Bounce-back effect of stock market returns has been found empirically using different approaches. However, few paper explains the underlying mechanism. The paper aims to discuss…
Abstract
Purpose
Bounce-back effect of stock market returns has been found empirically using different approaches. However, few paper explains the underlying mechanism. The paper aims to discuss these issues.
Design/methodology/approach
This paper fills this gap and provides an explanation for bounce-back effect in stock market.
Findings
This paper contributes to the literature in threefold. The authors contribute a formal economic model to rationalize the bounce-back effect of stock market returns. It is based on a model of stock return with volatility feedback under the assumption of Markov-Switching market volatility.
Originality/value
The authors use the general Markov-Switching bounce-back model, developed by Bec et al. (2015), to provide empirical evidence for the existence of bounce-back effect in stock market. The empirical result shows “W” shape of bounce-back effect, which is exactly the same as predicted by the economic theoretical model. Finally, the authors propose an alternative approach to estimate the magnitude of volatility feedback and the marginal effect on the expected return of an anticipated high variance regime.
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Weiyu Du, Di Fang, Yang Ye and Sainan Qiu
The purpose of this paper is to examine the influence of disorderly environment on consumers’ preferences for boundaries and the mediating effect of personal control in this…
Abstract
Purpose
The purpose of this paper is to examine the influence of disorderly environment on consumers’ preferences for boundaries and the mediating effect of personal control in this process.
Design/methodology/approach
The authors examined hypotheses in two studies. In Study 1, the authors measured environmental orderliness, preference for boundaries and other control variables like positive and negative emotions. In Study 2, the authors primed participants’ concept of environmental orderliness and measured personal control as well as the same variables in Study 1.
Findings
Consumers in disorderly environments prefer bounded logos more compared to those in orderly environments. Personal control mediates the effect of chaotic physical environment on the preference for boundaries. Compared with the counterparts in the orderly environment, consumers in the disorderly environment have a lack of personal control, thus giving the preference to logos with boundaries.
Research limitations/implications
This paper discusses the mechanism of the process that the disorderly environment triggers the individual’s preference for bounded design, which enriches the research related to physical environment in the field of consumer behavior. However, it fails to examine the influence of disorderly environment on the preference for real bounded products and did not discuss the invisible boundary.
Originality/value
The impact of the disorderly environment on consumers’ boundary preferences, which the research focuses on, has further deepened the understanding of the boundaries, and to some extent, the authors filled the research gap in this field.
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Tong Lin, Sainan Lyu, Rebecca Jing Yang and Linda Tivendale
Prefabricated housing has become a boom industry across the world; however, the uptake of offsite construction (OSC) approaches in Australian low-rise buildings is rather low…
Abstract
Purpose
Prefabricated housing has become a boom industry across the world; however, the uptake of offsite construction (OSC) approaches in Australian low-rise buildings is rather low compared with high-rise buildings in other countries. This study aims to investigate and analyse the adoption of different levels of OSC approaches and the selection of different procurement options in Australian low-rise residential buildings.
Design/methodology/approach
The research objectives were pursued through a mixed research method. An empirical questionnaire survey was carried out with 35 professionals in the Australian building and construction industry. Semi-structured interviews were conducted with 20 interviewees and analysed using thematic analysis method in NVivo software.
Findings
The research results found that the most suitable OSC level for Australian low-rise buildings is components-based prefabrication and identified the barriers to OSC uptake for each OSC level. The study also showed that the best option of procuring prefabricated products is from Australian manufacturers, followed by Australian suppliers/dealers and overseas manufacturers. Panelised prefabrication and components-based prefabrication are ranked as the most suitable OSC approaches for Australian manufacturers. Modular prefabrication is regarded as the most suitable for overseas manufacturer, while components-based prefabrication is the most suitable for Australian suppliers/dealers.
Originality/value
The selection of various OSC approaches and different procurement options in the low-rise residential buildings are scarcely explored topic, and thus, this study provides knowledge of interest for both researchers and practitioners.
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Xiaoyan Jiang, Haoyu Sun, Kun Lu, Sainan Lyu and Martin Skitmore
In China, external supervision on construction safety mainly comes from the government and supervision engineers (SEs). However, the construction safety supervisory mechanism…
Abstract
Purpose
In China, external supervision on construction safety mainly comes from the government and supervision engineers (SEs). However, the construction safety supervisory mechanism (CSSM) contains some dilemmas affecting the improvement of safety performance, such as the declining impact of SEs, the increasing rent-seeking behaviors of contractor and excessive government interference. This study aims to depict and analyze the CSSM in China from an evolutionary game view. The objectives are to understand the supervision strategy and evolutionary behaviors of different stakeholders, propose suggestions for improving safety performance and help the key safety supervision stakeholders, especially the government, formulate a suitable safety supervision strategy.
Design/methodology/approach
This research uses tripartite dynamic evolutionary game theory to study the CSSM in China and solve the stable equilibrium solution using system dynamics.
Findings
This study has revealed the game relationship of construction safety supervision mechanisms in China and solved the stable equilibrium solution. The results prove that a supervision engineer (SE) plays a crucial role in the CSSM, and “supervision engineer useless” is an unreasonable assertion. For government supervision agency (GSA), excessive inspection and free-market regulation are neither wise strategies. GSA can reduce the inspection frequency when general contractors (GCs) input high safety investments and SEs implement responsible supervision. But keeping proper government supervision to avoid GC's unlawful behaviors and SE's rent-seeking is indispensable. In addition, excessive governmental supervision will weaken SE's role, so the government should transfer some supervision powers to SE.
Originality/value
This study focuses on the dynamic evolution process between GSA, GC and SE. This method is different from most research that neglected the dynamic characteristic of system and game solution stability. The research methods not only contribute to construction safety supervision policy-making in China but also help to improve supervision efficiency in other countries and other fields.
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Maria Argyropoulou, Elaine Garcia, Soheila Nemati and Konstantina Spanaki
The purpose of this study is to use empirical data to examine the hierarchical impact of the Internet of things capability on supply chain integration (SCI), supply chain…
Abstract
Purpose
The purpose of this study is to use empirical data to examine the hierarchical impact of the Internet of things capability on supply chain integration (SCI), supply chain capability (SCC) and firm performance (FP) in the UK retail industry.
Design/methodology/approach
A deductive approach was employed to carry out this research. Structural equation modelling (SEM) was performed using the partial least square method (SmartPLS 3.3.3) to test theoretical predictions which underlie the relationships among Internet of things capability (IoTC), SCI, SCC and FP. Data are collected using an online survey completed by senior executives of 66 large, medium and small firms within the UK retail industry.
Findings
The empirical results of this research reveal that IoTC has a significant positive effect on the UK retail industry FP through the mediating role of SCI and SCC.
Practical implications
The research results from this study provide useful management insights for firms within the retail industry into the development of effective strategies for integrating their supply chain alongside the adoption of IoTC into SCI, consequently leading to improvements in FP.
Originality/value
Although previous studies have explored the impact of IoT on FP through the sequential mediating role of SCI and SCC, few have explored the impact of the IoT capability (IoTC) on FP through sequential mediators, i.e. SCI and SCC. This study examines the relationship between IoTC, SCI, SCC and FP in the UK retail industry supply chain to address this knowledge gap. Moreover, this study examines the effects of IoTC on FP by applying partial least square (PLS)-SEM techniques. Testing the sequential mediating role of SCI and SCI is undertaken, and the relationships among IoT-enabled SCI and SCC is analysed to improve FP. The robustness check's result through PLSpredict analysis also confirms the power of the model proposed in this study.