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Article
Publication date: 19 July 2019

Sanjib Guha and Niazur Rahim

US corporations are now sitting on an enormous stockpile of cash. Instead of investing their resources and creating jobs, the firms are holding on to excess cash…

Abstract

Purpose

US corporations are now sitting on an enormous stockpile of cash. Instead of investing their resources and creating jobs, the firms are holding on to excess cash. Academicians and practitioners alike have tried to fathom the reasons why companies are holding on to so much cash. Numerous studies have talked about the various motives for holding cash. Many researchers have tried to correlate excess cash holding with particular firm characteristics. The purpose of this paper is to study the correlations that exist between excess cash holding and some measurable managerial characteristics.

Design/methodology/approach

Four different measures of managerial horizon (MH) were constructed. The first two constructs (MH1 and MH2) are based on the CEO’s age and how long he has been the CEO of the company. The next two constructs (MH3 and MH4) are based on compensation, proportion of current compensation and proportion of future compensation. This paper tries to examine if MH has any impact on excess cash holding.

Findings

The results clearly show that the CEO age and the proportion of CEO’s compensation (current and future) do determine level of cash holding in the company. Younger CEOs hold more cash compared to older CEOs. Older CEOs hold less cash suggesting that as CEOs grow older they might be motivated by the idea of leaving a long lasting legacy. CEOs who receive more of their compensation in future payments also hold on to more cash, whereas CEOs who receive more of their compensation in current payments hold less cash.

Originality/value

There is no previous literature dealing with MH and cash holding by corporations.

Details

Managerial Finance, vol. 45 no. 8
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 19 June 2017

Ta Na, Nobuo Funabiki, Khin Khin Zaw, Nobuya Ishihara, Shinpei Matsumoto and Wen-Chung Kao

To advance Java programming educations, the authors have developed a Java Programming Learning Assistant System (JPLAS) as a web application system. JPLAS provides…

Abstract

Purpose

To advance Java programming educations, the authors have developed a Java Programming Learning Assistant System (JPLAS) as a web application system. JPLAS provides fill-in-blank problems for novices to study the grammar and basic programming skills through code reading.

Design/methodology/approach

To select the blank elements with grammatically correct and unique answers from a given Java code, the authors have proposed the graph-based blank element selection algorithm. Then, the code for this problem should be highly readable to encourage novice students to study it. Because code readability can be improved by proper names for identifiers, the authors have also proposed the naming rule testing algorithm to identify codes with correct names.

Findings

In this paper, the authors present a fill-in-blank problem workbook by collecting suitable Java codes from textbooks and Web sites and applying these algorithms with several extensions. The workbook consists of 16 categories with a considerable number of problems that follow the conventional learning order of Java programming.

Originality/value

The proper set of ready-made fill-in-blank problems is effective in enhancing the usability of JPLAS both for teachers and students. For the preliminary evaluation, the authors assign a few problems to students. In coming semesters, the authors will use this workbook in the course to verify the adequacy of the proposal for novices.

Details

International Journal of Web Information Systems, vol. 13 no. 2
Type: Research Article
ISSN: 1744-0084

Keywords

Article
Publication date: 1 December 2005

Roland Füss and Frank Herrmann

This study presents an investigation of the long and short‐term co‐movements between different hedge fund strategy indices and the stock markets of France, Germany, Japan…

1145

Abstract

This study presents an investigation of the long and short‐term co‐movements between different hedge fund strategy indices and the stock markets of France, Germany, Japan, North America and the UK. To analyse relationships among these price indices, the EngleGranger methodology, based on bivariate testing for cointegration, and correlation analysis are conducted. The question of long‐term dependence instead of short‐term consideration is of particular interest, because portfolio optimization is based upon the cointegration of prices, rather than the correlation of returns. However, as is generally known, there is an information loss when returns are used instead of prices. Results indicate that there exists no station ary, long‐term relationship between the two as set groups. The overall suggestion is that opportunities exist to diversify an international portfolio by taking hedge funds into account. Moreover, this applies not only in terms of a limited time period, but also in the long‐run. Besides this main result, the augmented Dickey‐Fuller test statistics for cointegration residuals show quite different behaviour in comparison to the correlation co efficients. The values of the test statistics show that there seems to be a weaker tendency towards long‐term interrelation between hedge fund strategies and the US stock market. This applies even though average correlation co efficients among these assets exceed those of other combinations between stock and hedge fund indices.

Details

Managerial Finance, vol. 31 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 9 July 2018

Amitava Roy

A persistent and increasing pattern in cash holdings was notable in the aggregate behaviour of Indian corporations around the period from 2007–2008 to 2012–2013. Extant…

Abstract

A persistent and increasing pattern in cash holdings was notable in the aggregate behaviour of Indian corporations around the period from 2007–2008 to 2012–2013. Extant literature suggests that agency conflicts and financing frictions are important determinants of cash holdings. In this chapter the author aims to shed light on the role of corporate governance (CG) in the determination of cash holdings and examined how ownership structure, board and audit-related attributes (used as proxies for the nature of CG) impact cash holdings in the context of an emerging economy, like India. The author employed four different measures of cash and liquidity and 24 structural indicators of CG. Using principal component analysis, the author offers an exploratory inquiry into the dimensions of CG. Thereafter, multiple regression was used to delve into the association between cash holdings (the dependent variable) and CG. Using a sample of 58 top-listed companies the results revealed that the quality of firm-level CG is important in deciding corporate cash holdings. The author reported that firms with stronger CG tend to reduce cash balances and have higher capital expenditures, while in firms with entrenched managers having high cash reserves invest more in current assets. Firms also hold cash for financial flexibility and to take advantage of strategic opportunities as they present themselves. Parallel to this point is the fact that larger balances help firms to avoid uncertainty and hedge themselves against the difficulty of accessing external funds.

Details

Governance and Regulations’ Contemporary Issues
Type: Book
ISBN: 978-1-78743-815-6

Keywords

Article
Publication date: 10 June 2021

Chunxiao Jiao, Jianghai Xu, Donglin Zou, Na Ta and Zhushi Rao

The purpose of this paper is to study the flow field characteristics of the micro-scale textured bearing surfaces using the lattice Boltzmann method based on the…

Abstract

Purpose

The purpose of this paper is to study the flow field characteristics of the micro-scale textured bearing surfaces using the lattice Boltzmann method based on the microscopic dynamics of the fluid.

Design/methodology/approach

Considering the inertia effects and the micro-scale effects, the models of a single micro-scale texture unit cell with different shapes and different film thickness ratios are established. The influence of pressure difference between inlet and outlet of the unit cell on flow characteristics is studied.

Findings

The surface pressure distribution, flow patterns and pressure contours in the flow field are obtained. The results reveal that the pressure difference has a significant influence on the characteristics of the micro-textured flow field.

Originality/value

The results have certain guiding significance for further step investigation on microscopic lubrication mechanism of the water-lubricated polymer bearings.

Details

Industrial Lubrication and Tribology, vol. 73 no. 5
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 26 November 2018

Fangrui Lv, Chunxiao Jiao, Donglin Zou, Na Ta and Zhu-shi Rao

The purpose of this paper is to analyze the lubrication behavior of misaligned water-lubricated polymer bearings with axial grooves.

Abstract

Purpose

The purpose of this paper is to analyze the lubrication behavior of misaligned water-lubricated polymer bearings with axial grooves.

Design/methodology/approach

A lubrication model considering journal misalignment, bush deformation and grooves is established. In dynamic analyses of shaft systems, bearings are usually simplified as supporting points. Thus, an approach for solving the equivalent supporting point location is presented. The influence of misalignment angle and groove number on film thickness, hydrodynamic pressure distribution, load-carrying capacity and ESP location is investigated.

Findings

As the misalignment angle increases, the location of the maximum pressure and ESP are shifted toward the down-warping end, and the load-carrying capacity of the bearing decreases. In comparison to the nine-groove bearing, the six grooves bearing has a higher load-carrying capacity and the ESP is located closer to the down-warping end for an equivalent misalignment angle.

Practical implications

The results of this study can be applied to marine propeller shaft systems and other systems with misaligned bearings.

Originality/value

A study on the lubrication behavior of misaligned water-lubricated polymer bearings with axial grooves is of significant interest to the research community.

Details

Industrial Lubrication and Tribology, vol. 71 no. 3
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 11 April 2016

Zhongliang Xie, Zhu-shi Rao, Na Ta and Ling Liu

As the companion paper of Part I, this paper aims to get more insight into the essence of lambda and to reveal its nature and role in the transition of lubrication states…

Abstract

Purpose

As the companion paper of Part I, this paper aims to get more insight into the essence of lambda and to reveal its nature and role in the transition of lubrication states. Mixed lubrication (ML) model with micro-asperities contacts has been discussed in details in Part I.

Design/methodology/approach

Mimetic algorithm is used to get numerical solutions. Relationships between film thickness ratios and lubrication states transition with different external loads, rotating speeds, radial clearances, elastic modulus, surface hardness and roughness parameters are obtained.

Findings

The characteristic parameters of transitions from boundary lubrication (BL) to ML and ML to hydrodynamic lubrication (HL) are studied to determine how these parameters change with above factors. Finally, the essence and major influencing factors of lambda are summarized for such bearings.

Originality/value

In Part II, the authors believe that the paper presents for the first time: further insight into the essence of the lambda ratio, and its role in the lubrication states transition are given; the determinations of the characteristic parameters of transition from BL to ML and ML to HL are investigated for the first time; the characteristic parameters of transitions from BL to ML and ML to HL are also studied to determine how parameters (external load, rotating speed, radial clearance, elastic modulus, surface hardness and roughness parameter) change with above factors; a summary of the essence and major influencing factors of lambda for such bearings is given.

Details

Industrial Lubrication and Tribology, vol. 68 no. 3
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 7 May 2019

Fangrui Lv, Donglin Zou, Na Ta and Zhu-Shi Rao

The purpose of this paper is to improve the lubrication performance of a water-lubricated polymer bearing with axial grooves, especially enlarge the minimum film thickness.

Abstract

Purpose

The purpose of this paper is to improve the lubrication performance of a water-lubricated polymer bearing with axial grooves, especially enlarge the minimum film thickness.

Design/methodology/approach

The bearing diameter is enlarged near the axial ends of the journal, with axial openings of a trumpet shape. A numerical model is developed which considers the proposed trumpet-shaped openings, bush deformation and grooves. The generatrix of the trumpet-shaped opening is assumed to be a paraboloid. Three different variations are covered, and the influences of the trumpet-shaped openings’ parameters on the bearing performance are analyzed.

Findings

The appropriate trumpet-shaped openings at the axial ends effectively increase the minimum film thickness, and the impact of trumpet-shaped openings on load carrying capacity is very small or even negligible. For the water-lubricated polymer bearing with axial grooves analyzed in this paper, the appropriate trumpet-shaped openings increase the minimum film thickness from 0.53 to 11.14 µm and decrease the load carrying capacity by 2.48 per cent.

Practical implications

The results of this study can be applied to marine propeller shaft systems and other systems with polymer bearings.

Originality/value

This paper has presented an approach for significantly increasing the minimum film thickness of a water-lubricated polymer bearing. A study on the performance improvement of water-lubricated polymer bearings with axial grooves is of significant interest to the research community.

Details

Industrial Lubrication and Tribology, vol. 71 no. 4
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 11 April 2016

Zhongliang Xie, Zhu-shi Rao, Na Ta and Ling Liu

This paper aims to provide efficient methods to calculate the friction coefficients and film thickness ratios in mixed lubrication (ML) regime for water lubricated…

Abstract

Purpose

This paper aims to provide efficient methods to calculate the friction coefficients and film thickness ratios in mixed lubrication (ML) regime for water lubricated bearings. Mathematical models consider influence of micro-asperities contacts which is based on the Gauss random distribution.

Design/methodology/approach

Effects of external loads, rotating speeds and radial clearances are obtained. Algorithm shown here is applied to a class of common industrial problems. Calculated Stribeck values are given and evaluated. The calculated and experimental results agree well which proves the correctness of the model.

Findings

In Part I, the authors believe that the paper presents the following for the first time: universal methods are developed for the calculation of friction coefficients and film thickness ratios (lambda) in ML regime; effects of different external loads, rotating speeds and radial clearances on friction coefficients and film thickness ratios are presented in detail; comparisons are made between the results predicted by the model and experimental results, and they agree rather well which proves the correctness of the model.

Originality/value

Present work successfully develops universal methods for predicting the friction coefficients and film thickness ratios.

Details

Industrial Lubrication and Tribology, vol. 68 no. 3
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 17 August 2018

Yunn-Lin Hwang and Thi-Na Ta

The purpose of this paper is to study the influence of friction on static and dynamic characteristics, as well as the strength and lifetime of a flexible three-axes…

Abstract

Purpose

The purpose of this paper is to study the influence of friction on static and dynamic characteristics, as well as the strength and lifetime of a flexible three-axes computer numerical control (CNC) machine tool.

Design/methodology/approach

The machine tool is first modeled by using finite element method to analyze static structure with frictionless surface-to-surface contact type. Because the machine tool structure is becoming more and more sophisticated over time, the significant influence of contact conditions between structural elements on the dynamic characteristics of the whole structure must be considered. To examine the dynamic effects caused by inertia forces and displacement of moving bodies on contact stress, the coefficient of friction between two contact bodies is added to perform dynamic simulation and compare the results with the static analysis results.

Findings

Distribution of stress and contact forces in solid-flexible contact is also studied by using the fundamental dynamic characteristics of a bushing joint.

Originality/value

Finally, the influence of dynamic structure, cutting conditions and material properties on the strength and lifetime of the CNC machine tool is discussed by using fatigue analysis. Consequently, this research can be used for efficient simulation of structural dynamics, lifetime assessment and interactions of the real CNC machine with the machine tool structure in a virtual environment.

Details

Industrial Lubrication and Tribology, vol. 70 no. 8
Type: Research Article
ISSN: 0036-8792

Keywords

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