Jun Huang, Haijie Mo and Tianshu Zhang
This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt…
Abstract
Purpose
This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy implications for corporate debt financing and further liberalization of the capital market in China.
Design/methodology/approach
Employing the exogenous event of Shanghai-Shenzhen-Hong Kong Stock Connect and using the data of Chinese A-share firms from 2010 to 2020, this study constructs a difference-in-differences model to examine the relationship between capital market liberalization and corporate debt maturity structure. To validate the results, this study performed several robustness tests, including the parallel test, the placebo test, the Heckman two-stage regression and the propensity score matching.
Findings
This paper finds that capital market liberalization has significantly increased the proportion of long-term debt of target firms. Further analyses suggest that the impact of capital market liberalization on the debt maturity structure is more pronounced for firms with lower management ownership and non-Big 4 audit. Channel tests show that capital market liberalization improves firms’ information environment and curbs self-interested management behavior.
Originality/value
This research provides empirical evidence for the consequences of capital market liberalization and enriches the literature on the determinants of corporate debt maturity structure. Further this study makes a reference for regulators and financial institutions to improve corporate financing through the governance role of capital market liberalization.
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Chenhao Wei, Gang Lin, Jun Huang, Lei Song and Howard Smith
Unlike conventional aircraft, birds can glide without a vertical tail. The purpose of this paper is to analyse the influence of dihedral angle spanwise distribution on…
Abstract
Purpose
Unlike conventional aircraft, birds can glide without a vertical tail. The purpose of this paper is to analyse the influence of dihedral angle spanwise distribution on lateral-directional dynamic stability by the simulation, calculation in the development of the bird-inspired aircraft and the flight testing.
Design/methodology/approach
The gliding magnificent frigatebird (Fregata magnificens) was selected as the study object. The geometric and mass model of the study object were developed. Stability derivatives and moments of inertia were obtained. The lateral-directional stability was assessed under different spanwise distributions of dihedral angle. A bird-inspired aircraft was developed, and a flight test was carried out to verify the analysed results.
Findings
The results show that spanwise distribution changing of dihedral angle has influence on the lateral-directional mode stability. All of the analysed configurations have convergent Dutch roll mode and rolling mode. The key role of dihedral angle changing is to achieve a convergent spiral mode. Flight test results show that the bird-inspired aircraft has a well-convergent Dutch roll mode.
Practical implications
The theory that birds can achieve its lateral-directional stability by changing its dihedral angle spanwise distribution may explain the stability mechanism of gliding birds.
Originality/value
This paper helps to improve the understanding of bird gliding stability mechanism and provides bio-inspired solutions in aircraft designing.
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Liangyin Chen, Jun Huang, Danqi Hu and Xinyuan Chen
This paper aims to examine the effect of dividend regulation on cost stickiness (i.e. the asymmetric change in firm expense between sales increase and sales decrease) and explore…
Abstract
Purpose
This paper aims to examine the effect of dividend regulation on cost stickiness (i.e. the asymmetric change in firm expense between sales increase and sales decrease) and explore the underlying mechanism.
Design/methodology/approach
Based on the quasi-natural experiment of the Guideline for Dividend Policy of Listed Companies issued by the Shanghai Stock Exchange (SSE) in 2013, the authors employ a difference-in-difference model to investigate the impact of dividend regulation on cost stickiness.
Findings
The authors find that the cost stickiness of treatment group firms has decreased significantly when compared with control group firms after the dividend regulation. Moreover, this effect is more pronounced among firms in lower marketization regions, in lower competition industries and those with less analyst coverage and lower cash flow levels. Further analyses show that dividend regulation reduces the cost stickiness of firms by mitigating agency problems. Finally, the conclusion holds after several robust tests, including controlling for firm fixed effect, propensity score matching (PSM), placebo test and reconstruction of expense variable.
Originality/value
This paper confirms that dividend regulation serves an important role in corporate governance, which reduces firms' agency costs and thereby decreases cost stickiness. The conclusions shed light on the dividend policies of listed companies and capital market regulation in the future.
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Jingfeng Xie, Jun Huang, Lei Song, Jingcheng Fu and Xiaoqiang Lu
The typical approach of modeling the aerodynamics of an aircraft is to develop a complete database through testing or computational fluid dynamics (CFD). The database will be huge…
Abstract
Purpose
The typical approach of modeling the aerodynamics of an aircraft is to develop a complete database through testing or computational fluid dynamics (CFD). The database will be huge if it has a reasonable resolution and requires an unacceptable CFD effort during the conceptional design. Therefore, this paper aims to reduce the computing effort required via establishing a general aerodynamic model that needs minor parameters.
Design/methodology/approach
The model structure was a preconfigured polynomial model, and the parameters were estimated with a recursive method to further reduce the calculation effort. To uniformly disperse the sample points through each step, a unique recursive sampling method based on a Voronoi diagram was presented. In addition, a multivariate orthogonal function approach was used.
Findings
A case study of a flying wing aircraft demonstrated that generating a model with acceptable precision (0.01 absolute error or 5% relative error) costs only 1/54 of the cost of creating a database. A series of six degrees of freedom flight simulations shows that the model’s prediction was accurate.
Originality/value
This method proposed a new way to simplify the model and recursive sampling. It is a low-cost way of obtaining high-fidelity models during primary design, allowing for more precise flight dynamics analysis.
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Ao Li, Dingli Zhang, Zhenyu Sun, Jun Huang and Fei Dong
The microseismic monitoring technique has great advantages on identifying the location, extent and the mechanism of damage process occurring in rock mass. This study aims to…
Abstract
Purpose
The microseismic monitoring technique has great advantages on identifying the location, extent and the mechanism of damage process occurring in rock mass. This study aims to analyze distribution characteristics and the evolution law of excavation damage zone of surrounding rock based on microseismic monitoring data.
Design/methodology/approach
In situ test using microseismic monitoring technique is carried out in the large-span transition tunnel of Badaling Great Wall Station of Beijing-Zhangjiakou high-speed railway. An intelligent microseismic monitoring system is built with symmetry monitoring point layout both on the mountain surface and inside the tunnel to achieve three-dimensional and all-round monitoring results.
Findings
Microseismic events can be divided into high density area, medium density area and low density area according to the density distribution of microseismic events. The positions where the cumulative distribution frequencies of microseismic events are 60 and 80% are identified as the boundaries between high and medium density areas and between medium and low density areas, respectively. The high density area of microseismic events is regarded as the high excavation damage zone of surrounding rock, which is affected by the grade of surrounding rock and the span of tunnel. The prediction formulas for the depth of high excavation damage zone of surrounding rock at different tunnel positions are given considering these two parameters. The scale of the average moment magnitude parameters of microseismic events is adopted to describe the damage degree of surrounding rock. The strong positive correlation and multistage characteristics between the depth of excavation damage zone and deformation of surrounding rock are revealed. Based on the depth of high excavation damage zone of surrounding rock, the prestressed anchor cable (rod) is designed, and the safety of anchor cable (rod) design parameters is verified by the deformation results of surrounding rock.
Originality/value
The research provides a new method to predict the surrounding rock damage zone of large-span tunnel and also provides a reference basis for design parameters of prestressed anchor cable (rod).
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Xingwen Wu, Zhenxian Zhang, Wubin Cai, Ningrui Yang, Xuesong Jin, Ping Wang, Zefeng Wen, Maoru Chi, Shuling Liang and Yunhua Huang
This review aims to give a critical view of the wheel/rail high frequency vibration-induced vibration fatigue in railway bogie.
Abstract
Purpose
This review aims to give a critical view of the wheel/rail high frequency vibration-induced vibration fatigue in railway bogie.
Design/methodology/approach
Vibration fatigue of railway bogie arising from the wheel/rail high frequency vibration has become the main concern of railway operators. Previous reviews usually focused on the formation mechanism of wheel/rail high frequency vibration. This paper thus gives a critical review of the vibration fatigue of railway bogie owing to the short-pitch irregularities-induced high frequency vibration, including a brief introduction of short-pitch irregularities, associated high frequency vibration in railway bogie, typical vibration fatigue failure cases of railway bogie and methodologies used for the assessment of vibration fatigue and research gaps.
Findings
The results showed that the resulting excitation frequencies of short-pitch irregularity vary substantially due to different track types and formation mechanisms. The axle box-mounted components are much more vulnerable to vibration fatigue compared with other components. The wheel polygonal wear and rail corrugation-induced high frequency vibration is the main driving force of fatigue failure, and the fatigue crack usually initiates from the defect of the weld seam. Vibration spectrum for attachments of railway bogie defined in the standard underestimates the vibration level arising from the short-pitch irregularities. The current investigations on vibration fatigue mainly focus on the methods to improve the accuracy of fatigue damage assessment, and a systematical design method for vibration fatigue remains a huge gap to improve the survival probability when the rail vehicle is subjected to vibration fatigue.
Originality/value
The research can facilitate the development of a new methodology to improve the fatigue life of railway vehicles when subjected to wheel/rail high frequency vibration.