Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.     

Study of emerging air taxi network operation using discrete-event systems simulation approach

This research focuses on understanding the air taxi operations to determine the number of air taxis required to fulfill the demand for urban air mobility in New York City (NYC). We leverage the Define, Measure, Analyze, Design, and Verify (DMADV) framework and integrate it with the systems simulation approach. Upon investigation, we find that all the parameters linearly impact the vehicle utilization, while other measures are robust, specifically with respect to the seating capacity. It is also recommended to operate initially with 70 air taxis in NYC to achieve a trade-off between customer wait time and vehicle utilization. The proposed approach can act as a recommender system for air taxi companies.     

Discouraging Rainforest Transformation: An Ex-ante Policy Impact Analysis

Despite extensive efforts made by national and international certification agencies, Indonesian smallholder farmers’ participation in palm oil certification schemes adoption remains low. A fundamental obstacle is the smallholder practice of rainforest transformation into oil palm plantation which is forbidden by the agencies. In this context, we investigate three policies that could lead to a reduction in rainforest deforestation by smallholders: price premium on certified palm oil; the provision of environmental information; contributor recognition. In order to evaluate the influence of the policies ex-ante, we conduct a social dilemma experiment involving rubber and oil palm smallholders in Jambi Province, Sumatra, Indonesia. The findings indicate that the price premium and provision of context-specific environmental information could reduce rainforest transformation. However, a statistically significant effect of contributor recognition was not found.     

The effect of cross-listing on the environmental,social, and governance performance of firms

We propose that cross-listing is associated with better environmental, social, and governance (ESG) performance, because cross-listed firms adopt ESG practices to mitigate the liability of foreignness (LOF) in foreign financial markets. Institutionalization processes have made ESG practices important for managing challenges associated with the LOF. With tests involving the S&P Global 1200 index, we show that cross-listing improves corporate social responsibility (CSR; i.e., social and environmental dimensions) but not corporate governance. The effects of cross-listing on CSR also depend on investor protection regimes of listing destinations: Stronger regimes correspond with poorer CSR performance, suggesting that they limit managerial discretion.     

Stock market comovements around the Global Financial Crisis: Evidence from the UK,BRICS and MIST markets

This paper analyses stock market co-movements around recent crises and explores the international portfolio diversification benefits available for UK investors holding a portfolio in the BRICS and MIST emerging markets. The application of conventional and regime-switch cointegration techniques suggests an absence of diversification benefits. Further evidence from application of a multivariate time-varying asymmetric model (i.e. AG-DCC) suggests that conditional correlation among the stock markets exhibits higher dependency when it is driven by negative shocks to the market. The asymmetric causality test provides supporting evidence of the decoupling hypothesis. The results indicate that the Chinese stock market is the most attractive option for the UK investor.     

10kV母线接地故障的分析处理

本文以电网运行中常见的一起10k V系统接地故障查找方法为例,通过分析得出了10k V金属性接地故障的原因,大致可分为以下三类:110k V单一线路接地故障;2两条及以上线路同名相接地;310k V母线设备故障。在此基础上,作者以自己亲身工作经历,讲述了快速排查接地方法、步骤。并提出了相关的改进建议和措施,以确保故障处理快速、正确。     

基于主成分分析法对保障房的商业设施配置研究——以武汉市为例

保障房性住房政策极大改善了中低收入阶层住房难问题,其商业设施配置对保障对象生活有重要影响。为了研究武汉市保障性住房商业设施配置,本文选择武汉市五处保障房商业设施,调查了影响保障对象生活的商业设施业种,通过主成分分析法,将保障房商业设施配置中的多类业种综合成为三个主成分。并提出了在保障性住房商业设施规划及管理中的一些建议,这将为保障房公共设施配置提供更具合理性和科学性的决策依据。     

直流电阻率法在寻找地下水中的综合应用

为避免单一勘探方法的多解性,提高勘探的准度与精度,在某区的物探找水实践中,综合运用高密度电阻率法,对称四极电测深法、电阻率测井三种方法进行勘探,查明目标井位附近区域的岩性,推断地层的含水性,并根据勘探结果划定钻井布设的合理位置。     

基于小波变换的图像处理综述

小波分析主要广泛应用在科学研究和工程技术中。虽然在现阶段的小波理论相对成熟,近些年关于小波理论的应用和研究也在不断的发展和更新。小波变化在图像处理领域中的应用也囊括图像与处理的所有方面。本文通过介绍小波变换的起源,将小波应用在图像处理中的压缩、还原图像、边缘检测和图像分割,宏观剖析小波的研究现状历史、发展动向及优势。