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Article
Publication date: 11 February 2020

Kristian Pentus, Kerli Ploom, Tanel Mehine, Madli Koiv, Age Tempel and Andres Kuusik

This paper aims to test the similarity of the results of on-screen eye tracking compared to mobile eye tracking in the context of first fixation location on stimuli.

Abstract

Purpose

This paper aims to test the similarity of the results of on-screen eye tracking compared to mobile eye tracking in the context of first fixation location on stimuli.

Design/methodology/approach

Three studies were conducted altogether with 117 participants, where the authors compared both methods: stationary eye tracking (Tobii Pro X2-60) and mobile eye tracking (Tobii Pro Glasses 2).

Findings

The studies revealed that the reported average first fixation locations from stationary and mobile eye tracking are different. Stationary eye tracking is more affected by a centre fixation bias. Based on the research, it can be concluded that stationary eye tracking is not always suitable for studying consumer perception and behaviour because of the centre viewing bias.

Research limitations/implications

When interpreting the results, researchers should take into account that stationary eye tracking results are affected by a centre fixation bias. Previous stationary eye tracking research should be interpreted with the centre fixation bias in mind. Some of this previous work should be retested using mobile eye tracking. If possible small-scale pilot studies should be included in papers to show that the more appropriate method, less affected by attention biases, was chosen.

Practical implications

Managers should trust research where the ability of package design to attract attention on a shelf is tested using mobile eye tracking. The authors suggest using mobile eye tracking to optimise store shelf planograms, point-of-purchase materials, and shelf layouts. In package design, interpretations of research using stationary eye tracking should consider its centre fixation bias. Managers should also be cautious when interpreting previous stationary eye tracking research (both applied and scientific), knowing that stationary eye tracking is more prone to a centre fixation bias.

Originality/value

While eye tracking research has become more and more popular as a marketing research method, the limitations of the method have not been fully understood by the field. This paper shows that the chosen eye tracking method can influence the results. No such comparative paper about mobile and stationary eye tracking research has been done in the marketing field.

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Article
Publication date: 6 August 2018

Ajid ur Rehman

This study aims to apply unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing…

Abstract

Purpose

This study aims to apply unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing theories of capital structure.

Design/methodology/approach

This study applies unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing theories of capital structure. Trade off theory advocates that firms have a target level of leverage ratio and that firms try to achieve that optimal leverage ratio, whereas pecking order theory argues that firms have no target level of leverage and that they follow a specific pattern of leverage. For this purpose, this study applies a Fisher type unit root test to 12,808 firm level observations. The data are unbalanced and cover a period from 1991 to 2014.

Findings

The results reveal the presence of a stationary behavior across short-term, long-term and total leverage policies. For short-term leverage policy, 21 per cent firms show stationary behavior, while for long-term, 20 per cent show a targeting behavior; for the total leverage policy 17 per cent of firms are found to follow a tradeoff model. To make the findings more interesting sample was further classified into profit and loss making firms. The study finds that loss making firms do not follow a target level of leverage in China. Furthermore, unit root is applied to all firms before and after crises-2008. It is revealed that stationary behavior is more prevalent before crises-2008.

Originality/value

This study is highly important from the point of view that it quantifies firms into distinct categories of following specific model of capital structure. To the best of the author’s knowledge, the findings of this study add to current research knowledge about Chinese firms with respect to adjustment behavior toward a target capital structure.

Details

Journal of Asia Business Studies, vol. 12 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

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Article
Publication date: 1 April 2008

A. Bezuidenhout, C. Mlambo and W.D. Hamman

In financial analysis, forecasting often involves regressing one time series variable on another. However, to ensure that the models are correctly specified, one needs to…

Abstract

In financial analysis, forecasting often involves regressing one time series variable on another. However, to ensure that the models are correctly specified, one needs to first test for stationarity, co‐integration and causality. In testing for causality, the variables should be stationary. If non‐stationary, one can estimate the model in difference form, unless the variables are co‐integrated. This article determines whether cash flow and earnings variables are stationary, and which variable causes the other, using econometric analysis. In most cases, cash flow variables are found to cause earnings variables. This is so when the models are estimated in levels. However, when estimated in first differences, the causal relationship tends to be reversed such that earnings cause cash flows. Further study is recommended, whereby panel data could be used to improve the power of the tests.

Details

Meditari Accountancy Research, vol. 16 no. 1
Type: Research Article
ISSN: 1022-2529

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Article
Publication date: 29 August 2019

Vivekanand Venkataraman, Syed Usmanulla, Appaiah Sonnappa, Pratiksha Sadashiv, Suhaib Soofi Mohammed and Sundaresh S. Narayanan

The purpose of this paper is to identify significant factors of environmental variables and pollutants that have an effect on PM2.5 through wavelet and regression analysis.

Abstract

Purpose

The purpose of this paper is to identify significant factors of environmental variables and pollutants that have an effect on PM2.5 through wavelet and regression analysis.

Design/methodology/approach

In order to provide stable data set for regression analysis, multiresolution analysis using wavelets is conducted. For the sampled data, multicollinearity among the independent variables is removed by using principal component analysis and multiple linear regression analysis is conducted using PM2.5 as a dependent variable.

Findings

It is found that few pollutants such as NO2, NOx, SO2, benzene and environmental factors such as ambient temperature, solar radiation and wind direction affect PM2.5. The regression model developed has high R2 value of 91.9 percent, and the residues are stationary and not correlated indicating a sound model.

Research limitations/implications

The research provides a framework for extracting stationary data and other important features such as change points in mean and variance, using the sample data for regression analysis. The work needs to be extended across all areas in India and for various other stationary data sets there can be different factors affecting PM2.5.

Practical implications

Control measures such as control charts can be implemented for significant factors.

Social implications

Rules and regulations can be made more stringent on the factors.

Originality/value

The originality of this paper lies in the integration of wavelets with regression analysis for air pollution data.

Details

International Journal of Quality & Reliability Management, vol. 36 no. 10
Type: Research Article
ISSN: 0265-671X

Keywords

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Article
Publication date: 30 September 2014

Xin Shen and Mark J. Holmes

– This paper investigates whether mean reversion holds for a panel of 16 OECD stock price indices for the period 1970 to 2011.

Abstract

Purpose

This paper investigates whether mean reversion holds for a panel of 16 OECD stock price indices for the period 1970 to 2011.

Design/methodology/approach

We employ seemingly unrelated regression (SUR)-based linear and non-linear unit root tests which are not only able to exploit the power of panel data analysis but also account for cross sectional dependencies as well as identify which panel members are stationary.

Findings

In contrast to a literature that offers mixed findings on stationarity, it was found that most of our sample is characterized as mean- or trend-reverting with approximated half-lives in the region of three to five years.

Originality/value

In contrast to other panel unit root tests of stock prices, the authors identify which individual panel members are stationary and non-stationary using a SURADF test. A further novelty of our approach is that we also develop a SUR-based panel KSS test that allows us to explore the possibility that stock prices exhibit non-linear stationarity.

Details

Studies in Economics and Finance, vol. 31 no. 4
Type: Research Article
ISSN: 1086-7376

Keywords

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Article
Publication date: 8 October 2018

Harold Glenn A. Valera, Mark J. Holmes and Gazi M. Hassan

The purpose of this paper is to consider whether or not the introduction of inflation targeting (IT) impacts on the mean-reversion properties of inflation and output growth.

Abstract

Purpose

The purpose of this paper is to consider whether or not the introduction of inflation targeting (IT) impacts on the mean-reversion properties of inflation and output growth.

Design/methodology/approach

Focusing on eight Asian countries of which four are inflation-targeters, the authors employ a two-state Markov-switching model which characterizes the behavior of inflation and output growth as regime-dependent based on periods of stationarity or non-stationarity.

Findings

In contrast to a literature that offers mixed findings, the authors find the presence of stationary inflation and output growth in one regime for all IT countries, except for South Korea which is characterized by stationary output growth in both regimes. In the cases of South Korea and Thailand, IT reduces the probability of inflation remaining in a non-stationary regime. IT increases the probability of South Korea remaining in a regime of low persistence output growth. While IT is important in understanding behavior, so are other considerations such as exchange rate volatility, as well as the Asian and global financial crises.

Originality/value

In contrast to other unit root tests of inflation and output growth, a novelty of the approach is that the authors obtain new insights in terms of two concepts of stationarity that allow for inflation and output growth to switch between stationary and non-stationary regimes (partial stationarity), or between stationary regimes of differing degrees of persistence (varied stationarity).

Details

Journal of Economic Studies, vol. 45 no. 5
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 February 2002

R.D. Rossiter

Following Clarida and Taylor, the term structure of forward exchange premiums can be interpreted as multiple cointegration vectors, if it is assumed that departures from…

Abstract

Following Clarida and Taylor, the term structure of forward exchange premiums can be interpreted as multiple cointegration vectors, if it is assumed that departures from the risk‐neutral efficient markets hypothesis are stationary. This hypothesis is tested using spot rates and one‐month and three‐month forward rates for six European countries during the 1920s floating rate era. Beginning in late 1924, speculation about a return to gold may have resulted in a non‐stationary forward premium. However, except for this speculative period, the term structure of forward premiums was stationary for three currencies. Thus the empirical results presented are broadly consistent with the analysis of Taylor and McMahon, MacDonald and Taylor and Miller and Sutherland.

Details

Journal of Economic Studies, vol. 29 no. 1
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 12 September 1997

Carlos F. Daganzo

Abstract

Details

Fundamentals of Transportation and Traffic Operations
Type: Book
ISBN: 978-0-08-042785-0

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Article
Publication date: 2 October 2020

Cheng Chen and Honghua Wang

Stimulated by previous reference, which proposed making straight line of regression to test gear gravimetric wear loss sequence distribution, this paper aims to propose…

Abstract

Purpose

Stimulated by previous reference, which proposed making straight line of regression to test gear gravimetric wear loss sequence distribution, this paper aims to propose using straight line of regression to fit gear gravimetric wear loss sequence based on stationary random process suppose. Faced to that the stationary random sequence suppose had not been proved by previous reference, and that prediction did not present high precision, this paper proposes a method of fitting non-stationary random process probability distribution function.

Design/methodology/approach

Firstly, this paper proposes using weighted sum of Gauss items to fit zero-step approximate probability density. Secondly, for the beginning, this paper uses the method with few Gauss items under low precision. With the amount of points increasing, this paper uses more Gauss items under higher precision, and some Gauss items and some former points are deleted under precision condition. Thirdly, for particle swarm optimization with constraint problem, this paper proposed improved method, and the stop condition is under precision condition.

Findings

In experiment data analysis section, gear wear loss prediction is done by the method proposed by this paper. Compared with the method based on the stationary random sequence suppose by prediction relative error, the method proposed by this paper lowers the relative error whose absolute values are more than 5%, except when the current point sequence number is 2, and retains the relative error, whose absolute values are lower than 5%, still lower than 5%.

Originality/value

Finally, the method proposed by this paper based on non-stationary random sequence suppose is proved to be the better method in gear gravimetric wear loss prediction.

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Article
Publication date: 17 May 2013

Patrik Jonsson and Stig-Arne Mattsson

The development of information technology has made it possible for companies to get access to information about their customers ' future demand. This paper…

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Abstract

Purpose

The development of information technology has made it possible for companies to get access to information about their customers ' future demand. This paper outlines various approaches to utilize this kind of visibility when managing inventories of end products on an operative level. The purpose is to explain the consequences, for capital tied up in inventory, of sharing four different types of planning information (point-of-sales data, customer forecasts, stock-on-hand data, planned orders) when using re-order point (R,Q) inventory control methods in a distribution network.

Design/methodology/approach

A simulation study based on randomly generated demand data with a compound Poisson type of distribution is conducted.

Findings

The results show that the value of information sharing in operative inventory control varies widely depending on the type of information shared, and depending on whether the demand is stationary or not. Significantly higher value is achieved if the most appropriate types of information sharing are used, while other types of information sharing rather contribute to decreased value. Sharing stock-on-hand information is valuable with stationary demand. Customer forecast and planned order information are valuable with non-stationary demand. The value of information sharing increases when having fewer customers, and when the order quantities are large. Sharing point-of-sales data is not valuable, regardless of the demand type.

Research limitations/implications

The use of simulation methodology is a limitation, because the study has to be limited to a specific model design, and because it is not based on primary empirical data. The study is especially limited to dyadic relationships in supply chains, and to distribution networks with a rather limited number of customers.

Practical implications

Guidance is given about what type of information should be appropriate to share when different types of demand patterns and distribution networks, and how order batch sizes and lead times affect the value of information sharing when using re-order point (R,Q) methods.

Originality/value

Very limited research providing specific assessments of potential inventory control consequences when sharing planning information in various contexts has been found in the literature. The findings and conclusions also question some previous research on information sharing.

Details

International Journal of Physical Distribution & Logistics Management, vol. 43 no. 4
Type: Research Article
ISSN: 0960-0035

Keywords

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