Chang Li, Philip Chang, Shanming Li and Xinxiang Shi
Cross-border M & A is one of the most important ways of international capital flows, and scholars have paid a lot of attention to this area, but a general explaining model…
Abstract
Purpose
Cross-border M & A is one of the most important ways of international capital flows, and scholars have paid a lot of attention to this area, but a general explaining model has still not been generated. The purpose of this paper, based on Lambrecht (2004) and Bolton et al. (2013), is to build a general explaining model in this area and use the new model to explain some real world issues.
Design/methodology/approach
The model work in this paper is based on Lambrecht’s (2004) real option model, which is the classical modeling method in this area, and take the economic crisis method of Bolton et al. (2013) into consideration; the authors also use the relative market condition to illustrate the motivation and market timing of cross-border M & A in this paper to connected the bidders’ markets and targets’ markets together to build the general explaining model for cross-border M & A.
Findings
By analyzing the new model the authors build in this paper, the authors get three conclusions. Conclusion 1: when the bidders’ technologies are more advanced than the targets’, the bidders prefer market-seeking cross-border M & A, and the relatively higher the bidders’ technologies are, the stronger the preference is; when the bidders’ technologies are less advanced than the targets’, the bidders prefer technology-seeking cross-border M & A, and there exists an optimal relative technology ratio at which the bidders have the strongest motivation to exercise the technology-seeking type cross-border M & A. Conclusion 2: host country’s high economic growth helps attracting market-seeking cross-border M & A, conversely host country’s low economic growth helps attracting technology-seeking cross-border M & A. Conclusion 3: the bidders prefer to exercise the technology-seeking cross-border M & A when the home markets are stable or when economic crises happen in targets markets; and the bidders prefer not to exercise the market-seeking cross-border M & A when economic crises happen in home markets; and the relationship between the motivation for bidders to exercise market-seeking cross-border M & A and the possibility of the happening of economic crisis in home countries presents an inverse N-shape curve.
Originality/value
In this paper the authors first use the relative market condition to illustrate the motivation and market timing in the cross-border M & A research area and build a general model based on current literatures.
Details
Keywords
Jingsong Li, Lixiang Wang, Qingxin Yang, Shanming Wang, Yongjian Li, Changgeng Zhang and Baojun Qu
Due to existence of skin effect under rotational excitation, especially to high-frequency motors and power transformers run at the frequency of hundreds or even thousands of…
Abstract
Purpose
Due to existence of skin effect under rotational excitation, especially to high-frequency motors and power transformers run at the frequency of hundreds or even thousands of hertz, core losses will increase significantly, which may cause local overheating damage, and the efficiency and longevity will be decreased. The purpose of this paper is to accurately calculate the rotational anomalous loss in electrical steel sheets.
Design/methodology/approach
The influence of skin effect to rotational anomalous loss coefficient is described in detail. Based on the rotational core losses calculation approach, the transformed coefficient and parameters of rotational anomalous loss are determined in accordance with experimental data obtained by using 3D magnetic properties testing system. Then, a variable loss coefficient calculation model of rotational anomalous loss is built. Meanwhile, a separation of the total 2D elliptical rotation experimental core losses is worked out.
Findings
The two methods are analysed and compared qualitatively. It should be noted that the novel calculation model can be more effectively presented anomalous loss features. Moreover, quantitative comparisons between 2D elliptical rotation and alternating core losses have achieved beneficial conclusions.
Originality/value
Transformed rotational anomalous loss coefficient and parameters of electrical steel sheets considering skin effect are determined. Based on that, a novel calculation model evaluating 2D elliptical rotation anomalous loss is presented and verified based on the experimental measurement and the separation of the total 2D elliptical rotation core losses. The 2D elliptical rotation core losses separation method and quantitative comparison with alternating excitation are helpful to engineering application.
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Jun Zhu, Shuaihui Li, Xiangwei Guo, Huaichun Nan and Ming Yang
This paper aims to study the relationship between leakage flux coefficient and the coreless axial magnetic field permanent magnet synchronous generator (AFPMSG) size and obtain…
Abstract
Purpose
This paper aims to study the relationship between leakage flux coefficient and the coreless axial magnetic field permanent magnet synchronous generator (AFPMSG) size and obtain the expressions of leakage flux coefficient.
Design/methodology/approach
In this paper, a magnetic circuit model of coreless AFPMSG is proposed. Four kinds of leakage permeances of permanent magnet (PM) are considered, and the expression of no-load leakage flux coefficient is obtained. Solving the integral region of leakage permeances by generator size, which improves the accuracy of the solution.
Findings
Finite element method and magnetic circuit method are used to obtain the no-load leakage flux coefficient and its variation trend charts with the change of pole arc coefficient, air gap length and PM thickness. The average errors of the two methods are 2.835%, 0.84% and 1.347%, respectively. At the same time, the results of single-phase electromotive force obtained by magnetic circuit method, three dimensional finite element method and prototype experiments are 19.36 V, 18.82 V and 19.09 V, respectively. The results show that the magnetic circuit method is correct in calculating the no-load leakage flux coefficient.
Originality/value
The special structure of the coreless AFPMSG is considered in the presented equivalent magnetic circuit and equations, and the equations in this paper can be applied for leakage flux evaluating purposes and initial parameter selection of the coreless AFPMSG.
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Kunhong Hu, Yan Miao and Ziyan Lu
This paper aims to explore the preparation and tribological performance of MoS2 nanoparticles supported on fly ash (FA) microparticles.
Abstract
Purpose
This paper aims to explore the preparation and tribological performance of MoS2 nanoparticles supported on fly ash (FA) microparticles.
Design/methodology/approach
FA was activated by NaOH, oleic acid and HCl to obtain three modified FA samples. Nano-MoS2 was deposited on them to form MoS2/FA additives for poly-α-olefin (PAO) modification. Tribological tests were conducted on a reciprocating rig through the ball-on-disk friction manner. Using X-ray diffraction, scanning electron microscope, energy dispersive spectrometer, Raman spectrometer and element analyzers, the products and their lubrication mechanisms were characterized.
Findings
At 1.5 Wt.%, nano-MoS2 and MoS2/FA could remarkably improve the tribological properties of PAO. The nano-MoS2 deposited on the HCl-activated FA presented better lubrication performance than nano-MoS2. It could reduce friction and wear by approximately 27% and approximately 66%, respectively. The lubrication of MoS2/FA can be attributed to the formation of MoS2 and carbon containing lubricating film.
Originality/value
FA was applied as a supporter to prepare MoS2/FA lubricants. The reuse of FA, a solid waste, is important for environmental protection. Moreover, MoS2/FA is more economical than nano-MoS2 as a lubricant, because it contains approximately 71% of low-cost FA.