Transaction costs, liquidity risk, and the CCAPM

In this paper, we make a liquidity adjustment to the consumption-based capital asset pricing model (CCAPM) and show that the liquidity-adjusted CCAPM is a generalized model of Acharya and Pedersen (2005). Using different proxies for transaction costs such as the effective trading costs measure of Hasbrouck (2009) and the bid-ask spread estimates of Corwin and Schultz (2012), we find that the liquidity-adjusted CCAPM explains a larger fraction of the cross-sectional return variations

The Epstein-Zin model with liquidity extension

In this paper, we extend the Epstein and Zin (1989, 1991) model with liquidity risk and assess the extended model's performance against the traditional consumption pricing models. We show that liquidity is a significant risk factor, and it adds considerable explanatory power to the model. The liquidity-extended model produces both a higher cross-sectional R2 and a smaller Hansen and Jagannathan (1997) distance than the traditional consumption-based capital asset pricing model (CCAPM) and the original Epstein-Zin model. Overall, we show that liquidity is both a priced factor and a key contributor to the extended Epstein-Zin model's goodness-of-fit

The relationship between information technology and competitive advantages among small and medium tourism enterprises: Kota Kinabalu, Sabah / Leviana Andrew

Understanding how IT contributes to enterprises’ competitive advantages has long been of interest. While IT improved the business operation and communication to the extent that some enterprises managed to be competitive through the utilization of IT system, some enterprises seemed do not benefit from it. This study seeks to clarify the relationship between IT and competitive advantages among small and medium enterprises (SMEs) in Malaysia by focusing on tour and travel agents in Kota Kinabalu, Sabah. Several theories such as the resource-based view, market-based view and Porter’s model of competitiveness are discussed to further explain the association between these two variables. IT Infrastructure, IT Capability Agent and IT Competencies are the elements of IT while Customer Service, Low Cost, Agility, Innovation and Differentiation are the elements of competitive advantages that were included in this study. The element of strategic planning is added in the relationship as a moderator to the relationship between variables. A total of 111 responses from 364 distributed questionnaires were used for the analysis of this study. Factor analysis extracted one more factor in IT elements which is Modularity and deleted out the element of agility from competitive advantages. The results showed that the relationship between IT and competitive advantages is positive, high and significant; with element IT Infrastructure has the most influence on competitive advantages. However, the result of hierarchical regression analysis suggested that strategic planning does not moderate the relationship but it is more of a factor contributing to competitive advantages. These results showed the importance of integrating IT into business operation to meet information processing demands in dynamic environments. Further, this paper provides both theoretical and managerial implications for the industry and suggestions for future research

Ultraviolet-Driven Janus Foams with Wetting Gradients: Unidirectional Penetration Control for Underwater Bubbles

Understanding the behavior of underwater bubbles and enabling their effective manipulation is important for bubble capture, collection, and transport. Here, to discuss the underwater permeation behavior of bubbles and critical influencing parameters in this process, the copper foams with tunable wettability were fabricated by utilizing the light-stimulated wettability response of TiO2. The Janus copper foams had different wettability gradients from superhydrophobic/hydrophobic to superhydrophobic/hydrophilic after UV irradiation at different times, and the bubbles on the surfaces showed distinctly diverse penetration behaviors. In particular, the constructed superhydrophobic/hydrophilic surfaces showed more difficult to achieve bubble penetration than the fully superhydrophobic, superhydrophobic/hydrophobic surface. It was found that the wetting states of the foams exposed to different irradiation times underwater plays a crucial role in the bubble penetration behavior. In other words, the difficulty of bubble penetration depends on the difficulty of bubble transition from gas–liquid contact to gas–solid contact. This facile and low-cost fabrication approach for Janus foams provided a valuable approach to understand the penetration behaviors of underwater bubbles, which is significant for expanding potential applications in bubble capture, bubble transport, and control of unstable gas reactions in underwater conditions

Transaction costs, liquidity risk, and the CCAPM

In this paper, we make a liquidity adjustment to the consumption-based capital asset pricing model (CCAPM) and show that the liquidity-adjusted CCAPM is a generalized model of Acharya and Pedersen (2005). Using different proxies for transaction costs such as the effective trading costs measure of Hasbrouck (2009) and the bid-ask spread estimates of Corwin and Schultz (2012), we find that the liquidity-adjusted CCAPM explains a larger fraction of the cross-sectional return variations

Ultraviolet-Driven Janus Foams with Wetting Gradients: Unidirectional Penetration Control for Underwater Bubbles

Understanding the behavior of underwater bubbles and enabling their effective manipulation is important for bubble capture, collection, and transport. Here, to discuss the underwater permeation behavior of bubbles and critical influencing parameters in this process, the copper foams with tunable wettability were fabricated by utilizing the light-stimulated wettability response of TiO2. The Janus copper foams had different wettability gradients from superhydrophobic/hydrophobic to superhydrophobic/hydrophilic after UV irradiation at different times, and the bubbles on the surfaces showed distinctly diverse penetration behaviors. In particular, the constructed superhydrophobic/hydrophilic surfaces showed more difficult to achieve bubble penetration than the fully superhydrophobic, superhydrophobic/hydrophobic surface. It was found that the wetting states of the foams exposed to different irradiation times underwater plays a crucial role in the bubble penetration behavior. In other words, the difficulty of bubble penetration depends on the difficulty of bubble transition from gas–liquid contact to gas–solid contact. This facile and low-cost fabrication approach for Janus foams provided a valuable approach to understand the penetration behaviors of underwater bubbles, which is significant for expanding potential applications in bubble capture, bubble transport, and control of unstable gas reactions in underwater conditions

Ultraviolet-Driven Janus Foams with Wetting Gradients: Unidirectional Penetration Control for Underwater Bubbles

Understanding the behavior of underwater bubbles and enabling their effective manipulation is important for bubble capture, collection, and transport. Here, to discuss the underwater permeation behavior of bubbles and critical influencing parameters in this process, the copper foams with tunable wettability were fabricated by utilizing the light-stimulated wettability response of TiO2. The Janus copper foams had different wettability gradients from superhydrophobic/hydrophobic to superhydrophobic/hydrophilic after UV irradiation at different times, and the bubbles on the surfaces showed distinctly diverse penetration behaviors. In particular, the constructed superhydrophobic/hydrophilic surfaces showed more difficult to achieve bubble penetration than the fully superhydrophobic, superhydrophobic/hydrophobic surface. It was found that the wetting states of the foams exposed to different irradiation times underwater plays a crucial role in the bubble penetration behavior. In other words, the difficulty of bubble penetration depends on the difficulty of bubble transition from gas–liquid contact to gas–solid contact. This facile and low-cost fabrication approach for Janus foams provided a valuable approach to understand the penetration behaviors of underwater bubbles, which is significant for expanding potential applications in bubble capture, bubble transport, and control of unstable gas reactions in underwater conditions

Cellulose/Poly(vinyl alcohol)/Tannic Acid Porous Cross-Linked Composite Frame Materials with Excellent Oil/Water Separation Performance

Problems such as increasingly serious water pollution attracted widespread concern. The underwater OCAs of the samples became larger with increasing pH and the under-oil WCAs of the samples did not vary regularly with increasing pH. Nanoneedle structures were grown on metal foam by anodization. Cellulose is fixed to the frame by cross-linking with supramolecular binder poly(vinyl alcohol)/tannin. A cellulose/poly(vinyl alcohol)/tannin porous composite framework with special wettability is prepared. This porous composite framework can be used for the continuous separation of oil/water mixtures with high separation efficiency, high throughput, excellent reusability, and mechanical durability. In addition, due to the coating of cellulose and the supramolecular binder, the pore size of the frame is reduced, and the cagelike structure of the porous framework can promote its demulsification effect. Therefore, the cellulose/poly(vinyl alcohol)/tannic acid porous composite frame can also be used for the separation of oil/water emulsions. This porous frame material has broad application prospects in oil spill treatment and sewage purification

Biomimetic Multi-Functional Superamphiphobic FOTS-TiO₂ Particles beyond Lotus Leaf

It is widely known that natural examples like lotus leaves can only repel room-temperature water but cannot repel hot water and oils. Even though superamphiphobic surfaces composed of re-entrant “mushroom-like” or “T-shaped” structures are promising, they are generally regarded as substrate-dependent and difficult to fabricate, and hence, their practical use on various materials has been limited. Here, we synthesize a flower-like superamphiphobic FOTS-TiO2 powder by solvothermal process and self-assembly functionalization. These structured and functionalized submicron particles can repel the liquids with surface tension as low as 23.8 mN·m–1 (n-decane), which is the lowest among powder samples. With respect to the biomimetic aspect, the surface morphology of FOTS-TiO2 particle is similar to the hierarchical micro/nano-structures of the lotus leaf surface, but it is beyond the lotus leaf for superoleophobic capacity. The difference in the oleophobicity is suggested to be the interplay of quasi-spherical re-entrant structure and perfluorined modification. Because of superior superamphiphobicity of the powder, a facile yet versatile strategy is developed, adhesive-assisted sieve deposition fabrication (AASDF), for preparing superamphiphobic coatings on various substrates. The investigation results pertaining to the water/oil proofing, mechanical durability, self-cleaning, and antifouling performances prove that the FOTS-TiO2 coating is robust and multifunctional, which will enable more opportunities for practical applications. Apart from these general applications, we find that the superamphiphobic FOTS-TiO2 powders when coated on sponge as anti-icing surface have good ice delay and icephobic performances. Furthermore, they can be used to prepare magnetic Fe3O4&FOTS-TiO2 composite particles through liquid marbles, implying significant scientific value

Cellulose/Poly(vinyl alcohol)/Tannic Acid Porous Cross-Linked Composite Frame Materials with Excellent Oil/Water Separation Performance

Problems such as increasingly serious water pollution attracted widespread concern. The underwater OCAs of the samples became larger with increasing pH and the under-oil WCAs of the samples did not vary regularly with increasing pH. Nanoneedle structures were grown on metal foam by anodization. Cellulose is fixed to the frame by cross-linking with supramolecular binder poly(vinyl alcohol)/tannin. A cellulose/poly(vinyl alcohol)/tannin porous composite framework with special wettability is prepared. This porous composite framework can be used for the continuous separation of oil/water mixtures with high separation efficiency, high throughput, excellent reusability, and mechanical durability. In addition, due to the coating of cellulose and the supramolecular binder, the pore size of the frame is reduced, and the cagelike structure of the porous framework can promote its demulsification effect. Therefore, the cellulose/poly(vinyl alcohol)/tannic acid porous composite frame can also be used for the separation of oil/water emulsions. This porous frame material has broad application prospects in oil spill treatment and sewage purification