Search results

This paper aims to investigate the influence of social interactions on mutual fund portfolios from the perspective of alumni network in China.

Based on a data set that consists of 162 actively managed equity funds in China during the time period of 2003–2014, this study employs multiple linear regression model to control for organization- and location-based interpersonal connections as well as other confounding factors and clarify the causality relationship between alumni networks of mutual fund managers and their portfolios.

After controlling for organization- and location-based interpersonal connections, we find that mutual fund managers who graduated from the same college/university have more similar stock holdings and are more likely to buy or sell the same stocks contemporaneously. As a result, alumni managers exhibit a higher correlation of fund returns. Moreover, the effect of alumni relationship on mutual fund investments becomes weaker when more managers are connected within the network. We also find that valuable information is shared among alumni managers: (1) the average returns for the alumni common holdings portfolios is significantly higher than those for non-alumni holdings portfolios and (2) a long-short strategy composed of stocks purchased minus sold by alumni managers yields positive and significant risk-adjusted returns.

The findings suggest that information dissemination among connected fund managers could be one of the driving forces for mutual fund herding behavior, and that a portfolio of funds whose managers are educationally connected could be highly exposed to certain stocks and risks.

This paper contributes to the growing finance literature addressing the influence of personal connections on information dissemination that specifically contributes to price formation. It corresponds more closely to Cohen et al. (2008), who investigate college alumni connections between fund managers and corporate board members. Since the authors simultaneously examine three potentially overlapped social networks, which are based on education, locality and fund family, the authors are able to disentangle their effects on fund managers' investment decisions. Moreover, the findings suggest that institutional investors make investment decisions based on share private information, and therefore, it also contributes to the literature on fund herding behaviors (Grinblatt et al., 1995; Wermers, 1999).

The purpose of this paper is to empirically analyze whether and how managerial overconfidence affects stock price crash risk.

Based on a large sample of Chinese non-state-owned firms from 2000 to 2012, this study employs methods including multiple linear regression model, Heckman two-stage treatment effect procedure, firm fixed effects model and event study to clarify the causality relationship between managerial overconfidence and crash risk.

The authors find that firms with overconfident managers (chief executive officer or board chairs) are more likely to experience future stock price crashes than firms with non-overconfident managers. The effect of overconfidence on crash risk is more pronounced for firms with low transparency, suggesting that firm opacity facilitates overconfident managers’ bad news hoarding activities, which, in turn, increases stock price crash risk. The authors also show evidence that overconfident managers tend to disclose good news in a timely manner.

The authors add to the growing literature on stock price crash risk. Specifically, the authors find that the cognitive bias of board chair plays an important role in the bad news hoarding activities, thereby increasing the likelihood of stock price crash. This study also contributes to the literature that addresses the effects of managerial overconfidence on corporate finance issues.

Demand for luxury brands is increasing at a very fast pace in emerging markets like India. But very few quantitative studies have been conducted to explore the reasons behind this sudden surge in demand. Thus, the purpose of this paper is to understand the impact of beliefs on consumer buying behavior for luxury fashion brands in the Indian context employing theory of planned behavior and to develop a comprehensive understanding regarding motivating factors behind luxury goods consumption.

Researcher-controlled sampling techniques (judgment and snowball sampling) were employed to collect data from actual users of luxury fashion brands in New Delhi (India). Statistical tests including confirmatory factor analysis and structural equation modeling were applied for data analysis.

The findings show that all three beliefs – attitudinal belief, normative belief (NB) and control belief – were positively and significantly related to attitude, subjective norm and perceived behavioral control (PBC). NB was found to have a positive impact on PBC as well as actual consumer purchasing behavior for luxury fashion brands.

This research contributes to the extant literature by bringing to light new findings that could help provide meaningful insights to the academicians and marketing practitioners.

Pb-free solders have been developed to replace the standard Sn–Pb eutectic solder since the prohibition on Pb used in solders. The Sn–Ag–Cu series of lead-free solders is the most extensively used in the electronics industry. The Ag₃Sn, which forms during isothermal ageing, can significantly degrade solder joint reliability. Sn–Ag–Cu solder’s high price further hindered its use in the electronics industry. This paper aims to investigate different copper percentages into Sn–xCu solder alloy to improve its microstructure and strength performance.

The solder alloys used in this work were Sn–xCu, where x = 0.0, 0.3, 0.5, 0.7, 1.0 Wt.%, which was soldered onto electroless nickel immersion gold (ENIG) substrate using carbon dioxide (CO₂) gas laser. Then these samples were subjected to isothermal aging for 0, 200, 500, 1,000 and 2,000 h. The Sn–xCu solder alloy was fabricated through a powder metallurgy process.

Microstructure characterization showed that Cu addition resulted in fine and rounded shape of Cu–Sn–Ni particles. Shear strength of Sn–xCu solder joints was increased with increasing Cu content, but at aging duration of 1,000 h, it dropped slightly. It is believed that the strength improved due to the increment of diffusion rate during isothermal aging.

In a Cu–Sn solder, the recommended amount is 1.0 Wt.% of Cu. In extensive aging procedures, it was discovered that Sn1.0Cu solder improved the reliability of solder joints. The findings indicated that the innovative solder alloys might satisfy the needs of high-reliability applications.

The study shows that the right amount of Cu enhances the solidification of Sn–Cu solder, increasing the shear force of the Cu–Sn solder joint. The Sn1.0Cu exhibits a ductile fracture on the top microstructure, improving the joint’s average shear strength.

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.

This study aimed to evaluate the effectiveness of using a virtual patient (VP) software program in increasing clinical reasoning skills confidence among medical students.

A quasi-experimental design was used to compare the outcomes of students’ confidence levels on clinical reasoning between problem-based learning (PBL) and VP program with 122 pre-clinical Year 2 medical students. History taking, physical examination, clinical investigations and diagnosis was investigated using four PBL cases in the oncology block. Pre- and post-differences in mean confidence scores between the arms were compared, as well as mean difference by type of case and skill category.

A total of 122/156 (78.2%) students participated; n = 55 were from 7 VP groups and n = 67 were from 13 control arm groups. For the primary outcome, the VP arm showed a statistically significant increase in confidence measures among 11/16 (4 cases × 4 skills) categories, compared to 4/16 for the control arm. The proportion of the students who indicated an improved confidence was statistically significant for the cervical cancer case for physical examination (60.0% improved in VP vs 12.5% in control), investigation (60.0% VP vs 18.8% control) and diagnosis (60.0% in VP vs 25.0% in control). Finally, analysis by case showed an increment in overall mean scores from the start to end of the case within the VP arm while the pattern was erratic in the control arm cases.

The study results showed that incorporating the VP into PBL was more effective in increasing students’ clinical reasoning confidence levels compared to the usual PBL. As the study utilized existing PBL cases, it demonstrates how medical schools can incorporate digital VP tools into pre-clinical years before students' transition to learning from actual patients in the clinical years.

Structural factors during Chinese and Japanese immigration and settlement processes required families to adapt in ways that altered traditional gender behaviors. This study examines how two factors – spousal immigration order and family economic structure – affected the gendered division of labor and how gender roles consequently were reconstructed for first and second generation Chinese Americans and Japanese Americans. These issues are investigated through secondary data analysis of 21 in‐depth interviews with daughters of Chinese and Japanese immigrants on the West Coast.

The purpose of this paper is to gain an understanding of the current research on Internet-plus.

The authors collected scholarly publications from the scientific databases Web of Science, Core Collection, Inspec and Compendex (Ei Village 2) and performed statistical analysis of the retrieved data from five perspectives.

The research on Internet-plus has obtained increasing attention in China. The top three research fields were social science, education and management.

The study will help researchers understand the current trends on Internet-plus.

This paper aims to investigate the stress corrosion cracking (SCC) process of sensitized 304 stainless steel during the slow strain rate test by using the electrochemical noise (EN) technique.

EN data are interpreted based on chaos and wavelet analyses, and correlation dimension and wavelet energy distribution are used as indicators for SCC process identification.

Experimental results reveal that the corrosion potential abruptly decreases from 180 to 100 mV at 6,300 s and the current increases from 10 to 100 nA accordingly, which is attributed to passive film breakdown and crack initiation. Chaos and wavelet analyses results reveal that, as crack initiates, the correlation dimensions increase from 1.2 to 1.9, and the corresponding distribution frequencies of maximum relative wavelet energy change from high frequency to low frequency.

SCC is monitored in lab, and crack initiation and propagation are identified by chaos and wavelet analyses. This work lays the foundation for SCC detection in field using EN.