bluuebunny/crossref_metadata_2025_split huggingface dataset:
Aborted stock repurchases and earnings quality
Authors: Sun Qian , Yung Kenneth , Rahman Hamid 
Published: November 2014

Purpose
– The purpose of this paper is to try to identify the motivation of firms that announce share repurchase but do not follow it up with the actual purchase. The authors conjecture that the long-term earnings quality of such firms is low, which makes them poor candidates for actual stock repurchase. Their intention is to mimic actual repurchasers and their motivation appears to be just to get a bounce in their stock price normally associated with such announcements.

Design/methodology/approach
– The authors use probit analysis to ascertain whether earnings quality can predict the subsequent repurchase behavior of firms that announce share repurchase. As Gong et al. point out, the relationship between earnings management and the percentage of shares repurchased may be endogenous. In order to mitigate the potential endogeneity bias, the authors use a two-stage instrumental variable probit model adapted for this study from Lee and Masulis (2009).

Findings
– The results show that non-carry-through firms have lower earnings quality than carry-through firms in the pre-announcement period in all of the metrics the authors use to measure earnings quality. In the post-announcement period, the earnings quality of the non-carry-through firms declines still further and the difference in the quality becomes more pronounced. The results of probit regression show that lower earnings quality increases the likelihood of becoming a non-carry-through company.

Research limitations/implications
– The finding has interesting implications for investment management as investors can differentiate non-carry-through firms from carry-through repurchasers by examining the firm's earnings quality.

Originality/value
– The analysis shows that poor long-term earnings quality increases the chance of not carrying through on the repurchase announcement. The authors also find that the poor earnings quality of non-carry-through firms limits their ability to manage earnings downward prior to the repurchase announcement.
Offer price, target ownership structure and post-listing liquidity of newly listed firms
Authors: Miloud Tarek 
Published: November 2014

Purpose
– Initial public offerings (IPOs) underpricing is a world-wide phenomenon in the stock market. It is generally explained with asymmetric information and risk. The purpose of this paper is to complement these traditional explanations with a theory where investors also worry about the after-market illiquidity that may result from asymmetric information after the IPO.

Design/methodology/approach
– The model blends such liquidity concerns with adverse selection and risk as motives for underpricing and liquidity. The model's predictions are supported by evidence for 798 French IPOs realized between 1995 and 2008. Using various measures of liquidity, the author finds that expected after-market liquidity and liquidity risk are important determinants of IPO underpricing.

Findings
– The author finds evidence that less liquid the aftermarket is expected to be, and the less predictable its liquidity, the larger will be the IPO underpricing.

Practical implications
– The study provides empirical evidence that shares outstanding and author IPO characteristics play a vital role on post-IPO liquidity. According to the results obtained, three IPO characteristics, that is, relative size, blockholder and underpricing of offering have an explanatory for the liquidity and trading activity of the shares outstanding. It should be noted that this explanatory power is much greater before isolating the market effect. Nevertheless, given the evidence to show that these operations are executed during upmarket periods when trading volume is high, the non-exclusion of the market effect may attribute these variables with more explanatory power than they actually possess. Be that as it may, even after eliminating the market effect, their explanatory capacity is still considerable.

Originality/value
– The author has found that underpricing is negatively related to the breadth of shareholders but positively related to institutional shareholders after the IPO. When a company is underpriced, it is likely, on average, to have a higher breadth of shareholder base and lower concentration of large outside investors.
Do asset sales affect firm credit risk? – Evidence from credit rating assignments
Authors: Venkiteshwaran Vinod 
Published: November 2014

Purpose
– Asset sales can have opposing effects on firm credit quality. On the one hand asset sales could signal increased credit risk resulting from distress or on the other hand they could improve internal liquidity and hence credit quality. Therefore the impact potential asset sales can have on credit quality is an empirical question and one that has previously not been examined in the literature. The paper aims to discuss these issues.

Design/methodology/approach
– Using credit ratings as a measure of firm credit quality, in ordered probit regressions, this study finds evidence consistent with the internal liquidity view of the asset sales-credit risk relationship.

Findings
– Results from ordered probit regressions of credit ratings show that the likelihood of higher credit ratings is increasing in industry-level turnover of real assets

Originality/value
– Credit-rating agencies often cite the impact of asset sales on firm credit quality as a motivation for their rating assignments. Distress-driven asset sales could reduce firm credit quality whereas other asset sales could result in increased internal firm liquidity and hence improve firm credit quality. This bi-directional expectation leaves the question of how asset sales affect credit quality to be answered empirically and has not been previously tested in the literature.
Creating a recovery focused workforce: supporting staff well-being and valuing the expertise of lived experience
Authors: Walker Liz , Perkins Rachel , Repper Julie 
Published: November 2014

Purpose
– The purpose of this paper is to argue that if mental health services are to genuinely support the recovery of those who they serve then recovery principles must permeate all facets of the organisation, in particular human resources and workforce development.

Design/methodology/approach
– This paper draws on the principles of recovery-focused approaches to people who use services and explores how these might guide a recovery-focused approaches to human resources and workforce issues.

Findings
– The recovery principles like recognising and utilising the expertise of lived experience, co-production and shared decision making, peer support, focusing on strengths and becoming an expert in your own self-care all have as much relevance for creating a recovery-focused workforce as they do in the recovery journeys of those who use services. Everyone who uses services is “more than a mental patient” and everyone who provides services is “more than a mental health practitioner” – we need to use all the assets that everyone brings.

Originality/value
– Although there has been a great deal of discussion about the features of recovery-focused services, there has been little, if any, consideration of extending the principles of recovery to human resources. The aim of this paper is not to offer a blue print but to begin an exploration of what a recovery-focused approach to workforce issues might look like.
Family-AiD: a family-centred assessment tool in young-onset dementia
Authors: Roach Pamela , David Keady John , Bee Penny 
Published: November 2014

Purpose
– Standards of care and care pathways for younger people with dementia vary greatly, making clinical development and service planning challenging. Staff working in dementia services identify that they use biographical knowledge of families to influence clinical decision making. This information is not collected or implemented in a formal manner; highlighting an important knowledge-practice gap. The paper aims to discuss these issues.

Design/methodology/approach
– The development of a family-centred assessment for use in dementia care has three core components: first, thematic development from qualitative interviews with younger people with dementia and their families; second, clinical input on a preliminary design of the tool; and third, feedback from an external panel of clinical and methodological experts and families living with young-onset dementia.

Findings
– The 12-item Family Assessment in Dementia (Family-AiD) tool was developed and presented for clinical use. These 12 questions are answered with a simple Likert-type scale to determine areas of unmet need and identify where families may need additional clinical support. Also included is a series of open-ended questions and a biographical timeline designed to assist staff with the collection and use of biographical and family functioning information.

Originality/value
– A dementia-specific clinical family assessment tool, which also collects background biographical data on family units may be a useful way to document information; inform clinical decision making; and address otherwise unmet needs. Family-AiD has potential to improve clinical care provision of people with dementia and their families. Evaluation of the feasibility and acceptability of its implementation in practice are now required.
Value creation drivers in a secondary buyout – the acquisition of Brenntag by BC Partners
Authors: Achleitner Ann-Kristin , Figge Christian , Lutz Eva 
Published: November 2014

Purpose
– The purpose of this paper is to identify specific drivers of value creation in secondary buyouts. While this type of private equity deal has risen in importance in recent years, it is not yet well understood. Through an in-depth analysis of the acquisition of Brenntag by BC Partners, we develop propositions on the value creation profile of secondary buyouts.

Design/methodology/approach
– We use a single case study design to explore the information-rich context of a secondary buyout. The Brenntag case epitomizes the development of a company from forming part of a large conglomerate to being private-equity owned after the primary and secondary buyout, to its final disposition of public listing. Our analysis is based on ten semi-structured interviews with key protagonists and observers, as well as analysis of primary company data and additional secondary data sources.

Findings
– We propose that even if the investment management and monitoring skills of the primary and secondary private equity group are similar, there is still potential to realize operational improvements in a secondary buyout, due to either early exit of the primary private equity group or measures that further enhance management incentives. In addition, the Brenntag case shows that low information asymmetries can lead to higher leverage and that opportunities for multiple expansions are limited in secondary buyouts.

Originality/value
– While a secondary buyout has become a common exit route in recent years, we are the first to undertake an in-depth case analysis of a secondary buyout. Our study helps researchers and practitioners enhance their understanding of drivers behind the value creation profile of secondary buyouts.
Working capital management during the global financial crisis: the Australian experience
Authors: Ramiah Vikash , Zhao Yilang , Moosa Imad 
Published: November 2014

Purpose
– This paper aims to document the measures taken by Australian corporate treasurers in the areas of cash, inventory, accounts receivable, accounts payable and risk management to survive the global financial crisis (GFC).

Design/methodology/approach
– Using qualitative techniques like interviews and a survey questionnaire, this paper summarises the various measures adopted by working capital managers.

Findings
– The results show that more than half of the participants in the survey altered their working capital management practices during the crisis. Capital expenditure was curtailed, as they aimed at preserving their cash levels while reducing inventory levels. Credit worthiness of institutions became more important, and there was a general decline in credit availability. The results also show that Australian working capital managers exhibit behavioural biases, particularly overconfidence.

Originality/value
– It is the first paper that uses open-ended questions to capture the effects of the GFC on working capital management in Australia.
Macroeconomic information and implied volatility: evidence from Australian index options
Authors: Tanha Hassan , Dempsey Michael , Hallahan Terrence 
Published: November 2014

Purpose
– The purpose of this paper is to understand that option pricing is the response of option implied volatility (IV) to macroeconomic announcements.

Design/methodology/approach
– The authors use high-frequency data on ASX SPI 200 index options to examine the response of option IV, as well as higher moments of the underlying return distribution, to macroeconomic announcements. Additionally, the authors identify the response of the moments as a function of moneyness of the options.

Findings
– The findings suggest that in-the-money and out-of-the money options have difference characteristics in their responses, leading to the conclusion that heterogeneity in investor beliefs and preferences affect option IV through the state price density (SPD) function.

Originality/value
– The research contributes to the literature that examines whether IV captures the beliefs of market participants about the likelihood of future states together with the preferences of market participants towards these states. In particular, the authors relate changes in option IV to changes in macroeconomic announcements, through the impact of these announcements on the moments of the SPD function.
Cyber-enabled manufacturing systems for additive manufacturing
Authors: P. Cooper Khershed , F. Wachter Ralph 
Published: November 2014

Purpose
– The purpose of this paper is to study cyber-enabled manufacturing systems (CeMS) for additive manufacturing (AM). The technology of AM or solid free-form fabrication has received considerable attention in recent years. Several public and private interests are exploring AM to find solutions to manufacturing problems and to create new opportunities. For AM to be commercially accepted, it must make products reliably and predictably. AM processes must achieve consistency and be reproducible.

Design/methodology/approach
– An approach we have taken is to foster a basic research program in CeMS for AM. The long-range goal of the program is to achieve the level of control over AM processes for industrial acceptance and wide-use of the technology. This program will develop measurement, sensing, manipulation and process control models and algorithms for AM by harnessing principles underpinning cyber-physical systems (CPS) and fundamentals of physical processes.

Findings
– This paper describes the challenges facing AM and the goals of the CeMS program to meet them. It also presents preliminary results of studies in thermal modeling and process models.

Originality/value
– The development of CeMS concepts for AM should address issues such as part quality and process dependability, which are key for successful application of this disruptive rapid manufacturing technology.
Development of a novel micro-ablation system to realise micrometric and well-defined hydrogel structures for tissue engineering applications
Authors: De Maria C. , Grassi L. , Vozzi F. , Ahluwalia A. , Vozzi G. 
Published: November 2014

Purpose
– This paper aims to develop a novel micro-ablation system to realise micrometric and well-defined hydrogel structures. To engineer a tissue it is necessary to evaluate several aspects, such as cell-cell and cell-substrate interactions, its micro-architecture and mechanical stimuli that act on it. For this reason, it is important to fabricate a substrate which presents a microtopology similar to natural tissue and has chemical and mechanical properties able to promote cell functions. In this paper, well-defined hydrogel structures embedding cells were microfabricated using a purposely developed technique, micro-laser ablation, based on a thulium laser. Its working parameters (laser power emission, stepper motor velocity) were optimised to produce shaded “serpentine” pattern on a hydrogel film.

Design/methodology/approach
– In this study, initially, swelling/contraction tests on agarose and alginate hydrogel in different solutions of main components of cell culture medium were performed and were compared with the MECpH model. This comparison matched with good approximation experimental measurements. Once known how hydrogel changed its topology, microstructures with a well-defined topology were realised using a purposely developed micro-laser ablation system design. S5Y5 neuroblastoma cell lines were embedded in hydrogel matrix and the whole structure was ablated with a laser microfabrication system. The cells did not show damages due to mechanical stress present in the hydrogel matrix and to thermal increase induced by the laser beam.

Findings
– The hydrogel structure is able to reproduce extracellular matrix. Initially, the hydrogel swelling/contraction in different solutions, containing the main components of the most common cell culture media, was analysed. This analysis is important to evaluate if cell culture environment could alter microtopology of realised structures. Then, the same topology was realised on hydrogel film embedding neuronal cells and the cells did not show damages due to mechanical stress present in the hydrogel matrix and to thermal increase induced by the laser beam. The interesting obtained results could be useful to realise well-defined microfabricated hydrogel structures embedding cells to guide tissue formation

Originality/value
– The originality of this paper is the design and realisation of a 3D microfabrication system able to microfabricate hydrogel matrix embedding cells without inducing cell damage. The ease of use of this system and its potential modularity render this system a novel potential device for application in tissue engineering and regenerative medicine area.
On the effect of process parameters on properties of AlSi10Mg parts produced by DMLS
Authors: Krishnan Manickavasagam , Atzeni Eleonora , Canali Riccardo , Calignano Flaviana , Manfredi Diego , Ambrosio Elisa Paola , Iuliano Luca 
Published: November 2014

Purpose
– The aim of this research is to reach a deep understanding on the effect of the process parameters of Direct Metal Laser Sintering process (DMLS) on macroscopic properties (hardness and density) of AlSi10Mg parts and resulting microstructure.

Design/methodology/approach
– A full factorial design of experiment (DOE) was applied to determine the most significant process parameter influencing macroscopic properties of AlSi10Mg parts manufactured by DMLS process. The analysis aims to define the optimum process parameters and deduce the process window that provides better macroscopic properties of AlSi10Mg parts. Optical microscopy observations are carried out to link the microstructure to macroscopic properties.

Findings
– Macroscopic properties of DMLS parts are influenced by the change in process parameters. There is a close correlation between the geometry of scan tracks and macroscopic properties of AlSi10Mg parts manufactured by DMLS process.

Originality/value
– The knowledge of utilizing optimized process parameters is important to fabricate DMLS parts with better mechanical properties. The present research based on applying experimental design is the first analysis for AlSi10Mg parts produced in DMLS process.
Optimization of SLM productivity by aligning 17-4PH material properties on part requirements
Authors: Spierings A. B. , Schoepf M. , Kiesel R. , Wegener K. 
Published: November 2014

Purpose
– The purpose of this study is the development of a global SLM-manufacturing optimization strategy taking into account material porosity and SLM process productivity. Selective laser melting (SLM) is a master forming process generating not only a near net shape geometry, but also the material with its properties. Research focuses primarily on optimal processing parameters for maximised material properties. However, the process allows also designing the material structure by internal porosity, affecting global material properties and the process productivity.

Design/methodology/approach
– The study investigates the influence of the main SLM process parameters on material porosity and consequently on the static mechanical properties of hardened SS17-4PH material. Furthermore, a model for the SLM scanning productivity is developed based on the SLM processing parameters.

Findings
– The results show a clear correlation between porosity level and mechanical properties. Thereby, the mechanical strength and material modulus can be varied in a wide range. The degree of internal material porosity can be correlated to the energy input defined by a set of SLM processing parameters, such as Laser power, powder layer thickness and scan speed, allowing pre-definition of a specific degree of porosity.

Originality/value
– Aligning of the SLM processing parameters to the technical material requirements of the parts to be produced, e.g. maximal stresses in service, required E-modulus or lightweight aspects, enlarges the general design space significantly. In combination with the presented model for the scanning productivity, it is further possible to optimize the SLM build rate.
Cellular Ti6Al4V with carbon nanotube-like structures fabricated by selective electron beam melting
Authors: Quan Yujie , Drescher Philipp , Zhang Faming , Burkel Eberhard , Seitz Hermann 
Published: November 2014

Purpose
– The purpose of this paper is to fabricate cellular Ti6Al4V with carbon nanotube (CNT)-like structures by selective electron beam melting and study the resultant mechanical properties based on each respective geometry to provide fundamental information for optimizing molecular architectures and predicting the mechanical properties of cellular solids.

Design/methodology/approach
– Cellular Ti6Al4V with CNT-like zigzag and armchair structures are fabricated by selected electron beam melting. The microstructures and mechanical properties of these samples are evaluated utilizing scanning electron microscopy, synchrotron radiation X-ray and compressive tests.

Findings
– The mechanical properties of the cellular solids depend on the geometry of strut architectures. The armchair-structured Ti6Al4V samples exhibit Young’s modulus from 501.10 to 707.60 MPa and compressive strength from 8.73 to 13.45 MPa. The zigzag structured samples demonstrate Young’s modulus from 548.19 to 829.58 MPa and compressive strength from 9.32 to 16.21 MPa. The results suggest that the zigzag structure of the Ti6Al4V cellular solids can achieve improved mechanical properties and the mechanism for the enhanced mechanical properties in the zigzag structures was revealed.

Originality/value
– The results provide an innovative example for modulating the mechanical properties of cellular titanium by adjusting the unit cell geometry. The Ti6Al4V cellular solids with single-walled CNT-like structures could be used as light-weight construction components or filters in industries. The Ti6Al4V with multiwalled CNT-like structures could be used as new scaffolds for biomedical applications.