Can Zhong Yao, Peng Cheng Kuang and Ji Nan Lin
The purpose of this study is to reveal the lead–lag structure between international crude oil price and stock markets.
Abstract
Purpose
The purpose of this study is to reveal the lead–lag structure between international crude oil price and stock markets.
Design/methodology/approach
The methods used for this study are as follows: empirical mode decomposition; shift-window-based Pearson coefficient and thermal causal path method.
Findings
The fluctuation characteristic of Chinese stock market before 2010 is very similar to international crude oil prices. After 2010, their fluctuation patterns are significantly different from each other. The two stock markets significantly led international crude oil prices, revealing varying lead–lag orders among stock markets. During 2000 and 2004, the stock markets significantly led international crude oil prices but they are less distinct from the lead–lag orders. After 2004, the effects changed so that the leading effect of Shanghai composite index remains no longer significant, and after 2012, S&P index just significantly lagged behind the international crude oil prices.
Originality/value
China and the US stock markets develop different pattens to handle the crude oil prices fluctuation after finance crisis in 1998.
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Can Zhong Yao, Bo Yi Sun and Ji Nan Lin
This paper aims to capture tail dependence between sentiment index and Shanghai composite index (SCI) by proposing a sentiment index based on text mining.
Abstract
Purpose
This paper aims to capture tail dependence between sentiment index and Shanghai composite index (SCI) by proposing a sentiment index based on text mining.
Design/methodology/approach
Online text mining and the Copula model were used in this study.
Findings
First, the paper finds herding effect in the expression of investors’ sentiment from online text data, and the usage occurrence frequency of most vocabulary is less correlative with SCI. Second, given these two features, the paper uses weighted divide-and-conquer algorithm to construct a sentiment index. Finally, because of multivariate non-Gaussian joint distribution between them, the paper uses the Copula model to detect their tail dependences, and finds that both upper and lower tail dependences could have a significant influence between positive sentiment and SCI, with a higher probability on the upper one. Additionally, only the upper tail dependence exhibits the significant influence between negative sentiment and SCI.
Originality/value
This paper proposes a framework of constructing investment sentiment index with the weighted conquer-and-divide algorithm, and characterizes tail dependence between sentiment index and SCI. The implication can measure the environment of investment market of China and provide an empirical ground for bandwagon effect and bargain shopper effect.
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Can Zhong Yao, Xiao Feng Liu and Ji Nan Lin
– The purpose of this paper is to provide the possible and better selection for pedestrian flow evacuation.
Abstract
Purpose
The purpose of this paper is to provide the possible and better selection for pedestrian flow evacuation.
Design/methodology/approach
Simulation.
Findings
First, according to the model with self-decision agents, the paper figures out that the effect of evacuation guided by the random-walk mechanism exceeds that guided by the inertial mechanism, and specifically, the effect of evacuation could significantly improve if random-walk agents restraint the probability of random walk under 0.4. Besides, on neighborhood reference mechanism, individuals who take neighbors’ average direction as reference tend to achieve better effect of evacuation than that of following majority rule. Furthermore, this paper proposes that an optimal ratio of the proportion of clever individuals and system density exists for evacuation effect improvement. Finally, the evacuating effect with barrier locating in different space is also studied in our research.
Originality/value
The effect of evacuation could significantly improve if random-walk agents restraint the probability of random walk under 0.4. On neighborhood reference mechanism, individuals who take neighbors’ average direction as reference tend to achieve better effect of evacuation than that of following majority rule.
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Yongjian Li, Dan Shi, Xiang Li and Wen Wang
This paper aims to analyze the situation of knowledge dissemination in Chinese rural areas and explore factors that affect the efficiency of knowledge dissemination, to provide…
Abstract
Purpose
This paper aims to analyze the situation of knowledge dissemination in Chinese rural areas and explore factors that affect the efficiency of knowledge dissemination, to provide some suggestions for further improvements.
Design/methodology/approach
A survey was conducted to collect data in 17 provinces of China, with 267 questionnaires returned out of 300. Structural equation modeling was used to test the hypothesis with LISEREL 8.8.
Findings
The results show that factors of knowledge such as government participation, dissemination capability, learning motivation and trust have a positive effect on knowledge transfer. By contrast, factors of knowledge such as complexity and richness of knowledge carriers do not have a significant correlation with the knowledge sharing level.
Research limitations/implications
This paper conducts a cross-sectional analysis while ignoring the longitudinal effects of some factors on knowledge dissemination, such as the reform and opening policy in China. An analysis on a more concrete problem could be conducted for future study.
Practical implications
This paper proposes some suggestions to enhance the efficiency of knowledge dissemination in rural areas from the knowledge dissemination mode, knowledge products and the role of government playing.
Originality/value
This paper is among the first attempts to conduct comprehensive and systematic research on the influential factors of knowledge dissemination. It contributes to literature by offering a systematical empirical study with the consideration of the role of government in knowledge dissemination.
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Yaw A. Debrah and Ian G. Smith
Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on…
Abstract
Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.
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Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the…
Abstract
Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the marketing strategies employed, together with the organizational structures used and looks at the universal concepts that can be applied to any product. Uses anecdotal evidence to formulate a number of theories which can be used to compare your company with the best in the world. Presents initial survival strategies and then looks at ways companies can broaden their boundaries through manipulation and choice. Covers a huge variety of case studies and examples together with a substantial question and answer section.
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Alan Dahgwo Yein, Chih-Hsueh Lin, Yu-Hsiu Huang, Wen-Shyong Hsieh, Chung-Nan Lee and Pin-Chun Kuo
Riding on the wave of intelligent transportation systems, the vehicular ad hoc network (VANET) is becoming a popular research topic. VANET is designed to build an environment…
Abstract
Purpose
Riding on the wave of intelligent transportation systems, the vehicular ad hoc network (VANET) is becoming a popular research topic. VANET is designed to build an environment where the vehicles can exchange information about the traffic conditions or vehicle situation to help the vehicles avoid traffic accidents or traffic jams. In order to keep the privacy of vehicles, the vehicles must be anonymous and the routing must be untraceable while still being able to be verified as legal entities. The paper aims to discuss these issues.
Design/methodology/approach
The exchanged messages must be authenticated to be genuine and verified that they were sent by a legal vehicle. The vehicles also can mutually trust and communicate confidentially. In VANETs, road-side units (RSUs) are installed to help the vehicles to obtain message authentication or communicate confidentially. However, the coverage of RSUs is limited due to the high cost of wide area installation. Therefore the vehicles must be able to obtain message authentication by themselves – without an RSU.
Findings
The authors take the concept of random key pre-distribution used in wireless sensor networks, modify it into a random secret pre-distribution, and integrate it with identity-based cryptography to make anonymous message authentication and private communication easier and safer. The authors construct a two-tier structure. The tier 1, trust authority, assigns n anonymous identities and embeds n secrets into these identities to be the private secret keys for the tier 2, registered vehicles. At any time, the vehicles can randomly choose one of n anonymous identities to obtain message authentication or communicate confidentially with other vehicles.
Originality/value
The processes of building neighbor set, setting pairing value, and message authenticating are proposed in this paper. The proposed method can protect against the attacks of compromising, masquerading, forging, and replying, and can also achieve the security requirements of VANET in message authentication, confidential communication, anonymity, and un-traceability. The performance of the proposed method is superior to the related works.
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O. Felix Ayadi, Arinola O. Adebayo and Eddy Omolehinwa
Outlines previous research on measuring the performance of banks and the factors leading up to the banking crisis in Nigeria in the 1990s. Applies data envelopment analysis to…
Abstract
Outlines previous research on measuring the performance of banks and the factors leading up to the banking crisis in Nigeria in the 1990s. Applies data envelopment analysis to 1991‐1994 data on ten listed Nigerian banks to assess their relative efficiency and tabulates the results for each year, year by year. Discusses the consistency of the findings with other research and draws conclusions on the root causes of Nigeria’s banking problem, e.g. government interface, poor management, unprofessional practices etc. Calls for a halt to government interference and better bank performance monitoring.
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Lionel Martellini and Branko Urošević
Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex‐ante, i.e., before uncertain ties are…
Abstract
Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex‐ante, i.e., before uncertain ties are resolved, cash bonuses are valued ex‐post, i.e., by discounting the realized cash grants. Such a lack of consistency can, potentially, distort empirical results. A related, yet mostly overlooked, problem is that when ex‐post valuation is used pay‐performance measures cannot be well defined. Consistent use of ex‐ante valuation for all components of a compensation package would simultaneously resolve both of these problems and provide a natural framework for the analysis of agency problems. In this paper, we perform ex‐ante valuation of cash bonus contracts as if the executive’s performance were measured by the company stock price, demonstrate how the shape of the bonus contract influences the executive’s attitude toward risk, and study the pay‐performance sensitiv ty of such contracts. We commence by demonstrating that a typical executive bonus contract with a linear incentive zone has a pay off structure equivalent to a portfolio of standard and binary European call options so that the ex‐ante contract value is given by the linear combination of Black and Scholes call and binary call prices, with the strike prices at the boundary points of the incentive zone. Assuming that a risk neutral executive can choose the level of stock price volatility by selecting a set of projects at origination, we show that bonus contract terms can dramatically affect the executive’s risk taking behavior and pay performance incentives. Our results are extended to bonus contracts with non‐linear incentive zones, and performance share contracts with vesting risk.
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Peng Wang, Luyu Liu, Fanghao Nan and RenQuan Dong
Assisted training using upper limb rehabilitation robots is beneficial for flaccid paralysis patients in recovering their functional abilities. In the assisted training mode, the…
Abstract
Purpose
Assisted training using upper limb rehabilitation robots is beneficial for flaccid paralysis patients in recovering their functional abilities. In the assisted training mode, the patient’s motor ability is limited by factors such as limb muscle tension, and it is prone for the rehabilitation robot to deviate from the prescribed training trajectory. A sliding mode control method based on a fixed time observer is proposed to address the problem of delayed trajectory tracking response of upper limb rehabilitation robots caused by external disturbances such as patient limbs.
Design/methodology/approach
First, aiming at the problem of estimating and compensating for external disturbances in the upper limb rehabilitation robot system, a fixed time observer was designed based on the robot’s dynamic model. Second, the composite sliding mode reaching law combining the smooth function and the power-exponential function is proposed to shorten the convergence time of system states in the startup phase, thereby reducing chattering in the control process and realizing the real-time tracking of the training trajectory by the control system.
Findings
The proposed method provides a solution for the trajectory tracking speed of upper limb rehabilitation robot controllers. In the circular trajectory tracking control, compared to the sliding-mode control method combined with the variable-exponential composite reaching law based on the fixed-time observer, the method in this paper reduces the time for the system state to reach the sliding surface by 0.89 s and improves the response speed by 0.66%.
Originality/value
The composite sliding mode approach law based on smooth function and power exponent function can reduce the time it takes for the system state to reach and remain on the sliding surface and improve the trajectory tracking speed of upper limb rehabilitation robots. This controller improves the accuracy of trajectory control and ensures the robustness of auxiliary rehabilitation training.