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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.

Through the scientific and reasonable evaluation of the site selection of the emergency material reserve, the optimal site selection scheme is found, which provides reference for the future emergency decision-making research.

In this paper, we have chosen three primary indicators and twelve secondary indicators to construct an assessment framework for the determination of suitable locations for storing emergency material reserves. By mean of the improved entropy weight-order relationship weight determination method, the evaluation model of kullback leibler-technique for order preference by similarity to an ideal solution (KL-TOPSIS) emergency material reserve location based on relative entropy is established. On this basis, 10 regional storage sites in Beijing are selected for evaluation.

The results show that the evaluation model of the location of emergency material reserve not only respects the objective knowledge, but also considers the subjective information of the experts, which makes the ranking result of the location of the emergency material reserve more accurate and reliable.

Firstly, the modification factor is added to the calculation formula of traditional entropy weight method to complete the improvement of entropy weight method. Secondly, the order relation analysis method is used to assign subjective weights to the indicators. The principle of minimum information entropy is introduced to determine the comprehensive weight of the index. Finally, KL distance and TOPSIS method are combined to determine the relative entropy and proximity degree of alternative solutions and positive and negative ideal solutions, and the scientific and effective of the method is proved by case study.

The purpose of this paper is to develop a novel method for establishing the mathematical link between the restored Hogarth curve and the golden ratio, and to advance the potential application of the Hogarth curves in standardization of the garment pattern design by using this method.

The Hogarth curve was fully restored by using the plant design system (PDS) software package and divided the restored curve into two fragments based on the intersection point between the curve and the straight line joining the curve endpoints. The ratios between two fragments of curves and straight lines were calculated and compared with the golden ratio, respectively, which was set as a normalized value. The potential application of the restored Hogarth curves in the normalization of the garment pattern design was therefore studied by using the standard mannequins.

The ratio in the most beautiful curve, i.e., the fourth Hogarth curve, was found to be infinitely approaching to the golden ratio. Furthermore, the incorporation of the Hogarth curves into the garment pattern design demonstrated that the fourth Hogarth curve was the most aesthetic line.

This work offered a novel method for bridging the gaps between arts and maths, i.e., the mathematical relation between the Hogarth curves and the golden ratio. Such a method will provide the protocol to promote the potential applications of the Hogarth curves in the garment pattern design and the human body decoration.

In this study, suggestions on the protection and development of marine resources, sea area use and management, improvement of laws and regulations, monitoring of marine resources and impact assessment of marine environment are put forward.

Literature research method.

A major factor contributing to the decline in fishery resources is excessive fishing. At present, there are many problems to be solved in the exploitation and utilization of marine mineral resources in China. The pollution problem of marine tourism resources is becoming increasingly serious. Overmining of coastal sea resources has led to planning and management failures.

This paper discusses the current situation of marine resource exploitation and protection in China and analyzes the reasons for excessive resource exploitation from three aspects of marine concept, laws and regulations and marine management.