The cross-section of Johannesburg Securities Exchange listed equity returns (1994-2011)

2015 ◽  
Vol 32 (4) ◽  
pp. 422-444 ◽  
Author(s):  
Jakobus Daniel Van Heerden ◽  
Paul Van Rensburg
Keyword(s):  
Cross Section ◽  
Equity Returns ◽  
Research Approach ◽  
Momentum Effect ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
Specific Factors ◽  
The Cross ◽  
The Impact

Purpose – The aim of this study is to examine the impact of technical and fundamental (referred to as firm-specific) factors on the cross-sectional variation in equity returns on the Johannesburg Securities Exchange (JSE). Design/methodology/approach – To reach the objective, the study follows an empirical research approach. Cross-sectional regression analyses, factor-portfolio analyses and multifactor analyses are performed using 50 firm-specific factors for listed shares over three sample periods during 1994 to 2011. Findings – The results suggest that a strong value and momentum effect is present and robust on the JSE, while a size effect is present but varies over time. Multifactor analyses show that value and momentum factors are collectively significant in explaining the cross-section of returns. The results imply that the JSE is either not an efficient market or that current market risk models are incorrectly specified. Practical implications – The findings of the study offers practical application possibilities to investment analysts and portfolio managers. Originality/value – To the authors’ knowledge, this is the first study to use such a comprehensive data set for the specific analyses on the JSE over such a long period. All previously identified statistical biases are addressed in this study. Different approaches are applied to compare results and test for robustness for the first time.

Impact of social media usage on performance of construction businesses (CBs) in Abuja, Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luqman Oyekunle Oyewobi ◽  
Olufemi Seth Olorunyomi ◽  
Richard Ajayi Jimoh ◽  
James Olabode Bamidele Rotimi
Keyword(s):  
Social Media ◽  
Social Interaction ◽  
Structural Equation ◽  
Building Materials ◽  
Positive Impact ◽  
Research Approach ◽  
Cross Sectional ◽  
Content Type ◽  
Business Interest ◽  
The Impact

Purpose Many construction businesses are currently building and keeping social media pages for their enterprises to be visible to the public to improve their social interaction, promote business interest, build trust and relationships with their targeted audience on social media. The purpose of this study is to examine the impact of social mediausage on performance of construction businesses (CBs) in Abuja, Nigeria. Design/methodology/approach This study used a quantitative research approach by identifying constructs that reveal three aspects of organisation’s physiognomies that impact the process of espousing, implementing and using technological innovations in conducting businesses. Well-structured questionnaire was used to obtain data from 113 purposively sampled building materials’ merchant operating in Dei-Dei Market, Abuja, Nigeria. This study used partial least squares structural equation modelling technique to establish the relationship among the constructs. Findings The results of this study indicated that technology has significant relationship with social media adoption, whereas social media adoption has a very strong positive impact on organisation’s performance (P < 0.001) with respect to improved customer relations and services and enhanced information accessibility. Research limitations/implications This study has implications for CBs that wish to adopt social media to promote their businesses by presenting to them the opportunity to understand the impact of technology, environment and organisational potential in improving business performance. This study is cross-sectional in nature, and this calls for caution in interpreting the results. Originality/value This paper developed and tested a conceptual framework presented to understand the interrelationships amongst the constructs, which would be of great significance to business owners in developing their social interaction and promote business interest via social media. The outcome of this research is beneficial to researchers to further study how the different social media tools could help in influencing business decisions.

Foundational competencies for enhancing work engagement in SMEs Malaysia

2017 ◽  
Vol 29 (3) ◽  
pp. 165-184 ◽  
Author(s):  
Aliyu Yelwa Haruna ◽  
Govindan Marthandan
Keyword(s):  
Work Engagement ◽  
Service Sector ◽  
Small And Medium Enterprises ◽  
Cross Sectional Study ◽  
Research Approach ◽  
Positive Role ◽  
Cross Sectional ◽  
Content Type ◽  
Additional Support ◽  
The Impact

Purpose This study aims to examine the impact of foundational competencies on work engagement in the context of the Malaysian small and medium enterprises (SMEs) service sector. Design/methodology/approach This is a cross-sectional study conducted in Malaysia, and data were gathered via a survey on 312 employees representing SMEs service sectors. Partial least squares techniques were used in testing the hypothesized linkages. Findings The findings indicated that foundational competencies have a significant positive effect on work engagement. Research limitations/implications Considering the research approach, generalizing the findings of this study must be done with caution. Longitudinal data are recommended, as these could provide additional support to the results. Further studies can as well extend the framework by testing whether job resources play a positive role in enhancing the relationship between foundational competencies and work engagement in Malaysia. Practical implications The findings suggest that foundational competencies positively relate to work engagement. Therefore, training and coaching sessions could be organized by managers/policy makers to enhance these competencies, which will strengthen work engagement and career development of the employee; it may specifically be very helpful for fresh graduates whose careers would have just started. Originality/value To the authors’ knowledge, this is the first attempt to examine the effect of American Society of Training and Development foundational competencies on work engagement in SMEs in Malaysia.

Numerical study for the improvement of bead spreading architecture with modified nozzle geometries in additive manufacturing of polymers

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Easir Arafat Papon ◽  
Anwarul Haque ◽  
Muhammad Ali Rob Sharif
Keyword(s):  
Free Surface ◽  
Numerical Model ◽  
3D Printing ◽  
Cross Section ◽  
Nozzle Exit ◽  
Cross Sectional ◽  
Content Type ◽  
The Cross ◽  
Viscous Polymer ◽  
Sectional Shape

Purpose This paper aims to develop a numerical model of bead spreading architecture of a viscous polymer in fused filament fabrication (FFF) process with different nozzle geometry. This paper also focuses on the manufacturing feasibility of the nozzles and 3D printing of the molten beads using the developed nozzles. Design/methodology/approach The flow of a highly viscous polymer from a nozzle, the melt expansion in free space and the deposition of the melt on a moving platform are captured using the FLUENT volume of fluid (VOF) method based computational fluid dynamics code. The free surface motion of the material is captured in VOF, which is governed by the hydrodynamics of the two-phase flow. The phases involved in the numerical model are liquid polymer and air. A laminar, non-Newtonian and non-isothermal flow is assumed. Under such assumptions, the spreading characteristic of the polymer is simulated with different nozzle-exit geometries. The governing equations are solved on a regular stationary grid following a transient algorithm, where the boundary between the polymer and the air is tracked by piecewise linear interface construction (PLIC) to reconstruct the free surface. The prototype nozzles were also manufactured, and the deposition of the molten beads on a flatbed was performed using a commercial 3D printer. The deposited bead cross-sections were examined through optical microscopic examination, and the cross-sectional profiles were compared with those obtained in the numerical simulations. Findings The numerical model successfully predicted the spreading characteristics and the cross-sectional shape of the extruded bead. The cross-sectional shape of the bead varied from elliptical (with circular nozzle) to trapezoidal (with square and star nozzles) where the top and bottom surfaces are significantly flattened (which is desirable to reduce the void spaces in the cross-section). The numerical model yielded a good approximation of the bead cross-section, capturing most of the geometric features of the bead with a reasonable qualitative agreement compared to the experiment. The quantitative comparison of the cross-sectional profiles against experimental observation also indicated a favorable agreement. The significant improvement observed in the bead cross-section with the square and star nozzles is the flattening of the surfaces. Originality/value The developed numerical algorithm attempts to address the fundamental challenge of voids and bonding in the FFF process. It presents a new approach to increase the inter-bead bonding and reduce the inter-bead voids in 3D printing of polymers by modifying the bead cross-sectional shape through the modification of nozzle exit-geometry. The change in bead cross-sectional shape from elliptical (circular) to trapezoidal (square and star) cross-section is supposed to increase the contact surface area and inter-bead bonding while in contact with adjacent beads.

Financial Constraints, Monetary Policy Shocks, and the Cross-Section of Equity Returns

2019 ◽  
Vol 33 (9) ◽  
pp. 4367-4402 ◽  
Author(s):  
Sudheer Chava ◽  
Alex Hsu
Keyword(s):  
Monetary Policy ◽  
Cross Section ◽  
Equity Returns ◽  
Monetary Policy Shocks ◽  
Federal Funds ◽  
Federal Funds Rate ◽  
Oxford University ◽  
Policy Shocks ◽  
The Cross ◽  
The Impact

Abstract We analyze the impact ofa unanticipated monetary policy changes on the cross-section of U.S. equity returns. Financially constrained firms earn a significantly lower (higher) return following surprise interest rate increases (decreases) as compared to unconstrained firms. This differential return response between constrained and unconstrained firms appears after a delay of 3 to 4 days. Further, unanticipated Federal funds rate increases are associated with a larger decrease in expected cash flow news, but not discount rate news, for constrained firms relative to unconstrained firms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Are you traveling alone or with your device? The impact of connected mobile device usage on the travel experience

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Alinda Kokkinou ◽  
Emma Tremiliti ◽  
Marc van Iwaarden ◽  
Ondrej Mitas ◽  
Sebastiaan Straatman
Keyword(s):  
Mobile Devices ◽  
Service Providers ◽  
Ecological Validity ◽  
Field Research ◽  
Social Needs ◽  
Research Approach ◽  
Cross Sectional ◽  
Content Type ◽  
Tourist Experience ◽  
The Impact

PurposeThe purpose of this study is to explore how tourists use connected mobile devices such as smartphones to manage their tourist experience.Design/methodology/approachA multi-method, cross-sectional approach was used consisting of questionnaires about tourists self-reported use of connected mobile devices and recorded observations of tourists' interaction with their devices.FindingsRespondents who reported a more intense use of their connected mobile devices also reported a heightened tourist experience. Specifically, high users reported more intense emotions and expressed the belief that using their device improved the quality of their vacation. More extensive use of connected mobile devices was also linked to the perception that waits for attractions and restaurants were shorter.Research limitations/implicationsWhile the data and methods employed do not allow for testing of causality, the field research approach provides the benefit of high ecological validity, complementing previous studies on this topic.Practical implicationsCommercial service providers should explore ways to stimulate the use of devices, for instance by offering information about the attraction, or by providing an attractive setting for tourists taking photos. This contributes to shorter time perception and improved visitor evaluations.Originality/valueTourists' use of connected mobile devices to manage their tourist experience varies in terms of quality and intensity. Findings show that travelers know how to use their smartphones in a way that best suit their information and social needs.

scholarly journals Impact of e-servicescapes on student engagement: mediating impact of experience quality

2018 ◽  
Vol 13 (2) ◽  
pp. 203-222
Author(s):  
Hansani Chathurika Dassanayake ◽  
Asanka Senevirathne
Keyword(s):  
Student Engagement ◽  
Structural Equation ◽  
Survey Design ◽  
Student Experience ◽  
Sampling Technique ◽  
Research Approach ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to investigate the impact of design of e-servicescapes on student engagement in distance education (DE), and examine whether this impact is mediated by student experience quality. Design/methodology/approach Quantitative research approach based on cross-sectional survey design was adapted where data were collected using a structured questionnaire. Sample consisted of 252 undergraduates registered in the DE platform in Sri Lanka and was drawn using a simple random sampling technique. Collected data were analysed using the structural equation modelling. Findings Data analysis revealed that there is a direct significant impact of e-servicescapes on student engagement while this impact is partially mediated by student experience quality in the Sri Lankan context. Meantime, the social presence feature of e-servicescapes has the highest impact on student engagement. Practical implications Findings of the study provide an empirically validated model to boost up the student engagement and significantly contribute to the designing of the e-servicescapes of the DE institutes in order to offer a superior service to a wide array of stakeholders. Originality/value Even though e-servicescapes have been recognised as a driver of customer behaviour, the concept is fairly unexplored in the educational context. Due to its practical applicability in the DE context, this study contributes to the existing knowledge by presenting a novel conceptual model developed based on multiple theories to identify its impact on student behaviour.

scholarly journals The Cross Section of Country Equity Returns: A Review of Empirical Literature

2019 ◽  
Vol 12 (4) ◽  
pp. 165 ◽  
Author(s):  
Zaremba
Keyword(s):  
Asset Pricing ◽  
Cross Section ◽  
Equity Returns ◽  
Empirical Literature ◽  
Fund Flows ◽  
Cross Sectional ◽  
Preparation Methods ◽  
Stock Level ◽  
Country Level ◽  
The Cross

The last three decades brought mounting evidence regarding the cross-sectional predictability of country equity returns. The studies not only documented country-level counterparts of well-established stock-level anomalies, such as size, value, or momentum, but also demonstrated some unique return-predicting signals such as fund flows or political regimes. Nonetheless, the different studies vary remarkably in terms of their dataset and methods employed. This study aims to provide a comprehensive review of the current literature on the cross-section of country equity returns. We focus on three particular aspects of the asset pricing literature. First, we study the choice of dataset and sample preparation methods. Second, we survey different aspects of the methodological approaches. Last but not least, we review the country-level equity anomalies discovered so far. The discussed cross-sectional return patterns not only provide new insights into international asset pricing but can also be potentially translated into effective country allocation strategies.

Short- and long-term effects of responsible investment growth on equity returns

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yann Ferrat ◽  
Frédéric Daty ◽  
Radu Burlacu
Keyword(s):  
Stock Returns ◽  
Equity Returns ◽  
Investment Horizon ◽  
Long Term Effects ◽  
Cross Sectional ◽  
Content Type ◽  
Responsible Investment ◽  
Short Run ◽  
Investment Growth ◽  
The Impact

PurposeThe growth of socially responsible assets has been exponential over the last decade, they now account for almost a third of professional investments. As the growth persists, faith and conviction investors reshape the equity markets. To fully comprehend the impact of socially conscious participants on security returns, this paper attempts to provide insights on how responsible investment growth has impacted the returns of sustainable stocks. The examination is split by investment horizon to account for short and long effects.Design/methodology/approachUsing an exclusive dataset of non-financial ratings, provided by MSCI ESG research, the authors examine the cross-sectional returns of US and European sustainability-leading and lagging corporations between 2007 and 2019. Panel models robust to country, firm-year and industry effects were then employed to examine the impact of responsible investment growth on future stock returns.FindingsThe authors find evidence that the impact of responsible investment growth is dual contingent upon the timeframe considered. In the short run, sustainability-leading and lagging firms display similar stock returns. However, the spread in returns is negative over long horizons and increasing over time.Originality/valueThe examination performed in this study highlights the significant effect of responsible investment growth on future stock returns. Overall, the authors’ findings are consistent with the price pressure hypothesis in the short run and the cost of capital alteration over longer horizons.

Aligning operational practices to competitive strategies to enhance the performance of Indian manufacturing firms

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Saumyaranjan Sahoo
Keyword(s):  
Competitive Strategy ◽  
Manufacturing Firms ◽  
Research Approach ◽  
Total Quality ◽  
Strategic Choices ◽  
Competitive Strategies ◽  
Data Set ◽  
Content Type ◽  
Operational Practices ◽  
The Impact

PurposeThe main purpose of this study is to understand how collective operational practices are adapted or stimulated by a firm's competitive strategy.Design/methodology/approachThis study employed a data set drawn from 124 plant managers and directors of Indian manufacturing firms. Multiple regression was used to examine the impact of operational practices of lean, total quality management (TQM) and supply chain management (SCM) within competitive clusters of cost leadership, differentiation and focus strategy.FindingsResults of the study show that the pattern of impact of operational practices on firm's performance varies according to type of the competitive strategy employed. All the three competitive strategy clusters have reported that TQM is the most important trigger for Indian manufacturing firms with relative effect of TQM practices on firm's performance being higher than that of lean and SCM practices.Research limitations/implicationsCross-sectional data from Indian manufacturing firms were used, and it would be interesting to test the analytical framework of the study for more sectors and countries. Future studies can take a longitudinal research approach to strengthen the findings of the study.Practical implicationsThe findings explain how operational practices are aligned with competitive strategies for practitioners so that they can assign limited resources to build diverse operational capabilities based on their strategic choices.Originality/valueAlthough very few classical studies are reported in various contexts involving competitive strategy, operational practices and firm's performance, no existing study focuses on how these three domains are linked together in the context of Indian manufacturing sector.

The impact of organizational social networks on salespeople’s negative headquarters stereotypes

2020 ◽  
Vol 35 (12) ◽  
pp. 1901-1913
Author(s):  
Babak Hayati ◽  
Sandeep Puri
Keyword(s):  
Social Networks ◽  
Social Network ◽  
Sales Performance ◽  
Sales Managers ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
Network Patterns ◽  
The Impact ◽  
Sales Forces

Purpose Extant sales management literature shows that holding negative headquarters stereotypes (NHS) by salespeople is harmful to their sales performance. However, there is a lack of research on how managers can leverage organizational structures to minimize NHS in sales forces. This study aims to know how social network patterns influence the flow of NHS among salespeople and sales managers in a large B2B sales organization. Design/methodology/approach The authors hypothesize and test whether patterns of social networks among salespeople and sales managers determine the stereotypical attitudes of salespeople toward corporate directors and, eventually, impact their sales performance. The authors analyzed a multi-level data set from the B2B sales forces of a large US-based media company. Findings The authors found that organizational social network properties including the sales manager’s team centrality, sales team’s network density and sales team’s external connectivity moderate the flow of NHS from sales managers and peer salespeople to a focal salesperson. Research limitations/implications First, the data was cross-sectional and did not allow the authors to examine the dynamics of social network patterns and their impact on NHS. Second, The authors only focused on advice-seeking social networks and did not examine other types of social networks such as friendship and trust networks. Third, the context was limited to one company in the media industry. Practical implications The authors provide recommendations to sales managers on how to leverage and influence social networks to minimize the development and flow of NHS in sales forces. Originality/value The findings advance existing knowledge on how NHS gets shared and transferred in sales organizations. Moreover, this study provides crucial managerial insights with regard to controlling and managing NHS in sales forces.

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