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Article
Publication date: 1 November 1951

G.R. Brailsford

IN problems involving mechanics and engineering, determination of moment of inertia, product of inertia and second moment of area is a common procedure. But, frequently, it is by…

42

Abstract

IN problems involving mechanics and engineering, determination of moment of inertia, product of inertia and second moment of area is a common procedure. But, frequently, it is by no means an easy one. For example, when considering the moment of inertia of the triangle or figures built up from the triangle, the mathematics involving calculus and several inertia theorems, can be difficult in manipulation.

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Aircraft Engineering and Aerospace Technology, vol. 23 no. 11
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 April 1949

G.R. Brailsford

SUPPOSE that we wish to solve the two equations:

24

Abstract

SUPPOSE that we wish to solve the two equations:

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Aircraft Engineering and Aerospace Technology, vol. 21 no. 4
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 June 1951

G.R. Brailsford

VERY often in technical work we meet with a curve of the type, 8x2 + 12xy + 17y2—28x −46y + 17=0. It may occur in the solution of problems in structures, aerodynamics…

23

Abstract

VERY often in technical work we meet with a curve of the type, 8x2 + 12xy + 17y2—28x −46y + 17=0. It may occur in the solution of problems in structures, aerodynamics, performance, etc. At first sight a curve of this nature looks quite complicated, but in actual fact it is only an ellipse x2/4 + y2/1 = 1 which has been moved bodily and then rotated.

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Aircraft Engineering and Aerospace Technology, vol. 23 no. 6
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 January 2000

Robert Faff and TIMOTHY J. BRAILSFORD

In this paper we employ a GMM‐based approach to test the restrictions imposed by a two‐factor ‘market and oil’ pricing model when a risk‐free asset is assumed to exist. We examine…

461

Abstract

In this paper we employ a GMM‐based approach to test the restrictions imposed by a two‐factor ‘market and oil’ pricing model when a risk‐free asset is assumed to exist. We examine the Australian market which has several interesting features including self‐sufficiency in relation to oil, a large concentration of natural resource companies, susceptibility to the ‘Dutch disease’ and a diverse industry base. We extend previous literature by examining industry sector equity returns as different industry groups are likely to have different exposures to an oil factor, particularly in Australia. In the formal tests, we find evidence in favour of the model, particularly for industrial sector industries. The preferred model includes a domestic portfolio proxy for market returns in addition to the oil price factor and we find evidence of a positive market risk premium as well as a significantly priced oil factor.

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Pacific Accounting Review, vol. 12 no. 1
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 1 December 2003

João Duque and Ana Rita Fazenda

This study concerns how well stock market regulators prevent trading by using trading halts when they suspect asymmetric information in the market. Security trading halts in the…

380

Abstract

This study concerns how well stock market regulators prevent trading by using trading halts when they suspect asymmetric information in the market. Security trading halts in the Portuguese stock market are analysed to measure the effectiveness of trading halts imposed by market authorities as well as their timing in interrupting and restarting trading. Stock price returns, abnormal returns and volatility are used to compare the significance of differences for pre‐and post‐halt periods. First the global sample is used to analyse abnormal returns and then it is split into good and bad news halts. A GARCH (1,1) model is also applied and found to be a more sensitive instrument on justifying trading halts. Justification for trading halts tends to rise as event window size increases, suggesting that supervisory authorities tend to spot the dominant changes better. In fact, when very short time‐sampling periods are used weaker justifications for stock halting are found. The opportunity for market authorities to interrupt trading seems to be increasing. In terms of timing they seem, on the whole, to be delayed when imposing trading halts or anticipated when authorising the restart. Nevertheless, when considering good news, although the halt tends to be late the restart seems to be on time. It is concluded that all methodologies should be jointly applied by stock watch departments of supervision authorities for detecting trading under asymmetric information, but special attention is drawn to GARCH methodologies that show superior ability for detecting changes in stock characteristics.

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Journal of Financial Regulation and Compliance, vol. 11 no. 4
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 4 December 2019

Yunfei Gu and Martin Kunc

This paper aims to explore the applicability and strengths of proposing the three-paradigm hybrid simulation (HS) approach to developing and analysing strategies. The objective of…

753

Abstract

Purpose

This paper aims to explore the applicability and strengths of proposing the three-paradigm hybrid simulation (HS) approach to developing and analysing strategies. The objective of the modelling effort is to conceptually illustrate its use in strategic planning by combining with the threat-opportunity-weakness-strength (TOWS) matrix, which builds a bridge between strategic management with the operations research community. The authors also aim to introduce a modelling framework to help model designers to apply HS to their own business issues.

Design/methodology/approach

The paper presents a process to develop a HS model associated with the development of strategies using the TOWS matrix.

Findings

After developing the model and testing four strategies, the best option for the supermarket to increase market share and sales is implementing the strength–opportunity strategy, which involves online shopping to adapt to the digital world.

Research limitations/implications

First, some modelling assumptions are used to simplify the development process, but they need further validation. Second, the real data collection is limited. Third, the personal learning edition of the simulation software is not a comprehensive version and has some limitations.

Practical implications

The hybrid model and the scenario planning introduced, in this study, could allow decision makers to rehearse the potential strategy before actual implementation. The framework is easy to implement to other business and industry.

Originality/value

This study links HS with strategic management, which has not been performed previously and evaluates the capability of HS in strategic planning. The functionality of the modelling platform has been tested for simulating a completely dynamic system.

Details

Journal of Modelling in Management, vol. 15 no. 2
Type: Research Article
ISSN: 1746-5664

Keywords

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Book part
Publication date: 1 October 2014

Michael Donadelli

This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s…

Abstract

This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s multi-factor R-square and (ii) the Volosovych (2011)’s integration index. Both measures, based on PCA, indicate that the difference between the level of integration over the period 2009–2012 (“Post-Lehman” era) and the level of integration over the period 1994–1998 (“Post-Liberalizations” era) is relatively high. In addition, the level of financial integration across international equity markets decreased during the late 1990s. This suggests that de jure integration does not necessarily improve de facto integration. Overall, our findings give rise to a “diversification benefits-insurance benefits trade-off.”

Details

Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Book part
Publication date: 30 August 2019

Jennifer M. Brailsford, Jessica Eckhardt, Terrence D. Hill, Amy M. Burdette and Andrew K. Jorgenson

Although established theoretical models suggest that race differences in physical health are partially explained by exposures to environmental toxins, there is little empirical…

Abstract

Purpose

Although established theoretical models suggest that race differences in physical health are partially explained by exposures to environmental toxins, there is little empirical evidence to support these processes. We build on previous research by formally testing whether black–white differences in self-rated physical health are mediated by the embodiment of environmental toxins.

Methodology/Approach

Using cross-sectional data from the National Health and Nutrition Examination Surveys (2007–2008), we employ ordinary least squares regression to model environmental toxins (from urine specimens) and overall self-rated health as a function of race and ethnicity. We employ the Sobel test of indirect effects to formally assess mediation.

Findings

Our results show that non-Hispanic black respondents tend to exhibit higher levels of total toxins, lead, and cadmium in their urine and poorer physical health than non-Hispanic whites, even with adjustments for age, gender, and socioeconomic status (SES). Our mediation analyses suggest that blacks may exhibit poorer physical health than whites because they tend to embody higher levels of cadmium.

Research Limitations/Implications

Research limitations include cross-sectional data and restricted indicators of SES.

Originality/Value of Paper

This study contributes to previous work by bridging the fields of social epidemiology and environmental inequality and by formally testing established theoretical models.

Details

Underserved and Socially Disadvantaged Groups and Linkages with Health and Health Care Differentials
Type: Book
ISBN: 978-1-83867-055-9

Keywords

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Article
Publication date: 9 November 2023

Timm Gödecke and Dirk Schiereck

This paper aims to investigate the impact of the largest shareholder's voting stake on the firm's capital structure decision.

209

Abstract

Purpose

This paper aims to investigate the impact of the largest shareholder's voting stake on the firm's capital structure decision.

Design/methodology/approach

To empirically analyze the influence of the voting stake on leverage, a large sample of 814 exchange-listed firms is applied. The baseline regression analysis is complemented by several robustness tests and a difference-in-difference regression analysis to mitigate endogeneity concerns.

Findings

The authors find a negative relationship between the voting stake of the largest shareholder and leverage, consistent with the notion that large, undiversified shareholders have the incentive to reduce risk. Additionally, results reveal that family control has a positive moderating effect, indicating that the negative relationship is less pronounced for family controlled firms.

Research limitations/implications

The authors contribute to the research by suggesting ownership concentration as another determinant of capital structure. Further, the authors add to the literature by showing how the association between ownership concentration and leverage is moderated by family control and that the identity of the largest shareholder is of great importance.

Practical implications

The paper provides important insights to the current debate on the proposal of the European Commission to reintroduce shares with multiple votes as part of the Listing Act. The authors expect the regulation to exacerbate the concentration of voting rights, which results in lower leverage and thus limits corporate growth.

Originality/value

The authors differentiate from previous studies by focusing the largest shareholders' voting stake, instead of using the ownership stake, to assess the impact of ownership concentration on leverage.

Details

The Journal of Risk Finance, vol. 25 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 8 March 2013

Jonchi Shyu

This study seeks to examine how agency problems and internal capital markets in group‐affiliated firms are mutually influenced by the ownership structure, capital structure, and…

6156

Abstract

Purpose

This study seeks to examine how agency problems and internal capital markets in group‐affiliated firms are mutually influenced by the ownership structure, capital structure, and performance. It also aims to examine the endogeneity in group affiliation.

Design/methodology/approach

Using panel data, this study employs two‐stage least squares regression with the instrumental variable technique to examine the relationship among capital structure, ownership structure, and performance of group‐affiliated firms. Simultaneous equation models are constructed to identify the effects of interdependent decisions.

Findings

The empirical results indicate a U‐shaped relationship between insider ownership and performance. Moreover, the alignment of ownership and control rights determines the relationship between ownership structure and performance for group‐affiliated firms. The capital structure decisions of group‐affiliated firms are independent of firm performance and insider ownership, supporting the view that capital structure decisions of group‐affiliated firms are determined by the overall characteristics of the business group, rather than those of the individual firms.

Practical implications

Business groups can reduce the agency problems that occur in group affiliation by increasing the insider ownership (after a certain tunneling point), debt financing, and dividend payout.

Originality/value

Previous studies have paid little attention to the effects of the agency problem and the internal capital market on group affiliation. Whether endogeneity is a consequence of the common characteristics of group affiliation or a result of the simultaneity existing among ownership structure, capital structure, and performance is also unknown. This paper fills some of these gaps.

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