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1 – 10 of 154Michael O'Neill and Gulasekaran Rajaguru
The authors analyse six actively traded VIX Exchange Traded Products (ETPs) including 1x long, −1x inverse and 2x leveraged products. The authors assess their impact on the VIX…
Abstract
Purpose
The authors analyse six actively traded VIX Exchange Traded Products (ETPs) including 1x long, −1x inverse and 2x leveraged products. The authors assess their impact on the VIX Futures index benchmark.
Design/methodology/approach
Long-run causal relations between daily price movements in ETPs and futures are established, and the impact of rebalancing activity of leveraged and inverse ETPs evidenced through causal relations in the last 30 min of daily trading.
Findings
High frequency lead lag relations are observed, demonstrating opportunities for arbitrage, although these tend to be short-lived and only material in times of market dislocation.
Originality/value
The causal relations between VXX and VIX Futures are well established with leads and lags generally found to be short-lived and arbitrage relations holding. The authors go further to capture 1x long, −1x inverse as well as 2x leveraged ETNs and the corresponding ETFs, to give a broad representation across the ETP market. The authors establish causal relations between inverse and leveraged products where causal relations are not yet documented.
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Ravinder Kumar and Sahendra Pal Sharma
This experimental study aims to deal with the improvement of process performance of electric discharge drilling (EDD) for fabricating true blind holes in titanium alloy Ti6Al4V…
Abstract
Purpose
This experimental study aims to deal with the improvement of process performance of electric discharge drilling (EDD) for fabricating true blind holes in titanium alloy Ti6Al4V. Micro EDD was performed on Ti6Al4V and blind holes were drilled into the workpiece.
Design/methodology/approach
The effects of input parameters (i.e. voltage, capacitance and spindle speed) on responses (i.e. material removal rate, tool wear rate and surface roughness [SR]) were evaluated through response surface methodology. The data was analyzed using analysis of variance and multi-optimization was performed for the optimized set of parameters. The optimized process parameters were then used to drill deeper blind holes.
Findings
Blind holes have few characteristics such as SR, taper angle and corner radius. The value of corner radius reflects the quality of the hole produced as well as the amount of tool roundness. The optimized process parameters suggested by the current experimental study lower down the response values (i.e. SR, taper angle and corner radius). The process is found very effective in producing finished blind holes.
Originality/value
This experimental study establishes EDD as a feasible process for the fabrication of truly blind holes in Ti6Al4V.
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The impact of mankind on the environment and the usage of natural resources might be influenced by spirituality, through the consciousness of creating an improved moral sense…
Abstract
Purpose
The impact of mankind on the environment and the usage of natural resources might be influenced by spirituality, through the consciousness of creating an improved moral sense regarding the consequences of human activities and the necessity to alter these to achieve sustainable development. However, the spiritual element in the form of ecospirituality (ES) has not been sufficiently considered in pro-environmental studies as it relates to the influence of green training (GT) on voluntary workplace green behaviour (VWGB) in the construction sector. This study aims to determine the effect of GT on VWGB and the mediating effect of ES on the relationship between GT and VWGB on construction projects.
Design/methodology/approach
This study’s data were gathered through a questionnaire survey of construction site managers and project managers by adopting the probability sampling method. 249 appropriately completed questionnaires were returned. The data obtained were analysed by means of the partial least squares structural equation modelling technique (PLS-SEM).
Findings
The outcomes of the study show that GT has a significant positive impact on VWGB, while ES has a significant mediating effect on the relationship between GT and VWGB, both supporting the study’s hypotheses.
Practical implications
These findings point to the fact that the hitherto conflicting results reported in earlier studies on the GT–VWGB relationship can be attributed to the lack of consideration given to ES. Hence, special attention should be given to ES.
Originality/value
This research presents actions to enhance the transformation of GT into VWGB by giving due consideration to ES, which was not taken into account in previous studies.
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Babajide Oyewo, Vincent Tawiah and Mohammad Alta’any
This study aims to investigate contextual factors affecting the deployment of strategy-driven manufacturing accounting techniques (SMAT), as well as the impact of SMAT usage on…
Abstract
Purpose
This study aims to investigate contextual factors affecting the deployment of strategy-driven manufacturing accounting techniques (SMAT), as well as the impact of SMAT usage on organisational competitiveness. Seven major SMAT were investigated, namely, benchmarking, integrated performance measurement, environmental management accounting, strategic costing, strategic pricing, strategic investment and life cycle costing.
Design/methodology/approach
By using multi-informant strategy, structured questionnaire was used to gather survey data from 129 senior accounting, finance and production personnel of publicly quoted manufacturing companies in Nigeria. Data was analysed using structural equation modelling and propensity score matching.
Findings
Result shows that the usage rate of the SMAT is generally moderate. Market orientation and deliberate strategy formulation are notable determinants of SMAT usage. The inability of competition intensity and perceived environmental uncertainty to notably affect SMAT usage suggests that external environmental pressure to use SMAT is weak.
Practical implications
Although the impact of SMAT usage on organisational competitiveness is positive and statistically significant, it is conceivable that the impact of SMAT could have been more assuming SMAT recorded extensive usage. Thus, the lack of competitiveness of manufacturing companies in Nigeria may not be unconnected to the superficial usage of SMAT.
Originality/value
The study contributes to knowledge in three ways. First, it extends studies on the contingency theory that contextual factors influence the adoption of management accounting innovations. Second, it exposes the contextual factors affecting the adoption of SMAT in a developing country. Third, it provides evidence on the value relevance of management accounting innovation in enhancing organisational competitiveness.
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Colin Michael Hall and Sara Naderi Koupaei
This paper aims to provide an examination of the use of the concept of resilience and its use in service organisation, ecosystem-related literature and the wider social sciences.
Abstract
Purpose
This paper aims to provide an examination of the use of the concept of resilience and its use in service organisation, ecosystem-related literature and the wider social sciences.
Design/methodology/approach
This paper provides a critical review and commentary on the resilience literature in the social and business sciences and its relevance to service organisations.
Findings
Two main approaches towards resilience are identified (engineering and socio-ecological resilience) with each having different assumptions about the nature of resilience with corresponding implications for policymaking, indicator selection and application in a service context. These approaches operate at different scales and possess different properties with respect to the likelihood of enacting transformative service marketing.
Practical implications
Different conceptualisations of resilience have profound implications for resilience-related policymaking as well as understanding change and adaptation in service ecosystems and organisations.
Social implications
The transformative possibilities of resilience are connected to the active enhancement and construction of social capacity by service organisations and the persistent resilience of the resilience concept.
Originality/value
This paper highlights the importance of clearly defining the resilience concept and its implications for research and transformative service organisations.
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Raghuraman T., Veerappan AR. and Shanmugam S.
This paper aims to present the approximate limit pressure solutions for thin-walled shape-imperfect 90° pipe bends. Limit pressure was determined by finite element (FE) limit…
Abstract
Purpose
This paper aims to present the approximate limit pressure solutions for thin-walled shape-imperfect 90° pipe bends. Limit pressure was determined by finite element (FE) limit analysis with the consideration of small geometry change effects.
Design/methodology/approach
The limit pressure of 90° pipe bends with ovality and thinning has been evaluated by geometric linear FE approach. Internal pressure was applied to the inner surface of the FE pipe bend models. When von-Mises stress equals or just exceeds the yield strength of the material, the corresponding pressure was considered as the limit pressure for all models. The current FE methodology was evaluated by the theoretical solution which has been published in the literature.
Findings
Ovality and thinning produced a significant effect on thin-walled pipe bends. The ovality weakened pipe bend performance at any constant thinning, while thinning improved the performance of the bend portion at any constant ovality. The limit pressure of pipe bends under internal pressure increased with an increase in the bend ratio and decreased with an increase in the pipe ratio. With a simultaneous increment in bend radius and reduction in wall thickness, there was a reduction in limit pressure. A new closed-form empirical solution was proposed to evaluate limit pressure, which was validated with published experimental data.
Originality/value
The influences of structural deformation (ovality and thinning) in the limit pressure analysis of 90° pipe bends have not been investigated and reported.
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Hesham Bassyouny and Michael Machokoto
This paper aims to investigate the association between negative tone in annual report narratives and future performance in the UK context. Under the principle-based approach in…
Abstract
Purpose
This paper aims to investigate the association between negative tone in annual report narratives and future performance in the UK context. Under the principle-based approach in the UK, managers tend to bias the tone of narrative reports upward, as the reporting regime is more flexible than the rule-based approach in the USA. Consequently, any negative disclosure not mandated by regulators conveys credible information about a firm’s prospects.
Design/methodology/approach
This paper uses a sample of UK FTSE all-share non-financial companies from 2010 to 2019. The authors use the textual-analysis approach based on Loughran and McDonald (2011)’s wordlist (LM) to measure the negative tone in UK annual reports.
Findings
The results show a significant negative association between negative tone and future performance. Moreover, our further analyses suggest that only the negativity in the executive section of the annual disclosures correlates significantly with future performance. In summary, this study suggests that negativity does matter under the principle-based approach and can be used as an indicator of future performance.
Originality/value
In contrast to the literature arguing that only positivity has the power to affect a firm’s outcomes under the principle-based approach, the authors provide new empirical evidence suggesting that negativity also matters within the UK context and can be used as an indicator for future performance. Also, to the best of the authors’ knowledge, this is the first study to identify which section of the annual report is more informative about a firm’s future performance.
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Tyler Wasson and Michael Quinn
The US Federal Government awards contracts worth hundreds of billions of dollars each year. Many firms that rely on these contracts have appointed former government officials to…
Abstract
Purpose
The US Federal Government awards contracts worth hundreds of billions of dollars each year. Many firms that rely on these contracts have appointed former government officials to their corporate boards in the hopes of securing government contracts. The purpose of this paper is to examine the relationship between these government experienced directors (GEDs) on boards and firms being awarded government contracts.
Design/methodology/approach
The paper compiles a panel data set from 2017 to 2020 for S&P 500 firms. This includes hand-collected data for government-experienced directors on boards. This is tested using both regression and analysis of variance methodologies.
Findings
Results find that former government officials on corporate boards increase the amount of government contracts secured by the firm, both in absolute terms and as a percentage of firms’ revenue. There are significant industry level effects for the health care and financials sectors. Government-experienced directors on boards are also positively related to firms receiving COVID contracts. Lobbying was not found to be related to the securing of regular government contracts but was positively related to firms obtaining COVID contracts.
Originality/value
This paper contributes to the literature by using panel data, an expanded definition of GEDs and data on COVID contracts. The “revolving door” between government and firms is paying off for companies.
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Travis Fried, Anne Victoria Goodchild, Ivan Sanchez-Diaz and Michael Browne
Despite large bodies of research related to the impacts of e-commerce on last-mile logistics and sustainability, there has been limited effort to evaluate urban freight using an…
Abstract
Purpose
Despite large bodies of research related to the impacts of e-commerce on last-mile logistics and sustainability, there has been limited effort to evaluate urban freight using an equity lens. Therefore, this study proposes a modeling framework that enables researchers and planners to estimate the baseline equity performance of a major e-commerce platform and evaluate equity impacts of possible urban freight management strategies. The study also analyzes the sensitivity of various operational decisions to mitigate bias in the analysis.
Design/methodology/approach
The model adapts empirical methodologies from activity-based modeling, transport equity evaluation, and residential freight trip generation (RFTG) to estimate person- and household-level delivery demand and cargo van traffic exposure in 41 U.S. Metropolitan Statistical Areas (MSAs).
Findings
Evaluating 12 measurements across varying population segments and spatial units, the study finds robust evidence for racial and socio-economic inequities in last-mile delivery for low-income and, especially, populations of color (POC). By the most conservative measurement, POC are exposed to roughly 35% more cargo van traffic than white populations on average, despite ordering less than half as many packages. The study explores the model’s utility by evaluating a simple scenario that finds marginal equity gains for urban freight management strategies that prioritize line-haul efficiency improvements over those improving intra-neighborhood circulations.
Originality/value
Presents a first effort in building a modeling framework for more equitable decision-making in last-mile delivery operations and broader city planning.
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Johnny Kwok Wai Wong, Mojtaba Maghrebi, Alireza Ahmadian Fard Fini, Mohammad Amin Alizadeh Golestani, Mahdi Ahmadnia and Michael Er
Images taken from construction site interiors often suffer from low illumination and poor natural colors, which restrict their application for high-level site management purposes…
Abstract
Purpose
Images taken from construction site interiors often suffer from low illumination and poor natural colors, which restrict their application for high-level site management purposes. The state-of-the-art low-light image enhancement method provides promising image enhancement results. However, they generally require a longer execution time to complete the enhancement. This study aims to develop a refined image enhancement approach to improve execution efficiency and performance accuracy.
Design/methodology/approach
To develop the refined illumination enhancement algorithm named enhanced illumination quality (EIQ), a quadratic expression was first added to the initial illumination map. Subsequently, an adjusted weight matrix was added to improve the smoothness of the illumination map. A coordinated descent optimization algorithm was then applied to minimize the processing time. Gamma correction was also applied to further enhance the illumination map. Finally, a frame comparing and averaging method was used to identify interior site progress.
Findings
The proposed refined approach took around 4.36–4.52 s to achieve the expected results while outperforming the current low-light image enhancement method. EIQ demonstrated a lower lightness-order error and provided higher object resolution in enhanced images. EIQ also has a higher structural similarity index and peak-signal-to-noise ratio, which indicated better image reconstruction performance.
Originality/value
The proposed approach provides an alternative to shorten the execution time, improve equalization of the illumination map and provide a better image reconstruction. The approach could be applied to low-light video enhancement tasks and other dark or poor jobsite images for object detection processes.
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