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1 – 10 of over 93000
Article
Publication date: 1 December 1999

Helen T. Ryan

Use of hydrotreated, hydrocracked and catalytically dewaxed base oils in hydraulic and industrial applications is increasing on a global scale. The hydrogenation and dewaxing…

Abstract

Use of hydrotreated, hydrocracked and catalytically dewaxed base oils in hydraulic and industrial applications is increasing on a global scale. The hydrogenation and dewaxing processes involved in the manufacture of these products can result in base oils of exceptionally low aromatic content and sulphur level and raised viscosity index (VI). The aromatic content, sulphur level and VI are parameters used by the American Petroleum Institute (API) to categorize the base oils as Group II or Group III. The performance of additives in these Groups II and III base stocks differs from that in Group I base stocks. In addition, different processes used by different manufacturers will not only create different base stock oxidative stability and solvency from that of Group I base stocks, it will also create differences between Group II base stocks and between Groups II and III base stocks. Several different base stocks have been examined using methods including mass spectrometry and aniline point. Variations in properties, such as aromatic content, cycloparaffinic content and aniline point, appear to relate to differences in oxidation stability and solvency. With the improved response of Groups II/III base stocks to antioxidants, a performance level of 10,000 hours or greater in the ASTM D 943 is common. This necessitates addition of specific antioxidants which result in extended oxidation performance but lead in some cases to the formation of insoluble degradation products in Group II/III base stocks, and more so in Group I base stocks. Phenolic‐ containing and phenolic‐free antioxidant systems have been identified that allow for extended oxidation stability in a wide range of Group II base stocks without sludge formation in either Group I, II or III base stocks.

Details

Industrial Lubrication and Tribology, vol. 51 no. 6
Type: Research Article
ISSN: 0036-8792

Keywords

Open Access
Article
Publication date: 21 February 2024

Mostafa Saidur Rahim Khan

This study delves into the nuanced implications of short-sale constraints on stock prices within the context of stock market efficiency. While existing research has explored this…

Abstract

Purpose

This study delves into the nuanced implications of short-sale constraints on stock prices within the context of stock market efficiency. While existing research has explored this relationship, inconsistencies persist in their findings. The purpose of this study is to conduct a comprehensive review of literature to elucidate the reasons behind these disparities.

Design/methodology/approach

A systematic review of existing theoretical and empirical studies was conducted following the PRISMA method. The analysis centered on discerning the factors contributing to the divergence in projected stock prices due to these constraints. Key areas explored included assumptions related to expectations homogeneity, revisions, information uncertainty, trading motivations and fluctuations in supply and demand of risky assets.

Findings

The review uncovered multifaceted reasons for the disparities in findings regarding the influence of short-sale constraints on stock prices. Variations in assumptions related to market expectations, coupled with fluctuations in perceived information uncertainty and trading motivations, were identified as pivotal factors contributing to differing projections. Empirical evidence disparities stemmed from the use of proxies for short-sale constraints, varied sample periods, market structure nuances, regulatory changes and the presence of option trading.

Originality/value

This study emphasizes the significance of not oversimplifying the impact of short-sale constraints on stock prices. It highlights the need to understand these effects within the broader context of market structure and methodological considerations. By delineating the intricate interplay of factors affecting stock prices under short-sale constraints, this review provides a nuanced perspective, contributing to a more comprehensive understanding in the field.

Details

Journal of Capital Markets Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-4774

Keywords

Article
Publication date: 8 July 2014

Sangeeta Arora and Kanika Marwaha

The paper, an exploratory attempt, aims to analyze the perception of individual investors of stock market of Punjab towards investing in stocks vis-à-vis fixed deposits. For the…

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Abstract

Purpose

The paper, an exploratory attempt, aims to analyze the perception of individual investors of stock market of Punjab towards investing in stocks vis-à-vis fixed deposits. For the purpose, the most and least influencing variables affecting the decisions of individual stock investors to invest in stocks and fixed deposits were gauged and the comparison for such variables influencing their preferences was conducted.

Design/methodology/approach

A pre-tested, well-structured questionnaire which was administered personally and the responses of 241 respondents were analyzed. The responses have been analyzed with the help of weighted average scores method used to identify the most and least influencing variables and paired sample t-test is applied to the data to identify if there exists any significant difference in the variables influencing the investment preferences for stocks (high-risk investment) vis-à-vis fixed deposits (low- and medium-risk investment).

Findings

High returns was found as the most important variable while investing in stocks and stability of income as the most important variable while investing in fixed deposits. Religious reason is the only variable found as the least influencing variable for individual investors in Punjab while investing in both avenues, i.e. stocks and fixed deposits. Statistically significant difference exists in perception of individual investors for 22 variables towards the preference for stocks vis-à-vis fixed deposits.

Practical implications

The current research will be helpful for financial service providers in understanding the investment preferences of the individual stock investors on the basis of variables influencing such preferences and suggest them investment options as per their perceptions and needs.

Originality/value

This paper is a first of its kind to empirically compare the variables influencing the preferences for high-risk investments vis-à-vis low-risk investments of individual investors of Punjab, India and contributes to the understanding of the investor behaviour.

Details

International Journal of Law and Management, vol. 56 no. 4
Type: Research Article
ISSN: 1754-243X

Keywords

Abstract

Details

Investment Behaviour
Type: Book
ISBN: 978-1-78756-280-6

Book part
Publication date: 21 November 2014

Chi Wan and Zhijie Xiao

This paper analyzes the roles of idiosyncratic risk and firm-level conditional skewness in determining cross-sectional returns. It is shown that the traditional EGARCH estimates…

Abstract

This paper analyzes the roles of idiosyncratic risk and firm-level conditional skewness in determining cross-sectional returns. It is shown that the traditional EGARCH estimates of conditional idiosyncratic volatility may bring significant finite sample estimation bias in the presence of non-Gaussianity. We propose a new estimator that has more robust sampling performance than the EGARCH MLE in the presence of heavy-tail or skewed innovations. Our cross-sectional portfolio analysis demonstrates that the idiosyncratic volatility puzzle documented by Ang, Hodrick, Xiang, and Zhang (2006) exists intertemporally. We conduct further analysis to solve the puzzle. We show that two factors idiosyncratic variance and individual conditional skewness play important roles in determining cross-sectional returns. A new concept, the “expected windfall,” is introduced as an alternate measure of conditional return skewness. After controlling for these two additional factors, we solve the major piece of this puzzle: Our cross-sectional regression tests identify a positive relationship between conditional idiosyncratic volatility and expected returns for over 99% of the total market capitalization of the NYSE, NASDAQ, and AMEX stock exchanges.

Details

Essays in Honor of Peter C. B. Phillips
Type: Book
ISBN: 978-1-78441-183-1

Keywords

Book part
Publication date: 24 March 2005

Quang-Ngoc Nguyen, Thomas A. Fetherston and Jonathan A. Batten

This paper explores the relationship between size, book-to-market, beta, and expected stock returns in the U.S. Information Technology sector over the July 1990–June 2001 period…

Abstract

This paper explores the relationship between size, book-to-market, beta, and expected stock returns in the U.S. Information Technology sector over the July 1990–June 2001 period. Two models, the multivariate model and the three-factor model, are employed to test these relationships. The risk-return tests confirm the relationship between size, book-to-market, beta and stock returns in IT stocks is different from that in other non-financial stocks. However, the sub-period results (the periods before and after the technology crash in April 2000) show that the nature of the relationship between stock returns, size, book-to-market, and market factors, or the magnitude of the size, book-to-market, and market premiums, is on average unchanged for both sub-periods. This result suggests the technology stock crash in April 2000 was not a correction of stock prices.

Details

Research in Finance
Type: Book
ISBN: 978-0-76231-161-3

Book part
Publication date: 24 March 2017

Anne H. Bowers, Henrich R. Greve and Hitoshi Mitsuhashi

Using data from securities analysts, who are awarded status by the third-party organization Institutional Investor magazine, we examine the emergence of competition and articulate…

Abstract

Using data from securities analysts, who are awarded status by the third-party organization Institutional Investor magazine, we examine the emergence of competition and articulate a model of competitive response among actors aware of the importance of status and some of the dimensions on which it may be gained. We predict analysts’ initiating or ceasing coverage of stocks in response to other analysts initiating coverage on stocks they cover. We find that competition can emerge because of status seeking rather than as a response to own capabilities or market needs, with compelling, and potentially negative, market implications for overt status seeking.

Book part
Publication date: 16 January 2014

Tomoki Kitamura and Munenori Nakasato

Previous studies showed mixed results as to the cause of myopic loss aversion (MLA). This paper reexamines the main driver of MLA, considering two factors from previous studies…

Abstract

Purpose

Previous studies showed mixed results as to the cause of myopic loss aversion (MLA). This paper reexamines the main driver of MLA, considering two factors from previous studies and an additional factor.

Design/methodology/approach

Experimentally investigate whether flexibility of investment, frequency of information feedback, or timing of decision cause MLA.

Findings

Timing of decision and flexibility of investment explain most differences in subject behavior. Frequency of information feedback makes only a marginal contribution.

Originality/value of the paper

The differences in subject behavior can be interpreted by a shift in their reference points depending on the difference in flexibility of investment, frequency of information feedback, or timing of decision.

Details

Experiments in Financial Economics
Type: Book
ISBN: 978-1-78350-141-0

Keywords

Book part
Publication date: 19 December 2016

Bob Li, Mong Shan Ee, Yee Ling Boo and Mamunur Rashid

Ever since the publication of the original Jegadeesh and Titman (1993) study, momentum effect has been tested vigorously to validate its pervasiveness for different time periods…

Abstract

Purpose

Ever since the publication of the original Jegadeesh and Titman (1993) study, momentum effect has been tested vigorously to validate its pervasiveness for different time periods and across different markets. In spite of numerous out-of-sample tests, there is one apparent alibi – little research has been devised for steady increasing of Shari’ah compliant stocks.

Methodology/approach

This study is to examine the momentum strategy returns in a global Shari’ah compliant stock setting.

Findings

It finds strong presence of stock momentum returns for Pakistan and Malaysia. And the momentum returns are neither driven by industry momentum nor by the small size stocks. Though no momentum profits are found for the portfolios formed by global Shari’ah compliant stocks, this seems to be largely due to return reversal for the small size Shari’ah compliant stocks.

Originality/value

The strong presence of momentum profits for relatively large Shari’ah compliant stocks is a desirable trait as it indicates that the momentum trading strategies are practical and implementable.

Details

Advances in Islamic Finance, Marketing, and Management
Type: Book
ISBN: 978-1-78635-899-8

Keywords

Book part
Publication date: 1 January 2005

Joseph Kang and David Ding

The study discussed in this article examines two empirical questions: (1) Can multiple financial signals enhance the intermediate-horizon returns of value and glamour investments…

Abstract

The study discussed in this article examines two empirical questions: (1) Can multiple financial signals enhance the intermediate-horizon returns of value and glamour investments on Asian stock markets? and (2) Do the return enhancements, if any, differ by value and growth firm types and vary across different markets? The results of this study show that financial signals affect return enhancements, and these enhancements differ by firm types and vary across markets. These differences can be explained by non-positive value premiums and relatively poor information quality documented on Asian markets.

Details

Research in Finance
Type: Book
ISBN: 978-0-76231-277-1

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