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Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. “economic decentralization” and “political centralization”). Given the significant level of IPO underpricing in China, we examine the impact of local political uncertainty (measured by prefecture-level city official turnover rate) on IPO underpricing.

Using 2,259 IPOs of A-share listed companies from 2001 to 2019, we employ a structural equation model (SEM) to examine the channel (voluntarily lower the issuance price vs aftermarket trading) through which political uncertainty affects IPO underpricing. We check the robustness of the results using bootstrap tests, adopting alternative proxies for political uncertainty and IPO underpricing and employing subsample analysis.

Local official turnover-induced political uncertainty increases IPO underpricing by IPO firms voluntarily reducing the issuance price rather than by affecting investor sentiment in aftermarket trading. These relations are stronger in firms with pre-IPO political connections. The effect of political uncertainty on IPO underpricing is also contingent upon the industry and the growth phase of an IPO firm, more pronounced in politically sensitive industries and firms listed on the growth enterprise market board.

Local government officials in China usually have a short tenure and Chinese firms witness significantly severe IPO underpricing. By introducing the SEM model in studying China IPO underpricing, this study identifies the channel through which local government official turnover to political uncertainty on IPO underpricing.

This study aims to provide a comprehensive review and bibliometric analysis of the literature in the field of science, technology, engineering and mathematics (STEM) education over the past 15 years, with a specific focus on global distribution and research trends.

This study collected 1,718 documents from the Web of Science (WOS) database and analyzed their timeline distribution, geographical distribution, research topics, subject areas, learning stages and citation burst using a bibliometric approach with VOSviewer and Citespace.

Results indicated that: overall, STEM education has increasingly gained scholarly attention and is developing diversely by emphasizing interdisciplinary, cross-domain and regional collaboration. In terms of global collaboration, a collaborative network with the USA in the center is gradually expanding to a global scope. In terms of research themes, four key topics can be outlined including educational equity, pedagogy, empirical effects and career development. Social, cultural and economic factors influence the way STEM education is implemented across different countries. The developed Western countries highlighted educational equity and disciplinary integration, while the developing countries tend to focus more on pedagogical practices. As for research trends, eastern countries are emphasizing humanistic leadership and cultural integration in STEM education; in terms of teachers’ professional development, teachers’ abilities of interdisciplinary integration, technology adoption and pedagogy application are of the greatest importance. With regards to pedagogy, the main focus is for developing students’ higher-order abilities. In terms of education equity, issues of gender and ethnicity were still the hottest topics, while the unbalanced development of STEM education across regions needs further research.

This study provides a global landscape of STEM education along the timeline, which illustrates the yearly progressive development of STEM education and indicates the future trends.

Aircraft assembly is the crucial part of aircraft manufacturing, and to meet the high-precision and high-efficiency requirements, cooperative measurement consisting of multiple measurement instruments and automatic assisted devices is being adopted. To achieve the complete data of all assembly features, measurement devices need to be placed at different positions, and the flexible and efficient transfer relies on Automated Guided Vehicles (AGVs) and robots in the large-size space and close range. This paper aims to improve the automatic station transfer in accuracy and flexibility.

A transferring system with Light Detection and Ranging (LiDAR) and markers is established. The map coupling for navigation is optimized. Markers are distributed according to the accumulated uncertainties. The path planning method applied to the collaborative measurement is proposed for better accuracy. The motion planning method is optimized for better positioning accuracy.

A transferring system is constructed and the system is verified in the laboratory. Experimental results show that the proposed system effectively improves positioning accuracy and efficiency, which improves the station transfer for the cooperative measurement.

A Transferring system for collaborative measurement is proposed. The optimized navigation method extends the application of visual markers. With this system, AGV is capable of the cooperative measurement of large aircraft structural parts.