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Article
Publication date: 17 August 2012

Heping Pan

The purpose of this study is to discover and model the asymmetry in the price volatility of financial markets, in particular the foreign exchange markets as the first underlying…

522

Abstract

Purpose

The purpose of this study is to discover and model the asymmetry in the price volatility of financial markets, in particular the foreign exchange markets as the first underlying applications.

Design/methodology/approach

The volatility of the financial market price is usually defined with the standard deviation or variance of the price or price returns. This standard definition of volatility is split into the upper part and the lower one, which are termed here as Yang volatility and Yin volatility. However, the definition of yin‐yang volatility depends on the scale of the time, thus the notion of scale space of price‐time is also introduced.

Findings

It turns out that the duality of yin‐yang volatility expresses not only the asymmetry of price volatility, but also the information about the trend. The yin‐yang volatilities in the scale space of price‐time provide a complete representation of the information about the multi‐level trends and asymmetric volatilities. Such a representation is useful for designing strategies in market risk management and technical trading. A trading robot (a complete automated trading system) was developed using yin‐yang volatility, its performance is shown to be non‐trivial. The notion and model of yin‐yang volatility has opened up new possibilities to rewrite the option pricing formulas, the GARCH models, as well as to develop new comprehensive models for foreign exchange markets.

Research limitations/implications

The asymmetry of price volatility and the magnitude of volatility in the scale space of price‐time has yet to be united in a more coherent model.

Practical implications

The new model of yin‐yang volatility and scale space of price‐time provides a new theoretical structure for financial market risk. It is likely to enable a new generation of core technologies for market risk management and technical trading strategies.

Originality/value

This work is original. The new notion and model of yin‐yang volatility in scale space of price‐time has cracked up the core structure of the financial market risk. It is likely to open up new possibilities such as: a new portfolio theory with a new objective function to minimize the sum of the absolute yin‐volatilities of the asset returns, a new option pricing theory using yin‐yang volatility to replace the symmetric volatility, a new GARCH model aiming to model the dynamics of yin‐yang volatility instead of the symmetric volatility, new technical trading strategies as are shown in the paper.

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Article
Publication date: 2 August 2013

Li Chen and Heping Pan

The purpose of this paper is to prove the effectiveness of minimum semi‐absolute deviations (MSAD) method in dynamic portfolio investment.

442

Abstract

Purpose

The purpose of this paper is to prove the effectiveness of minimum semi‐absolute deviations (MSAD) method in dynamic portfolio investment.

Design/methodology/approach

In financial investment, the classical static portfolio theory of Markowitz type lacks the dynamic adaptability to the changing market situations. This paper proposes a dynamic portfolio theory which uses MSAD criterion on a moving window to replace the Markowitz mean‐variance analysis.

Findings

Two specific models are developed to test the validity of the MSAD method: the first model constructs a portfolio consisting of Shanghai‐Shenzhen 300 Index and a national debt as two contrarian assets; the second model constructs a portfolio consisting of a complete set of 18 Chinese stock sector indices and a national debt. The empirical results of the test using six‐year monthly data (2005 to 2010) provide significant evidence that the MSAD method is valid, producing superior returns of investment over the stock index during the test period.

Research limitations/implications

The findings in this study clearly highlight the validity of the MSAD method in determining the weights of assets in Chinese stock markets.

Practical implications

In order to resolve the problem of portfolio investment in Chinese stock markets, the MSAD method with stop loss control strategy can be used for investors to obtain the weights of assets and control the risk.

Originality/value

This study analyzes and verifies the effectiveness of the MSAD method in dynamic portfolio investment. The stop loss control strategy designed and used in the MSAD method is a pioneering and exploratory experiment.

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Article
Publication date: 28 October 2013

Li Chen, Benli Li, Shangjia Dong and Heping Pan

Owing to the importance of the portfolio problem in modern financial investment fields, the aim of this paper is to rank and choose suitable stocks in stock markets under vague…

302

Abstract

Purpose

Owing to the importance of the portfolio problem in modern financial investment fields, the aim of this paper is to rank and choose suitable stocks in stock markets under vague environment.

Design/methodology/approach

Many new principles and methods have been introduced to help the investor to decide which stocks are worth to be chosen. In real word, people prefer to express their attributes by using linguistic terms, so the used data are often imprecise and vague. In this paper, the second method of constrained fuzzy analysis hierarchy process (CFAHP) is used to evaluate the relative weights of the criteria and rank alternatives by fuzzy technique for order preference by similarity to an ideal solution (FTOPSIS).

Findings

In this paper, empirical result shows that the proposed method is capable of helping investor to allocate asset in portfolio problems under vague environment.

Research limitations/implications

The proposed method gives a new mathematical framework for portfolio selection. Investors can decide the asset allocation by using the combination of CFAHP and FTOPSIS.

Practical implications

Besides the benefit of sorting feature, the proposed method can be used to obtain the asset allocation.

Social implications

The aim of the portfolio selection theory is to rank and decide the asset allocations. But it is still a difficult task in deciding which assets should be selected under uncertain environment. The proposed method in this paper has been proved to be an efficient method to deal with vague information in decision-making programs.

Originality/value

This study analyzes the effectiveness of the combined method of CFAHP and TOPSIS in portfolio problem.

Details

China Finance Review International, vol. 3 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 6 September 2011

Seline Knüttel‐Gustavsen and Johein Harmeyer

The objective of this study is to examine the effects of pan‐frying, boiling and cooking in a microwave on the amount of L‐carnitine in meat and to look at its distribution in the…

456

Abstract

Purpose

The objective of this study is to examine the effects of pan‐frying, boiling and cooking in a microwave on the amount of L‐carnitine in meat and to look at its distribution in the surrounding fluid after food processing.

Design/methodology/approach

Total carnitine, free carnitine and acylcarnitines were determined in meat samples from beef, pork and poultry (including ostrich) and in a liver sample from beef. The measurements were carried out before and after the specimens were subjected to different heat treatments. A radio‐enzymatic assay was used for measurement of L‐carnitine. Results are expressed per 100 gram dry matter and per 100 gram wet weight.

Findings

Except for pan‐frying, virtually no losses of carnitine occurred during the different procedures of heat treatment. During boiling and microwaving, however, a considerable portion of the tissue carnitine escaped into the water fraction. With pan‐frying, carnitine losses from meat amounted to from 3 to 36 per cent. In all animal species, tissue losses of L‐carnitine increased with increase of boiling time. When expressed as a percentage of total carnitine, the proportion of carnitine present as esters differed somewhat between different heating procedures but showed no typical pattern.

Originality/value

The findings of this study show the important role that meat products play for providing an adequate amount of L‐carnitine in humans who are suffering from carnitine deficiency and an exogenous supplementation is needed.

Details

British Food Journal, vol. 113 no. 9
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 8 January 2018

Yuxin Miao, Guofeng Pan, Caixuan Sun, Ping He, Guanlong Cao, Chao Luo, Li Zhang and Hongliang Li

The purpose of this paper is to study the effect of doping, annealing temperature and visible optical excitation on CuO-ZnO nanocomposites’ acetone sensing properties and…

242

Abstract

Purpose

The purpose of this paper is to study the effect of doping, annealing temperature and visible optical excitation on CuO-ZnO nanocomposites’ acetone sensing properties and introduce an attractive candidate for acetone detection at about room temperature.

Design/methodology/approach

ZnO nanoparticles doped with CuO were prepared by sol-gel method, and the structure and morphology were characterized via X-ray diffraction, scanning electron microscope, energy dispersive spectroscopy and Brunauer-Emmett-Teller. The photoelectric responses of CuO-ZnO nanocomposites to cetone under the irradiation of visible light were investigated at about 30°C. The photoelectric response mechanism was also discussed with the model of double Schottky.

Findings

The doping of CuO enhanced performance of ZnO nanoparticles in terms of the photoelectric responses and the gas response and selectivity to acetone of ZnO nanoparticles, in addition, decreasing the operating temperature to about 30ºC. The optimum performance was obtained by 4.17% CuO-ZnO nanocomposites. Even at the operating temperature, about 30ºC, the response to 1,000 ppm acetone was significantly increased to 579.24 under the visible light irradiation.

Practical implications

The sensor fabricated by 4.17% CuO-ZnO nanocomposites exhibited excellent acetone-sensing characteristics at about 30ºC. It is promising to be applied in low power and miniature acetone gas sensors.

Originality/value

In the present research, a new nanocomposite material of CuO-ZnO was prepared by Sol-gel method. The optimum gas sensing properties to acetone were obtained by 4.17% CuO-ZnO nanocomposites at about 30ºC operating temperature when it was irradiated by visible light with the wavelength more than 420 nm.

Details

Sensor Review, vol. 38 no. 3
Type: Research Article
ISSN: 0260-2288

Keywords

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Article
Publication date: 19 June 2017

Xuehai Guo, Guofeng Pan, Xin Ma, Xiangzhou Li, Ping He, Zhongqiu Hua and Haiqing Li

The purpose of this research is to synthesize Al2O3-ZnO thick films, study the effect of doping and optical excitation on their sensing properties and introduce an attractive…

180

Abstract

Purpose

The purpose of this research is to synthesize Al2O3-ZnO thick films, study the effect of doping and optical excitation on their sensing properties and introduce an attractive candidate for acetone detection in practice.

Design/methodology/approach

ZnO nanoparticles doped with Al2O3 were prepared by sol-gel method and characterized via X-ray diffraction and field-emission scanning electron microscopy. The sensing properties to acetone were investigated with an irradiation of UV. The sensing mechanism was also discussed with UV-Vis spectroscopy.

Findings

The doping of Al2O3 promoted the sensing response and stability of ZnO nanoparticles. The optimum performance was obtained by 4.96 Wt.% Al2O3-ZnO. The response to acetone (1,000 ppm) was significantly increased to 241.81, even just at an operating temperature of 64°C. It was also demonstrated that optical excitation with UV irradiation greatly enhanced the sensing response and the sensitivity can reach up to 305.14.

Practical implications

The sensor fabricated from 4.96 Wt.% Al2O3-ZnO exhibited excellent acetone-sensing characteristics. It is promising to be applied in low power and miniature acetone gas sensors.

Originality/value

In the present research, the optimum performance was obtained by 4.96 Wt.% Al2O3-ZnO at a low operating temperature of 64°C. The sensing properties were enhanced significantly with optical excitation, and the sensing mechanism was discussed with UV-Vis spectroscopy which has been reported rarely before.

Details

Sensor Review, vol. 37 no. 3
Type: Research Article
ISSN: 0260-2288

Keywords

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Article
Publication date: 14 February 2020

Po-Chien Chang, Ting Wu and Juan Du

The purpose of this study is to examine the dual effects of the violation of psychological contract on patient’s antisocial behaviour via the mediator of patient trust and the…

673

Abstract

Purpose

The purpose of this study is to examine the dual effects of the violation of psychological contract on patient’s antisocial behaviour via the mediator of patient trust and the role of doctor-patient communication as a critical contingent variable in the psychological contract violation of patient’s antisocial behaviour relationship.

Design/methodology/approach

The data were collected from 483 hospitalized patients distributed in Shanxi province, China by using a self-administered survey.

Findings

The results indicated that psychological contract violation is positively associated with patient antisocial behaviour via patient trust. Moreover, the study found that doctor-patient communication moderates the mediated effects of psychological contract violation on patient’s antisocial behaviour through patient trust; that is, the mediated effect on antisocial behaviour is weaker when both doctor and patients have more communication.

Research limitations/implications

Due to a cross-sectional design in nature, the causal relationship cannot be developed based on the results. Despite the limitation, the present study provides insights for improving doctor-patient relationship by emphasizing the importance of increasing patient trust and doctor-patient communication.

Practical implications

To improve the quality of doctor-patient relationship, this study addresses the significance of properly showing understandings and care to regain mutual trust and reducing the likelihood of patient’s antisocial behaviour.

Social implications

The research findings have implications for both the health system and medical schools in China to reinforce the professional ethics and improve their medical humanities as the main concerns to generate a more sustainable doctor–patient relationship.

Originality/value

This study includes patient trust as a mediator and doctor-patient communication as a moderator to investigate the moderated mediation relationship among patients and medical professionals. By further examining the doctor-patient relationship, the results may not only help improve the efficient implementation of medical practices but also support the institutes and develop medical professionals for more positive doctor-patient relationships.

Details

International Journal of Conflict Management, vol. 31 no. 4
Type: Research Article
ISSN: 1044-4068

Keywords

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Article
Publication date: 4 January 2013

Su‐Yan Pan

The purpose of this paper is to apply the theory of cultural diplomacy to explore and explain the role and function of the Confucius Institution project and its implications for…

6072

Abstract

Purpose

The purpose of this paper is to apply the theory of cultural diplomacy to explore and explain the role and function of the Confucius Institution project and its implications for understanding of China's soft power projection.

Design/methodology/approach

This paper first presents the theories of soft power and cultural diplomacy as an analytic framework. It then delineates an interpretative illustration of the CI project as a platform for China's cultural diplomacy. The paper concludes with a discussion of the CI project's implications for understanding of China's soft power projection.

Findings

The paper argues that the Confucius Institute project can be understood as a form of cultural diplomacy that is state‐sponsored and university‐piloted, a joint effort to gain China a more sympathetic global reception. As such, the Confucius Institution project involves a complex of soft power techniques. However, it is not entirely representative of soft power capability, because the problems embedded in the project and in the wider society run counter to the Chinese government's efforts to increase the Confucius Institutions’ attractiveness and popularity.

Originality/value

This article sheds light on Chinese universities in the role of “unofficial cultural diplomats.” On this topic, further research may need to explore more fundamental issues that bear far‐reaching significance and impact, i.e. the mechanics of Chinese university involvement in Confucius Institutes. Interesting questions arising from this study may help open up a wider spectrum of research topics for understanding the university‐state relationship, cross‐border higher education, as well as the possibilities and limits of educational globalization. At this stage, this article serves as a start to move scholarship in that direction.

Details

Asian Education and Development Studies, vol. 2 no. 1
Type: Research Article
ISSN: 2046-3162

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Article
Publication date: 6 October 2021

Ying Pan, Lia H. Sun, Heqing Yang and Jianming Zheng

“Library + cultural tourism” (LCT) is a new direction for the sustainable development of libraries, but few scholars have researched it from a tourist perspective. The purpose of…

864

Abstract

Purpose

“Library + cultural tourism” (LCT) is a new direction for the sustainable development of libraries, but few scholars have researched it from a tourist perspective. The purpose of this paper is to identify what factors affect tourist satisfaction (TS) with LCT, reveal the interaction among these factors and provide strategies for better library services.

Design/methodology/approach

This study collected 5,308 comments on Tianjin Binhai Library from three popular online travel communities. Grounded theory was adopted to identify what factors affect TS with LCT and reveal the interaction among these factors.

Findings

The results indicated that TS with LCT was affected by complex factors related to tour plans, tour expectations, cultural characteristics, environment, support services and emotions. Cultural characteristics, environment and support services were impacted by tour plans and tour expectations, which directly or indirectly affected TS mediated by emotions. TS further influenced their expectation of their next tour.

Originality/value

This paper uncovered critical problems with LCT using a case study of Tianjin Binhai Library. The results provide a reference for library practitioners to develop better library services for tourists and regular users/readers.

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Article
Publication date: 16 May 2022

Giulio Maggiore, Letizia Lo Presti, Marissa Orlowski and Alfonso Morvillo

Even if the relationship between travel bloggers and followers has implications for tourists’ decision-making process, the literature does not individuate the main determinants of…

1531

Abstract

Purpose

Even if the relationship between travel bloggers and followers has implications for tourists’ decision-making process, the literature does not individuate the main determinants of this relationship. This paper aims to study the drivers and motivations to follow travel bloggers and the main consequences. Moreover, the paper seeks to highlight the metamorphosis of travel bloggers and their role in the tourism industry.

Design/methodology/approach

A systematic literature review was used, and 76 papers were selected. A thematic map of the literature and a summary of key findings are proposed.

Findings

Although authenticity is the main trigger for following travel bloggers, other factors (e.g. transparency and credibility), if lacking, can erode the relationship with followers. Results demonstrate that hygiene factors are important but that the relationship with followers can be compromised if motivational factors are lacking. Loyalty and the continued use of travel blogs are the main consequences of a relationship based on trust, credibility and engagement.

Practical implications

Tourism and hospitality managers must define sophisticated segmentation procedures to select the right travel blogger with which to engage for destination promotions. Travel bloggers must clearly define the role that they want to have in the market if they are to instill loyalty in their followers.

Originality/value

To the best of the authors’ knowledge, this is the first paper that attempts to identify the pillars of the follower–travel blogger relationship in the tourism and hospitality literature.

Details

International Journal of Contemporary Hospitality Management, vol. 34 no. 7
Type: Research Article
ISSN: 0959-6119

Keywords

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