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Book part
Publication date: 21 November 2014

Chi Wan and Zhijie Xiao

This paper analyzes the roles of idiosyncratic risk and firm-level conditional skewness in determining cross-sectional returns. It is shown that the traditional EGARCH estimates…

Abstract

This paper analyzes the roles of idiosyncratic risk and firm-level conditional skewness in determining cross-sectional returns. It is shown that the traditional EGARCH estimates of conditional idiosyncratic volatility may bring significant finite sample estimation bias in the presence of non-Gaussianity. We propose a new estimator that has more robust sampling performance than the EGARCH MLE in the presence of heavy-tail or skewed innovations. Our cross-sectional portfolio analysis demonstrates that the idiosyncratic volatility puzzle documented by Ang, Hodrick, Xiang, and Zhang (2006) exists intertemporally. We conduct further analysis to solve the puzzle. We show that two factors idiosyncratic variance and individual conditional skewness play important roles in determining cross-sectional returns. A new concept, the “expected windfall,” is introduced as an alternate measure of conditional return skewness. After controlling for these two additional factors, we solve the major piece of this puzzle: Our cross-sectional regression tests identify a positive relationship between conditional idiosyncratic volatility and expected returns for over 99% of the total market capitalization of the NYSE, NASDAQ, and AMEX stock exchanges.

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Essays in Honor of Peter C. B. Phillips
Type: Book
ISBN: 978-1-78441-183-1

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Article
Publication date: 6 March 2007

Hongtao Guo, Guojun Wu and Zhijie Xiao

The purpose of this article is to estimate value at risk (VaR) using quantile regression and provide a risk analysis for defaultable bond portfolios.

2016

Abstract

Purpose

The purpose of this article is to estimate value at risk (VaR) using quantile regression and provide a risk analysis for defaultable bond portfolios.

Design/methodology/approach

The method proposed is based on quantile regression pioneered by Koenker and Bassett. The quantile regression approach allows for a general treatment on the error distribution and is robust to distributions with heavy tails.

Findings

This article provides a risk analysis for defaultable bond portfolios using quantile regression method. In the proposed model we use information variables such as short‐term interest rates and term spreads as covariates to improve the estimation accuracy. The study also finds that confidence intervals constructed around the estimated VaRs can be very wide under volatile market conditions, making the estimated VaRs less reliable when their accurate measurement is most needed.

Originality/value

Provides a risk analysis for defaultable bond using quantile regression approach.

Details

The Journal of Risk Finance, vol. 8 no. 2
Type: Research Article
ISSN: 1526-5943

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Book part
Publication date: 21 November 2014

Abstract

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Essays in Honor of Peter C. B. Phillips
Type: Book
ISBN: 978-1-78441-183-1

Available. Content available
Book part
Publication date: 21 November 2014

Abstract

Details

Essays in Honor of Peter C. B. Phillips
Type: Book
ISBN: 978-1-78441-183-1

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Article
Publication date: 27 June 2023

Xinggui Zhang, Zhibin Lin, Xiao Chen, Zhijie Zhang and David Ming Liu

Prior studies have consistently shown that leader psychological capital is beneficial for leader–member exchange (LMX) and followers’ outcomes. In this study, the authors…

519

Abstract

Purpose

Prior studies have consistently shown that leader psychological capital is beneficial for leader–member exchange (LMX) and followers’ outcomes. In this study, the authors challenge this consensus; they propose that a leader with high-level psychological capital may decrease LMX and promote followers’ turnover intention when encountering a follower with low-level psychological capital. Only congruent psychological capital in leader–follower dyads increases LMX and decreases turnover intention.

Design/methodology/approach

A two-wave survey was designed to collect data from a sample of 207 leader–follower dyads in the service industries of China. Polynomial regression combined with the response surface analysis was used to test the hypotheses.

Findings

(1) LMX increased when the levels of psychological capital between leaders and followers were congruent, but LMX suffered when they were not congruent (e.g. leaders’ psychological capital was higher than followers’ or otherwise); (2) in the conditions of psychological capital congruence, LMX was higher when a leader’s and a follower’s psychological capital were both high than low; (3) LMX mediated the relationship between psychological capital congruence and followers’ turnover intention.

Originality/value

These findings provide a novel perspective on understanding of the function of psychological capital and its implications for turnover management.

Details

Leadership & Organization Development Journal, vol. 44 no. 4
Type: Research Article
ISSN: 0143-7739

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Article
Publication date: 25 August 2021

Yunhui Huang, Zhijie Lin and Lu Yang

Previous research about online recommendation systems has focused largely on their impact on customers' purchase decisions regarding the products being recommended, but it has…

915

Abstract

Purpose

Previous research about online recommendation systems has focused largely on their impact on customers' purchase decisions regarding the products being recommended, but it has mostly ignored how they may affect focal product evaluation. This research aimed to examine the influence of recommendation type (i.e. substitute-based vs complement-based) on focal product evaluation dependent on the brand image (i.e. warm vs competent).

Design/methodology/approach

Four laboratory experiments were conducted. Study 1 adopted an implicit association task. Studies 2 and 3 used a 2 (image: warmth vs competence) × 2 (product display: complements vs substitutes) between-subjects experimental design. Study 4 used a 2 (decision stage) × 2 (image) × 2 (product display) × continuous (need for cognition) between-subjects design.

Findings

Study 1 demonstrated a general “complementation (competition)—warmth (competence)” association. Studies 2 and 3 found that when a focal product had a warm (competent) image, complement-based (substitute-based) recommendations led customers to evaluate it more favorably than substitute-based (complement-based) recommendations. Study 3 further demonstrated that processing fluency mediates the above effect. Study 4 showed that this effect relies on heuristic processing and disappears for those who are in the screening stage or have a high need for cognition.

Originality/value

Theoretically, this research extends the understanding of the stereotype content model of focal product brand image, the feelings-as-information process, and moderating roles of processing stage and need for cognition in e-commerce contexts. Practically, the findings provide online retailers a guideline for customizing their recommendation systems.

Details

Internet Research, vol. 32 no. 4
Type: Research Article
ISSN: 1066-2243

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Available. Open Access. Open Access
Article
Publication date: 8 October 2021

Xiuzhi Zhang, Zhijie Lin and Junghyun Maeng

The sharing economy has enjoyed rapid growth in recent years, and entered many traditional industries such as accommodation, transportation and lending. Although researchers in…

3186

Abstract

Purpose

The sharing economy has enjoyed rapid growth in recent years, and entered many traditional industries such as accommodation, transportation and lending. Although researchers in information systems and marketing have attempted to examine the impacts of the sharing economy on traditional businesses, they have not yet studied the rental housing market. Thus, this research aims to investigate the impact of the sharing economy (i.e. home-sharing) on traditional businesses (i.e. rental housing market).

Design/methodology/approach

The authors assemble rich data from multiple sources about the entry of a leading Chinese home-sharing platform (i.e. Xiaozhu.com) and local housing rental price index. Then, econometric models (i.e. linear panel-level data models) are employed for empirical investigation. Instrumental variables are used to account for potential endogeneity issues. Various robustness checks are adopted to establish the consistency of the findings.

Findings

Overall, the estimation results show that the entry of a home-sharing platform will decrease the local housing rental price. Moreover, this impact would be strengthened in a more developed city. Additionally, this impact would be strengthened with higher prices of new houses or second-hand houses.

Originality/value

First, this research is one of the first to study the impact of the sharing economy (i.e. home-sharing) on traditional markets (i.e. housing rentals). Second, it contributes to the relevant literature by documenting that the impact of a platform's entry is not uniform but contingent on city and housing market characteristics. Third, practically, the findings also offer important implications for platform operators and policy makers.

Details

Internet Research, vol. 32 no. 7
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 6 November 2018

Zhijie Guan, Yan Xu, Hong Jiang and Guogang Jiang

The purpose of this paper is to analyze raw materials, labor, capital, demand, related industries, strategies and policies influencing international competitiveness of Chinese…

2422

Abstract

Purpose

The purpose of this paper is to analyze raw materials, labor, capital, demand, related industries, strategies and policies influencing international competitiveness of Chinese textile and clothing industry.

Design/methodology/approach

The analysis is conducted using “Diamond Model”, in which raw materials, labor, capital, demand, related industries, strategies and policies are included as explanatory variables, and the impacts of international competitiveness on market share (MS), trade competitiveness(TC) and revealed comparative advantage(RCA) are examined based on the estimated coefficients of these variables.

Findings

These factors have different effects on TC, MS and RCA. While their effects on TC and MS are similar in sign even though their degree of significance differs, their effects on RCA are opposite to TC and MS except for capital. Raw materials and capital have negative effects on TC and MS, while the other factors have positive ones. Raw materials have positive effects on RCA, but all other factors have negative ones.

Practical/implications

The results from this study imply that it is necessary to increase investment in fixed assets of Chinese textile and clothing industry, speed up the pace of upgrading equipment, improve the level of industrialization, while strengthening the supply of textile raw materials, and lowering raw material prices, thereby reducing the cost of textile and clothing enterprises.

Originality/value

To the best of the authors’ knowledge, this is the first empirical research made using econometric model about the impact of the main factors of trade competitiveness in Chinese textile and clothing industry based on the “Diamond Model”.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 12 no. 1
Type: Research Article
ISSN: 1754-4408

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Article
Publication date: 14 June 2022

Jingqi Zhang, Hui Zhao, Zhijie Li and Ziliang Guo

The purpose of this paper is to evaluate green buildings from the angle of greenness and improve the evaluation system. And the matter-element extension method is used to evaluate…

359

Abstract

Purpose

The purpose of this paper is to evaluate green buildings from the angle of greenness and improve the evaluation system. And the matter-element extension method is used to evaluate the greenness of green buildings, in order to provide useful references for the evaluation system of green buildings.

Design/methodology/approach

First, this paper studies the aspects of safety and durability, health and comfort, living convenience, resource-saving, environmental liability and ecological quality, etc. For the first time, carbon emission is included in the evaluation system, 18 key evaluation indexes are determined by using the Delphi method, and the green building evaluation index system is established. Then, the combined weight method is proposed to determine the weight of each evaluation index, and the greenness evaluation model of green building is established with the matter-element extension method. Finally, taking Beijing Daxing International Airport as an example, the evaluation model of green building greenness was established to evaluate the building.

Findings

In this paper, the greenness evaluation model of green building established by the matter-element extension method solves the problem of incompatibility between qualitative and quantitative material elements in multi-factor evaluation. It makes the evaluation indexes more accurate and objective relative to the affiliation calculation of the evaluation set and improves the scientific, accuracy and reliability of the evaluation model.

Originality/value

In this paper, for the first time, carbon emission-related indicators are included in the green building evaluation system, which makes the evaluation system more perfect. In addition, a more scientific extension matter-element method is used to evaluate the greenness of green buildings, breaking the previous rough star evaluation method.

Details

Kybernetes, vol. 52 no. 10
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 25 September 2024

Jinzhou Li, Jie Ma, Yujie Hu, Li Zhang, Zhijie Liu and Shiying Sun

This study aims to tackle control challenges in soft robots by proposing a visually-guided reinforcement learning approach. Precise tip trajectory tracking is achieved for a soft…

133

Abstract

Purpose

This study aims to tackle control challenges in soft robots by proposing a visually-guided reinforcement learning approach. Precise tip trajectory tracking is achieved for a soft arm manipulator.

Design/methodology/approach

A closed-loop control strategy uses deep learning-powered perception and model-free reinforcement learning. Visual feedback detects the arm’s tip while efficient policy search is conducted via interactive sample collection.

Findings

Physical experiments demonstrate a soft arm successfully transporting objects by learning coordinated actuation policies guided by visual observations, without analytical models.

Research limitations/implications

Constraints potentially include simulator gaps and dynamical variations. Future work will focus on enhancing adaptation capabilities.

Practical implications

By eliminating assumptions on precise analytical models or instrumentation requirements, the proposed data-driven framework offers a practical solution for real-world control challenges in soft systems.

Originality/value

This research provides an effective methodology integrating robust machine perception and learning for intelligent autonomous control of soft robots with complex morphologies.

Details

Robotic Intelligence and Automation, vol. 44 no. 6
Type: Research Article
ISSN: 2754-6969

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