Qingquan Xin, Ruitao Li and Sonia Wong
The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the…
Abstract
Purpose
The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the literature on RMs and analyzing the major characteristics of 161 RM cases.
Design/methodology/approach
This paper introduces the characteristics and evolution of the regulatory framework governing RM activity in China. Then the paper reviews relevant academic studies on the RMs in China and other countries. Finally, the paper identifies and discusses the major characteristics of 161 RM cases in the Chinese stock market from 2006 to 2016.
Findings
Private companies that go public via RMs in China not only have superior asset quality but also demonstrate good accounting and stock price performance after listing, and these results are unlike those of studies on the quality of RMs in other countries.
Research limitations/implications
This paper is based on a survey of 161 RM cases in China’s stock market, with the major characteristics of the RMs being identified and analyzed. The limitations of previous studies and suggestions for further research are discussed.
Originality/value
This paper suggests that the relative superior performance of RMs in the Chinese stock market is caused by the interplay of market forces and regulatory oversight. The Chinese regulator’s pragmatic and flexible approach plays an important role in formulating regulatory policies that respond to the changing macroeconomic environment and financial markets.
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Keywords
Yun Wang, Junhong Mao, Suwen Lu, Zhenying Xu, Hong Liu and Ruitao Li
Wear greatly influences the machine lifetime, performance and reliability and its quantification is very important. This paper aims to propose a modified bearing area curve method…
Abstract
Purpose
Wear greatly influences the machine lifetime, performance and reliability and its quantification is very important. This paper aims to propose a modified bearing area curve method by combining the theory of the bearing area curve, and the relocation technique to calculate wear accurately and efficiently.
Design/methodology/approach
H13 steel was chosen as the material of wear pair, and the wear experiments were carried out at 50 N, 60 r/min for 20 min. The surface was measured before and after wear experiments. The relocation was made by comparing the mean lines (planes) of the unworn and worn surface profiles. The calculated results using the proposed method were compared with that of the surface profile method for a two-dimensional surface to validate its accuracy. The method was then applied for a three-dimensional (3D) wear analysis.
Findings
The worn surface shows clearly displacement compared to the unworn surface and implies the importance of including relocation in the bearing area curve method. The results from the proposed method are 98 per cent close to that from the surface profile method, indicating that the method is accurate for wear evaluation.
Originality/value
As no feature point or relocation mark is needed to calculate the relocation value using the proposed method, the method can be applied to mild to severe wear. Also, as the deviation of different scans does not affect the relocation calculation, and no matching and stitching is required, this method can be easily applied to a wide wear area and 3D surface wear analysis.
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Keywords
Daozhong Wang, Xiaoxia Yan, Junxin Li and Yutao Liu
The wheel wear of high-speed trains is the main concern in the operation process of the high-speed trains. Wheel reprofile usually adopts the thin flange wheel profiles for the…
Abstract
Purpose
The wheel wear of high-speed trains is the main concern in the operation process of the high-speed trains. Wheel reprofile usually adopts the thin flange wheel profiles for the economic wheel reprofile strategy; however, the wheel wear evolution law of the thin flange wheel profile is not clear. The purpose of this paper mainly researches the wheel wear evolution law of thin flange wheel profile and the influence factors of thin flange wheel.
Design/methodology/approach
To solve this problem, this paper analyzed the wheel-rail contact relationship and established a vehicle dynamic model of high-speed train. The Jendel wheel wear model was used to analyze the evolution of thin flange wheel wear and rail deviation affecting wheel wear under thin flange wheel profiles.
Findings
Due to the consistency of the tread area, the distribution of wheel-rail contact points for thin flange wheels in the tread area is close. As the wheel flange increases, wheel wear also increases. Thin flange wheel profiles reduce wheel wear to a certain extent. The maximum wheel wear depths with rail deviations of −0.4 mm, 0 mm and 0.4 mm are 0.9844 mm, 1.077 mm and 1.142 mm, respectively. The negative rail deviation suppresses wheel wear, but the positive rail deviation increases wheel wear.
Originality/value
The evolution of wheel wear for thin flange wheels after reprofiling is not clear. This paper analyzed the wear characteristics of thin flange wheel wear and rail deviation affecting wheel wear under thin flange wheels.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-10-2024-0401/