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Article
Publication date: 20 September 2022

Stoyu I. Ivanov and Matthew Faulkner

Small firms, which represent much of the Silicon Valley region, tend to experience losses due to their small scale, small customer base and lack of diversification. The…

Abstract

Purpose

Small firms, which represent much of the Silicon Valley region, tend to experience losses due to their small scale, small customer base and lack of diversification. The authors study the impact of accounting conservatism and losses on firm value and as such this study is an appropriate addition to this growing field of financial management.

Design/methodology/approach

The authors use methodology developed in prior literature to examine Silicon Valley and non-Silicon Valley firms' and their behavior when facing losses and the factors, which might play a role in their valuation. The authors focus particularly on earnings and accounting conservatism. Accounting conservatism captures how fast firms record losses relative to gains. The faster losses are recognized than gains the more accounting conservatism is exhibited. The authors examine the seemingly unrelated estimation of differences in means for our independent variables of interest across the two samples of Silicon Valley and non-Silicon Valley firms, both earnings and accounting conservatism. The authors use matched sample analysis of these firms based on four digit SIC code, size and date. In robustness, the authors run a more in-depth propensity score matched sample analysis.

Findings

The authors document that market values of Silicon Valley firms with accounting losses are affected less by negative earnings than other firms with accounting losses in the United States outside of the Silicon Valley region, noting the “lose big, win bigger” sentiment of Silicon Valley. Additionally, the authors document that accounting conservatism does play a role in influencing valuations of companies with accounting losses both in Silicon Valley and the rest of the United States, marginally more for Silicon Valley firms.

Originality/value

This study would be of interest to fund managers who need to consider smaller firms for inclusion in their portfolios. A lot of small firms have experienced losses ever since going public, especially Silicon Valley start-up firms.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 30 August 2022

Yi Luo, Dong Huang, Yan Han and Laping Wu

The purpose of this paper is to analyse the impacts of storage losses and market development on the maize-selling behaviours of rural households in China.

Abstract

Purpose

The purpose of this paper is to analyse the impacts of storage losses and market development on the maize-selling behaviours of rural households in China.

Design/methodology/approach

Based on the survey data of 543 households from nine major maize production provinces in China, the authors introduce storage losses to a household's maize-selling decision-making model and use fractional logit model and ordered probit model to empirically analyse the impact of maize storage losses and market development on household maize-selling decisions in China. To overcome potential endogeneity problems, the authors select the weather at drying (whether bad weather occurs during the drying process) and harvest loss as instrumental variables and re-estimate the model.

Findings

The results show that increased storage losses prompt farmers to increase the proportion of maize sold within three months after harvest and sell maize in advance. Meanwhile, the degree of market development has a significant impact on farmers' maize-selling decisions. Other factors, such as the maize output, non-agricultural employment and awareness of loss control, also affect farmers' maize-selling behaviours.

Research limitations/implications

The government should promote advanced storage facilities, reduce household storage losses, decrease the phenomenon of centralised sales after harvest and help farmers freely choose the suitable time for sales. The government also needs to strengthen market information releases and publicity, reduce transaction costs and help farmers make reasonable sales decisions.

Originality/value

The authors introduce storage losses as a separate variable in a farmer's grain-selling decision model to empirically analyse the impact of storage losses on farmers' grain-selling behaviours. Moreover, the authors analyse the impact of market development on household grain-selling behaviours in China. These findings can help avoid oversupply in the market during the harvest season and alleviate the pressure on the market from the supply and demand imbalance. These results are also beneficial for farmers waiting for a higher price and increasing their income.

Details

China Agricultural Economic Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 16 August 2022

Nan Li, Muzi Chen, Haoyu Gao, Difang Huang and Xiaoguang Yang

Given the scarcity of data during the early stages of the COVID-19 pandemic in China, the decision-making for non-pharmaceutical policies was mostly based on insufficient…

Abstract

Purpose

Given the scarcity of data during the early stages of the COVID-19 pandemic in China, the decision-making for non-pharmaceutical policies was mostly based on insufficient evidence. The purpose of this study is to assess the effectiveness of these policies, such as lockdown and government subsidies, on rural households and identify policy implications for China and other countries in dealing with pandemics.

Design/methodology/approach

The authors survey 2,408 rural households by telephone from 101 counties across 17 provinces in China during the first stage of the pandemic (March 2020). The authors use the ordered probit model and linear regression model to study the overall impact of policies and then use the quantile regression model and sub-sample regression method to study the heterogeneity of the effects of government policies.

Findings

The authors find that logistics disruption due to lockdown negatively affected rural households. Obstructed logistics is associated with a more significant loss for high-income households, while its impact on the loss expectation of low-income households is more severe. Breeding and other industries such as transport and sales suffer more from logistics than cultivation. The impact of logistics on intensive agricultural entities is more serious than that on professional farms. The government subsidy is more effective at reducing loss for low-income households. Lockdown and government subsidies have shown heterogeneous impacts on rural households.

Practical implications

The overall economic losses experienced by rural households in the early stages of the pandemic are controllable. The government policies of logistics and subsidies should target specific groups.

Originality/value

The authors evaluate the economic impacts of lockdown and government subsidies on rural households and show their heterogeneity among different groups. The authors further demonstrate the policy effectiveness in supporting rural households during the early stages of the pandemic and provide future policy guidance on major public health event.

Details

China Agricultural Economic Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 24 August 2022

Dina Ribbink, Hubert Pun and Tingting Yan

When developing a new product, a buying firm solicits revenue sharing bids from two competing suppliers. Bidding behaviors of suppliers do not always align with…

Abstract

Purpose

When developing a new product, a buying firm solicits revenue sharing bids from two competing suppliers. Bidding behaviors of suppliers do not always align with predictions from rational agent models due to task uncertainty and bounded rationality, which could result in non-optimal supplier offers and ultimately hurt buying firm interests. This paper aims to discuss the aforementioned issues.

Design/methodology/approach

The authors built an analytical model that considers the impact of supplier technological risk, buyer–supplier coordination cost and supplier loss aversion on the optimal bid of the supplier. Next, using limited information processing capacity as a theoretic lens, the authors explore antecedents to the size of a focal supplier's bidding error, the absolute difference between the actual bid and the optimal bid. The authors used quantitative lab experimental data to test the hypotheses.

Findings

(1) Bounded rational bidders often fail to differentiate between relevant and irrelevant competitive information when placing bids, (2) loss aversion of a bidder significantly affects not only levels of bids, particularly for bidders with competitive disadvantages, but also sizes of the bidding error and (3) competitive information that has clearer performance implications are more influential in reducing sizes of bidding errors.

Originality/value

The results provide a comprehensive view of the bidding behaviors of a bounded rational supplier in an innovation outsourcing context with competition. With the results, managers now have a better understanding of behavioral influencers behind non-optimal supplier bids in an innovation outsourcing context.

Details

International Journal of Operations & Production Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 12 July 2022

Mustafa Yilmaz, Ali Önüt, Thomas Lohner and Karsten Stahl

This paper aims to address the influence of lubrication methods on operational characteristics, power losses and temperature behavior of gears and bearings. It contributes…

Abstract

Purpose

This paper aims to address the influence of lubrication methods on operational characteristics, power losses and temperature behavior of gears and bearings. It contributes to the improvement of resource and energy efficiency of geared transmissions.

Design/methodology/approach

Experimental investigations were performed at a gear and bearing power loss test rig. Thereby, dip lubrication, injection lubrication with injection volumes from 0.05 to 2.00 l/min and minimum quantity (MQ) lubrication with an injection volume as little as 28 ml/h were considered. Measurements were evaluated in terms of no-load and load-dependent power loss, bulk temperatures and mean gear coefficients of friction.

Findings

Results show strongly reduced no-load gear and bearing losses for lubrication methods with low lubricant quantities. Load-dependent losses are similar to conventional lubrication methods and tend to be lower at high speed. This is related to higher bulk temperatures, as the heat dissipation of lubrication methods with low oil quantities is limited. Limited thermal load limits were shown to be extended by LowLoss gears.

Originality/value

Systematic investigations were conducted to evaluate the influence of dip, injection and MQ lubrication on power loss and temperature behavior of gears and bearings. The results of this study support further research on needs-based lubrication methods for gearboxes.

Details

Industrial Lubrication and Tribology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 1 March 2000

LIXIN ZENG

Industry loss index‐based risk transfer and management instruments such as the industry loss warranty (ILW) and other catastrophe insurance derivative products have…

Abstract

Industry loss index‐based risk transfer and management instruments such as the industry loss warranty (ILW) and other catastrophe insurance derivative products have proliferated in recent years. This article introduces an alternative measure of the ILW basis risk, specifically the conditional probability that the ILW policy does not pay out, given an actual loss sustained by the policyholder that exceeds some critical level. The author also discusses the effectiveness of upwardly oriented basis risk in reducing loss volatility. After introducing guidelines for choosing between an ILW and traditional reinsurance, the article concludes that a properly structured ILW can be an effective and innovative instrument for a large insurer or reinsurer to manage the severity and volatility of catastrophe losses, but not necessarily, for a medium‐sized or small (re)insurer. Although this article focuses on ILWs, the general methodology and conclusions presented are applicable to other index‐based risk transfer products.

Details

The Journal of Risk Finance, vol. 1 no. 4
Type: Research Article
ISSN: 1526-5943

Article
Publication date: 6 November 2017

Longfei Zhu, Wenming Tong, Xueyan Han and Jianguo Zhu

The specific iron losses of amorphous alloy material are extremely low compared with silicon steel material. The iron losses of motors may reduce by replacing the silicon…

Abstract

Purpose

The specific iron losses of amorphous alloy material are extremely low compared with silicon steel material. The iron losses of motors may reduce by replacing the silicon steel core with an amorphous alloy core. However, one drawback of amorphous alloy material is that the specific iron losses will increase a lot after the motor manufacturing process. This paper aims to study the influences of interlaminar insulator solidifying and annealing on amorphous alloy material. The iron losses of motors made of amorphous alloy and baseline silicon steel sheets are compared and discussed.

Design/methodology/approach

This paper opted for an exploratory study using the experimental analysis and loss separation methods. Two amorphous alloy cores are produced and tested. The iron losses of motors made of amorphous alloy and silicon steel sheets are calculated and compared based on the measured specific iron losses. Three wound amorphous alloy core samples are made and measured. The iron losses are separated and compared by considering the manufacturing influences.

Findings

This paper provides empirical insights about what change is brought in amorphous alloy material after manufacturing. The results have shown that, for amorphous alloy cores without the annealing process, the loss increase caused by solidifying is mainly the eddy current loss, while it is mainly the hysteresis loss component for annealed amorphous alloy cores.

Originality/value

This paper presents for the first time the measured results of manufactured amorphous alloy cores. This paper fulfils the need to manufacture amorphous alloy motors properly for the producers.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 36 no. 6
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 2 March 2015

Maria Dems, Krzysztof Komeza, Slawomir Wiak and Sara Fernández Coya

– The purpose of this paper is to present the distribution of the magnetic field and additional losses analysis of the induction motors (IM) with opened and closed rotor slots.

Abstract

Purpose

The purpose of this paper is to present the distribution of the magnetic field and additional losses analysis of the induction motors (IM) with opened and closed rotor slots.

Design/methodology/approach

In the field-circuit approach the distribution and changes of magnetic flux density in the motor are computed using a time-stepping finite element method. The additional losses in each element are evaluated at different frequencies.

Findings

An approximate analytical formulation is derived for rapid losses computation confirmed by the results of field-circuit method. For high-voltage motors due to the size ratios of the core and relatively deep stator and rotor slots major role in causing loss of higher harmonics play a fundamental slot harmonics. Higher harmonics order bigger than 100 cause only small part of total higher harmonics core losses. Closed rotor slots construction influenced significantly on no-load losses mainly due to reduction of losses at slot upper part. For nominal load condition that influence is not so strong according to the saturation of slot tips by rotor leakage flux. Nevertheless, core losses at load are several times higher as at no-load.

Research limitations/implications

In future research authors will take into account motors feed from PWM inverter, working in the frequency range up to 400 Hz.

Practical implications

The results of investigation will be used in more detailed design of IMs especially for motors with closed rotor slots.

Originality/value

The methods presented in the paper was not used before. Also results of additional losses in the motor core calculation, especially according motors with closed slots at no load and load conditions are new.

Details

COMPEL: The International Journal for Computation and Mathematics in Electrical and Electronic Engineering, vol. 34 no. 2
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 2 January 2018

Hongbo Qiu, Xiaobin Fan, Jianqin Feng and Cunxiang Yang

The purpose of this study is to find out the influence degree of harmonic current on the generator operating parameters. In practical operation of the salient-pole…

Abstract

Purpose

The purpose of this study is to find out the influence degree of harmonic current on the generator operating parameters. In practical operation of the salient-pole synchronous generator, the heat generated by eddy current loss may lead to the breaking of damper winding, and the damper winding is a key component for ensuring the reliable operation of generators. Therefore, it is important to study the distribution characteristics and the influence factors of eddy current loss. Taking a 24-MW bulb tubular turbine generator as a reference, the influence factors that affect the eddy current loss of damper winding are analyzed.

Design/methodology/approach

A two-dimensional (2-D) electromagnetic field model of the generator is established, and the correctness of the model is verified by comparing simulation results and experiment data. The eddy current losses of damper winding in various conditions are calculated by using the finite element method.

Findings

It is identified that the cogging effect, pole shoe magnetic saturation degree, pole arc coefficient and armature reaction are the main factors that affect the eddy current loss of the generator rotor. When the generator is installed with magnetic slot wedges, the distribution characteristic of eddy current loss is obtained through the study of the eddy current density distributions in the damper bars. The variations of eddy current losses with time are gained when the generator has different permeability slot wedges, pole arc coefficients and pole shoe magnetic saturation degrees.

Practical implications

The study of this paper provides a theoretical reference for the design and optimization of bulb tubular turbine generator structure.

Originality/value

The research can help enhance the understanding of eddy current distribution characteristics and influence factors of eddy current loss in bulb tubular turbine generator.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 37 no. 1
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 13 July 2010

S. Jelassi, R. Romary and J.F. Brudny

The aim of this paper is to estimate the iron losses for an induction machine in the healthy case taking the slotting effect into account and to study the effect of an…

Abstract

Purpose

The aim of this paper is to estimate the iron losses for an induction machine in the healthy case taking the slotting effect into account and to study the effect of an inter‐turn short‐circuit on these losses. Theoretical results are then compared with experimental ones.

Design/methodology/approach

A simple analytical model of iron losses allows one to calculate and to appreciate the contribution of the slotting effect on induction machine iron losses without and with an inter‐turn stator short‐circuit. This semi‐analytical approach is based on the iron stator and rotor flux density repartition which is deduced from the air‐gap flux density.

Findings

The iron losses are not only due to the fundamental air‐gap flux density, but also to the slotting harmonics. In fact, the slotting effect generates harmonic flux density waves with very low magnitudes but with high‐angular velocities, leading to non‐negligible harmonic iron dynamic losses which have similar values on both the stator and the rotor. The inter‐turn short‐circuit generates an iron losses and a slotting harmonic contribution increase.

Research limitations/implications

Experimental measurements give the total iron losses. They do not allow separating the fundamental and the slotting harmonics contribution.

Practical implications

The knowledge of the iron losses behaviour in the healthy machine taking into account the slotting effect is important to optimize the design. The fault contribution on these losses allows one to estimate the damage which can be engendered by the fault.

Originality/value

Generally, iron losses studies and calculations are performed numerically using finite element software. The analytical approach can be interesting because it allows one to make faster calculations and to analyze the influence of the machine geometric parameters.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 29 no. 4
Type: Research Article
ISSN: 0332-1649

Keywords

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