bluuebunny/crossref_metadata_2025_split huggingface dataset:
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

PurposeThe 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/approachThree-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.FindingsThe 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/valueThe 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

PurposeThe 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/approachUsing 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.FindingsThe 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/implicationsAlthough 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/valueThis 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.