Search results

Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover provision (ATP) adoption on initial public offerings (IPO) underpricing and identify the reducing effect of the former.

The authors examine the sample consisting of Chinese A-share listed IPO firms between 2007 and 2018 from China Stock Market Accounting Research and Chinese Research Data Services, with ATP data collected from the IPO firm chapters. Specifically, the authors use text analysis to identify whether there are ATPs in the IPO firm chapters, as well as the number of ATPs. H1: IPO underpricing is less severe for firms adopting ATPs. H2: The effect of ATP adoption on IPO underpricing is more salient for firms in worse information environments.

The authors examine the influence of ATP adoption on IPO underpricing and identify the reducing effect of the former. This effect can be explained by the fact that adopting ATPs in IPO firm chapters can reduce information asymmetry to a large extent by helping external investors obtain more private information, which alleviates IPO underpricing. The authors also find that the reducing effect is more significant in the worsened information environment. Furthermore, the authors explore the influence of adopting ATPs on other IPO characteristics and find positive effects on IPO over-subscription, funds raised and trading activity and negative effects on listing fees.

This study mainly contributes to the literature from the following two aspects. First, the study enriches the literature about the influencing factors of IPO underpricing. Second, the study also enriches the literature about the economic consequences of ATP adoption. This study also has important policy implications. With the coming of the era of decentralized ownership in China’s capital market, ATP adoption has become more important and attracted more attention. Also, investors focus more on pricing efficiency. The findings in this paper provide a more comprehensive understanding of the relationship between ATP adoption and IPO underpricing.

The purpose of this paper is to obtain the environmental factor, which has the greatest effect on the corrosion rate of Q235 carbon steel under thin electrolyte layer, and to analyze the effect of this factor on the corrosion morphology, corrosion products and polarization process of Q235 carbon steel.

An electrochemical device, which can be used under thin electrolyte layer is designed to measure the corrosion current in different environments. Response surface methodology (RSM) is introduced to analyze the effect of environmental factors on corrosion rate. Scanning electron microscope (SEM) and X-ray diffraction (XRD) technique are used to analyze the results. The Tafel slopes of anode and cathode in different humidity and solution are calculated by least square method.

The three environmental factors are ranked according to importance, namely, humidity, temperature and chloride ion deposition rate. In a high humidity environment, the relative content of α-FeOOH in the corrosion product is high and the relative content of β-FeOOH is low. The higher the humidity, the lower the degree of anodic blockage, whereas the degree of cathodic blockage is independent of humidity. The above experiments confirm the effectiveness and efficiency of the device, indicating it can be used for the screening of corrosive environmental factors.

In this paper, an electrochemical device under thin film is designed, which can simulate atmospheric corrosion well. Subsequent SEM and XRD confirmed the reliability of the data measured by this device. The introduction of a scientific RSM can overcome the limitations of orthogonal experiments and more specifically and intuitively analyze the effects of environmental factors on corrosion rates.

The development of social media has led to large numbers of internet users now producing massive amounts of user-generated content (UGC). UGC, which shows users’ opinions about events directly, is valuable for monitoring public opinion. Current researches have focused on analysing topic evolutions in UGC. However, few researches pay attention to emotion evolutions of sub-topics about popular events. Important details about users’ opinions might be missed, as users’ emotions are ignored. This paper aims to extract sub-topics about a popular event from UGC and investigate the emotion evolutions of each sub-topic.

This paper first collects UGC about a popular event as experimental data and conducts subjectivity classification on the data to get subjective corpus. Second, the subjective corpus is classified into different emotion categories using supervised emotion classification. Meanwhile, a topic model is used to extract sub-topics about the event from the subjective corpora. Finally, the authors use the results of emotion classification and sub-topic extraction to analyze emotion evolutions over time.

Experimental results show that specific primary emotions exist in each sub-topic and undergo evolutions differently. Moreover, the authors find that performance of emotion classifier is optimal with term frequency and relevance frequency as the feature-weighting method.

To the best of the authors’ knowledge, this is the first research to mine emotion evolutions of sub-topics about an event with UGC. It mines users’ opinions about sub-topics of event, which may offer more details that are useful for analysing users’ emotions in preparation for decision-making.

With the rapid development of social media, the occurrence and evolution of emergency events are often accompanied by massive users' expressions. The fine-grained analysis on users' expressions can provide accurate and reliable information for event processing. Hence, 2,003,814 expressions on a major malignant emergency event were mined from multiple dimensions in this paper.

This paper conducted finer-grained analysis on users' online expressions in an emergency event. Specifically, the authors firstly selected a major emergency event as the research object and collected the event-related user expressions that lasted nearly two years to describe the dynamic evolution trend of the event. Then, users' expression preferences were identified by detecting anomic expressions, classifying sentiment tendencies and extracting topics in expressions. Finally, the authors measured the explicit and implicit impacts of different expression preferences and obtained relations between the differential expression preferences.

Experimental results showed that users have both short- and long-term attention to emergency events. Their enthusiasm for discussing the event will be quickly dispelled and easily aroused. Meanwhile, most users prefer to make rational and normative expressions of events, and the expression topics are diversified. In addition, compared with anomic negative expressions, anomic expressions in positive sentiments are more common. In conclusion, the integration of multi-dimensional analysis results of users' expression preferences (including discussion heat, preference impacts and preference relations) is an effective means to support emergency event processing.

To the best of the authors' knowledge, it is the first research to conduct in-depth and fine-grained analysis of user expression in emergencies, so as to get in-detail and multi-dimensional characteristics of users' online expressions for supporting event processing.

This study aims to explore the synthesis and tribological performances of di-n-octyl sebacate (DOS) synthesized with spherical nano-MoS₂/sericite (SMS) and carboxylated SMS (CSMS) as catalysts.

SMS and CSMS were used as esterification catalysts to synthesize DOS from sebacic acid and n-octanol. The two catalysts were in situ dispersed in the synthesized DOS after the reaction to form suspensions. The tribological performances of the two suspensions after 20 days of storage were studied.

CSMS was more stably dispersed in DOS than SMS, and they reduced friction by 55.6% and 22.2% and wear by 51.3% and 56.5%, respectively. Such results were mainly caused by the COOH on CSMS, which was more conducive to improving the dispersion and friction reduction of CSMS than wear resistance. Another possible reason was the difference between the dispersion amounts of CSMS and SMS in DOS. The sericite of SMS was converted into SiO₂ to enhance wear resistance, while that of CSMS only partially generated SiO₂, and the rest still remained on the surface to reduce friction.

This work provides a more effective SMS catalytical way for DOS synthesis than the traditional inorganic acid catalytical method. SMS does not need to be separated after reaction and can be dispersed directly in DOS as a lubricant additive. Replacing SMS with CSMS can produce a more stable suspension and reduce friction significantly. This work combined the advantages of surface carboxylation modification and in situ catalytic dispersion and provided alternatives for the synthesis of DOS and the dispersion of MoS₂-based lubricant additives.

Given that several publicly announced international merger and acquisition deals have been abandoned in recent years, the purpose of this paper is to present a synthesis of influential articles that examine organizational characteristics of cross-border acquisition transactions. The synthesis is framed through general traits and resources, learning and prior acquisition experience, and top-level management and governance attributes. Specifically, the paper conceptualizes key organizational attributes influencing the propensity of cross-border negotiations, and the most common characteristics and post-deal effects by illustrating several case examples from around the world.

Owing to fairness and integrity principles of the literature survey studies, the paper adopts an exploratory review design to present a synthesis of several influential articles published in strategy, international business and corporate finance journals. Since case method and storytelling are the best qualitative approaches to conceptualizing extant theoretical contributions, a number of case examples—successful, delayed and abandoned—from around the world have been discussed by leveraging the case information from archival sources.

Drawing on resource-based view, organizational learning, upper echelons and agency theory perspectives, the paper underscores three observations. First, organizational characteristics such as firm age, firm size, ownership structure, slack resources, marketing resources, technological intensity, export intensity and business group affiliation have different impacts on the propensity of publicly announced cross-border deals. Second, firm’s prior acquisition experience and firm’s acquisition experience in the target country have positive or moderating effects on the success of a cross-border merger. Third, top-level management characteristics such as CEO foreign nationality and CEO international career experience, and governance characteristics such as board size, the number of independent directors and directors with overseas experience, have mixed effects on the incidence of cross-border acquisitions.

The paper puts forth several recommendations for top-level managers participating in cross-border acquisition negotiations, such as learning from peers in the same industry, learning from predecessors in the target country and learning from failure negotiations in the same industry and other industries.

Nested within the organizational, international business strategy and corporate finance literature, the paper presents a synthesis of influential publications that study organizational characteristics affecting the propensity of cross-border acquisitions. The cases discussed in this paper are unique examples from around the world.