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This paper aims to examine the evidence of risk spillovers between Shanghai and London non-ferrous futures markets using a dynamic Copula-CoVaR approach.

With daily data, the marginal distributions and optimal Copula functions are determined using the kernel estimation method and squared Euclidean distance test. The conditional value-at-risk and the conditional value-at-risk spillover rate are computed from the Copula estimated parameters based on the Copula-CoVaR model. Also, the dynamic correlation coefficient between the two futures markets is investigated.

The empirical results are as follows: overall, the risk spillover effect exerted by the London Metal Exchange on the Shanghai Futures Exchange is more significant than vice versa. Moreover, the degree of risk spillovers exerted by the London Metal Exchange on the Shanghai Futures Exchange for zinc and copper are more significant when they are depressed in the London Metal Exchange. Moreover, the dynamic of the correlation between the Shanghai and London futures markets is attributed to be largely due to changes in the global economy.

The Copula-CoVaR model used in this paper is suitable for measuring the risk spillovers between two different markets, while the risk spillovers across multiple markets or the consideration of multiple risk factors cannot be accurately captured using this framework. Multiple state variables to capture time variation in the conditional moments of return series will be a topic in future research.

The results provide theoretical support for risk management and monitoring of the non-ferrous futures markets.

The ability of the Copula function to accurately describe a nonlinear relationship and tail correlation is harnessed to measure the risk spillovers, explore the degree and direction of risk spillovers and identify the source of risk spillovers. The global economy is incorporated as a macro factor to explore its inner connection with the dynamic of risk spillovers in the non-ferrous metal futures market.

Due to the complicated nature of houses, the driving factors of the residential construction output can be investigated from different perspectives of interests. However, little research has provided an insight of the trend of the residential construction output from a cross-disciplinary perspective. The purpose of this paper is to identify the long-run equilibrium types of residential construction output, including external equilibrium, solo-market equilibrium and dual-market equilibrium.

A vector error correction model is applied into longitudinal data in the eight Australian states and territories to overview the regional variations of the residential construction output.

The empirical results show that the equilibrium of regional residential construction outputs in New South Wales and Victoria are determined by the external factors; the equilibrium in Western Australia is dominated by the construction market; and the equilibriums in the other five states and territories are influenced by both construction and house markets.

The simplified approach may overlook the detailed explanation of the external factors, such as regional population, economy, policy and so forth. Given this limitation, future studies can introduce the correspondingly variables as per research interests.

Implementing the existing research into residential construction output and house supply, this research provides a simplified approach that demonstrates the linkage between construction and real estate sectors to identify the long-run equilibriums across regions. The underlying research sheds light in delivering inter-disciplinary research into the residential construction output.

This paper aims to investigate the quickness, and test the accuracy, of liquidity taking high-frequency traders (HFT). This gives us important insights into a class of market participant who has come to be very influential in present markets.

The authors use the weekly natural gas (NG) storage report for the test because the information contained in the release often has a large effect on prices. Moreover, the NG market is heavily traded and liquid, and prone to high volatility. These factors make trading in this market attractive to HFT. The authors test for the profitability of those who trade in the first milliseconds after the report’s release; and for information leakage prior to the report.

The authors find those who trade within the first 50 ms accurately incorporate the information contained in the storage report into prices, and earn the majority of profits. In fact, HFT profits are decreasing in the time it takes them to trade after the announcement (measured to 200 ms). Further tests find no evidence of informed trading prior to the release of the report, and so the HFT reaction to the report incorporates the information contained therein into prices.

This is one of the few analyzes of the profitability of liquidity-taking HFT, and the only analysis that uses millisecond NG data. The data used is the exchanges original FIX/FAST messages.

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.

This paper provides a quantitative review of the literature on the repercussions of idiosyncratic information on firms’ cost of equity (CoE) capital. In total, I review the results of 113 unique studies examining the CoE effects of information Quantity, Precision and Asymmetry. My results suggest that the association between firm-specific information and CoE is subject to moderate effects. First, the link between Quantity and CoE is moderated by disclosure types and country-level factors in that firms in comparatively weakly regulated countries tend to enjoy up to four times greater CoE benefits from more expansive disclosure—depending on the type of disclosure—than firms in strongly regulated markets. Second, a negative relationship between Precision and CoE is only significant in studies using non-accrual quality proxies for Precision and risk factor-based (RFB)/valuation model-based (VMB) proxies for CoE. Third, almost all VMB studies confirm the positive association between Asymmetry and CoE, but there is notable variation in the conclusions reached when ex post CoE measurers are used.

Pin-loaded hubs with fitted bush are used in industrial connector-type elements. They are subjected to varying radial forces leading to variable stress distribution. The literature provides various pressure distribution expressions adapted essentially for symmetric geometries and fixed load condition (circular hubs, half-infinite geometries, axial load, tangential load, etc.). This study aims to take into account the geometrical conditions of industrial connector-type elements and presents a model for pressure distribution based only on geometric parameters, maximal pressure and contact angle value for the case of fit pin-loaded hub.

The finite element computation for the contact problem shows that the pressure distribution of the pin-loaded hub under various inclined forces (from 0° to 180°) is a parabolic distribution. This distribution can be defined by three parameters which are θ_A, θ_B and P_max. The study assumes that the distribution is symmetric and that P_max can be modeled using force F, hub radius R, hub thickness b and the half contact angle are θ_A.

The new proposal pressure distribution parameters are easy to identify. Even for the non-symmetric pressure distribution, the study denotes that the errors on evaluating θ_A and θ_B keep the analytical model still in good agreement with finite element computations.

Only the neat fit case was studied.

Pin-loaded joints are connector-type elements used in mechanical assemblies to connect any structural components and linkage mechanisms such as connecting rod ends of automotive or shear joints for aircraft structure.

The good correlation between finite element computations and model results shows the validity of the assumptions adopted here. Analytical fatigue models, based on this stress distribution, could be derived in view of a fatigue lifetime calculation on connecting hub. Friction, pin deformation and local plastic effects under pin-loading are the main phenomena to take into account to further enrich this model.

This research paper aims to explore the added value of knowledge management (KM) and its antecedents for innovation and organizational performance (OP) in marginal healthcare organizations.

Using insights from the resource-based view and knowledge-based theory of the firm, the model explains the effects of technology capabilities (TC) and organizational culture (OC) on the KM process, process innovation (PIN), administrative innovation (AIN) and OP. The authors used partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) to analyze data collected from 168 healthcare practitioners in Cameroon using a survey.

The authors reveal that TC and OC positively impact some KM components. Knowledge sharing (KS), knowledge acquisition (KA) and responsiveness to knowledge (RK) influence PIN, while only PIN and KA influence OP. FsQCA provided several configurations that lead to high OP within healthcare centers. As a result, the results are adaptable to any healthcare center that wishes to set up one or more KM processes.

Given that the results will help the health workforce make concerted decisions about medical care, the authors contribute significantly to the definition and optimization of KM in healthcare by implementing various processes and policies to ensure the continued existence of high-quality and outstanding healthcare systems. The KM propositions will enable healthcare centers to: (1) improve the quality of patient care through collegiality in medical practice; (2) optimize processes in the patient care chain; and (3) leverage knowledge gained though knowledge sharing among the medical team. The propositions open up avenues for future research in addition to providing practical implications for healthcare center practitioners.

This study sheds new empirical light on the relationships between KM antecedents and processes, innovation and OP in healthcare centers. This research is one of the few to examine the relationship between TC, OC, KM processes, innovation and OP in developing countries. This paper aims to fill this gap and inform future research concerning KM in the healthcare sector. Further, this study goes beyond testing the PLS-SEM approach's hypotheses by applying fsQCA to provide practical and comprehensive knowledge on how to increase the efficiency of a healthcare center through KM.

The purpose of this paper is to develop a workflow for design and fabrication of customized surgical guides (CSGs) for placement of the bidirectional extraoral distraction instruments (EDIs) in bilateral mandibular distraction osteogenesis (MDO) surgery to treat the bilateral temporomandibular joint ankylosis with zero mouth opening.

The comprehensive workflow consists of six steps: medical imaging; virtual surgical planning (VSP); computer aided design; rapid prototyping (RP); functional testing of CSGs and mock surgery; and clinical application. Fused deposition modeling, an RP process was used to fabricate CSGs in acrylonitrile butadiene styrene material. Finally, mandibular reconstruction with MDO was performed successfully using RP-assisted CSGs.

Design and development of CSGs prior to the actual MDO surgery improves accuracy, reduces operation time and decreases patient morbidity, hence improving the quality of surgery. Manufacturing of CSG is easy using RP to transfer VSP into the actual surgery.

This study describes an RP-assisted CSGs fabrication for exact finding of both; osteotomy site and drilling location to fix EDI’s pins accurately in the mandible; for accurate osteotomy and placement of the bidirectional EDIs in MDO surgery to achieve accurate distraction.

In an increasingly budget-constrained environment, the Department of Defense (DoD) must maximize the value of fiscal resources obligated on service contracts. Over half of DoD procurement spending between 2008 and 2012 was obligated on service contracts (GAO, 2013). Many services are common across the enterprise and recurring in nature; however, they are treated as unique and procured individually at the base level, year after year, rather than collectively in accordance with a larger, enterprise-wide category management strategy. The purpose of this paper is to focus on creating a methodology that treats common, recurring service requirements in a more strategic manner.

The authors develop a standardized, repeatable methodology that uses relevant cost drivers to analyze service requirements to identify more efficient procurement strategies. Furthermore, they create a clustering continuum to organize services based on proximity between the customer-supplier bases. This paper uses a commercial business mapping software to analyze cost driver data, produce visualizations and illustrate strategic opportunities for category management initiatives. DoD requirements for Integrated Solid Waste Management (ISWM) within the Los Angeles area are evaluated using the software and methodology to demonstrate a model for practical application.

The authors find that commercial software can be used to cluster requiring activities needing common, recurring services. This standardized, repeatable method can be applied to any category of services with any number of cost drivers. By identifying optimal requiring activity clusters, procurement agencies can more effectively implement category management strategies for service requirements.

The initial approach of this paper was to develop a macro-level, one-size-fits-all model to centralize procurement. The authors found this approach inadequate as they tried to group service requirements of wildly differing characteristics. They experienced other significant limiting factors related to data availability and data collection.

Clustering common and recurring DoD service requirements would result in standardized levels of service at all installations. The demand savings from clustering would promote the implementation of best practices for that service requirement across the DoD, which would eliminate non-value-added activities currently performed at some installations, or gold-plating of requirements, which is also likely occurring.

This paper is the first to use an analytics-based methodology to cluster common, recurring public services. It is the first method that offers a standardized, repeatable approach to implementing category management of service requirements to achieve cost savings.

As organizations have expanded globally, control mechanisms utilized in the past may need to be supplemented with a new type of personnel, that of the inpatriate. Expatriates were the most widely used staffing for corporate control, but due to various issues, a complementary set of employees to facilitate corporate goals could be utilized. Inpatriation, as a practical and conceptual means to augment expatriation, is discussed, compared with, and contrasted to, expatriation. This research explores the use of inpatriates in facilitating global control.