Le Quy Duong and Philippe Bertrand
Although the solid empirical proof of momentum is documented in various stock markets, there are many debates among academics with respect to the source of momentum profit. The…
Abstract
Purpose
Although the solid empirical proof of momentum is documented in various stock markets, there are many debates among academics with respect to the source of momentum profit. The first aim of this paper is intensively re-examine the momentum profit in Vietnam, an important emerging market. Secondly, the authors study the return predictability of a measure of investors’ overreaction, then examine whether the momentum effect in Vietnam is explained by overreaction.
Design/methodology/approach
Using the weekly data of more than 300 non-financial Vietnamese stocks during 2009–2019, the authors build a measure of investors’ overreaction, which is based on trading volume and the sign of stock returns. Consequently, to investigate whether momentum exits after controlling for overreaction, the authors carefully compare trading strategies based on overreaction with price momentum strategies using adjusted returns and double sorts on past returns and levels of overreaction.
Findings
The article makes three main findings. Firstly, the authors discover the empirical evidence of momentum in the Vietnamese equity market. Secondly, the measure of overreaction could be a predictor of Vietnamese stock returns. Stocks that have experienced a stronger upward overreaction provide a higher average return. Finally, returns on trading strategies based on overreaction are robust after adjusting for momentum, while returns on momentum portfolios become insignificant after adjusting for overreaction. By double-sorting, the authors document that holding past returns constant, the average returns of portfolios rise monotonically with their measure of overreaction. Hence, the momentum profit in Vietnam arises from investors’ overreaction.
Originality/value
The paper extends previous research on the behavioral explanation of momentum in emerging stock markets, which has not been fully exploited in the literature.
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Igor Yadroitsev, Ina Yadroitsava, Philippe Bertrand and Igor Smurov
Properties of the parts manufactured by selective laser melting (SLM) depend strongly on the each single laser‐melted track and each single layer, as well as the strength of the…
Abstract
Purpose
Properties of the parts manufactured by selective laser melting (SLM) depend strongly on the each single laser‐melted track and each single layer, as well as the strength of the connections between them. The purpose of this paper to establish links between the principal SLM parameters (laser power density, scanning speed, layer thickness), properties of the powder and geometrical characteristics of single tracks. This study will provide a theoretical and technical basis for production of parts from metal powders.
Design/methodology/approach
This paper discusses the SLM parameters affecting on geometrical characteristics of the synthesized single tracks. Granulomorphometric characteristics of powders were studied in detail. A Greco‐Latin square design was used to control geometrical characteristics of the tracks. Analysis of variance (ANOVA) permitted to establish a statistically significant influence of the SLM process parameters on geometry of the single laser‐melted track.
Findings
The behavior of individual tracks and their geometric characteristics depend on the process parameters, and physical‐chemical and granulomorphometrical properties of the powder. Each powder shows peculiar behavior in the process of single track formation. For stainless steel grade 904L powders with different particle size it was found that the most influencing parameter is the laser power (the following values were applied: 25, 37.5, 50 W), and then, in order of decreasing importance, are the powder layer thickness (60, 90, 120 μm), the scanning speed (0.05, 0.10, 0.15 m/s), and, finally, the particle size.
Originality/value
The proposed hierarchy of the process parameters is a new systematic study presented by the authors, developed for selective laser melting. Obtained data can be used in surface structuring and micro‐manufacturing characterized by a small number of layers within a part and, thus, sensible to the geometric dimensions and shape of the individual tracks.
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Abstract
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Alessio Fusco and Nizamul Islam
This paper investigates the effect of household size, and in particular of the number of children of different age groups, on poverty, defined as being in a situation of low…
Abstract
This paper investigates the effect of household size, and in particular of the number of children of different age groups, on poverty, defined as being in a situation of low income. We apply various static and dynamic probit models to control for the endogeneity of the variables of interest and to account for unobserved heterogeneity, state dependence, and serially correlated error components. Using Luxembourg longitudinal data, we show that the number of children of different age groups significantly affects the probability of being poor. However, the magnitude of the effect varies across different specifications. In addition, we find strong evidence of true poverty persistency due to past experience, spurious poverty persistency due to individual heterogeneity, and transitory random shocks.
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Robert F. Bruner, Philippe Demigne, Jean-Christophe Donek, Bertrand George and Michael Levy
In April 1992, this multinational consumer foods and beverages company is the focus of takeover rumors, which have prompted an assessment of the firm's returns. The student must…
Abstract
In April 1992, this multinational consumer foods and beverages company is the focus of takeover rumors, which have prompted an assessment of the firm's returns. The student must choose among the principal methods of estimating the weighted-average cost of capital (WACC) for GrandMet and its three main business segments, and must then produce WACC estimates in order to evaluate the firm's performance.
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![University of Virginia Darden School Foundation](/insight/static/img/university-of-virginia-darden-school-foundation-logo.png)
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The main frontrunners are the president of the Hauts-de-France region, Xavier Bertrand, Ile-de-France regional head Valerie Pecresse and Michel Barnier, formerly the EU's chief…
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DOI: 10.1108/OXAN-DB264890
ISSN: 2633-304X
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Geographic
Topical
Pecresse's poll ratings received an immediate boost, to 17%, putting her on a par with far-right politician Marine Le Pen and behind President Emmanuel Macron on 24%. Polls…
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DOI: 10.1108/OXAN-DB266022
ISSN: 2633-304X
Keywords
Geographic
Topical
HAITI: Security situation could rapidly deteriorate