Search results

1 – 10 of 671
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 29 March 2023

Shan Peng, Ranran Yang, Binglong Lei, Yun Gao, Renhua Chen, Xiaohong Xia and Kevin P. Homewood

This paper aims to systematically demonstrate a methodology to determine the relative and absolute encapsulation efficiencies (αRe and αAb) for thermally- and chemically-robust…

35

Abstract

Purpose

This paper aims to systematically demonstrate a methodology to determine the relative and absolute encapsulation efficiencies (αRe and αAb) for thermally- and chemically-robust inorganic pigments, typically like ZrSiO4-based pigments, thereby enhancing their coloring performance.

Design/methodology/approach

The authors designed a route, surplus alkali-decomposition and subsequently strong-acid dissolution (SAD2) to completely decompose three classic zircon pigments (Pr–ZrSiO4, Fe2O3@ZrSiO4 and CdS@ZrSiO4) into clear solutions and preferably used inductively coupled plasma-optical emission spectrometry (ICP-OES) to determine the concentrations of host elements and chromophores, thereby deriving the numeric data and interrelation of αRe and αAb.

Findings

Zircon pigments can be thoroughly decomposed into some dissoluble zirconate–silicate resultants by SAD2 at a ratio of the fluxing agent to pigment over 6. ICP-OES is proved more suitable than some other quantification techniques in deriving the compositional concentrations, thereby the values of αRe and αAb, and their transformation coefficient KRA, which maintains stably within 0.8–0.9 in Fe2O3@ZrSiO4 and CdS@ZrSiO4 and is slightly reduced to 0.67–0.85 in Pr–ZrSiO4.

Practical implications

The SAD2 method and encapsulation efficiencies are well applicable for both zircon pigments and the other pigmental or non-pigmental inhomogeneous systems in characterizing their accurate composition.

Originality/value

The authors herein first proposed strict definitions for the relative and absolute encapsulation efficiencies for inorganic pigments, developed a relatively stringent methodology to determine their accurate values and interrelation.

Details

Pigment & Resin Technology, vol. 53 no. 5
Type: Research Article
ISSN: 0369-9420

Keywords

Access Restricted. View access options
Book part
Publication date: 21 August 2019

Yu-Jen Hsiao, Lei Qin and Yueh-Lung Lin

This chapter differentiates the effect of solicited credit ratings (SCRs) and unsolicited credit ratings (UCRs) on bank leverage decision before and after the credit rating…

Abstract

This chapter differentiates the effect of solicited credit ratings (SCRs) and unsolicited credit ratings (UCRs) on bank leverage decision before and after the credit rating change. We find that banks with UCRs issue less debt relative to equity when the credit rating changes are approaching. Such findings are also prominent when bank credit rating moves from investment grade to speculative grade. After credit rating upgrades (downgrades), banks with unsolicited (solicited) credit ratings are inclined to issue more (less) debt relative to equity than those with solicited (unsolicited) credit ratings. We conclude that SCR and UCR changes lead to significantly different effects on bank leverage decision.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-78973-285-6

Keywords

Access Restricted. View access options
Article
Publication date: 8 June 2012

Qin Lei, Murli Rajan and Xuewu Wang

The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders.

3013

Abstract

Purpose

The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders.

Design/methodology/approach

Based on the volume weighted average price (VWAP), the authors propose a metric to measure the trading performance of US corporate insiders: trading alpha. This metric is clean of the contamination effect from insiders' own trades. The authors apply this metric to examine whether insiders can beat the market when they trade.

Findings

It is found that corporate insiders achieve positive trading alpha on both purchases and sales of stocks on average. The existence of a positive trading alpha is robust to controlling for firm, trading and insider characteristics. More importantly, evidence is found for the persistence in corporate insiders' trading performance. Those insiders who traded well in the past continue to trade well over time. Those who well execute in purchases of stocks also perform well in sales.

Originality/value

This paper extends the notion of beating the market from the investment profession to the trading profession. Skyrocketing corporate insider trades provide a natural setting under which to examine the trading performance. The findings that: insiders can beat the market on average when they trade; and there exists persistence in the insiders' trading performance over time and along trading directions are novel and new to the literature. This paper also has bearing on how to evaluate professional traders.

Access Restricted. View access options
Article
Publication date: 17 August 2012

Qin Lei and Xuewu Wang

The purpose of this paper is to provide some rational perspectives for the flight‐to‐liquidity event rather than simply attributing it to the change in investor sentiment.

1972

Abstract

Purpose

The purpose of this paper is to provide some rational perspectives for the flight‐to‐liquidity event rather than simply attributing it to the change in investor sentiment.

Design/methodology/approach

The paper builds a model to highlight the inherent difference in investors' investment horizon, and thus their sensitivity to changes in transaction costs in the stock and bond markets. When stock market deterioration results in higher trading costs, the existing marginal investor shifts wealth to bonds instead of remaining indifferent between stocks and bonds. At the new equilibrium, there is a higher fraction of bond ownership and a longer average investment horizon among stock holders. The paper then empirically tests the model predictions using data in the US stock and bond markets.

Findings

The authors find evidence strongly supporting this paper's theoretical predictions. Days with high stock illiquidity, high stock volatility and low stock return are associated with high yield spread in the bond market. This contemporaneous linkage between the stock market and the bond market is even stronger during periods with strong net outflows from stock mutual funds and strong net inflows to money market funds. The paper also demonstrates the existence of a maturity pattern that the predicted effects, especially the effects of stock illiquidity, are much stronger over shorter maturities.

Originality/value

The finding of this model that the investment horizon of the marginal investor (and thus the equilibrium price impact in the bond market) responds to changes in market conditions contributes to the theoretical debate on whether transaction costs matter. The flow evidence strengthens our understanding of the asset pricing implications of portfolio rebalancing decisions, and the maturity effect bolsters the case for flights to liquidity/quality due to heterogeneity in investment horizon without resorting to investor irrationality or behavioral attributes. In fact, it is arguably difficult to reconcile with a behavioral explanation.

Access Restricted. View access options
Article
Publication date: 12 August 2014

Qin Lei, Murli Rajan and Xuewu Wang

The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio…

4940

Abstract

Purpose

The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock characteristics in the asset pricing literature.

Design/methodology/approach

The authors design a metric for measuring insiders’ trade execution quality: the trading alpha. The authors run regression analysis to control for trade difficulty, insider reputations and the corporate role ranks of insiders and document the existence of the abnormal trading alpha. The authors further form portfolios based on the abnormal trading alpha and document a significant abnormal return that is robust to both standard asset pricing factors model and the stock characteristics adjustments.

Findings

Outperforming insiders at the aggregate level resemble value investors who trade on long-term fundamental information, trade patiently and earn rents from providing liquidity. Outside investors can mimic the outperforming insiders and reap significant abnormal portfolio returns.

Research limitations/implications

Data limitations on insider trades and their association/interaction with their brokers prevent us from having a conclusive investigation of the trading skill hypothesis. The authors hope to further research along the lines of the trading skill hypothesis as compared to investment style hypothesis with more detailed data about the brokers used by insiders.

Practical implications

The findings can be applied for money management profession in that outsider investors can monitor the trading execution and construct portfolios based on the adjusted abnormal trading alpha. The resulting portfolio has been documented to be highly profitable after risk adjustments using standard asset pricing factors as well as stock characteristics.

Social implications

Professional money managers and outsider investors should be able to benefit from the findings in this paper and use the proposed trading alpha metric to construct and rebalance real-time investment portfolios.

Originality/value

Outperforming insiders at the aggregate level resemble value investors who act on long-term fundamental information, trade patiently and earn rents from providing liquidity. From the perspective of investment implications, outside investors can mimic the outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock characteristics in the asset pricing literature.

Details

China Finance Review International, vol. 4 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Access Restricted. View access options
Article
Publication date: 4 December 2017

Titus Ebenezer Kwofie, Emmanuel Adinyira and Frank Fugar

Communication ineffectiveness inherent in the unique attributes of Mass Housing Project (MHP) features is well admitted in the body of literature. However, the understanding of…

470

Abstract

Purpose

Communication ineffectiveness inherent in the unique attributes of Mass Housing Project (MHP) features is well admitted in the body of literature. However, the understanding of the extent and nature of this influence of the unique features of MHPs requires an empirical insight. The aim of this paper is to identify the communication ineffectiveness induced by the unique features and delineate the implications of the findings for mass housing practitioners and stakeholders towards engendering effective communication performance.

Design/methodology/approach

Through a structured questionnaire survey, data were elicited from mass housing stakeholders and project team leaders. The data were subsequently analysed using structural equation modelling, and the communication effectiveness evaluation model was developed. Subsequently, the model was validated through a questionnaire survey on ten experienced mass housing practitioners, researchers and stakeholders.

Findings

The results revealed significant, moderate and weak effects of the unique features of MHP team communication performance. This suggests that the unique features of MHPs have varying degree of influence on the communication performance among project teams’ delivery. The findings provide practical, empirical insights and understanding into the inherent communication ineffectiveness on MHPs, and thus are very useful in communication management and planning in MHP’s delivery.

Originality/value

Against the backdrop of the need to gain an in-depth understanding of the inherent communication challenges towards improving communication performance in MHP delivery, the findings have rigorously revealed and provided clear insight into the nature of communication ineffectiveness inherent in the unique features of MHPs. The findings and insights provided by this study are thus useful for aligning communication management planning and strategies to the unique MHP environment to engender communication success. Practitioners can also use these findings towards the development of their communication behavioural skills and communication infrastructure for MHP delivery.

Details

Journal of Engineering, Design and Technology, vol. 15 no. 6
Type: Research Article
ISSN: 1726-0531

Keywords

Access Restricted. View access options
Book part
Publication date: 5 October 2023

Hannes Velt and Rudolf R. Sinkovics

This chapter offers a comprehensive review the literature on authentic leadership (AL). The authors employ a bibliometric approach to identify, classify, visualise and synthesise…

Abstract

This chapter offers a comprehensive review the literature on authentic leadership (AL). The authors employ a bibliometric approach to identify, classify, visualise and synthesise relevant scholarly publications and the work of a core group of interdisciplinary scholars who are key contributors to the research on AL. They review 264 journal articles, adopting a clustering technique to assess the central themes of AL scholarship. They identify five distinct thematic clusters: authenticity in the context of leadership; structure of AL; social perspectives on AL; dynamism of AL; and value perceptions of AL. Velt and Sinkovics assert that these clusters will help scholars of AL to understand the dominant streams in the literature and provide a foundation for future research.

Details

The Emerald Handbook of Authentic Leadership
Type: Book
ISBN: 978-1-80262-014-6

Keywords

Access Restricted. View access options
Article
Publication date: 27 October 2021

Titus Ebenezer Kwofie, Samuel Amos-Abanyie, Frank Fugar, Samuel Owusu Afram, Clinton Ohis Aigbavboa and Emmanuel Owusu Banahene

The perception that the repetitive nature and attributes of mass housing projects (MHPs) induce significant influence on communication among projects teams have persistently been…

337

Abstract

Purpose

The perception that the repetitive nature and attributes of mass housing projects (MHPs) induce significant influence on communication among projects teams have persistently been acknowledged without an empirical accentuation. This seemingly untested knowledge tends to limit the predictive accuracy of success and effectiveness of adopted communication style, strategies and models in mass housing particularly due to the incidence of the repetitive attributes. The purpose of this study is to delineate the influence of the repetitive attributes of mass housing projects on communication performance among the project team.

Design/methodology/approach

Through the use of questionnaire survey and structural equation modelling analysis, a hypothesized model tested evaluated the effects of the repetitive attributes of mass housing on information flow and information composition communication performance.

Findings

In the case of influence on information flow, it was seen to be substantial whereas that of the information composition was moderate.

Originality/value

The findings offer empirical credence to the existing perception and indeed affirm that the repetitive features of MHPs significantly contribute to communication performance related to information flow and information composition among the project team. The implication of these findings is that, practitioners and stakeholders on mass housing are urged to explore bespoke communication methods, medium, strategies and management approaches that fit the MHP attributes and environment to engender managerial and communication efficiencies in the delivery.

Details

Benchmarking: An International Journal, vol. 29 no. 8
Type: Research Article
ISSN: 1463-5771

Keywords

Available. Content available
Article
Publication date: 11 February 2014

119

Abstract

Available. Content available
Book part
Publication date: 21 August 2019

Abstract

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-78973-285-6

1 – 10 of 671
Per page
102050