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This paper aims to analyse the risk and excess returns of the Spanish real estate investment trusts (S-REITs) using various methods, though focusing primarily on the Fama-French three-factor (FF3) model, over the period from 2007Q3 to 2017Q2.

The autoregressive distributed lag model is used for the empirical analysis to test long-term stable relationships between variables.

The findings indicate that the FF3 model is suitable for the S-REITs market, better explaining the S-REITs’ returns variation than the traditional single-index capital asset pricing model (CAPM) and the Carhart four-factor model. The empirical evidence is reasonably consistent with the FF3 model; the values for the market, size and value are highly statistically significant over the analysis period, with 68.7% variation in S-REITs’ returns explained by the model. In the long run, the market factor has less explanatory power than the size and value factors; the positive long-term multiplier of the size factor indicates that small S-REIT companies have higher returns, along with higher risk, while the negative multiplier of the value indicator suggests that S-REITs portfolios prefer to allocate growth REITs with low book-to-market ratios. The empirical findings from a modified FF3 model, which additionally incorporates Spain’s gross domestic product (GDP) growth rate, two consumer price index (CPI) macro-factors and three dummy variables, indicates that GDP growth rate and CPI also affect S-REITs’ yields, while investment funds with capital calls have a small influence on S-REITs’ returns.

The regression results of the standard and extended FF3 model can help researchers understand S-REITs’ risk and return through a general stock pattern. Potential investors are given more information to consider the new Spanish investment vehicle before making a decision.

The paper uses standard techniques but applies them for the first time to the S-REIT market.

The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter.

VECM methodology is used to analyze time series and panel methods using pooled EGLS regression.

VECM parameter results for construction and real estate activities sectors, quickly suggesting a stable performance of capital flows toward Spanish real estate sector that the short-term fluctuation of foreign investment results contributes to the long-term equilibrium relatively soon. By applying the Monetary theory of Johnson, the model identifies a relevant role of M3 explaining capital flows to real estate, together with the lagged variables of construction and real estate activities capital flows, Spanish real interest rate and Spain’s economic growth rate; they are the significant determinants on capital movement to Spanish real estate sector. Interestingly, Spanish housing prices as an exogenous variable, directly, significantly and negatively affect real estate capital flows in all cases as a way to capture the assets price bubble.

Findings highlight reasons affecting capital flows to real estate and construction activities to Spanish sectors which allow capital Funds to take into account those drivers in their investment decisions.

This paper is the first attempt to analyze the determinants of ICF to Spanish real estate market; it has a significant meaning for both Spanish economy and international investors.

This paper aims to present an evaluation method for energy-absorption characteristics of thin-walled composite structures with random uncertain parameters.

The mechanical properties of T700/3234 are obtained by material performance tests and energy-absorption results are obtained by quasi-static crushing tests of thin-walled composite circular tubes. The indicators of triggering specific load (TSL) and specific energy absorption (SEA) are introduced and calculated to determine the energy-absorption characteristics and validate the probability finite element analysis model. The uncertainty in the parameters contain the machining tolerance for the thickness and inner diameter of composite circular tubes and are associated with the composite material system. The Plackett–Burman method is used to choose the measurement parameters. Then, the response surface method is used to build a second-order function of random uncertain parameters versus TSL/SEA, and the Monte Carlo method is finally used to obtain the probabilities of TSL and SEA.

The finite element models can accurately simulate the initial peak load, load-displacement curve and SEA value. The random uncertain parameter method can be used to evaluate the energy-absorption characteristics of thin-walled composite circular tubes.

The presented evaluation method for energy-absorption characteristics of thin-walled composite structures is an approach that considers uncertain parameters to increase the simulation accuracy and decrease the computational burden.

This methodology considers uncertain parameters in evaluating the energy-absorption characteristics of thin-walled composite structures, and this methodology can be applied to other thin-walled composite structures.

Dynamic movement primitives (DMPs) is a general robotic skill learning from demonstration method, but it is usually used for single robotic manipulation. For cloud-based robotic skill learning, the authors consider trajectories/skills changed by the environment, rebuild the DMPs model and propose a new DMPs-based skill learning framework removing the influence of the changing environment.

The authors proposed methods for two obstacle avoidance scenes: point obstacle and non-point obstacle. For the case with point obstacles, an accelerating term is added to the original DMPs function. The unknown parameters in this term are estimated by interactive identification and fitting step of the forcing function. Then a pure skill despising the influence of obstacles is achieved. Using identified parameters, the skill can be applied to new tasks with obstacles. For the non-point obstacle case, a space matching method is proposed by building a matching function from the universal space without obstacle to the space condensed by obstacles. Then the original trajectory will change along with transformation of the space to get a general trajectory for the new environment.

The proposed two methods are certified by two experiments, one of which is taken based on Omni joystick to record operator’s manipulation motions. Results show that the learned skills allow robots to execute tasks such as autonomous assembling in a new environment.

This is a new innovation for DMPs-based cloud robotic skill learning from multi-scene tasks and generalizing new skills following the changes of the environment.

For gravity dams built on foundations with directional joint sets, the seepage in the foundation possesses anisotropic characteristics and may have adverse effects on the foundation stability. A methodology for system reliability analysis of gravity dam foundations considering anisotropic seepage and multiple sliding surfaces is proposed in this paper.

Anisotropic seepages in dam foundations are simulated using finite element method (FEM) with the equivalent continuum model (ECM), and their effect on dam foundation stability is involved by uplift pressures acting on the potential sliding surfaces. The system failure probability of the dam foundation is efficiently estimated using Monte Carlo method (MCM) combined with response surface method (RSM).

The case study shows that it is necessary to consider the possibly adverse effect of anisotropic seepage on foundation stability of gravity dams and the deterministic analysis of the foundation stability may be misleading. The system reliability analysis of the dam foundation is justified, as the uncertainties in shear strength parameters of the foundation rocks and joint sets as well as aperture, connectivity and spacing of the joint sets are quantified and the system effect of the multiple potential sliding surfaces on the foundation reliability is reasonably considered.

(1) A methodology is proposed for efficient system reliability analysis of foundation stability of gravity dams considering anisotropic seepage and multiple sliding surfaces (2) The influence of anisotropic seepage on the stability of gravity dam foundation  is revealed (3) The influence of estimation errors of RSMs on the system reliability assessment of dam foundation is investigated.

This paper aims to focus on the spatial docking task of unmanned vehicles under ground conditions. The docking task of military unmanned vehicle application scenarios has strict requirements. Therefore, how to design a docking robot mechanism to achieve accurate docking between vehicles has become a challenge.

In this paper, first, the docking mechanism system is described, and the inverse kinematics model of the docking robot based on Stewart is established. Second, the genetic algorithm-based optimization method for multiobjective parameters of parallel mechanisms including workspace volume and mechanism flexibility is proposed to solve the problem of multiparameter optimization of parallel mechanism and realize the docking of unmanned vehicle space flexibility. The optimization results verify that the structural parameters meet the design requirements. Besides, the static and dynamic finite element analysis are carried out to verify the structural strength and dynamic performance of the docking robot according to the stiffness, strength, dead load and dynamic performance of the docking robot. Finally, taking the docking robot as the experimental platform, experiments are carried out under different working conditions, and the experimental results verify that the docking robot can achieve accurate docking tasks.

Experiments on the docking robot that the proposed design and optimization method has a good effect on structural strength and control accuracy. The experimental results verify that the docking robot mechanism can achieve accurate docking tasks, which is expected to provide technical guidance and reference for unmanned vehicles docking technology.

This research can provide technical guidance and reference for spatial docking task of unmanned vehicles under the ground conditions. It can also provide ideas for space docking missions, such as space simulator docking.

This study aims to examine the determinants of Foreign Corrupt Practices Act (FCPA) violations and consequences of FCPA enforcements.

This paper uses publicly available data from Compustat, I/B/E/S and Thomson Reuters databases, combined with Securities and Exchange Commission (SEC) and Department of Justice (DOJ) cases, to extract insights on FCPA violations and enforcements using econometric approaches.

The main determinants of FCPA violations appear to be firm size, multinational structure, country corruption and Sarbanes-Oxley Act control weaknesses. Traditional misreporting risks (F-score and M-score) do not predict FCPA violations. This study discovers significant differences between FCPA violations by motivation, as in, sale generation, rent extraction or cost evasion. Bribes motivated by sale generation or rent extraction are partially driven by the extent of the firm’s global operations, whereas bribes motivated by cost evasion relate to internal influences. This study also finds that enforcement is more salient for criminal violations (DOJ enforcement), compared to civil violations (SEC enforcement).

This research provides new insights into the determinants of FCPA violations while underscoring the need for effective measures to combat bribery and promote ethical business practices. This research contributes to the ongoing efforts to curtail bribery, offering valuable insights into the characteristics of firms more likely to engage in bribery and contexts in which these activities occur. It provides critical implications for regulatory bodies, highlighting the differential responses of firms to varying types of enforcement, namely, criminal versus civil, as the authors observe greater decreases in internal control weaknesses following DOJ enforcement compared to SEC enforcement.

For enforcement agencies, the findings underscore the importance of rigorous criminal enforcement against FCPA violations, highlighting the improved control environments prompted by DOJ actions. Managers will find this research relevant, as it demonstrates that a firm’s entry into international markets substantially elevates the risk of its representatives engaging in bribery with foreign officials. In addition, the results are of interest to regulators, revealing that the underlying motivations driving a firm’s activities can significantly alter the factors to consider that might lead to an FCPA violation.

This paper is the original work of the authors and explores the determinants and consequences of FCPA violations and enforcement actions since 2002. To the best of the authors’ knowledge, it is the first to explore bribe determinants by their motive and documents industry-wide benefits arising from criminal enforcement.

Piston ring dynamic problem plays an important role in the lubricant characteristics of a reciprocating engine, which lead to engine wear and the increased consumption of lubricating oil. A cavitation analysis of the piston ring lubrication with two-dimensional Reynolds equation has rarely been reported owing to the complex working condition. The purpose of this study is to establish a precise model that can provide guidance for the design of the piston ring.

In this paper, a cavitation model and its effect on the piston ring lubrication was studied in a simulation program based on the mass-conserving theory which is solved by means of the Newton–Raphson method. In this study, some models such as mixed lubrication, asperity contact, blow-by/blow-back flow and cavitation have been coupled with the lubrication model.

The established model has been compared with the traditional model that deals with cavitation by using the Reynolds boundary condition algorithm. The cavitation zone, pressure distribution and density distribution between the piston ring and the cylinder have also been predicted. Studies of the changing trend for the pressure distribution and the cavitation zone at few typical crank angles have been listed to illustrate the cavitation changing rule. The analysis of the results indicates that the developed simulation model can adequately illustrate the lubrication problem of the piston ring system. All the analyses will provide guidance for the oil film rupture and the reformation process.

A two-dimensional cavitation model based on the mass-conserving theory has been built. The cavitation-forming and -developing process for the piston ring–liner lubrication has been studied. Non-cavitation occurs in the vicinity of top dead center and bottom dead center. The non-cavitation period will be longer in the vicinity of 360° of crank angle. The density distribution in the cavitation zone can be obtained.

The purpose of this paper is to propose a novel mathematical model to present the three-dimensional tolerance of a discrete surface and to carry out an approach to analyze the tolerance of an assembly with a discrete surface structure. A discrete surface is a special structure of a large surface base with several discrete elements mounted on it, one, which is widely used in complex electromechanical products.

The geometric features of discrete surfaces are separated and characterized by small displacement torsors according to the spatial relationship of discrete elements. The torsor cluster model is established to characterize the integral feature variation of a discrete surface by integrating the torsor model. The influence and accumulation of the assembly tolerance of a discrete surface are determined by statistical tolerance analysis based on the unified Jacobian-Torsor method.

The effectiveness and superiority of the proposed model in comprehensive tolerance characterization of discrete surfaces are successfully demonstrated by a case study of a phased array antenna. The tolerance is evidently and intuitively computed and expressed based on the torsor cluster model.

The tolerance analysis method proposed requires much time and high computing performance for the calculation of the statistical simulation.

The torsor cluster model achieves the three-dimensional tolerance representation of the discrete surface. The tolerance analysis method based on this model predicts the accumulation of the tolerance of components before their physical assembly.

This paper proposes the torsor cluster as a novel mathematical model to interpret the tolerance of a discrete surface.

The purpose of this paper is to apply firework optimization algorithm to optimize multi-matching selective assembly problem with non-normal dimensional distribution.

In this paper, a multi-matching selective assembly approach based on discrete fireworks optimization (DFWO) algorithm is proposed to find the optimal combination of mating parts. The approach introduces new operator with the way of 3-opt and also uses a stochastic selection strategy, combines the discrete selective assembly problem with firework optimization algorithm properly and finds the best combination scheme of mating parts with non-normal dimensional distributions through powerful global search capability of the firework optimization algorithm.

The effects of different control parameters, including the number of initial fireworks and the coefficient controlling the total number of sparks generated by the fireworks on the evolution performance, are discussed, and a promising higher performance of the proposed selective assembly approach is verified through comparison with other selective assembly methods.

The best combination of mating parts is realized through the proposed selective assembly approach, and workers can select suitable mating parts under the guidance of the combination to increase the assembly efficiency and reduce the amount of surplus parts.

A DFWO algorithm is first designed to combine with multi-matching selective assembly method. For the case of an assembly product, the specific mapping rule and key technologies of DFWO algorithm are proposed.