Search results

In software development (SD), practitioners have realized the importance of lean thinking. A new term “Leagile” is coined, which is an integrated approach of traditional lean and agile thinking to managing the operations. The study aims to investigate the application of the Leagile principles in a new sector and establish a relationship between the adoption of Leagile approach and operational performance (OP) in SD organizations.

Empirical research is conducted to investigate the linkage between the Leagile principles and operational measures. Data is collected through surveys from 256 SD industries located in 11 states of India and analysed using the structural equation modelling approach.

The practitioners envisage a positive impact of adoption of Leagile principles on OP of SD organizations, but one of the principles, i.e. perfection, is unable to influence the performance.

The study contributes by authorizing the contribution of Leagile principles towards OP of SD organizations. The outcomes will motivate the practitioners to enhance the adoption of Leagile principles in SD organizations.

The authors explore the relationship between the exchange rate, bond yield and the stock market as well as the effect of capital market dynamics on the exchange rate before and during the COVID-19 pandemic.

The authors employ a non-linear autoregressive distributed lag (NARDL) methodology using daily data of the Indonesian economy over the period 2012–2021.

Whilst, over the full sample period, the authors find no cointegration between the exchange rate, the 10-year bond yield and stock market, for the COVID-19 period, evidence of cointegration is present. Furthermore, the results suggest that asymmetric effects are evident both in the short as well as the long run.

To the best of the authors’ knowledge, this is the first time that the relationship between the exchange rate, bond yield and the stock market as well as the effect of capital market dynamics on the exchange rate before and during the COVID-19 pandemic has been explored in the case of the Indonesian economy.

This paper investigates the predictive impact of Financial Stress on hedging between the oil market and the GCC stock and bond markets from January 1, 2007, to December 31, 2020. The authors also compare the hedging performance of in-sample and out-of-sample analyses.

For the modeling purpose, the authors combine the GARCH-BEKK model with the machine learning approach to predict the transmission of shocks between the financial markets and the oil market. The authors also examine the hedging performance in order to obtain well-diversified portfolios under both Financial Stress cases, using a One-Dimensional Convolutional Neural Network (1D-CNN) model.

According to the results, the in-sample analysis shows that investors can use oil to hedge stock markets under positive Financial Stress. In addition, the authors prove that oil hedging is ineffective in reducing market risks for bond markets. The out-of-sample results demonstrate the ability of hedging effectiveness to minimize portfolio risk during the recent pandemic in both Financial Stress cases. Interestingly, hedgers will have a more efficient hedging performance in the stock and oil market in the case of positive (negative) Financial Stress. The findings seem to be confirmed by the Diebold-Mariano test, suggesting that including the negative (positive) Financial Stress in the hedging strategy displays better out-of-sample performance than the in-sample model.

This study improves the understanding of the whole sample and positive (negative) Financial Stress estimates and forecasts of hedge effectiveness for both the out-of-sample and in-sample estimates. A portfolio strategy based on transmission shock prediction provides diversification benefits.

This paper aims to investigate the bonding of the photonic integrated circuit (PIC) chip with the heat sink using the AlNi self-propagating soldering method.

Compared to industrial optical modules, optical modules for aerospace applications require better reliability and stability, which is hard to achieve via the dispensing adhesive process that is used for traditional industrial optical modules. In this paper, 25 µm SAC305 solder foils and the AlNi nanofoil heat source were used to bond the back of the PIC chip with the heat sink. The temperature field and temperature history were analyzed by the finite element analysis (FEA) method. The junction-to-case thermal resistance is 0.0353°C/W and reduced by 85% compared with the UV hybrid epoxy joint.

The self-propagating reaction ends within 2.82 ms. The maximum temperature in the PIC operating area during the process is 368.5°C. The maximum heating and cooling rates of the solder were 1.39 × 107°C/s and −5.15 × 106°C/s, respectively. The microstructure of SAC305 under self-propagating reaction heating is more refined than the microstructure of SAC305 under reflow. The porosity of the heat sink-SAC305-PIC chip self-propagating joint is only 4.7%. Several metastable phases appear as AuSn3.4 and AgSn3.

A new bonding technology was used to form the bonding between the PIC chip with the heat sink for the aerospace optical module. The reliability and thermal resistance of the joint are better than that of the UV hybrid epoxy joint.

When the reinforced concrete beams are reinforced by bonding steel plates to the bottom, excessive use of steel plates will make the reinforced concrete beams become super-reinforced beams, and there are security risks in the actual use of super-reinforced beams. In order to avoid the occurrence of this situation, the purpose of this paper is to study the calculation method of the maximum number of bonded steel plates to reinforce reinforced concrete beams.

First of all, when establishing the limit failure state of the reinforced member, this paper comprehensively considers the role of the tensile steel bar and steel plate and takes the load effect before reinforcement as the negative contribution of the maximum number of bonded steel plates that can be used for reinforcement. Through the definition of the equivalent tensile strength, equivalent elastic modulus and equivalent yield strain of the tensile steel bar and steel plate, a method to determine the relative limit compression zone height of the reinforced member is obtained. Second, based on the maximum ratio of (reinforcement + steel plate), the relative limit compression zone height and the equivalent tensile strength of the tensile steel bar and steel plate of the reinforced member, the calculation method of the maximum number of bonded steel plates is derived. Then, the static load test of the test beam is carried out and the corresponding numerical model is established, and the reliability of the numerical model is verified by comparison. Finally, the accuracy of the calculation method of the maximum number of bonded steel plates is proved by the numerical model.

The numerical simulation results show that when the steel plate width is 800 mm and the thickness is 1–4 mm, the reinforced concrete beam has a delayed yield platform when it reaches the limit state, and the failure mode conforms to the basic stress characteristics of the balanced-reinforced beam. When the steel plate thickness is 5–8 mm, the sudden failure occurs without obvious warning when the reinforced concrete beam reaches the limit state. The failure mode conforms to the basic mechanical characteristics of the super-reinforced beam failure, and the bending moment of the beam failure depends only on the compressive strength of the concrete. The results of the calculation and analysis show that the maximum number of bonded steel plates for reinforced concrete beams in this experiment is 3,487 mm². When the width of the steel plate is 800 mm, the maximum thickness of the steel plate can be 4.36 mm. That is, when the thickness of the steel plate, the reinforced concrete beam is still the balanced-reinforced beam. When the thickness of the steel plate, the reinforced concrete beam will become a super-reinforced beam after reinforcement. The calculation results are in good agreement with the numerical simulation results, which proves the accuracy of the calculation method.

This paper presents a method for calculating the maximum number of steel plates attached to the bottom of reinforced concrete beams. First, based on the experimental research, the failure mode of reinforced concrete beams with different number of steel plates is simulated by the numerical model, and then the result of the calculation method is compared with the result of the numerical simulation to ensure the accuracy of the calculation method of the maximum number of bonded steel plates. And the study does not require a large number of experimental samples, which has a certain economy. The research result can be used to control the number of steel plates in similar reinforcement designs.

This chapter investigates the cost of public debt for firms using a comprehensive sample consisting of 17,368 industrial bond issues from 1970 to 2011. The empirical evidence shows that yield spreads for seasoned bond issues are significantly lower than those for initial bond issues. This seasoning effect is robust across different sample periods, subsamples, and model specifications. On average, the yield spreads for seasoned bond issues are around 50 bps lower than those for initial bond issues. This difference cannot be explained by other bond and firm characteristics. The seasoning effect is more pronounced for firms with higher levels of uncertainty, lower information disclosure quality, and longer time intervals between the first and subsequent issues. Our empirical findings provide supportive evidence for the extant theories that aim to rationalize the information role in determining the cost of capital.

This paper aims to examine the effects of investor sentiment on the development of the real estate corporate bond market in Vietnam.

The research uses an autoregressive distributed lag (ARDL) model with quarterly data. Additionally, the study employs Google Trends search data (GVSI) related to topics such as “Real Estate” and “Corporate Bond” to construct a sentiment index.

The empirical outcomes reveal that real estate market sentiment improves the growth of the real estate corporate bond market, while stock market sentiment reduces it. Also, there is evidence of a long-run negative effect of corporate bond market sentiment on the total value of real estate bond issuance. Further empirical research evidences the short-term effect of sentiment and economic factors on corporate bond development in the real estate industry.

Due to difficulties in collecting data, this paper has the limited sample of 54 valid quarterly observations. Moreover, the sentiment index based on Google search volume data only reflects the interest level of investors, not their attitudes.

These results yield important implications for policymakers in respect of strengthening the corporate bond market platform and maintaining stability in macroeconomic and monetary policies in order to promote efficient and sustainable market development.

The study offers some suggestions for regulators and governments to improve the real estate corporate bond market.

This is the first quantitative study to examine the effect of sentiment factors on real estate corporate bond development in Vietnam.

This study aims to investigate the impact of pollution control bonds (PCBs) on overinvestment within utility firms.

This empirical study analyzes a data set comprising 215 US energy firms observed from 2011 to 2021, using the ordinary least square regression with standard errors adjusted for firm-level clustering.

The study reveals a negative relationship between PCBs and overinvestment, indicating that PCBs are an effective tool in curbing excessive investment. Additionally, it demonstrates that chief executive officer (CEO) overconfidence diminishes the influence of PCBs on overinvestment. These findings remain robust across various metrics for measuring overinvestment and CEO overconfidence, as well as when alternative estimation methods are used. These results align with insights derived from agency theory and upper echelon theories.

Regulators are encouraged to actively promote the use of PCBs as a financing tool for environmentally focused initiatives. To achieve this, regulatory bodies should enhance their presence within the utility sector, particularly in regions grappling with higher pollution levels. This requires the implementation of strategic policies and regulatory frameworks aimed at mitigating excessive investments. Simultaneously, policymakers should take proactive measures to introduce financial instruments designed to optimize investment efficiency, thus facilitating eco-friendly projects.

To the best of the authors’ knowledge, this paper holds the distinction of being the first to examine the impact of a specific type of green bond, namely, PCBs, on overinvestment. Furthermore, it contributes to the literature on personality traits, particularly within the context of the upper echelon theory, by investigating the moderating influence of CEO overconfidence.

Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.

The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.

Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.

For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.

The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.

This study aims to conduct an empirical investigation to assess the hedge, diversifier and safe-haven properties of different environmental, social and governance (ESG) assets (i.e. green bonds and ESG equity index) vis-à-vis conventional investments (namely, equity index, gold and commodities).

The authors examine the sample period 2007–2021 using the bivariate cross-quantilogram (CQG) analysis and a dynamic conditional correlation (DCC) multivariate generalized autoregressive conditional heteroskedasticity (GARCH) experiment with several extensions.

The evidence shows that the analyzed ESG investments exhibit mainly diversifying features depending on the asset class taken as a reference, with some potential hedging/safe-haven qualities (for the green bond) in peculiar timespans. Therefore, the results suggest that investors might consider sustainable investing as a new measure of risk reduction, which has interesting implications for both portfolio allocation and policy design.

To the best of the authors’ knowledge, this study is the first that empirically investigates at once the dependence between different ESG investments (i.e. equity and green bond) with different conventional investments such as gold, equity and commodity market indices over a large sample period (2007–2021). Well-suited methodologies like the bivariate CQG and the DCC multivariate GARCH are used to capture the spillover effect and the hedging/diversifying nature, even in temporary contexts. Finally, a global perspective is used.