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1 – 10 of over 6000John S. Pearlstein and Robert D. Hamilton
The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO…
Abstract
The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.
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Fuzhao Chen, Zhilei Chen, Qian Chen, Tianyang Gao, Mingyan Dai, Xiang Zhang and Lin Sun
The electromechanical brake system is leading the latest development trend in railway braking technology. The tolerance stack-up generated during the assembly and production…
Abstract
Purpose
The electromechanical brake system is leading the latest development trend in railway braking technology. The tolerance stack-up generated during the assembly and production process catalyzes the slight geometric dimensioning and tolerancing between the motor stator and rotor inside the electromechanical cylinder. The tolerance leads to imprecise brake control, so it is necessary to diagnose the fault of the motor in the fully assembled electromechanical brake system. This paper aims to present improved variational mode decomposition (VMD) algorithm, which endeavors to elucidate and push the boundaries of mechanical synchronicity problems within the realm of the electromechanical brake system.
Design/methodology/approach
The VMD algorithm plays a pivotal role in the preliminary phase, employing mode decomposition techniques to decompose the motor speed signals. Afterward, the error energy algorithm precision is utilized to extract abnormal features, leveraging the practical intrinsic mode functions, eliminating extraneous noise and enhancing the signal’s fidelity. This refined signal then becomes the basis for fault analysis. In the analytical step, the cepstrum is employed to calculate the formant and envelope of the reconstructed signal. By scrutinizing the formant and envelope, the fault point within the electromechanical brake system is precisely identified, contributing to a sophisticated and accurate fault diagnosis.
Findings
This paper innovatively uses the VMD algorithm for the modal decomposition of electromechanical brake (EMB) motor speed signals and combines it with the error energy algorithm to achieve abnormal feature extraction. The signal is reconstructed according to the effective intrinsic mode functions (IMFS) component of removing noise, and the formant and envelope are calculated by cepstrum to locate the fault point. Experiments show that the empirical mode decomposition (EMD) algorithm can effectively decompose the original speed signal. After feature extraction, signal enhancement and fault identification, the motor mechanical fault point can be accurately located. This fault diagnosis method is an effective fault diagnosis algorithm suitable for EMB systems.
Originality/value
By using this improved VMD algorithm, the electromechanical brake system can precisely identify the rotational anomaly of the motor. This method can offer an online diagnosis analysis function during operation and contribute to an automated factory inspection strategy while parts are assembled. Compared with the conventional motor diagnosis method, this improved VMD algorithm can eliminate the need for additional acceleration sensors and save hardware costs. Moreover, the accumulation of online detection functions helps improve the reliability of train electromechanical braking systems.
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Chang Liu, Shiwu Yang, Yixuan Yang, Hefei Cao and Shanghe Liu
In the continuous development of high-speed railways, ensuring the safety of the operation control system is crucial. Electromagnetic interference (EMI) faults in signaling…
Abstract
Purpose
In the continuous development of high-speed railways, ensuring the safety of the operation control system is crucial. Electromagnetic interference (EMI) faults in signaling equipment may cause transportation interruptions, delays and even threaten the safety of train operations. Exploring the impact of disturbances on signaling equipment and establishing evaluation methods for the correlation between EMI and safety is urgently needed.
Design/methodology/approach
This paper elaborates on the necessity and significance of studying the impact of EMI as an unavoidable and widespread risk factor in the external environment of high-speed railway operations and continuous development. The current status of research methods and achievements from the perspectives of standard systems, reliability analysis and safety assessment are examined layer by layer. Additionally, it provides prospects for innovative ideas for exploring the quantitative correlation between EMI and signaling safety.
Findings
Despite certain innovative achievements in both domestic and international standard systems and related research for ensuring and evaluating railway signaling safety, there’s a lack of quantitative and strategic research on the degradation of safety performance in signaling equipment due to EMI. A quantitative correlation between EMI and safety has yet to be established. On this basis, this paper proposes considerations for research methods pertaining to the correlation between EMI and safety.
Originality/value
This paper overviews a series of methods and outcomes derived from domestic and international studies regarding railway signaling safety, encompassing standard systems, reliability analysis and safety assessment. Recognizing the necessity for quantitatively describing and predicting the impact of EMI on high-speed railway signaling safety, an innovative approach using risk assessment techniques as a bridge to establish the correlation between EMI and signaling safety is proposed.
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Armin Mahmoodi, Leila Hashemi, Amin Mahmoodi, Benyamin Mahmoodi and Milad Jasemi
The proposed model has been aimed to predict stock market signals by designing an accurate model. In this sense, the stock market is analysed by the technical analysis of Japanese…
Abstract
Purpose
The proposed model has been aimed to predict stock market signals by designing an accurate model. In this sense, the stock market is analysed by the technical analysis of Japanese Candlestick, which is combined by the following meta heuristic algorithms: support vector machine (SVM), meta-heuristic algorithms, particle swarm optimization (PSO), imperialist competition algorithm (ICA) and genetic algorithm (GA).
Design/methodology/approach
In addition, among the developed algorithms, the most effective one is chosen to determine probable sell and buy signals. Moreover, the authors have proposed comparative results to validate the designed model in this study with the same basic models of three articles in the past. Hence, PSO is used as a classification method to search the solution space absolutelyand with the high speed of running. In terms of the second model, SVM and ICA are examined by the time. Where the ICA is an improver for the SVM parameters. Finally, in the third model, SVM and GA are studied, where GA acts as optimizer and feature selection agent.
Findings
Results have been indicated that, the prediction accuracy of all new models are high for only six days, however, with respect to the confusion matrixes results, it is understood that the SVM-GA and SVM-ICA models have correctly predicted more sell signals, and the SCM-PSO model has correctly predicted more buy signals. However, SVM-ICA has shown better performance than other models considering executing the implemented models.
Research limitations/implications
In this study, the authors to analyze the data the long length of time between the years 2013–2021, makes the input data analysis challenging. They must be changed with respect to the conditions.
Originality/value
In this study, two methods have been developed in a candlestick model, they are raw based and signal-based approaches which the hit rate is determined by the percentage of correct evaluations of the stock market for a 16-day period.
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Nishat Alam Choudhury, Seongtae Kim and M. Ramkumar
The purpose of this research work is to examine the financial effect of supply chain disruptions (SCDs) caused by coronavirus disease 2019 (COVID-19) and how the magnitude of such…
Abstract
Purpose
The purpose of this research work is to examine the financial effect of supply chain disruptions (SCDs) caused by coronavirus disease 2019 (COVID-19) and how the magnitude of such effects depends on event time and space that may moderate the signaling environment for shareholder behaviors during the pandemic.
Design/methodology/approach
This study analyses a sample of 206 SCD events attributed to COVID-19 made by 145 publicly traded firms headquartered in 21 countries for a period between 2020 and 2021. Change in shareholder value is estimated by employing a multi-country event study, followed by estimating the differential effect of SCDs due to the pandemic by event time and space.
Findings
On average, SCDs due to pandemic decrease shareholder value by −2.16%, which is similar to that of pre-pandemic SCDs (88 events for 2018–2019). This negative market reaction remains unchanged regardless of whether stringency measures of the firm's country become more severe. Supply-side disruptions like shutdowns result in a more negative stock market reaction than demand-side disruptions like price hikes. To shareholder value, firm's upstream or downstream position does not matter, but supply chain complexity serves as a positive signal.
Originality/value
This study provides the first empirical evidence on the financial impact of SCDs induced by COVID-19. Combining with signaling theory and event system theory, this study provides a new boundary condition that explains the impact mechanism of SCDs caused by the pandemic.
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Bo Liu, Jingwen Hou, Xiaoping Ma, Mengtong Shi, Sibo Lu and Ruoxuan Wang
Due to the conflicts between left turn traffic and opposite straight-going traffic in urban traffic network, some of the traffic lanes cannot be used to discharge vehicles during…
Abstract
Purpose
Due to the conflicts between left turn traffic and opposite straight-going traffic in urban traffic network, some of the traffic lanes cannot be used to discharge vehicles during its green phases and the intersection capacity can be greatly reduced. This study/paper aims to reduce the effect of conflicts and increase its capacity through the reasonable pre-signal phase time with the exchangeable lanes.
Design/methodology/approach
This paper took into consideration various influence factors to intersection capacity and formulated the capacity optimization model based on 0-1 mixed-integer programming model. This model is efficiently solved by standard branch-and-bound algorithms.
Findings
The authors took an intersection as an example and solved the optimal signal timing and entrance lane capacity via this model. Then, simulations were carried out to verify the effect of the exchangeable lanes strategy of this intersection through the simulation software VISSIM and take the traffic volume and delay as outputs, which indicated that this model has better performance.
Originality/value
The front-end control strategy can not only exploit the full potential of the intersection but also significantly improve the operational efficiency of the intersection. It plays a positive role in improving urban intersection congestion.
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Manju Priya Arthanarisamy Ramaswamy and Suja Palaniswamy
The aim of this study is to investigate subject independent emotion recognition capabilities of EEG and peripheral physiological signals namely: electroocoulogram (EOG)…
Abstract
Purpose
The aim of this study is to investigate subject independent emotion recognition capabilities of EEG and peripheral physiological signals namely: electroocoulogram (EOG), electromyography (EMG), electrodermal activity (EDA), temperature, plethysmograph and respiration. The experiments are conducted on both modalities independently and in combination. This study arranges the physiological signals in order based on the prediction accuracy obtained on test data using time and frequency domain features.
Design/methodology/approach
DEAP dataset is used in this experiment. Time and frequency domain features of EEG and physiological signals are extracted, followed by correlation-based feature selection. Classifiers namely – Naïve Bayes, logistic regression, linear discriminant analysis, quadratic discriminant analysis, logit boost and stacking are trained on the selected features. Based on the performance of the classifiers on the test set, the best modality for each dimension of emotion is identified.
Findings
The experimental results with EEG as one modality and all physiological signals as another modality indicate that EEG signals are better at arousal prediction compared to physiological signals by 7.18%, while physiological signals are better at valence prediction compared to EEG signals by 3.51%. The valence prediction accuracy of EOG is superior to zygomaticus electromyography (zEMG) and EDA by 1.75% at the cost of higher number of electrodes. This paper concludes that valence can be measured from the eyes (EOG) while arousal can be measured from the changes in blood volume (plethysmograph). The sorted order of physiological signals based on arousal prediction accuracy is plethysmograph, EOG (hEOG + vEOG), vEOG, hEOG, zEMG, tEMG, temperature, EMG (tEMG + zEMG), respiration, EDA, while based on valence prediction accuracy the sorted order is EOG (hEOG + vEOG), EDA, zEMG, hEOG, respiration, tEMG, vEOG, EMG (tEMG + zEMG), temperature and plethysmograph.
Originality/value
Many of the emotion recognition studies in literature are subject dependent and the limited subject independent emotion recognition studies in the literature report an average of leave one subject out (LOSO) validation result as accuracy. The work reported in this paper sets the baseline for subject independent emotion recognition using DEAP dataset by clearly specifying the subjects used in training and test set. In addition, this work specifies the cut-off score used to classify the scale as low or high in arousal and valence dimensions. Generally, statistical features are used for emotion recognition using physiological signals as a modality, whereas in this work, time and frequency domain features of physiological signals and EEG are used. This paper concludes that valence can be identified from EOG while arousal can be predicted from plethysmograph.
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This paper aims to provide empirical evidence on the extent of alteration institutional characteristics, i.e. legal origin and corruption levels, may have on the signaling effects…
Abstract
Purpose
This paper aims to provide empirical evidence on the extent of alteration institutional characteristics, i.e. legal origin and corruption levels, may have on the signaling effects of auditors’ reputation, underwriters’ reputation and ownership retention on initial public offering (IPO) initial returns in OECD countries.
Design/methodology/approach
Cross-sectional data composed of 6,182 IPOs from 30 OECD countries are used for 2003-2012. Ordinary least square with multiple linear regressions is used to test the hypotheses.
Findings
The findings indicate that the legal framework and corruption level of a country alters the signaling effects of underwriters’ reputation, auditors’ reputation and ownership retention in an IPO environment. These three variables mitigate information asymmetry, signal firm value to potential investors and ultimately decrease IPO initial returns. This relationship is more significant in the civil law countries. Corruption levels negatively moderate the relationship in the common law and Scandinavian civil law countries but have no significance in the German and French civil law countries, indicating the importance of the signaling variables in these two civil law countries.
Originality/value
This study examines the extent of the alterations that the legal framework and the corruption levels cause to the signaling relationship between auditors’ reputation, underwriters’ reputation and ownership retention on IPO initial returns in selected OECD countries.
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Xuejun Zhao, Yong Qin, Hailing Fu, Limin Jia and Xinning Zhang
Fault diagnosis methods based on blind source separation (BSS) for rolling element bearings are necessary tools to prevent any unexpected accidents. In the field application, the…
Abstract
Purpose
Fault diagnosis methods based on blind source separation (BSS) for rolling element bearings are necessary tools to prevent any unexpected accidents. In the field application, the actual signal acquisition is usually hindered by certain restrictions, such as the limited number of signal channels. The purpose of this study is to fulfill the weakness of the existed BSS method.
Design/methodology/approach
To deal with this problem, this paper proposes a blind source extraction (BSE) method for bearing fault diagnosis based on empirical mode decomposition (EMD) and temporal correlation. First, a single-channel undetermined BSS problem is transformed into a determined BSS problem using the EMD algorithm. Then, the desired fault signal is extracted from selected intrinsic mode functions with a multi-shift correlation method.
Findings
Experimental results prove the extracted fault signal can be easily identified through the envelope spectrum. The application of the proposed method is validated using simulated signals and rolling element bearing signals of the train axle.
Originality/value
This paper proposes an underdetermined BSE method based on the EMD and the temporal correlation method for rolling element bearings. A simulated signal and two bearing fault signal from the train rolling element bearings show that the proposed method can well extract the bearing fault signal. Note that the proposed method can extract the periodic fault signal for bearing fault diagnosis. Thus, it should be helpful in the diagnosis of other rotating machinery, such as gears or blades.
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Mingjie Hao, Yiming Bie, Le Zhang and Chengyuan Mao
The purpose of this paper is to develop a dynamic control method to improve bus schedule adherence under connected bus system.
Abstract
Purpose
The purpose of this paper is to develop a dynamic control method to improve bus schedule adherence under connected bus system.
Design/methodology/approach
The authors developed a dynamic programming model that optimally schedules the bus operating speed at road sections and multiple signal timing plans at intersections to improve bus schedule adherence. First, the bus route was partitioned into three types of sections: stop, road and intersection. Then, transit agencies can control buses in real time based on all collected information; i.e. control bus operating speed on road sections and adjust the signal timing plans through signal controllers to improve the schedule adherence in connected bus environment. Finally, bus punctuality at the downstream stop and the saturation degree deviations of intersections were selected as the evaluation criteria in optimizing signal control plans and bus speeds jointly.
Findings
An illustrative case study by using a bus rapid transit line in Jinan city was performed to verify the proposed model. It revealed that based on the proposed strategy, the objective value could be reduced by 73.7%, which indicated that the punctuality was highly improved but not to incur excessive congestion for other vehicular traffic.
Originality/value
In this paper, the authors applied speed guidance and the adjustment of the signal control plans for multiple cycles in advance to improve the scheduled stability; furthermore, the proposed control strategy can reduce the effect on private traffics to the utmost extend.
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