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Article
Publication date: 30 November 2014

Hanki Seong and Sang Bin Lee

This paper examines which basis functions are efficient to employ a combined method of Hull and White (1990) with the Monte Carlo simulation when we price a callable range…

Abstract

This paper examines which basis functions are efficient to employ a combined method of Hull and White (1990) with the Monte Carlo simulation when we price a callable range note or a callable bond. We use the Huge and Rom-Poulsen (2007) method which has modified the least squared Monte Carlo simulation proposed by Longstaff and Schwartz (2001) to reduce the estimation errors of the continuation value or the underlying assets. To use Monte carlo Simulation for pricing the early exercise premium, it is essential to accurately estimate the continuation value, because the investors will choose the higher value between the exercise and the continuation value at the possible early exercise dates. The main purpose of this paper is to analyze the estimation errors originating from the choice of the basis functions for the underlying asset and the continuation value estimation.

We choose the callable bond and the callable range accrual note to show which basis functions are reliable to reduce the estimation errors. For this purpose, we replicate the callable range accrual note with a portfolio of a fixed rate bond and a delayed digital option. We use several basis functions such as a constant, the instantaneous interest rates, and the range in order to see which basis function is efficient for our purpose. We examine several combinations of the basis functions depending on which basis functions will be used for the underlying asset or the continuation value estimation. We show that the range which is an important determinant of the callable range accrual note is an effective basis function to accurately determine the underlying asset and the continuation value for the pricing of the callable range accrual note.

Details

Journal of Derivatives and Quantitative Studies, vol. 22 no. 4
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 28 April 2020

Jiang-Tao Wang, Shufen Zhang, Chia-Huei Wu, Jian-Jun Yu, Chang-Bin Chen and Sang-Bing Tsai

This study aims to provide a time- and price-sensitive market strategy for merchants to handle the markdown price strategy. The market demand for perishable products is…

Abstract

Purpose

This study aims to provide a time- and price-sensitive market strategy for merchants to handle the markdown price strategy. The market demand for perishable products is usually price – and quality (freshness) – sensitive. The proper handling of markdown-price strategies can help merchants enhance competitiveness and maximize operational performance.

Design/methodology/approach

A markdown strategy consisting of price and markdown time was developed to explore the properties of market strategies based on the dynamic quality evaluation. The strategy considers multiple price discounts and multiple markdown times. The optimal price decisions in each stage and the optimal markdown times were derived during the selling season.

Findings

The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.

Originality/value

The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.

Details

Kybernetes, vol. 50 no. 1
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 24 November 2020

Sumin Helen Koo, Young Bin Lee, Changhwan Kim, Gibaek Kim, Giuk Lee and Je-Sung Koh

The purpose of this research was to develop clothing-typed soft wearable robot embedded with textile-based actuators on ankles for elderly adults needing gait assistance.

Abstract

Purpose

The purpose of this research was to develop clothing-typed soft wearable robot embedded with textile-based actuators on ankles for elderly adults needing gait assistance.

Design/methodology/approach

Design guidelines were developed and they included function (type, targeting area, routing line and anchor points), design (size/fit, fabric/material, fastener, detail, color) and actuator (shape memory alloy type, size, deformation type, integration material, integration technique and evaluation method). Fabric-based actuator, integration methods to fabrics, routing lines and anchoring points were developed based on the guidelines and evaluated. Then, three long socks types and a pants type were designed and prototyped. Routing line position displacement measurement test was conducted with the prototypes. A survey was conducted to investigate satisfaction, likeness and use intention on the design/prototype to modify the designs.

Findings

Important design factors were identified, and design guidelines for clothing-typed soft wearable robots (SWRs) were developed. People satisfied the developed SWR designs and prototypes with mean scores over 4.60.

Originality/value

The results are expected to be helpful for designers and developers of SWRs in the development process, and they will ultimately be beneficial to members of the elderly population who have gait difficulties.

Details

International Journal of Clothing Science and Technology, vol. 33 no. 4
Type: Research Article
ISSN: 0955-6222

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Article
Publication date: 1 April 1985

Sang M. Lee and A. Ansari

The contrast between Japanese purchasing practices and US traditional purchasing practices provides a good insight into the relative importance of JIT for US firms. Since…

Abstract

The contrast between Japanese purchasing practices and US traditional purchasing practices provides a good insight into the relative importance of JIT for US firms. Since the initial implementation of JIT purchasing in late 1980 by Kawasaki Motors (Lincoln plant), at least 50 companies in the US such as GM, Ford, Nissan, Hewlett‐Packard, Xerox, Goodyear, GE and other large US corporations, have adopted and implemented the concept. This has significantly altered not only the way these companies plan and control their production facilities and purchasing systems but has also led to improvements in their product quality and productivity.

Details

International Journal of Operations & Production Management, vol. 5 no. 4
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 1 April 2005

Li‐teh Sun

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the…

Abstract

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

Details

International Journal of Sociology and Social Policy, vol. 25 no. 4/5
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 23 June 2021

Radhwan Bin Hussin, Safian Bin Sharif, Shayfull Zamree Bin Abd Rahim, Mohd Azlan Bin Suhaimi, Mohd Tanwyn Bin Mohd Khushairi, Abdellah Abdellah EL-Hadj and Norshah Afizi Bin Shuaib

Rapid tooling (RT) integrated with additive manufacturing technologies have been implemented in various sectors of the RT industry in recent years with various kinds of…

Abstract

Purpose

Rapid tooling (RT) integrated with additive manufacturing technologies have been implemented in various sectors of the RT industry in recent years with various kinds of prototype applications, especially in the development of new products. The purpose of this study is to analyze the current application trends of RT techniques in producing hybrid mold inserts.

Design/methodology/approach

The direct and indirect RT techniques discussed in this paper are aimed at developing a hybrid mold insert using metal epoxy composite (MEC) in increasing the speed of tooling development and performance. An extensive review of the suitable development approach of hybrid mold inserts, material preparation and filler effect on physical and mechanical properties has been conducted.

Findings

Latest research studies indicate that it is possible to develop a hybrid material through the combination of different shapes/sizes of filler particles and it is expected to improve the compressive strength, thermal conductivity and consequently increasing the hybrid mold performance (cooling time and a number of molding cycles).

Research limitations/implications

The number of research studies on RT for hybrid mold inserts is still lacking as compared to research studies on conventional manufacturing technology. One of the significant limitations is on the ways to improve physical and mechanical properties due to the limited type, size and shape of materials that are currently available.

Originality/value

This review presents the related information and highlights the current gaps related to this field of study. In addition, it appraises the new formulation of MEC materials for the hybrid mold inserts in injection molding application and RT for non-metal products.

Details

Rapid Prototyping Journal, vol. 27 no. 6
Type: Research Article
ISSN: 1355-2546

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Article
Publication date: 6 July 2015

Kin Wai Michael Siu and Kwun Sing Leo Wong

This paper aims to propose a set of flexible design principles for enhancing the flexibility of street furniture to deal with the diverse and changing urban environment…

Abstract

Purpose

This paper aims to propose a set of flexible design principles for enhancing the flexibility of street furniture to deal with the diverse and changing urban environment. Flexibility is an important but less considered element of public design (otherwise called public environment and facility design), especially in regard to the street furniture that is encountered in everyday life. Taking Hong Kong as a case study, this paper gives an overview of the concepts of flexibility and flexible design, and identifies the current limitations and problems of the current street furniture design practices with respect to the diverse and changing urban environment.

Design/methodology/approach

Based on a review of the current literature and relevant documentation, interviews with government officers and different groups of users (including those with special needs), and field observations in Hong Kong’s urban areas over a period of four years, the policies relating to street furniture design in Hong Kong and its management and implementation were evaluated.

Findings

The results indicate that the current street furniture in Hong Kong is unable to adapt to or resist changes, can easily cause safety and management problems and is not adaptable to new developments. This paper proposes six principles for the flexible design of street furniture, namely, custom in use, multifunctional use, responds effectively to changing circumstances, easily and conveniently managed, universal in use and sustainable in use.

Research limitations/implications

It is difficult to understand the diverse needs and preferences of different users in urban environments. The findings in this paper are based on intensive field work and broad industry experience. To deal with the rapid and ongoing urban change, this paper recommends a further long-term and in-depth study of street furniture.

Practical implications

Based on the findings, this paper proposes six flexible design principles for designing street furniture that is sufficiently flexible to meet the rapid and ongoing urban change and diverse users’ needs.

Social implications

Different societies and urban areas faced different types and levels of changes. Therefore, a flexible approach to street furniture design is important and necessary.

Originality/value

The findings of this paper and the proposed six flexible design principles can provide insight and direction for government officials, design and planning professionals, developers, utility and management companies and communities on how to embed public design (i.e. policy, implementation and management) in the future.

Details

Facilities, vol. 33 no. 9/10
Type: Research Article
ISSN: 0263-2772

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Book part
Publication date: 14 July 2006

Jay Kolar

Inconsistencies and contradictions in the US government's story of hijackers and their masterminds are examined to account for what happened on 9-11. A little-known…

Abstract

Inconsistencies and contradictions in the US government's story of hijackers and their masterminds are examined to account for what happened on 9-11. A little-known initial FBI list of 19, scrutinized for four names not on its final list, calls into question the FBI naming process. We discovered 11 of the FBI-named finalists could not have been on those planes, with 10 still alive and another's identity improvised by a double. The Dulles videotape, essentially the government's case that hijackers boarded the 9-11 flights, is found to have serious problems including authentication, as does the so-called bin Laden “confession” video.

Were “hijackers” known to be in the US before intelligence alleges it knew? Evidence is examined which shows that they were closely monitored by agencies which denied this knowledge; in particular, an undercover FBI agent lived with them the prior year.

Noting government refusal to disclose evidence called for by investigators, we find some pieces altered or fabricated and others confiscated or destroyed. Other revelations point to hijackers with national security overrides, protection in their alternate roles as drug traffickers, and deep political connections with government elites. We investigate patterns, reminiscent of historical intelligence involvement, revealing the presence of a covert intelligence operation disguised as an outside enemy attack.

Details

The Hidden History of 9-11-2001
Type: Book
ISBN: 978-1-84950-408-9

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Article
Publication date: 1 February 2000

Yaw A. Debrah and Ian G. Smith

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of…

Abstract

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.

Details

Management Research News, vol. 23 no. 2/3/4
Type: Research Article
ISSN: 0140-9174

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Book part
Publication date: 31 December 2010

Rita Padawangi

Discussions on the implications of power relations among the state, market, and society in urban plans and planning processes are usually centered on urban issues. Studies…

Abstract

Discussions on the implications of power relations among the state, market, and society in urban plans and planning processes are usually centered on urban issues. Studies on suburbanization generally look at suburbs and satellite towns as “spillovers” of high density in the cities, deteriorating conditions of the innercity – particularly in the case of the United States – as well as the longing for living closer to nature. During the twentieth century, both the garden suburb and garden city movements in Britain influenced the planning of new communities overseas. The garden city movement of Ebenezer Howard, emphasizing new and attractive planned towns with their own socialisitic administration, employment, and local facilities, has strong echoes in Singapore's new towns, although the adaptation of the concept in Singapore is more towards the physical landscapes and built greeneries rather than embracing the whole idea of the garden city.

Details

Suburbanization in Global Society
Type: Book
ISBN: 978-0-85724-348-5

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