Mona Yaghoubi and Michael O’Connor Keefe
The purpose of this study is to investigate the effects of two important financing sources, debt and cash, on a firm’s investment decisions and explores the intertemporal impact…
Abstract
Purpose
The purpose of this study is to investigate the effects of two important financing sources, debt and cash, on a firm’s investment decisions and explores the intertemporal impact of this financing on future investment volatility.
Design/methodology/approach
This paper first reports our results using ordinary least squares (OLS) estimation and then employ an instrumental variable (IV) strategy which addresses potential endogeneity that arises from future investment volatility on current capital structure and cash levels.
Findings
This paper finds firms with low levels of debt or high levels of cash experience higher future investment volatility, and the probability of large future investment increases with high cash levels. This study’s findings are economically important; for example, a one-standard-deviation increase from the mean of debt ratio implies an approximate 7.8% decrease in future investment volatility; and a one-standard-deviation increase from the mean of a firm’s cash level leads to a 47% increase in the probability of a large investment in the next year.
Originality/value
The findings of this study help firms understand the impact of their present financing decisions on the plausibility of their future investments. This paper contributes to the literature by making both novel and confirmatory findings. This paper was structured to include confirmatory findings for two reasons. First, this paper uses different methods to construct investment volatility and the related investment spike. Second, and more importantly, the hypotheses are interrelated and communicate how firms plan for and execute against uncertain future investments. Growth options are ephemeral, and the hypotheses structure provides a guideline for how a firm finances future growth options.
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Rajitha Aluru, Michael Keefe and Suresh Advani
Injection molding is a very mature technology, but the growth of layer‐build, additive, manufacturing technologies (rapid prototypying) has the potential of expanding injection…
Abstract
Injection molding is a very mature technology, but the growth of layer‐build, additive, manufacturing technologies (rapid prototypying) has the potential of expanding injection molding into areas not commercially feasible with traditional molds and molding techniques. This integration of injection molding with rapid prototyping has undergone many demonstrations of potential. What is missing is the fundamental understanding of how the modifications to the mold material and mold manufacturing process impact both the mold design and the injection molding process. This work expanded on an approach to utilize current numerical simulation programs and created a tool for optimizing the creation and use of non‐metal molds for injection molding. Verification and validation work is presented. The model was exercised by studying the effect of varying the thermal conductivity on final‐part distortions. This work clearly showed that one could not obtain reasonable results by simply changing a few input parameters in the current simulations. Although the approach did produce more realistic results, more work will be required for a tool capable of accurate, quantitative predictions.
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Trevor Nitschke and Michael O’Keefe
Considers the challenge facing an agricultural co‐operative operating in a commodity market but seeking ways of adding value both to the output of its members and to the services…
Abstract
Considers the challenge facing an agricultural co‐operative operating in a commodity market but seeking ways of adding value both to the output of its members and to the services it offers to its members and its customers. Highlights the importance of trust and the value of developing close working relationships over time, in order to communicate the need for radical change in strategic focus and implement an effective change management programme.
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Kent County Council. Report of the Public Analyst for the quarter ended 31st December, 1946 and for certain data relating to the whole year 1946.
IIA tells LOC to stay out of the market The US Information Industry Association (IIA) has come out strongly against the Library of Congress' plan to generate fee‐producing…
Abstract
IIA tells LOC to stay out of the market The US Information Industry Association (IIA) has come out strongly against the Library of Congress' plan to generate fee‐producing products and services. It argues that the proposal is not only unfair to the private sector but bad information policy in general.
Kristy Henson, Paul Constantino, F. Robin O’Keefe and Greg Popovich
The topic of human skeletal analysis is a sensitive subject in North America. Laws and regulations surrounding research of human skeletal material make it difficult to use these…
Abstract
Purpose
The topic of human skeletal analysis is a sensitive subject in North America. Laws and regulations surrounding research of human skeletal material make it difficult to use these remains to characterize various populations. Recent technology has the potential to solve this dilemma. Three-dimensional (3D) scanning creates virtual models of this material, and stores the information, allowing future studies on the material. The paper aims to discuss these issues.
Design/methodology/approach
To assess the potential of this methodology, the authors compared processing time, accuracy and costs of computer tomography (CT) scanner to the Artec Eva portable 3D surface scanner. Using both methodologies the authors scanned and 3D printed one adult individual. The authors hypothesize that the Artec Eva will create digital replicas of <5 percent error based on Buikstra and Ubelaker standard osteometric measurements. Error was tested by comparing the measurements of the skeletal material to the Artec data, CT data and 3D printed data.
Findings
Results show that larger bones recorded by the Artec Eva have <5 percent error of the original specimen while smaller more detailed images have >5 percent error. The CT images are closer to <5 percent accuracy, with few bones still >5 percent error. The Artec Eva scanner is inexpensive in comparison to a CT machine, but takes twice as long to process the Eva’s data. The Artec Eva is sufficient in replication of larger elements, but the CT machine is still a preferable means of skeletal replication, particularly for small elements.
Originality/value
This research paper is unique because it compares two common forms of digitization, which has not been done. The authors believe this paper would be of value to natural history curators and various researchers.
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Janice L. Hastrup, Sherilyn N. Thomas and Michael R. Edelstein
In this chapter we explore some of the intriguing questions raised by contaminated communities. Is there a connection between exposure to environmental hazards and psychological…
Abstract
In this chapter we explore some of the intriguing questions raised by contaminated communities. Is there a connection between exposure to environmental hazards and psychological distress? If yes, how best can it be measured? What kinds of psychological problems are aggravated by this kind of life stress? How do we know that victims are truly experiencing increased problems such as anxiety, depression and fears about their health?