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Article
Publication date: 1 April 1991

REDIFUSSION Simulation Ltd has extended its Novoview SP‐X family of visual simulation systems.

Abstract

REDIFUSSION Simulation Ltd has extended its Novoview SP‐X family of visual simulation systems.

Details

Aircraft Engineering and Aerospace Technology, vol. 63 no. 4
Type: Research Article
ISSN: 0002-2667

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Book part
Publication date: 11 August 2017

Gabriela Carmen Pascariu and Ramona Ţigănaşu

The unequal distribution of economic activities, transposed in economic, social and territorial disparities is the general characteristic of the European economy. Gaps…

Abstract

The unequal distribution of economic activities, transposed in economic, social and territorial disparities is the general characteristic of the European economy. Gaps increased in the context of European Union (EU) enlargement towards Eastern and Central Europe and of the economic crisis, thus bringing new differentiations among member states’ economies. The main aim of the chapter is to emphasise the centre-periphery differentiations in the European economy, by using a composite index of peripherality, in order to better understand the determinants of growth and convergence in Central and Eastern European countries and to reach normative conclusions for increasing Cohesion Policy (CP) effectiveness. The first part of the chapter provides a short overview of the main theories and models of the peripherality analysis and the relationships between the centre and the periphery, in order to find out how this analysis relates to the research in the field. The second part provides a comparative analysis of the evolution of European economies during 2003–2014, in order to find out whether the EU enlargement process stabilised the EU core-periphery pattern or, on the contrary, the process of core-periphery structural convergence occurred. The third part includes the suggested model of analysis (methodology, data, and main results) from a multidisciplinary perspective, underlining the centre-periphery differentiations on the two axes, North–South and West–East. The results have been interpreted in conclusions, with a focus on their relevance for the European CP challenges.

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Book part
Publication date: 24 March 2006

Dennis W. Jansen and Zijun Wang

The “Fed Model” postulates a cointegrating relationship between the equity yield on the S&P 500 and the bond yield. We evaluate the Fed Model as a vector error correction…

Abstract

The “Fed Model” postulates a cointegrating relationship between the equity yield on the S&P 500 and the bond yield. We evaluate the Fed Model as a vector error correction forecasting model for stock prices and for bond yields. We compare out-of-sample forecasts of each of these two variables from a univariate model and various versions of the Fed Model including both linear and nonlinear vector error correction models. We find that for stock prices the Fed Model improves on the univariate model for longer-horizon forecasts, and the nonlinear vector error correction model performs even better than its linear version.

Details

Econometric Analysis of Financial and Economic Time Series
Type: Book
ISBN: 978-1-84950-388-4

Abstract

Details

Travel Survey Methods
Type: Book
ISBN: 978-0-08-044662-2

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Article
Publication date: 25 January 2021

Lin Xue, Qiang Miao, Wenping Liang, Hui Zhao, Weiwei Shi, Shiwei Zuo and Hanchun Ma

The purpose of this paper is to prepare Ti(C,N) coatings on TA15 treated and not treated by shot peening using double glow plasma alloying technique. The effect of shot…

Abstract

Purpose

The purpose of this paper is to prepare Ti(C,N) coatings on TA15 treated and not treated by shot peening using double glow plasma alloying technique. The effect of shot peening on the wear behavior of Ti(C,N) coatings is discussed.

Design/methodology/approach

The Ti(C,N) coatings were prepared by double glow plasma alloying technique on two different TA15 substrate; one is shot peened and the other is not.

Findings

Ti(C,N) coating on SP-treated TA15 was thicker and denser, and the grain size was smaller compared with that on original TA15. Compared with the Ti(C,N) coating on original TA15, the wear resistance of that on SP-treated TA15 is improved. Ti(C,N) coating on SP-treated TA15 showed higher nanohardness and bearing capacity than that on original TA15.

Originality/value

For double glow plasma alloying technique, surface quality, surface activity and other factors will have influence on the thickness and density of the coating. The wear mechanisms of Ti(C,N) coating on original TA15 are serious abrasive wear and oxidation wear. However, the wear mechanism of Ti(C,N) coating on SP-treated TA15 is slightly oxidation wear.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-07-2020-0283/

Details

Industrial Lubrication and Tribology, vol. 73 no. 3
Type: Research Article
ISSN: 0036-8792

Keywords

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Article
Publication date: 12 March 2018

Mehmet F. Dicle and John Levendis

The purpose of this paper is to hypothesize two channels in which market volatility affects initial public offering (IPO) activity.

Abstract

Purpose

The purpose of this paper is to hypothesize two channels in which market volatility affects initial public offering (IPO) activity.

Design/methodology/approach

First, CEOs time the market for IPOs and volatility makes this decision process harder. Second, risk-averse IPO investors become more reluctant toward IPOs during periods of higher volatility for their after-IPO returns.

Findings

The authors provide evidence that higher market volatility leads to lower IPO activity, supporting these hypotheses. More importantly, the authors show that it is not the realized volatility, but rather the implied (expected) volatility, that causes lower IPO activity.

Research limitations/implications

While there may be many companies that are ready to have IPOs, they may be simply waiting for a more opportune time which may not necessarily be a period of high prices but of low volatility.

Practical implications

The public policy prescription is clear: if IPOs are to be encouraged, then regulatory policies should be constructed with the aim of reducing volatility.

Originality/value

This study is the first (to the authors’ knowledge) to argue that it is not the realized volatility which most affects the IPO decisions of executives, entrepreneurs and investors.

Details

Journal of Entrepreneurship and Public Policy, vol. 7 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

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Article
Publication date: 25 May 2021

Hirotaka Fushiya, Tomoki Kitamura and Munenori Nakasato

This study aims to investigate the impact of interest rates, the underlying asset and investment experience on the investment behavior of Japanese retail investors toward…

Abstract

Purpose

This study aims to investigate the impact of interest rates, the underlying asset and investment experience on the investment behavior of Japanese retail investors toward structured products (SPs).

Design/methodology/approach

Three treatments are constructed through internet-based survey experiments: interest rate, underlying asset framing and investment experience treatments. The interest rate treatment includes high- and low-interest rate environments. The underlying asset framing treatment includes equity and foreign exchange rates for the SP. The investment experience treatment includes experienced and inexperienced respondents for SPs.

Findings

The main finding of this study concerns the effect of the interaction between low-interest rates and investment experience. Specifically, SP-experienced investors tend to choose SPs in a low-interest rate environment and prefer equity-linked SPs, even though such SPs are overpriced. This finding is useful for financial regulators in formulating policies that protect retail SP investors in low-interest rate environments worldwide.

Originality/value

This study is the first to measure the sensitivities of investment behavior regarding the relative attractiveness of SPs to low-risk straight bonds, given interest rates, the underlying asset and investment experience. It provides evidence to support the development of SP regulations.

Details

The Journal of Risk Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 12 March 2020

Benjamin Jansen

Many prior tests of market efficiency, which occurred decades ago, were limited by data and did not employ methodology to correct for leptokurtosis in the stock return…

Abstract

Purpose

Many prior tests of market efficiency, which occurred decades ago, were limited by data and did not employ methodology to correct for leptokurtosis in the stock return distribution. Furthermore, these studies did not test many aspects of conditional market efficiency. One aspect of a potential conditional violation of market efficiency is whether stock markets are efficient conditional on the level of stock return.

Design/methodology/approach

This paper uses quantile regressions to control for leptokurtosis in the stock return distribution and simultaneous quantile regressions to test whether markets are efficient conditional on the level of the market return. This paper uses market-level stock return data to bias against finding significant results in the efficiency tests. Furthermore, the author uses data from 1926 through 2018, providing the longest time period to date under which market efficiency is tested.

Findings

This paper presents evidence that the autoregressive coefficient decreases across return levels in stock market indices. The autoregressive coefficient is positive around highly negative returns and negative or insignificant around highly positive returns, which suggests that when stock returns are low they are more likely to continue lower, and when stock returns are high they are more likely to reverse. Results additionally suggest that market efficiency is not time-invariant and that stock markets have become more efficient over the sample period.

Originality/value

This paper extends the literature by finding evidence of a violation of weak-form market efficiency conditional on the level of stock returns. It further extends the literature by finding evidence that the stock market has become more efficient between 1926 and 2018.

Details

Managerial Finance, vol. 46 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 3 August 2015

Neha Seth and A. K. Sharma

The purpose of this paper is to examine the informational efficiency and integration simultaneously for select Asian and US stock markets while considering the impact of…

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Abstract

Purpose

The purpose of this paper is to examine the informational efficiency and integration simultaneously for select Asian and US stock markets while considering the impact of recent financial crisis.

Design/methodology/approach

Daily stock market data from 13 world markets covering the period of ten years (from January 1, 2000 to December 31, 2010) is tested using Run test, Unit root test, GARCH(1, 1) model, Pearson correlation coefficient, Johansen’s cointegration test and Granger causality test.

Findings

It is concluded that the markets under study are inefficient in weak form which creates the chances of earning abnormal returns for the investors. Furthermore, the markets are found to be correlated and integrated in long-run, which makes the international fund diversification insignificant. The degree of inefficiency, in general, is not affected by the recent financial crisis but the level of integration among stock markets is reduced with the effect of recent financial crisis.

Practical implications

Individual/institutional investors, portfolio managers, corporate executives, policy makers and practitioners may draw meaningful conclusions from the findings of this type of researches while operating in stock markets. They can use such studies for the management of their existing portfolios as their portfolio management strategies may be, up to some extent, dependent upon such research work.

Originality/value

The originality of the present study lies in the fact that this paper is an attempt to fill the time gap of comprehensive researches on Asian and US markets and an effort to test stock market efficiency and integration simultaneously.

Details

Journal of Advances in Management Research, vol. 12 no. 2
Type: Research Article
ISSN: 0972-7981

Keywords

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Article
Publication date: 14 November 2019

Marko Selaković, Nikolina Ljepava and Miroslav Mateev

The concept of social media crisis has been consequently replaced by the term “paracrisis”. However, the economic implications of the paracrises have not been thoroughly…

Abstract

Purpose

The concept of social media crisis has been consequently replaced by the term “paracrisis”. However, the economic implications of the paracrises have not been thoroughly researched by now. The purpose of this paper is to examine the potential influence of paracrisis on companies’ stock price values.

Design/methodology/approach

Secondary data analysis has been conducted to identify paracrises for the publicly listed companies and verify that there were no other market events that could affect the stock price during the observed period. Quantitative data analysis has been conducted using the event study, observing stock price values before and during the paracrisis, and the relationship between stock price oscillations and S&P 500 trends was tested.

Findings

There were no significant differences in stock price values before and during the paracrisis. Additionally, a strong correlation between S&P 500 and stock price trends has been found. Findings indicate that paracrises do not significantly impact the stock price behaviour and they should be considered as an irrelevant market event from the stock price point of view.

Originality/value

This study is the first research that examines the stock price paracrisis interdependence.

Details

Corporate Communications: An International Journal, vol. 25 no. 1
Type: Research Article
ISSN: 1356-3289

Keywords

1 – 10 of over 2000