Honglei Yan, Suigen Yang and shengmin zhao
The purpose of this paper is to study the pricing efficiency of convertible bonds and arbitrage opportunities between the convertible bonds and the underlying stocks thus improve…
Abstract
Purpose
The purpose of this paper is to study the pricing efficiency of convertible bonds and arbitrage opportunities between the convertible bonds and the underlying stocks thus improve market efficiency.
Design/methodology/approach
Using nonparametric fixed effect panel data model, the authors build pricing model of convertible bonds and obtain fitted value for them. Then the authors constructs simultaneous confidence band for the smooth function to identify mispricing and study the pricing efficiency and arbitrage opportunities of convertible bonds.
Findings
Result shows, convertible bonds’ prices largely depend on stock prices. Pricing efficiency does not improve during the past few years as there are quite a few trading opportunities. Arbitrage opportunities increase as the stock prices approach it maxima, and selling opportunities for convertible bonds surpass buying opportunities which indicates that investors use market neutral strategies to arbitrage. Pricing efficiencies varies a lot and it is affected by the features of the stocks and convertible bonds. Index stocks eligible for margin trading with high liquidity enjoy higher pricing efficiency.
Research limitations/implications
The study does not take into account trading cost and risk management measures.
Practical/implications
Arbitrage between the underlying and the convertible bonds is profitable and contributes to pricing efficiency therefore should be encouraged. The regulator should pay attention to the extreme mispricing of the underlying and convertible bonds which cannot be corrected by the market as there might be manipulation.
Originality/value
Since traditional pricing methods are based on the framework of non-arbitrage equilibrium with the assumption of balanced and perfect market, there are many restrictions in the pricing process and the practical utility is somewhat limited, and the impractical assumptions lead to model risk. This study uses nonparametric regression to study the pricing of convertible bonds thus circumvents the problem of model risk. Simultaneous confidence band for smooth function identifies mispricing and explicitly reflects the variation of pricing efficiency as well as signalizes trading opportunities. Application of nonparametric regression and simultaneous confidence band in derivative pricing is advantageous in accuracy and simplicity.
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Chang Li, Xingui Zhou, Quanchao Gu, Xingheng Yan and Honglei Wang
A continuous chemical vapor deposition (CVD) method has been used to fabricate pyro-carbon (PyC) coating on continuous silicon carbide (SiC) fibers. The paper aims to evaluate…
Abstract
Purpose
A continuous chemical vapor deposition (CVD) method has been used to fabricate pyro-carbon (PyC) coating on continuous silicon carbide (SiC) fibers. The paper aims to evaluate these coated fibers by testing filament tensile and using microstructure characterization.
Design/methodology/approach
The continuous SiC fiber-reinforced SiC matrix (SiC/SiC) composite is widely studied in aerospace and nuclear applications. The PyC is the probable option in fusion and fast reactor. However, the conventional fabrication method of PyC coating has some drawbacks influencing performance and efficiency.
Findings
The results showed that PyC-coated SiC fibers with continuous CVD method are more straight than conventional ones and residual deformations could not be observed, and these PyC coatings have complete geometry and uniform thickness. In different process conditions, the thickness of PyC coating could control from ∼100 to ∼1,000 nm.
Originality/value
The coated SiC fibers in a lower gas ratio (1:7 to 1:3), lower pressure (500–1,000 Pa) and appropriate winding speed (3 to 5 rpm) have relative high filament tensile strength (∼3.5 to ∼3.9 GPa). And the strength of coated SiC fibers has a negative correlation with the measured thickness of PyC coating. A distinctive growth process was discovered in the continuous CVD method. In a certain range, the quicker growing rate of PyC is obtained in shorter deposition time which means an efficient and quality method could be applied to fabricate coatings.
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Meng Wang, Yuwen Hua, Honglei Lia Sun and Ya Chen
The user churn (UC) of rural public digital cultural services (RPDCS) indicates that rural users no longer use RPDCS or have switched to other services. The purpose of this study…
Abstract
Purpose
The user churn (UC) of rural public digital cultural services (RPDCS) indicates that rural users no longer use RPDCS or have switched to other services. The purpose of this study is to investigate the factors influencing RPDCS's UC and to contribute toward bridging the rural digital divide.
Design/methodology/approach
Based on the stimulus-organism-response theory, this study proposes a theoretical framework to investigate the factors influencing RPDCS's user churn. A total of 120 RPDCS users were initially recruited and 90 representative participants were chosen. Data were collected from the 90 respondents and 20 follow-up interviews. To examine the proposed framework and validate the correlations between these factors and UC, an analysis of variance (ANOVA) and multiple regression analysis were used. In addition, recommendations are made to avoid the UC of RPDCS to bridge the rural digital divide.
Findings
The results indicate that the UC of RPDCS was stimulated by both physical and ability divides and RPDCS ineffectiveness, resulting in increased churn rates and an exacerbated digital divide. Thus, avoiding the UC of RPDCS is an important way to bridge the rural digital divide, which includes both the physical and ability divides.
Originality/value
This study adds new knowledge about RPDCS and distinguishes it from previous research on public digital cultural services. In addition, the authors discuss how to avoid the UC of RPDCS, to bridge the rural digital divide.
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Yuwen Hua, Honglei Lia Sun and Ya Chen
This study aims to explore the relationship between elderly users' trust in public digital cultural services (PDCS) and their intention to use PDCS, and reveal the factors…
Abstract
Purpose
This study aims to explore the relationship between elderly users' trust in public digital cultural services (PDCS) and their intention to use PDCS, and reveal the factors affecting their intentions from the perspective of trust to make recommendations that will increase their intention to use PDCS.
Design/methodology/approach
Combined with the trust building model and social exchange theory, this study constructed a conceptual model of elderly users' intention to use PDCS. Data collected from Chinese elderly users who have reached the age of 60 through questionnaire surveys were tested using the structural equation model with partial least squares. Finally, the authors proposed a model of elderly users' intention to use PDCS.
Findings
This study finds that elderly users' trust positively affects their intention to use PDCS from two aspects: service features and user features of PDCS. Concerning the service features, system quality directly affects elderly users' trust in PDCS most significantly, followed by information quality and service reputation. Concerning the user features, perceived value has a higher impact on elderly users' trust than that of service features, and information literacy and information quality directly affect perceived value.
Originality/value
This study adds new knowledge to the users' behavior of PDCS and enriches the prior description of PDCS. The recommendations made in this study provide a series of strategies for practitioners and researchers to improve the elderly users' intention to use PDCS and bridge the silver digital divide, which offers new ideas for improving the efficiency of PDCS.
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Juanyan Miao, Yiwen Li, Siyu Zhang, Honglei Zhao, Wenfeng Zou, Chenhe Chang and Yunlong Chang
The purpose of this study is to optimize and improve conventional welding using EMF assisted technology. Current industrial production has put forward higher requirements for…
Abstract
Purpose
The purpose of this study is to optimize and improve conventional welding using EMF assisted technology. Current industrial production has put forward higher requirements for welding technology, so the optimization and improvement of traditional welding methods become urgent needs.
Design/methodology/approach
External magnetic field assisted welding is an emerging technology in recent years, acting in a non-contact manner on the welding. The action of electromagnetic forces on the arc plasma leads to significant changes in the arc behavior, which affects the droplet transfer and molten pool formation and ultimately improve the weld seam formation and joint quality.
Findings
In this paper, different types of external magnetic fields are analyzed and summarized, which mainly include external transverse magnetic field, external longitudinal magnetic field and external cusp magnetic field. The research progress of welding behavior under the effect of external magnetic field is described, including the effect of external magnetic field on arc morphology, droplet transfer and weld seam formation law.
Originality/value
However, due to the extremely complex physical processes under the action of the external magnetic field, the mechanism of physical fields such as heat, force and electromagnetism in the welding has not been thoroughly analyzed, in-depth theoretical and numerical studies become urgent.
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Honglei Lia Sun and Pnina Fichman
This study aims to explore the evolutionary pattern of discussion topics over time in an online depression self-help community.
Abstract
Purpose
This study aims to explore the evolutionary pattern of discussion topics over time in an online depression self-help community.
Design/methodology/approach
Using the Latent Dirichlet Allocation (LDA) method, the authors analyzed 17,534 posts and 138,567 comments posted over 8 years on an online depression self-help group in China and identified the major discussion topics. Based on significant changes in the frequency of posts over time, the authors identified five stages of development. Through a comparative analysis of discussion topics in the five stages, the authors identified the changes in the extent and range of topics over time. The authors discuss the influence of socio-cultural factors on depressed individuals' health information behavior.
Findings
The results illustrate an evolutionary pattern of topics in users' discussion in the online depression self-help group, including five distinct stages with a sequence of topic changes. The discussion topics of the group included self-reflection, daily record, peer diagnosis, companionship support and instrumental support. While some prominent topics were discussed frequently in each stage, some topics were short-lived.
Originality/value
While most prior research has ignored topic changes over time, the study takes an evolutionary perspective of online discussion topics among depressed individuals. The authors provide a nuanced account of the progression of topics through five distinct stages, showing that the community experienced a sequence of changes as it developed. Identifying this evolutionary pattern extends the scope of research on depression therapy in China and offers a deeper understanding of the support that individuals with depression seek, receive and provide online.
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Honglei Li and Eric W.K. See-To
This study aims at building a framework for the electronic word-of-mouth (eWOM) response under the social media environment. The elaboration likelihood model was adopted to…
Abstract
Purpose
This study aims at building a framework for the electronic word-of-mouth (eWOM) response under the social media environment. The elaboration likelihood model was adopted to explain how message source credibility and message appeal jointly influence the eWOM response process, while source credibility provides a central route and message appeal plays a peripheral route for information processing.
Design/methodology/approach
This study used a scenario design to test the decision behavior in the Facebook environment through message content manipulation. A convenience sampling method was adopted in this study. We collected 203 valid questionnaires and tested this research model with LISREL 8.8. This study used a two-stage structural equation modeling data analysis method with LISREL 8.8, by which the measurement model was assessed through confirmatory factor analysis for the reliability and validity of the research model, and the causal relationship among factors was assessed through exploratory factor analysis .
Findings
The results showed that 53% variance of eWOM responses could be explained by message source credibility and emotional message appeal from the elaboration likelihood model perspective. Message source credibility plays a central role in the social media environment. The model was further tested with a demographic profile analysis for both gender and age. It is found that a female user is influenced by both source credibility and emotional appeal, but a male user is only influenced by message source credibility. The mature age group is more responsive to eWOM messages.
Research limitations/implications
The sample might not represent all social networking sites (SNS) users. The participants represent a small segment of the Facebook population around the globe. Secondly, this research design could be improved by using more recreational messages to test the effects of message appeal and message source credibility. Thirdly, the mobile phone is a type of physical product rather than an experiential product. Future studies could try to identify the same eWOM determinants with different SNS functions, for example, the inbox message function. Similarly, Facebook users are allowed to use both text and pictures to disseminate promotional messages.
Practical implications
This study provides an insight for SNS administrators regarding the determinants of driving more customer responses toward a message. Message source credibility and message appeal are identified as the antecedents for eWOM responses in SNS. Companies could make use of this finding to improve their marketing communication strategy in SNS. The finding can inform administrators of the importance of focusing on both customers’ psychological state and message attributes during the dissemination of promotional messages to improve the efficiency of the promotional effort. Companies aimed at receiving different types of eWOM responses in SNS may need to consider other factors for creating their promotional messages.
Originality/value
Previous studies have mainly identified factors influencing eWOM responses from the people-centered variables such as personal traits and social relationships. This study proposes that the eWOM response is a dual information processing process that can be explained by the ELM. When a user processes information in SNS, he follows both the central route and the peripheral route (i.e. source credibility and message appeal) which can influence the eWOM response. It is the first time that the source credibility is investigated as the central route in ELM model.
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Xuejie Yang, Dongxiao Gu, Honglei Li, Changyong Liang, Hemant K. Jain and Peipei Li
This study aims to investigate the process of developing loyalty in the Chinese mobile health community from the information seeking perspective.
Abstract
Purpose
This study aims to investigate the process of developing loyalty in the Chinese mobile health community from the information seeking perspective.
Design/methodology/approach
A covariance-based structural equation model was developed to explore the mobile health community loyalty development process from information seeking perspective and tested with LISREL 9.30 for the 191 mobile health platform user samples.
Findings
The empirical results demonstrate that the information seeking perspective offers an interesting explanation for the mobile health community loyalty development process. All hypotheses in the proposed research model are supported except the relationship between privacy and trust. The two types of mobile health community loyalty—attitudal loyalty and behavioral loyalty are explained with 58 and 37% variance.
Originality/value
This paper has brought out the information seeking perspective in the loyalty formation process in mobile health community and identified several important constructs for this perspective for the loyalty formation process including information quality, communication with doctors and communication with patients.
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Shancang Li, Theo Tryfonas and Honglei Li
The purpose of this paper is to provide an in-depth overview of the security requirements and challenges for Internet of Things (IoT) and discuss security solutions for various…
Abstract
Purpose
The purpose of this paper is to provide an in-depth overview of the security requirements and challenges for Internet of Things (IoT) and discuss security solutions for various enabling technologies and implications to various applications.
Design/methodology/approach
Security requirements and solutions are analysed based on a four-layer framework of IoT on sensing layer, network layer, service layer, and application layer. The cross-layer threats are analysed followed by the security discussion for the enabling technologies including identification and tracking technologies, WSN and RFID, communication, networks, and service management.
Findings
IoT calls for new security infrastructure based on the new technical standards. As a consequence, new security design for IoT shall pay attention to these new standards. Security at both the physical devices and service-applications is critical to the operation of IoT, which is indispensable for the success of IoT. Open problems remain in a number of areas, such as security and privacy protection, network protocols, standardization, identity management, trusted architecture, etc.
Practical implications
The implications to various applications including supervisory control and data acquisition, enterprise systems, social IoT are discussed. The paper will serve as a starting point for future IoT security design and management. The security strategies for IoT should be carefully designed by managing the tradeoffs among security, privacy, and utility to provide security in multi-layer architecture of IoT.
Originality/value
The paper synthesizes the current security requirements for IoT and provides a clear framework of security infrastructure based on four layers. Accordingly, the security requirements and potential threats in the four-layer architecture are provided in terms of general devices security, communication security, network security, and application security.
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Pasquale Cavaliere, Behzad Sadeghi, Zhenghan Chen and Alicja Stanislawska
Based on previous research, we choose nickel alloy 718 as the research material and use finite element analysis (FEA) to simulate the hydrogen diffusion in lattice, grain…
Abstract
Purpose
Based on previous research, we choose nickel alloy 718 as the research material and use finite element analysis (FEA) to simulate the hydrogen diffusion in lattice, grain, boundary grain and dislocation in different thermal loads, aiming to understand the intricate mechanisms underlying hydrogen diffusion in nickel-based alloys, which will contribute to driving progress in the field of hydrogen diffusion for understanding and management HE.
Design/methodology/approach
In this research, we focus on nickel alloy 718, creating a numerical model with traps to simulate the hydrogen diffusion in lattice, grain, boundary grain and dislocation with different thermal loads, by FEA.
Findings
The results demonstrated that traps improve the hydrogen saturation in materials, and because of thermal saturation and heat flux, higher temperatures decrease the hydrogen solubility and increase hydrogen diffusion velocity, which can decrease hydrogen saturation.
Originality/value
Based on our previous research and publications, we developed a finite element model to define the hydrogen trapping in different microstructural features of nickel-based superalloys. The model is very complex with a very large number of elements capable of obtaining very affordable results.