Carmen Bachmann, Lars Tegtmeier, Johannes Gebhardt and Marcel Steinborn
The purpose of this paper is to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly data covering the period 2004–2017.
Abstract
Purpose
The purpose of this paper is to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly data covering the period 2004–2017.
Design/methodology/approach
Ordinary least squares regressions, generalized autoregressive conditional heteroscedasticity regressions and robust regressions are used to investigate the existence of the “Sell in May” effect in globally listed private equity markets. Additionally, the authors conduct robustness checks by dividing the sample period into two subperiods: pre-financial and post-financial crisis periods.
Findings
The authors find limited statistically significant evidence for the “Sell in May” effect. In particular, the authors observed a statistically significant “Sell in May” effect when taking time-varying volatility into account. These findings indicate that the “Sell in May” effect is driven by time-varying volatility. By contrast, economic significance as measured by visual return inspection and the magnitude of the estimated “Sell in May” coefficients in combination with their positive signs was found to be considerable.
Practical implications
The findings are important for all kinds of investors and asset managers who are considering investing in listed private equity.
Originality/value
The authors present a novel study that examines the “Sell in May” effect for globally listed private equity markets by using LPX indices, offering valuable insight into this growing asset class.
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Keywords
Julia Kaufhold, Johannes Kohl, Venkatesh Naidu Nerella, Christof Schroefl, Christoph Wenderdel, Paul Blankenstein and Viktor Mechtcherine
Extrusion-based digital construction (DC) approaches make it feasible to overcome constraints of conventional construction, namely, high formwork costs, long total construction…
Abstract
Purpose
Extrusion-based digital construction (DC) approaches make it feasible to overcome constraints of conventional construction, namely, high formwork costs, long total construction times, low productivity and geometrical inflexibility. However, to date, no satisfactory solutions for extruding strongly inclined and horizontal elements are available. A wood-starch-composite has been systematically developed as a sustainable support material (SM) for extrusion-based DC.
Design/methodology/approach
Material and process-specific requirements were identified for this purpose, and a feasible process chain was developed. A parametric study was conducted to determine the influence of SM composition on its extrusion feasibility and compressive strength. Various compositions with two starch types and two wood particle shapes were tested. New, specific testing methods were developed. Selected compositions were tested using a 3D-printing device to verify extrudability and form stability.
Findings
Relationships between material compositions of SM and its rheological and mechanical properties were identified. All mixtures showed sufficient compressive strength in respect of the loading conditions analysed. However, their flow properties varied significantly. A mixture of native maize starch and wood floor was identified as the best variant (compressive strength 2.3 MPa).
Research limitations/implications
Comprehensive investigations of possible process chains, as well as full-scale demonstration and optimisation of the process parameters, were not in the scope of this paper. Such investigations are intended in further studies.
Practical implications
The general applicability of wood-based SM for DC with cement-based construction materials was proved.
Originality/value
The findings offer a novel and promising solution for 3D-printing of non-vertical concrete elements. Experimental setup and material compositions are detailed to ensure reproducibility.
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Johannes Glasschroeder, Emanuel Prager and Michael F. Zaeh
The purpose of this paper is to show a possibility of how new functions can be integrated in parts, created by the powder-bed-based 3D-printing technology. One big advantage of…
Abstract
Purpose
The purpose of this paper is to show a possibility of how new functions can be integrated in parts, created by the powder-bed-based 3D-printing technology. One big advantage of additive manufacturing technologies is the possibility to create function-integrated parts during the manufacturing process. This applies to mechanical functions like movable elements, thermodynamic functions like contour near cooling channels in a part as well as electrical functions like conductive lines and electrical components.
Design/methodology/approach
A powder-bed-based 3D-printer is utilized to process polymethyl methacrylate (PMMA) as base material. To enable new functionalities, an automated exhausting mechanism was implemented into the test system. The created cavities can be filled with new components or rather new materials.
Findings
Three different approaches are shown in this paper. The first one was the integration of screw nuts to enhance bolted joints compared to threads, directly created in the part. The average tensile strength could be raised from 200 to 430 N/mm. The second approach was the integration of different reinforcement elements like carbon or metallic fibers. Here again a reinforcement of the tensile strength of approximately 27 per cent could be reached. The last approach shows a method to integrate conductive material as well as electrical components in a part to create simple electrical circuits.
Originality/value
The paper demonstrates how to extend an additive powder-bed-based technology with a powder-exhausting mechanism. The possibilities of this technology are illustrated by three examples, integrating mechanical as well as electrical functions in a part.
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PAUL KAEGBEIN and MICHAEL KNOCHE
At the end of World War II the destruction of German libraries and the political division of the former Reich led in the Federal Republic (BRD) to a planned development of…
Abstract
At the end of World War II the destruction of German libraries and the political division of the former Reich led in the Federal Republic (BRD) to a planned development of research collections and of collection‐based bibliographic tools highly relevant to the present‐day Anglo‐American debate on so‐called holdings and access policies. Unhappily, the authors argue, current financial constraints in the Bundesrepublik after weakening the thrust of acquisitions work now pose a threat to the access tools themselves.
Christopher Williams and Brigitte Ecker
The purpose of this paper is to investigate researchers' operationalization of the construct of embedment of overseas R&D subsidiaries.
Abstract
Purpose
The purpose of this paper is to investigate researchers' operationalization of the construct of embedment of overseas R&D subsidiaries.
Design/methodology/approach
First, the paper provides a systematic literature review of subsidiary embedment research. Second, it draws on resource dependence theory (RDT) and argues how embedment of overseas R&D subsidiaries should be treated as a more multi‐faceted and complex phenomenon than has been apparent in the literature to date.
Findings
The authors find a large variation in the operationalization of embedment (e.g. frequency of communication versus depth of integration versus direction of communication). They also find scant attention to the nature of differences between external actors (types of actors, including local and international). These represent weaknesses that inhibit the advancement of theory and policy within the context of the globalization of innovation.
Research limitations/implications
Researchers should treat R&D subsidiary embedment as a multi‐level phenomenon consisting of resource‐dependence interactions between collective entities internal and external to the subsidiary. R&D subsidiary embedment research design can be improved by being: formative; multiple‐actor; bi‐directional; and longitudinal.
Practical implications
Managers should treat external R&D subsidiary embedment as pattern of resource dependencies in which the actors that matter most to R&D subsidiary performance are a function of the importance and availability of the innovation‐specific resources they contain. This involves building a capability in multi‐level networking with R&D resource providers in the external environment.
Originality/value
The contribution of the current paper is to provide a critical evaluation of scholarly treatment of the construct of R&D subsidiary embedment, and to develop a foundation for operationalizing and analyzing the external embedment of R&D subsidiaries.