The precision of asset beta estimates

2017 ◽  
Vol 13 (2) ◽  
pp. 213-224 ◽  
Author(s):  
Vance Lesseig ◽  
Janet D. Payne
Keyword(s):  
Academic Research ◽  
Systematic Risk ◽  
Absolute Error ◽  
Equity Capital ◽  
Absolute Difference ◽  
Average Difference ◽  
Content Type ◽  
True Value ◽  
The Absolute ◽  
Matching Criteria

Purpose The capital asset pricing model has fundamentally changed the way finance is taught and practiced since its development in 1964. However, one problem with the use of the model is estimating the systematic risk of untraded assets. Academics and practitioners have dealt with the problem by using traded assets as “proxies” for the untraded asset. Some academic research has attempted to measure the validity of this technique using the average difference in the true beta of a traded firm and the “proxy” beta using a sample of similar firms. The paper aims to discuss these issues. Design/methodology/approach However, the use of the average difference across a number of comparisons is not necessarily useful to a practitioner. This paper examines the absolute difference between a firm’s unlevered beta and a proxy beta calculated using the formula given in Hamada, 1972, and the pure play method. Findings The authors find that the estimates are not reliably close to the true value. Using both deciles of relevant variables and a matching method similar to that used by practitioners, the authors examine a variety of different characteristics to identify similar firms. Originality/value However, the authors do not find any matching criteria that improves the absolute error of the estimate to a level, the authors believe would be acceptable to practitioners attempting to measure cost of equity capital for their untraded firm or asset. The authors conclude that managers should use pure play estimates of asset beta with caution. More research should be done in order to identify a better way for managers of untraded firms or assets to proxy their systematic risk.

scholarly journals Comparison of MODIS and AERONET derived aerosol optical depth over the Ganga Basin, India

2005 ◽  
Vol 23 (4) ◽  
pp. 1093-1101 ◽  
Author(s):  
S. N. Tripathi ◽  
Sagnik Dey ◽  
A. Chandel ◽  
S. Srivastava ◽  
Ramesh P. Singh ◽  
...  
Keyword(s):  
Aerosol Optical Depth ◽  
Optical Depth ◽  
Time Window ◽  
Absolute Error ◽  
Absolute Difference ◽  
Ganga Basin ◽  
Monsoon Period ◽  
Post Monsoon ◽  
Dust Loading ◽  
The Absolute

Abstract. The Moderate Resolution Imaging Spectroradiometer (MODIS) onboard EOS Terra measures global aerosol optical depth and optical properties since 2000. MODIS aerosol products are freely available and are being used for numerous studies. In this paper, we present a comparison of aerosol optical depth (AOD) retrieved from MODIS with Aerosol Robotic Network (AERONET) data for the year 2004 over Kanpur, an industrial city lying in the Ganga Basin in the northern part of India. AOD retrieved from MODIS (τaMODIS) at 0.55µm wavelength has been compared with the AERONET derived AOD (τaAERONET), within an optimum space-time window. Although the correlation between τaMODIS and τaAERONET during the post-monsoon and winter seasons (R2~0.71) is almost equal to that during the pre-monsoon and monsoon seasons (R2~0.72), MODIS is found to overestimate AOD during the pre-monsoon and monsoon period (characterized by severe dust loading) and underestimate during the post-monsoon and winter seasons. The absolute difference between τaMODIS and τaAERONET is found to be low (0.12±0.11) during the non-dust loading season and much higher (0.4±0.2) during dust-loading seasons. The absolute error in τaMODIS is found to be about ~25% of the absolute values of τaMODIS. Our comparison shows the importance of modifying the existing MODIS algorithm during the dust-loading seasons, especially in the Ganga Basin in northern part of India.

Negative earnings surprises: when is the glass half-full?

2014 ◽  
Vol 40 (8) ◽  
pp. 804-820 ◽  
Author(s):  
Shreesh Deshpande ◽  
Marko Svetina
Keyword(s):  
Stock Market ◽  
Stock Price ◽  
Price Impact ◽  
Absolute Difference ◽  
Market Uncertainty ◽  
Content Type ◽  
Earnings Surprises ◽  
The Absolute ◽  
The Empirical Analysis ◽  
Negative Earnings

Purpose – In a setting with local bias in investors’ portfolios, the purpose of this paper is to study the stockholder wealth impact of negative earnings surprises for local firms as reported in a local newspaper. Design/methodology/approach – In the sample of earnings announcements, the authors observe that the stock price impact is statistically significantly more (less) negative in the case where the absolute difference between announced earnings and the consensus analysts’ forecast is greater (smaller) than the absolute difference between the announced earnings and last-year-same-quarter earnings. Findings – The differential effect is only observed when the stock market uncertainty (VIX) is high. In the empirical analysis, the paper finds that investors’ reactions to negative earnings surprises appear to be influenced by the level of historical, publicly available last-year-same-quarter earnings. Originality/value – When stock market uncertainty is high, the result suggests that the stock market may not be semi-strong efficient and/or that there is a behavioral response to negative earnings surprises in a setting where investors have portfolios over-weighted with local firm stocks.

Determining the minimum pitch for measuring the spatial position of a pipeline when assessing the stress-strain state from the soil surface

2020 ◽  
Vol 10 (2) ◽  
pp. 138-147
Author(s):  
Ruslan V. Aginey ◽  
◽  
Rustem R. Islamov ◽  
Elmira A. Mamedova ◽  
Alexey A. Firstov ◽  
...  
Keyword(s):  
Strain State ◽  
Soil Surface ◽  
Absolute Error ◽  
Spatial Position ◽  
Absolute Difference ◽  
Stress Strain ◽  
Stress Strain State ◽  
Bending Stresses ◽  
Bending Radius ◽  
The Absolute

In determining the bending radius of an underground pipeline axis from the soil surface, existing methods have some disadvantages associated with a lack of studies on how pipeline depth and equipment errors affect the results of measurement pitch calculations. The purpose of the study is to determine the minimum measuring pitch relative to the spatial position of the pipeline using line locating equipment to assess the stress-strain state from the soil surface. An assumption was made that the pipeline section has a bend in one plane only. Therefore, it is considered as a combination of three axis points that, when interconnected, form a part of a circle. To find the actual values of the bending radii in two borderline cases, some expressions were proposed. Regarding the absolute difference between the maximum bending stresses and the measuring pitch, dependences were obtained for various values of the absolute error attributed to the equipment used with a 1.400 mm diameter pipe. It was established that to limit an error in the absolute difference of the maximum bending stresses to 50 MPa, the minimum measurement pitch should be 20 to 60 meters (this varies depending on the error of the line locating equipment used). Using the MATLAB programming language, a program code was written to construct a three-dimensional graph representing the dependence between the absolute difference of the maximum bending stresses and the measurement pitch for various values of an absolute error attributed to the equipment. It was found that the pipeline bending radius does not affect the value of the minimum pitch for measuring the spatial position of the pipeline.

scholarly journals An academic perspective on the entrepreneurship policy agenda: themes, geographies and evolution

2019 ◽  
Vol 9 (1) ◽  
pp. 65-93 ◽  
Author(s):  
Alberto Arenal ◽  
Claudio Feijoo ◽  
Ana Moreno ◽  
Cristina Armuña ◽  
Sergio Ramos
Keyword(s):  
Text Mining ◽  
Research Agenda ◽  
Academic Research ◽  
Policy Research ◽  
Policy Agenda ◽  
The European Union ◽  
Entrepreneurship Policy ◽  
Research Activity ◽  
Content Type ◽  
And Shifts

Purpose Academic research into entrepreneurship policy is particularly interesting due to the increasing relevance of the topic and since knowledge about the evolution of themes in this field is still rather limited. The purpose of this paper is to analyse the key concepts, topics, trends and shifts that have shaped the entrepreneurship policy research agenda during the period 1990–2016. Design/methodology/approach This paper uses text mining techniques, cluster analysis and complementary bibliographic data to examine the evolution of a corpus of 1,048 academic papers focused on entrepreneurship-related policies and published during the period 1990–2016 in ten relevant journals. In particular, the paper follows a standard text mining workflow: first, as text is unstructured, content requires a set of pre-processing tasks and then a stemming process. Then, the paper examines the most repeated concepts within the corpus, considering the whole period 1990–2016 and also in five-year terms. Finally, the paper conducts a k-means clustering to divide the collection of documents into coherent groups with similar content. The analyses in the paper also include geographical particularities considering three regional sub-corpora, distinguishing those articles authored in the European Union (EU), the USA and South and Eastern Asia, respectively. Findings Results of the analysis show that inclusion, employment and regulation-related papers have largely dominated the research in the field, evolving from an initial classical approach to the relationship between entrepreneurship and employment to a wider, multidisciplinary perspective, including the relevance of management, geographies and narrower topics such as agglomeration economics or internationalisation instead of the previous generic sectorial approaches. The text mining analysis also reveals how entrepreneurship policy research has gained increasing attention and has become both more open, with a growing cooperation among researchers from different affiliations, and more sophisticated, with concepts and themes that moved the research agenda forward, closer to the priorities of policy implementation. Research limitations/implications The paper identifies main trends and research gaps in the field of entrepreneurship policy providing actionable knowledge by presenting the spectrum of both over-explored and understudied research themes in the field. In practical terms the results of the text mining analysis can be interpreted as a compass to navigate the entrepreneurship policy research agenda. Practical implications The paper presents the heterogeneity of topics under research in the field, reinforcing the concept of entrepreneurship as a multidisciplinary and dynamic domain. Therefore, the definition and adoption of a certain policy agenda in entrepreneurship should consider multiple aspects (needs, objectives, stakeholders, expected outputs, etc.) to be comprehensive and aligned with its complexity. In addition, the paper shows how text mining techniques could be used to map the research activity in a particular field, contributing to the challenge of linking research and policy. Originality/value The exploratory nature of text mining allows us to obtain new knowledge and reveals hidden patterns from large quantities of documents/text data, representing an opportunity to complement other qualitative reviews. In this sense, the main value of this paper is not to advise on the future configuration of entrepreneurship policy as a research topic, but to unwrap the past by unveiling how key themes of the entrepreneurship policy research agenda have emerged, evolved and/or declined over time as a foundation on which to build further developments.

scholarly journals Prediction of One Repetition Maximum Using Reference Minimum Velocity Threshold Values in Young and Middle-Aged Resistance-Trained Males

2021 ◽  
Vol 11 (5) ◽  
pp. 71
Author(s):  
John F. T. Fernandes ◽  
Amelia F. Dingley ◽  
Amador Garcia-Ramos ◽  
Alejandro Perez-Castilla ◽  
James J. Tufano ◽  
...  
Keyword(s):  
Bench Press ◽  
Absolute Error ◽  
Young Group ◽  
Middle Aged ◽  
Repetition Maximum ◽  
Back Squat ◽  
Velocity Threshold ◽  
Low Load ◽  
The Absolute ◽  
Minimum Velocity

Background: This study determined the accuracy of different velocity-based methods when predicting one-repetition maximum (1RM) in young and middle-aged resistance-trained males. Methods: Two days after maximal strength testing, 20 young (age 21.0 ± 1.6 years) and 20 middle-aged (age 42.6 ± 6.7 years) resistance-trained males completed three repetitions of bench press, back squat, and bent-over-row at loads corresponding to 20–80% 1RM. Using reference minimum velocity threshold (MVT) values, the 1RM was estimated from the load-velocity relationships through multiple (20, 30, 40, 50, 60, 70, and 80% 1RM), two-point (20 and 80% 1RM), high-load (60 and 80% 1RM) and low-load (20 and 40% 1RM) methods for each group. Results: Despite most prediction methods demonstrating acceptable correlations (r = 0.55 to 0.96), the absolute errors for young and middle-aged groups were generally moderate to high for bench press (absolute errors = 8.2 to 14.2% and 8.6 to 20.4%, respectively) and bent-over-row (absolute error = 14.9 to 19.9% and 8.6 to 18.2%, respectively). For squats, the absolute errors were lower in the young group (5.7 to 13.4%) than the middle-aged group (13.2 to 17.0%) but still unacceptable. Conclusion: These findings suggest that reference MVTs cannot accurately predict the 1RM in these populations. Therefore, practitioners need to directly assess 1RM.

Recent developments in China’s biopharmaceutical industry (2012-2017)

2019 ◽  
Vol 10 (3) ◽  
pp. 686-707
Author(s):  
Marcus Conlé
Keyword(s):  
Product Innovation ◽  
Academic Research ◽  
Domestic Market ◽  
Growth Strategy ◽  
Future Research ◽  
Biopharmaceutical Industry ◽  
Content Type ◽  
Drug Regulator ◽  
Recent Developments ◽  
Product Portfolios

Purpose The paper aims to take stock of China’s recent biopharmaceutical industry development by analyzing product innovation and changes in the firms’ product portfolios during the five-year period between 2012 and 2017. Design/methodology/approach The paper introduces a classification of biopharmaceutical products. By applying the classification to the product data of China’s drug regulator, the CFDA, it becomes possible to trace the developments within the sector by looking at changes in the number of firms within each subgroup and changes in the number of subgroups in which each firm is involved. The classification allows an evaluation of the latest product innovation achievements. Findings The paper demonstrates a mild shakeout of firms in the relatively long-existing domestic market segments, a trend toward more specialized product portfolios and an enduring prevalence of innovation strategies aimed at exploiting relatively unpopulated domestic market niches instead of pioneering entirely new products. Especially the capability of upgrading to second-generation protein therapeutics has become a key criterion for separating the wheat and the chaff in China’s domestic sector. The paper moreover points out the relevance of acquisitions as a corporate growth strategy. Research limitations/implications The research does not consider complementary indicators, product pipelines in particular. Future research should compare patterns across emerging economies. Originality/value The paper is unique in using the CFDA database for systematic academic research on (bio)pharmaceutical innovation and in introducing a biopharmaceutical product classification to trace innovative activities and changes in corporate product portfolios over time.

The parameter identification model considering both geometric parameters and joint stiffness

2019 ◽  
Vol 47 (1) ◽  
pp. 76-81
Author(s):  
Jing Bai ◽  
Le Fan ◽  
Shuyang Zhang ◽  
Zengcui Wang ◽  
Xiansheng Qin
Keyword(s):  
Parameter Identification ◽  
Industrial Robot ◽  
Joint Stiffness ◽  
Geometric Parameters ◽  
Least Square ◽  
Experimental Result ◽  
Positional Accuracy ◽  
Content Type ◽  
The Absolute ◽  
Identification Model

Purpose Both geometric and non-geometric parameters have noticeable influence on the absolute positional accuracy of 6-dof articulated industrial robot. This paper aims to enhance it and improve the applicability in the field of flexible assembling processing and parts fabrication by developing a more practical parameter identification model. Design/methodology/approach The model is developed by considering both geometric parameters and joint stiffness; geometric parameters contain 27 parameters and the parallelism problem between axes 2 and 3 is involved by introducing a new parameter. The joint stiffness, as the non-geometric parameter considered in this paper, is considered by regarding the industrial robot as a rigid linkage and flexible joint model and adds six parameters. The model is formulated as the form of error via linearization. Findings The performance of the proposed model is validated by an experiment which is developed on KUKA KR500-3 robot. An experiment is implemented by measuring 20 positions in the work space of this robot, obtaining least-square solution of measured positions by the software MATLAB and comparing the result with the solution without considering joint stiffness. It illustrates that the identification model considering both joint stiffness and geometric parameters can modify the theoretical position of robots more accurately, where the error is within 0.5 mm in this case, and the volatility is also reduced. Originality/value A new parameter identification model is proposed and verified. According to the experimental result, the absolute positional accuracy can be remarkably enhanced and the stability of the results can be improved, which provide more accurate parameter identification for calibration and further application.

Performance measurement and management in the public sector: state of the art and research opportunities

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Patrizia Garengo ◽  
Alberto Sardi
Keyword(s):  
Public Sector ◽  
Performance Measurement ◽  
State Of The Art ◽  
Business Management ◽  
Academic Research ◽  
Conceptual Structure ◽  
Content Type ◽  
Research Opportunities ◽  
The Public ◽  
Public Organisations

PurposeSince the 1980s, performance measurement and management (PMM) has been described as an essential element of new public management (NPM) reforms. The purpose of this paper is to provide an overview of the current state of the art and future research opportunities for PMM in public sector management.Design/methodology/approachThe paper carried out a bibliometric literature review using two main techniques named (1) performance analysis and (2) science mapping techniques. It investigated the academic research area describing the main publications' trend, the conceptual structure and its evolution from 1996 to 2019.FindingsThe results highlighted the growing relevance of PMM research in public organisations and confirmed a great interest of the business, management and accounting literature on PMM in public sector management. Furthermore, the results also described a conceptual structure of the public PMM literature analysed and its evolution being too generic to answer public organisations' needs. The results identified five main research gaps and research opportunities.Originality/valueAlthough the adoption of rigorous bibliometric techniques was recognised as being useful for assessing the academic research study, the paper describes the business, management and accounting literature contributing to new theoretical and practical future opportunities.

Information processing by elderly consumers: a five-decade review

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gianluigi Guido ◽  
Marco Pichierri ◽  
Cristian Rizzo ◽  
Verdiana Chieffi ◽  
George Moschis
Keyword(s):  
Information Processing ◽  
Design Methodology ◽  
State Of The Art ◽  
Relevant Literature ◽  
Academic Research ◽  
The Elderly ◽  
Marketing Strategies ◽  
Content Type ◽  
Processing Activity ◽  
Elderly Consumers

Purpose The purpose of this study is to review scholarly research on elderly consumers’ information processing and suggest implications for services marketing. Design/methodology/approach The review encompasses a five-decade period (1970–2018) of academic research and presents relevant literature in four main areas related to information processing: sensation, attention, interpretation and memory. Findings The study illustrates how each of the aforementioned phases of the information processing activity may affect how elderly individuals buy and consume products and services, emphasizing the need for a better comprehension of the elderly to develop effectual marketing strategies. Originality/value The study provides readers with detailed state-of-the-art knowledge about older consumers’ information processing, offering a comprehensive review of academic research that companies can use to improve the effectiveness of their marketing efforts that target the elderly market.

scholarly journals Accessible tourism futures: the world we dream to live in and the opportunities we hope to have

2015 ◽  
Vol 1 (3) ◽  
pp. 179-188 ◽  
Author(s):  
Eleni Michopoulou ◽  
Simon Darcy ◽  
Ivor Ambrose ◽  
Dimitros Buhalis
Keyword(s):  
Academic Research ◽  
Tourism Industry ◽  
Stakeholder Collaboration ◽  
Persons With Disabilities ◽  
Content Type ◽  
Global Policy ◽  
Policy Initiatives ◽  
Delphi Approach ◽  
Key Concepts ◽  
The Future

Purpose Accessible tourism is evolving as a field of academic research and industry practice, set within a dynamic social context. The field is interdisciplinary, multidisciplinary and transdisciplinary. The purpose of this paper is to examine key concepts and global initiatives that will shape accessible tourism futures. Design/methodology/approach Three of the authors have extensive academic experience in the area and the fourth author is the Managing Director of the pre-eminent European Network for Accessible Tourism. In taking a limited Delphi approach to canvassing key areas likely to shape accessible tourism futures, the following concepts and policy initiatives were examined: motivations, dreams and aspirations of people with disability; demography; UN Convention on the Rights of Persons with Disabilities; destination competitiveness; universal design (UD); and the UN Sustainable Development Goals for 2030. Findings A discussion of each of the above areas was placed in context to accessible tourism futures and to contextualise the papers that were selected for the special issue. The latter part of the paper outlines the contribution of each empirical paper to the issue discussing the approach, findings and implications. Stakeholder collaboration was identified as the key common theme of the papers and the factor for developing accessible tourism solutions, recognising the value of the market and capitalising on it. A collaborative approach is required to recognise the complementary nature of the different paradigms; to re-shape and transform the future of the accessible tourism industry. To assist in the development of accessible tourism futures, UD principles should provide a foundation to enhance the future competitiveness of tourism destinations and organisations. Originality/value The paper’s examination of the concepts and global policy considerations provides a strong academic and practitioner foundation for considering accessible tourism futures. In doing so, accessible tourism futures are shown to be affected by key concepts related to core tourism considerations and major policy initiatives on accessibility and sustainability. Yet, accessible tourism futures also have the potential to create their own momentum and contribute unique learnings on the diversity of tourism markets that will shape tourism concepts and global policy initiatives in their own right.

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