Search results

1 – 6 of 6
Article
Publication date: 24 August 2020

Krishna Reddy, Muhammad Ali Jibran Qamar, Nawazish Mirza and Fangwei Shi

The purpose of the study is to examine overreaction effect in the Chinese stock market after the global financial crisis (GFC) of 2007 for all the stocks listed in…

Abstract

Purpose

The purpose of the study is to examine overreaction effect in the Chinese stock market after the global financial crisis (GFC) of 2007 for all the stocks listed in Shanghai Stock Exchange (SSE) Composite 50 index.

Design/methodology/approach

To capture overreaction effect in the stock listed at SSE 50 Index, a time series analysis of average cumulative abnormal return within a unified framework is applied for the period of January 2009 to December 2015. From these loser and winner portfolios, contrarian strategy is applied to build arbitrage portfolio, which is the difference of mean reversions between loser and winner portfolios. The portfolio construction is based on a 12-month formation period and 6-month testing period for intermediate-term analysis and. for short-term analysis, 6 month formation and 3 month testing periods. The authors also applied regression analysis to test a return reversal effect for the sampled period.

Findings

Results show that contrarian strategy yields positive excess returns for the arbitrage portfolio for most of the testing periods. The intermediate baseline case shows the arbitrage portfolio producing an average excess return of 14.1%, while even the short-term one produces 4%, which is statistically significant at the 5% level. The study finds asymmetrical overreactions in the SSE especially for loser portfolios. The biggest winner and loser portfolios follow the mean reversal effect. Moreover, before-after test for the biggest winner and loser portfolios shows that the losers recovered and beat the market immediately.

Practical implications

The study could benefit government, policy makers and regulators by studying how presence of more individual investors than institutional investors of China stock market leads to more irrational decisions giving rise to volatility. The regulators could build favourable policies for institutional investors to give them incentive to invest more than individual investors through which market volatility could be controlled.

Originality/value

This research contributes to market behaviour research, showing how working under hypotheses of overreaction; gains can be made with contrarian investment strategy through arbitrage portfolios. The authors provide specific additional support for the short and medium-term overreaction in the SSE for the period 2009–2015 using regression analysis.

Contribution to Impact

This research contributes to market behaviour research, showing how working under hypotheses of overreaction; gains can be made with contrarian investment strategy through arbitrage portfolios. We provide specific additional support for the short and medium-term overreaction in the SSE for the period 2009–2015 using regression analysis.

Details

International Journal of Managerial Finance, vol. 17 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 28 February 2019

Fangwei Zhu, Mouxuan Sun, Linzhuo Wang, Xiuxia Sun and Miao Yu

The complexity caused by conflicting values of stakeholders is a critical issue influencing the performance and sustainability of stock public–private partnership (SPPP…

Abstract

Purpose

The complexity caused by conflicting values of stakeholders is a critical issue influencing the performance and sustainability of stock public–private partnership (SPPP) projects, which is a special type of public–private partnership (PPP) project in China. The purpose of this paper is to focus on value conflicts between local government and private sector, which are two major stakeholders in SPPP projects, and investigate exchange rules to resolve value conflicts.

Design/methodology/approach

Using a mixed method approach, 55 semi-structured interviews were conducted for 15 stakeholders involved in a representative SPPP project. Social network analysis was then adopted to outline the value conflict network based on data drawn from focus group discussions. Finally, 24 value conflicts between local government and private sector were analyzed through another 13 semi-structured interviews in an abductive approach.

Findings

Results show that value conflicts between local government and private sector are dynamic and intertwined within and across three project phases, based on which six exchange rules, rationality, Altruism, power consistency, competition, group gain and reciprocity, are identified. Two sets of situational factors which potentially influence exchange rules adopted by the two parties are revealed, namely, urgency and professionality for local government and short-term interests and long-term interests for private sector. A summary of paired exchange rules is provided to predict if value conflicts between the two major stakeholders will be resolved or not.

Research limitations/implications

Theoretical implications are twofold. First, the results provide a contribution to PPP project management by investigating value conflicts between local government and private sector, which deepen the understanding on the unique characteristics of SPPP projects. Second, the findings contribute to a comprehensive understanding of social exchange theory by suggesting a summary of condition-based and pair-based exchange rules.

Originality/value

One strength of the study is in the concentrated analysis of a single case which allows for a deep understanding of value complexity between local government and private sector in SPPP projects from a dynamic and networked perspective. A guideline is provided for both parties when a value conflict is found hard to resolve. Besides, this study is also among the first that addresses value issues in SPPP projects.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 6
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 14 March 2016

Fangwei Xie, Yaowen Tong, Diancheng Wu, Bing Zhang and Kaiyu Dai

The purpose of this paper is to study the influence of different cross-sectional shapes (rectangular, trapezoidal, oval and triangular) and layout forms of oil grooves…

Abstract

Purpose

The purpose of this paper is to study the influence of different cross-sectional shapes (rectangular, trapezoidal, oval and triangular) and layout forms of oil grooves (radial, circumferential, inclined, compound, helical and double-helical), and determine the optimal section shape and layout form of oil grooves on the temperature field.

Design/methodology/approach

Heat conduction theory model was established based on startup characteristics and friction heat principle of hydro-viscous clutch (HVC), and then the theoretical expression of angular velocity of the friction pair and control pressure were deduced, and the heat flux and its distribution on friction disk and separator disk were calculated. Finally, the finite element method was used to solve the temperature field of the friction pair.

Findings

The studies show that the circumferential oil groove got the highest temperature, and on the surface of all other structures, hot spots appear with different sizes and temperatures, and the maximum temperature difference in the friction zone is about 3°C, and in the oil groove zone is about 16°C, wherein the compound oil groove has the lowest average temperature. This research shows that the compound oil groove with rectangular cross-section is the best choice for the friction pair.

Originality/value

In this paper, it was found that the compound oil groove with rectangular cross-section is the best choice for the friction pair, and it provided a favorable theory reference and technical support for the structural design of the friction pair and optimized design of the high-power HVC.

Details

Industrial Lubrication and Tribology, vol. 68 no. 2
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 22 April 2022

Heng-yang Lu, Jun Yang, Wei Fang, Xiaoning Song and Chongjun Wang

The COVID-19 has become a global pandemic, which has caused large number of deaths and huge economic losses. These losses are not only caused by the virus but also by the…

Abstract

Purpose

The COVID-19 has become a global pandemic, which has caused large number of deaths and huge economic losses. These losses are not only caused by the virus but also by the related rumors. Nowadays, online social media are quite popular, where billions of people express their opinions and propagate information. Rumors about COVID-19 posted on online social media usually spread rapidly; it is hard to analyze and detect rumors only by artificial processing. The purpose of this paper is to propose a novel model called the Topic-Comment-based Rumor Detection model (TopCom) to detect rumors as soon as possible.

Design/methodology/approach

The authors conducted COVID-19 rumor detection from Sina Weibo, one of the most widely used Chinese online social media. The authors constructed a dataset about COVID-19 from January 1 to June 30, 2020 with a web crawler, including both rumor and non-rumors. The rumor detection task is regarded as a binary classification problem. The proposed TopCom model exploits the topical memory networks to fuse latent topic information with original microblogs, which solves the sparsity problems brought by short-text microblogs. In addition, TopCom fuses comments with corresponding microblogs to further improve the performance.

Findings

Experimental results on a publicly available dataset and the proposed COVID dataset have shown superiority and efficiency compared with baselines. The authors further randomly selected microblogs posted from July 1–31, 2020 for the case study, which also shows the effectiveness and application prospects for detecting rumors about COVID-19 automatically.

Originality/value

The originality of TopCom lies in the fusion of latent topic information of original microblogs and corresponding comments with DNNs-based models for the COVID-19 rumor detection task, whose value is to help detect rumors automatically in a short time.

Details

Data Technologies and Applications, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9288

Keywords

Article
Publication date: 26 September 2019

Hailong Zhao, Lirong Luo, Fangwei Guo, Xiaofeng Zhao and Ping Xiao

The purpose of this paper is to investigate the tribological performance of Cr3C2–NiCr–Mo–BaF2 composite sliding against a Si3N4 ball at high temperatures.

Abstract

Purpose

The purpose of this paper is to investigate the tribological performance of Cr3C2–NiCr–Mo–BaF2 composite sliding against a Si3N4 ball at high temperatures.

Design/methodology/approach

A Cr3C2–NiCr composite and a Cr3C2–NiCr–Mo–BaF2 composite were prepared using spark plasma sintering. Tribological properties of the composites were investigated using a ball-on-disk type tribotester. The relationships among the microstructure, wear mechanism and tribological performance were determined by analyzing the wear track morphologies and the glaze layer’s phase composition.

Findings

The wear rate of the Cr3C2–NiCr–Mo–BaF2 composite was approximately one order of magnitude lower than that of the Cr3C2–NiCr composite from 700°C to 900°C when sliding against a Si3N4 ball. The favorable tribological performance of the Cr3C2–NiCr–Mo–BaF2 composite at high temperatures results from the synergistic lubrication of MoOx, BaF2 and BaMoO4.

Originality/value

This paper reports a new Cr3C2–NiCr matrix self-lubricating composite with better tribological properties than Cr3C2–NiCr composite at temperatures up to 900°C through Mo and BaF2 addition.

Details

Industrial Lubrication and Tribology, vol. 72 no. 1
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 25 January 2022

Beibei Li, Ruirui Li, Xiumei Liu, Qiao Zhao, Jichao Ma and Jie He

Flow force is one of the crucial factors affecting the performance of conical throttle valves. The purpose of this paper is to determine the relationship between the flow…

Abstract

Purpose

Flow force is one of the crucial factors affecting the performance of conical throttle valves. The purpose of this paper is to determine the relationship between the flow force and operating parameters of the conical throttle valve.

Design/methodology/approach

The flow force of the throttle valve can be obtained by the difference between the axial force and static pressure on the valve spool. In this paper, the internal fluid is divided into two regions and the axial force and static pressure are obtained, respectively. In addition, a two-dimensional axisymmetric simulation model and experimental test are carried out to validate the results of the flow force.

Findings

It can be seen that the theoretical, simulation and experimental results exhibit high agreement with each other and the error between them decreases with the increase in the size of the opening. The curves of pressure distribution reveal that the pressure on the spool first decreases then increases when it reaches the minimum pressure at the orifice. Additionally, the minimum pressure decreases with the increase of opening and pressure difference. The results also indicate that the increase in the size of the opening and inlet pressure has a positive effect on the flow force. However, the increase in outlet pressure has a negative effect on the flow force.

Originality/value

In this paper, the flow force calculation model of conical throttle valve is established and the influence of operating parameters on the flow force of conical throttle valve is studied.

Details

Industrial Lubrication and Tribology, vol. 74 no. 2
Type: Research Article
ISSN: 0036-8792

Keywords

1 – 6 of 6