Zhuo (June) Cheng and Jing (Bob) Fang
This study examines the effect of stock liquidity on the magnitude of the accrual anomaly.
Abstract
Purpose
This study examines the effect of stock liquidity on the magnitude of the accrual anomaly.
Design/methodology/approach
This paper examines the relation—both time-series and cross-sectional—between stock liquidity and the magnitude of the accrual anomaly and use the 2001 minimum tick size decimalization as a quasi-experiment to establish causality.
Findings
There is both cross-sectional and time-series evidence that stock liquidity is negatively related to the magnitude of the accrual anomaly. Moreover, the extent to which investors overestimate the persistence of accruals decreases with stock liquidity. Results from a difference-in-differences analysis conducted using the 2001 minimum tick size decimalization as a quasi-experiment suggest that the effect of stock liquidity on the accrual anomaly is causal. The findings of this study are consistent with the enhancing effect of stock liquidity on pricing efficiency.
Originality/value
The study's findings are well aligned with the mispricing-based explanation for the accrual anomaly, suggesting that the improvement in market-wide stock liquidity drives the contemporaneous decline in the magnitude of the accrual anomaly, at least to a great extent.
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Zhuo (June) Cheng and Jing (Bob) Fang
This study aims to examine what underlies the estimated relation between idiosyncratic volatility and realized return.
Abstract
Purpose
This study aims to examine what underlies the estimated relation between idiosyncratic volatility and realized return.
Design/methodology/approach
Idiosyncratic volatility has a dual effect on stock pricing: it not only affects investors' expected return but also affects the efficiency of stock price in reflecting its value. Therefore, the estimated relation between idiosyncratic volatility and realized return captures its relations with both expected return and the mispricing-related component due to its dual effect on stock pricing. The sign of its relation with the mispricing-related component is indeterminate.
Findings
The estimated relation between idiosyncratic volatility and realized return decreases and switches from positive to negative as the estimation sample consists of proportionately more ex ante overvalued observations; it increases and switches from negative to positive as the estimation sample consists of proportionately more ex post overvalued observations. In sum, the relation of idiosyncratic volatility with the mispricing-related component dominates its relation with expected return in its estimated relation with realized return. Moreover, its estimated relation with realized return varies with research design choices and even switches sign due to their effects on its relation with the mispricing-related component.
Originality/value
The novelty of the study is evident in the implication of its findings that one cannot infer the sign of the relation of idiosyncratic volatility with expected return from its estimated relation with realized return.
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Bo Yan, Yan-Ru Chen, Xiao-Tai Zhou and Jing Fang
The purpose of this paper is to analyze how social networking services (SNSs) affect consumers’ behaviors on the omni-channel supply chain by using a reverse research method.
Abstract
Purpose
The purpose of this paper is to analyze how social networking services (SNSs) affect consumers’ behaviors on the omni-channel supply chain by using a reverse research method.
Design/methodology/approach
Initially, a questionnaire was administered to obtain data on the relationship between the perception factors of channels and consumer behavior. Subsequently, a structural equation model was constructed, and consumer behavior were determined in the omni-channel supply chain. Finally, the importance of various factors that affected consumer behavior in the omni-channel supply chain under SNSs was determined.
Findings
Conclusions affirm that a positive effect on consumer channel behaviors occurs when buyers obtain information from social network platforms. However, regardless of online, offline, or mobile terminal, shortcomings are indicated in consumers’ lack of feedback on purchased goods and the bias of feedback.
Originality/value
The study explored ways to efficiently apply SNSs in building the omni-channel supply chain. Meanwhile, corresponding suggestions were provided such that companies will know about consumer needs.
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Jing Fang, Xiaowei Liu and Wen Guang Qu
Prior IT productivity research usually assumes constant returns on IT investment. This study suggests that the impact of IT investment on productivity may not be constant but may…
Abstract
Purpose
Prior IT productivity research usually assumes constant returns on IT investment. This study suggests that the impact of IT investment on productivity may not be constant but may change with the IT investment scale and over time. Specifically, we divide IT investment into commercial IT and in-house IT and investigate their changing impacts on industry labor productivity.
Design/methodology/approach
A model of the productivity impacts of commercial IT and in-house IT with changing effects of scale and over time is developed and empirically tested based on industry-level panel data from the US. Bureau of Economic Analysis (BEA).
Findings
The returns on commercial IT investment increase with scale but decrease over time, while the returns on in-house IT increase over time.
Originality/value
This study provides a new perspective for IT productivity research by investigating the changing productivity impacts of IT investment. It also suggests that commercial IT and in-house IT should be distinguished, as they have different impacts on productivity.
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This paper aims to present a flattening method for developing 2D basic patterns from 3D designed garments. The method incorporates the techniques of professional pattern…
Abstract
Purpose
This paper aims to present a flattening method for developing 2D basic patterns from 3D designed garments. The method incorporates the techniques of professional pattern development for the purpose of pattern‐making automation. The aims of the flattening method are to improve the dressing suitability and to produce pleasing figures by reversing design procedures.
Design/methodology/approach
A flattening method is presented in this paper for developing 3D undevelopable NURBS surfaces in 2D. The automatic operation embeds the expertise of pattern makers by reducing total area differences between the designed garments in 3D styles and the two‐dimensional patterns. Basic pattern‐making invokes the boundary constraints which apply mesh alignments techniques.
Findings
The global area difference between the original 3D designs and the 2D‐developed pattern is controlled within 5 percent in order to reach the final outcomes of basic patterns, whose shapes are similar to the drawing patterns currently utilized in the industry.
Research limitations/implications
This study currently handles simple designs, such as basal designs, and can only flatten garments in symmetric styles. The direct flattening method is developed by this study. In addition, this study is supplemented by expert‐based knowledge, and it establishes basic boundary conditions for various garment patterns to increase the feasibility of flattening automation.
Originality/value
This study introduces the fundamental theories and methodologies used in the automatic making of basic patterns from 3D garment designs. It proposes a flattening method with pattern expertise embedded by real‐time approximations of the global area of the 3D undevelopable designs to the 2D patterns.
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Jing‐Jing Fang and Chang‐Kai Liao
This ongoing research revolute the conventional clothing design process by garment constructions in truly three dimensions rather than in two dimensions by ways of pattern design…
Abstract
Purpose
This ongoing research revolute the conventional clothing design process by garment constructions in truly three dimensions rather than in two dimensions by ways of pattern design. The aim of the research is to develop a computer‐assisted clothing design tool in complete three dimensions. It would provide the garment designers the capabilities of 3D basal garment creation, restyling, and static fitting analysis when wearing on a digital mannequin. The kernel of the design environment and the mathematical formulas used in garment creation are described, results and implementations will be presented later in part II of this paper.
Design/methodology/approach
In this paper, a mannequin‐based garment design and restyling tools in three dimensions is proposed. The tools are based on mathematical formulas which provide an intuitive way of computer‐aided garment design.
Findings
Free style creation on clothes is performed by the provided tools and its formulas behind. Feature‐based mannequin model is initially constructed by its features interpolation. The crucial girths on garment, for instances, collar girth and sleeve girth are generated from the neck girth and the armhole girth, respectively. Based on the feature girths on the mannequin, garment surface is “radial grown” from the digital mannequin. B‐spline surface, loft surface, and sweep surface are used to build blouse, sleeve, and collar for creation and restyling.
Research limitations/implications
Basal garment is initially “grown” from the computer mannequin model, which means, size grading no longer becomes extra work. 3D restyling tool is then invoked to conduct versatile designs by exhibiting designers' imagination space. Static fitting analysis is easily performed by the corresponding features on the mannequin.
Originality/value
In this paper, a new three dimensions method in clothing design for clothes style creation and restyling in three dimensions on a digital mannequin model is proposed. In this research, a truly 3D garment design tool is developed in order to break through currently paper draft design concept.
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Yong Yang, Youqing Fan and Jianfeng Jia
In the face of external paradoxical requirements, the cognitive framework of managers and employees use to perceive, interpret and reconstruct information is important to ease…
Abstract
Purpose
In the face of external paradoxical requirements, the cognitive framework of managers and employees use to perceive, interpret and reconstruct information is important to ease anxiety and improve job performance. The Yin-Yang balancing of eastern philosophical thought is particularly good at explaining and predicting changes and conflict environments. For this reason, this study aims to propose the eastern construction of the paradoxical cognitive framework based on the Yin-Yang balancing theory and its antecedent framework.
Design/methodology/approach
This paper contrasts the similarity and differences between Chinese and Western philosophy’s thoughts on paradoxes. On this basis, the eastern construction of the paradoxical cognitive framework is proposed. Then, the paper puts forward the antecedent framework of managers’ cognitive framework and employees’ paradoxical cognitive framework.
Findings
This paper proposes the eastern construction of the paradoxical cognitive framework includes the following three dimensions: the unity-in-diversity of paradoxical elements, the asymmetric balance of paradoxical elements and mutual transformation of paradoxical elements. In addition, this paper proposes an antecedent framework of the eastern construction of the paradoxical cognitive framework – the paradoxical requirement of organizational environment exerts a direct impact on managers’ and employees’ paradoxical cognitive framework; managers’ paradoxical cognitive framework has a positive impact on paradoxical leadership; paradoxical leadership exerts an indirect impact on employees’ paradoxical cognitive framework through the collective paradoxical cognitive framework; paradoxical leadership directly affects employees’ paradoxical cognitive framework.
Research limitations/implications
This paper focuses on comparing the similarities and differences of the individual paradoxical cognitive framework in Chinese and Western cultures and proposes the eastern construction of the paradoxical cognitive framework and its antecedent framework. Future research needs to further verify the theoretical framework proposed in this paper.
Originality/value
This paper makes a detailed comparison of the paradox views in Chinese and Western philosophy. It is the first to propose the eastern construction of the paradoxical cognitive framework and its antecedent framework, laying a theoretical foundation for future empirical research.
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Jing‐Jing Fang, Yu Ding and Su‐Chin Huang
Based on the knowledge of professional pattern makers, this paper aims to propose an expert‐based automation technique of darts generation by aligning and drawing close meshes in…
Abstract
Purpose
Based on the knowledge of professional pattern makers, this paper aims to propose an expert‐based automation technique of darts generation by aligning and drawing close meshes in basic pattern in Part I. Single dart development, such as waist‐fitting dart, shoulder dart, armscye dart, side dart, and their select combination are also presented.
Design/methodology/approach
In this paper, 3D garment surface is first approximated by a finite number of meshes. Patterns are developed by aligning and rotating of the flattened meshes under the constraint of overlay avoidance. The envelop areas between the developed patterns and the curved surface are dramatically reduced from 5 percent of basic pattern to below 3 percent after darts development.
Findings
The development patterns are varied in their association with the subject's body figures and the designed garment. Darts in a different location can reduce the total area difference between the flattening undevelopable surface and the original curved surface.
Research limitations/implications
At the present stage the pattern development method cannot guarantee the uniqueness of pattern outline. Moreover, the pattern maker's knowledge inputs in this paper can only apply to the subject whose waist girth is less than hip girth in circumference.
Originality/value
The embedded pattern maker knowledge provides certain rules for pattern development from 3D design. Moreover, it is practical to be used and exported to modern 2D pattern software for further editing and revision. The same person is also used as a model after the patterns have been sewn into clothes.
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The purpose of this paper is to find the pattern with minimal deformation energy while developing from 3D designed garments. Moreover, darts are generated to further reduce…
Abstract
Purpose
The purpose of this paper is to find the pattern with minimal deformation energy while developing from 3D designed garments. Moreover, darts are generated to further reduce deformation energy. The aims of the energy-based flattening method are to reduce the difference between 3D designed garments and 2D flattened patterns in an accurate and efficient way.
Design/methodology/approach
This study uses a mass spring method and iterative optimization to analyze pattern contours with minimal contour deformation while flattening three dimensional draping designs into a plane. Darts are generated to further reduce distortion during surface flattening and the energy method is introduced to verify that the analysis results obtained match the garment darts provided by the Bunka formula which is currently widely used in East Asia.
Findings
An efficient method for generating optimal darted pattern is presented. It compares the important factors of darts, including position, length and amount. After iterative optimization and darts generation, the maximum energy reduction is about 30 percent.
Originality/value
This study provides an aggregate to analyze and compare the differences between different patterns and conduct a verification comparison with traditional pattern formula.
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Jing‐Jing Fang and Chia‐Hsin Tien
The purpose of this paper is to introduce an approach to generating a basic bodice based on human body structure. The trimmed non‐uniform rational B‐spline (NURBS) method is…
Abstract
Purpose
The purpose of this paper is to introduce an approach to generating a basic bodice based on human body structure. The trimmed non‐uniform rational B‐spline (NURBS) method is applied to develop computer‐aided tailoring and styling capabilities in 3D fashion design.
Design/methodology/approach
Based on the body structure of the scanned subject, a parameterized method to intuitively generate adaptable bodices is proposed. NURBS surfaces are applied to provide an interactive styling design based on the preset bodice. To mimic dress shearing for any specific requirement, trimmed curves are applied to the NURBS‐based clothes. A simple periodic function is introduced to develop a wave‐like style garment.
Findings
Newly‐styled apparel designed in the third dimension is much more intuitive than conceptual drawings on paper. In order to create wearable garments using the computer‐aided apparel design tools, the expertise of pattern makers is necessary.
Originality/value
Interactive free form surface creation and its associated techniques, by means of trimmed NURBS, are applied to computer‐assisted garment design in three dimensions. The technique provides the designers with a more freely expressive means of creativity.