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Article
Publication date: 19 May 2021

Batuhan Özakın, Bilal Çolak and Naci Kurgan

The last stage of the cold rolling process is skin-pass rolling and one of its most significant goals is to obtain appropriate topography on the surface of the sheet steel…

Abstract

Purpose

The last stage of the cold rolling process is skin-pass rolling and one of its most significant goals is to obtain appropriate topography on the surface of the sheet steel used extensively such as in automotive industry. The purpose of this paper is to investigate the effect of thickness change and various reduction ratios on roughness transfer of DC04 grade sheet material.

Design/methodology/approach

DC04 grade sheet materials with different reduction ratios and several thicknesses were subjected to skin-pass rolling process in the rolling equipment with a two-high roll. Some roughness parameters were determined as a result of roughness measurements from the surfaces of roughened sheet materials.

Findings

While the roughness transfer is higher in 1-mm thick material in reduction ratios up to 430 micrometers; in reduction ratios above 430 micrometers, it is higher for 1.5-mm thick materials. As the reduction ratio increases in DC04 grade sheet materials, the homogeneity of the roughness distribution in 1-mm thickness sheet material deteriorates, while the roughness distribution in 1.5-mm thickness sheet material is more homogeneous.

Originality/value

This paper demonstrates how material thickness and reduction ratio affect the roughness transfer in skin-pass rolling. The results obtained can be used by optimizing in manufacturing processes.

Details

Industrial Lubrication and Tribology, vol. 73 no. 4
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 29 October 2021

Xiaoheng Wang and Can Chen

The main purpose of this paper is to examine the political, economic and institutional determinants of capital assets condition ratio in American local governments using…

Abstract

Purpose

The main purpose of this paper is to examine the political, economic and institutional determinants of capital assets condition ratio in American local governments using government-wide financial statements.

Design/methodology/approach

Based on capital assets data from the period of 2011–2016 for the 66 Florida counties as reported on their government-wide financial statements, the authors use a panel two-way fixed effects estimation and a dynamic panel generalized method of moments estimation.

Findings

The authors find that social-economic factors, fiscal capacity and democratic voters explain the capital assets condition ratio in Florida county governments.

Research limitations/implications

The major findings of this study may only apply to county government in one single state. It may raise the issue of the external validity of our research. It provides policy recommendations for local public officials to maintain and upgrade their capital assets.

Originality/value

The study utilizes a new approach of capital assets condition ratio to measure county government investment in capital assets based on the government-wide financial statements.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1096-3367

Keywords

Content available
Article
Publication date: 17 September 2021

Mincheol Woo and Meong Ae Kim

Informed traders may prefer the options market to the stock market for reasons including the leverage effect, transaction costs, restrictions on short sale. Many studies…

Abstract

Informed traders may prefer the options market to the stock market for reasons including the leverage effect, transaction costs, restrictions on short sale. Many studies try to predict future returns of stocks using informed traders' behavior in the options market. In this study, we examine whether the trading volume ratios of single stock options have the predictive power for future returns of the underlying stock. By analyzing the stock price responses to the “preliminary announcement of performance” of 36 underlying stocks on the Korea Exchange from November 2014 to March 2021 and the trading volume of options written on those stocks, we investigate the relation between the option ratios, which are the call option volume to put option volume ratio (C/P ratio) and the option volume to stock volume ratio (O/S ratio), and the future returns of the underlying stock. We also examine which ratio is better in predicting the future returns. The authors found that both option ratios showed the statistically significant predictability about future returns of the underlying stock and that the return predictability of the O/S ratio is more robust than that of the C/P ratio. This study shows that indicators generated in the options market can be used to predict future underlying stock returns. Further, the findings of this study contributed to a dearth of literature pertaining to single stock options. The results suggest that the single stock options market is efficient and influences the price discovery in the stock market.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 29 no. 4
Type: Research Article
ISSN: 1229-988X

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Article
Publication date: 13 September 2021

Mahtab Athari, Atsuyuki Naka and Abdullah Noman

This paper aims to achieve two main objectives. The first is to introduce a suitable adjustment to the conventional dividend-price ratio, which would address econometric…

Abstract

Purpose

This paper aims to achieve two main objectives. The first is to introduce a suitable adjustment to the conventional dividend-price ratio, which would address econometric concerns and improve the predictability of the equity premium. The second is to compare the predictive performance of the newly introduced adjusted dividend-price ratio with the conventional dividend-price ratio.

Design/methodology/approach

The authors hypothesize that the adjusted dividend-price ratio will have better predictive power and forecasting quality for equity premium compared to the conventional dividend-price ratio. To test the hypothesis, the authors predict equity premium with both variables on a sample of 11 developed and emerging market indexes over a period spanning June 1995 to March 2017. To accommodate time variation in parameter values or structural breaks in the data, the authors conducted a fixed window rolling regressions using both variables. A variety of forecast techniques including magnitude and sign accuracy measures are applied to compare the performance of forecasts.

Findings

The adjusted dividend-price ratio is shown to be stationary and has both lower persistence and variability compared with the conventional dividend-price ratio. The authors find that the adjusted dividend-price ratio provides superior out-of-sample (OOS) performance compared to the conventional dividend-price ratio, for both size and sign accuracy, in forecasting equity premium for the majority of the countries in the sample.

Research limitations/implications

This paper introduces an easy-to-follow modification in the conventional dividend-price ratio that can be replicated by researchers and practitioners alike. However, the study has a limitation in that it does not capture the impact of dividend-paying firms within each index on the predictive ability of the adjusted dividend-price ratio.

Practical implications

The knowledge of equity premium predictability is important in implementing market-timing strategies and could be beneficial for portfolio and risk management. The newly introduced variable is easy to construct using widely available data without the need for complex econometric estimation. Investors can use this variable to predict equity premiums in international markets, both developed and emerging. The findings of this paper will be relevant to financial analysts, portfolio managers, investors and researchers in international finance. For example, by using the adjusted dividend-price ratio, investors would see up to 0.5% improvement in their OOS monthly forecasts of the equity premium.

Originality/value

To the best of the authors’ knowledge, this is the first paper that proposes adjustment in the conventional dividend-price ratio based on the past observations of the most recent quarter. In this way, the paper offers fresh insight that dividend-price ratio is still useful to predict equity premium albeit, after some adjustments and modifications. The findings of the paper would result in renewed interest in using the dividend-price ratio as a predictor of the equity premium.

Details

Review of Accounting and Finance, vol. 20 no. 3/4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 22 September 2021

Mahsa Hosseini, Mohammad Khodaei Valahzaghard and Ali Saeedi

This paper aims to study manipulation and performance persistence in equity mutual funds. To this end, Manipulation-Proof Performance Measure (MPPM) and Doubt Ratio, along…

Abstract

Purpose

This paper aims to study manipulation and performance persistence in equity mutual funds. To this end, Manipulation-Proof Performance Measure (MPPM) and Doubt Ratio, along with a number of current performance measures are used to evaluate the performance of equity mutual funds in Iran.

Design/methodology/approach

The authors investigate performance manipulation by 1) comparing the results of the MPPM with the current performance measures, 2) checking the Doubt Ratio to detect suspicious funds. Additionally, the authors investigate performance persistence by forming and evaluating portfolios of the equity mutual funds at several time horizons.

Findings

The authors conclude that there is no evidence of performance manipulation in the equity mutual funds. Additionally, when comparing the performance of the upper (top) tertile portfolios and the lower tertile portfolios, in all of the studied 1, 3, 6 and 12-month horizons, the authors find performance persistence in the equity mutual funds.

Originality/value

To the best of the authors’ knowledge, this research is the first study to investigate the performance manipulation in the Iranian equity mutual funds, and also is the first study in Iran that uses the MPPM and the Doubt Ratio in addition to a number of current performance measures to investigate the performance persistence in the equity mutual funds at several time horizons.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 21 September 2021

Jingda Ding, Ruixia Xie, Chao Liu and Yiqing Yuan

This study distinguishes the academic influence of different papers published in journals of the same subject or field based on the modification of the journal impact factor.

Abstract

Purpose

This study distinguishes the academic influence of different papers published in journals of the same subject or field based on the modification of the journal impact factor.

Design/methodology/approach

Taking SSCI journals in library and information science (LIS) as the research object, the authors first explore the skewness degree of the citation distribution of journal articles. Then, we define the paper citation ratio as the weight of impact factor to modify the journal impact factor for the evaluation of papers, namely the weighted impact factor. The authors further explore the feasibility of the weighted impact factor in evaluating papers.

Findings

The research results show that different types of skewness exist in the citation distribution of journal papers. Particularly, 94% of journal paper citations are highly skewed, while the rest are moderately skewed. The weighted impact factor has a closer correlation with the citation frequency of papers than the journal impact factor. It resolves the issue that the journal impact factor tends to exaggerate the influence of low-cited papers in journals with high impact factors or weaken the influence of high-cited papers in journals with low impact factors.

Originality/value

The weighted impact factor is constructed based on the skewness of the citation distribution of journal articles. It provides a new method to distinguish the academic influence of different papers published in journals of the same subject or field, then avoids the situation that papers published in the same journal having the same academic impact.

Details

Aslib Journal of Information Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2050-3806

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Article
Publication date: 21 September 2021

Faisal Abbas and Adnan Bashir

The purpose of this study is to investigate the impact of leverage, regulatory capital and tier-I capital ratios on the ex ante and ex post risk of Japanese banks.

Abstract

Purpose

The purpose of this study is to investigate the impact of leverage, regulatory capital and tier-I capital ratios on the ex ante and ex post risk of Japanese banks.

Design/methodology/approach

To test the hypotheses, the authors have implemented a panel of 507 commercial and cooperative banks of Japan over the period extending from 2001 to 2020, using a two-step system Generalized Method of Moments (GMM) framework.

Findings

The overall sample banks' results show that the impact of leverage, regulatory capital and tier-I capital ratios on ex ante and ex post risk is positive. The findings reveal that the effects of regulatory and tier-I capital ratios on ex post risk are negative (positive) for commercial (cooperative) banks, high-liquid, low-liquid and high-growth banks in Japan. In addition, the regulatory capital ratio is more beneficial for risk due to its power to absorb losses. The lagged coefficient indicates that banks require more time to adjust their ex post and ex ante risk during crisis period than during normal economic conditions.

Practical implications

The heterogeneity in results has practical implications for regulators, policymakers and bank managers in formulating the capital requirement guidelines with respect to ex ante and ex post risk across different categories and characteristics of banks.

Originality/value

To the best of the authors' knowledge, this is the first study investigating the impact of leverage, regulatory capital and tier-I capital ratios on the ex ante and ex-post risk of Japanese commercial and cooperative banks over the period from 2001 to 2020. The insights into the impact of leverage, regulatory capital and tier-I capital ratios on the ex ante and ex post risk of well-capitalized, under-capitalized, high and low-liquid banks are new in the context of Japan.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 1 January 1975

M.G. Wright

Why Ratios? The need for ratios rests upon the fact that absolute figures by themselves tell one very little about the performance of an organisation. The fact that a…

Abstract

Why Ratios? The need for ratios rests upon the fact that absolute figures by themselves tell one very little about the performance of an organisation. The fact that a company made £1 million pre‐tax profit in its last financial year is no indication of its performance. If it had to deploy £1,000 millions of funds to achieve that profit then its performance was abysmally low. If it only employed £2 millions its performance was very good. In one sense then ratio analysis is concerned with expressing relationships between inputs and outputs, such as the capital required to support an activity and the profit earned from that activity; the sales achieved per square foot of sales space occupied; the cost per ton‐mile of delivering goods; and the way in which these different aspects relate to each other and to overall performance. In another sense they are concerned with relationships between aspects of a business which are crucial for its success, e.g. the relationship between short‐term assets and short term liabilities because it reflects the ability of the business to meet its obligations to creditors.

Details

Managerial Finance, vol. 1 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 January 1994

Hamdi F. Ali and Abdelrazzak Charbaji

The application of factor analysis to the area of financial ratio analysis was pioneered by Pinches, Mingo, and Caruthers (1973) in a study of U.S. industrial firms…

Abstract

The application of factor analysis to the area of financial ratio analysis was pioneered by Pinches, Mingo, and Caruthers (1973) in a study of U.S. industrial firms. During the last two decades numerous studies have applied the technique as a means of eliminating redundancy among financial ratios and/or reducing the number of ratios selected as a basis for further investigation to a limited but crucial subset. It is observed that all studies reported were on the manufacturing and retailing sectors. The international commercial airline sector was chosen as the subject of the present research in an attempt to study the factor groupings in a sector whose financial characteristics differ from manufacturing or retailing. Results show that factor categorization reflects the sector's financial characteristics. The study also draws conclusions on some observed differences between the empirical and theoretical ratio classification observed in the literature. The study lends support to the conclusion that factor analysis provides a useful means by which to develop and test the theoretical structure and grouping of financial ratios.

Details

International Journal of Commerce and Management, vol. 4 no. 1/2
Type: Research Article
ISSN: 1056-9219

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Article
Publication date: 1 February 1998

Minwir Al‐Shammari and Anwar Salimi

This paper seeks to model and evaluate the comparative operating efficiency of banks using a non‐parametric methodology known as the data envelopment analysis (DEA). The…

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Abstract

This paper seeks to model and evaluate the comparative operating efficiency of banks using a non‐parametric methodology known as the data envelopment analysis (DEA). The paper adopts a modified version of DEA in which no inputs are specified. The only variables considered are the financial ratios. The results obtained suggest that the majority of banks investigated are fairly inefficient over the period 1991‐94. In addition to calculating efficiency scores for all banks in the sample, the study results revealed the composite reference set and their shadow prices, major determinants of banks’ relative performance, and the target financial ratios.

Details

Logistics Information Management, vol. 11 no. 1
Type: Research Article
ISSN: 0957-6053

Keywords

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