Yanfei Yang, Xiaobo Wang, Sen Mei, Xing Zhu, Shiqiang Chen, Peng Xiong, Zhihai Hu, Kun Xiong and Dong Song Yuan
The purpose of this paper is to investigate the tribological performance and mechanisms of BN/calcium borate nanocomposites (BCBNs) as additives in lubricating oil.
Abstract
Purpose
The purpose of this paper is to investigate the tribological performance and mechanisms of BN/calcium borate nanocomposites (BCBNs) as additives in lubricating oil.
Design/methodology/approach
BCBNs were prepared by heterogeneous deposition method. And the morphology and structure of samples were analysed by transmission electron microscopy, Fourier transform infrared spectra and X-ray powder diffraction pattern. The maximum non-seizure load (PB) of samples was tested using four-ball friction tester. The average friction coefficients and wear tracks were obtained. In addition, tribological mechanism was also investigated using optical microscope, energy dispersive spectroscopy and X-ray photoelectron spectroscope.
Findings
It was found that the nanocomposites present core-shell nanostructure with the thickness of shell around 12 nm and the diameter of particles 100-200 nm, and tribological tests indicate that the PB value of BCBNs was increased by 113 per cent, whereas the average friction coefficient was decreased by 23.6 per cent and the bloom’s wear area was also decreased by 25.2 per cent.
Originality/value
This paper involves investigation on tribological properties and mechanism of the BCBNs with core-shell structure.
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This chapter examines the increased levels of cross-asset price comovement and its relationship with the recent rounds of “extraordinary intervention” from the US Federal Reserve…
Abstract
This chapter examines the increased levels of cross-asset price comovement and its relationship with the recent rounds of “extraordinary intervention” from the US Federal Reserve. The results show that, even after controlling for the preceding financial crisis, asset return volatility, investor risk perceptions, and channels of monetary stimulus, historically unrelated financial asset returns experienced abnormal changes in their conditional correlations. The strength of these cross-asset correlations is directly linked to periods of Federal Reserve interventions yet disappear when the interventions were (in fact or were perceived to be) withdrawn. Despite being studied extensively in the academic literature, no traditional intervention channels can explain the changes in cross-comovement. It is proposed that the Fed’s extraordinary stimulus caused investors to use Fed announcements as a common, low-cost information source on which they used to make common portfolio-allocation decisions. The changes in comovement during the intervention period may have reduced investor welfare for those with longer-horizon allocation strategies, those not prepared for the eventual ending of the stimulus, and for underfunded liability-optimizing portfolio managers (e.g., state pension funds).
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Haoyu Gao, Ruixiang Jiang, Wei Liu, Junbo Wang and Chunchi Wu
Using initial public offering (IPO) involuntary delisting data, this chapter examines whether and how motivated institutional investors affect the survivability of IPO firms. The…
Abstract
Using initial public offering (IPO) involuntary delisting data, this chapter examines whether and how motivated institutional investors affect the survivability of IPO firms. The empirical evidence shows that the likelihood of future delisting is much lower for IPOs with more motivated institutional investors. This impact is more pronounced for firms with higher information asymmetry. The motivated institutional investors also facilitate better post-IPO operating performance. The results are consistent with the prediction of the limited attention theory.
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José Emilio Farinós, Begoña Herrero and Miguel Ángel Latorre
This paper aims to examine the influence of the gender diversity in the corporate board on the decision of announcing a firm acquisition on Friday. Prior evidence found the…
Abstract
Purpose
This paper aims to examine the influence of the gender diversity in the corporate board on the decision of announcing a firm acquisition on Friday. Prior evidence found the phenomenon of investor inattention.
Design/methodology/approach
A sample of 252 cash-financed acquisitions conducted by listed Spanish firms from 2004 to 2018 is analysed. Probit regressions are used.
Findings
Firms with greater gender diversity on the board are less likely to make acquisition announcements of listed targets on Friday, thus avoiding investor inattention. Women directors seem to provide higher quality information and are more concerned about investors.
Originality/value
To the best of the authors’ knowledge, this is the first study that analyses the role of women directors in the publication of information on Friday, so it complements studies on the disclosure of quality information by listed companies. The Spanish market is an adequate scenario to analyse the impact of women's participation in business decision-making because Spain was one of the first countries to legislate on gender diversity.
Propósito
Este trabajo analiza si la participación de mujeres en el consejo de administración puede influir en el anuncio de adquisición empresarial en un memento de poca atención (viernes) o en otro día de la semana.
Diseño/metodología/enfoque
Se analiza una muestra de 252 anuncios de adquisiciones en efectivo realizados por empresas españolas cotizadas en el periodo de 2004 a 2018. Se utiliza el análisis probit.
Resultados
Las empresas con mayor porcentaje de mujeres consejeras tienen menos probabilidad de anunciar la adquisición de una empresa cotizada en viernes, evitando así la inatención del inversor. Los resultados sugieren que las mujeres consejeras comunican información de mayor calidad y tienen una mayor preocupación por los inversores.
Originalidad
Hasta donde sabemos este trabajo es el primero que analiza la influencia de las mujeres consejeras en la publicación de información en viernes y refuerza los estudios sobre la calidad de la información publicada por las empresas cotizadas. El mercado español es el contexto ideal para el estudio de la participación femenina en la toma de decisiones empresariales pues España fue uno de los primeros países en establecer cuotas de género en los consejos de administración.
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Nengzhi (Chris) Yao, Weiwei Zhu and Jiuchang Wei
Signalling theory suggests how “strong” or “weak” the signal quality detected by a receiver (defined as signalling strength) is distorted by noisy factors (defined as noise)…
Abstract
Purpose
Signalling theory suggests how “strong” or “weak” the signal quality detected by a receiver (defined as signalling strength) is distorted by noisy factors (defined as noise). Although corporate cooperation signals are known to lead to receiver reaction, the effects of distortion factors on signal credibility are generally unexplored in signalling process. The paper aims to discuss this issue.
Design/methodology/approach
After analysing 264 contract announcements in 2013–2015 that befall publicly listed firms in China, the authors explore the signalling impact of contract value. the authors also incorporate the signalling noises, namely, signalling environment, external referents and other signallers, into the contracting context and investigate their effects on distorting the relationship between signal strength and receiver reaction.
Findings
Results indicate that firms’ contract-signing announcement conveys an effective signal to investors: the larger the contract scale is, the more investor reaction the firms experience. The signalling effects of contract scale on investor reaction are moderated by the three distorting factors.
Originality/value
The findings contribute to the signalling theory literature on the effects of signalling noise on receivers’ perception of signal observability.
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Wenhao Yu, Jun Li, Li-Ming Peng, Xiong Xiong, Kai Yang and Hong Wang
The purpose of this paper is to design a unified operational design domain (ODD) monitoring framework for mitigating Safety of the Intended Functionality (SOTIF) risks triggered…
Abstract
Purpose
The purpose of this paper is to design a unified operational design domain (ODD) monitoring framework for mitigating Safety of the Intended Functionality (SOTIF) risks triggered by vehicles exceeding ODD boundaries in complex traffic scenarios.
Design/methodology/approach
A unified model of ODD monitoring is constructed, which consists of three modules: weather condition monitoring for unusual weather conditions, such as rain, snow and fog; vehicle behavior monitoring for abnormal vehicle behavior, such as traffic rule violations; and road condition monitoring for abnormal road conditions, such as road defects, unexpected obstacles and slippery roads. Additionally, the applications of the proposed unified ODD monitoring framework are demonstrated. The practicability and effectiveness of the proposed unified ODD monitoring framework for mitigating SOTIF risk are verified in the applications.
Findings
First, the application of weather condition monitoring demonstrates that the autonomous vehicle can make a safe decision based on the performance degradation of Lidar on rainy days using the proposed monitoring framework. Second, the application of vehicle behavior monitoring demonstrates that the autonomous vehicle can properly adhere to traffic rules using the proposed monitoring framework. Third, the application of road condition monitoring demonstrates that the proposed unified ODD monitoring framework enables the ego vehicle to successfully monitor and avoid road defects.
Originality/value
The value of this paper is that the proposed unified ODD monitoring framework establishes a new foundation for monitoring and mitigating SOTIF risks in complex traffic environments.
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Marshall A. Geiger, Rajib Hasan, Abdullah Kumas and Joyce van der Laan Smith
This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate…
Abstract
Purpose
This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate industry-specific market uncertainty. It extends the literature by being the first to empirically examine investor information demand and disaggregate market uncertainty.
Design/methodology/approach
This paper constructs a measure of information search by using the Google Search Volume Index and computes measures of aggregate and disaggregate market uncertainty using institutional investors' trading data from Ancerno Ltd. The relation between market uncertainty, as measured by trading disagreements among institutional investors, and information search is analyzed using an OLS (Ordinary Least Squares) regression model.
Findings
This paper finds that individual investor information demand is significantly and positively correlated with aggregate market uncertainty but not associated with disaggregated industry uncertainty. The findings suggest that individual investors may not fully incorporate all relevant uncertainty information and that ambiguity-related market pricing anomalies may be more associated with disaggregate market uncertainty.
Research limitations/implications
This study presents an examination of aggregate and disaggregate measures of market uncertainty and individual investor demand for information, shedding light on the efficiency of the market in incorporating information. A limitation of our study is that our data for market uncertainty is based on investor trading disagreement from Ancerno, Ltd. which is only available till 2011. However, we believe the implications are generalizable to the current time period.
Practical implications
This study provides the first concurrent empirical assessment of investor information search and aggregate and disaggregate market uncertainty. Prior research has separately examined information demand in these two types of market uncertainty. Thus, this study provides information to investors regarding the importance of assessing disaggregate component measures of the market.
Originality/value
This paper is the first to empirically examine investor information search and disaggregate market uncertainty. It also employs a unique data set and method to determine disaggregate, and aggregate, market uncertainty.
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Pornanong Budsaratragoon, Suntharee Lhaopadchan and David Hillier
We investigate whether limited investor attention is a factor in the effectiveness of institutional shareholder activism. Prior research has shown that an inability of market…
Abstract
We investigate whether limited investor attention is a factor in the effectiveness of institutional shareholder activism. Prior research has shown that an inability of market participants to allocate sufficient intellectual effort to the investment decision can have an impact on market price and volume behavior. We extend this research in an applied setting by considering the effectiveness of the California Public Employees’ Retirement System (CalPERS) focus list, whose aim is to improve the performance and corporate governance of target firms. We find that the share price and volume response to being included in the focus list is a function of the investor attention in a stock, which in turn has an impact on the subsequent managerial response. This suggests that when attention is a scarce cognitive resource, the proactive exploitation of news signals can be an efficient activism strategy.
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Changchun Tan, Kangkang Yin, Huaqing Wu and Peng Zhou
Corporate ESG performance has attracted widespread attention from various sectors of society. This paper aims to investigate whether analysts’ ESG attention can convey additional…
Abstract
Purpose
Corporate ESG performance has attracted widespread attention from various sectors of society. This paper aims to investigate whether analysts’ ESG attention can convey additional information to the market and consequently influence stock pricing efficiency.
Design/methodology/approach
Using A-share listed companies from 2014 to 2021 as the research subjects, this paper employs a deep learning algorithm, word2vec, to construct an ESG dictionary. Text analysis is then applied to create an analysts’ ESG attention index, delving into its impact on stock pricing efficiency.
Findings
Empirical research reveals that: (1) Analysts' ESG attention effectively enhances stock pricing efficiency, with a more significant impact from analysts’ attention to environmental (E) and social (S) factors compared to governance (G); (2) Further analysis indicates that this effect becomes more pronounced when there is higher disparity in corporate ESG ratings, greater marketization in the province where the company is located, and a higher institutional ownership percentage and (3) The mechanism by which analysts' ESG attention influences stock pricing efficiency is through an elevation in investor attention and stock liquidity. Additionally, it is observed that analysts prioritize ESG information to enhance their reputation and business capabilities.
Originality/value
From the perspective of ESG rating divergence, this paper innovatively uses analyst reports to construct ESG attention indicators and analyzes their impact on the efficiency of stock pricing.
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Jianbin Xiong, Jinji Nie and Jiehao Li
This paper primarily aims to focus on a review of convolutional neural network (CNN)-based eye control systems. The performance of CNNs in big data has led to the development of…
Abstract
Purpose
This paper primarily aims to focus on a review of convolutional neural network (CNN)-based eye control systems. The performance of CNNs in big data has led to the development of eye control systems. Therefore, a review of eye control systems based on CNNs is helpful for future research.
Design/methodology/approach
In this paper, first, it covers the fundamentals of the eye control system as well as the fundamentals of CNNs. Second, the standard CNN model and the target detection model are summarized. The eye control system’s CNN gaze estimation approach and model are next described and summarized. Finally, the progress of the gaze estimation of the eye control system is discussed and anticipated.
Findings
The eye control system accomplishes the control effect using gaze estimation technology, which focuses on the features and information of the eyeball, eye movement and gaze, among other things. The traditional eye control system adopts pupil monitoring, pupil positioning, Hough algorithm and other methods. This study will focus on a CNN-based eye control system. First of all, the authors present the CNN model, which is effective in image identification, target detection and tracking. Furthermore, the CNN-based eye control system is separated into three categories: semantic information, monocular/binocular and full-face. Finally, three challenges linked to the development of an eye control system based on a CNN are discussed, along with possible solutions.
Originality/value
This research can provide theoretical and engineering basis for the eye control system platform. In addition, it also summarizes the ideas of predecessors to support the development of future research.