Evidence Of Size Effect Research Articles

Competition, stability, and institutional environment: The case of dual banking economies

AbstractWe measure the impact of competition and institutional quality on stability for dual banking economies. Our sample comprises 492 banks (109 Islamic and 383 conventional banks) from 17 countries with dual‐banking systems. The sample period is from 2005 to 2020. The estimations are performed using Two Step System Generalized Method of Moments approach. Our findings reveal heterogeneous effect of competition on stability. We found the evidence of competition‐stability paradigm in case of full sample as well as for Islamic banks. There is no effect of competition on the stability of conventional banks. Furthermore, there is no evidence of size effect in the competition‐stability results. The impact of legal institution is insignificant. We also observe that better quality of political and the economic institutions increases the bank stability. We attribute these findings to the conjecture that better political and/or legal institutions improve bank stability by reducing information asymmetry and adverse selection. Finally, we find the evidence that political, legal and economic dimensions of institutions have differential effect on competition‐stability relationship. The findings are robust to alternative definitions of competition, stability and different methodological approaches.

Topological insulator nanoribbon Josephson junctions: Evidence for size effects in transport properties

We have used Bi2Se3 nanoribbons, grown by catalyst-free physical vapor deposition to fabricate high quality Josephson junctions with Al superconducting electrodes. In our devices, we observe a pronounced reduction of the Josephson critical current density Jc by reducing the width of the junction, which in our case corresponds to the width of the nanoribbon. Because the topological surface states extend over the entire circumference of the nanoribbon, the superconducting transport associated with them is carried by modes on both the top and bottom surfaces of the nanoribbon. We show that the Jc reduction as a function of the nanoribbon width can be accounted for by assuming that only the modes traveling on the top surface contribute to the Josephson transport as we derive by geometrical consideration. This finding is of great relevance for topological quantum circuitry schemes since it indicates that the Josephson current is mainly carried by the topological surface states.

Some Hypotheses on Commonality in Liquidity: New Evidence from the Chinese Stock Market

ABSTRACTIn this article, we examine four specific hypotheses relating to commonality in liquidity on the Chinese stock markets. These hypotheses are (1) that market-wide liquidity determines liquidity of individual stocks; (2) that liquidity varies with firm size; (3) that sectoral-based liquidity affects individual stock liquidities differently; and (4) that commonality in liquidity has an asymmetric effect. Drawing on a two-year data set on the Shanghai and Shenzhen stock exchanges comprising over 34 million and 48 million transactions, respectively, we find strong support for commonality in liquidity and a greater influence of industry-wide liquidity in explaining liquidity of individual stocks. Moreover, our results suggest that of the three main sectors—financial, industrial, and resources—the industrial sector’s liquidity is most important in explaining individual stock liquidities. Finally, we do not find any evidence of size effects and document an asymmetric effect of market-wide liquidity on liquidity of individual stocks.

New empirical evidence on the bid-ask spread

In this article, we model the determinants of spread for 734 firms listed on the NYSE over the period 1 January 1998 to 31 December 2008. We propose a panel data model of the determinants of spread. There are four main messages emerging from our work. We find a statistically significant effect of volume on spread inconsistent with the work of Johnson (2008). On price, we find mixed results, consistent with the literature. On the effect of price volatility on spread, our results are completely the opposite of the cross-sectional literature but sides with the relatively recent work of Chordia et al. (2001). We allow for persistence of spread as a determinant of spread and find significant evidence of spread persistence across all 16 sectors. Finally, we examine size effects and find statistically strong evidence of size effects based on the relationship between price and spread, persistence and spread, and volatility and spread.

Combined Electrostatic-Covalent Building of Au NPs Multilayers and Their Size-Enhanced Cohesive and SERS Properties

Multilayers of well-ordered and close-packed 2D nanostructures of gold nanoparticles (NPs) were fabricated using a layer-by-layer technique. Colloidal spherical Au NPs of 5 and 15 nm diameters were synthesized and, respectively, self-assembled in multilayers. The robustness of these systems was insured by a combination of electrostatic and covalent bonds between nanoparticles and linker molecules. The compacity of the superlattice was characterized by AFM observation and ellipsometry measurements. Evidence of stronger cohesion of multilayers of smaller NPs size was brought by submitting the systems to sonication test. The multilayers have also proved analytical potential when used to detect low concentration methylene blue molecules adsorbed on the Au nanoparticles, by surface-enhanced Raman spectroscopy (SERS). The detection sensitivity of these two sized Au NPs architectures was directly compared to an evaporated “bulk” Au thin film of equivalent thickness. Results have displayed a strong increase of the electromagnetic field enhancement with a decrease of the NPs size, whereas the bulk thin Au film was shown to be inefficient as a SERS substrate. These results bring a nice evidence of size effects on the global performance (SERS, cohesion) and hopefully on the stability of NPs based nanostructures.

Adsorption and decomposition of NO on O-covered planar and faceted Ir(2 1 0)

We report on the adsorption and decomposition of NO on O-covered planar Ir(2 1 0) and nanofaceted Ir(2 1 0) with variable facet sizes investigated using temperature programmed desorption (TPD), high-resolution electron energy loss spectroscopy (HREELS), and density functional theory (DFT). When pre-covered with up to 0.5 ML O, both planar and faceted Ir(2 1 0) exhibit unexpectedly high reactivity for NO decomposition. Upon increasing the oxygen coverage to 0.7 ML O, planar Ir(2 1 0) has little activity while faceted Ir(2 1 0) still remains active toward NO decomposition, although NO decomposition is completely inhibited when both surfaces are pre-covered by 1 ML O. NO molecularly adsorbs on O-covered Ir at 300 K. At low NO and oxygen coverage, NO adsorbs on the atop sites of planar Ir(2 1 0) while on the bridge and atop sites of faceted Ir(2 1 0) composed of (1 1 0) and {3 1 1} faces. No evidence for size effects in the decomposition of NO on O-covered faceted Ir(2 1 0) is observed for average facet size in the range 5–14 nm. Our findings should be of importance for development of Ir-based catalysts for NO decomposition under oxygen-rich conditions.

Sources of Size Effect

Mohanty (2002) documents the evidence of size effect in India. In the sample period, it is found that the small firms have generated an annual excess return of 70% over the large firms. There can be two possible interpretations of the above findings. Size may be a proxy for some unexplained risk factor. The market may also be inefficient. Using the Fama and French (1993) multi-factor model, it is found that size indeed is a proxy for risk. However, the high excess return generated by the small firms is simply too high and it cannot be explained by their factor risk loadings. Using the method adopted by Lakonishok, Shleifer, and Vishny (1994), the hypothesis that the market is inefficient could not be rejected.

Evidence of Size Effect on Stock Returns in India

This paper reports the results of a study designed to examine if any firm-specific characteristics explain the cross-sectional variation in stock returns using Fama and Macbeth's methodology. It was found that size (measured by market capitalization), market leverage, price-to-book value, and earnings-to-price ratio were highly correlated with stock returns. While size and price-to-book-value were negatively correlated with stock returns, earningsto- price ratio and market leverage were found to be positively correlated with stock returns. The study also found a flat relationship between returns and beta. However, variables other than size did not have any incremental explanatory power, once the size effect had been adjusted for. On splitting the sample period into pre-95 and post-95 sub-periods, it was found that the above effects were predominant in the post-95 sub-period compared to the pre-1995 one. In the entire sample period, small firms generated an annualized excess return of 70 per cent over the large firms.

Sol-Gel preparation and optical nonlinearity of CdS microcrystallite-doped SiO2-TiO2 thin films

Sol-gel technique was used to prepare thin films of CdS microcrystallite-doped SiO2-TiO2 glass onto soda-lime glass substrates. The presence of the CdS microcrystallites in the films was verified by using Raman spectroscopy. The evidence of size effects was evident from the absorption spectrum of the thin films. The nonlinear refraction and nonlinear absorption of the thin films were tested by Z-scan technique.

Sol–gel preparation and optical non-linearity of CdS microcrystallite-doped SiO2–TiO2 thin films

Abstract Sol-gel technique was used to prepare thin films of CdS microcrystallite-doped SiO2-TiO2 glass onto soda-lime glass substrates. The presence of the CdS microcrystallites in the films was verified by using Raman spectroscopy. The evidence of size effects was evident from the absorption spectrum of the thin films. The nonlinear refraction and nonlinear absorption of the thin films were tested by Z-scan technique.

Evidence for Size Effects on Interfacial Widths in Confined Thin Films.

When a film of thickness D of a binary mixture on a substrate segregates into two coexisting phases, an interface between the phases parallel to the substrate may form due to preferential surface attraction of one of them. It is argued then that the correlation length ${\ensuremath{\xi}}_{\ensuremath{\parallel}}$ for interfacial fluctuations parallel to this interface $(\mathrm{ln}{\ensuremath{\xi}}_{\ensuremath{\parallel}}\ensuremath{\propto}D)$ leads to a size-dependent interfacial width $w\ensuremath{\propto}\sqrt{D}$. Nuclear reaction depth profiling experiments on polymer mixtures as well as Ising model simulations both support this prediction.

Evidence for size effect on insulator-metal transition in C: (H; S)

Temperature dependent electrical resistivity, ϱ( T), measurements have been carried out on nano-crystalline C : (H; S) obtained by the pyrolysis of p-polyphenylene sulfide (PPS) between 600–1100°C. At low heat treatment temperatures (HTT 600–700°C) X-ray diffraction and EPR spectroscopy give evidence for the formation of condensed polycyclic benzenoid units of ∼1 nm dimension having a charge carrier density ∼10 19 cm −3. In this regime, where n c 1 3 a H ∗ < 0.26 ( n c is the critical number of free carriers per unit volume and a H ∗ is the effective Bohr radius) the samples are insulating. When the HTT is increased to 800–1100°C an increase in the effective length scale of the system from 1 nm to 5–15 nm occurs with a concomitant increase in conductivity σ 300 by five orders of magnitude. This suggests that the transition is primarily due to an increase in the effective length scale or a H ∗ , and the change in carrier density as well as disorder play a minor role, which gives compelling evidence for quantum size effect on Mott-Anderson type transition in this system.

Nonlinear optical waveguides made of thin films of glass doped with semiconductor microcrystallites

The rf sputtering technique was used to deposit thin films of CdS microcrystallite-doped glass onto standard glass substrates. The presence of the microcrystallites in the films was verified by using Raman spectroscopy. A sharp cutoff below 500 nm was visible on the transmission spectra of the semiconductor microcrystallite-doped films. The evidence of size effects was visible on both Raman and transmission spectra of the films. Power-dependent prism coupling of light into the waveguides was investigated under cw-illumination conditions. The angular variation in decoupled power becomes more asymmetric with increasing input power until switching occurs on one side of the characteristic. The nonlinearity involved is presumably of thermal origin.