Showing papers by "Hong Kong University of Science and Technology published in 1998"
TL;DR: In this paper, the sorption of two dyes, namely Basic Blue 69 and Acid Blue 25 onto peat has been studied in terms of pseudo-second order and first order mechanisms for chemical sorption as well as an intraparticle diffusion mechanism process.
3,502 citations
TL;DR: In recent years, a market-oriented corporate culture increasingly has been considered a key element of superior corporate performance as discussed by the authors, although organizational innovativeness is believed to be a pot...
Abstract: In recent years, a market-oriented corporate culture increasingly has been considered a key element of superior corporate performance. Although organizational innovativeness is believed to be a pot...
2,594 citations
TL;DR: This article showed that companies with unusually high accruals in the initial public offering experience poor stock return performance in the three years thereafter, and that these differences are statistically and economically significant in a variety of specifications.
Abstract: Issuers of initial public offerings ~IPOs! can report earnings in excess of cash f lows by taking positive accruals. This paper provides evidence that issuers with unusually high accruals in the IPO year experience poor stock return performance in the three years thereafter. IPO issuers in the most “aggressive” quartile of earnings managers have a three-year aftermarket stock return of approximately 20 percent less than IPO issuers in the most “conservative” quartile. They also issue about 20 percent fewer seasoned equity offerings. These differences are statistically and economically significant in a variety of specifications.
2,304 citations
TL;DR: In this paper, a comparison of kinetic models describing the sorption of pollutants has been reviewed, and the rate models evaluated include the Elovich equation, the pseudo-first order equation and the pseudo second order equation.
2,119 citations
TL;DR: This article found that seasoned equity issuers who adjust discretionary current accruals to report higher net income prior to the offering have lower post-issue long-run abnormal stock returns and net income.
1,969 citations
TL;DR: In this article, the effect of initial dye concentration, wood particle size and temperature on the initial sorption rate of Basic Blue 69 and Acid Blue 25 onto wood has been studied in terms of pseudo-second order, intraparticle diffusion and pseudo-first order chemical sorption processes.
1,404 citations
TL;DR: In this paper, the authors model the firm's decision to invest in liquid assets when external financing is costly, and the optimal amount of liquidity is determined by a tradeoff between the low return earned on liquid assets and the benefit of minimizing the need for costly external financing.
Abstract: We model the firm's decision to invest in liquid assets when external financing is costly. The optimal amount of liquidity is determined by a tradeoff between the low return earned on liquid assets and the benefit of minimizing the need for costly external financing. The model predicts that the optimal investment in liquidity is increasing in the cost of external financing, the variance of future cash flows, and the return on future investment opportunities, while it is decreasing in the return differential between the firm's physical assets and liquid assets. Empirical tests on a large panel of U.S. industrial firms support the model's predictions.
1,236 citations
TL;DR: A taxonomy of multidimensional constructs based on the relations between the construct and its dimensions is proposed, which calls constructs formed as algebraic functions of their dimensions aggregate model, whereas construct formed as different profiles of dimensional characteristics the authors term profile model.
Abstract: We propose a taxonomy of multidimensional constructs based on the relations between the construct and its dimensions. Multidimensional constructs that exist at deeper levels than their dimensions we term latent model. We call constructs formed as algebraic functions of their dimensions aggregate model, whereas constructs formed as different profiles of dimensional characteristics we term profile model. We discuss the nature of multidimensional constructs defined under these models and their operationalizations in empirical research.
1,041 citations
TL;DR: In this paper, three basic dyes, namely, Chrysoidine, Astrazon Blue, and Astrazone Blue, were applied to sphagnum moss peat.
Abstract: The kinetics of sorption of three basic dyes, namely, Chrysoidine (BO2), Astrazon Blue (BB3) and Astrazone Blue (BB69) onto sphagnum moss peat have been investigated. The study focuses on the application of three sorption kinetic models for predicting the uptake of basic dyes. The sorption behaviour is found to be second order, based on the assumption of a pseudo-second order mechanism. The rate constant of sorption, the equilibrium capacity and initial sorption rate with the effect of various peat doses and initial dye concentrations have also been predicted.
822 citations
TL;DR: In this article, the authors find evidence that initial public offering firms, on average, have high positive issue-year earnings and abnormal accruals, followed by poor long-run earnings and negative abnormal accumulations.
Abstract: We find evidence that initial public offering (IPO) firms, on average, have high positive issue-year earnings and abnormal accruals, followed by poor long-run earnings and negative abnormal accruals The IPO-year abnormal, and not expected, accruals explain the cross-sectional variation in post-issue earnings and stock returns The results are robust with respect to alternative abnormal accruals and earnings performance measures IPO firms adopt more income-increasing depreciation policies when they deviate from similar prior performance same industry non-issuers, and they provide significantly less for uncollectible accounts receivable than their matched non-issuers The results taken together suggest opportunistic earnings management partially explains the new issues anomaly
761 citations
TL;DR: The study of trust has occupied scholars from a number of disciplines, who have made limited attempts at integrating the different streams as mentioned in this paper.One reason for lack of integration is that no clear definition of trust exists.
Abstract: The study of trust has occupied scholars from a number of disciplines, who have made limited attempts at integrating the different streams. One reason for lack of integration is that no clear definition of trust exists. In this article we grapple with this issue by going back to first principles to derive a mathematically precise and statistically rigorous definition of trust. In giving a rigorous meaning of trust, we also capture the key elements of the concept as highlighted by various disciplinary lenses. Our definition of trust, although rationally based, is consistent with many of the findings of earlier behavioral and sociological research. Its contribution is in adding precision and richness to our understanding of how trust is created and maintained in various social and economic interactions.
TL;DR: The elasticity of travel demand is incorporated into the NDP and the economic‐based objective function for optimization is sought and the mixed network design problem involving simultaneous choice of link addition and capacity improvement is posed.
TL;DR: In this article, the authors developed a culturally contingent model of cooperation and derived patterned differences in the instrumental and expressive motives of individualists and collectivists and proposed six culturally contrasting cooperation mechanisms.
Abstract: Studies of cooperation are abundant in the social sciences, but organizational researchers are calling for integrating the numerous conceptions of cooperation and meeting the new challenges of cultural differences. In this article we develop a culturally contingent model of cooperation. We differentiate various mechanisms from cooperative behaviors and theorize about how culture affects behavioral cooperation through mechanism selection or modification. Delineating cultural effects, we derive patterned differences in the instrumental and expressive motives of individualists and collectivists and propose six culturally contrasting cooperation mechanisms. Finally, we discuss directions for future research and consider implications for practice.
TL;DR: The hardware and theory of operation of an OCT elastography system that measures internal displacements as small as a few micrometers by using 2D cross-correlation speckle tracking is described.
Abstract: Optical coherence tomography (OCT) has been applied to the study of the microscopic deformation of biological tissue under compressive stress. We describe the hardware and theory of operation of an OCT elastography system that measures internal displacements as small as a few micrometers by using 2D cross-correlation speckle tracking. Results obtained from gelatin scattering models, pork meat, and intact skin suggest possible medical applications of the technique.
TL;DR: This article found that about 25 percent of Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993, and that the extent to which a firm is exposed to exchange-rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs.
Abstract: We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange-rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed to exchange-rate risk than nonkeiretsu firms. IT IS CONVENTIONAL WISDOM that exchange-rate movements affect both the cash flows of a firm's operations and the discount rate employed to value these cash flows.' Measuring foreign exchange exposure is now a central issue of international financial management, and this issue has spawned a considerable amount of research. Existing empirical evidence on foreign exchange exposure, however, seems perplexing; studies have so far documented a weak link between contemporaneous exchange-rate fluctuations and stock returns of U.S. multinational firms.2 Gendreau (1994) finds it difficult and unconvincing that the weak results imply that exchange-rate changes have no effect on exporters' stock returns. Bartov arnd Bodnar (1994) attribute the observed insignificant relationship between exchange-rate changes and st;ock returns to probable problems associated with the previous studies' samiple selection procedure, or to mispricing caused by investors' errors in estimat
TL;DR: In this article, the authors test assertions that economic value added (EVA) is more highly associated with stock returns and firm values than accrual earnings, and evaluate which components of EVA, if any, contribute to these associations.
Abstract: This study tests assertions that Economic Value Added (EVA) is more highly associated with stock returns and firm values than accrual earnings, and evaluates which components of EVA, if any, contribute to these associations. Relative information content tests reveal earnings to be more highly associated with returns and firm values than EVA, residual income, or cash flow from operations. Incremental tests suggest that EVA components add only marginally to information content beyond earnings. Considered together, these results do not support claims that EVA dominates earnings in relative information content, and suggest rather that earnings generally outperforms EVA.
TL;DR: In this article, the role of risk in the structure of managerial compensation and its relationship to organization performance was examined, and the results suggest that risk plays an important role in organizational performance.
Abstract: In this study, we extended agency-based research by examining the role of risk in the structure of managerial compensation and its relationship to organization performance. Our results suggest that...
TL;DR: A hypothetical decision procedure is proposed, based on the notion that dictator giving originates with personal and social rules that effectively constrain self-interested behavior, that provides a link between dictator behavior and a broader class of laboratory phenomena.
Abstract: In both dictator and impunity games, one player, the dictator, divides a fixed amount of money between himself and one other, the recipient. Recent lab studies of these games have produced seemingly inconsistent results, re- porting substantially divergent amounts of dictator giving. Also, one prom- inent explanation for some of these dierences, the impact of experimenter observation, displayed weak explanatory power in a dierent but related lab game. Data from the new experiment reported here oers some explanations. We find that dictators determine how much they will give on the basis of the total money available for the entire experimental session, not on the basis of what is available per game. This explains the reported dierences between impunity and dictator studies. When distributing a gift among several recipi- ents, individual dictators show little tendency towards equal treatment. Also, we find no evidence for the experimenter observation eect. Comparison with earlier experiments suggests that dierences in the context of the game, aected by dierences in written directions and independent of experimenter obser- vation, account for dierences across dictator studies. We propose a hypo- thetical decision procedure, based on the notion that dictator giving originates with personal and social rules that eectively constrain self-interested behavior. The procedure provides a link between dictator behavior and a broader class of laboratory phenomena.
TL;DR: Results suggest that optimal reconstruction methods will yield O(1/r/sup 2/) mean-squared error (MSE), and that consistency is sufficient to insure this asymptotic behavior.
Abstract: Coefficient quantization has peculiar qualitative effects on representations of vectors in IR with respect to overcomplete sets of vectors. These effects are investigated in two settings: frame expansions (representations obtained by forming inner products with each element of the set) and matching pursuit expansions (approximations obtained by greedily forming linear combinations). In both cases, based on the concept of consistency, it is shown that traditional linear reconstruction methods are suboptimal, and better consistent reconstruction algorithms are given. The proposed consistent reconstruction algorithms were in each case implemented, and experimental results are included. For frame expansions, results are proven to bound distortion as a function of frame redundancy r and quantization step size for linear, consistent, and optimal reconstruction methods. Taken together, these suggest that optimal reconstruction methods will yield O(1/r/sup 2/) mean-squared error (MSE), and that consistency is sufficient to insure this asymptotic behavior. A result on the asymptotic tightness of random frames is also proven. Applicability of quantized matching pursuit to lossy vector compression is explored. Experiments demonstrate the likelihood that a linear reconstruction is inconsistent, the MSE reduction obtained with a nonlinear (consistent) reconstruction algorithm, and generally competitive performance at low bit rates.
TL;DR: In this article, the authors present a model of contour integration that uses only known V1 elements, operations, and connec-tional relations, but they do not discuss how to integrate contours in V1.
Abstract: Experimental observations suggest that contour integration may take place in V1. However, there has yet to be a model of contour integration that uses only known V1 elements, operations, and connec...
TL;DR: A micro-optical model of soft biological tissue thatpermits numerical computation of the absolute magnitudes of itsscattering coefficients is introduced and the results suggest that the skewed log-normal distribution function, with a shape specified by a limiting fractal dimension of 3.7, is a valid approximation of the size distribution of scatterers in tissue.
Abstract: We introduce a micro-optical model of soft biological tissue that
permits numerical computation of the absolute magnitudes of its
scattering coefficients. A key assumption of the model is that the
refractive-index variations caused by microscopic tissue elements can
be treated as particles with sizes distributed according to a skewed
log-normal distribution function. In the limit of an infinitely
large variance in the particle size, this function has the same
power-law dependence as the volume fractions of the subunits of an
ideal fractal object. To compute a complete set of optical
coefficients of a prototypical soft tissue (single-scattering
coefficient, transport scattering coefficient, backscattering
coefficient, phase function, and asymmetry parameter), we apply Mie
theory to a volume of spheres with sizes distributed according to the
theoretical distribution. A packing factor is included in the
calculation of the optical cross sections to account for correlated
scattering among tightly packed particles. The results suggest that
the skewed log-normal distribution function, with a shape specified by
a limiting fractal dimension of 3.7, is a valid approximation of the
size distribution of scatterers in tissue. In the wavelength range
600 ≤ λ ≤ 1400 nm, the diameters of the scatterers that
contribute most to backscattering were found to be significantly
smaller (λ/4–λ/2) than the diameters of the scatterers
that cause the greatest extinction of forward-scattered light
(3–4λ).
TL;DR: In this article, a parametric study has been conducted using the finite element method to investigate the influence of various rainfall events and initial ground conditions on transient seepage and hence slope stability.
TL;DR: Findings on 60 self-managing teams indicate that the theory of cooperation and competition is useful for identifying the social processes that help these teams grapple with problems and work effectively.
TL;DR: Using a spectral method that scales linearly with the system size, the authors found that sizable spectral gaps for each polarization in 2D can be found in aperiodic arrangements of dielectrics that resemble quasicrystalline tiling.
Abstract: It is generally believed that long range periodic order is instrumental in the formation of a photonic band gap. Using a spectral method that scales linearly with the system size, we found that sizable spectral gaps for each polarization in 2D can be found in aperiodic arrangements of dielectrics that resemble quasicrystalline tiling. Since the aperiodic arrangement has many inequivalent sites, the defect properties of these systems are more complex and interesting than conventional photonic band gap systems.
TL;DR: Analysis of the trophic transfer potentials of trace elements for which data are available in zooplankton, bivalves, and fish, suggests that slight variations in assimilation efficiency or elimination rate constant may determine whether or not some trace elements are biomagnified.
TL;DR: Flux decline in crossflow ultrafiltration and microfiltration was investigated by perceiving membrane fouling as a dynamic process from non-equilibrium to equilibrium and a mathematical model was developed to describe this dynamic process.
TL;DR: In this article, a new type of bamboo fiber-reinforced polypropylene (PP) composite was prepared and its mechanical properties were tested, and it was found that with 24 wt % of such MAPP being used in the composite formulation, the mechanical properties of the composite such as the tensile modulus, the Tensile strength, and the impact strength all increased significantly.
Abstract: A new type of bamboo fiber-reinforced polypropylene (PP) composite was prepared and its mechanical properties were tested. To enhance the adhesion between the bamboo fiber and the polypropylene matrix, maleic anhydride-grafted polypropylene (MAPP) was prepared and used as a compatibilizer for the composite. The maleic anhydride content of the MAPP was 0.5 wt %. It was found that with 24 wt % of such MAPP being used in the composite formulation, the mechanical properties of the composite such as the tensile modulus, the tensile strength, and the impact strength all increased significantly. The new composite has a tensile strength of 32–36 MPa and a tensile modulus of 5–6 GPa. Compared to the commercially available wood pulp board, the new material is lighter, water-resistant, cheaper, and more importantly has a tensile strength that is more than three times higher than that of the commercial product. © 1998 John Wiley & Sons, Inc. J Appl Polym Sci 69: 1891–1899, 1998
TL;DR: In this paper, the problem of determining the optimal number and locations of traffic counting points in a road network for a given prior O-D distribution pattern is addressed, and integer linear programming models and heuristic algorithms are developed to determine the counting links satisfying these rules.
Abstract: There has been substantial interest in development and application of methodology for estimating origin–destination (O–D) trip matrices from traffic counts. Generally, the quality of an estimated O–D matrix depends much on the reliability of the input data, and the number and locations of traffic counting points in the road network. The former has been investigated extensively, while the latter has received very limited attention. This paper addresses the problem of how to determine the optimal number and locations of traffic counting points in a road network for a given prior O–D distribution pattern. Four location rules: O–D covering rule, maximal flow fraction rule, maximal flow-intercepting rule and link independence rule are proposed, and integer linear programming models and heuristic algorithms are developed to determine the counting links satisfying these rules. The models and algorithms are illustrated with numerical examples.
TL;DR: In this paper, the authors tested hypotheses concerning the effectiveness of three strategies for breaking conflict spirals in negotiations and investigated the relationship between outcomes and the relative frequency of the relative frequenc...
Abstract: We tested hypotheses concerning the effectiveness of three strategies for breaking conflict spirals in negotiations. We also investigated the relationship between outcomes and the relative frequenc...
TL;DR: In this article, the design of a compact PIFA suitable for operation at 900 MHz was described, and modifications to this design were provided to operate in dual-frequency bands at 300 and 1800 MHz.
Abstract: Planar inverted F antennas (PIFA) have been proposed as possible candidates for mobile telephone handsets. We describe the design of a compact PIFA suitable for operation at 900 MHz. In addition, we provide modifications to this design that allow it to operate in dual-frequency bands at 300 and 1800 MHz. Finite-difference time-domain (FDTD) and experimental results are provided.