Search results

The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model in which full merger benefits cannot be consumed at the instant of a merger, but rather after a pre-specified post-merger integration period.

This paper presents a dynamic model and empirical tests that describe the impact of the post-merger integration period on the capital structure dynamics of the acquiring and target firms before a merger and during the post-merger integration period. By incorporating costs associated with the post-merger integration period, the model can provide new implications for the leverage behavior around the merger.

The model generates new implications related to acquiring firms’ leverage dynamics along with method of payment choice. Specifically, the model indicates that the post-merger integration duration is negatively associated with the market leverage of newly-merged firms at the time of merger completion and during the integration period. Further, acquirer managers are more likely to use equity to finance a merger when the integration duration is likely to be lengthy.

This is the first model in the literature that assumes that both the acquiring and the target firms can change their capital structure overtime, which allows us to analyze both the financing structure and the merger timing. Previous empirical studies also ignore the integration period in the analysis of the method of payment choice and leverage behavior around mergers. In the tests reported in this paper, the authors control for the factors mentioned above and demonstrate that the expected integration duration is not subsumed by those variables implying that it has its own power in explaining the choice of leverage and merger financing method.

This paper aims to propose an environmentally adaptive trajectory planning system considering the dynamic characteristics of unmanned aerial vehicles (UAVs) and the distance between obstacles and the UAV. The system generates a smooth and safe flight trajectory online.

First, the hybrid A* search method considering the dynamic characteristics of the quadrotor is used to find the collision-free initial trajectory. Then, environmentally adaptive velocity cost is designed for environment-adaptive trajectory optimization using environmental gradient data. The proposed method adaptively adjusts the autonomous flight speed of the UAV. Finally, the initial trajectory is applied to the multi-layered optimization framework to make it smooth and dynamically viable.

The feasibility of the designed system is validated by online flight experiments, which are in unknown, complex situations.

The proposed trajectory planning system is integrated into a vision-based quadrotor platform. It is easily implementable onboard and computationally efficient.

A hybrid A* path searching method is proposed to generate feasible motion primitives by dispersing the input space uniformly. The proposed method considers the control input of the UAV and the search time as the heuristic cost. Therefore, the proposed method can provide an initial path with the minimum flying time and energy loss that benefits trajectory optimization. The environmentally adaptive velocity cost is proposed to adaptively adjust the flight speed of the UAV using the distance between obstacles and the UAV. Furthermore, a multi-layered environmentally adaptive trajectory optimization framework is proposed to generate a smooth and safe trajectory.

The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model in which full merger benefits cannot be consumed at the instant of a merger, but rather after a pre-specified post-merger integration period.

This paper presents a dynamic model and empirical tests that describe the impact of the post-merger integration period on the capital structure dynamics of the acquiring and target firms prior to a merger and during the post-merger integration period. By incorporating costs associated with the post-merger integration period, the model can provide new implications for the leverage behavior around the merger.

Empirical tests support the model implications by showing that the longer the expected post-merger integration process, the less likely the acquirer will structure the financing of the combined firm in a manner that increases firm leverage. Since integration takes time to complete, an acquirer tends to retain financial flexibility during the integration process by assuming lower levels of debt when determining the capital structure of the merged entity.

The model generates new implications related to acquiring firms’ leverage dynamics along with the method of payment choice. The analysis of the duration of the post-merger integration period extends both the theoretical and empirical literature that tacitly assumes that the merger-related synergy is realized immediately at the merger date. This is the first model in the literature that assumes that both the acquiring and the target firms can change their capital structure overtime, which allows us to analyze both the financing structure and the merger timing. Previous empirical studies also ignore the integration period in the analysis of the method of payment choice and leverage behavior around mergers. The model in this paper can be extended along a number of dimensions.

This paper aims to propose an online local trajectory planner for safe and fast trajectory generation that combines the jerk-limited trajectory (JLT) generation algorithm and the particle swarm optimization (PSO) algorithm. A trajectory switching algorithm is proposed to improve the trajectory tracking performance. The proposed system generates smooth and safe flight trajectories online for quadrotors.

First, the PSO algorithm method can obtain the optimal set of target points near the path points obtained by the global path searching. The JLT generation algorithm generates multiple trajectories from the current position to the target points that conform to the kinetic constraints. Then, the generated multiple trajectories are evaluated to pick the obstacle-free trajectory with the least cost. A trajectory switching strategy is proposed to switch the unmanned aerial vehicle (UAV) to a new trajectory before the UAV reaches the last hovering state of the current trajectory, so that the UAV can fly smoothly and quickly.

The feasibility of the designed system is validated through online flight experiments in indoor environments with obstacles.

The proposed trajectory planning system is integrated into a quadrotor platform. It is easily implementable onboard and computationally efficient.

The proposed local planner for trajectory generation and evaluation combines PSO and JLT generation algorithms. The proposed method can provide a collision-free and continuous trajectory, significantly reducing the required computing resources. The PSO algorithm locally searches for feasible target points near the global waypoint obtained by the global path search. The JLT generation algorithm generates trajectories from the current state toward each point contained by the target point set. The proposed trajectory switching strategy can avoid unnecessary hovering states in flight and ensure a continuous and safe flight trajectory. It is especially suitable for micro quadrotors with a small payload and limited onboard computing power.

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/19348830810915532. When citing the article, please cite: Lei-Yu Wu, Chun-Ju Wang, Chun-Yao Tseng, Ming-Cheng Wu, (2008), “Founding team and start-up competitive advantage”, International Journal of Organizational Analysis, Vol. 16 Iss: 1/2, pp. 138 - 151.

Fast growth in China has led to significant improvement in people's living standards and average income. However, it has also brought about a huge rise in inequality. The purpose of this paper is to analyse regional and rural‐urban inequality using a few income and consumption indicators.

Data are collected from official statistical sources for all the Chinese provinces over 1978‐1995. Both parametric and non‐parametric methods are used to study the inequality between regions and between the rural and urban sub‐populations. The parametric approach is to test whether per capita incomes among provinces converged over time. The non‐parametric approach is the calculation and decomposition of the Gini coefficient by population sub‐group and income source.

The results show no evidence of growth convergence in per capita GDP, income and expenditure across provinces, but clear evidence of divergence in per capita rural (and urban) incomes and total expenditures. Three‐quarters of inter‐provincial income inequality are explained by inter‐rural/urban inequality. Inter‐provincial inequality explains more than half of rural inequality and less than half of urban inequality in most years.

This paper uses one of the most complicated datasets for the Chinese regions. It studies inequality using different economic indicators. It considers the different dimensions of inequality in China using two different approaches. The results are important for regional development policies.

Using Generation Z consumers from China as an example and focusing on the nostalgia-driven design of brand spokes-character, this study sought to update research on the causal relationship between nostalgia and brand attitude for younger consumers. Two types of nostalgic brand spokes-characters (i.e., eliciting personal nostalgia and historical nostalgia) were examined separately and compared to verify their contributions to more positive brand attitude, as well as related mechanisms, that is, whether consumer trust in the spokes-character mediated the relationship between nostalgic spokes-characters and brand attitude.

An experiment was first conducted to test the causal effects of brand spokes-characters designed to elicit two types of nostalgic feelings (i.e., personal nostalgia and historical nostalgia). Then, the authors investigated the influencing mechanism of nostalgic brand spokes-characters based on bootstrap mediation models.

The results revealed that for less familiar brand spokes-characters, either type of nostalgia-driven design would enhance consumers' brand attitude. Moreover, consumer trust in the spokes-character mediated the relationship between personal-nostalgic brand spokes-characters and brand attitude.

This study was the first to examine personal nostalgia and historical nostalgia separately regarding the effects of nostalgic spokes-characters and related mechanisms. By combining methods of experimental design and bootstrap mediation modeling, it provided a more robust evaluation of nostalgia-driven design, and supported using certain nostalgic styles for designing brand spokes-characters, which can help modern brands draw more interest from young consumers and promote more positive brand attitude.

The purpose of this paper is to propose an overall deformation rolling mechanism based on double four-link mechanism. The double quadrilateral mobile mechanism (DQMM) has two switchable working modes which can be used to traverse different terrains or climb over obstacles.

The main body of the DQMM is composed of a double four-link mechanism which sharing a public link and two symmetrical steering platforms which placed at both ends of the four-link mechanism. The steering platforms give the DQMM not only steering ability but also reconnaissance ability which can be achieved by carrying sensors such as cameras on steering platforms. By controlling the deformation of the DQMM, it can switch between two working modes (tracked rolling mode and obstacle-climbing mode) to achieve the functions of rolling and obstacle-climbing. Dynamic simulation model was established to verify the feasibility.

Based on the kinematics analysis and simulation results of the DQMM, its moving function is realized by the tracked rolling mode, and the obstacle-climbing mode is used to climb over obstacles in structured terrains such as continuous stairs. The feasibility of the two working modes is verified on a physical prototype.

The work of this paper is a new exploration of applying “overall closed moving linkages mechanism” to the area of small mobile mechanisms. The adaptability of different terrains and the ability of obstacle-climbing are improved by the combination of multi-modes.

This study aims to identify the role of this intangible cultural heritage (ICH) domain (i.e. social practices, rituals and festive events) in social representations in cross nations using the case of Mazu belief. This study also intends to compare the different social representations of the same religious belief among the regions and implies how ICH facilitates regional connections and its potential for urban tourism development.

This study uses a mix of qualitative approaches, such as desktop research, in-depth interviews, focus group discussions and participant observations. These approaches can supplement one another in discovering the cultural context of the Mazu belief and the perceived meanings of its ritual practices.

Mazu ritual practices in the four identified cities have different social representations, as explicitly expressed from the informants on different forms of celebration. Despite the differences, Mazu belief is representative in placemaking and for regional connections. Not all four cities agree on the current status as embedded in tourism development. However, the key informants show a welcoming manner to the outsiders in participating and experiencing their practices.

The research context of Mazu belief and customs can be extended to more urban cities, which practice this culture.

Different countries and regions that share the same belief can understand distinct social representations from one another. Practical collaborations can be expanded for cultural exchanges, especially the exploration of the role of religion played in boosting urban tourism development.

Mazu belief and customs is a unique cultural asset in enhancing the social representations of Chinese expatriates overseas. Its cultural practices successfully enhance the cultural exchange and social cohesion among religious communities locally and internationally.

Using a United Nations Educational, Scientific and Cultural Organization (UNESCO)-inscribed ICH item with a large audience worldwide, this study supplements the theory of social representations in exploring the intangible cultural assets and highlights the role of ICH in urban tourism and regional and city planning.

This paper aims to empirically investigate the impact of the carbon intensity constraint policy (CICP) on green innovation.

This study takes the implementation of the CICP as a quasi-natural experiment and uses a quasi–difference-in-difference method to investigate the impact of the CICP on firm green innovation from a microeconomic perspective.

The CICP significantly limits the quality of firms’ green innovation. Among the range of green patents, the CICP distorts only patents related to CO₂ emissions. The inhibitory effect is more pronounced in non-state-owned enterprises and heavily polluting firms. R&D investment and green investor are identified as the main mechanism.

These findings provide evidence for the influence of the CICP on firm green innovation, which can guide policymakers in China and other emerging economies that prioritize carbon intensity constraint targets and the improvement of relevant auxiliary measures.

Governments and firms should have a comprehensive understanding of environmental policies and corporate behavior and need to mitigate the negative impact through a combination of measures.

This study contributes to the literature by providing additional empirical evidence regarding the two opposing sides of the ongoing debate on the positive or negative effects of CICP. It also provides new evidence on the policy effect of the CICP on firm green innovation, together with its mechanisms and heterogeneous influences.