Search results

The purpose of this paper is to describe innovative machine vision methods that have been employed for the capture and analysis of 3D skin textures; and the resulting potential for assisting with identification of suspicious lesions in the detection of skin cancer.

A machine vision approach has been employed for analysis of 3D skin textures. This involves an innovative application of photometric stereo for the capture of the textures, and a range of methods for analysing and quantifying them, including statistical methods and neural networks.

3D skin texture has been identified as a useful indicator of skin cancer. It can be used to improve realism of virtual skin reconstructions in tele‐dermatology. 3D texture features can also be combined with 2D features to obtain a more robust classifier for improving diagnostic accuracy, thereby assisting with the long‐term goal of implementing computer‐aided diagnostics for skin cancer.

The device developed for capturing 3D skin textures is known as the “Skin Analyser”, and as far as the authors know it is unique in the world in being able to recover 3D textures from pigmented lesions in vivo. There currently exist numerous methods for analysing lesions, including manual inspection (using established heuristics commonly known as ABCD rules), dermoscopy and SIAoscopy. The ability to capture and analyse 3D lesion textures complements these existing techniques and forms a valuable additional indicator for assisting with the early detection of dangerous skin cancers such as melanoma.

The purpose of this paper is to investigate the effect of equity market misvaluation on manager behavior. Using a sample of 535 French-listed over 2000–2018, the authors analyze whether corporate investment decision is sensitive to equity market overvaluation.

The study adopts market-to-book (M/B) decomposition developed by Rhodes-Kropf and Viswanathan (2004, RKV) that proxies for market misvaluation at the firm and industry levels. The authors conducted a long-term performance analysis via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors tested the relationship between equity misvaluation, corporate investment decisions and equity issuance. The authors ran several robustness tests.

The empirical results show that equity market misvaluation affects corporate investment positively as the stock price deviates further away from its fundamental. Based on market timing theory, the authors find that corporate investment occurs in periods of high valuation motivated by equity issuance to benefit from the low cost of capital. This effect is more prominent for financially constrained firms. Consistent with the catering channel, the authors find that the misvaluation-investment nexus is more pronounced in firms with short-horizon investors. By examining the stocks’ long-term performance of misvalued firms, via a sorting portfolio procedure, the authors find that undervalued firms outperform and generate higher abnormal returns (Jensen’s alpha) than overvalued firms, suggesting that mispricing-driven investment appear to be short-lived and lead to lower return in the long term.

Corporate decision-makers and governance structures should pay attention to the rationality of the corporate investment decision in the context of equity market misvaluation. Managers who focus on maximizing the stock market value in the short-run at the expense of its long-term performance must give preference to value-creating investment, not driven by an external mechanism such as equity market mispricing. More generally, investors and portfolio managers must take into account the market mispricing process in decision-making. Nonetheless, from the portfolio sorting perspective, decision-makers must act in terms of high governance quality to mitigate suboptimal investment due to stock market mispricing (Jensen, 2005). Finally, equity market overvaluation, leading managers to invest via equity financing in particular, should be a signal to attract investors’ attention to seize the window of opportunity and embark on a short-term portfolio strategy. Such a strategy promises high returns in the short term.

This paper investigates jointly two theoretical channels: equity market timing and catering. The authors propose for the analysis three components of the M/B decomposition to dissociate market misvaluation at the firm and industry level from the fundamental component of market value (growth). This procedure provides a better understanding of the role of firm and industry misvaluation in explaining corporate investments. The authors provide evidence of the equity market misvaluation via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors examine the effect of misvaluation on both the investment and the financing decisions.

Enterprise risk management (ERM) has become an important subject of increasing interest among companies throughout the world. It is gaining global attention among risk management professionals and academics. However, little is known about the extent of ERM implementation in the Tunisian context. More importantly, there are limited studies in literature that examine the determinants of this implementation. The purpose of this study is threefold, to propose an index to measure the level of ERM implementation, to examine the level of ERM implementation in Tunisian companies and to propose a conceptual framework for the determinants of this implementation. From the review of literature, several factors are found to be determinants of ERM implementation. Such factors are the presence of a Chief Risk Officer, the appointment of an internal auditor, the type of industry and the firm size.

To further understand the relation between ERM implementation and its determinants, a questionnaire survey was conducted in 2016 and administrated to 80 companies. Respondents were CRO and more often internal auditors or financial directors. Other data were collected from annual reports and notes to the financial statements. Along with this, the ordinal regression was applied to test the dependence between ERM implementation and its determinants.

Based on the data gathered, Tunisian companies have shown an increasing interest in risk management in the post-revolution context; however, an integrated approach of ERM implementation is still at an early stage. Descriptive statistics suggest that ERM is essentially developed in financial institutions, especially in banks and some large companies operating in non- financial industries. With regard to the multivariate regression results, the level of ERM implementation is positively related to the presence of a Chief Risk Officer, internal auditor, the type of industry and the firm size.

This study attempts to contribute to the risk management literature in two ways. Conceptually, this study proposes an ERM index to assess the level of ERM implementation. Empirically, it provides some empirical evidence that highlights factors which determine the level of ERM implementation. Therefore, this study will extend the scope of literature by providing novel empirical evidence by exploring the Tunisian context.

The production of waste creates both direct and indirect environmental impacts. A range of strategies are available to reduce the generation of waste by industry and households, and to select waste treatment approaches that minimise environmental harm. However, evaluating these strategies requires reliable and detailed data on waste production and treatment. Unfortunately, published Australian waste data are typically highly aggregated, published by a variety of entities in different formats and do not form a complete time-series. We demonstrate a technique for constructing a multi-regional waste supply-use (MRWSU) framework for Australia using information from numerous waste data sources. This is the first subnational waste input–output framework to be constructed for Australia. We construct the framework using the Industrial Ecology Virtual Laboratory (IELab), a cloud-hosted computational platform for building Australian multiregional input–output tables. The structure of the framework complies with the System of Environmental-Economic Accounting (SEEA). We demonstrate the use of the MRWSU framework by calculating waste ‘footprints’ that enumerate the full domestic supply chain waste production for Australian consumers.

The purpose of this paper is to empirically analyze the determinants of capital structure and their long-run equilibrium relationships with firm-specific and macroeconomic indicators for Indian manufacturing firms.

The study is conducted using the panel semi-parametric and non-parametric regression models to identify the key determinants of capital structure. Panel cointegration models are also employed for analyzing the long-run equilibrium association of capital structure with its determinants.

The study finds that each manufacturing sector has unique determinants of capital structure. The debt level is significantly affected by asset tangibility, growth opportunity, effective tax rate, non-debt tax shield, cash flow, profitability, firm size, foreign investment, government borrowing, economic growth, and interest rate. All these firm-specific and macroeconomic variables have strong long-run equilibrium relationship with capital structure as a whole.

The study analyzes the determinants of capital structure for eight manufacturing sectors of India, which helps firm managers and policy-makers to identify appropriate factors that maximize firm value. The sector-specific features of firms may lead to a new path with regard to corporate governance and ownership structure to enhance stakeholder's satisfaction.

The use of semi-parametric and non-parametric panel regression models to analyze the determinants of capital structure, and the use of panel cointegration approach to explore the long-run equilibrium relationship between the determinants and its factors are the unique contributions of the present research.

Baby boomers are now the fastest growing group of adopters of social media. This research uses qualitative research methodologies to understand the factors influencing adoption and use of social media and other emergent technologies by baby boomer and silent generation women. Life Course Perspectives (especially as combined with either Role Theory and/or Social Exchange Theory), and Family Systems Theory provide a strong basis for considering reciprocal socialization as an important dynamic in relationships between different generations, specifically within families. This research reveals and examines a particular form of reciprocal socialization between family members, the process of social media adoption. Using a convenience sample of 28 women born before 1963, we examine the characteristics of women who use computers, and more specifically who use social networking sites and other forms of emergent technology such as Skype. We also investigate the familial and social factors that women report as contributing to their adoption of social media. Women report that children, specifically daughters, strongly influence their decision to use social media such as Facebook. Women who do not use social media are found to either report lack of interest or perceived lack of ability to negotiate new technology, or to indicate that use of social media is unnecessary to them due to the spatial proximity of their families.

The purpose of this study is to present a brief overview of hospitality finance/accounting (HFA) research and to propose the utility of interdisciplinary research in the HFA field.

This study outlines HFA research and adds a brief summary of mainstream finance and accounting research topics. To further improve HFA research, this study suggests the need for interdisciplinary research that could effectively integrate finance/accounting with other management subjects in the hospitality field.

Despite its importance, interdisciplinary research has not been given enough attention in the field of HFA. This study sheds light on the need for interdisciplinary research and proposes paths for conducting interdisciplinary HFA research, such as behavioral finance, marketing-finance interface, human resource management finance/accounting, etc.

This study suggests that the results of interdisciplinary HFA research can provide useful practical implications from shareholder and organizational perspectives in the hospitality industry.

Although the interdisciplinary research concept is not really new, it has not been extensively addressed in hospitality academia. In this respect, this study suggests expanding the horizon for HFA researchers.

Corporate investment behavior increases the uncertainty of a company’s operation and performance. The purpose of this paper is to investigate how analyst recommendations respond to corporate uncertainty caused by investment behavior and what motivates analysts to react as they do.

The authors test two motivation hypotheses: the hypothesis that analysts are currying favor with management to obtain private information and the hypothesis that analysts have conflicts of interest due to connections. Using Chinese analyst-level data from 2007 to 2015, the authors find that overall investment levels, R&D investment and M&A events are significantly positively correlated with analyst recommendations, suggesting that analysts tend to react optimistically to corporate investment behavior.

Analysts are only optimistic about companies with low information transparency, suggesting that analysts may be trying to curry favor with management to gain access to private information. The authors find that analysts with stronger recommendations have more private information and analysts with more private information publish more accurate earnings forecasts, which supports the hypothesis that analysts curry favor with management through optimistic recommendations to obtain more private information. This is consistent with the logic that the difficulty of earnings forecasting increases under uncertain conditions, increasing the demand for private information. The authors then group the analysts according to their underwriting connections, securities company’s proprietary connections and fund connections, and find that the positive correlation between corporate investment behavior and analyst recommendations exists only in the unconnected groups. This is evidence against the hypothesis that analysts have conflicts of interest due to their connections.

First, the authors link the optimism of analysts with the uncertainty of analysts’ information inputs to partially unpack the black box of analysts’ analyses. Second, the authors test the two hypotheses mentioned. There is a lack of comparative studies on the influence of different motivations on the behavior of analysts.

The purpose of this paper is to investigate whether information asymmetry mediates the relationship between disclosure and cost of equity.

The study is based on a sample of 500 companies listed in Bombay Stock Exchange for a period of six years from 2015 to 2021. Panel data regression is applied to analyze the relationship between voluntary disclosure, cost of equity and information asymmetry. Mediation effect of information asymmetry is tested with the help of Barron and Kenny’s (1986) approach.

Findings suggest that in case of Indian companies, disclosure reduces cost of equity directly and indirectly through mediation of information asymmetry. Indian investors value credible information for better estimation of future returns, supporting the validity of estimation risk and stock market liquidity hypothesis, which proposes an inverse relationship between disclosure and cost of equity.

Managers can use the findings to strategize their disclosure policy and secure funds at lower cost. Shareholders can monitor managerial actions by demanding credible disclosures. Government too can encourage voluntary disclosure by providing special incentives to the firms.

This study is a pioneering research that investigates the mediating influence of information asymmetry between disclosure and cost of equity with reference to the Indian corporate landscape.