1,722,383 research outputs found
Speculative dynamics and price behavior in the Shanghai Stock Exchange
No full textThis article examines the extent to which the trading behavior of heterogeneous investors manifests in stock price changes of asset portfolios which constitute the Shanghai Stock Exchange. There are three major findings that materialize. Firstly, reliable statistical evidence of a negative relation between the conditional first and second moments of the return distributions of stock prices lends support to the volatility feedback effect. Secondly, ‘feedback’, or momentum-type investors, are not present in this market as is often detected from the daily price changes of other industrialized markets. Finally, trade volume as a proxy for ‘information-driven’ trading suggests that such investors play a statistically significant role in stock price movements. Parameter estimates from this latter group of investors imply that a rise in stock prices from a high volume trading day is more likely than a rise resulting from a low volume trading day
Beta risk and price synchronicity of bank acquirers’ common stock following merger announcements
No full textThis article demonstrates that the risk profile of acquiring banks’ common stock changes in the aftermath of a merger announcement when examining 177 large merger deals in the United States spanning from 1998 to 2010 and inclusive of the fifth and sixth merger waves. There is a tendency for beta risk to rise markedly immediately following such announcements and remains relatively high even two years afterwards. This corroborates the view that the newly consolidated big banks resulting from mergers entail higher systematic risk and, instead of providing risk diversification to shareholders, exhibit greater comovement with the market. The broad asset pricing implication here is that the ‘too big to fail’ mentality that arises from large bank mergers actually translates into more risk for shareholders and susceptibility to adverse movements in the aggregate market
Stakeholder orientation and corporate payout policy: Insights from state legal shocks
Full text linkWe employ a difference-in-differences estimation approach to examine the impact of stakeholder orientation on corporate payout policy. The empirical test exploits the enactment of US state-level constituency statutes, which allow directors to consider stakeholders and long-term interests in corporate decision making. We find that firms incorporated in states that have adopted constituency statutes significantly reduce share repurchases, whereas the effects of statute enactment on total payout and dividend payments are marginal and insignificant, respectively. We further show that the negative statute effect on share repurchases is more pronounced for firms that are in financial distress or are close to default, and firms in consumer-focused and high-polluting industries. Overall, our findings indicate that promoting stakeholder orientation can have a significant impact on corporate payout decisions
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Fatigue failure transition evaluation of load carrying cruciform welded joints by effective notch energy model
No full textThis paper investigates fatigue failure transition boundary of Load-carrying Cruciform Weld Joint (LCWJ) with different yield strength mismatch ratios and geometrical sizes of welded joints under cyclic loading conditions using a semi-empirical analytical method, which is based on the obtained fatigue test data and finite element analysis. To examine the fatigue failure mode transition relationship in CLWJs, different mismatch ratios and local geometries (plate thickness, weld size, and penetration ratio) were designed and fabricated to evaluate potential fatigue initiations (weld toe or weld root). The numerical simulations of cyclic responses at weld toe and weld root were conducted by material cyclic plastic properties from fatigue data of standard coupon specimens. A uniform effective notch energy indicator in the previous investigation was utilized to characterize the low and high cycle fatigue life by extending the SED method on the combination of generalized Neuber concept of Fictitious Notch Rounding (FNR). The related analytical formulations for potential failure points were used to predict the fatigue assessment indicator of LCWJ, considering the effects of plasticity and mechanical heterogeneity and geometry configurations. The effective notch energy relationship between the weld toe and weld root in LCWJ was determined by the established analytical solutions, verified by the fatigue data. The strategy is expected to provide some insights into assessing fatigue life for various types of weld joints for different potential failure locations
Fatigue crack growth behavior of Ni-Cr-Mo-V steel welded joints considering strength mismatch effect
Full text linkHigh strength steel welded joints are usually fabricated by heterogeneous weld metal for reducing the negative impacts of microstructural characteristics and defects on mechanical properties, such as hydrogen embrittlement cracking, joint toughness decreasing, etc. To reflect material heterogeneity in the mechanical characteristics, two kinds of weld filler material are selected to obtain Evenmatched Welded Material (E-WM) and Undermatched Welded Material (U-WM) marine Ni-Cr-Mo-V steel welded joints. The Fatigue Crack Growth (FCG) behaviors of Base Metal (BM) and related welded joints are investigated considering load ratio (0.1, 0.4, 0.7) and specimen state (as-welded and heat-treated) effects. The experimental FCG trends for BM and weldments have been compared with the trends available in standards. The FCG rate (da/dN) results show the U-WM demonstrates higher FCGR curves than BM and E-WM. Additionally, it demonstrates no significant difference about FCGR for E-WM and U-WM under high R-ratios (0.4 and 0.7). Moreover, both E-WM and U-WM in as-welded state presents higher fatigue crack propagation resistance than in the Post Welded Heat Treatment (PWHT) state. The fracture mechanism of FCG was analyzed according to the fatigue crack trajectory in microstructures and fractography. Transgranular fracture behavior were observed with some secondary particles in E-WM, while the intergranular fracture was exhibited with few tiny secondary microcracks in U-WM
Real-time holographic quantitative measurement of vapor density distribution of suspended droplets
Full text linkWe applied digital holography (DH) technology in a quantitative measurement of the density distribution of a low refractive index transparent substance (e.g., the vapor of suspended droplets). An optical setup was built based on the Mach-Zehnder interferometer. A measurement performance test showed the mean relative error of the measurement error was about 2.0%; that of the environment disturbance error was about 0.47%. By a quantitative method to assess the precision limit, the temperature measurement precision could achieve 0.01 degrees C, and the vapor density measurement precision could achieve 0.0001 kg/m(3). We believe that all the benefits above make the setup a good choice for application in the Chinese space station. (C) 2021 Optical Society of Americ
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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