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Article
Publication date: 17 December 2018

Leon Li and Nen-Chen Richard Hwang

The purpose of this paper is to postulate that market participants’ views on the nature of discretionary accruals as earnings management or earnings manipulation could…

Abstract

Purpose

The purpose of this paper is to postulate that market participants’ views on the nature of discretionary accruals as earnings management or earnings manipulation could relate to a rise or a fall in a firm’s stock prices.

Design/methodology/approach

Applying the quantile regression and measuring gains and losses according to the stock returns, this study shows that the relation between earnings manipulation and stock returns is non-uniform and it varies significantly across various quantiles of the latter.

Findings

The empirical results imply a positive (negative) |DA|-RETURN relation for stocks experiencing a rise (fall) in stock prices. This finding is consistent with the notion that market participants lean towards (become) trend followers (fundamentalists) when their stocks price rise (fall) and, thus, positively reward (negatively punish) discretionary accruals.

Originality/value

Using the behavioural heterogeneity of market participants as a research framework, this paper contributes to the literature by demonstrating that market participants’ decisions to positively reward (negatively punish) earning management behaviour depend on their perceptions on nature of discretionary accruals (earnings management vs earnings manipulation).

Details

Managerial Finance, vol. 45 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 7 August 2017

Geeta Duppati, Anoop S. Kumar, Frank Scrimgeour and Leon Li

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Abstract

Purpose

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Design/methodology/approach

This article analysed the presence of long-memory volatility in five Asian equity indices, namely, SENSEX, CNIA, NIKKEI225, KO11 and FTSTI, using five-min intraday return series from 05 January 2015 to 06 August 2015 using two approaches, i.e. conditional volatility and realized volatility, for forecasting long-term memory. It employs conditional-generalized autoregressive conditional heteroscedasticity (GARCH), i.e. autoregressive fractionally integrated moving average (ARFIMA)-FIGARCH model and ARFIMA-asymmetric power autoregressive conditional heteroscedasticity (APARCH) models, and unconditional volatility realized volatility using autoregressive integrated moving average (ARIMA) and ARFIMA in-sample forecasting models to estimate the persistence of the long-term memory.

Findings

Given the GARCH framework, the ARFIMA-APARCH long-memory model gave the better forecast results signifying the importance of accounting for asymmetric information when modelling volatility in a financial market. Using the unconditional realized volatility results from the Singapore and Indian markets, the ARIMA model outperforms the ARFIMA model in terms of forecast performance and provides reasonable forecasts.

Practical implications

The issue of long memory has important implications for the theory and practice of finance. It is well-known that accurate volatility forecasts are important in a variety of settings including option and other derivatives pricing, portfolio and risk management.

Social implications

It could be said that using long-memory augmented models would give better results to investors so that they could analyse the market trends in returns and volatility in a more accurate manner and reach at an informed decision. This is useful to minimize the risks.

Originality/value

This research enhances the literature by estimating the influence of intraday variables on daily volatility. This is one of very few studies that uses conditional GARCH framework models and unconditional realized volatility estimates for forecasting long-term memory. The authors find that the methods complement each other.

Details

Pacific Accounting Review, vol. 29 no. 3
Type: Research Article
ISSN: 0114-0582

Keywords

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Article
Publication date: 5 March 2018

Jianping Huang, Wenyuan Liao and Zhenchun Li

The purpose of this paper is to develop a new finite difference method for solving the seismic wave propagation in fluid-solid media, which can be described by the…

Abstract

Purpose

The purpose of this paper is to develop a new finite difference method for solving the seismic wave propagation in fluid-solid media, which can be described by the acoustic and viscoelastic wave equations for the fluid and solid parts, respectively.

Design/methodology/approach

In this paper, the authors introduced a coordinate transformation method for seismic wave simulation method. In the new method, the irregular fluid–solid interface is transformed into a horizontal interface. Then, a multi-block coordinate transformation method is proposed to mesh every layer to curved grids and transforms every interface to horizontal interface. Meanwhile, a variable grid size is used in different regions according to the shape and the velocity within each region. Finally, a Lebedev-standard staggered coupled grid scheme for curved grids is applied in the multi-block coordinate transformation method to reduce the computational cost.

Findings

The instability in the auxiliary coordinate system caused by the standard staggered grid scheme is resolved using a curved grid viscoelastic wave field separation strategy. Several numerical examples are solved using this new method. It has been shown that the new method is stable, efficient and highly accurate in solving the seismic wave equation defined on domain with irregular fluid–solid interface.

Originality/value

First, the irregular fluid–solid interface is transformed into a horizontal interface by using the coordinate transformation method. The conversion between pressures and stresses is easy to implement and adaptive to different irregular fluid–solid interface models, because the normal stress and shear stress vanish when the normal angle is 90° in the interface. Moreover, in the new method, the strong false artificial boundary reflection and instability caused by ladder-shaped grid discretion are resolved as well.

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Article
Publication date: 21 October 2019

Rui Wang, Xiangyang Li, Hongguang Ma and Hui Zhang

This study aims to provide a new method of multiscale directional Lyapunov exponents (MSDLE) calculated based on the state space reconstruction for the nonstationary time…

Abstract

Purpose

This study aims to provide a new method of multiscale directional Lyapunov exponents (MSDLE) calculated based on the state space reconstruction for the nonstationary time series, which can be applied to detect the small target covered by sea clutter.

Design/methodology/approach

Reconstructed state space is divided into non-overlapping submatrices whose columns are equal to a predetermined scale. The authors compute eigenvalues and eigenvectors of the covariance matrix of each submatrix and extract the principal components σip and their corresponding eigenvectors. Then, the angles ψip of eigenvectors between two successive submatrices were calculated. The curves of (σip, ψip) reflect the nonlinear dynamics both in kinetic and directional and form a spectrum with multiscale. The fluctuations of (σip, ψip), which are sensitive to the differences of backscatter between sea wave and target, are taken out as the features for the target detection.

Findings

The proposed method can reflect the local dynamics of sea clutter and the small target within sea clutter is easily detected. The test on the ice multiparameter imaging X-ban radar data and the comparison to K distribution based method illustrate the effectiveness of the proposed method.

Originality/value

The detection of a small target in sea clutter is a compelling issue, as the conventional statistical models cannot well describe the sea clutter on a larger timescale, and the methods based on statistics usually require the stationary sea clutter. It has been proven that sea clutter is nonlinear, nonstationary or cyclostationary and chaotic. The new method of MSDLE proposed in the paper can effectively and efficiently detect the small target covered by sea clutter, which can be also introduced and applied to military, aerospace and maritime fields.

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Book part
Publication date: 9 December 2016

Joseph S. Chen, Nina K. Prebensen and Uysal Muzaffer

This research examines the effect of people interaction on value creation of tourist experiences by reconstructing a scale of value perception. It gathers a set of on-site…

Abstract

This research examines the effect of people interaction on value creation of tourist experiences by reconstructing a scale of value perception. It gathers a set of on-site survey data collected from tourists visiting Norwegian Arctic destinations that contain 579 useful questionnaires. A 19-item value measurement is first validated by confirmatory factor analyses (CFA) that results in a 13-item, five-factor parsimonious model. The CFA results also suggest a high-order factor solution; it finds two convergent factors explicated by five value domains. The derived high-order factors are labeled as tangible value and intangible value. Further analyses show significant relationships between experience values and people interaction. That is the intangible domain of value could create significant mediating effect on people interaction. Specifically, novelty and social values tend to moderate tourist experience. The conclusion furnishes implications in theory advancement and service innovation along with suggestions for research study.

Details

Advances in Hospitality and Leisure
Type: Book
ISBN: 978-1-78635-615-4

Keywords

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Abstract

Details

Tourism Destination Quality
Type: Book
ISBN: 978-1-83909-558-0

Content available
Book part
Publication date: 27 November 2020

Arthur Seakhoa-King, Marcjanna M Augustyn and Peter Mason

Abstract

Details

Tourism Destination Quality
Type: Book
ISBN: 978-1-83909-558-0

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Article
Publication date: 12 March 2018

Rupali Misra Nigam, Sumita Srivastava and Devinder Kumar Banwet

The purpose of this paper is to review the insights provided by behavioral finance studies conducted in the last decade (2006-2015) examining behavioral variables in…

Abstract

Purpose

The purpose of this paper is to review the insights provided by behavioral finance studies conducted in the last decade (2006-2015) examining behavioral variables in financial decision making.

Design/methodology/approach

The literature review assesses 623 qualitative and quantitative studies published in various international refereed journals and identifies possible scope of future work.

Findings

The paper identifies stock market anomalies which contradict rational agents of modern portfolio theory at an aggregate level and behavioral mediators, influencing the financial decision making at an investor level. The paper also attempts to classify different dimensions of risk as professed by the investor.

Originality/value

The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of financial market and investor behavior.

Details

Review of Behavioral Finance, vol. 10 no. 1
Type: Research Article
ISSN: 1940-5979

Keywords

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Article
Publication date: 11 April 2019

Mehmet Ali Koseoglu

This study aims to address how the social structure of the hospitality management field has evolved from 1960 to 2016.

Abstract

Purpose

This study aims to address how the social structure of the hospitality management field has evolved from 1960 to 2016.

Design/methodology/approach

The informal social structure of the hospitality management literature was analyzed by collecting authorship data from seven hospitality management journals. Co-authorship analyses via network analysis were conducted.

Findings

According to the findings, throughout the history of hospitality management, international collaboration levels are relatively low. Based on social network analysis, the research community is only loosely connected, and the network of the community does not fit with the small-world network theory. Additional findings indicate that researchers in the hospitality management literature are ranked via degree centrality, closeness centrality and betweenness centrality. Cliques, which contain at least five researchers, and core researchers are identified.

Practical implications

This study helps both scholars and practitioners improve the informal structure of the field. Scholars must generate strong ties to strengthen cross-fertilization in the field; hence, they collaborate with authors who have strong positions in the field. Specifically, this provides a useful performance analysis. To the extent that institutions and individuals are rewarded for publications, this study demonstrates the performance and connectivity of several key researchers in the field. This finding could be interesting to (post)graduate students. Hospitality managers looking for advisors and consultants could benefit from the findings. Additionally, these are beneficial for journal editors, junior researchers and agencies/institutions.

Originality/value

As one of the first study in the field, this research examines the informal social structure of hospitality management literature in seven journals.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 2
Type: Research Article
ISSN: 0959-6119

Keywords

Abstract

Details

Advances in Librarianship
Type: Book
ISBN: 978-0-12024-617-5

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