The purpose of this paper is to investigate how block trading and asymmetric information contribute to the firm-specific information measured by the stock return synchronicity…
Abstract
Purpose
The purpose of this paper is to investigate how block trading and asymmetric information contribute to the firm-specific information measured by the stock return synchronicity. Based on China stock market which is dominated by individual investors, this study focus on whether traders of block trading, which are usually institutional investors, are “information trader.”
Design/methodology/approach
Based on the high frequency data, the paper constructs two measures of information asymmetry, intraday measure and inter-day measure. Then the paper constructs a multiple regression model and examine how block trading and information asymmetry contribute to the firm-specific information measured by the stock return synchronicity.
Findings
The results show that: on the one hand, block trading transmits more firm-specific information, and can reduce the synchronicity; on the other hand, when the degree of information asymmetry is higher, block trading contains more firm-specific information and has a stronger effect on synchronicity. The effect of information asymmetry specifically displays as: block trading during the first half-hour of the trading day has a stronger effect on synchronicity; and block trading occurred in the days with publicly announced trading information has greater impact on synchronicity.
Practical implications
The conclusions have important practical implications: for market regulators, monitoring for block trading can improve the recognition and prevention of insider trading; for individual investors, especially the risk aversion investors, recognition of intraday and inter-day information asymmetry is beneficial for them to avoid the risk of asymmetric information.
Originality/value
First, the domestic and foreign research mostly concentrated impact of block trading on stock prices. However, reasons of stock price changes include the information effect and non-information effect, this paper selects stock return synchronicity as firm-specific information measure, and mainly focus on the information effect of block trading. Second, based on the high frequency data, the paper constructs two measures of information asymmetry, intraday measure and inter-day measure. Compared with general measure of information asymmetry, such as firm size, earnings quality, the two measures based on high frequency data are more precisely.
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Suyun Liu, Hu Liu, Ningning Shao, Zhijun Dong, Rui Liu, Li Liu and Fuhui Wang
Polyaniline (PANI) has garnered attention for its potential applications in anticorrosion fields because of its unique properties. Satisfactory outcomes have been achieved when…
Abstract
Purpose
Polyaniline (PANI) has garnered attention for its potential applications in anticorrosion fields because of its unique properties. Satisfactory outcomes have been achieved when using PANI as a functional filler in organic coatings. More recently, research has extensively explored PANI-based organic coatings with self-healing properties. The purpose of this paper is to provide a summary of the active agents, methods and mechanisms involved in the self-healing of organic coatings.
Design/methodology/approach
This study uses specific doped acids and metal corrosion inhibitors as active and self-healing agents to modify PANI using the methods of oxidation polymerization, template synthesis, nanosheet carrier and nanocontainer loading methods. The anticorrosion performance of the coatings is evaluated using EIS, LEIS and salt spray tests.
Findings
Specific doped acids and metal corrosion inhibitors are used as active agents to modify PANI and confer self-healing properties to the coatings. The coatings’ active protection mechanism encompasses PANI’s own passivation ability, the adsorption of active agents and the creation of insoluble compounds or complexes.
Originality/value
This paper summarizes the active agents used to modify PANI, the procedures used for modification and the self-healing mechanism of the composite coatings. It also proposes future directions for developing PANI organic coatings with self-healing capabilities. The summaries and proposals presented may facilitate large-scale production of the PANI organic coatings, which exhibit outstanding anticorrosion competence and self-healing properties.
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Qingqing Lu, Weizhe Yang, Chuiri Zhou and Ningning Wang
This study aims to investigate whether the contract manufacturer (CM) should take the first-mover advantage in the end-product without supplying core components to the original…
Abstract
Purpose
This study aims to investigate whether the contract manufacturer (CM) should take the first-mover advantage in the end-product without supplying core components to the original equipment manufacturer (OEM) immediately, or should fully squeeze the benefit of the learning effect through an amplified production quantity by letting the OEM enter the end-product market early.
Design/methodology/approach
The authors propose a two-period model for a supply chain consisting of a CM and an OEM where the CM has four alternative entry strategies concerning it competition to the OEM in the end-product market. For each strategy, the authors derive the equilibrium solutions of the two firms using a backward approach. Comparison leads to the CM’s final choices among the four strategies.
Findings
For both CM and OEM, the monopoly and the first-entry strategies will be dominated by either the post-entry or the simultaneous-entry strategy, and thus, their preferred strategy is chosen from the latter two. Regarding the two firms choices between the post- and simultaneous-entry strategy, the CM prefers the post-entry strategy when the OEMs brand premium is at a moderate level, whereas the OEM prefers the post-entry strategy when its brand premium is low, and the learning effect can amplify the interval for the CMs adopting the post-entry strategy as well as changes the interval for the OEMs preference related to the two strategies.
Originality/value
This paper is the first one to explore the optimal strategy for a CM to maximize its profit in a co-opetitive supply chain situation with a CM and an OEM. The authors believe that our paper contributes to both literature and the market.
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Xiuheng Zhang, Ningning Hu, Tianchi Chen and Songquan Wang
This study aims to prevent the sharp decline in the load-carrying capacity of lubricating oil film under harsh conditions of abrupt changes in friction interface temperature…
Abstract
Purpose
This study aims to prevent the sharp decline in the load-carrying capacity of lubricating oil film under harsh conditions of abrupt changes in friction interface temperature, which is a major challenge in lubrication technology.
Design/methodology/approach
In this paper, we synthesized a series of silver pyrazole methylpyridine complexes containing a high metal concentration and minimal supporting organic ligands (complex 1 [Ag(LMe)]2(BF4)2, complex 2 [Ag(Li-Pr)n](BF4)n and complex 3 [Ag(LMe)(NO3)]2). The thermal decompose behavior of as-prepared silver complex was investigated by thermogravimetric analysis and X-ray photoelectron spectrometry (XPS). Four-ball friction testers were used to evaluate the friction and wear properties of lubricating oil in the temperature ranges associated with the operation of modern heavy machinery.
Findings
The complex decomposed silver particles at high-temperature, which could fill the pits on the friction surface, change the wear form of the friction pair and reduce the roughness of the friction surface. Reduction in both friction coefficients and wear scar diameters was obtained by adding silver complexes in oil. The lubricating oil, with the additive content of 1.5 Wt.%, has the best tribological performance, moreover, the lubricating performance of the silver complexes in oil were correlated with their concentration and thermal decomposed temperatures, respectively.
Originality/value
As a result, a series of silver pyrazole methylpyridine complexes as oil additives can support friction and wear reduction under abrupt high-temperature conditions are intended to be a controllable backup lubricant additive.
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Ningning Kong, Tao Zhang and Ilana Stonebraker
The purpose of this paper is to establish common metrics for web-based mapping applications to facilitate user decision making and enhance information providers’ product design…
Abstract
Purpose
The purpose of this paper is to establish common metrics for web-based mapping applications to facilitate user decision making and enhance information providers’ product design.
Design/methodology/approach
The metrics were developed from a combination of literature review and case studies. From the literature review, the authors identified three major areas of assessment for web-based mapping applications. The authors then studied six online applications to refine the metrics.
Findings
The results suggest that web-based mapping applications can be evaluated from three major aspects: data content, geographic information systems (GIS) functionality and usability. The authors have developed detailed measures for each factor through the evaluation of the six applications.
Practical implications
The metrics developed from this study could be used as a standard for online spatial information users to choose appropriate products according to their needs. It can also provide valuable information for data providers to improve their products.
Originality/value
To the best of the authors’ knowledge, this is the first study that has systematically examined web-based mapping applications in academic libraries. Results from this study could be a valuable tool for librarians as well as general information users without background of GIS and usability to evaluate online mapping resources.
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A. Vivek, K. Shambavi and Zachariah C. Alex
This paper aims to focus on research work related to metamaterial-based sensors for material characterization that have been developed for past ten years. A decade of research on…
Abstract
Purpose
This paper aims to focus on research work related to metamaterial-based sensors for material characterization that have been developed for past ten years. A decade of research on metamaterial for sensing application has led to the advancement of compact and improved sensors.
Design/methodology/approach
In this study, relevant research papers on metamaterial sensors for material characterization published in reputed journals during the period 2007-2018 were reviewed, particularly focusing on shape, size and nature of materials characterized. Each sensor with its design and performance parameters have been summarized and discussed here.
Findings
As metamaterial structures are excited by electromagnetic wave interaction, sensing application throughout electromagnetic spectrum is possible. Recent advancement in fabrication techniques and improvement in metamaterial structures have led to the development of compact, label free and reversible sensors with high sensitivity.
Originality/value
The paper provides useful information on the development of metamaterial sensors for material characterization.