to fly that the flutter calculations which are just completed show that drastic modifications to the aircraft are necessary. These principles form the basis of this concluding part of the series and have two main objects: first to avoid large changes in design on flutter grounds and secondly to obtain a high efficiency from the flutter calculations.

Details

Aircraft Engineering and Aerospace Technology, vol. 26 no. 6
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 21 September 2021

Woon Wook Jang

The purpose of this study is to examine the effects of monetary policy on equity returns by applying an alternative econometric approach. Campbell and Ammer (1993…

Abstract

The purpose of this study is to examine the effects of monetary policy on equity returns by applying an alternative econometric approach. Campbell and Ammer (1993) decomposed unexpected equity excess returns into three news components: risk premium news, real interest rate news and cash-flow news. The literature has determined the monetary policy (MP) effects on these news components. The authors propose an alternative MP shock identification approach to analyze the MP effects on the above-mentioned news components under a structural vector autoregression (SVAR) setup. Under this approach, one can apply an MP indicator in the SVAR, which helps forecast equity excess returns along with its external instruments for identification. Further, this study uses the various recently proposed measures of exogenous MP shocks and Fed information shocks as external instruments, and shows the different patterns of the news components' responses depending on the information in the applied instruments.

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Journal of Derivatives and Quantitative Studies: 선물연구, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1229-988X

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Article
Publication date: 4 August 2021

Varun Kumar Rai and Dharen Kumar Pandey

With a sample of 22 banks, this study examines the significance of the news contents about the privatization of two public sector banks in India. New information does…

Abstract

Purpose

With a sample of 22 banks, this study examines the significance of the news contents about the privatization of two public sector banks in India. New information does impact the stock markets. This study provides evidence on how the privatization of public sector banks impacted the returns of the Indian banking sector.

Design/methodology/approach

This study employs the standard event study methodology with the market model for estimating the normal returns.

Findings

The statistical results indicate that while the private sector banks experienced positive average abnormal returns on the event day, the cumulative effect of the announcement is negatively significant for both private and public sector banks. The statistical results also provide evidence of information leakage, with significant results before the announcement date. The shorter event windows analysis exhibits significant positive returns in the 5-days [−2, +2] window for the private sector banks and the entire sample, signifying a positive short-term impact on the private sector banks.

Originality/value

The event study literature captures the impacts of many events. However, to the best of our knowledge, the impacts of the privatization of the Indian public sector banks have never been examined using the event study methodology. Hence, this study anticipates being the first-ever study to fill this gap and extend the available literature in finance. In addition, although we provide Indian evidence, future studies may be oriented to capture cross-country impacts.

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Asian Journal of Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2443-4175

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Article
Publication date: 28 August 2021

Zhe Li, Hongpeng Zheng, Li Liu, Fandi Meng, Yu Cui and Fuhui Wang

The purpose of this paper is to investigate the effect of urea–formaldehyde (UF) nanoparticles on the barrier property and delamination resistance for epoxy coating in a…

Abstract

Purpose

The purpose of this paper is to investigate the effect of urea–formaldehyde (UF) nanoparticles on the barrier property and delamination resistance for epoxy coating in a 3.5% NaCl aqueous solution.

Design/methodology/approach

The UF resin was synthesized via sol–gel method, and UF/epoxy composite coating was prepared through ball-milling process; the microstructure and chemical composition of UF resin were observed using the Fourier transform infrared spectroscopy, scanning electron microscopy and transmission electron microscopy; the bonding strength of coating/metal interface was investigated through adhesion test; the mechanical properties of the coatings were studied by tensile tests; and the barrier and corrosion resistance properties were verified using salt spray test, cathodic delamination test and electrochemical impedance spectroscopy measurements.

Findings

The experimental results indicated that the UF resin presented uniformly dispersed nanoparticles in the epoxy matrix and enhanced the bonding strength of coating/metal interface and then improved the delamination resistance for composite coating, which resulted in the enhancement of the barrier property and corrosion resistance for UF/epoxy composite coating.

Originality/value

In this paper, an easily prepared blending compounding coating with excellent corrosion resistance property was synthesized via sol–gel method and ball-milling process. The effects of UF nanoparticles on the barrier property and delamination resistance were investigated in detail.

Details

Anti-Corrosion Methods and Materials, vol. 68 no. 5
Type: Research Article
ISSN: 0003-5599

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Article
Publication date: 7 July 2021

Aula Ahmad Hafidh

This paper investigates the structural model of vector autoregression (SVAR) of the interdependent relationship of inflation, monetary policy and Islamic banking variables…

Abstract

Purpose

This paper investigates the structural model of vector autoregression (SVAR) of the interdependent relationship of inflation, monetary policy and Islamic banking variables (RDEP, RFIN, DEP, FIN) in Indonesia. By using monthly data for the period 2001M01-2019M12, the impulse response function (IRF), forecasting error decomposition variation (FEDV) is used to track the impact of Sharīʿah variables on inflation (prices).

Design/methodology/approach

This research uses quantitative approach with SVAR model to reveal the problem.

Findings

The empirical results of SVAR, the IRF show that policy shocks have a negative impact on all variables in Islamic banking except the equivalent deposit interest rate (RDEP). The impact of both conventional (7DRR) and Sharīʿah (SBIS) policies has a similar pattern. While the transmission of Sharīʿah monetary variables as a policy operational target in influencing inflation is positive. In addition, the FEDV clearly revealed that the variation in the Sharīʿah financial sector was relatively large in monetary policy shocks and their role in influencing prices.

Originality/value

The empirical results of SVAR, the IRF show that policy shocks have a negative impact on all variables in Islamic banking except the equivalent deposit interest rate ‘RDEP’. The impact of both conventional “7DRR” and Sharīʿah “SBIS” policies has a similar pattern. While the transmission of Sharīʿah monetary variables as a policy operational target in influencing inflation is positive. In addition, the FEDV clearly revealed that the variation in the Sharīʿah financial sector was relatively large in monetary policy shocks and their role in influencing prices.

Details

Islamic Economic Studies, vol. 28 no. 2
Type: Research Article
ISSN: 1319-1616

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Book part
Publication date: 24 October 2013

Jungsoo Park, Hyun-Han Shin and Jeong Ho Suh

This chapter surveys papers and the related literature on the relationship between banks’ creditor structure and bank risk during the period of liquidity crises. Departing…

Abstract

This chapter surveys papers and the related literature on the relationship between banks’ creditor structure and bank risk during the period of liquidity crises. Departing from the conventional banking literature, which points to deteriorating asset quality to be the culprit for the amplified bank risk in the midst of financial crises, the studies in the aftermath of the global financial crisis look into the liability side of the bank balance sheet as a potential source for the augmented bank risk during the financial crisis when there is a liquidity contraction. Recent studies theorize and provide empirical evidence that banking institutions with a greater share of large lenders and an economy with high noncore bank liabilities in the banking sector may experience heightened bank risk or country risk. We also search for policy implications from this survey.

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Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

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Book part
Publication date: 26 November 2019

Anindita Sengupta

Financial liberalization is assumed to be the integration of a country's local financial system with international financial markets and institutions. This integration…

Abstract

Financial liberalization is assumed to be the integration of a country's local financial system with international financial markets and institutions. This integration usually requires that governments liberalize the domestic financial sector and the capital account. Financial sectors were liberalized in most of the developing countries in Asia, Africa, and Latin America within the early 1990s. Among these countries, emerging economies are those who promise huge potential for growth but also pose significant political, monetary, and social risks. Brazil and India are often compared among the major emerging economies. Despite these general similarities between them, there are notable differences in various aspects of opening the balance of payments capital account in both countries. In this chapter, we have tried to analyze the long-run as well as short-run relationship between quarterly growth rate of GDP with the stock market, real market, and money market macroeconomic variables in India and Brazil during the period from the first quarter of 1996–1997 to the second quarter of 2018–2019. To estimate the cointegration relationship between growth rate of GDP and its determinants, we employ the bounds testing procedure (modified-ARDL) developed by Pesaran, Shin, and Smith (2001, Journal of Applied Econometrics, 16(3), 289–326). According to our results, stock market plays a positive role in long-term growth in India. Although during the beginning period of the neoliberal reforms, India faced strong domestic political opposition, our study shows that liberalizing the financial market has been fruitful for long-term growth. Our results in case of Brazil show that inflation has a negative and significant impact on long-run growth rate of GDP. The results further show that the share of gross fixed capital formation in GDP in Brazil has a positive and significant long-run relation with the growth rate of GDP. The empirical results further indicate that just like India, liberalization of the financial market and allowing foreign capital inflows have been beneficial for the economy of Brazil in the long run.

Details

The Gains and Pains of Financial Integration and Trade Liberalization
Type: Book
ISBN: 978-1-83867-004-7

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Book part
Publication date: 28 September 2020

Junkyu Lee and Peter Rosenkranz

The recent rise of nonperforming loans (NPLs) in some Asian economies calls for close analysis of the determinants, the potential macrofinancial feedback effects, and the…

Abstract

The recent rise of nonperforming loans (NPLs) in some Asian economies calls for close analysis of the determinants, the potential macrofinancial feedback effects, and the implications for financial stability in the region. Using a dynamic panel model, we assess the determinants of the evolution of bank-specific NPLs in Asia and find that macroeconomic conditions and bank-specific factors – such as rapid credit growth and excessive bank lending – contribute to the buildup of NPLs. Further, a panel vector autoregression (VAR) analysis of macrofinancial implications of NPLs in emerging Asia offers significant evidence for feedback effects of NPLs on the real economy and financial variables. Impulse response functions demonstrate that a rising NPL ratio decreases the GDP growth, credit supply and increases the unemployment rate. Our findings underline the importance of considering policy options to swiftly and effectively manage and respond to a buildup of NPLs. The national and regional mechanisms underlying NPL resolution are important for safeguarding financial stability in an increasingly interconnected global financial system.

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Book part
Publication date: 14 December 2018

M. Kabir Hassan, Shadiya Hossain and Omer Unsal

In this chapter, the authors investigate the correlation between social and economic indicators and Islamic finance, to see whether increasing Islamic banking will…

Abstract

In this chapter, the authors investigate the correlation between social and economic indicators and Islamic finance, to see whether increasing Islamic banking will increase account penetration in Muslim majority countries. Inclusive financial services are beneficial to a country as a whole, especially for poorer individuals, giving them more access to investment and financing opportunities. Shari’ah law has guidelines for banking that Muslims must follow and many believe that commercial banks do not follow these guidelines. As many individuals cite religious reasons as their excuse for exclusion, there is potential to develop Islamic finance as a means of improving financial access in certain countries. The authors find that individuals from the countries in our study tend to be more religious and that there are potential economic and social benefits to an increase in Islamic banking in this region.

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

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Book part
Publication date: 21 May 2021

Peterson K. Ozili

Purpose: This chapter presents criticisms of financial inclusion.Methodology: This chapter uses critical discourse analysis to critique the modern financial inclusion…

Abstract

Purpose: This chapter presents criticisms of financial inclusion.

Methodology: This chapter uses critical discourse analysis to critique the modern financial inclusion agenda.

Findings: The findings reveal that (i) financial inclusion is an invitation to live by finance and leads to the financialization of poverty; (ii) some of the benefits of financial inclusion disappear after a few years; (iii) financial inclusion ignores how poverty affects financial decision-making; (iv) it promotes digital money which is difficult to understand; (v) financial inclusion promotes the use of transaction accounts; (vi) digital money is difficult to understand; and that (vii) some financial inclusion efforts bear a resemblance to a campaign against having cash-in-hand.

Implication: This study will help policymakers in their assessment of the economic, social, political, and cultural factors that hinder financial inclusion as well as the consequence of financial inclusion for society. For academics, this study will provide a critical perspective to on-going financial inclusion debates in the large positivist literature on financial inclusion.

Originality: Currently, there are no studies that use critical discourse analysis to analyze the broader concept of financial inclusion. This chapter is the first study that uses critical discourse analysis to critique some aspects of the modern financial inclusion agenda.

Details

New Challenges for Future Sustainability and Wellbeing
Type: Book
ISBN: 978-1-80043-969-6

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