The purpose of this paper is to study the effects of short‐sale constraints and differences of opinions on the price premium of dual listed Chinese A‐H shares.
Abstract
Purpose
The purpose of this paper is to study the effects of short‐sale constraints and differences of opinions on the price premium of dual listed Chinese A‐H shares.
Design/methodology/approach
The analysis mainly follows the Miller's model, which indicates that the relaxation of stringent short‐sale constraint could reduce the upward bias in stock prices. Following the literature, the paper uses the idiosyncratic return volatility and monthly turnover rate as two main proxies of differences of opinions.
Findings
This study shows that the high level of A‐share differences of opinions will lead to the high price premium of A‐share portfolio with the short‐sale constraint in the A‐share market. However, the high level of H‐share differences of opinions has no effect on the price premium of H‐share portfolio and has also positively contributed to the A‐share price premium. The price premium of shorted A‐share portfolio is declined more significantly than those of non‐shorted ones after the relaxation of short‐sale constraint in the A‐share market.
Research limitations/implications
The findings in this study provide further evidence that dual listed Chinese A‐shares with high level of differences of opinions and short‐sale constraints tend to be overvalued.
Practical implications
This study supports Miller's hypothesis that with the control of short‐sale constraint, the high level of differences of opinions could lead to the high degree of overvaluation of A‐share portfolio. The market capitalization and book‐to‐market ratio of A‐shares also generate significant positive effect to the A‐share price premium. Finally, the introduction of short‐sale mechanism in A‐share market could partially eliminate the mispricing of dual‐listed A‐shares and improve the price efficiency of A‐share market.
Originality/value
This study is mainly focused on the joint effects of differences of opinions and short‐sale constraints on the A‐share price premium. The new short‐sale policy in A‐share market in March 2010 provides us an opportunity to study the effect of relaxation of stringent short‐sale constraint on the A‐share price premium. In the literatures so far, all studies assumed A‐shares are strictly prohibited to be sold short.
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Xiaobo Shi, Kangbo Fu, Yaning Qiao, João Santos and Zhenmin Yuan
This paper aims to explore the characteristics of lifting accidents and the significance of influencing factors and explain the causes from the perspective of human factors…
Abstract
Purpose
This paper aims to explore the characteristics of lifting accidents and the significance of influencing factors and explain the causes from the perspective of human factors, thereby achieving a more accurate understanding of and prevention of lifting accidents.
Design/methodology/approach
A mixed simulation model for prefabricated component lifting is established by combining discrete event simulation (DES) with the system dynamics (SD) method. In addition, essential parameters and relationships within the system dynamics model are determined through survey questionnaires. Finally, the human factors analysis and classification system (HFACS) is used to analyze the cause of the accident.
Findings
The results show that workers falling from height and workers struck by objects are the most frequent types of lifting accidents. In 2072 experiments, these two types of accidents occurred three and five times, respectively. Besides, the links of “crane movement,” “component binding,” “component placement” and “component unhooking” are particularly prone to lifting accidents. In addition, the completeness of emergency plans, failure to observe the status of the tower crane and lack of safety education and training have emerged as primary influencing factors contributing to the occurrence of lifting accidents.
Originality/value
The findings of the study can serve as a reference basis for practitioners, enabling them to preemptively identify possible risk accidents and adopt corresponding measures to prevent them, ensuring the safety and property of practitioners. Additionally, targeted suggestions and innovative ideas are provided to enhance the safety guarantee of the lifting industry and promote its healthy and stable development through a more concrete theoretical foundation and practical guidance.
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Lixuan Jiang, Hua Zhong, Jianghong Chen, Jiajia Cheng, Shilong Chen, Zili Gong, Zhihui Lun, Jinhua Zhang and Zhenmin Su
The construction industry is facing challenges not only for workers' mobility in the pandemic situation but also for Lean Construction (LC) practise in responding to the…
Abstract
Purpose
The construction industry is facing challenges not only for workers' mobility in the pandemic situation but also for Lean Construction (LC) practise in responding to the high-quality development during the post-pandemic. As such, this paper presents a construction workforce management framework based on LC to manage both the emergency goal in migrant worker management and the long-term goal in labour productivity improvement in China.
Design/methodology/approach
The framework is created based on the integrated culture and technology strategies of LC. A combination of qualitative and quantitative methods is taken to explore factors influencing the mobility of construction workers and to measure labour productivity improvement. The case study approach is adopted to demonstrate the framework application.
Findings
For method application, a time-and-motion study and Percent Plan Complete indicator are proposed to offer labour productivity measurements of “resources efficiency” and “flow efficiency”. Moreover, the case study provides an industry level solution for construction workforce management and Lean Construction culture shaping, as well as witnesses the LC culture and technology strategies alignment contributing to LC practise innovation.
Originality/value
Compared with previous studies which emphasised solely LC techniques rather than socio-technical system thinking, the proposed integration framework as well as implementation of “Worker's Home” and “Lean Work Package” management models in the COVID-19 pandemic contribute to new extensions of both the fundamental of knowledge and practise in LC.
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Zhenmin Yuan, Yuan Chang, Yunfeng Chen, Yaowu Wang, Wei Huang and Chen Chen
Precast wall lifting during prefabricated building construction faces multiple non-lean problems, such as inaccurate lifting-time estimation, unreasonable resource allocation and…
Abstract
Purpose
Precast wall lifting during prefabricated building construction faces multiple non-lean problems, such as inaccurate lifting-time estimation, unreasonable resource allocation and improper process design. This study aims to identify the pathways for improving lifting performance to advance lean construction of prefabricated buildings.
Design/methodology/approach
This study developed a methodological framework that integrates the discrete event simulation method, the elimination, combination, rearrangement and simplification (ECRS) technique and intelligent optimization tool. Two schemes of precast wall lifting, namely, the enterprise's business as usual (BAU) and enterprise-leading (EL) schemes, were set to benchmark lifting performance. Furthermore, a best-practice (BP) scheme was modeled from the perspective of lifting activity ECRS and resource allocation for performance optimization.
Findings
A real project was selected to test the effect of the methodological framework. The results showed that compared with the EL scheme, the BP scheme reduced the total lifting time (TLT) by 6.3% and mitigated the TLT uncertainty (the gap between the maximum and minimum time values) by 20.6%. Under the BP scheme, increasing the resource inputs produces an insignificant effect in reducing TLT, i.e. increasing the number of component operators in the caulking subprocess from one to two only shortened the TLT by 3.6%, and no further time reduction was achieved as more component operators were added.
Originality/value
To solve non-lean problems associated with prefabricated building construction, this study provides a methodological framework that can separate a typical precast wall lifting process into fine-level activities. Besides, it also identifies the pathways (including the learning effect mitigation, labor and machinery resource adjustment and activities’ improvement) to reducing TLT and its uncertainty.