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Article
Publication date: 4 June 2018

The optimal thermal causal path analysis on the relationship between international crude oil price and stock market

Can Zhong Yao, Peng Cheng Kuang and Ji Nan Lin

The purpose of this study is to reveal the lead–lag structure between international crude oil price and stock markets.

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Abstract

Purpose

The purpose of this study is to reveal the lead–lag structure between international crude oil price and stock markets.

Design/methodology/approach

The methods used for this study are as follows: empirical mode decomposition; shift-window-based Pearson coefficient and thermal causal path method.

Findings

The fluctuation characteristic of Chinese stock market before 2010 is very similar to international crude oil prices. After 2010, their fluctuation patterns are significantly different from each other. The two stock markets significantly led international crude oil prices, revealing varying lead–lag orders among stock markets. During 2000 and 2004, the stock markets significantly led international crude oil prices but they are less distinct from the lead–lag orders. After 2004, the effects changed so that the leading effect of Shanghai composite index remains no longer significant, and after 2012, S&P index just significantly lagged behind the international crude oil prices.

Originality/value

China and the US stock markets develop different pattens to handle the crude oil prices fluctuation after finance crisis in 1998.

Details

Kybernetes, vol. 47 no. 6
Type: Research Article
DOI: https://doi.org/10.1108/K-04-2017-0139
ISSN: 0368-492X

Keywords

  • Empirical mode decomposition
  • Stock markets
  • International crude oil price
  • Lead–lag analysis
  • Thermal causal path method

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Article
Publication date: 3 April 2018

New product launch actions and firm performance: The effects of breadth, complexity and heterogeneity

Yang Liu, Peng Cheng and Dingtao Zhao

This paper aims to examine the effect of new product launch actions and firm reputation on firm performance in the Chinese auto industry.

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Abstract

Purpose

This paper aims to examine the effect of new product launch actions and firm reputation on firm performance in the Chinese auto industry.

Design/methodology/approach

This analysis adopts empirical data from 66 auto firms in China’s auto market from 2007 to 2012 to explore how new product launch actions undertaken by a firm can contribute to achieving superior performance and to investigate the relationships between new product launch actions and firm performance. Moreover, how firm reputation interacts with new product launch actions to affect firm performance is also investigated. Fixed effects regression model following the Hausman specification test was used to quantitatively examine the relationship.

Findings

It was concluded that the focal firm’s new product launch actions, including new product launch breadth, complexity and heterogeneity of its new repertoire of product launch actions, and firm reputation can impact its performance. Firm reputation can impact the signaling process and the capability of firms to enhance their performance via new product launch movements.

Originality/value

This research contributes to new product launch research by providing a more comprehensive view of competitive dynamic actions by which a firm’s performance is strengthened by examining the effects of two factors that affect performance. These factors are as follows: the characteristics in terms of breadth, complexity, and heterogeneity of new product launch actions undertaken by a firm and the characteristic of firm reputation.

Details

Chinese Management Studies, vol. 12 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/CMS-06-2017-0156
ISSN: 1750-614X

Keywords

  • Heterogeneity
  • Complexity
  • Firm performance
  • Firm reputation
  • Breadth
  • New product launch action

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Article
Publication date: 13 May 2019

Stabilised MLS in MLPG method for heat conduction problem

Rituraj Singh and Krishna Mohan Singh

The purpose of this paper is to assess the performance of the stabilised moving least squares (MLS) scheme in the meshless local Petrov–Galerkin (MLPG) method for heat…

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Abstract

Purpose

The purpose of this paper is to assess the performance of the stabilised moving least squares (MLS) scheme in the meshless local Petrov–Galerkin (MLPG) method for heat conduction method.

Design/methodology/approach

In the current work, the authors extend the stabilised MLS approach to the MLPG method for heat conduction problem. Its performance has been compared with the MLPG method based on the standard MLS and local coordinate MLS. The patch tests of MLS and modified MLS schemes have been presented along with the one- and two-dimensional examples for MLPG method of the heat conduction problem.

Findings

In the stabilised MLS, the condition number of moment matrix is independent of the nodal spacing and it is nearly constant in the global domain for all grid sizes. The shifted polynomials based MLS and stabilised MLS approaches are more robust than the standard MLS scheme in the MLPG method analysis of heat conduction problems.

Originality/value

The MLPG method based on the stabilised MLS scheme.

Details

Engineering Computations, vol. 36 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/EC-11-2018-0541
ISSN: 0264-4401

Keywords

  • Heat transfer
  • MLPG method
  • MLS scheme
  • Stabilized MLS scheme

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Article
Publication date: 4 May 2012

The role of corporate governance in convergence with IFRS: evidence from China

Yu Chen and Zabihollah Rezaee

The purpose of this paper is to examine the important role played by corporate governance in de facto International Financial Reporting Standards (IFRS) convergence, and…

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Abstract

Purpose

The purpose of this paper is to examine the important role played by corporate governance in de facto International Financial Reporting Standards (IFRS) convergence, and to provide empirical evidence that audit quality mediates the degree of IFRS convergence.

Design/methodology/approach

The paper develops a model showing the role of corporate governance in converging national accounting standards with the IFRS, and empirically tests the model using a sample of Chinese listed companies with B‐shares. Both analysis of variance and multiple regressions are employed to test the hypotheses.

Findings

Effective internal corporate governance helps companies to be more aligned with IFRS and thus provide high quality financial information. Furthermore, audit quality as an external governance factor mediates the relationship between internal corporate governance and IFRS convergence.

Research limitations/implications

The paper extends research findings, as shown in the literature, by showing the role of corporate governance in the IFRS convergence, especially the mediating effect of audit quality. In addition to accounting standards, global convergence of auditing standards and corporate governance is imperative if de facto convergence of accounting standards is to be achieved.

Originality/value

The paper highlights the effect of corporate governance and the interaction between internal and external corporate governance in achieving IFRS convergence, which has been largely ignored in the literature. Based on the results, the paper proposes an explanation for the mixed results shown in the literature.

Details

International Journal of Accounting & Information Management, vol. 20 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/18347641211218470
ISSN: 1834-7649

Keywords

  • Accounting
  • Audit quality
  • China
  • Convergence of accounting standards
  • Corporate governance
  • International Financial Reporting Standards

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Article
Publication date: 17 March 2016

Frequency diverse array radar for target range-angle estimation

Ling Huang, Xiang Li, Peng-Cheng Gong and Zhiming He He

Frequency diverse array (FDA) radar with uniform frequency offset between antenna elements has been proposed and investigated, which exhibits a range-angle-dependent…

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Abstract

Purpose

Frequency diverse array (FDA) radar with uniform frequency offset between antenna elements has been proposed and investigated, which exhibits a range-angle-dependent beampattern. Nevertheless, because of the coupling in range and angle responses, it cannot estimate directly both the range and angle information of a target.The purpose of this paper is to consider a sub-array scheme of range-angle joint estimation of a target for frequency diverse array (FDA) radar.

Design/methodology/approach

First, The entire array is divided into two sub-arrays, which employs two different frequency offsets. For aperture extension, each sub-array adopts difference co-array structure . Therefore, the targets range and angle can be estimated directly with the subspace-based multiple signal classification algorithms for the decoupling capability of distance and angle dimensional. The estimation performance is examined by analyzing the Cramer-Rao lower bound (CRLB) versus signal-to-noise ratio (SNR).

Findings

Each sub-array adopts difference co-array structure to provide degrees of freedom by only physical sensors when the second-order statistics of the received data is used. And the sub-array is equivalent to two sets of equations to solve two unknown quantities, and the closed solution of the unknown quantity can be directly determined, which cannot be gained by the phase-array radar and basic ULA FDA radar. Finally, numerical simulation results verify the validity of the proposed method.

Originality/value

In this paper, we devise a subarray scheme on FDA radar for range and angle estimation. In order to aperture extension, difference co-array is employed in each subarrays, and more targets can be distinguished than the physical sensors. The range and angle estimation performance is examined by analyzing the CRLB.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering , vol. 35 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/COMPEL-11-2015-0392
ISSN: 0332-1649

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Article
Publication date: 1 January 1987

PERCEPTION OF CHILDREN'S INFLUENCE ON FAMILY DECISION PROCESSES

William R. Swinyard and Cheng Peng Sim

While several studies have examined the roles of husbands and wives in making decisions about products, few have examined the impact of children. This article reports the…

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Abstract

While several studies have examined the roles of husbands and wives in making decisions about products, few have examined the impact of children. This article reports the results of a 1985 study of the influence of children on families. The study examines children's influence in each of four stages of the purchase decision, for 25 products, and by age of the children. For child‐centered (e.g., toys, children's clothing, food) and child‐used products or services (e.g., vacations, restaurant choices, outside entertainment), the study shows that children are perceived as influential by most households. Older children are perceived as more influential than younger children for nearly all the products studied. The study concludes that “family” decision making is quite different from “husband‐wife” decision making.

Details

Journal of Consumer Marketing, vol. 4 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/eb008186
ISSN: 0736-3761

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Article
Publication date: 12 August 2019

A new spectral integral equation method for solving two-dimensional unsteady advection-diffusion equations via Chebyshev polynomials

Mohsen Hadadian Nejad Yousefi, Seyed Hossein Ghoreishi Najafabadi and Emran Tohidi

The purpose of this paper is to develop an efficient and reliable spectral integral equation method for solving two-dimensional unsteady advection-diffusion equations.

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Abstract

Purpose

The purpose of this paper is to develop an efficient and reliable spectral integral equation method for solving two-dimensional unsteady advection-diffusion equations.

Design/methodology/approach

In this study, the considered two-dimensional unsteady advection-diffusion equations are transformed into the equivalent partial integro-differential equations via integrating from the considered unsteady advection-diffusion equation. After this stage, by using Chebyshev polynomials of the first kind and the operational matrix of integration, the integral equation would be transformed into the system of linear algebraic equations. Robustness and efficiency of the proposed method were illustrated by six numerical simulations experimentally. The numerical results confirm that the method is efficient, highly accurate, fast and stable for solving two-dimensional unsteady advection-diffusion equations.

Findings

The proposed method can solve the equations with discontinuity near the boundaries, the advection-dominated equations and the equations in irregular domains. One of the numerical test problems designed specially to evaluate the performance of the proposed method for discontinuity near boundaries.

Originality/value

This study extends the intention of one dimensional Chebyshev approximate approaches (Yuksel and Sezer, 2013; Yuksel et al., 2015) for two-dimensional unsteady advection-diffusion problems and the basic intention of our suggested method is quite different from the approaches for hyperbolic problems (Bulbul and Sezer, 2011).

Details

Engineering Computations, vol. 36 no. 7
Type: Research Article
DOI: https://doi.org/10.1108/EC-02-2018-0063
ISSN: 0264-4401

Keywords

  • Operational matrices
  • Integral equations
  • Chebyshev polynomials
  • Advection-diffusion equation
  • Dirichlet boundary conditions
  • Spectral methods

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Book part
Publication date: 12 December 2007

Chapter 18 Herd behaviour of Chinese mutual funds

Jean Jinghan Chen, Xinrong Xiao and Peng Cheng

We develop our theoretical framework from the viewpoint of the information asymmetry and the agency theory that the Chinese mutual funds exhibit herd behaviour, and…

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Abstract

We develop our theoretical framework from the viewpoint of the information asymmetry and the agency theory that the Chinese mutual funds exhibit herd behaviour, and provide empirical evidence by using cross-sectional data of all the Chinese mutual funds between 1999 and 2003. We find that the Chinese mutual funds show overall herding, buy herding and sell herding, and the degree of sell herding is higher than that of buy herding. The degree of Chinese herding is higher than their US counterpart from all the three perspectives. This may be largely due to the institutional factors rather than those firm-specific factors that influence the US mutual funds investment decision.

Details

Asia-Pacific Financial Markets: Integration, Innovation and Challenges
Type: Book
DOI: https://doi.org/10.1016/S1569-3767(07)00018-0
ISBN: 978-0-7623-1471-3

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Article
Publication date: 15 May 2009

When the big “R” hits home: governance in family firms during economic recession

Michael R. Braun and Scott F. Latham

This paper seeks to give consideration to the family imprint on governance in the context of firms experiencing economic recession. It aims to rely on agency and…

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Abstract

Purpose

This paper seeks to give consideration to the family imprint on governance in the context of firms experiencing economic recession. It aims to rely on agency and stewardship theories to empirically examine the relationship between CEO duality and slack resources on family firm performance during economic recession.

Design/methodology/approach

Trend analyses were used employing hierarchical linear modeling (HLM) to evaluate the influence of duality and slack resources on the performance of 75 family‐controlled public firms (FCPFs) during the 2001‐2002 US economic recession and recovery.

Findings

The results indicate that duality and slack by themselves do not influence firm performance. However, family firms with a combined CEO‐chair and ample slack resources experience enhanced performance both at the onset of recession and at its conclusion. The findings suggest that a unified leadership and access to slack provide the family with the means to weather economic hardship. The paper makes the case that the stewardship afforded by this combination provides clear benefits to outside shareholders.

Practical implications

The absolute leadership and decision‐making control afforded to a CEO‐chair who also holds the reins over firm resources helps to favorably position the business and ease its course through difficult times. The results of this paper suggest that what is good for the family may also be good for other stakeholders in the firm, in this case non‐family shareholders.

Originality/value

With this study, attention is drawn to the governance of family businesses during times of economic duress. To the authors' knowledge, this study represents the only empirical investigation into family firm governance within this unique, albeit prevalent context.

Details

Journal of Strategy and Management, vol. 2 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/17554250910965290
ISSN: 1755-425X

Keywords

  • Family firms
  • Governance
  • Recession
  • United States of America

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Book part
Publication date: 15 August 2007

Expropriation, Weak Corporate Governance and Post-IPO Performance: Chinese Evidence

Peng Cheng, Jean Jinghan Chen and Xinrong Xiao

This study provides evidence that Chinese initial public offerings (IPOs) report better operating performance than industry peers in the pre-IPO period, and worse…

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Abstract

This study provides evidence that Chinese initial public offerings (IPOs) report better operating performance than industry peers in the pre-IPO period, and worse performance in post-IPO period compared to the pre-IPO level. We find that related party transactions (RPTs) with controlling shareholders have significant effects on the long-run performance of IPO firms. Controlling shareholders structure a large percentage of operating (non-loan) RPTs to artificially boost revenues and/or profits of their IPO subsidiaries in the pre-IPO period. However, in the post-IPO period, controlling shareholders discontinue this RPT-based earnings manipulation practice and begin to expropriate IPO subsidiaries by obtaining a large percentage of cash loans, primarily in return for profits and/or resources transferred into the IPO subsidiaries in the pre-IPO period. Finally, we find that state-controlled IPO firms with a highly concentrated ownership structure and a less independent board of directors are more likely to be expropriated by controlling shareholders in the post-IPO period through related loans.

Details

Issues in Corporate Governance and Finance
Type: Book
DOI: https://doi.org/10.1016/S1569-3732(07)12010-7
ISBN: 978-1-84950-461-4

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