Eyitayo Olatunde Olakanmi, Kenneth W. Dalgarno and Robert F. Cochrane
The purpose of this paper is to study the effects of particle size distribution, component ratio, particle packing arrangement, and chemical constitution on the laser sintering…
Abstract
Purpose
The purpose of this paper is to study the effects of particle size distribution, component ratio, particle packing arrangement, and chemical constitution on the laser sintering behaviour of blended hypoeutectic Al‐Si powders.
Design/methodology/approach
A range of bimodal and trimodal powder blends were created through mixing Al‐12Si and pure aluminium powder. The powder blends were then processed using selective laser sintering to investigate the effect of alloy composition, powder particle size and bed density on densification and microstructural evolution.
Findings
For all of the powder blends the sintered density increases with the specific laser energy input until a saturation level is reached. Beyond this saturation level no further increase in sintered density is obtained for an increase in specific laser energy input. However, the peak density achieved for a given blend varied significantly with the chemical constitution of the alloy, peaking at approximately 9 wt% Si. The tap density of the raw powder mixture (assumed to be representative of bed density) was also a significant factor.
Originality/value
This is the first study to consider the usefulness of silicon as an alloying element in aluminium alloys to be processed by selective laser sintering. In addition the paper outlines the key factors in optimising processing parameters and powder properties in order to attain sound sinterability for direct laser sintered parts.
Details
Keywords
Steven J. Cochran and Robert H. DeFina
Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction…
Abstract
Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction models. The results show that autocorrelated economic variables can generate serial correlation in stock returns. After these effects are accounted for, however, significant serial correlation in stock prices remains. The activities of noise traders and inefficiencies in the pricing of securities, within the context of limitations to the arbitrage process, are suggested as additional sources of serial correlation in stock prices.
Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the…
Abstract
Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the Shiller (1981) test as well as applying standard time series analysis to annual Australian stock market data for the period 1883 to 1999. While Shiller’s test suggests the possibility of excess volatility, time series analysis identifies a long‐run relationship between share market value and dividends, consistent with the share market reverting to its fundamental discounted cash flow value over time.
Details
Keywords
JENNIFER MACDOUGALL, J. MICHAEL BRITTAIN and ROBERT GANN
This paper provides an overview of the range and development of health informatics, with examples from the literature world wide covering the types of information involved, the…
Abstract
This paper provides an overview of the range and development of health informatics, with examples from the literature world wide covering the types of information involved, the areas of application, the impact of evidence based medicine and other professional issues, integrated information systems, and the needs of the public, patients and their carers. While medical informatics certainly comprises a major part of health informatics it is not the main focus of this paper. Medical informatics is the older term and involves the use of information technology and computing specifically for medical science research, and the diagnosis and treatment of disease involving, for example, X‐rays, imaging, resonance, and magnetic scanning techniques. Rather, the scope of this review is the literature relating to the wider concept of the management of information through the interdisciplinary application of information science and technology for the benefit of patients, scientists, managers, staff, and carers involved in the whole range of healthcare activity.
Thomas Emmerling, Robert Jarrow and Yildiray Yildirim
Whereas much of previous literature focuses upon the impact on yields from the Federal Reserve’s large-scale asset purchases (LSAPs), the purpose of this paper is to study the…
Abstract
Purpose
Whereas much of previous literature focuses upon the impact on yields from the Federal Reserve’s large-scale asset purchases (LSAPs), the purpose of this paper is to study the changes to expected returns.
Design/methodology/approach
This empirical investigation offers support for changes to risk premia coincident with LSAPs.
Findings
For both equity and bonds, the authors find evidence for supply/demand LSAPs effects; the equity effects are consistent with a substitution effect from bonds to equities, whereas the bond effects appear to be an anomaly.
Originality/value
The findings represent new insight for weighing the efficacy and identifying the scope of LSAPs.
Details
Keywords
Huan Yang, Jun Cai and Robert Webb
We aim to examine two issues. First, we intend to identify the best performing expected return proxies. Second, we investigate whether the expected return proxies for individual…
Abstract
Purpose
We aim to examine two issues. First, we intend to identify the best performing expected return proxies. Second, we investigate whether the expected return proxies for individual stocks can track the corresponding realized returns during extremely good or extremely bad times of the economic environment related to business conditions, stock market valuation and broad market performance.
Design/methodology/approach
We construct four sets of expected return proxies, including: (1) characteristic-based proxies; (2) standard risk-factor-based proxies; (3) risk-factor-based proxies that allow betas to vary with firm characteristics and (4) macroeconomic-variable-based proxies. First, we estimate expected returns for individual stocks using newly developed methods and evaluate the performance of these expected return proxies based on the minimum variance criterion of Lee et al. (2020). Second, we regress expected return proxies and realized returns on indicator variables that capture the extreme phases of the economic environment. Then we compare the estimated coefficients from these two sets of regressions and see if they are similar in magnitude via formal hypothesis testing.
Findings
We find that characteristic-based proxies and risk-factor-based proxies that allow betas to vary with firm characteristics are the two best performing proxies. Therefore, it is important to allow betas to vary with firm characteristics in constructing expected return proxies. We also find that model-based expected return proxies do a reasonably good job capturing actual returns during extremely bad and extremely good phases of business cycles measured by leading economic indicators, consumer confidence and business confidence. However, there is a large gap between the adjustment of model-based expected returns and realized returns during extreme episodes of stock market valuation or broad market performance.
Originality/value
We examine four types of expected return proxies and use the newly developed methodology as in Lee et al. (2020) to see which one is the best. In addition, we document whether model-based expected returns from individual stocks adjust partially or fully to keep pace with actual returns in response to changing economic conditions. No prior studies have examined these two issues.
Details
Keywords
Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover…
Abstract
Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover specific articles devoted to certain topics. This Bibliography is designed to help. Volume III, in addition to the annotated list of articles as the two previous volumes, contains further features to help the reader. Each entry within has been indexed according to the Fifth Edition of the SCIMP/SCAMP Thesaurus and thus provides a full subject index to facilitate rapid information retrieval. Each article has its own unique number and this is used in both the subject and author index. The first Volume of the Bibliography covered seven journals published by MCB University Press. This Volume now indexes 25 journals, indicating the greater depth, coverage and expansion of the subject areas concerned.
Details
Keywords
We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing for time…
Abstract
We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing for time varying transition probabilities. As a point of reference, we also provide a similar comparison in a linear predictive regression model without regime switching. Overall, our results do not support the contention of higher power in longer horizon tests in either the linear or nonlinear regime switching models. Nonetheless, it is possible that other plausible nonlinear models provide stronger justification for long-horizon tests.
Details
Keywords
Carolina Manrique, Tazim Jamal and Robert Warden
This chapter offers a new sustainability-oriented paradigm for cultural and heritage tourism studies: an integrated approach to heritage tourism and heritage conservation based on…
Abstract
This chapter offers a new sustainability-oriented paradigm for cultural and heritage tourism studies: an integrated approach to heritage tourism and heritage conservation based on resilience. Its extensive literature review examines resilience in a range of disciplinary areas, including heritage conservation and tourism studies. An important aim is to “make visible” often neglected parameters in the interactions among social, cultural, economic, and environmental dimensions of heritage conservation and tourism. Within the broader concept of resilience, “cultural resilience” was identified as a crucial bridge between conservation and tourism. The study argues that resilience in general and its cultural forms in particular offer a potentially valuable framework vital for an integrated approach between the two in the common pursuit to manage change and uncertainty in cultural and heritage destinations. The chapter concludes with directions for further development of sustainability-oriented paradigm studies.
Details
Keywords
Marine Carrasco and Idriss Tsafack
This chapter proposes a nonparametric estimator of the risk neutral density (RND) based on cross-sectional European option prices. The authors recast the arbitrage-free equation…
Abstract
This chapter proposes a nonparametric estimator of the risk neutral density (RND) based on cross-sectional European option prices. The authors recast the arbitrage-free equation for option pricing as a functional linear regression model where the regressor is a curve and the independent variable is a scalar corresponding to the option price. Then, the authors show that the RND can be viewed as the solution of an ill-posed integral equation. To estimate the RND, the authors use an iterative method called Landweber-Fridman (LF). Then, the authors establish the consistency and asymptotic normality of the estimated RND. These results can be used to construct a confidence interval around the curve. Finally, some Monte Carlo simulations and application to the S&P 500 options show that this method performs well compared to alternative methods.