R.T. Bilson, R.W. Allen, J.P. McCarthy and A.J. Stanley
Successive over‐relaxation methods have been applied to solutions of Poisson's equation for temperature distribution analysis of a number of metal reinforced and metal cored thick…
Abstract
Successive over‐relaxation methods have been applied to solutions of Poisson's equation for temperature distribution analysis of a number of metal reinforced and metal cored thick film substrate models. These include aluminium and copper clad invar reinforced alumina as well as dielectric coated steel and titanium substrates. The results of the computer analyses have been compared in some instances with actual measurements of temperature distributions in real structures. Some detailed inconsistencies have been found but good correlation has been shown in terms of ranked effectiveness.
A review is given of the reliability of the ceramic chip carrier when solder‐attached to alumina thick film substrates. It is shown that no degradation occurs during humidity…
Abstract
A review is given of the reliability of the ceramic chip carrier when solder‐attached to alumina thick film substrates. It is shown that no degradation occurs during humidity cycling or humidity steady state tests. Some diminution of the solder joint strength takes place during prolonged high temperature storage and temperature cycling but the effect is much more marked during power cycling. The effect of flux residues on thick film hybrids after solder reflow of surface mount components is assessed. No significant deterioration of any component, printed or discrete, that is attributable to flux is observed, given adequate cleaning techniques. The reliability of the ceramic leadless chip carrier is compared with both leaded ceramic and metal and plastic surface‐mountable components. The compliant leads of packages offer some advantages over the leadless chip carrier where thermal excursions are important but the leads themselves are easily damaged. Plastic packaging for surface‐mountable components continues to improve and become increasingly popular but potential reliability hazards associated with a thermal management performance inferior to that of ceramic and metal versions, moisture ingress and corrosion are seen to remain problem areas.
Marc Monneraye, Panizza, Brian Waterfield, John Knowles and P.L. Bainbridge
A month or so after the Stresa meeting, the French ISHM chapter, organising a session on ‘Gallic inks’ (!), summoned me to deliver some comments on the 5th European Hybrid…
Abstract
A month or so after the Stresa meeting, the French ISHM chapter, organising a session on ‘Gallic inks’ (!), summoned me to deliver some comments on the 5th European Hybrid Microelectronics Conference. Although it was only a matter of interlude during this technical session, I felt the task quite a difficult one. It became a hazardous project when Brian C. Waterfield kindly asked me to let what is in fact a personal opinion—my personal opinion, standing back from my daily work—appear in Hybrid Circuits. I'll do my best.
This paper describes how PCB designers must adjust their approach to take into account the new requirements for the production of high technology printed circuit boards using the…
Abstract
This paper describes how PCB designers must adjust their approach to take into account the new requirements for the production of high technology printed circuit boards using the latest plated‐through hole and surface mounting techniques. It also describes how the correct use of dry film solder masks is contributing towards the achievement of zero‐defect soldering.
Brian Waterfield, B. Herod and Peter Moran
The ISHM—Japan Chapter, comprising some 500 members, was represented at ISHM '84 by 60 members, 30 of whom attended as a group. Twelve papers were presented by Japanese delegates…
Abstract
The ISHM—Japan Chapter, comprising some 500 members, was represented at ISHM '84 by 60 members, 30 of whom attended as a group. Twelve papers were presented by Japanese delegates at the Conference held in the Loews Anatole Hotel from 17–19 October.
Don N. MacDonald and Hirofumi Nishi
This chapter develops a no-arbitrage, futures equilibrium cost-of-carry model to demonstrate that the existence of cointegration between spot and futures prices in the New York…
Abstract
This chapter develops a no-arbitrage, futures equilibrium cost-of-carry model to demonstrate that the existence of cointegration between spot and futures prices in the New York Mercantile Exchange (NYMEX) crude oil market depends crucially on the time-series properties of the underlying model. In marked contrast to previous studies, the futures equilibrium model utilizes information contained in both the quality delivery option and convenience yield as a timing delivery option in the NYMEX contract. Econometric tests of the speculative efficiency hypothesis (also termed the “unbiasedness hypothesis”) are developed and common tests of this hypothesis examined. The empirical results overwhelming support the hypotheses that the NYMEX future price is an unbiased predictor of future spot prices and that no-arbitrage opportunities are available. The results also demonstrate why common tests of the speculative efficiency hypothesis and simple arbitrage models often reject one or both of these hypotheses.
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Baah Aye Kusi, Agyapomaa Gyeke-Dako, Elikplimi Komla Agbloyor and Alexander Bilson Darku
The purpose of this paper is to explore the relationship between corporate governance structures and stakeholder and shareholder value maximization perspectives in 267 African…
Abstract
Purpose
The purpose of this paper is to explore the relationship between corporate governance structures and stakeholder and shareholder value maximization perspectives in 267 African banks from 2006 to 2011.
Design/methodology/approach
The authors used the Prais–Winsten ordinary least squares and random effect regression models to explore this relationship to ensure consistency and efficiency in results. The data for this study were collected from Bankscope.
Findings
The results of this study show that corporate governance structures such as CEO duality, nonexecutive members and extreme large board size lead to a reduction in both shareholder and stakeholder value maximization. However, audit independence and board size also promote both shareholder and stakeholder value maximization. Although gender diversity promotes profit maximization, it was not significant in any of the models estimated. The results further suggest that the same corporate governance structures promote and detract shareholder and stakeholder value maximization in Africa although the effect of corporate governance structures was weightier on shareholder value maximization confirming the agency theory.
Practical implications
From these findings, bank management must pursue the institution of good corporate governance structures and avoid weak corporate governance structures to promote shareholder and stakeholder value maximization. Also equity holders may have to pay particular attention to corporate governance structures because they benefit the most from the institution of good corporate governance structures.
Originality/value
This study explores and compares how corporate governance structures promote shareholder and stakeholder value maximization separately in African banks. To the best of the authors’ knowledge, this is the first of such studies.
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This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s…
Abstract
This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s multi-factor R-square and (ii) the Volosovych (2011)’s integration index. Both measures, based on PCA, indicate that the difference between the level of integration over the period 2009–2012 (“Post-Lehman” era) and the level of integration over the period 1994–1998 (“Post-Liberalizations” era) is relatively high. In addition, the level of financial integration across international equity markets decreased during the late 1990s. This suggests that de jure integration does not necessarily improve de facto integration. Overall, our findings give rise to a “diversification benefits-insurance benefits trade-off.”
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The purpose of this paper is to review the literature on the determinants of the exchange‐rate by examining the flow theory approach, purchasing power parity theory, the monetary…
Abstract
The purpose of this paper is to review the literature on the determinants of the exchange‐rate by examining the flow theory approach, purchasing power parity theory, the monetary approach and the assets market approach.
Choi-Meng Leong, Chin-Hong Puah, Venus Khim-Sen Liew and Matviychuk-Soskina Nadiya
The unstable money demand function over the recent decades may explain the unsatisfactory performance of the exchange rate model. Numerous studies have shown that Divisia money…
Abstract
The unstable money demand function over the recent decades may explain the unsatisfactory performance of the exchange rate model. Numerous studies have shown that Divisia money serves as a better variable for a stable money demand function. In this study, Divisia money is used as an alternative money supply in MYR/USD exchange rate determination. This study finds that Divisia money differential, real income differential, relative short-term interest rate and real stock prices affect the MYR/USD exchange rate in the long run. The major implication of this study is that policy-makers could monitor the MYR/USD exchange rate via the money supplies following the principle of Divisia monetary aggregate, which assigns higher weightage to more frequently traded monetary assets.