bluuebunny/crossref_metadata_2025_split huggingface dataset:
On the interactions of financing and investment decisions
Authors: Bae Sung C. 
Published: July 2009

PurposeThe purpose of this paper is to empirically examine the relation between financial leverage and investment opportunities of Chinese industrial firms, which operate in a vastly different financial environment than USA and Japanese firms.Design/methodology/approachMultivariate regression analysis is performed using four versions of debt‐equity ratio as dependent variable to extensive firm‐level data for the 2000‐2004 period.FindingsThe market total debt‐equity (MTDE) ratios of Chinese firms are significantly negatively related to their investment opportunities, indicating that Chinese firms with higher investment opportunities tend to borrow less. The results, however, reveal that the financing‐investment relation is sensitive to the approach used to measure financial leverage. The results further show that long‐term debt‐equity ratios of Chinese firms are not significantly related to their investment opportunities, suggesting that corporate long‐term debt has a minimal role in the leverage‐investment relation for Chinese firms.Practical implicationsThe present study opens for a further research on the determinants of the negative relation between financial leverage and investment opportunities of Chinese firms documented in this study. For this line of future research, several unique features of Chinese markets including non‐tradable shares, domestic vs foreign shares, high degree of information asymmetry need to be taken into account.Originality/valueThe present study extends and updates the existing literature on the relation between financial leverage and investment opportunities of Chinese firms by providing new and concrete evidence from extensive data over a more recent period.
Effects of underwriters, venture capital and industry on long‐term initial public offering performance
Authors: Yip Yewmun , Su Yuli , Boon Ang Jiun 
Published: July 2009

PurposeThe purpose of this paper is to examine whether the choice of underwriters, venture capital (VC) support, industry and their interactions have any impact on the long‐term performance of initial public offerings (IPOs).Design/methodology/approachUsing standard event study methodology, 12 months of abnormal monthly returns for 1,772 IPOs are obtained. ANOVA and regression analyses are performed on both abnormal returns (ARs) and cumulative ARs to investigate the effect of underwriter choice, VC support and industry and their interactions on the long‐term performance of IPOs.FindingsUnder a multi‐factor framework, only significant underwriter and VC effects are found. Short‐term price momentum and long‐term price reversal pattern is most pronounced for IPOs that are underwritten by leading investment banks and backed by venture capitalists. The beginning of price reversal coincides with the expiration of IPO lockup period. Although by the end of the first year, IPOs on average underperform the market, investors can earn above market returns by investing in IPOs that are underwritten by leading investment banks and backed by venture capitalists, and divest before the expiration of the lockup period.Research limitations/implicationsThe results are limited by the accuracy of the models used in measuring ARs.Practical implicationsThe results seem to suggest that a profitable investment strategy may be implemented with regard to IPOs.Originality/valueThe paper analyzes the various effects and their interactions on the long‐term performance of IPOs.
Reverse‐LBOs, re‐LBOs and informational asymmetry hypothesis of LBO transactions
Authors: Kosedag Arman , Mehran Jamshid , Qian Jinhu 
Published: July 2009

PurposeThe purpose of this paper is to examine the informational asymmetry (informational advantage of managers) in leveraged buyout (LBO) transactions.Design/methodology/approachUnlike previous studies of informational asymmetry in LBOs, this research uses a set of reverse‐LBO and re‐LBO firms. The paper proposes and empirically tests three hypotheses that draw on the informational advantage of managers in LBOs. Specifically, the value gain (VG) realized by the reverse‐LBO firms is compared with that realized by a control sample of firms; the wealth distribution between managers and pre‐buyout shareholders is studied; and, finally, the performance of re‐LBO firms relative to reverse‐LBO firms is evaluated.FindingsThe results do not support the view that managers use buyouts to exploit their informational advantage. Specifically; the performance of LBO firms under the private ownership is comparable to those of matching public firms; the management team's return in a LBO deal is not significantly more than pre‐buyout shareholders’ return; and repeating reverse‐LBO firms (re‐LBOs) do not necessarily perform better than the non‐repeating reverse‐LBO firms.Originality/valueWhile reverse‐LBOs have been investigated to some extent in the prior literature, studies on re‐LBOs are quite scant – although these transactions offer a new and interesting avenue to examine the motivations behind LBOs in general. The use of the entire LBO − reverse‐LBO − re‐LBO cycle in testing the informational advantage of managers is a novelty. It is hoped that re‐LBOs will attract the amount of attention they deserve as these firms may offer interesting means to reinvestigate commonly debated theories of corporate finance.
A new algorithm for solving nonlinear boundary value problems
Authors: Ben Zitoun Feyed , Cherruault Yves 
Published: July 2009

PurposeThe purpose of this paper is to present a new algorithm for solving nonlinear boundary value problems (BVPs).Design/methodology/approachThe method converts the nonlinear BVP into a system of nonlinear equations. By solving the system, the solution can be determined. Comparing the methodology with some known techniques shows that the present approach is simple, easy to use and highly accurate.FindingsThe proposed technique allows us to obtain an approximate solution in a series form which satisfies all the given conditions. Test problems are given to illustrate the pertinent features of the method. The accuracy of the numerical results indicates that the technique is efficient and well suited for solving nonlinear differential equations with initial and boundary conditions.Originality/valueThe paper provides a reliable technique which avoids the tedious work needed by classical techniques and existing numerical methods and does not require discretization in order to find the solutions of the given problems.
Resolution of industrial problems by a simple and universal new method
Authors: Cherruault Yves 
Published: July 2009

PurposeThe purpose of this paper is to describe a general method for solving all problems arising in industrial processes and more generally in operational research.Design/methodology/approachThe paper's aim is to present a new method based on α‐dense curves first developed at the beginning of the 1980s by Yves Cherruault and Arthur Guillez. This technique allows to solve all problems of operational research in a simple way. For instance, industrial problems leading to optimization or optimal control problems can be easily and precisely solved by this very general technique. The main idea consists in expressing n variables by means of a single one.FindingsThis new method, based on “alpha‐dense curves” allows to express n variables in function of a single variable. One of the most important applications is related to global optimization. Multivariable optimization problems can be quickly and easily solved, even for great numbers of variables and for integer or boolean variables. Every problem (linear or nonlinear) coming from operational research or from industry becomes simple to solve in a very short time on micro‐calculators.Originality/valueThis method is deduced from the original works of Yves Cherruault et al. of MEDIMAT laboratory. The reducing transformations were initiated at the beginning of the 1980s by Yves Cherruault and Arthur Guillez. Then they were generalized by the notion of α‐dense curves. A lot of applications were derived covering entirely the operational research and a part of functional analysis.
Diffusion of extended structures I polymers
Authors: Gaveau Bernard 
Published: July 2009

PurposeThe purpose of this paper is to describe the diffusive motion of a polymer.Design/methodology/approachThe paper describes the Fokker‐Planck equation for the probability distribution of the positions of the monomers and the stochastic equation for their positions (in the large friction limit). The average position is studied for a free polymer ring or an attached ring, respectively.FindingsIt is found that this motion is subdiffusive: at time t, the average position of the polymer is of order t1/4 rather than t1/2.Originality/valueThe paper is of value in showing that it is wrong to consider a polymer as a particle of large mass, owing to the fact the polymer has an internal structure.
Global optimization in integer or mixed variables and applications to industrial problems
Authors: Claude Mazza Jean 
Published: July 2009

PurposeThe purpose of this paper is to describe some applications of a universal method to industrial problems.Design/methodology/approachThis method, called Alienor, is based on α‐dense curves, allowing to fill a space Rn and to express n variables by means of a single variable.FindingsUsing this method, any industrial problem leading to a cost function (linear or not) becomes easily and quickly resolved, even when integer or mixed variables are to be considered.Originality/valueThe paper is of value in showing how α‐dense curves allow the solving of most problems of operational research by using classical softwares.
Modelling and mathematical studies of neuronal NO‐synthase: NO versus NA theory
Authors: Guellal Saïd , Meulemans Alain , Khelifa Salim 
Published: July 2009

PurposeThe purpose of this paper is to present modelling and mathematical studies of neuronal NO‐synthase and discuss the case for nitric oxide (NO) versus nitroso‐arginine (NA) theory.Design/methodology/approachIntroduces recent studies, NO studied models and the experimental model before considering the diffusion‐reaction model. Enzymatic kinetics and an analysis of systems and the NA diffusion equations in mice cortex are given. Numerical results are featured.FindingsBased on these studies, both a bio‐mathematical and physiological conclusions are given. The way to protect the brain was to inhibit the NO‐synthase of the neurons during a stroke.Originality/valueThe paper is of value, particularly as stroke is the second leading cause of mortality worldwide and the most common cause of dementia in western countries. In Europe, each year, over 1,200,000 people experience a stroke.
Stability of the linearization method in compartmental analysis
Authors: Hebri Belkhaled , Khelifa Salim , Cherruault Yves 
Published: July 2009

PurposeThe purpose of this paper is to prove that under sufficient conditions the linearization method used for identifying a nonlinear bicompartmental system is stable.Design/methodology/approachThe problem of identifying a nonlinear compartmental system appears as badly stated a priori. In fact the problem is not to identify the general behavior law of exchange between compartments, but to assume these laws known such as in Michaelis‐Menten systems or in polynomial compartmental systems with coefficients that need to be identified. It has been proved previously that with a linearization method an approximation can be obtained to the identification of these nonlinear systems. To validate this method, a stability study is necessary.FindingsSufficient conditions are established for the evolution law of a nonlinear bicompartmental system under which the linearization method is stable, and an upper bound is given on the approximation error – with an application, in the last section to the case of an open Michaelis‐Menten system.Originality/valueThe paper is of value in establishing sufficient conditions about the evolution law of a nonlinear system in order to show that this method is stable and to give an upper bound on the approximation error.
Alienor method to solve multi‐objective linear programming (MOLP)
Authors: Maimos Mahamat , Cherruault Yves , Konfe Balira O. , Nkokolo Massamba Ange‐gar S. 
Published: July 2009

PurposeThe purpose of this paper is to present an efficient algorithm to solve multi‐objective linear programming (MOLP) problem.Design/methodology/approachThis new approach consists to convert the constrained multicriteria problem into an unconstrained global optimization problem. Then, the Alienor method coupled to the optimization preserving operators* (OPO*) technique is used to solve the transformed problem.FindingsA determinist algorithm for solving general MOLP problem contributes to research in the decision‐makers area.Research limitations/implicationsSome improvements could probably be obtained. In future work, other scalarized functions will be used and this algorithm's complexity will be studied.Practical implicationsThe new algorithm can be advantageously compared with other methods To illustrate this new approach, an example is studied.Originality/valueA new algorithm is given which guarantees all efficient solutions are easily obtained in most cases.
A Taylor expansion approach using Faà di Bruno's formula for solving nonlinear integral equations of the second and third kind
Authors: Ben Zitoun Feyed , Cherruault Yves 
Published: July 2009

PurposeThe purpose of this paper is to present a method for solving nonlinear integral equations of the second and third kind.Design/methodology/approachThe method converts the nonlinear integral equation into a system of nonlinear equations. By solving the system, the solution can be determined. Comparing the methodology with some known techniques shows that the present approach is simple, easy to use, and highly accurate.FindingsThe proposed technique allows the authors to obtain an approximate solution in a series form. Test problems are given to illustrate the pertinent features of the method. The accuracy of the numerical results indicates that the technique is efficient and well‐suited for solving nonlinear integral equations.Originality/valueThe present approach provides a reliable technique that avoids the difficulties and massive computational work if compared with the traditional techniques and does not require discretization in order to find solutions to the given problems.
On the new numerical solution of corona‐electrostatic electric field model with inductive electrostatic electrode for the industrial separation of granular mixture
Authors: Caron Armand 
Published: July 2009

PurposeThe purpose of this paper is to study the industrial separation of granular mixture by approximation of combined corona‐electrostatic electric field with feeder and inductive electrostatic electrode.Design/methodology/approachThe original numerical method developed in Caron's Kybernetes paper is used and extended to an industrial construction. The method gives a mathematical model of an industrial process and converts the non‐linear partial derivative system into an iterative system of linear equations. Using the well‐known finite difference approximation, a numerical solution is computed very quickly.FindingsIn order to really obtain a computer‐aided numerical solution, it is necessary to define a really manageable approximation method. The new simulation results are detailed and show better results for the steady state in time processing and finally, to imagine improvements of the industrial processes.Originality/valueThe paper shows the fast numerical solution, which leads to confidence in the numerical approximations to imagine improvements of the industrial processes easily.
Global research and development: some new initiatives
Authors: Rudall B.H. , Mann C.J.H. 
Published: July 2009

PurposeThis paper aims to review current research and developments with particular reference to some global initiatives.Design/methodology/approachA general review and survey of selected research and development topics is given, and studies of some new projects and programmes discussed.FindingsIllustrates the multi‐ and trans‐disciplinary natures of studies in cybernetics, systems and management science, with a view to further research and development activity.Practical implicationsThe choice of reviews provides an awareness of current trends in these areas of endeavour.Originality/valueThe reviews are selected from a global database and give a studied‐assessment of current research and development initiatives.
The role of sociocybernetics in understanding world futures
Authors: Scott Bernard 
Published: July 2009

PurposeThe purpose of this paper is to set out some ideas about how sociocybernetics can contribute to understanding possible world futures. A central concept in cybernetics is “governance”, the art of steersmanship. As conceived by Ashby, Beer and others, this art is concerned with the management of variety. How do we face the challenge of managing all the variety that makes up “possible world futures”?Design/methodology/approachThe paper uses the distinction between first and second order cybernetics as a way of bringing order to the wide variety of disciplinary studies that are relevant for the understanding of possible world futures.FindingsSociocybernetics is concerned with applying theories and methods from cybernetics and the systems sciences to the social sciences by offering concepts and tools for addressing problems holistically and globally. With its distinction between first order studies of observed systems and the second order study of observing systems, sociocybernetics provides a unifying epistemological and methodological conceptual framework. Within this framework, sociocybernetics accommodates a wealth of specialisms in the social sciences, ranging, for example, from the drivers and effects of technological development to sustainability to justice. The shared framework facilitates communication between social science specialisms and also between the social sciences, the natural sciences and the applied, technological sciences.Originality/valueThe paper will be of interest to anyone keen to see how ideas from cybernetics and the systems sciences can facilitate interdisciplinary approaches to the understanding of complex social systems.
Soft systems and research
Authors: Stowell Frank 
Published: July 2009

PurposeThis paper is written in response to the question “What developments are taking place in systems?” as a contribution to the November 2006 Cybernetics Conference. The paper is based upon the assumption that what is meant by the question relates to research in an area of systems known as soft systems.Design/methodology/approachThe paper begins with clarification about “Systems” and then the reader is taken on a personal journey through what are considered to be important contributions to soft systems research. The account includes reference to philosophical treatise on aspects relevant to some of the difficulties facing subjective research and some outcomes from research germane to the development of these ideas.FindingsThe paper recounts lessons learnt from the practice about the nature of undertaking soft systems research and whilst acknowledging that this research continues suggests that because of these soft systems has an intellectual and practical foundation.Originality/valueSystems has become more contemplative about the nature of the world and how each one makes sense of it. Systems thinking and practice is no longer based solely on biological models but has a greater emphasis placed upon understanding and learning. Systems thinking now makes explicit that what comprises the whole is subjective but rigorous. The paper is of value to soft systems researchers and practitioners especially those who are attempting research/practice in which the clients are encouraged to participate in the process of learning.
Migrating personality theories Part 1: creating agentic trait psychology?
Authors: Yolles Maurice 
Published: July 2009

PurposePluralities of personality schemas reside across different Maruyama universes suggesting incommensurability and isolation. Schemas may migrate across Maruyama universes given appropriate means. As illustration, the Myers Briggs Type Indicator (MBTI) schema for personality temperament is migrated into a sociocognitive schema through the intermediary of knowledge cybernetics (KC). MBTI is a type approach that operates with polar opposites; however, conceptually there is no reason for it not to be associated with a trait space. Supposing that MBTI has traits at some horizon of meaning, then since traits are responsible for the creation of enduring states, sociocognitive explanations should be able to explain the stable states consistent with a variation of the McCrae and Costa proposition. As a result this paper aims to formulate for the first time a link between the MBTI type schema, a trait space, and a capacity for sociocultural descriptions.Design/methodology/approachThe paper uses the meta‐framework of KC, part of the relevantial universe identified by Maruyama, to formulate a representation of MBTI. This also appears to be the first serious use of the Maruyama universe concept, and the first time that MBTI has been explored from a relevantial perspective. A consequence is the possible development of a more sophisticated trait theory that is capable of providing more complex information about personality.FindingsThe findings indicate that a more complex form of type theory is possible than has been provided by MBTI.Research limitations/implicationsThis paper is limited to the investigation of MBTI. However, it offers a generic approach that can be applied to other solitary theories like MBTI. It also postulates a trait basis for the MBTI type approach.Practical implicationsThe paper leads to the possibility of improved explanatory power for a type theory than is currently possible.Originality/valueThe paper adopts for the first time a relevantial meta‐framework approach to explore a development of MBTI. It has value to those researchers who may wish to explore the potential of more complex forms of type personality theory than are currently available.
Web mining technologies for customer and marketing surveys
Authors: Segall Richard S. , Zhang Qingyu 
Published: July 2009

PurposeThe purpose of this paper is to illustrate the usefulness and results of applying web mining as extensions of data mining.Design/methodology/approachWeb mining is performed using three selected software to databases related to customer survey, marketing campaign data, and web site usage. The three selected software are PolyAnalyst®of Megaputer Intelligence, Inc., SPSS Clementine®, and ClickTracks by Web Analytics.FindingsThis paper discusses and compares the web mining technologies used by the selected software as applied to text, web, and click stream data.Research limitations/implicationsThe limitations include the availability of databases and software to perform the web mining. The implications include that this methodology can be extended to other databases.Practical implicationsThe methodology used in this paper could be representative of that used for managers to manage their relationships with customers, their marketing campaigns, and their web site activities.Originality/valuePolyAnalyst is applied to analyze text data of actual written hotel comments. SPSS Clementine is applied to customer web data collected in response to several different marketing campaigns, including age, gender, and income. ClickTracks is applied to click‐stream data for Bob's Fruit web site to generate click fraud report, search report with revenues, pay‐per‐click, and search keywords for all visitors.