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11 – 20 of 962Hsiang-Hsi Liu, Pi-Hsia Hung and Tzu-Hu Huang
This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition…
Abstract
This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition effects across all trader types and then examine the relationships between disposition effects, trader types, and order characteristics. Next, we explore contrarian and/or momentum behavior and analyze the relationships among the contrarian/momentum behavior, investor type, and order characteristics. Finally, the links among trader types, order characteristics, and investment performance are detected. This chapter yields the following findings. (1) Individual investors exhibit the strongest disposition effects compared to other investors. (2) Foreign investors, investment trusts, and individual investors tend to use large orders to sell loser stocks. (3) Investment trusts are inclined to be momentum traders, while individual investors tend to perform contrarian strategies. (4) Institutional aggressive and large orders perform better than individuals' orders. (5) The performance of foreign investors' selling decisions is better than that of retail investors.
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Yubo Guo, Yangyang Su, Chuan Chen and Igor Martek
The Public–Private Partnership (PPP) modality plays an important role in the procurement of global infrastructure projects. Regarding PPP's complex transaction structure, pricing…
Abstract
Purpose
The Public–Private Partnership (PPP) modality plays an important role in the procurement of global infrastructure projects. Regarding PPP's complex transaction structure, pricing of a PPP project is critical to both parties where the government pursues a high value for money (VFM) and the investor strives to maximize its financial gains. Despite the straightforward win–win principle, a formidable compromise is often the case to end up with a fairly acceptable price, subject to many determinants such as the risk profile, expected return, technological innovation and capacities of both parties. Among them, this study chooses to examine the “managing flexibility” (MF) capacity of investors in pricing of a PPP project, in light of the widely recognized importance of a real-option perspective toward the long term, complex and uncertain PPP arrangement. This study addresses two major questions: (1) how is MF in PPP projects to be valued and (2) how are PPP projects to be priced when considering a project's MF value.
Design/methodology/approach
A binomial tree model is used to evaluate the MF value in PPP projects. Based on the developed MF pricing model, net present value (NPV) and adjusted VFM value are then calculated. Finally, a multi-objective decision-making method (MODM) was adopted to determine the optimal level of returns based on invested capital (ROIC), return on operation maintenance (ROOM) and concession period.
Findings
The applicability and functionality of the proposed model is investigated using a real project case. For a given return, extended NPV and adjusted VFM value were calculated and analyzed using sensitivity analysis. Factor influence is shown by the model to be dependent on factor impact on cash flow. Subsequently, a multi-objective decision-making (MODM) model was adopted to determine the optimal level of returns, where the solution approximates the real-world bidding price. Results confirm that the pricing model provides a reliable and practical PPP proposal pricing tool.
Originality/value
This study proposes an integrated framework for valuing MF in PPP projects and thus more accurately determine optimal pricing of PPP projects than revealed in extant research. The model offers a practical tool to aid in the valuation of PPP projects.
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Xieling Chen, Shan Wang, Yong Tang and Tianyong Hao
The purpose of this paper is to explore the research status and development trend of the field of event detection in social media (ED in SM) through a bibliometric analysis of…
Abstract
Purpose
The purpose of this paper is to explore the research status and development trend of the field of event detection in social media (ED in SM) through a bibliometric analysis of academic publications.
Design/methodology/approach
First, publication distributions are analyzed including the trends of publications and citations, subject distribution, predominant journals, affiliations, authors, etc. Second, an indicator of collaboration degree is used to measure scientific connective relations from different perspectives. A network analysis method is then applied to reveal scientific collaboration relations. Furthermore, based on keyword co-occurrence analysis, major research themes and their evolutions throughout time span are discovered. Finally, a network analysis method is applied to visualize the analysis results.
Findings
The area of ED in SM has received increasing attention and interest in academia with Computer Science and Engineering as two major research subjects. The USA and China contribute the most to the area development. Affiliations and authors tend to collaborate more with those within the same country. Among the 14 identified research themes, newly emerged themes such as Pharmacovigilance event detection are discovered.
Originality/value
This study is the first to comprehensively illustrate the research status of ED in SM by conducting a bibliometric analysis. Up-to-date findings are reported, which can help relevant researchers understand the research trend, seek scientific collaborators and optimize research topic choices.
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A public–private partnership (PPP) is an agreement between the government and private investors to deliver long-term public services. The efficiency of PPP projects depends on PPP…
Abstract
Purpose
A public–private partnership (PPP) is an agreement between the government and private investors to deliver long-term public services. The efficiency of PPP projects depends on PPP contracts stipulating contractual parties' corresponding responsibilities and rights to deal with relational and performance risks. Although more complex contracts provide more remedies for mitigating ex-post transaction costs, they also result in the increased ex ante transaction costs associated with contract writing. Thus, contractual complexity is a design choice that can reduce the overall contract transaction costs.
Design/methodology/approach
Using 365 transportation PPP projects in China from 2010 to 2019, this study applies the Poisson regression model to examine the effects of payment mechanisms, ownership by investors and equity structure on contractual complexity.
Findings
PPP contracts have control and coordination functions with unique determinants. Parties in the government-pay mechanism are more likely to negotiate coordination provisions, which results in greater contractual complexity. PPP projects with state-owned enterprises (SOEs) have less contractual complexity in terms of both two functions of provisions, whereas the equity structure has no impact on contractual complexity.
Originality/value
These findings provide a nuanced understanding of how various contractual provisions are combined to perform control or coordination functions and make managerial recommendations to parties involved in PPP projects.
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Various factors may influence project finance when a multi-sourced debt financing strategy is used for financing capital investments, in general, and public infrastructure…
Abstract
Purpose
Various factors may influence project finance when a multi-sourced debt financing strategy is used for financing capital investments, in general, and public infrastructure investments, in particular. Traditional indicators lack comprehensive consideration of the influences of many internal and external factors, such as investment structure, financing mode and credit guarantee structure, which exist in the financing decision making of BOT projects. An effective approach is, thus, desired. The paper aims to discuss these issues.
Design/methodology/approach
This paper develops a financial model that uses an interval number to represent the uncertain factors and, subsequently, conducts a standardization of the interval number. Decision makers determine the weight of each objective through the analytic hierarchy process. Through the optimization procedure, project investors and sponsors are provided with a strategy regarding the optimal amount of debt to be raised and the insight on the risk level based on the net present value, as well as the probability of bankruptcy for each different period of debt service.
Findings
By using an example infrastructure project in China and based on the comprehensive evaluation, comparison and ranking of the capital structures of urban public infrastructure projects using the interval number method, the final ranking can help investors to choose the optimal capital structure for investment. The calculation using the interval number method shows that X2 is the optimal capital structure plan for the BOT project of the first stage of Tianjin Binhai Rail Transit Z4 line. Therefore, investors should give priority to selecting a capital contribution ratio of 45 per cent for this investment.
Research limitations/implications
In this paper, some parameters, such as depreciation life, construction period and concession period, are assumed to be deterministic parameters, although the interval number model has been introduced to analyze the uncertainty indicators, such as total investment and passenger flow, of BOT rail transport projects. Therefore, more of the above deterministic parameters can be taken as uncertainty parameters in future research so that calculation results fit actual projects more closely.
Originality/value
This model can be used to make the optimal investment decision for a project by determining the impact of uncertainty factors on the profitability of the project in its lifecycle during the project financial feasibility analysis. Project sponsors can determine the optimal capital structure of a project through an analysis of the irregular fluctuation of the unpredictable factors in project construction such as construction investment, operating cost and passenger flow. The model can also be used to examine the effects of different capital investment ratios on indicators so that appropriate measures can be taken to reduce risks and maximize profit.
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Facing the diverse needs of large-scale customers, based on available railway service resources and service capabilities, this paper aims to research the design method of railway…
Abstract
Purpose
Facing the diverse needs of large-scale customers, based on available railway service resources and service capabilities, this paper aims to research the design method of railway freight service portfolio, select optimal service solutions and provide customers with comprehensive and customized freight services.
Design/methodology/approach
Based on the characteristics of railway freight services throughout the entire process, the service system is decomposed into independent units of service functions, and a railway freight service combination model is constructed with the goal of minimizing response time, service cost and service time. A model solving algorithm based on adaptive genetic algorithm is proposed.
Findings
Using the computational model, an empirical analysis was conducted on the entire process freight service plan for starch sold from Xi'an to Chengdu as an example. The results showed that the proposed optimization model and algorithm can effectively guide the design of freight plans and provide technical support for real-time response to customers' diversified entire process freight service needs.
Originality/value
With the continuous optimization and upgrading of railway freight source structure, customer demands are becoming increasingly diverse and personalized. Studying and designing a reasonable railway freight service plan throughout the entire process is of great significance for timely response to customer needs, improving service efficiency and reducing design costs.
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Zhen Hu, Qianmeng Li, Tingting Liu, Lu Wang and Zhe Cheng
Public private partnership (PPP) has gained increasing popularity around the globe. Whether the government needs to participate in the PPP special purpose vehicle (SPV) as an…
Abstract
Purpose
Public private partnership (PPP) has gained increasing popularity around the globe. Whether the government needs to participate in the PPP special purpose vehicle (SPV) as an equity coinvestor is a critical issue in PPP development. This research aims to examine the influence of government equity investment on PPP performance by taking public-private communication as an intermediate variable.
Design/methodology/approach
A questionnaire survey was adopted as the main research method. PPP practitioners with extensive experiences from both the public and private sectors were targeted respondents. The survey results were subsequently analyzed using statistical data analysis method.
Findings
Based on the results from the questionnaire survey, this research indicates an inverted U-shaped relationship between the ratio of government equity and performance in PPP projects. In addition, communication plays a mediating role between government equity investment and PPP project performance.
Originality/value
This research explicates the relationship between the equity structure in a PPP SPV and the project performance. It provides important guidance and reference for PPP practitioners to structure the SPV and associated financial and commercial arrangements. It also offers valuable insights into the development of PPP policy, especially regarding the structuring of PPP models in China and elsewhere.
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Rohit Gupta, Baidyanath Biswas, Indranil Biswas and Shib Sankar Sana
This paper aims to examine optimal decisions for information security investments for a firm in a fuzzy environment. Under both sequential and simultaneous attack scenarios…
Abstract
Purpose
This paper aims to examine optimal decisions for information security investments for a firm in a fuzzy environment. Under both sequential and simultaneous attack scenarios, optimal investment of firm, optimal efforts of attackers and their economic utilities are determined.
Design/methodology/approach
Throughout the analysis, a single firm and two attackers for a “firm as a leader” in a sequential game setting and “firm versus attackers” in a simultaneous game setting are considered. While the firm makes investments to secure its information assets, the attackers spend their efforts to launch breaches.
Findings
It is observed that the firm needs to invest more when it announces its security investment decisions ahead of attacks. In contrast, the firm can invest relatively less when all agents are unaware of each other’s choices in advance. Further, the study reveals that attackers need to exert higher effort when no agent enjoys the privilege of being a leader.
Research limitations/implications
In a novel approach, inherent system vulnerability of the firm, financial benefit of attackers from the breach and monetary loss suffered by the firm are considered, as fuzzy variables in the well-recognized Gordon – Loeb breach function, with the help of fuzzy expectation operator.
Practical implications
This study reports that the optimal breach effort exerted by each attacker is proportional to its obtained economic benefit for both sequential and simultaneous attack scenarios. A set of numerical experiments and sensitivity analyzes complement the analytical modeling.
Originality/value
In a novel approach, inherent system vulnerability of the firm, financial benefit of attackers from the breach and monetary loss suffered by the firm are considered, as fuzzy variables in the well-recognized Gordon – Loeb breach function, with the help of fuzzy expectation operator.
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Kun-cheng Zhang, Xin-chang Guo, Shi-zheng Tian, Qi Cui, Mao-chong Shi and Pei-fang Guo
Many experts suggest that the human being explore marine resources and marine new energy sources to alleviate the shortage of land resources and the ecological degradation…
Abstract
Purpose
Many experts suggest that the human being explore marine resources and marine new energy sources to alleviate the shortage of land resources and the ecological degradation. However, island coastal zones are considered to be fragile ecosystems; their geographical location and natural characteristics, their biodiversity and associated ecosystems, and their exposure to diverse land and sea conditions all make them highly vulnerable to environmental changes and human activities. Therefore, it is necessary to achieve the goals of environmental protection and sustainable development on the basis of a comprehensive evaluation and understanding of islands.
Design/methodology/approach
Due to the importance of island groups, this paper conducts evaluation studies on them. Using the Delphi, AHP and TOPSIS methods, this study evaluated quantitatively the comprehensive development level and comprehensive development potential of island groups in terms of resources, natural environment, economy and society. Innovatively using them as two subsystems, the present study combined the coupling coordination model and the obstacle factor calculation method.
Findings
The prospective index of comprehensive development was applied to the Changdao Island Group in Yantai, Shandong Province as an example, and the final evaluation revealed that the comprehensive development prospect of this island group had an upward trend from 2010 to 2017. Future efforts should be made to improve its economic and social conditions and economic development status, apart from promoting its comprehensive development by improving human resources management, increasing the GDP growth rate, and improving fresh water and electricity supply.
Originality/value
This study takes the integrated development level of the island and the integrated development potential of the island as two subsystems, and the innovative application of the coupling coordination degree model is used to calculate the integrated development index of the island to understand the development status of the island area. On the basis of this model, the obstacle factor identification method is designed to identify the main obstacle factors, and on the basis of evaluation and identification, specific measures to ensure the sustainable development of the island area are effectively proposed.
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Juan David Gonzalez-Ruiz, Alejandro Arboleda, Sergio Botero and Javier Rojo
The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships…
Abstract
Purpose
The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).
Design/methodology/approach
The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.
Findings
The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV.
Research limitations/implications
The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.
Practical implications
Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.
Originality/value
Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.
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