Search results

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

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

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.

This study investigates the factors affecting corporate cash holdings for a sample of 598 Indian Micro, small and medium-sized enterprises (MSMEs) for nine years (2011–2020).

The system generalized method of moments (GMM) approach is used to examine the determinants of cash holdings in the Indian MSME context.

The article shows liquidity, cash flow, leverage, firm size, probability of financial distress and cash flow volatility significant in explaining cash holding decisions for MSMEs in India. No evidence of firm age and growth opportunities as determinants of cash holdings in Indian MSMEs has been found. In addition, strong evidence of cash flow volatility, cash flow and liquidity in differentiating the cash holding decisions in the service and manufacturing industry has been documented.

While earlier research has addressed this problem in developed nations, this is the first study that fulfills the need to investigate the variables that influence MSMEs' cash holding decisions in a developing economy like India.