Search results

The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018.

The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test.

The results reveal the prevalence of a long-run equilibrium relationship between capital market variables and economic growth. As expected, bond market components (ṣukūk and conventional bonds) have a positive, albeit insignificant influence on economic growth. In contrast, in the long-term, stock market development – regardless of the indicator used on economic growth – is shown to have a significant and positive effect. The study suggests that stock market sub-components affect Malaysia’s economic growth the most.

The primary limitation of this study is that only corporate ṣukūk were considered, while government ṣukūk were excluded from the estimation due to a lack of requisite information, resources and data.

A strategic framework should be established, especially in pricing efficiencies. Furthermore, there is a need to create more awareness on the benefits of ṣukūk investment among conventional bond investors, including retail investors. Thus, there will be more players in the ṣukūk market, and this will help to improve market liquidity.

Apart from conventional capital market sub-components, this study takes into account ṣukūk as a sub-component in the capital market on economic growth using the ARDL framework. Also, this study particularly concentrates on the world’s largest ṣukūk issuer, Malaysia, rather than focusing on other ṣukūk-issuing countries.

The purpose of this paper is to investigate the impact of foreign direct investment (FDI) on the stock market development in Nepal.

The study used Johansen cointegration approach to determine long-run relationship and VEC Granger causality test to check the causal relations between the variables. The sample covered annual time-series data for the period 1996–2020.

The results suggest that FDI plays significant positive role in the stock market development in the long-run but inversely affect in the short-run. Unidirectional causality running from FDI to stock market development is observed in the long-run and bidirectional in the short-run. There is an insignificant positive relationship between exchange rate and FDI in the short-run. Banking sector development complements stock market development in the short-run but act as a substitute in the long-run. The statistically negative coefficient of exchange rate imply that the appreciation of the home currency encourage the development of the stock market in the long-run.

The positive and statistical coefficients of cointegration results indicate that FDI complements the development of stock market in Nepal in the long-run. Furthermore, the depreciation of the domestic currency may potentially contribute to the foreign direct investments in Nepal.

The design goal for the tracking interval of high-speed railway trains in China is 3 min, but it is difficult to achieve, and it is widely believed that it is mainly limited by the tracking interval of train arrivals. If the train arrival tracking interval can be compressed, it will be beneficial for China's high-speed railway to achieve a 3-min train tracking interval. The goal of this article is to study how to compress the train arrival tracking interval.

By simulating the process of dense train groups arriving at the station and stopping, the headway between train arrivals at the station was calculated, and the pattern of train arrival headway was obtained, changing the traditional understanding that the train arrival headway is considered the main factor limiting the headway of trains.

When the running speed of trains is high, the headway between trains is short, the length of the station approach throat area is considerable and frequent train arrivals at the station, the arrival headway for the first group or several groups of trains will exceed the headway, but the subsequent sets of trains will have a headway equal to the arrival headway. This convergence characteristic is obtained by appropriately increasing the running time.

According to this pattern, there is no need to overly emphasize the impact of train arrival headway on the headway. This plays an important role in compressing train headway and improving high-speed railway capacity.

Previous research reports mixed results regarding the performance impact of servitization in manufacturing firms. To resolve this, the purpose of this paper is to develop a conceptually consistent and comprehensive measurement framework for both dimensions, servitization and its performance effect, and apply in a configurational analysis to reexamine previous evidence, arriving at a configurational theory of the relationship between servitization and firm performance.

Combining systematic literature review (SLR) and inductive reasoning, the existing indicators for servitization and performance are identified and clustered into groups that adequately represent both dimensions. The dataset is reanalyzed against the resulting framework to identify the configurational patterns and to formulate the theoretical propositions.

Financial and nonfinancial indicators of servitization and its performance impact are organized into a comprehensive measurement framework grounded on existing research. The subsequent meta-analysis shows that the positive or negative impacts of servitization on performance depend on how firms implement servitization strategies and which performance aspects are examined.

The results explain when servitization can be successful and confirm the existence of the so-called servitization paradox. The meta-analysis identified patterns that explain the previous mixed results, shaping a configurational theory of servitization. Thus, the measurement framework is conceptually robust and has sufficient detail to capture servitization and its performance outcome as it feasibly distinguished between different organizational configurations.

The framework provides a comprehensive portfolio of indicators for both managers and scholars to measure servitization intensity and performance. This supports managers of servitizing firms in leading this organizational transformation while avoiding its organizational and financial paradoxes.

The smoothness of the high-speed railway (HSR) on the bridge may exceed the allowable standard when an earthquake causes vibrations for HSR bridges, which may threaten the safety of running trains. Indeed, few studies have evaluated the exceeding probability of rail displacement exceeding the allowable standard. The purposes of this article are to provide a method for investigating the exceeding probability of the rail displacement of HSRs under seismic excitation and to calculate the exceeding probability.

In order to investigate the exceeding probability of the rail displacement under different seismic excitations, the workflow of analyzing the smoothness of the rail based on incremental dynamic analysis (IDA) is proposed, and the intensity measure and limit state for the exceeding probability analysis of HSRs are defined. Then a finite element model (FEM) of an assumed HSR track-bridge system is constructed, which comprises a five-span simply-supported girder bridge supporting a finite length CRTS II ballastless track. Under different seismic excitations, the seismic displacement response of the rail is calculated; the character of the rail displacement is analyzed; and the exceeding probability of the rail vertical displacement exceeding the allowable standard (2mm) is investigated.

The results show that: (1) The bridge-abutment joint position may form a step-like under seismic excitation, threatening the running safety of high-speed trains under seismic excitations, and the rail displacements at mid-span positions are bigger than that at other positions on the bridge. (2) The exceeding probability of rail displacement is up to about 44% when PGA = 0.01g, which is the level-five risk probability and can be described as 'very likely to happen'. (3) The exceeding probability of the rail at the mid-span positions is bigger than that above other positions of the bridge, and the mid-span positions of the track-bridge system above the bridge may be the most hazardous area for the running safety of trains under seismic excitation when high-speed trains run on bridges.

The work extends the seismic hazardous analysis of HSRs and would lead to a better understanding of the exceeding probability for the rail of HSRs under seismic excitations and better references for the alert of the HSR operation.

The strategic location of city logistics facilities may help to establish more efficient urban logistics systems, reduce social and environmental costs of urban freight transport, and improve urban traffic conditions. In addition, it may allow a number of shippers or freight carriers to jointly operate freight vehicles and terminals or information systems while allowing them to have the capability to provide higher levels of services to their customers. This paper considers the problem of selecting a location for a city logistics facility while considering linguistic factors. This paper identifies the important factors in the selection of a location for a city logistics facility by performing a case study which applies the analytic hierarchy process method on data from Chongqing, China. The optimal location in Chongqing is then determined by using the fuzzy synthetic evaluation method. The results of this paper are expected to help municipal governments select appropriate locations for city logistics facilities and quantify the advantages and disadvantages of alternative locations.

Partnerships, public relations and institutional development at Universitas Terbuka UT (Indonesia Open University) are discussed in this paper. The discussion is aimed at elucidating the way of Universitas Terbuka pursuing its vision, i.e. to be one of center of excellence in distance higher education institutions in Asia by 2010 and the world by 2020. Short history, development and the future of higher education system in general are also described; specifically the development, role and contribution of distance higher education, run by Universitas Terbuka, in Indonesia. Partnerships are designed to be the way Universitas Terbuka improves its delivery and instructional processes. Public relations are aimed at constructing institutional image not only in the national level but also in regional and even in the global context. Institutional development is intended to be the systematic and comprehensive ways to adopt the turbulence as a result of rapid change internally and externally. Besides, historical development of Universitas Terbuka, which now has more than 482.000 active students registered at the four faculties, is also explicated in relations to the need of discussions of the importance of partnerships, public relations and institutional development. The discussion on partnerships will be more elaborated on how to empower the 37 regional centers, almost 3000 exam sites in 527 cities and more than 8000 study groups all over the country to initiate and maintain partnerships with local state and some selected private universities in the use of common resources. The argument on public relations will be developed on how the central and regional offices build the institutional image in association with maintaining current student body and pursuing larger prospective students. The discussion on institutional development will be expanded specifically on how to develop strategic and operational planning documents with respect to maintaining and assuring academic and administrative quality at Universitas Terbuka. The paper finally explains where partnerships, public relations and institutional development aspects are positioned in the strategic and operational planning of Universitas Terbuka within its three main focuses, i.e. the improvement of academic quality, the expansion of students participation and service points, and the enhancement of internal management comprehensively.

This study aims to propose a speed guidance model of the CV environment to alleviate traffic congestion at intersections and improve traffic efficiency. By introducing the theory of moving block section for high-speed train control, a speed guidance model based on the quasi-moving block speed guidance (QMBSG) is proposed to direct platoon including human-driven vehicles and connected vehicles (CV) through the intersection coordinately.

In this model, the green time of the intersection is divided into multiple block intervals according to the minimal safety headway. Connected vehicles can pass through the intersection by following the block interval using the QMBSG model. The block interval is assigned dynamically according to the traveling relation of HV and CV, when entering the communication range of the intersection. To validate the comprehensive guidance effect of the proposed model, a general evaluation function (GEF) is established. Compared to CVs without speed guidance, the simulation results show that the GEF of QMBSG model has an obvious improvement.

Compared to CVs without speed guidance, the simulation results show that the GEF of QMBSG model has an obvious improvement. Also, compared to the single intersection speed guidance model, the GEF value of the QMBSG model improves over 17.1%. To further explore the guidance effect, the impact of sensitivity factors of the CVs’ environment, such as intersection environment, communication range and penetration rate (PR) is analyzed. When the PR reaches 75.0%, the GEF value will change suddenly and the model guidance effect will be significantly improved. This paper also analyzes the impact of the length of block interval under different PR and traffic demands. It is found that the proposed model has a better guidance effect when the length of the block section is 2 s, which facilitates traffic congestion alleviation of the intersection in practice.

Based on the aforementioned discussion, the contributions of this paper are three-fold. Based on the traveling information of HV/CV and the signal phase and timing plans, the QMBSG model is proposed to direct platoon consisting of HV and CV through the intersection coordinately, by following the block interval assigned dynamically. Considering comprehensively the indexes of mobility, safety and environment, a GEF is provided to evaluate the guidance effect of vehicles through the intersection. Sensitivity analysis is carried out on the QMBSG model. The key communication and traffic parameters of the CV environment are analyzed, such as path attenuation, PR, etc. Finally, the effect of the length of block interval is explored.

The purpose of this paper is to analyze the micro-motion of the cylinder block.

Based on the elasto-hydrodynamic lubrication, a numerical model for the cylinder block/valve plate interface is proposed, with consideration of the elastic deformations, the pressure-viscosity effect and asperity contacts. The influence-function method is applied to calculating the actual deformations of the cylinder block and the valve plate. The asperity contact model simplified from Greenwood assumption is introduced into the numerical model. Furthermore, the relationship between the micro-motion and the operating condition, the sealing belt width is discussed, respectively.

The results show an increase in the discharge pressure causes the tilt state and the vibrating motion getting worse, which can be eased by improving the rotational speed, the sealing belt width and the ratio of external and internal sealing belt width.

The proposed research can provide a theoretical reference for the optimizing design of cylinder block/valve plate pair.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.