bluuebunny/crossref_metadata_2025 huggingface dataset:
Analysis of Indian retail demand chain using total interpretive modeling
Authors: Deshmukh Arun Kumar , Mohan Ashutosh
Published: July 2017

Purpose

The study aims to present demand chain management (DCM) modeling of Indian apparel retailers. This will result in a structured model presenting contextual interrelationship among DCM variables so that retailers can proactively manage their demand chain.

Design/methodology/approach

The research follows an exploratory research design. It initially involves identification and analysis of influential factors of the implementation of DCM practices through the review of literature. Then, these variables were analyzed using total interpretive structural modeling or TISM followed by a statistical verification and case-based validation of the model.

Findings

The major findings of the paper are: top-management commitment and support, information management and supply chain agility in supply chain are the most significant enablers with the highest driving power. The other apparel retail specific significant variables are assortment planning, category management and marketing orientation. The model also indicates that the firms that implement customer-centric DCM practices do well in terms of organizational performance and thereby achieve differential advantage over their competitors.

Research limitations/implications

Because the literature on DCM is still in nascent stage, the study bases itself on interpretive method; that is, TISM of analysis with a limited number of experts. Future studies may consider larger sample with more advanced statistical tools such as structural equation modeling for further validation of the findings.

Originality/value

The novelty of the paper lies in the study of an emerging supply chain philosophy; that is, DCM and its key practicesper se. It has rarely been studied from the theory building perspective hitherto. Moreover, TISM-based approach is applied for the first time to study the DCM practices and its driversvis-à-visdependents.
Industrial internet applications for efficient road winter maintenance
Authors: Odelius Johan , Famurewa Stephen Mayowa , Forslöf Lars , Casselgren Johan , Konttaniemi Heikki
Published: July 2017

Purpose

For the expected increase in the capacity of existing transportation systems and efficient energy utilisation, smart maintenance solutions that are supported by online and integrated condition monitoring systems are required. Industrial internet is one of the smart maintenance solutions which enables real-time acquisition and analysis of asset condition by linking intelligent devices with different stakeholders’ applications and databases. The purpose of this paper is to present some aspects of industrial internet application as required for integrating weather information and floating road condition data from vehicle mounted sensors to enhance effective and efficient winter maintenance.

Design/methodology/approach

The concept of real-time road condition assessment using in-vehicle sensors is demonstrated in a case study of a 3.5 km road section located in Northern Sweden. The main floating data sources were acceleration and position sensors from a smartphone positioned on the dash board of a truck. Features extracted from the acceleration signal were two road roughness estimations. To extract targeted information and knowledge, the floating data were further processed to produce time series data of the road condition using Kalman filtering. The time series data were thereafter combined with weather data to assess the condition of the road.

Findings

In the case study, examples of visualisation and analytics to support winter maintenance planning, execution and resource allocation were presented. Reasonable correlation was shown between estimated road roughness and annual road survey data to validate and prove the presented results wider applicability.

Originality/value

The paper describes a concept of floating data for an industrial internet application for efficient road maintenance. The resulting improvement in winter maintenance will promote dependable, safe and sustainable transportation of goods and people, especially in Northern Nordic region with harsh and sometimes unpredictable weather conditions.
Developing knowledge from entrepreneurial actions – toward a taxonomy
Authors: Ben Mahmoud-Jouini Sihem , Paris Thomas , Bureau Sylvain
Published: July 2017

Purpose

The purpose of this paper is to enrich our understanding of entrepreneurs’ daily deeds, tasks and activities. The research investigates the ways in which entrepreneurs seize opportunities and gain knowledge from the start to the expansion of their ventures.

Design/methodology/approach

Two case studies were developed based on a longitudinal fine-grained analysis of two ventures over two years. Entrepreneurs’ success and learning were modeled in line with grounded theory methodology. Data were collected from both primary and secondary sources in the form of semi-structured interviews and archival documentation.

Findings

The authors develop an original conceptual framework that consists of ten entrepreneurial learning opportunities and four knowledge development modes. There are ten generic types of actions that entrepreneurs take. There are then four distinctive ways to transform these experiences into knowledge. The model is assessed in absolute terms and relatively to existing taxonomies.

Research limitations/implications

The findings question the premises on which entrepreneurial learning research traditionally relies. Opportunities can be open-ended rather than purely instrumental. Similarly, knowledge can be emerging as much as it can be espoused. This opens-up space for further research.

Practical implications

For practitioners, the findings suggest new ways for making sense of the daily experience of their entrepreneurial endeavor. The learning modes suggested can be used by coaches and mentors when helping entrepreneurs in their venture.

Originality/value

The research provides empirical evidence of what entrepreneurs do. This may help cast traditional debates about what there is to do (logical necessity) and what there is to know (a priori knowledge) in a new light.
Developing early career professional auditors at work
Authors: Plant Kato , Barac Karin , De Jager Herman
Published: July 2017

Purpose

The purpose of this paper is to identify the determinants of internal audit workplace learning success for developing early career internal audit professionals in South Africa.

Design/methodology/approach

A qualitative research design was used to collect data through focus group discussions and semi-structured interviews from 65 internal audit stakeholders including internal audit employers’ early career; internal auditors’ workplace learning assessors; and presenters and members of the education and training committee of the professional body in South Africa on their experiences of the determinants of workplace learning success for internal auditors.

Findings

In line with workplace learning theories, it was found that there are five determinants of internal audit workplace success: the learning environment, management support, the early career internal auditors’ commitment (attitude and motivation to learn) and a relevant, structured and effective formal workplace learning programme.

Practical implications

Internal audit employers, early career internal auditors, workplace learning assessors and presenters as well as the Institute of Internal Auditors globally and in South Africa can use the results of this study as a benchmark for their internal audit workplace learning practices.

Originality/value

This paper provides insight into the determinants of workplace learning success for internal auditors and contributes to the limited body of knowledge in auditing on developing professional competence in the workplace.
Oversight of audit quality in the UK: insights into audit committee conduct
Authors: Sulaiman Noor Adwa
Published: July 2017

Purpose

The purpose of this paper is to examine the conduct of the audit committee (AC) in terms of its oversight role of audit quality in the UK.

Design/methodology/approach

This study uses semi-structured interviews with 11 AC members and 11 audit partners.

Findings

The findings show that the conduct of the AC in relation to audit quality involves the assessment of the contents of the reports prepared by the external auditors for the AC. Furthermore, the oversight of audit quality by the AC involves a thorough assessment of the presentation of the external auditors during the interaction and communication between the two parties. This illustrates the AC’s role as an effective monitoring mechanism when overseeing the audit quality. However, the conduct of the AC in overseeing four major areas (independence, appointment, remuneration and effectiveness of audit process) related to audit quality, as recommended by the UK Code of Corporate Governance, provides mixed results. The findings highlight the ceremonial role of the AC in those areas, which demonstrates the limited supporting role of the AC in enhancing audit quality. Furthermore, it is suggested that the effectiveness of the oversight role is influenced by the quality of the chairman of the AC and the quality of the relationship between the AC and the external auditors.

Originality/value

This study contributes to the existing literature by providing additional insights into the conduct of the AC in overseeing audit quality as well as additional evidence concerning the role and effect of the AC in relation to audit quality as prescribed by the UK Code of Corporate Governance.
Managerial incentives, R&D investments and cash flows
Authors: Chen Liqiang
Published: July 2017

Purpose

The purpose of this paper is to investigate how managerial risk-taking incentives affect the sensitivity of R&D investments to the availability of a firm’s internal finance.

Design/methodology/approach

The author studies a large panel sample of US firms from 1992 to 2013 using a dynamic structural model and estimates a system GMM estimator that accounts for unobserved firm-specific effects, and that allows the author to address the potential endogeneity of all of the financial and executive compensation variables.

Findings

Managerial risk-taking incentives, in particular CEO portfolio vega, have a significantly positive impact on the financial constraints that bind R&D investments. Moreover, the author finds that CEO portfolio vega has stronger impacts on the investment-cash flow sensitivity of R&D in firms that are more likely to face binding financial constraints.

Originality/value

Prior studies on the financial constraints of R&D investments do not consider the potential impact of executive compensation on R&D investments. The author complements this stream of literature by providing novel results showing that managerial risk-taking incentives have a significant impact on the severity of the financial constraints on R&D investments.
Fair value, equity cash flow and project finance valuation: ambiguities and a solution
Authors: Jackowicz Krzysztof , Mielcarz Paweł , Wnuczak Paweł
Published: July 2017

Purpose

The literature on project finance appraisal contains several ambiguities mainly concerning the correct method of equity cash flow (ECF) determination. This vagueness can lead to serious misevaluation of these projects. The purpose of this paper is to present and justify a correct method of ECF determination for project finance evaluation.

Design/methodology/approach

Based on the analysis of the specificity of project finance ventures and the study of existing literature, the authors propose a coherent model of ECF estimation that avoids misevaluating project finance ventures.

Findings

This paper demonstrates that the potential dividends methodology of ECF estimation, used commonly in the corporate finance world, leads to the erroneous valuation of project finance investments. Moreover, simulations demonstrate that the scale of this misevaluation is an increasing function of the debt covenant duration, the required rate of return, and the investment outlay dispersion over time. The proposed model of proper project finance valuation, despite inconsistency with assumptions of the fair value concept, is best suited for project finance venture appraisal, taking into consideration the inherently specific timing of the ECF.

Originality/value

This paper rectifies, clarifies, and extends the range of existing solutions for the project finance valuation and the application of the concepts of actual dividends and potential dividends in different valuation contexts. Furthermore, it proposes a simple and coherent method to value project finance ventures. Additionally, it offers evidence of the scale of NPV misevaluation in project finance, which occurs when the potential dividends approach is utilized.
Abnormal investment, changes in institutional ownership, and SEO long-run performance
Authors: Young Weiju , Wu Ching-Chih
Published: July 2017

Purpose

The purpose of this paper is to investigate that how firms’ pre-issue investment levels and changes in institutional ownership (IO) affect their long-run performance after seasoned equity offerings (SEOs).

Design/methodology/approach

The authors use Richardson’s (2006) method to measure firms’ pre-issue investment levels and then divide the SEO firms into the under-, normal-, and overinvesting groups. The study examines the relation between the pre-issue abnormal investment and long-run post-issue performance. In addition, the authors examine whether changes in IO around SEOs affects SEO firms’ performance.

Findings

The authors find a quadratic relation between the pre-issue abnormal investment and the long-run post-issue performance. In other words, the underinvesting and overinvesting groups tend to underperform. The authors also find that changes in IO around SEOs positively associate with firms’ long-run performance.

Research limitations/implications

The authors ascribe the underperformance of underinvesting firms to the deficiency of good growth opportunities; for overinvesting firms, the authors link to the misalignment problem of managerial incentive (i.e. empire building).

Originality/value

The results suggest that long-run investors should be cautious of buying new-issue shares of underinvesting and overinvesting firms, especially those with insignificant increases in IO.
Modelling dynamic characteristics of the IGBT with thermal phenomena taken into account
Authors: Górecki Krzysztof , Górecki Paweł
Published: July 2017

Purpose

This paper aims to propose the electrothermal dynamic model of the insulated gate bipolar transistors (IGBT) for SPICE.

Design/methodology/approach

The electrothermal model of this device (IGBT), which takes into account both electrical and thermal phenomena, is described. Particularly, the sub-threshold operation of this device is considered and electrical, and thermal inertia of this device is taken into account. Attention was focused on the influence of electrical and thermal inertia on waveforms of terminal voltages of the considered transistor operating in the switching circuit and on waveforms of the internal temperature of this device.

Findings

The correctness of the presented model is verified experimentally and a good agreement of the calculated and measured electrical and thermal characteristics of the considered device is obtained.

Research limitations/implications

The presented model can be used for different types of IGBT, but it is dedicated for SPICE software only.

Originality/value

The form of the worked out model is presented and the results of experimental verification of this model are shown.
Influence of firing profile on microstructural and dielectric properties of LTCC substrates
Authors: Pietrikova Alena , Rovensky Tibor , Durisin Juraj , Vehec Igor , Kovac Ondrej
Published: July 2017

Purpose

The purpose of this paper is to analyse the influence of various firing profiles on microstructural and dielectric properties of low-temperature, co-fired ceramic (LTCC) substrates in a GHz frequency range. According these analyses, sintering process can be controlled and modified to achieve better performance of devices fabricated from LTCC substrates.

Design/methodology/approach

Samples from LTCC substrates GreenTape 951 and GreenTape 9K7 were sintered by four firing profiles. Basic firing profile recommended by the manufacturer was modified by increasing the peak temperature or the dwell time at the peak temperature. The influence of firing profile on microstructural properties was analysed according to measurements by X-ray diffractometer (application of the Cu K-alpha radiation and the Bragg-Brentano method), and the influence on dielectric properties (dielectric constant and dielectric losses) was analysed according to measurements by split cylinder resonator method at 9.7 and 12.5 GHz.

Findings

Rising of the peak temperature or extension of dwell time at this temperature has influence on all analysed properties of LTCC substrates. Size of crystallites can be changed by modification of firing profile as well as microdeformation. In addition, dielectric properties can be changed too by modification of the firing profile. Correlation between microdeformation and dielectric losses was observed.

Originality/value

The novelty of this work lies in finding the mutual relationship between changes in microstructural (size of grains and microdeformation) and dielectric properties (dielectric constant and dielectric losses) caused by different firing profiles.
Spray-on glass solution for fabrication silicon solar cell emitter layer
Authors: Filipowski Wojciech , Wrobel Edyta , Drabczyk Kazimierz , Waczynski Krzysztof , Kulesza-Matlak Grazyna , Lipinski Marek
Published: July 2017

Purpose

The main aim of this study was a preparation development of dopant solution (DS) which can be deposited by a spray-on method and subsequently allows obtaining the n+ emitter layer with surface resistance in the range of 65-80 Ω−1. The intention of chosen spray-on method was to gain a cheaper way of dopant source deposition, compared to the commonly used methods, which is of particular importance for the new low-cost production processes.

Design/methodology/approach

This paper presents the sequence in producing a spray-on glass solution (DS) with very high concentration of phosphorus, which allows to perform diffusion doping at relatively low temperatures. DS contained deionized water, ethyl alcohol, tetraethoxysilane and othophosphoric acid.

Findings

The sequence in producing a DS was performed with respect to enabling the application to silicon wafers by spray-on method. Furthermore, the equations defined density and viscosity of DS in term of storage time were referred to determine the possibility of applying this solution by spray-on method. Besides, the dependence of the emitter surface resistance on the doping (diffusion) time was determined. Accordingly, optimal process conditions were specified.

Originality/value

The paper presents a new, so far unpublished composition of DS with very high concentration of phosphorus, which can be applied using a spray-on method. Moreover, original are also investigations respecting some properties of obtained DS relative to storage time.
New proposal to the electrical representation of a solid oxide fuel cell
Authors: Magonski Zbigniew , Dziurdzia Barbara
Published: July 2017

Purpose

The aim of this paper is to find the electrical representation of a solid oxide fuel cell (SOFC) that enables the application of typical exploitation characteristics of fuel cells for estimation of fuel cell parameters (for example, exchange current) and easy analysis of phenomena occurred during the fuel cell operation.

Design/methodology/approach

Three-layer structure of an SOFC, where a thin semi-conducting layer of electrolyte separates the anode from the cathode, shows a strong similarity to typical semiconductor devices built on the basis of P-N junctions, like diodes or transistors. Current–voltage (I-V) characteristics of a fuel cell can be described by the same mathematical functions as I-V plots of semiconductor devices. On the basis of this similarity and analysis of impedance spectra of a real fuel cell, two electrical representations of the SOFC have been created.

Findings

The simplified electrical representation of SOFC consists of a voltage source connected in series with a diode, which symbolizes a voltage drop on a cell cathode, and two resistors. This model is based on the similarity of Butler-Volmer to Shockley equation. The advanced representation comprises a voltage source connected in series with a bipolar transistor in close to saturation mode and two resistors. The base-emitter junction of the transistor represents voltage drop on the cell cathode, and the base-collector junction represents voltage drop on the cell anode. This model is based on the similarity of Butler-Volmer equation to Ebers-Moll equation.

Originality/value

The proposed approach based on the Shockley and Ebers-Moll formulas enables the more accurate estimation of the ion exchange current and other fuel cell parameters than the approach based on the Butler-Volmer and Tafel formulas. The usability of semiconductor models for analysis of SOFC operation was proved. The models were successively applied in a new design of a planar ceramic fuel cell, which features by reduced thermal capacity, short start-up time and limited number of metal components and which has become the basis for the SOFC stack design.
Nonlinear oscillation of the bifilar pendulum: an analytical approximation
Authors: Khan Yasir , Mirzabeigy Alborz , Arjmand Hanieh
Published: July 2017

Purpose

The purpose of this paper is to present an analytical approximate solution of the nonlinear mathematical model of the bifilar pendulum.

Design/methodology/approach

First, the equation of motion derived based on the classical dynamics law by only an angular oscillation assumption and vertical oscillation is neglected. The energy balance method is applied to solve an established model and an analytical formulation has been obtained for the nonlinear frequency of the bifilar pendulum.

Findings

A comparison of results with those obtained by a numerical solution of the exact model (without any simplifications) shows the precise accuracy even for a large amplitude of oscillation.

Originality/value

The proposed model and solution are relatively simple and can be applied instead to a linear model for achieving accurate results.
Effect of initial stress and rotation on magneto-thermoelastic material with voids and energy dissipation
Authors: Othman Mohamed Ibrahim A. , Hilal Mohamed Ibrahim M.
Published: July 2017

Purpose

The purpose of this paper is to study the effect of rotation and initial stress on magneto-thermoelastic material with voids heated by a laser pulse heating.

Design/methodology/approach

The analytical method used was the normal mode analysis technique.

Findings

Numerical results for the physical quantities were presented graphically and analyzed. The graphical results indicate that the effect of rotation, initial stress and magnetic fields are observable physical effects on the thermoelastic material with voids heated by a laser pulse. Comparisons are made with the results in the absence and the presence of the physical operators, also at various times.

Originality/value

In the present work, the authors shall investigate the effect of the rotation, initial stress, magnetic field and laser pulse on thermoelastic material with voids subjected to a laser pulse heating acting as a thermal shock. A comparison is also made between the two types (types II and III) of Green-Naghdi theory in the absence and the presence of the physical operators. Such problems are very important in many dynamical systems.
A comparative study of composite structures reinforced with carbon, glass or natural fibers
Authors: Brischetto S.
Published: July 2017

Purpose

The purpose of this paper is to propose a comparative study between different structures composed of fiber-reinforced composite materials. Plates, cylinders and cylindrical and spherical shell panels in symmetric 0°/90°/0° and antisymmetric 0°/90°/0°/90° configurations are analyzed considering carbon fiber, glass fiber and linoleum fiber reinforcements.

Design/methodology/approach

A free vibration analysis is proposed for different materials, lamination sequences, vibration modes, half-wave numbers and thickness ratios. Such an analysis is conducted by means of an exact three-dimensional shell model which is valid for simply supported structures and cross-ply laminations. The employed model is based on a layer-wise approach and on three-dimensional shell equilibrium equations written in general orthogonal curvilinear coordinates.

Findings

The proposed study confirms the well-known superiority of the carbon fiber-reinforced composites. Linoleum fiber-reinforced composites prove to be comparable to glass fiber-reinforced composites in the case of free vibration analysis. Therefore, similar frequencies are obtained for all the geometries, thickness ratios, laminations sequences, vibration modes and a large spectrum of half-wave numbers. This partial conclusion needs further confirmations via static, buckling and fatigue analyses.

Originality/value

An exact three-dimensional shell model has been used to compare several geometries embedding carbon fiber composites and natural fiber composites.
The impact of VC backing on the corporate governance of Chinese IPOs
Authors: Wang Qing (Sophie) , Anderson Hamish D. , Chi Jing
Published: July 2017

Purpose

The purpose of this paper is to investigate how venture capital (VC) backing influences the board size and independence and how VC backing and board structure impact firm performance in China.

Design/methodology/approach

Using hand-collected data from 924 initial public offering (IPO) prospectuses covering the period from January 2004 to December 2012, the authors investigate the impact of VC backing on board size, board independence and firm market performance through regression analysis. A two-stage approach is also used to address the endogeneity issue.

Findings

The authors find robust evidence that VC-backed IPOs have more independent boards, after controlling for CEO and firm characteristics, and the potential endogeneity concerns. Furthermore, firms backed by VCs with management political ties (PTs) have more independent directors with industry relevant expertise than other firms. While no significant relationship is found between board independence and firm performance, the authors present some evidence that IPOs which have a larger percentage of independent directors with industry relevant expertise exhibit higher long-term stock returns, and VCs with management PTs also improve IPO long-run stock performance.

Research limitations/implications

Although VC is new in China and the Chinese capital market has relative poor corporate governance and weak minority shareholder protection, the authors find support in this paper that VC backing is valuable to IPO firms in China not only through providing funding but also by providing political ties and industry experience. However, Chinese regulatory and institutional settings have strong impact on test results and they change rapidly, so the results may not apply to other period in Chinese markets.

Originality/value

This paper sheds lights on the influences of VC backing on corporate governance and firm performance in a transitional and emerging economy. It discovers the value of VC investors in a transitional economy as of providing political ties and industry experience. The new definition of independent directors suggested by Suchard (2009) is first used by our paper in the Chinese context.
Evaluating the tracking performance and tracking error of New Zealand exchange traded funds
Authors: Chen Jun , Chen Yi , Frijns Bart
Published: July 2017

Purpose

The aim of this study is to examine the tracking performance and tracking error (TE) of New Zealand exchange traded fsunds (ETFs).

Design/methodology/approach

The authors use regression methods and cointegration analysis to examine tracking performance. Multivariate regressions are used to examine the determinants of TE.

Findings

At the daily frequency, the authors observe that the ETFs have substantially different exposures to their underlying indexes from what they should be, which is confirmed by cointegration analysis. At the monthly frequency, tracking performance improves but still shows significant differences between the ETF and its underlying index. When the authors examine the TEs of the ETFs, the authors observe that these are substantial and that there is considerable variation in TE. Regression analysis shows that both characteristics of the ETF and the constituents of the index the ETF tracks, as well as the volatility of the underlying benchmark are determinants of the TE of the ETFs.

Originality/value

This is the first study to examine New Zealand-based ETFs. The findings contribute to understanding the performance of these ETFs and are of relevance to academics, investors and the ETF provider.
Do managers manipulate earnings to influence credit rating agencies’ decisions?
Authors: Zhao Qiuhong
Published: July 2017

Purpose

This study aims to investigate whether firms engage in earnings management behavior that attempts to manipulate Credit Rating Agency (CRA) perceptions during the Watchlist process and, if so, whether earnings management behavior appears to influence CRAs’ decisions.

Design/methodology/approach

To measure earnings management activities, this paper computes accrual-based and real earnings management measures in the year or in the quarter immediately before the Watchlist resolutions for all negative and positive Watchlist firms. To examine the association between the levels of earnings management and Watchlist resolutions, a logit model is applied to the data obtained from a sample of Watchlist firms.

Findings

Some evidence suggests that managers in Watchlist firms manage earnings in attempts to gain favorable Watchlist treatment. The findings are consistent with the Graham et al.’s (2005) survey evidence, which shows that one of the primary reasons for earnings management is to gain (or preserve) a desirable rating. In addition, CRAs appear to be misled by these attempts during the negative Watchlist process period.

Research limitations/implications

The findings support SEC’s (2011, 2013a, 2013b) rules to reduce its reliance on credit ratings and the recent regulation reforms concerning the competition in the rating industry [the Credit Rating Agency Reform Act (2006)], and concerning conflicts of interest of CRAs among others [Dodd–Frank Wall Street Reform and Consumer Protection Act (2010)].

Originality/value

While many studies examine whether managers use discretionary accruals as a tool to manage earnings to obtain favorable ratings, those studies do not consider manipulation of real operating activities to manage earnings and CRA perceptions.
Real activities manipulation by bidders prior to mergers and acquisitions
Authors: Farooqi Javeria , Ngo Thanh , Jory Surendranath
Published: July 2017

Purpose

This study aims to examine the ability of investors to process signs of real activities manipulations at bidder firms in the quarters leading to the announcement of a merger. It further provides a supplementary explanation for the post-merger underperformance puzzle.

Design/methodology/approach

Examining a sample of cash-only, stock swap and mixed mergers completed between 1980 and 2011, it was found that bidder firms increase the use of real activities manipulation in the quarters leading up to the merger announcements. Using average abnormal stock return method, it is shown that the short-term positive effect of real activities manipulation on share prices is stronger than accrual-based earnings management.

Findings

While bidders are able to escape investors’ scrutiny in the short run, it is not the case in the long run. It was found that bidders’ long-run stock performance, measured by matched buy-and-hold stock returns, is inversely related to their pre-announcement level of earnings management. This paper contributes to the literature on earnings management by considering how real activities manipulations affect stock prices in mergers and acquisitions.

Originality/value

This study tests whether real activities manipulation, in addition to accrual-based earnings management, explains the underperformance puzzle of the acquiring firms in M&As. Zang (2012) argues that there is a greater likelihood for firms to engage in real activities manipulation, especially when firms are constrained in their use of accrual-based earnings management owing to heightened scrutiny or overuse in prior years.
Commodities returns’ volatility in financialization era
Authors: Handika Rangga , Putra Iswahyudi Sondi
Published: July 2017

Purpose

This paper aims to indirectly evaluate the accuracy of various volatility models using a value-at-risk (VaR) approach and to investigate the relationship between the accuracy of volatility modelling and investments performance in the financialized commodity markets.

Design/methodology/approach

This paper uses the VaR back-testing approach at six different commodities, seven different volatility models and five different time horizons.

Findings

This paper finds that the moving average (MA) VaR model tends to be the best for oil, copper, wheat and corn (long horizon) whereas the exponential generalized autoregressive conditional heteroscedastic (E-GARCH) VaR model tends to be the best for gold, silver and corn (short horizon). Our findings indicate that MA volatility model should be used for oil, copper, wheat and corn (for longer time horizons) commodities whereas E-GARCH volatility model should be used for gold, silver and corn (for short time horizons) commodities. We also find that there is a positive relationship between an accurate VaR performance and commodity return. This indicates that a good job in modelling volatility will be rewarded by higher returns in financialized commodity markets.

Originality/value

This paper indirectly evaluates the accuracy of volatility model via VaR measure and investigates the relationship between the accuracy of volatility and investments performance in financialized commodity markets. This paper contributes to the literature by offering VaR approach in evaluating volatility model performance and reporting the importance of performing accurate volatility modelling in financialized commodity markets.
Self‐paced segmentation of written words on a touchscreen tablet promotes the oral production of nonverbal and minimally verbal children with autism
Authors: Vernay Frédérique , Kahina Harma , Thierry Marrone , Jean‐Yves Roussey
Published: July 2017

We investigated in a pilot study the effects of various types of visual mediation (photos, written words and self‐paced syllabic segmentation of written words displayed on a touchscreen tablet) that are thought to facilitate the oral production of nonverbal and minimally verbal children with autism, according to the participants’ level of oral language development and, more specifically, their ability to produce delayed echolalia. We also sought to identify the cognitive characteristics that need to be taken into account when seeking to develop the oral production of nonverbal children with autism. Results showed that the nonverbal and minimally verbal children with autism were able of using written words to produce them orally. Their performance was largely dependent on their level of language development. Tasks combining written and oral modalities prompted some of them to engage in oral production for the first time (isolated syllables for nonverbal children) and allowed others to produce non‐random strings of syllables (minimally verbal children).
Suppression of IL‐8 Release by Sweet Olive Ethanolic Extract and Compounds in WiDr Colon Adenocarcinoma Cells
Authors: Ye Yi‐Ling , Chang Huei‐Shin , Tseng Yu‐Fang , Shi Li‐Shian
Published: July 2017

Oxidative stress can stimulate the secretion of pro‐inflammatory cytokines. Interleukin‐8 (IL‐8) has been implicated in the pathogenesis of inflammatory bowel disease and the metastatic spread of colorectal cancer. The flowers of Osmanthus fragrans (sweet olive) are used to alleviate dysentery with blood in the bowel, as well as stomach ache and diarrhea. However, the evidence of their therapeutic effects on these symptoms remains unclear. In the present study, the protective effects of sweet olive flower ethanolic extract (OFE) against oxidative stress in WiDr cells was assessed by evaluating its 1,1‐diphenyl‐2‐picrylhydrazyl (DPPH) free radical scavenging activity. In addition, cellular IL‐8 secretion was evaluated. Notably, high‐performance liquid chromatography showed verbascoside to be the primary constituent in OFE; it exhibited a DPPH scavenging activity with an IC50 of 8.23 μg/mL. Moreover, OFE (1 to 100 μg/mL) showed a potent, dose‐dependent inhibitory effect on H2O2‐induced IL‐8 secretion in WiDr cells. Nine compounds were isolated from OFE based on a protective effect‐guided purification process. Of these compounds, 5 phenolic compounds—verbascoside, phillygenin, tyrosol, methyl 4‐hydroxycinnamate, and eutigoside A—reduced IL‐8 secretion at 10 μg/mL treatment concentrations. Further analysis showed that the anti‐inflammatory effects of OFE likely occurred via nuclear factor‐κB pathway inhibition, which attenuates IL‐8 secretion in cells. Collectively, these data suggest that OFE could be developed as an agent that suppresses IL‐8 secretion to treat chronic inflammatory diseases.
Clinical outcomes of patients with resectable pancreatic acinar cell carcinoma
Authors: Seo Seyoung , Yoo Changhoon , Kim Kyu‐poy , Ryoo Baek‐Yeol , Chang Heung‐Moon , Hong Seung‐Mo , Lee Jae Hoon , Song Ki Byung , Hwang Dae Wook , Kim Ki‐Hun , Hwang Shin , Kim Song Cheol
Published: July 2017

OBJECTIVE

Given the rarity of the disease, the post‐resection clinical course of localized pancreatic acinar cell carcinoma (ACC) is largely unknown. Therefore, we aimed to analyze the outcomes of patients with localized pancreatic ACC who underwent curative surgical resection.

METHODS

We retrospectively analyzed the outcomes of 20 patients with resectable pancreatic ACC who underwent surgery.

RESULTS

Altogether 20 patients were included in the study, with a median age of 57 years and a male predominance. There were eight pure ACC, 10 mixed acinar–neuroendocrine carcinomas and two mixed acinar–ductal adenocarcinomas. Among the 15 patients who were staged histologically, 3, 8 and 4 were at stages IB, IIA and IIB, respectively. Eleven patients received adjuvant chemotherapy (5‐fluorouracil‐based [n = 9]; gemcitabine [n = 1]; etoposide plus cisplatin [n = 1]). In a median follow‐up period of 27.1 months, disease recurred in 10 patients, most commonly in the liver (90%). Median recurrence‐free survival and overall survival were 16.9 months and 75.0 months, respectively. Elevation of cancer antigen 19‐9 (CA19‐9), lymph node metastasis and neural invasion were significantly associated with poor overall survival (P = 0.007, P = 0.027 and P = 0.016, respectively).

CONCLUSIONS

Compared with ductal adenocarcinoma, resectable pancreatic ACC has a favorable prognosis after surgery. Considering that distant metastasis is the most common pattern of recurrence, further studies are necessary to define the role of adjuvant chemotherapy for improving survival outcomes.
Introduction: Special issue on genetic research of alcohol use disorder in diverse racial/ethnic populations
Authors: Chartier Karen G. , Hesselbrock Michie N. , Hesselbrock Victor M.
Published: July 2017

This special issue of The American Journal on Addictions is an extension of a workshop held at the Research Society on Alcoholism (2015) highlighting several important issues related to studies of the genetic bases of alcohol use disorder among racially/ethnically diverse populations. While not exhaustive in their coverage, the papers in this special issue focus on three important topics: (1) the importance of considering the social and environmental context in genetic analyses; (2) social and cultural considerations for engaging diverse communities in genetic research; and (3) methodologies related to phenotype development for use with racially/ethnically diverse populations. A brief overview of each paper included in these three sections is presented. The issue concludes with additional considerations for genetic research with racially/ethnically diverse population groups along with a commentary. (Am J Addict 2017;26:422–423)
Inadequate treatment practices for pain relief and adverse event management in cancer patients across 10 countries/regions in Asia: a call for greater efforts to improve standards for patient care
Authors: Ho Kok Yuen , Ahn Jin Seok , Calimag Maria Minerva , Chao Ta‐Chung , Kim Yong‐Chul , Moon Hanlim , Tho Lye Mun , Xia Zhong‐Jun , You Dora
Published: July 2017

Aim

To examine the treatment practices for cancer pain relief and adverse event management, and the factors related to patient outcomes in the participating countries/regions.

Methods

The study was a cross‐sectional survey conducted between September and December 2013 in 10 countries/regions across Asia. Adult patients with a history of cancer pain at least 1 month before study entry completed the survey questionnaire.

Results

A total of 1190 patients were included. The mean Box Scale‐11 (BS‐11) pain score was 6.0 (SD 2.1), with 86.2% experiencing moderate‐to‐severe pain and 53.2% receiving opioids at time of the survey. The mean BS‐11 scores were 5.3 (SD 2.1) in the “others” (single non‐opioid medication or untreated) group, 6.3 (SD 2.0) in the ≥2 non‐opioids group and 6.7 (SD 1.9) in the opioid group. The proportions of patients experiencing moderate‐to‐severe pain were 79.1%, 87.3% and 93.7%, respectively. About 70% of patients reported adverse events due to their pain medications, about half had received medications to manage these symptoms. Adverse events were negatively associated with activities of daily living (P < 0.0001). Pain and hindrance to activities of daily living were negatively associated with employment status (P = 0.003 and 0.021). Unemployment was significantly associated with poorer quality of life (P < 0.0001).

Conclusion

This analysis demonstrates inadequate management of cancer pain and treatment‐related adverse events in the participating cohort. Pain and inadequate management of adverse events were negatively associated with patients’ overall well‐being. More collaborative efforts should be taken to optimize pain treatment and increase awareness of adverse event management in physicians.
Emerging role of interleukin‐31 and interleukin‐31 receptor in pruritus in atopic dermatitis
Authors: Furue M. , Yamamura K. , Kido‐Nakahara M. , Nakahara T. , Fukui Y.
Published: July 2017

Atopic dermatitis (AD) is a chronic or chronically relapsing, eczematous, severely pruritic skin disorder associated with skin barrier dysfunction. The lesional skin of AD exhibits T helper 2 (TH2)‐deviated immune reactions. Interleukin‐31 (IL‐31), preferentially produced from TH2 cells, is a potent pruritogenic cytokine, and its systemic and local administration induces scratching behavior in rodents, dogs and monkeys. Recent clinical trials have revealed that administration of an anti‐IL‐31 receptor antibody significantly alleviates pruritus in patients with AD. In this review, we summarize recent topics related to IL‐31 and its receptor with special references to atopic itch.
The effects of psychological interventions on wound healing: A systematic review of randomized trials
Authors: Robinson Hayley , Norton Sam , Jarrett Paul , Broadbent Elizabeth
Published: July 2017

Purpose

Psychological stress has been shown to delay wound healing. Several trials have investigated whether psychological interventions can improve wound healing, but to date, this evidence base has not been systematically synthesized. The objective was to conduct a systematic review of randomized controlled trials in humans investigating whether psychological interventions can enhance wound healing.

Methods

A systematic review was performed using PsychINFO,CINAHL, Web of Science, andMEDLINE. The searches included all papers published in English up until September 2016. The reference lists of relevant papers were screened manually to identify further review articles or relevant studies. Nineteen studies met inclusion criteria and were included in the review.

Results

Fifteen of nineteen studies were of high methodological quality. Six studies were conducted with acute experimentally created wounds, five studies with surgical patients, two studies with burn wounds, two studies with fracture wounds, and four studies were conducted with ulcer wounds. Post‐intervention standardized mean differences (SMD) between groups across all intervention types ranged from 0.13 to 3.21, favouring improved healing, particularly for surgical patients and for relaxation interventions. However, there was some evidence for publication bias suggesting negative studies may not have been reported. Due to the heterogeneity of wound types, population types, and intervention types, it is difficult to pool effect sizes across studies.

Conclusions

Current evidence suggests that psychological interventions may aid wound healing. Although promising, more research is needed to assess the efficacy of each intervention on different wound types.

Statement of contribution

What is already known on this subject?

Psychological stress negatively affects wound healing. A number of studies have investigated whether psychological interventions can improve healing. However, no systematic reviews have been conducted.

What does this study add?

Synthesis and review of 19 trials conducted on psychological interventions and wound healing.

Most evidence supports improved healing, particularly for surgical wounds and relaxation interventions.

More research is needed on different intervention types with clinical wounds and into mechanisms of action.
Pre‐dispersal seed predators and fungi differ in their effect on Luehea seemannii capsule development, seed germination, and dormancy across two Panamanian forests
Authors: Tiansawat Pimonrat , Beckman Noelle G. , Dalling James W.
Published: July 2017

Pre‐dispersal seed predation can greatly reduce crop size affecting recruitment success. In addition, non‐fatal damage by seed predators may allow infection by fungi responsible for post‐dispersal seed losses. The objectives of this study were (1) to quantify pre‐dispersal seed predation and fungal infection in a Neotropical tree species, Luehea seemannii, that produces dehiscent fruits and wind‐dispersed seeds, and (2) to link pre‐dispersal effects on seed quality to seed survival in the soil. To examine how seed predators and fungi influence seed losses, mesh exclosures, fungicide, and the combination of both treatments were applied to separate branches in the canopy of trees in Gamboa and Parque Natural Metropolitano (PNM), Panama. To determine if treatments affect seed viability and survival in the soil, half of the seeds collected from each treatment were buried for 4 weeks in forest soils and subsequently allowed to germinate before and after the breaking of dormancy. Overall, 24 percent of developing fruit were lost to insect attack. In contrast, fungi infected only 3 percent of seeds at the pre‐dispersal stage. For seeds germinated directly after collection, fungicide significantly increased germination in the wetter site (Gamboa) but decreased germination in the drier site (PNM). The pre‐dispersal insect exclosure treatment increased the fraction of seeds that remained dormant after burial in the soil. This result suggests that exposure to insect predators may cause physical damage to seeds that results in the loss of physical dormancy but does not necessarily increase the susceptibility of seeds to pathogen attack in the soil.