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Article
Publication date: 1 August 2016

Jun Chen, Alireza Tourani-Rad and Ronghua Yi

The purpose of this paper is to investigate the impact of short selling and margin trading on the price discovery and price informativeness of cross-listed firms, using a…

Abstract

Purpose

The purpose of this paper is to investigate the impact of short selling and margin trading on the price discovery and price informativeness of cross-listed firms, using a sample of Chinese firms listed on the China and Hong Kong stock exchanges.

Design/methodology/approach

The sample consists of 67 Chinese cross-listed firms on A-share and H-share markets out of which 18 firms are allowed to be sold short/ traded on margin since March 2010. Using pre- and post-event period, the authors compare and contrast various market microstructure variables. The contributions of the home (A-share) and overseas (H-share) markets to the incorporation of new information into prices are calculated following the permanent-transitory approach of Gonzalo and Granger (1995) as well as the adverse selection component of Lin et al. (1995).

Findings

The findings indicate that for the group of Chinese cross-listed firms that are not allowed to be sold short or bought on margin, the home (A-share) market contributes more to the price discovery process over time. However, for the group of cross-listed firms that are eligible for short selling and margin trading, the authors observe no significant difference in the contribution of either A- or H-share markets to the price discovery. The contribution of home market for these firms is even lower around the announcement of major events. The authors further find that while the short sale activities appears to be informative, measured by the adverse selection (AS) component of spread, on the whole they have not led the A-share markets to be more informative.

Research limitations/implications

The sample of cross-listed Chinese firms that are allowed to be sold short or bought on margin are rather limited. Hence, the results should be read with some caution.

Practical implications

The removal of short selling constraints appears to improve the contribution of the respective markets to the process price discovery, in the case for larger cross-listed firms.

Originality/value

The authors shed new lights on how the introduction of short selling and margin trading impacts on the price discovery of the Chinese cross-listed firms. A further contribution of the study is the use of high frequency data, while most of the previous studies on the Chinese markets use daily data.

Details

International Journal of Managerial Finance, vol. 12 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 21 September 2015

Yu-Wei Chang, Ping-Yu Hsu, Wen-Lung Shiau and Ronghua Yi

The purpose of this paper is to investigate how customer power of environmental factors affects customer support (CS) engineers’ personal motivations in a…

Abstract

Purpose

The purpose of this paper is to investigate how customer power of environmental factors affects customer support (CS) engineers’ personal motivations in a knowledge-sharing context. The authors examine extrinsic (i.e. organizational rewards, reputation, and reciprocity) and intrinsic motivations (i.e. knowledge self-efficacy) affecting knowledge-sharing intentions based on the social exchange theory (SET) and self-efficacy theory. Furthermore, the authors introduce the concept of the social power theory to investigate the moderating effect of customer power on the relationships between personal motivations and knowledge-sharing intentions.

Design/methodology/approach

This study collects 349 questionnaires of CS engineers from 16 countries, including the USA, China, Japan, South Korea, and Taiwan. After the data collection, the research model and hypotheses are tested using partial least squares.

Findings

The empirical results show that reputation, reciprocity, and knowledge self-efficacy are significantly and positively related to knowledge-sharing intentions. Also, the results show that customer power can significantly moderate the relationships between personal motivations and knowledge-sharing intentions.

Research limitations/implications

The findings help multinational corporations employ the perception of customer power to motivate CS engineers to share knowledge. Especially, the results can help organizations increase customer added value through effective knowledge sharing.

Originality/value

The research model integrates personal motivations derived from the SET and self-efficacy theory and customer power of environmental factors. Additionally, this study is the first to investigate the moderating effect of customer power on employees’ personal motivations and behavioral intentions.

Details

Aslib Journal of Information Management, vol. 67 no. 5
Type: Research Article
ISSN: 2050-3806

Keywords

Content available

Abstract

Details

China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 25 January 2019

Ronghua Luo, Yi Liu and Wei Lan

Under the classical mean-variance framework, the purpose of this paper is to investigate the properties of the instability of minimal variance portfolio and then propose a…

Abstract

Purpose

Under the classical mean-variance framework, the purpose of this paper is to investigate the properties of the instability of minimal variance portfolio and then propose a novel penalized expected risk criterion (PERC) for optimal portfolio selection.

Design/methodology/approach

The proposed method considers not only a portfolio’s expected risk, but also its instability that is quantified by the variance of the estimated portfolio weights. This study tests the out-of-sample performance of various portfolio selection methods on both China and US stock markets.

Findings

It is very useful to control portfolio stability in real application of portfolio selection. The empirical results on both US and China stock markets show that PERC portfolio effectively controls turnover and consequently the transaction cost, and that is why it is so competing compared with other alternative methods.

Research limitations/implications

The findings suggest that the rebalancing turnover and the associated transaction cost that is usually ignored in theoretical analysis play a very important role in real investment.

Practical implications

For investors, especially institutional investors, the rebalancing turnover and corresponding transaction cost must be carefully addressed. The variance of the estimated portfolio weights is a good candidate to quantify portfolio instability.

Originality/value

This study addresses the important role of portfolio instability and proposes a novel expected risk criterion for portfolio selection after the quantitative definition of portfolio instability.

Details

China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

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Article
Publication date: 18 January 2016

Huaqing Min, Chang'an Yi, Ronghua Luo and Jinhui Zhu

This paper aims to present a hybrid control approach that combines learning-based reactive control and affordance-based deliberate control for autonomous mobile robot…

Abstract

Purpose

This paper aims to present a hybrid control approach that combines learning-based reactive control and affordance-based deliberate control for autonomous mobile robot navigation. Unlike many current navigation approaches which only use learning-based paradigms, the authors focus on how to utilize the machine learning methods for reactive control together with the affordance knowledge that is simultaneously inherent in natural environments to gain advantages from both local and global optimization.

Design/methodology/approach

The idea is to decompose the complex and large-scale robot navigation task into multiple sub-tasks and use the hierarchical reinforcement learning (HRL) algorithm, which is well-studied in the learning and control algorithm domains, to decompose the overall task into sub-tasks and learn a grid-topological map of the environment. An affordance-based deliberate controller is used to inspect the affordance knowledge of the obstacles in the environment. The hybrid control architecture is then designed to integrate the learning-based reactive control and affordance-based deliberate control based on the grid-topological and affordance knowledge.

Findings

Experiments with computer simulation and an actual humanoid NAO robot have demonstrated the effectiveness of the proposed hybrid approach for mobile robot navigation.

Originality/value

The main contributions of this paper are a new robot navigation framework that decomposes a complex navigation task into multiple sub-tasks using the HRL approach, and hybrid control architecture development that integrates learning-based and affordance-based paradigms for autonomous mobile robot navigation.

Details

Industrial Robot: An International Journal, vol. 43 no. 1
Type: Research Article
ISSN: 0143-991X

Keywords

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Article
Publication date: 14 August 2017

Kiyoshi Murata, Yasunori Fukuta, Andrew A. Adams and Dang Ronghua

This study aims to investigate how Snowden’s revelations are viewed by young people in the People’s Republic of China (PRC) and Taiwan through questionnaire surveys of and…

Abstract

Purpose

This study aims to investigate how Snowden’s revelations are viewed by young people in the People’s Republic of China (PRC) and Taiwan through questionnaire surveys of and follow-up interviews with university students in the two countries, taking into account the histories and current status of state surveillance in these countries and the current complicated and delicate cross-strait relationships.

Design/methodology/approach

Questionnaire surveys of 315 PRC and 111 Taiwanese university students (a majority studying in those places but a few studying abroad) and semi-structured follow-up interviews with 16 master’s course students from the PRC and one from Taiwan (all studying at Meiji University in Japan) were conducted, in addition to reviews of the literature on privacy and state surveillance in the PRC and Taiwan. The outcomes of the survey were statistically analysed and qualitative analyses of the interview results were also performed.

Findings

Youngsters living in the PRC had greater interest in and more knowledge about Snowden’s revelations than those living in Taiwan, and the revelations were positively evaluated in both countries as serving public interest. However, PRC students indicated they were less likely to emulate Snowden than those from Taiwan did.

Originality/value

This study is the first attempt to investigate the social impact of Snowden’s revelations on PRC and Taiwanese youngsters’ attitudes towards privacy and state surveillance as part of cross-cultural analyses between eight countries.

Details

Journal of Information, Communication and Ethics in Society, vol. 15 no. 3
Type: Research Article
ISSN: 1477-996X

Keywords

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Article
Publication date: 14 August 2017

Andrew A. Adams, Kiyoshi Murata, Yasunori Fukuta, Yohko Orito and Ana María Lara Palma

A survey of the attitudes of students in eight countries towards the revelations of mass surveillance by the US’ NSA and the UK’s GCHQ has been described in an…

Abstract

Purpose

A survey of the attitudes of students in eight countries towards the revelations of mass surveillance by the US’ NSA and the UK’s GCHQ has been described in an introductory paper and seven country-specific papers (The People’s Republic of China and Taiwan are combined in a single paper). This paper aims to present a comparison of the results from these countries and draws conclusions about the similarities and differences noted.

Design/methodology/approach

A questionnaire was deployed in Germany, Japan, Mexico, New Zealand, The People’s Republic of China, Spain, Sweden and Taiwan. The original survey was in English, translated into German, Japanese and Chinese for relevant countries. The survey consists of a combination of Likert scale, Yes/no and free-text responses. The results are quantitatively analysed using appropriate statistical tools and the qualitative answers are interpreted (including, where appropriate, consolidated into quantitative results).

Findings

There are significant differences between respondents in the countries surveyed with respect to their general privacy attitudes and their willingness to follow Snowden’s lead, even where they believe his actions served the public good.

Research limitations/implications

Owing to resource limitations, only university students were surveyed. In some countries (Germany and New Zealand), the relatively small number of respondents limits the ability to make meaningful statistical comparisons between respondents from those countries and from elsewhere on some issues.

Practical implications

Snowden’s actions are generally seen as laudable and having had positive results, among the respondents surveyed. Such results should give pause to governments seeking to expand mass surveillance by government entities.

Originality/value

There have been few surveys regarding attitudes to Snowden’s revelations, despite the significant press attention and political actions that have flowed from it. The context of attitudes to both the actions he revealed and the act of revelation itself is useful in constructing political and philosophical arguments about the balance between surveillance activity for state security and the privacy of individual citizens.

Details

Journal of Information, Communication and Ethics in Society, vol. 15 no. 3
Type: Research Article
ISSN: 1477-996X

Keywords

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Article
Publication date: 10 July 2017

Roberto Wagner Júnior Freire de Freitas, Márcio Flávio Moura de Araújo, Maria Wendiane Gueiros Gaspar, José Cláudio Garcia Lira Neto, Ana Maria Parente Garcia Alencar, Maria Lúcia Zanetti and Marta Maria Coelho Damasceno

This paper aims to compare the prevalence of metabolic syndrome (MetS) on the basis of three criteria. The diagnostic criteria adopted were those of the International…

Abstract

Purpose

This paper aims to compare the prevalence of metabolic syndrome (MetS) on the basis of three criteria. The diagnostic criteria adopted were those of the International Diabetes Federation, the National Cholesterol Education Program – Adult Treatment Panel III and the American Heart Association/National Heart, Lung and Blood Institute..

Design/methodology/approach

A transversal study was undertaken with 691 university students in Fortaleza, Brazil, in 2011-2013.

Findings

The prevalence of MetS varied considerably according to the criteria used, it being 4.1 per cent for the IDF, 0.7 per cent for the NCEP ATPIII and 1.7 per cent for the revised NCEP ATPIII. The criteria of the IDF presented reasonable agreement in relation to the NCEP ATP III (0.294) and revised NCEP ATP III (0.334). Moderate agreement was found between the NCEP ATPIII/revised NCEP ATPIII.

Originality/value

There is a need for a universal diagnostic criterion for MetS to obtain uniform and more reliable data for the elaboration of public health policies.

Details

Nutrition & Food Science, vol. 47 no. 4
Type: Research Article
ISSN: 0034-6659

Keywords

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Article
Publication date: 9 March 2021

Qin Qin, Jigang Huang, Jin Yao and Wenxiang Gao

Scanning projection-based stereolithography (SPSL) is a powerful technology for additive manufacturing with high resolution as well as large building area. However, the…

Abstract

Purpose

Scanning projection-based stereolithography (SPSL) is a powerful technology for additive manufacturing with high resolution as well as large building area. However, the surface quality of stitching boundary in an SPSL system has been rarely studied, and no positive settlement was proposed to address the poor stitching quality. This paper aims to propose an approach of multi-pass scanning and a compensation algorithm for multi-pass scanning process to address the issue of poor stitching quality in SPSL systems.

Design/methodology/approach

The process of multi-pass scanning is realized by scanning regions repeatedly, and the regions can be cured simultaneously because of the very short repeat exposure time and very fast scanning. Then, the poor stitching quality caused by the non-simultaneous curing can be eliminated. Also, a compensation algorithm is designed for multi-pass scanning to reduce the stitching errors. The validity of multi-pass scanning is verified by curing depth test, while the performance of multi-pass scanning as well as proposed compensation algorithm is demonstrated by comparing with that of a previous SPSL system.

Findings

The results lead to a conclusion that multi-pass scanning with its compensation algorithm is an effective approach to improve the stitching quality of an SPSL system.

Practical implications

This study can provide advice for researchers to achieve the satisfactory surface finish with SPSL technology.

Originality/value

The authors proposed a process of multi-pass scanning as well as a compensation algorithm for SPSL additive manufacturing (system to improve the stitching quality, which has rarely been studied in previous work.

Details

Rapid Prototyping Journal, vol. 27 no. 3
Type: Research Article
ISSN: 1355-2546

Keywords

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