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The purpose of this paper is to investigate whether Markov mixture of normals (MMN) model is a viable approach to modeling financial returns.

This paper adopts the full Bayesian estimation approach based on the method of Gibbs sampling, and the latent state variables simulation algorithm developed by Chib.

Using data from the S&P 500 index, the paper first demonstrates that the MMN model is able to capture the unconditional features of the S&P 500 daily returns. It further conducts formal model comparisons to examine the performance of the Markov mixture structures relative to two well‐known alternatives, the GARCH and the t‐GARCH models. The results clearly indicate that MMN models are viable alternatives to modeling financial returns.

The univariate MMN structure in this paper can be generalized to a multivariate setting, which can provide a flexible yet practical approach to modeling multiple time series of assets returns.

Given the encouraging empirical performance of the MMN models, it is hopeful that the MMN models will have success in some interesting financial applications such as Value‐at‐Risk and option pricing.

The paper explicitly formulates the Gibbs sampling procedures for estimating MMN models in a Bayesian framework. It also shows empirically that MMN models are able to capture the stylized features of financial returns. The MMN models and their estimation method in this paper can be applied to other financial data, especially in which tail probability is of major interest or concern.

The purpose of this paper is to contribute to defining the tasks necessary to process management, considering both conceptual and practical views.

Bibliographic review for tasks mentioned as typically necessary to process management, plus a field survey involving professionals working in process management.

The bibliographic review yielded a set of tasks that were grouped conceptually into “designing processes”, “managing processes from day to day” and “fostering process‐related learning”. These groups were then validated with practioners as valid constructs. The field survey produced two major findings: the first underlining the practical importance of the tasks identified as necessary to process management and the second demonstrating that most organizations where the study participants work are structured functionally, but have practices for managing cross‐functional processes or “end‐to‐end process”. The conceptual and practical comparison brings to light gaps between authors and professionals.

There is significant variation in the job positions and sectors occupied by the group studied and the sample is not random, given that all are enrolled in postgraduate process management programs and thus share an interest in the subject.

Organizations can identify tasks that are necessary and important to process management and have an instrument (the questionnaire) for deciding how best to manage processes. Where functional management of cross‐functional processes is found, this recommends developing organizational solutions to upgrade the capacity for coordination among activities without necessarily introducing changes in organizational structure.

The paper describes an unprecedented study and helps clarify what needs to be done to manage processes.

Through a survey of 200 employees working in five of the thirty establishments analysed in previous research about the microeconomic effects of reducing the working time (Cahier 25), the consequences on employees of such a reduction can be assessed; and relevant attitudes and aspirations better known.

To better detect potential audit issues, since 2010, the Internal Revenue Service has required firms to file a separate schedule individually disclosing each of their uncertain tax positions (UTPs). This study uses an experiment to examine how this increase in detection risk from the newly created IRS schedule influences both a firm’s tax reporting and financial reporting concurrently. We find that corporate tax professionals were more likely to recommend an UTP when their firm had a strong UTP reporting quality, regardless of the detection risk level of the reporting environment. However, we find an interaction effect for the recording of the tax reserve. In a low detection risk environment, corporate tax professionals recorded a higher (lower) tax reserve when their firm had a weak (strong) UTP reporting quality. However, in a high detection risk environment, corporate tax professionals recorded a lower (higher) tax reserve when their firm had a weak (strong) UTP reporting quality. Overall, the results provide insight into the dual nature of UTP reporting and the determinants that influence each reporting behavior.

This study aims to review the recent advancements in high entropy alloys (HEAs) called high entropy materials, including high entropy superalloys which are current potential alternatives to nickel superalloys for gas turbine applications. Understandings of the laser surface modification techniques of the HEA are discussed whilst future recommendations and remedies to manufacturing challenges via laser are outlined.

Materials used for high-pressure gas turbine engine applications must be able to withstand severe environmentally induced degradation, mechanical, thermal loads and general extreme conditions caused by hot corrosive gases, high-temperature oxidation and stress. Over the years, Nickel-based superalloys with elevated temperature rupture and creep resistance, excellent lifetime expectancy and solution strengthening L12 and γ´ precipitate used for turbine engine applications. However, the superalloy’s density, low creep strength, poor thermal conductivity, difficulty in machining and low fatigue resistance demands the innovation of new advanced materials.

HEAs is one of the most frequently investigated advanced materials, attributed to their configurational complexity and properties reported to exceed conventional materials. Thus, owing to their characteristic feature of the high entropy effect, several other materials have emerged to become potential solutions for several functional and structural applications in the aerospace industry. In a previous study, research contributions show that defects are associated with conventional manufacturing processes of HEAs; therefore, this study investigates new advances in the laser-based manufacturing and surface modification techniques of HEA.

The AlxCoCrCuFeNi HEA system, particularly the Al0.5CoCrCuFeNi HEA has been extensively studied, attributed to its mechanical and physical properties exceeding that of pure metals for aerospace turbine engine applications and the advances in the fabrication and surface modification processes of the alloy was outlined to show the latest developments focusing only on laser-based manufacturing processing due to its many advantages.

It is evident that high entropy materials are a potential innovative alternative to conventional superalloys for turbine engine applications via laser additive manufacturing.

Understanding the relationship between distributed leadership and teachers commitment to change in the Chinese urban primary school context was the purpose of this study.

Quantitative research method is used in this study. For ensuring comprehensiveness, this research employed a random sampling method. This study took place in Chinese urban primary schools. A total of 350 questionnaires were circulated, 318 questionnaires were returned, and 291 questionnaires were valid, with a response rate of 90.9 per cent and a validity rate of 91.5 per cent.

The results of path analysis indicated that various dimensions of distributed leadership, including collaboration and cooperation, responsibility and accountability, and values and beliefs, had significant effects on group competence. Collaboration and cooperation and decision making had significant relationships with task analysis. Collaboration and cooperation, responsibility and accountability, and values and beliefs had significant effects on collective teacher efficacy as a single variable.

These findings contribute to the understanding of educational management in the Chinese context and advance knowledge about distributed leadership theories in an East Asian context.

Presents and discusses areas for future research into international marketing in the Asia‐Pacific region based on recent trends and gaps in the literature. Continues and develops the themes presented in the first Special Issue on international marketing in the Asia‐Pacific region (International Marketing Review, Vol. 20 No. 5).

This paper aims to enrich absorptive capacity literature by specifically highlighting and adding environmental conditions and internationalisation process to the original conceptualisation.

The authors undertake a conceptual analysis and present an enhanced framework of absorptive capacity by integrating multiple literature streams. The authors have analysed the most relevant literature to provide underlying justifications for the proposed conceptual model.

Absorptive capacity ensures the long-term survival and success of a business. To develop absorptive capacity successfully, firms should focus on its various dimensions and existing intangible assets and external environment. The multidimensionality and richness of absorptive capacity is an under-explored area in the existing literature. The authors revisit the conceptualisation of absorptive capacity and add environmental conditions and the internationalisation process to the original conceptualisation. Absorptive capacity does not lead to a competitive advantage independent of its environment. To successfully develop it, firms have to adopt a holistic approach by considering the multi-dimensions, drivers and contextual conditions of absorptive capacity.

This study contributes by conceptualising absorptive capacity as a dynamic capability. It is one of the first studies to specifically propose a framework that combines antecedents (prior knowledge, combinative capabilities and IT capabilities), moderators (environmental conditions, namely, market and technological turbulence, competitiveness and the internationalisation process) and consequences (competitive advantage). The study offers a unique conceptualisation with implications for researchers and managers. As a result, managers will have a well-defined blueprint to create value by using firm capabilities.