title: We Reddit in a Forum: The influence of Message Boards on firm stability

authors: Corbet, Shaen

abstract: The use of messaging boards to instigate coordinated manipulation of stock prices is not a novel phenomenon. However, the growing breadth and sophistication of social media, the widespread availability of technological cloaking techniques, and the ready accessibility of leveraged derivatives have all significantly contributed to the growth of the infamous Reddit forum r/wallstreetbets. Using a lexicon of terminology designed to identify explicit and implicit manipulation attempts, this research presents several novel findings. The results indicate significantly positive, pronounced, and persistent abnormal returns in the aftermath of manipulative events, with the results being robust across several testing procedures. These abnormal returns have increased significantly in line with the growth of forum users and the reach of manipulation-related comments. Significant effects on market liquidity and analyst recommendations are further identified across tests. Such continued predatory headwinds are certainly of interest to market-makers, regulators, and policymakers alike, as the irrational exuberance incited by millennial meme stocks and sarcastic GIFs is found to have played a significant role in disrupting market functionality. The desired outcome of some of these five million monthly forum users is to create enough momentum to trigger algorithmic responses to move out-of-the-money options into a profitable state. Our results present evidence that this potential threat to corporate stability is concrete.

text: We Reddit in a Forum: The influence of Message Boards on firm stability The use of messaging boards to instigate coordinated manipulation of stock prices is not a novel phenomenon. However, the growing breadth and sophistication of social media, the widespread availability of technological cloaking techniques, and the ready accessibility of leveraged derivatives have all significantly contributed to the growth of the infamous Reddit forum r/wallstreetbets. Using a lexicon of terminology designed to identify explicit and implicit manipulation attempts, this research presents several novel findings. The results indicate significantly positive, pronounced, and persistent abnormal returns in the aftermath of manipulative events, with the results being robust across several testing procedures. These abnormal returns have increased significantly in line with the growth of forum users and the reach of manipulation-related comments. Significant effects on market liquidity and analyst recommendations are further identified across tests. Such continued predatory headwinds are certainly of interest to market-makers, regulators, and policymakers alike, as the irrational exuberance incited by millennial meme stocks and sarcastic GIFs is found to have played a significant role in disrupting market functionality. The desired outcome of some of these five million monthly forum users is to create enough momentum to trigger algorithmic responses to move out-of-the-money options into a profitable state. Our results present evidence that this potential threat to corporate stability is concrete.

year: 2022

title: The Formulation of Titanium - based Metal Feedstocks and the Fabrication of Parts using the Powder Injection Moulding Process

authors: Ewart, Paul Douglas

subjects: Binder

abstract: Development of a profitable titanium industry for New Zealand will not come about without innovative technologies. Plastic injection moulding has long held a place in NZ manufacturing to produce large quantities of complex parts and holds the key to such innovation.
Titanium metal parts were fabricated by injection moulding titanium based metal powder feedstock followed by a debinding process and subsequent sintering. The fabrication process in its entirety was investigated in four distinct steps. Feedstock formulation involved combining the metal powders with various carrier components. Injection moulding enabled the shaping of the feedstock into geometries approximating the final part. Debinding being the process whereby the carrier/binder system is removed from the part to create a powder compact retaining the required geometry. Sintering being the final step where the metal powders are consolidated into a fully dense metal part of net shape.
The feedstock binder consisted of water soluble polyethylene glycol that reduced feedstock viscosity, improved particle wetting, aided greenpart shape retention and eliminated toxic solvents in debinding. Carnauba wax and bees wax aided dispersion, lubricated particles, were safe to handle and better for the environment (than petroleum waxes). Their low melt temperatures aided removal during thermal debinding and supported residue elimination.
By optimising the ratio of water soluble, wax and polyolefin binder components (3: 2: 1 respectively) for melt flow and pellet formation, greenparts defect free with uniform particle distribution were made. The optimal binder system proved suitable for titanium alloy and irregular shape pure titanium powders (hydride-de-hydride). Increasing powder loading (wP = (0.60 to 0.65)) had no appreciable effect on viscosity while enabling feedstock with good uniformity and pellet formation. Dimensional change was not affected by uniformity of the feedstock however molecular weight, volume and dispersion of binder components affected interparticular distances. Low processing temperatures reduced disruption to part geometry, benefitted particle bonding and helped retain handling strength.
The use of low temperatures for thermal debinding (t = 250 °C) enabled removal of the binder below the temperatures that facilitate interstitial diffusion and oxide/carbide formation, although part thickness, mass and overall volume effected the processing time. A strong correlation was seen between handling strength of the greenparts and defects, such as non-uniform density distribution and cracking after sintering.
Sintering was essential to produce the final part and showed that a binder free brownpart was not the only criteria for eliminating impurities. The furnace atmosphere must remain free from contamination to eliminate transfer back to the parts. This was addressed using an argon sweep gas, however, the design and efficacy of the system was considered inadequate. Decomposition products need to be removed quickly from the furnace as they evolve before impurities from the sweep gas diffuse back into the parts during the extended duration at sinter temperatures (t = 1300 °C).
The combination of an optimised titanium feedstock and the use of a low temperature thermal debinding technique produced a consolidated MIM part of relatively large dimensions. The parts were seen to have uniform microstructure throughout the cross-section with density comparable to that of MIM standards. In difference to the literature, a high powder loading (φp = 0.65) of HDH powders was used and shown to be readily mouldable. The higher powder loading also eliminate separation defects and shape distortions evident using lower amounts of powder.

text: The Formulation of Titanium - based Metal Feedstocks and the Fabrication of Parts using the Powder Injection Moulding Process Development of a profitable titanium industry for New Zealand will not come about without innovative technologies. Plastic injection moulding has long held a place in NZ manufacturing to produce large quantities of complex parts and holds the key to such innovation.
Titanium metal parts were fabricated by injection moulding titanium based metal powder feedstock followed by a debinding process and subsequent sintering. The fabrication process in its entirety was investigated in four distinct steps. Feedstock formulation involved combining the metal powders with various carrier components. Injection moulding enabled the shaping of the feedstock into geometries approximating the final part. Debinding being the process whereby the carrier/binder system is removed from the part to create a powder compact retaining the required geometry. Sintering being the final step where the metal powders are consolidated into a fully dense metal part of net shape.
The feedstock binder consisted of water soluble polyethylene glycol that reduced feedstock viscosity, improved particle wetting, aided greenpart shape retention and eliminated toxic solvents in debinding. Carnauba wax and bees wax aided dispersion, lubricated particles, were safe to handle and better for the environment (than petroleum waxes). Their low melt temperatures aided removal during thermal debinding and supported residue elimination.
By optimising the ratio of water soluble, wax and polyolefin binder components (3: 2: 1 respectively) for melt flow and pellet formation, greenparts defect free with uniform particle distribution were made. The optimal binder system proved suitable for titanium alloy and irregular shape pure titanium powders (hydride-de-hydride). Increasing powder loading (wP = (0.60 to 0.65)) had no appreciable effect on viscosity while enabling feedstock with good uniformity and pellet formation. Dimensional change was not affected by uniformity of the feedstock however molecular weight, volume and dispersion of binder components affected interparticular distances. Low processing temperatures reduced disruption to part geometry, benefitted particle bonding and helped retain handling strength.
The use of low temperatures for thermal debinding (t = 250 °C) enabled removal of the binder below the temperatures that facilitate interstitial diffusion and oxide/carbide formation, although part thickness, mass and overall volume effected the processing time. A strong correlation was seen between handling strength of the greenparts and defects, such as non-uniform density distribution and cracking after sintering.
Sintering was essential to produce the final part and showed that a binder free brownpart was not the only criteria for eliminating impurities. The furnace atmosphere must remain free from contamination to eliminate transfer back to the parts. This was addressed using an argon sweep gas, however, the design and efficacy of the system was considered inadequate. Decomposition products need to be removed quickly from the furnace as they evolve before impurities from the sweep gas diffuse back into the parts during the extended duration at sinter temperatures (t = 1300 °C).
The combination of an optimised titanium feedstock and the use of a low temperature thermal debinding technique produced a consolidated MIM part of relatively large dimensions. The parts were seen to have uniform microstructure throughout the cross-section with density comparable to that of MIM standards. In difference to the literature, a high powder loading (φp = 0.65) of HDH powders was used and shown to be readily mouldable. The higher powder loading also eliminate separation defects and shape distortions evident using lower amounts of powder.

year: 2015

title: Do two rights fix a wrong? A study of employee and organizational responses to abusive supervision in New Zealand

authors: de Fluiter, Alida Jane

subjects: Abusive supervision

abstract: Organizational justice theories suggest that employees who are abused by their supervisor are likely to respond with lower job and personal outcomes. However, an under-explored area has been the influence of support perceptions. The present study suggests that perceived supervisor support (PSS) and perceived organizational support (POS) may moderate the influence of abusive supervision, and this was tested with three-way interactions. Data was collected from two samples: (1) 100 blue-collar workers in construction and (2) 218 random Maori employees from a variety of industries and professions. Structural equation modeling confirmed the unique constructs of the study measures towards abusive supervision and PSS and POS. Direct effects showed abusive supervision was significant and negative in both samples towards life satisfaction, job satisfaction, and organizational-based self-esteem (OBSE), and significant and positive in both samples towards turnover intentions, anxiety, depression, and insomnia. The results indicated that abusive supervision accounted for large amounts of variance towards all outcomes, with the exception of life satisfaction in study two (7%), and insomnia (8% in study one, and 4% in study two), ranging from 13%-32% variance. Significant three-way interactions were found for all outcomes except turnover intentions and insomnia. The three-way interaction towards life satisfaction in study one indicated that under abusive supervision, respondents with high PSS and high POS experienced the greatest levels of life satisfaction. Similar relationships were found toward depression (study one and two) and anxiety (study one), showing that respondents who experienced high abusive supervision, high PSS, and high POS had the lowest levels of negative mental health outcomes amongst all abused respondents. This suggested a potentially cumulative effect of multiple sources of support. Furthermore, towards job satisfaction in study two, findings show respondents with high abusive supervision and high POS reported the highest job satisfaction, irrespective of levels of PSS. A similar relationship was found toward OBSE in study two, suggesting that of the support variables examined, POS may have greater effect on outcomes, thereby supporting research of Dawley, Andrews and Bucklew (2008) who found POS to be the best predictor of organizational outcomes. Overall, this paper supports the notion that perceptions of support may moderate the influence of abusive supervision perceptions on employee’s work and personal outcomes. The findings show that while abusive supervision can play a dominant role on outcomes, this can be somewhat nullified by greater support from the organization. This has strong implications for firms dealing with problem supervisors, signaling the importance of establishing POS, and emphasizing that creating a supportive organization may be the first step to enabling employees to develop positive work and individual outcomes.

text: Do two rights fix a wrong? A study of employee and organizational responses to abusive supervision in New Zealand Organizational justice theories suggest that employees who are abused by their supervisor are likely to respond with lower job and personal outcomes. However, an under-explored area has been the influence of support perceptions. The present study suggests that perceived supervisor support (PSS) and perceived organizational support (POS) may moderate the influence of abusive supervision, and this was tested with three-way interactions. Data was collected from two samples: (1) 100 blue-collar workers in construction and (2) 218 random Maori employees from a variety of industries and professions. Structural equation modeling confirmed the unique constructs of the study measures towards abusive supervision and PSS and POS. Direct effects showed abusive supervision was significant and negative in both samples towards life satisfaction, job satisfaction, and organizational-based self-esteem (OBSE), and significant and positive in both samples towards turnover intentions, anxiety, depression, and insomnia. The results indicated that abusive supervision accounted for large amounts of variance towards all outcomes, with the exception of life satisfaction in study two (7%), and insomnia (8% in study one, and 4% in study two), ranging from 13%-32% variance. Significant three-way interactions were found for all outcomes except turnover intentions and insomnia. The three-way interaction towards life satisfaction in study one indicated that under abusive supervision, respondents with high PSS and high POS experienced the greatest levels of life satisfaction. Similar relationships were found toward depression (study one and two) and anxiety (study one), showing that respondents who experienced high abusive supervision, high PSS, and high POS had the lowest levels of negative mental health outcomes amongst all abused respondents. This suggested a potentially cumulative effect of multiple sources of support. Furthermore, towards job satisfaction in study two, findings show respondents with high abusive supervision and high POS reported the highest job satisfaction, irrespective of levels of PSS. A similar relationship was found toward OBSE in study two, suggesting that of the support variables examined, POS may have greater effect on outcomes, thereby supporting research of Dawley, Andrews and Bucklew (2008) who found POS to be the best predictor of organizational outcomes. Overall, this paper supports the notion that perceptions of support may moderate the influence of abusive supervision perceptions on employee’s work and personal outcomes. The findings show that while abusive supervision can play a dominant role on outcomes, this can be somewhat nullified by greater support from the organization. This has strong implications for firms dealing with problem supervisors, signaling the importance of establishing POS, and emphasizing that creating a supportive organization may be the first step to enabling employees to develop positive work and individual outcomes.

year: 2011