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Article
Publication date: 7 December 2023

Luca Sciacovelli, Aron Cannici, Donatella Passiatore and Paola Cinnella

The purpose of the paper is to analyse the performances of closures and compressibility corrections classically used in turbulence models when applied to highly-compressible…

Abstract

Purpose

The purpose of the paper is to analyse the performances of closures and compressibility corrections classically used in turbulence models when applied to highly-compressible turbulent boundary layers (TBLs) over flat plates.

Design/methodology/approach

A direct numerical simulation (DNS) database of TBLs, covering a wide range of thermodynamic conditions, is presented and exploited to perform a priori analyses of classical and recent closures for turbulent models. The results are systematically compared to the “exact” terms computed from DNS.

Findings

The few compressibility corrections available in the literature are not found to capture DNS data much better than the uncorrected original models, especially at the highest Mach numbers. Turbulent mass and heat fluxes are shown not to follow the classical gradient diffusion model, which was shown instead to provide acceptable results for modelling the vibrational turbulent heat flux.

Originality/value

The main originality of the present paper resides in the DNS database on which the a priori tests are conducted. The database contains some high-enthalpy simulations at large Mach numbers, allowing to test the performances of the turbulence models in the presence of both chemical dissociation and vibrational relaxation processes.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 29 March 2022

Justine Wang, Mark Tomlins and Piyush Tiwari

The purpose of this paper is to examine information and volatility linkages among real estate, equity, bond and money markets in Australia.

Abstract

Purpose

The purpose of this paper is to examine information and volatility linkages among real estate, equity, bond and money markets in Australia.

Design/methodology/approach

A novel rational expectations framework of financial contagion (Kodres and Pritsker, 2002), along with a combination of robust statistical methods including simple and dynamic correlations and generalized impulse response (Fereidouni et al., 2014) have been employed using data covering three dynamic pre-pandemic economic cycles, namely, global financial crisis (GFC) period, pre-pandemic housing boom and pre-pandemic housing downturn from 2008 (February) to 2019 (December).

Findings

Results reveal information linkages across real estate, equity, bond and money markets through correlations in return and volatilities of these series. Finding indicates that the three financial markets (equity, bond and money markets) are interdependent and integrated through information and volatility linkages during the GFC period and pre-pandemic housing downturn period. Financial markets have stronger associations with real estate market during pre-pandemic housing boom. The findings contribute to the general notion that the performances of three financial markets are closely related to the “boom” phase of the real estate cycle.

Originality/value

This research provides an extension of existing literature regarding the information and volatility contagion of the expanded set of core investment markets in Australia. The findings could assist household buyers and investors in designing strategic investment portfolios/hedging strategies and minimizing asset specific risks through diversification over short-term and long-term. In addition, results could support the maintenance, growth and development of a combination of competitive balanced investment markets including real estate, equity, bond and money markets in post-pandemic economy.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Abstract

Details

Functional Structure Inference
Type: Book
ISBN: 978-0-44453-061-5

Article
Publication date: 10 August 2023

Xingrui Zhang and Eunhwa Yang

Housing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the…

Abstract

Purpose

Housing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the number of building permits (BPs) issued. Despite the importance of BPs as an economic indicator, direct links have yet to be drawn between BP and housing value index (HVI). The purpose of this paper is to establish links between HVI and BP.

Design/methodology/approach

Trials were conducted using data at the national, state and metropolitan statistical area (MSA) levels. For each trial, the Granger causality test was used first to identify causal relationships between HVI and BP. Subsequently, the vector autoregression model was implemented in an attempt to observe impulse–response relationships and to create a forecast for HVI.

Findings

Bidirectional causal relationships were observed between HVI and BP at the national, state and MSA levels. The number of issued BPs proves to be an indicator for HVI. Impulse response functions indicate that HVI responds negatively to an increase in BP in the short term of 4–7 months but positively to an increase in BP with a lag of 10–12 months.

Originality/value

To the best of the authors’ knowledge, this paper is the first in the body of knowledge that establishes the number of issued BPs as an indicator for housing value. The results drawn using impulse–response function are also novel and had not been observed in previous studies.

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: 13 June 2022

Tacinur Akça

The purpose of this study is to make an analysis of the short- and long-term effects of inflation, exchange rate, housing interest rate, industrial production index, total housing…

Abstract

Purpose

The purpose of this study is to make an analysis of the short- and long-term effects of inflation, exchange rate, housing interest rate, industrial production index, total housing loans and housing volume on housing inflation in Turkey, taking into account the multiple structural breaks.

Design/methodology/approach

Multiple structural break Lee–Strazicich unit root test, autoregressive distributed lag bound test and Granger causality test based on error correction model were used.

Findings

There is both a short- and long-term relationship between housing prices and macrovariables. Housing prices are mostly affected by housing interest rates, housing volume, real exchange rate and total housing loans in the short run. In the long run, it is mostly affected by total housing loans, housing volume and housing interest rates.

Research limitations/implications

The variables used in the analysis are: housing price index, consumer price index, dollar rate, housing interest rate, industrial production index, total housing loan amount and domestic loan volume. Because the data that variables started common is 2010:M01, the period starting from this date until 2021:M12 is considered. The research covers only Turkey as a country. Determining the micro- and macroeffects of housing prices can always offer solutions for the problems experienced in housing supply and housing demand.

Originality/value

While investigating housing prices, there are no studies in which total housing loans and housing volume are included in the model together. However, it is important to analyze the effect of the current conjuncture, in which there has been constant increases in foreign exchange rates and high inflation in recent years, on housing prices in Turkey. In this study, investigating these effects by using econometric methods that include structural breaks also increases the original value of this study.

Article
Publication date: 3 February 2023

Thuy Hang Duong

The purpose of this paper is to examine the effects of several structural shocks in oil prices on the Vietnamese economy and answer three key research questions: Is there a…

Abstract

Purpose

The purpose of this paper is to examine the effects of several structural shocks in oil prices on the Vietnamese economy and answer three key research questions: Is there a relationship between oil price shocks and macroeconomic indicators in Vietnam? How do different types of oil price impulses affect Vietnamese inflation and economic performance? To what extent do structural shocks in oil prices explain variations in Vietnam’s macroeconomic indicators?

Design/methodology/approach

Lower triangular Cholesky decomposition is performed on a short-term impact matrix in a two-block structural vector autoregressive model. The data set is defined monthly, from January 2000 to December 2021. The contributions of structural shocks in oil prices to the domestic variances are analysed using variance decomposition methods. In this study, both forecast error variance decomposition and historical decomposition are used.

Findings

The consequences of oil price fluctuations on Vietnamese output and inflation depend on different sources of oil price shocks. In comparison, oil supply shocks have an insignificant effect on both domestic industrial output and consumer price index inflation; however, positive shocks in aggregate and precautionary oil demands increase these domestic indicators substantially and sustainably. An analysis of variance decompositions reveals that supply-side oil shocks have very limited explanatory power for variations in domestic variables. Nevertheless, the contributions of unanticipated demand-side booms to domestic variations in the past and projected forecasts are considerable.

Research limitations/implications

The findings from this research uncover potential risks for Vietnam’s economic prospects if the consequences of oil price shocks are not managed effectively.

Originality/value

Given the lack of economic sensitivity to supply-side oil shocks and the strong response to shifts in oil demands, greater pressure on the domestic economy is likely when Vietnam increases its dependence on oil imports.

Article
Publication date: 25 October 2022

Ali Uyar, Moataz Elmassri, Cemil Kuzey and Abdullah S. Karaman

Drawing on legitimacy theory, this study aims to investigate whether the benefits of the external assurance process pass beyond the current period and help firms improve corporate…

Abstract

Purpose

Drawing on legitimacy theory, this study aims to investigate whether the benefits of the external assurance process pass beyond the current period and help firms improve corporate social responsibility (CSR) performance in the subsequent periods. Furthermore, the authors examine whether corporate governance (CG) and firm visibility moderate the relationship between assurance and CSR performance.

Design/methodology/approach

The authors retrieved data from Thomson Reuters from 2002 to 2019 and executed a fixed-effects (FE) panel regression analysis. The country-level sample distribution includes 63 countries with 4,625 unique firms and 29,054 data points within these countries. The authors run several robustness tests using an alternative subsample, instrumental variable regression analysis, country-industry-year FE regression analysis, excluding the financial sector and including additional control variables and regression analysis based on propensity score matching.

Findings

The findings indicate that external assurance helps firms achieve greater CSR performance in the current period and the subsequent two periods following external assurance. However, external assurance exerts its strongest positive impact on CSR performance in the current period, and its influence extends, albeit at a weaker level, to the following two periods. Furthermore, the first moderation analysis reveals that governance structure helps firms translate the assurance process into the greater social performance but does not help to achieve higher environmental performance. The second moderation analysis reveals that firm visibility/size positively moderates between the assurance process and governance and social performance but not between the assurance process and environmental performance.

Originality/value

Despite the concurrent association between CSR performance and assurance being examined before, the lag-lead relationship is the novelty of the study to highlight the long-term effect of assurance on CSR performance. Besides, although the direct effect of both CG practices and firm visibility on CSR performance and the external assurance process has been investigated before, the authors extend the literature by examining the moderating effect of CG practices and firm visibility on the external assurance and CSR performance relationship. This provides a better explanation of the extent to which the effect of external assurance on CSR performance is constructed and conditioned by CG practices and firm visibility, thereby drawing attention to contingencies’ role in firms’ practices.

Details

Corporate Governance: The International Journal of Business in Society, vol. 23 no. 4
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 14 June 2019

Sunday C. Eze, Sulaimon Olatunji, Vera Chinwendu Chinedu-Eze, Adenike O. Bello, Adebanji Ayeni and Fred Peter

Most studies in information behaviour have focussed on information behaviour aspects such as environmental uncertainty, scanning behaviour of top management executives, student…

Abstract

Purpose

Most studies in information behaviour have focussed on information behaviour aspects such as environmental uncertainty, scanning behaviour of top management executives, student and women information behaviour, information source and credibility, while little is known about the information behaviour of small- and medium-sized enterprises (SMEs) when the need for emerging information and communication technology (EICT) adoption decision-making arises. This paper, therefore, aims to explore the major determinants of perceived information need for EICT adoption by UK small service-oriented businesses.

Design/methodology/approach

The study adopted qualitative method to explore 13 key determinants of SME managers’ information behaviour for EICT adoption decision-making by using both unstructured and semi-structured interviews at two different stages with 20 participants drawn purposeful from Luton directories.

Findings

The study developed an extended technology, organisation and environment (TOE) framework by identifying and incorporating the information context which helped to unveil 13 key determinants of perceived information need and their impact on EICT adoption decision-making in SMEs. This further provided insight into understanding SMEs’ information behaviour. While the determinants associated with TOE and information contexts influence SMEs’ perceived information need for EICT adoption, the extent at which these four constructs shape SMEs’ perceived information need for EICT adoption decision-making differs.

Research limitations/implications

The limitation of this study emerged because of the use of qualitative methodologies in relation to the research design, rigour in the collection and management of the large volume of the raw data, the data analysis and the credibility of the findings. This may lead to unforeseen respondent – and research – bias in the data analysis, which may lead to limited understanding of alternatives and insights into the key determinants of perceived information need for EICT adoption decision. Hence, other measures and approaches such as case study and mix-method could be deployed to further validate the findings. Also, one of the limitations of qualitative study has been the issue of theoretical generalizability of the framework. The generalizability of the formwork needs to be established across a wider range of population. Future studies may apply a confirmatory statistical techniques to test and ascertain the validity and reliability of the framework across a wider population. Such studies may be used as a benchmark for the theoretical constructs and the factors that may lead to success or failure of mobile marketing technology adoption.

Originality/value

The study has further enriched TOE framework and provided an analytical dimension for exploring key determinants of SMEs’ perceived information need for EICT adoption decision-making. It also demonstrates the capacity to provide a reliable explanation of the determinants and serves as a tool for evaluating the benefits or challenges of SMEs’ information behaviours when the need for EICT adoption arises.

Details

The Bottom Line, vol. 32 no. 2
Type: Research Article
ISSN: 0888-045X

Keywords

Article
Publication date: 1 December 1954

V.D. Naylor

The inverse problem of finding the shock‐wave angle when a supersonic stream passes round a bend of (180°—i°) involves a double interpolation from tables prepared for the direct…

Abstract

The inverse problem of finding the shock‐wave angle when a supersonic stream passes round a bend of (180°—i°) involves a double interpolation from tables prepared for the direct problem. This may be avoided by reducing the problem to the solution of a cubic equation. Most of the phenomena associated with oblique shock waves can be deduced from this cubic equation.

Details

Aircraft Engineering and Aerospace Technology, vol. 26 no. 12
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 20 October 2021

Ashish Dwivedi, Vipulesh Shardeo and Anchal Patil

The governments of different nations implemented various policy measures in response to the COVID-19 outbreak. These policy measures had a negative impact towards freight…

Abstract

Purpose

The governments of different nations implemented various policy measures in response to the COVID-19 outbreak. These policy measures had a negative impact towards freight transportation. Further, the shock and ripple effect on the other supply chain complicates the recovery process of freight transportation. The transformation of freight transportation in the post-COVID-19 world was reported to be unsustainable. Thus, emerged the requirement to formulate the recovery measures in the context of freight transportation. This study aims to identify and model the recovery measures for sustainable freight transportation (SFT).

Design/methodology/approach

In this study, 13 critical recovery measures are established from the literature and finalized with the help of an expert panel. An integrated Grey Decision-Making trial and evaluation laboratory is used to prioritize and establish the cause-effect relationships among the identified critical recovery measures. Further, sensitivity analysis is performed to ensure the robustness of the proposed model.

Findings

The present study reflects that Efficient traffic management (M13), sustainability focused policies (M2), sensitization of stakeholders (M10), financial support (M9) and adoption of 4 R practices (M12) are the top five critical recovery measures for SFT. The results highlight that the transport sector needs to retain the learning from the COVID-19 period to operate under low workforce availability. Further, the emerging economies are suggested to promote local manufacturing to reduce the lead time and risk of unavailability. The study findings reflect that attaining sustainability without considering the social dimension of sustainability is impossible. Also, the results shed light on the controllable and uncontrollable recovery measures.

Originality/value

The findings from the study would assist policymakers and practitioners in re-formulating the recovery measures for freight transportation considering the aspect of sustainability.

Details

Journal of Asia Business Studies, vol. 16 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

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