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This paper aims to deal with the development of a software tool to simulate and study vehicle – road interaction (VRI) to quantify the forces induced and energy released from vehicles to the road pavement, in different vehicle motion scenarios, and the energy absorbed by the road surface, speed reducers or a specific energy harvester surface or device. The software tool also enables users to quantify the energetic efficiency of the process.

Existing software tools were analysed and its limitations were identified in terms of performing energetic analysis on the interaction between the vehicle and the road pavement elements, such as speed reducers or energy harvest devices. The software tool presented in this paper intends to overcome those limitations and precisely quantify the energy transfer.

Different vehicle models and VRI models were evaluated, allowing to conclude about each model precision: bicycle car model has a 60 per cent higher precision when compared with quarter-car model, and contact patch analysis model has a 67 per cent higher precision than single force analysis model. Also, a technical study was performed for different equipment surface shapes and displacements, concluding that these variables have a great influence on the energy released by the vehicle and on the energy harvested by the equipment surface.

The developed software tool allows to study VRI with a higher precision than existing tools, especially when energetic analyses are performed and when speed reduction or energy harvesting devices are applied on the pavement.

We investigate institutional investors’ trading behavior of acquiring firm stocks surrounding merger activities for the period 1992–2001. We label investment companies and independent investment advisors as active institutions and banks, nonbank trusts, and insurance companies as passive institutions. We analyze the trading behavior of active and passive institutions surrounding merger announcements and their eventual resolution. Our results indicate that active institutions significantly increase their holdings of acquiring firm stocks for mergers with higher announcement period abnormal return and this increase is more pronounced for stock mergers than cash mergers. Active institutions display preference for stock proposals at the merger announcement on the basis of their prior beliefs and this is explained by the “overreaction phenomenon.” However, they update their beliefs between announcement and final resolution as more information arrives into the market. Finally, active institutions appear to correct their overreaction behavior by displaying their greater preference for cash proposals as compared to stock proposals at the quarter of eventual outcome. The trading behavior of passive institutions suggests that these institutions disregard the market response of merger announcement in trading acquiring firm stocks at the announcement quarter. The passive institutions gradually update their beliefs and utilize the information released at the announcement in rebalancing their portfolios at the final resolution.

This study examines the information content of firms’ operations-related disclosures (ORDs) and the importance of these disclosures as an information source to stock markets relative to other commonly examined sources of information. I find that ORDs constitute a large portion of corporate press releases. These disclosures are associated with significant stock price reactions and trading volume. The stock price reactions to ORDs are greater than the reactions to 10-K/Q reports and are of similar magnitudes to the reactions to 8-K filings. On average, ORDs explain variation in firms’ quarterly returns to a similar degree as management earnings forecasts and 10-K/Q reports for the full sample and to a greater degree for small firms and firms with lower earnings quality.

The purpose of this paper is to investigate the optimum design of a quarter car passive suspension system using a particle swarm optimization algorithm in order to minimize the applied loads and vibrations.

The road excitation is assumed as zero-mean random field and modeled by single-sided power spectral density (PSD) based on international standard ISO 8608. The variance of sprung mass displacements and variance of dynamic applied load are evaluated by PSD functions and used as cost function for the optimization.

The advantages in using this methodology are emphasized by an example of the multi-objective optimization design of suspension parameters and the results are compared with values reported in the literature and other gradient based and heuristic algorithms. The paper shows that the algorithm effectively leads to reliable results for suspension parameters with low computational effort.

The procedure is applied to a quarter car passive suspension design.

The proposed procedure implies substantial time savings due to frequency domain analysis.

The paper proposes a procedure that allows complex optimization designs to be feasible and cost effective.

The design optimization is performed in the frequency domain taking into account standard defined road profiles PSD without the need to simulate in the time domain.

The purpose of this study is to measure the supply and demand for parking in London to determine whether there is sufficient provision for night-time residential needs and to determine whether policies designed at controlling car ownership by restricting residential parking are effective.

The history of parking controls and early studies of parking in Central London are reviewed to put into context recent surveys of parking supply undertaken by MVA. Data from the National Travel Survey, the English Housing Survey and various travel demand surveys by Transport for London have been analysed to determine the overnight demand for parking and the supply both off-street and on-street.

The study shows that there appears to be saturation in inner London for controlled on-street parking (which is the majority of available parking) and high utilisation for off-street parking. In outer London, there is more spare capacity. The evidence suggests that restricting residential parking space does not limit the growth in car ownership especially in outer London where the car is an essential part of modern living.

Restrictive policies on parking supply in new developments leads to unsightly and dangerous parking on streets not designed for parking or illegal parking on footways. Policy makers must appreciate that car ownership will continue to rise and that parking spaces must be provided, if necessary, underground.

The study uses several different sources of data to investigate the under-researched area of parking availability which is of considerable importance to transport planners and policy makers.

This study aims to propose a complete and powerful methodology that allows the optimization of the passive suspension system of vehicles, which simultaneously takes comfort and safety into account and provides a set of optimal solutions through a Pareto-optimal front, in a low computational time.

Unlike papers that consider simple vehicle models (quarter vehicle model or half car model) and/or simplified road profiles (harmonic excitation, for example) and/or perform a single-objective optimization and/or execute the dynamic analysis in the time domain, this paper presents an effective and fast methodology for the multi-objective optimization of the suspension system of a full-car model (including the driver seat) traveling on an irregular road profile, whose dynamic response is determined in the frequency domain, considerably reducing computational time.

The results showed that there was a reduction of 28% in the driver seat vertical acceleration weighted root mean square (RMS) value of the proposed model, which is directly related to comfort, and, simultaneously, an improvement or constancy concerning safety, with low computational cost. Hence, the proposed methodology can be indicated as a successful tool for the optimal design of the suspension systems, considering, simultaneously, comfort and safety.

Despite the extensive literature on optimizing vehicle passive suspension systems, papers combining multi-objective optimization presenting a Pareto-optimal front as a set of optimal results, a full-vehicle model (including the driver seat), an irregular road profile and the determination of the dynamic response in the frequency domain are not found.

Accelerated share repurchases (ASRs) represent an important recent innovation in repurchase methods. Although executives often mention signaling undervaluation as a motivation for ASRs, managing earnings per share (EPS) has been argued as a key alternative motivation in the financial press. This paper aims to investigate whether ASRs are driven by managerial opportunism (i.e. managing EPS) or managerial optimism (i.e. signaling undervaluation) and whether stock market participants see through these motives.

The sample consists of 293 ASRs conducted between 2004 and 2011. Firms suspected of using ASRs to manage EPS (EPS-suspect firms) were identified by examining actual reported EPS, as-if EPS (i.e. EPS that would have been reported in the absence of an ASR), and analysts’ consensus EPS forecasts. A logistic regression of EPS-suspect versus non-EPS-suspect ASR transactions was performed. Analysts’ reactions to ASR announcements and investors’ reactions to post-ASR earnings announcements were examined. Changes in post-ASR operating performance were also analyzed.

Twenty-nine per cent of ASR firms (EPS-suspect firms) would have missed the consensus EPS forecasts had they not implemented the repurchase. Managerial incentives – securing bonuses and maintaining reputation by avoiding EPS misses – appear to lie behind this opportunistic use of ASRs. Upward revision observed in analysts’ EPS forecasts upon the announcement of ASRs is short-lived, indirectly facilitating firms’ use of ASRs to meet or beat consensus forecasts. Investors, however, are not fooled by managers’ use of ASRs as an earnings management device. Unlike EPS-suspect firms, non-EPS-suspect firms exhibit positive abnormal operating performance during the post-ASR period, suggesting that these firms use ASRs as a signaling device rather than as an earnings management device.

ASRs can be used by managers to signal better future performance to investors. However, managers who intend to do so should carefully consider the timing of an ASR. Initiating an ASR when the company is facing the risk of missing analysts’ EPS forecasts may be interpreted as the ASR being motivated by EPS management concerns rather than signaling, diminishing the credibility of a positive signal intended to be conveyed through the ASR. Further, when considering payout policy and executive compensation decisions, corporate boards need to be cognizant of managers’ incentives for undertaking ASRs. The use of ASRs opportunistically to boost EPS is prevalent, and this action is followed by poor performance.

A number of novel results are documented using tests that are methodologically distinct from those used in related previous research. Notably, this is the first study to distinguish between EPS-suspect and non-EPS-suspect ASR firms and examine the determinants as well as consequences of using ASRs as an earnings management versus signaling device. One out of every four ASR firms are EPS-suspects. Analysts react to ASR announcements by only temporarily increasing their short-term EPS forecasts. Investors see through managers’ use of ASRs as an earnings management device. While ASRs are prone to managerial opportunism, a large number of firms use ASRs to communicate favorable information about their future operating performance to investors.

While store closure announcements frequently appear in newspapers, little is known about the financial impact of store closure decisions on the retailer’s market value. The purpose of this paper is to investigate the stock market reaction to the announcements of retail store closure decisions.

The authors collect data from news articles on store closure announcements in the USA during 1995-2016. Using the four-factor model in an event study, the authors compute the abnormal stock returns for the retail firms due to these announcements.

Based on the authors’ analysis for sample and matching control firms, the abnormal stock returns for store closure announcements are found to be positive overall. The authors find evidence that the positive effects of the announcements are stronger, particularly for the firms which have positive sales growth at the time of the announcements. The authors also report that industry competition acts as a negative moderator in the relationship between announcements and financial impacts.

The authors’ analysis implies the investors’ positive sentiment of store closure announcements as a viable cost-cutting strategy, especially when it is done proactively by better performing retailers. The findings should be useful to the supply chain managers of retail industries in making store closure decisions.

This paper is believed to be the first to address the impact of retail store closure announcements on the stock market. The authors’ approach of categorizing the firms based on their sales growth seems to be the first in the event study literature on corporate restructuring.

The purpose of this research is to explore the practical implications of brand management decisions, particularly those involving the combination of luxury and mass‐market brands within the same organization through merger or acquisition. The aim of the paper is to expand brand theory by linking it to administrative heritage in the context of the increasingly integrated global automobile industry.

Integrated case studies of Jaguar, Mercedes‐Benz, and Saab illustrate the effects of brand extension and dilution through the lenses of brand development, luxury brands, and administrative heritage theories. The recent history of acquisitions and mergers involving luxury automobile brands provides background to the in‐depth examination of these three specific instances. Conclusions are reached by comparing and contrasting the experiences of these firms relative to their mass‐market siblings.

The blending of luxury and mass‐market automobile brands in one corporate portfolio engages advantages of scale and scope economies, but induces potentially fatal brand corrosion. Consumer perceptions of luxury brands are influenced by the degree of commonality with the associated mass‐market brands, independent of whether the luxury brand or the mass‐market brand is the dominant corporate vehicle.

The paper provides insights useful to practitioners as well as academic researchers. The novel juxtapositioning of the concepts of luxury brands, administrative heritage, and global strategic management through mergers/acquisitions demonstrates the unintended consequences of complex interactions in a dynamic industry. The paper concludes with suggestions for further research.