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Abstract

Details

Microelectronics International, vol. 12 no. 2
Type: Research Article
ISSN: 1356-5362

Article
Publication date: 1 February 1993

Vojtěch Heřmanský, M. Bilinski, H. Binner, Joon Lee, Dave Lowrie and M. Whiteside

The members of the chapter at the annual meeting held on 27 November 1992 in Brno decided not to split after the separation of Czechoslovakia. It was suggested to organise…

Abstract

The members of the chapter at the annual meeting held on 27 November 1992 in Brno decided not to split after the separation of Czechoslovakia. It was suggested to organise a larger chapter from the Central European States to provide greater co‐operation and better functioning of the smaller chapters. A new name for the chapter was proposed — Central European Chapter (CEC) — to express neutrality and to point out that the chapter is open to other neighbouring chapters and to new members from the states where no national chapter yet exists.

Details

Microelectronics International, vol. 10 no. 2
Type: Research Article
ISSN: 1356-5362

Article
Publication date: 8 May 2009

E. Eisermann, K. Höll, W. Smetana, W. Tusler, M. Unger and J. Whitmarsh

The purpose of this paper is to describe two new thick film paste systems (one glass‐based and the other polymer‐based) for insulating aluminium substrates and allowing…

Abstract

Purpose

The purpose of this paper is to describe two new thick film paste systems (one glass‐based and the other polymer‐based) for insulating aluminium substrates and allowing components like high‐intensity light‐emitting diodes to be attached to a conductor deposited on the dielectric.

Design/methodology/approach

Comparative measurements of the thermal resistance of different substrates mounted with metal‐oxide semiconductor field‐effect transistors were made.

Findings

The thermal advantages of these two technologies have been proved.

Originality/value

This paper presents useful comparative data from a replicated application using different combinations of substrates. The paper shows how the superior properties of the two new systems have been proven by thermal resistance measurements. From a thermal point of view, it is only the expensive 4 W m−1 K−1 insulated metal substrate that competes with the “low cost” systems.

Details

Microelectronics International, vol. 26 no. 2
Type: Research Article
ISSN: 1356-5362

Keywords

Article
Publication date: 1 April 1988

The LA/Ventura Annual Workshop was held on 22 June on the theme ‘Fine Line and Military Requirements’. Four workshops were conducted simultaneously on the following…

Abstract

The LA/Ventura Annual Workshop was held on 22 June on the theme ‘Fine Line and Military Requirements’. Four workshops were conducted simultaneously on the following aspects: Mechanical, Imaging, Wet Process, Quality.

Details

Circuit World, vol. 15 no. 1
Type: Research Article
ISSN: 0305-6120

Article
Publication date: 9 August 2021

Scott McGregor

The purpose of this study is to evaluate the impact of ASU 2016–01 on the predictive value, the confirmatory value and the value relevance of earnings. One of the key…

Abstract

Purpose

The purpose of this study is to evaluate the impact of ASU 2016–01 on the predictive value, the confirmatory value and the value relevance of earnings. One of the key provisions of ASU 2016–01 is the requirement that all changes in unrealized gains and losses on all equity securities are recognized in income instead of other comprehensive income (OCI) as under prior guidance (SFAS 115). Because many companies in the insurance industry are large holders of equity securities, the sample for this study consists of firms from the insurance industry.

Design/methodology/approach

The author compares the change in earnings volatility and analysts’ forecast error for the periods before and after adoption of ASU 2016–01, and the relationship between the percentages of assets invested in equity securities for both earnings volatility and analysts’ forecast error. Further, the author tests the price reaction at the time of the release of earnings using an event study. The author also tests the value reliance of earnings measured by the correlation of earnings and stock prices, as well as the change in earnings and stock returns. The association between investment gain/loss components of earnings, and OCI, with stock prices and returns is tested for value relevance.

Findings

The findings of this study show that earnings volatility and analysts’ forecast errors increased in the period after adopting ASU 2016–01 and an initial overreaction to earnings releases. Further, the investment gain/loss components of earnings and OCI are not value-relevant in this study and including unrealized gains/losses on equity securities in income decreased value relevance of earnings in the post-adoption period, particularly for firms with large equity investment portfolios.

Research limitations/implications

This study is limited to one industry and only represents the impact of ASU 2016–01 on that industry. Thus, there are opportunities to extend the research to other industries. Furthermore, the time-period of study since adopting ASU 2016–01 is limited to only two years and with the passage of time, a greater sample of post-ASU 2016–01 will be available for testing.

Practical implications

Standard setters considering recognizing fair value changes on all investment securities in income should consider the findings of this study. Further, industry participants affected by ASU 2016–01 should consider improving explanation of earnings to mitigate the initial misunderstanding of earning announcements found in this study.

Originality/value

To the best of the author’s knowledge, this is the first study on the effects of ASU 2016–01 on volatility of earnings, earnings forecast errors, market reactions to earnings releases and the value relevance of earnings. This paper fills a gap in prior research by studying the effects of fair value on reported earnings, which is limited in prior research. This study contributes to the growing field of research on fair value accounting.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 22 August 2022

Srinivasa Reddy N and Jayanthi Thanigan

The purpose of this paper is to examine the antecedents of customer satisfaction during mortgage purchases. Mortgage demand in the USA has reached an all-time high because…

Abstract

Purpose

The purpose of this paper is to examine the antecedents of customer satisfaction during mortgage purchases. Mortgage demand in the USA has reached an all-time high because of an increase in housing demand after COVID-19. Nonetheless, several customers are dissatisfied with their service providers. Customers who actively search the market gain more information about mortgage providers and use this information to define expectations for lenders. The only way there will be customer satisfaction is if lenders meet these expectations. Therefore, it is economically significant for mortgage lenders to discover the antecedents of mortgage satisfaction.

Design/methodology/approach

In this study, the partial least squares approach was used to test the hypothesis that satisfaction was influenced by objective knowledge, familiarity and search intensity among a sample of customers (n = 4,512) from the National Survey of Mortgage Originations who had purchased a mortgage in the USA between 2019 and 2020.

Findings

The results of structural modelling showed that familiarity (β = 0.23 and p = 0.01) with and knowledge (β = 0.16 and p = 0.01) of mortgages significantly affected consumer satisfaction during mortgage purchase. Search intensity (p = 0.01) mediated the relationship between knowledge, familiarity and satisfaction.

Research limitations/implications

The primary implication is that mortgage service providers should prioritise educating customers about the mortgage buying process on their websites and in person. So managers must actively assist clients in having realistic expectations. Second, mortgage companies should establish a presence on third-party mortgage comparison websites to ensure that customers actively consider alternatives, thereby increasing customer satisfaction.

Originality/value

This study is unique in being an exploratory study to examine the antecedents of mortgage satisfaction using a public data set. This study uniquely examines the National Survey of Mortgage Originations data set with partial least squares approach to examine underlying customer attitudes.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 20 August 2021

Max Schreder and Pawel Bilinski

This study aims to evaluate the earnings forecasting models of Hou et al. (J Account Econ, 53:504–526, 2012) and Li and Mohanram (Rev Account Stud, 19:1152–1185, 2014) in…

Abstract

Purpose

This study aims to evaluate the earnings forecasting models of Hou et al. (J Account Econ, 53:504–526, 2012) and Li and Mohanram (Rev Account Stud, 19:1152–1185, 2014) in terms of bias and accuracy and validity of the implied cost of capital (ICC) estimates for a sample of initial public offerings (IPOs).

Design/methodology/approach

The authors use a sample of 1,657 NYSE, Amex and Nasdaq IPOs from 1972 to 2013.

Findings

The models of Hou et al. and Li and Mohanram produce relatively inaccurate and biased earnings forecasts, leading to unreliable ICC estimates, particularly for small and loss-making IPOs that constitute the bulk of new listings. As a remedy, the authors propose a new earnings forecasting model, a combination of Hou et al.’s and Li and Mohanram’s earnings persistence models, and show that it produces more accurate and less biased earnings forecasts and more valid ICC estimates.

Originality/value

The study contributes novel results to the literature on the validity of cross-sectional earnings models in forecasting IPO firm earnings and estimating the ICC. The findings are directly relevant for practitioners, who can improve their earnings forecasting accuracy for IPO firms and related ICC estimates. The insights can be extended to other settings where investors have limited access to financial information, such as acquisitions of private targets.

Details

Accounting Research Journal, vol. 35 no. 2
Type: Research Article
ISSN: 1030-9616

Keywords

Article
Publication date: 12 March 2018

Zelda Doyle, John Walton Dearin and Joe McGirr

The purpose of this paper is to investigate if any exposure to segregation minimal association in a single male prison population had any association with an increased…

Abstract

Purpose

The purpose of this paper is to investigate if any exposure to segregation minimal association in a single male prison population had any association with an increased risk of vitamin D deficiency.

Design/methodology/approach

A retrospective case study was undertaken with all inmates who had a 25-hyrdoxy-vitamin D test taken during the study period deemed eligible. Hand searching of the medical records by an independent party identified eligible participants whose data were recorded for analysis.

Findings

In total, 124 prisoners were deemed eligible for inclusion; 67 were vitamin D sufficient and 57 were vitamin D deficient by Australian standards. Time in segregation minimal association was shown not to be significant, however, smoking (OR 2.93, 95% CI 1.27-6.81, p=0.012) and having Asian ethnicity (OR 4.16, 95% CI 1.56-11.10, p=0.004) independently significantly increased the risk of vitamin D deficiency.

Research limitations/implications

This research is limited by its study design, small sample size and single location.

Originality/value

This paper presents the first published research into vitamin D levels in a prison population in Australia, and provides a basis for a larger prospective cohort study.

Details

International Journal of Prisoner Health, vol. 14 no. 1
Type: Research Article
ISSN: 1744-9200

Keywords

Book part
Publication date: 14 September 2022

Tao Han and Addis Gedefaw Birhanu

In this chapter, the authors draw insights from the literature on institutional distance and examine whether firms engaging in cross-border acquisitions overcome the…

Abstract

In this chapter, the authors draw insights from the literature on institutional distance and examine whether firms engaging in cross-border acquisitions overcome the liability of foreignness by using external advisors. Specifically, the authors argue that acquiring and target firms may alleviate heightened information asymmetries and transaction costs by leveraging the information-production and uncertainty-reduction roles of M&A advisors. Using a global sample of cross-border M&As from 2001 to 2020, the results suggest that institutional distance triggers both acquirers and targets to use M&A advisors. Among the four types of institutional distance the authors examined, cultural distance – and to a lesser extent administrative distance – greatly contributes to the use of various types of advisors in cross-border deals. Interestingly, although both parties in the transaction rely on advisors to overcome distance barriers, acquiring firms appear to hire advisors more often than target firms.

Article
Publication date: 6 February 2017

Samie Ahmed Sayed

The purpose of this paper is to focus on valuation practices applied by analysts to derive target price forecasts in Asian emerging markets. The key objective of this…

Abstract

Purpose

The purpose of this paper is to focus on valuation practices applied by analysts to derive target price forecasts in Asian emerging markets. The key objective of this study is to understand valuation model preference of analysts and to compare the predictive utility of target price forecasts derived through heuristics-driven price-to-earnings (PE) model and theoretically sound discounted cash flow (DCF) model.

Design/methodology/approach

Each research report in the sample of 502 research reports has been studied in detail to understand the dominant valuation model (PE or DCF) applied by analyst to derive target price forecasts. These research reports have been issued on stocks trading in seven emerging markets including India, Malaysia, Indonesia, Taiwan, Philippines, Korea and Thailand during a six-year period starting 2008. Standard OLS and logit regression analysis has been performed to derive empirical findings.

Findings

The study finds that lower regulatory and reporting standards prevailing in emerging markets have no significant bearing on analyst choice of valuation model (PE or DCF). Time-series analysis suggests that emerging market analysts did not rely upon the usage of DCF model and preferred PE model during and immediately after the financial crisis of 2008. Multivariate regression results show weak evidence that PE model produces better results than DCF model after adjusting for the complexities associated with analyzing emerging market equities. The results imply that PE model, to some degree, is better equipped to capture market moods and sentiment in dynamic emerging markets rather than theoretically sound DCF model.

Originality/value

Most past studies on valuation model practices have focused on developed markets and this study provides a fresh perspective on analyst valuation model practices and performance in a new institutional setting of Asian emerging markets. The marginally better predictive utility of PE model as compared to DCF model is possibly a feature limited to Asian emerging markets.

Details

Journal of Accounting in Emerging Economies, vol. 7 no. 1
Type: Research Article
ISSN: 2042-1168

Keywords

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