Yadong Liu, Nathee Naktnasukanjn, Anukul Tamprasirt and Tanarat Rattanadamrongaksorn
Bitcoin (BTC) is significantly correlated with global financial assets such as crude oil, gold and the US dollar. BTC and global financial assets have become more closely related…
Abstract
Purpose
Bitcoin (BTC) is significantly correlated with global financial assets such as crude oil, gold and the US dollar. BTC and global financial assets have become more closely related, particularly since the outbreak of the COVID-19 pandemic. The purpose of this paper is to formulate BTC investment decisions with the aid of global financial assets.
Design/methodology/approach
This study suggests a more accurate prediction model for BTC trading by combining the dynamic conditional correlation generalized autoregressive conditional heteroscedasticity (DCC-GARCH) model with the artificial neural network (ANN). The DCC-GARCH model offers significant input information, including dynamic correlation and volatility, to the ANN. To analyze the data effectively, the study divides it into two periods: before and during the COVID-19 outbreak. Each period is then further divided into a training set and a prediction set.
Findings
The empirical results show that BTC and gold have the highest positive correlation compared with crude oil and the USD, while BTC and the USD have a dynamic and negative correlation. More importantly, the ANN-DCC-GARCH model had a cumulative return of 318% before the outbreak of the COVID-19 pandemic and can decrease loss by 50% during the COVID-19 pandemic. Moreover, the risk-averse can turn a loss into a profit of about 20% in 2022.
Originality/value
The empirical analysis provides technical support and decision-making reference for investors and financial institutions to make investment decisions on BTC.
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Yirong Gao, Xiaolin Wang and Dongsheng Li
This study aims to explore the relationship between the degree of state-owned enterprises’ (SOEs) mixed reform and the environmental response of enterprises, against the…
Abstract
Purpose
This study aims to explore the relationship between the degree of state-owned enterprises’ (SOEs) mixed reform and the environmental response of enterprises, against the background of actively promoting the reform of mixed ownership in China.
Design/methodology/approach
The study is conducted on a sample of A-share listed manufacturing companies in Shanghai and Shenzhen of China, investigated for the period 2015 to 2020. The baseline regression results are robust to a series of robustness and endogeneity tests. To deal with the issue of endogeneity, the technique of instrumental variable method has been applied.
Findings
The study confirms the U-shaped effect of the depth and restriction of mixed ownership on SOEs’ environmentally responsive behaviour in the manufacturing industry, especially for lower environmental regulation and higher level of risk-taking firms. The findings indicate that the government, shareholders and other stakeholders of enterprises should not simply consider that the mixed reform is directly promoting or reducing the environmental response behaviour of enterprises.
Practical implications
SOEs should improve their shareholding structures to undermine performance enhancement at the expense of the environment and increase environmentally beneficial behaviours. Regulators and governments should improve the institutional mechanism of environmental regulation and make efforts to promote corporate awareness of the environment.
Social implications
Although the adoption and implementation of environmentally friendly policies are costly, improved environmental response and other social responsibilities are helpful to corporate long-term growth and reputation and obtain more capital market attention. Therefore, firms would benefit from improving their environmental response to protect nature, as well as to enjoy the economic and social benefits of a better environmental response.
Originality/value
To the best of the authors’ knowledge, there is a lack of studies focussing on the environmental behaviour of SOEs of mixed reform. As the mixed reform in China has come to a climax phase in recent several years, SOEs of mixed reform is an ideal environment for research. The study focusses on manufacturing firms as these firms are more susceptible to contribute to environmental pollution, exploitation of natural resources and labour concerns.
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Wei Li, Yuxin Huang, Leilei Ji, Lingling Ma and Ramesh Agarwal
The purpose of this study is to explore the transient characteristics of mixed-flow pumps during startup process.
Abstract
Purpose
The purpose of this study is to explore the transient characteristics of mixed-flow pumps during startup process.
Design/methodology/approach
This study uses a full-flow field transient calculation method of mixed-flow pump based on a closed-loop model.
Findings
The findings show the hydraulic losses and internal flow characteristics of the piping system during the start-up process.
Research limitations/implications
Large computational cost.
Practical implications
Improve the accuracy of current numerical simulation results in transient process of mixed-flow pump.
Originality/value
Simplify the setting of boundary conditions in the transient calculation.
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Yadong Huang, Yueting Chai, Yi Liu and Xiang Gu
The purpose of this paper is to study the architecture of holographic personalized portal, user modeling, commodity modeling and intelligent interaction.
Abstract
Purpose
The purpose of this paper is to study the architecture of holographic personalized portal, user modeling, commodity modeling and intelligent interaction.
Design/methodology/approach
In this paper, the authors propose crowd-science industrial ecological system based on holographic personalized portal and its interaction. The holographic personality portal is based on holographic enterprises, commodities and consumers, and the personalized portal consists of accurate ontology, reliable supply, intelligent demand and smart cyberspace.
Findings
The personalized portal can realize the information acquisition, characteristic analysis and holographic presentation. Then, the intelligent interaction, e.g. demand decomposition, personalized search, personalized presentation and demand prediction, will be implemented within the personalized portal.
Originality/value
The authors believe that their work on intelligent interaction based on holographic personalized portal, which has been first proposed in this paper, is innovation focusing on the interaction between intelligence and convenience.
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Xiang Gu, Yueting Chai, Yi Liu, Jianping Shen, Yadong Huang and Yixuan Nan
Material conscious and information network (MCIN) is a kind of cyber physics social system. This paper aims to study the MCIN modeling method and design the MCIN-based…
Abstract
Purpose
Material conscious and information network (MCIN) is a kind of cyber physics social system. This paper aims to study the MCIN modeling method and design the MCIN-based architecture of smart agriculture (MCIN-ASA) which is different from current vertical architecture and involves production, management and commerce. Architecture is composed of three MCIN-ASA participants which are MCIN-ASA enterprises, individuals and commodity.
Design/methodology/approach
Architecture uses enterprises and individuals personalized portals as the carriers which are linked precisely with each other through a peer-to-peer network called six-degrees-of-separation block-chain. The authors want to establish a self-organization, open and ecological operational system which includes active, personalized consumption, direct, centralized distribution, distributed and smart production.
Findings
The paper models three main MCIN-ASA participants, namely, design the smart supply, demand and management functions, which show the feasibility innovation and high efficiency of implementing MCIN on agriculture. At the same time, the paper presents a prototype system based on the architecture.
Originality/value
The authors think that MCIN-ASA improves current agriculture greatly and inspires a lot in production-marketing-combined electronic commerce.
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Xiaohui Dou, Yadong Li, Xinwei Zhang, Shengnan Wang, Yang Cheng, Wanpeng Yao, Dalei Zhang and Yan Li
The purpose of this study is to characterize the galvanic corrosion behavior of a simulated X80 pipeline steel welded joint (PSWJ) reconstructed by the wire beam electrode (WBE…
Abstract
Purpose
The purpose of this study is to characterize the galvanic corrosion behavior of a simulated X80 pipeline steel welded joint (PSWJ) reconstructed by the wire beam electrode (WBE) and numerical simulation methods.
Design/methodology/approach
The galvanic corrosion of an X80 PSWJ was studied using WBE and numerical simulation methods. The microstructures of the coarse-grained heat affected zone, fine-grained heat affected zone and intercritical heat affected zone were simulated in X80 pipeline steel via Gleeble thermomechanical simulation processing.
Findings
Comparing the corrosion current density of coupled and isolated weld metal (WM), base metal (BM) and heat-affected zone (HAZ), the coupled WM exhibited a higher corrosion current density than isolated WM; the coupled BM and HAZ exhibited lower corrosion current densities than isolated BM and HAZ. The results exhibited that the maximum anodic galvanic current fitted the Gumbel distribution. Moreover, the numerical simulation results agreed well with the experimental data.
Originality/value
This study provides insight into corrosion evaluation of heterogeneous welded joints by a combination of experiment and simulation. The method of reconstruction of the welded joint has been proven to be a feasible approach for studying the corrosion behavior of the X80 PSWJ with high spatial resolution.
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Yadong Dou, Xiaolong Zhang and Ling Chen
The coal-fired power plants have been confronted with new operation challenge since the unified carbon trading market was launched in China. To make the optimal decision for the…
Abstract
Purpose
The coal-fired power plants have been confronted with new operation challenge since the unified carbon trading market was launched in China. To make the optimal decision for the carbon emissions and power production has already been an important subject for the plants. Most of the previous studies only considered the market prices of electricity and coal to optimize the generation plan. However, with the opening of the carbon trading market, carbon emission has become a restrictive factor for power generation. By introducing the carbon-reduction target in the production decision, this study aims to achieve both the environmental and economic benefits for the coal-fired power plants to positively deal with the operational pressure.
Design/methodology/approach
A dynamic optimization approach with both long- and short-term decisions was proposed in this study to control the carbon emissions and power production. First, the operation rules of carbon, electricity and coal markets are analyzed, and a two-step decision-making algorithm for annual and weekly production is presented. Second, a production profit model based on engineering constraints is established, and a greedy heuristics algorithm is applied in the Gurobi solver to obtain the amounts of weekly carbon emission, power generation and coal purchasing. Finally, an example analysis is carried out with five generators of a coal-fired power plant for illustration.
Findings
The results show that the joint information of the multiple markets of carbon, electricity and coal determines the real profitability of power production, which can assist the plants to optimize their production and increase the profits. The case analyses demonstrate that the carbon emission is reduced by 2.89% according to the authors’ method, while the annual profit is improved by 1.55%.
Practical implications
As an important power producer and high carbon emitter, coal-fired power plants should actively participate in the carbon market. Rather than trade blindly at the end of the agreement period, they should deeply associate the prices of carbon, electricity and coal together and realize optimal management of carbon emission and production decision efficiently.
Originality/value
This paper offers an effective method for the coal-fired power plant, which is struggling to survive, to manage its carbon emission and power production optimally.
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Kevin E. Dow, Davood Askarany, Belaynesh Teklay and Ulf H. Richter
This study contributes to the management accounting (MA) literature by exploring the effect of managers’ perception of justice in the budgeting process (as a subsystem of MA) on…
Abstract
This study contributes to the management accounting (MA) literature by exploring the effect of managers’ perception of justice in the budgeting process (as a subsystem of MA) on their satisfaction and motivation to achieve organizational objectives. Drawing on the Habermasian concept of deliberative democracy, which underscores the importance of gaining legitimacy to achieve desirable outcomes, our analysis focuses on seven constructs related to situational and intrinsic participation, procedural and distributive justice, and attitude on two outcome constructs: satisfaction and motivation. We surveyed managers with an accounting background who are directly involved in the budgeting process and analyzed our data using partial least squares-based path analysis–structural equation modeling (PLS-SEM). The results of this study indicate that both dimensions of justice – distributive and procedural – are positively associated with participation, and in turn, positively impact satisfaction and motivation. Contrary to expectations, managers’ influence on the final budget does not seem to be as important as we expected. Budgeting is an important managerial function that involves setting targets based on an organization’s strategy and allocating resources for its execution. Such a fundamental process requires managers’ participation at various levels to ensure that the process is fair and just. Our study’s findings imply that justice perceptions are an essential fabric of organizational processes that drive human behavior. Specifically, our findings reveal that perception of justice influences participation and satisfaction and motivation.
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Using bibliometric techniques, the author analyzes a dataset of 276 articles on cross-border mergers and acquisitions (CBMAs) published in 13 management and international business…
Abstract
Using bibliometric techniques, the author analyzes a dataset of 276 articles on cross-border mergers and acquisitions (CBMAs) published in 13 management and international business journals. The author assesses the scientific impact and visualizes the intellectual landscape of research on CBMAs by analyzing publication and citation data and interconnections between publications. First, the author assesses annual publication trends and identifies highly cited articles and productive journals in the dataset that have significantly contributed to our understanding of CBMAs. Second, the author identifies main themes in recent research on CBMAs by focusing on frequently used keywords in publications. Third, the author identifies clusters of related research and explores their interrelationships to outline emerging trends, new perspectives, and directions for future research on CBMAs. Overall, this chapter contributes to the understanding of CBMAs by documenting the progress made to date and providing important insights for future research.
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Yile Zhang, Yadong Zhou and Youchao Sun
The purpose of this paper is to analyze the bird impact damage of fuselage composite stiffened structures by numerical method and to evaluate the damage and the bird impact…
Abstract
Purpose
The purpose of this paper is to analyze the bird impact damage of fuselage composite stiffened structures by numerical method and to evaluate the damage and the bird impact resistance of different structures.
Design/methodology/approach
The deformation and damage of composite stiffened plates during bird impact are numerically analyzed by the explicit finite element software LS-DYNA. A comparative study on the numerical calculation results was conducted by using SPH (Smoothed Particle Hydrodynamics)-FEM (Finite Element Method) modeling and simulation. First, the I-shaped, T-shaped, straight stiffened plates and unstiffened plate were designed. Second, the accuracy of the bird model was verified and further used to evaluate bird strikes on composite stiffened plate. Third, the results of damage modes as well as displacements of the stiffened plates were compared.
Findings
The stiffeners can increase the local stiffness of the composite panel, which can effectively inhibit the bird’s movement along the impact direction. Adding stiffeners can change the panel matrix tension damage from global distribution to local distribution mode; however, the impact damage distribution and the ability to inhibit damage propagation can differ for different stiffened panels. Especially, the I-stiffened panel exhibits a better anti-bird strike performance.
Originality/value
The analysis of geometric parameters of structural components by numerical methods can reduce the cost of the design phase and has been widely used in aircraft design. The present study evaluated the bird impact damage of composite stiffened plates with different structures, which provides a guideline for selecting the stiffened plate structure in the fuselage skin.