Showing papers by "Hong Kong Polytechnic University published in 2003"

Capital Investments and Stock Returns

Abstract: Firms that substantially increase capital investments subsequently achieve negative benchmark-adjusted returns. The negative abnormal capital investment/return relation is shown to be stronger for firms that have greater investment discretion, i.e., firms with higher cash flows and lower debt ratios, and is shown to be significant only in time periods when hostile takeovers were less prevalent. These observations are consistent with the hypothesis that investors tend to underreact to the empire building implications of increased investment expenditures. Although firms that increase capital investments tend to have high past returns and often issue equity, the negative abnormal capital investment/return relation is independent of the previously documented long-term return reversal and secondary equity issue anomalies.

Complex Behavior of Switching Power Converters

Abstract: Power electronics is a discipline spawned by real-life applications in industrial, commercial, residential, and aerospace environments. Much of its development revolves around some immediate need for solving specific power conversion problems. This comprehensive book focuses on the typical bifurcation scenarios and nonlinear behavior observed in switching power converters, expounding on their most relevant aspects from a practical viewpoint. A balanced emphasis on theory, computer methods, and laboratory experiments bridges the gap between the theoretical research and practical engineering applications.

Design-Oriented Stress-Strain Model for FRP-Confined Concrete in Rectangular Columns

Abstract: The behavior of fiber reinforced polymer (FRP)-confined concrete in circular columns has been extensively studied, but much less is known about concrete in FRP-confined rectangular columns in which the concrete is nonuniformly confined and the effectiveness of confinement is much reduced. This paper presents a simple design-oriented stress-strain model for FRP-confined concrete in rectangular columns. To this end, existing theoretical models are first reviewed. A database of existing test results collected by the authors is next presented, which is then augmented by a new set of results from tests conducted by the authors. The augmented test database is next employed to assess the existing theoretical models. Finally, a stress-strain model is presented, which is an extension of a recent design-oriented stress-strain model developed for concrete uniformly-confined with FRP based on test results of circular concrete specimens. The proposed stress-strain model is shown to provide satisfactory predictions of ...

Auditor Conservatism, Asymmetric Monitoring, and Earnings Management*

Abstract: In this paper, we investigate whether, and how, audit effectiveness differentiation between Big 6 and non-Big 6 auditors is influenced by a conflict or convergence of reporting incentives faced by corporate managers and external auditors. In so doing, we incorporate into our analysis the possibility that managers self-select both external auditors and discretionary accruals, using the two stage “treatment effects” model. Our results show that only when managers have incentives to prefer income-increasing accrual choices are Big 6 auditors more effective than non-Big 6 auditors in deterring/monitoring opportunistic earnings management. Contrary to conventional wisdom, we find Big 6 auditors are less effective than non-Big 6 auditors when both managers and auditors have incentives to prefer income-decreasing accrual choices and thus no conflict of reporting incentives exists between the two parties. The above findings are robust to different proxies for opportunistic earnings management and different proxies for the direction of earnings management incentives.

Determining the importance weights for the customer requirements in QFD using a fuzzy AHP with an extent analysis approach

Abstract: In the Quality Function Deployment (QFD) process, determining the importance weights for the customer requirements is an essential and crucial process. The Analytic Hierarchy Process (AHP) has been used to determine the importance weights for product planning, but this has occurred mainly in crisp (non-fuzzy) decision applications. However, human judgment on the importance of customer requirements is always imprecise and vague. To make up for this deficiency in the AHP, a fuzzy AHP with an extent analysis approach is proposed to determine the importance weights for the customer requirements. In the method, triangular fuzzy numbers are used for the pairwise comparison of a fuzzy AHP. By using the extent analysis method and the principles for the comparison of fuzzy numbers, one can derive the weight vectors. The new approach can improve the imprecise ranking of customer requirements inherited from studies based on the conventional AHP. Furthermore, the fuzzy AHP with extent analysis is simple and easy to i...

The Influence of Environmental Knowledge and Values on Managerial Behaviours on Behalf of the Environment: An Empirical Examination of Managers in China

Abstract: This study explores linkages between what Chinese managers generally know about environmental issues, how strongly they value environmental protection, and different types of behaviours/actions they may take within their organizations on behalf of the environment. From a sample of 305 managers in Guangzhou and Beijing, it was found that both environmental knowledge and values are more predictive of more personal managerial behaviours, such as keeping informed of relevant company issues and working within the system to minimize environmental impacts, than more overt behaviours. Moreover, for these more personal actions, environmental knowledge and values were found to have both main and interactive effects. By comparison, it was found that both environmental values and knowledge had additive effects on managerial tendencies to initiate new programs within their domain of responsibility. Only environmental values was found to have a modest influence environmental advocacy.

Testing a cultural tourism typology

Abstract: This paper tests further a cultural tourism typology based on the interface between centrality of cultural tourism as a trip motive and the depth of experience. Five types of cultural tourist are identified that represent five benefit-based segments. The segments are tested against a variety of trip, demographic, motivational, preferred activity, awareness, cultural distance and activity variables. Significant differences are noted between the groups, suggesting that the model presented may be effective in segmenting the cultural tourism market. Moreover, although the segmentation process is predicated on two variables, these variables are reflective of underlying trip motivation, activity preference and cultural distance factors noted between the different types of cultural tourist. Copyright © 2003 John Wiley & Sons, Ltd.

Chaos-based digital communication systems

Abstract: Publisher Summary This chapter reviews the common chaos-based digital modulation schemes. It also explains the corresponding coherent and noncoherent demodulation schemes. The two multiple-access schemes, based on the differential chaos-shift-keying (DCSK) or the frequency-modulated DCSK modulation (FM-DCSK), and the one multiple-access scheme based on the chaotic frequency modulation are also discussed. In the chaos-based communication systems, the detection schemes are broadly classified into the coherent and noncoherent types. The coherent systems require an exact replica of the chaotic carrier used to carry the information to be reproduced at the receiver, while the noncoherent systems have no such requirement. The chaos-based digital modulation schemes occupy a much wider bandwidth than is required to transmit a stream of binary symbols. Allowing multiple users to share the same bandwidth ensures an efficient use of the spectrum. When the chaos-shift-keying (CSK) signals are decoded based on the estimation of the bit energy, the threshold of the detector is expected to shift with the noise level. This leads to a large number of errors. The DCSK modulation scheme can be useful in overcoming such a problem.

A framework to implement strategies in organizations

Abstract: The implementation of strategy, directly or indirectly, relates to all facets of management. Therefore, it is essential to follow a holistic approach when analyzing and evaluating complex issues of implementation. However, research in this area is still limited, and offers few practical propositions. Given this situation, this article proposes an implementation framework by identifying key elements/factors of implementation and categorizing them into different groups depending on their role and importance. The role and importance of each implementation factor, as well as its relationship with other factors, are explained. It is believed that the framework developed in this article can assist executives and researchers to better understand and evaluate complex factors of implementation and deal with challenges from a holistic perspective. Suggestions for practice and future research are also given.

Discretionary Accounting Accruals, Managers' Incentives, and Audit Fees*

Abstract: This paper examines the linkages between discretionary accruals (DAs), managerial share ownership, management compensation, and audit fees. It draws on the theory that managers of firms with high management ownership are likely to use DAs to communicate value-relevant information, while managers of firms with high accounting-based compensation are likely to use DAs opportunistically to manage earnings to improve their compensation. OLS regression results of 648 Australian firms show that (1) there is a positive association between DAs and audit fees; (2) managerial ownership negatively affects the positive relationship between DAs and audit fees; and (3) this negative impact is further found to be weaker for firms with high accounting-based management compensation.

Iron misregulation in the brain: a primary cause of neurodegenerative disorders

Abstract: Summary High iron concentrations in the brains of patients and the discovery of mutations in the genes associated with iron metabolism in the brain suggest that iron misregulation in the brain plays a part in neuronal death in some neurodegenerative disorders, such as Alzheimer's, Parkinson's, and Huntington's diseases and Hallervorden-Spatz syndrome. Iron misregulation in the brain may have genetic and non-genetic causes. The disrupted expression or function of proteins involved in iron metabolism increases the concentration of iron in the brain. Disturbances can happen at any of several stages in iron metabolism (including uptake and release, storage, intracellular metabolism, and regulation). Increased brain iron triggers a cascade of deleterious events that lead to neurodegeneration. An understanding of the process of iron reglation in the brain, the proteins important in this process, and the effects of iron misregulation could help to treat or prevent neurodegenerative disrders.

Community Integration or Community Exposure? A Review and Discussion in Relation to People with an Intellectual Disability

Abstract: Background : This paper reviews the issue of integration as it applies to people with an intellectual disability. A compelling finding is the almost exclusive orientation of the literature to physical integration within the general community of non-disabled people. Moreover, it seems to be generally assumed that the more frequently people experience such integration the better their lives will be. Methods : We question the validity of this assumption on several grounds. It is social, not physical integration, that has a reliable positive influence on well-being. This is an important conclusion as some disabled people find effective social integration with the general community extremely difficult to achieve. Because of this, the consequences of an overly enthusiastic program of integration for such people has more potential to be more stressful than beneficial. Results : We further argue that, as integration is being pursued to benefit the individual, the essential goal of service provision should be to achieve a sense of community connectedness, rather than being concerned with physical integration within the general community. Conclusion : It is proposed that such connectedness is more likely to be achieved within the community of people with an intellectual disability.

Luminescent and structural properties of ZnO nanorods prepared under different conditions

Abstract: The morphology and optical properties of ZnO nanostructures prepared by thermal evaporation of Zn under different conditions was investigated. ZnO nanostructures prepared in air, dry and humid argon flow, and dry and humid nitrogen flow were characterized by scanning electron microscopy, transmission electron microscopy, x-ray diffraction, and photoluminescence. Tetrapod nanorods were obtained for fabrication in air, while for fabrication in argon or nitrogen flow nanowires and tetrapod nanorods were obtained. Growth of nanowires from the end of the tetrapod nanorod was observed. Influence of the preparation conditions on the structure and the room-temperature photoluminescence is discussed.

Design and modeling of a photonic crystal fiber gas sensor

Abstract: We report the modeling results of an all-fiber gas detector that uses photonic crystal fiber (PCF). The relative sensitivity of the PCF as a function of the fiber parameters is calculated. Gas-diffusion dynamics that affect the sensor response time is investigated theoretically and experimentally. A practical PCF sensor aiming for high sensitivity gas detection is proposed.