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This paper aims to investigate the effects of external sources of finance and ownership type on the value creation of Chinese acquiring firms.

The data set consists of domestic-listed mainland Chinese firms engaged in domestic mergers and acquisitions during the period 2004–2012. Standard event study methodology and cross-sectional regression analysis are used to examine the relationship between external finance, ownership type and value creation of the acquiring firms.

This paper finds that whereas bank financing is positively related to the firm value of privately-owned enterprises (POEs), bank financing has a negative but insignificant influence on the firm value of state-owned enterprises (SOEs). Moreover, equity financing has a negative and significant effect on the value creation of SOE acquirers, however, this appears not to be the case of POEs.

The results suggest that the capital markets in China take into consideration the discriminatory and cheap access to bank loans available to SOEs as negative signals to stock markets, which cause capital markets to punish SOEs through price depreciation. Conversely, capital markets reward POEs in respect of Chinese banks’ discrimination against POEs in bank financing.

The results suggest that the capital markets in China take into account the discriminatory and cheap access to bank loans available to SOEs as negative signals to stock markets, which cause capital markets to punish SOEs through price depreciation. Conversely, capital markets reward POEs in respect of Chinese banks’ discrimination against POEs in bank financing.

The results of this study show that external sources of finance and ownership type influence acquiring firm value in an environment where the corporate governance system is weak and the banking sector is dominated by state banks. Further reforms in the financial sector, particularly, in the corporate governance system appear warranted.

Different information sharing mechanisms and online platform information sharing to different charging models are compared and analyzed.

This paper uses the Stackelberg game model to study the demand information sharing and pricing decisions.

The results show that: (1) the retailer's pricing strategy is the highest when both of them obtain information, while the manufacturer's pricing strategy is affected by the related attributes of different products, such as the sensitivity of consumers to product prices; (2) in the online platform sales model, the demand information data sharing owned by the online platform can bring more expected profits to the whole supply chain and the members of the supply chain, and the higher the accuracy of the information, the higher the expected profit; (3) when the cost of obtaining demand information is zero, that is, the online platform shares the information data about market demand free of charge, the retailer and manufacturer tend to obtain information; (4) for the online platform, charging a certain fee can achieve higher expected profits than free sharing.

Based on the single platform online sales model, this paper uses the Stackelberg game model to study the demand information sharing and pricing decision of a manufacturer and a retailer selling products through the same online platform.

With the development of information technology, there is a growing trend for internet enterprises in China to launch internet-only banks. This paper aims to explore how the brand trust in an internet enterprise is transferred to the initial trust in its affiliated internet-only bank and how such transfer affects adoption behavior of potential internet-only banking users.

Data were obtained from online questionnaires via a well-known Chinese survey website and a popular Chinese social platform, which yielded 486 usable responses for the analysis. Partial least squares was used for testing hypotheses.

The results show that brand trust in the internet enterprise increases initial trust in its affiliated internet-only bank. This, in turn, enhances the adoption of internet-only banking. More importantly, these results show that brand trust in the internet enterprise transfers to initial trust in internet-only banking through performance expectancy and perceived risk. Further, the need for interaction moderates the relationship between brand trust and performance expectancy as well as the relationship between brand trust and perceived risk.

This study provides new insights into the mechanism by which trust is transferred between two affiliated business entities. The results of the study suggest several useful managerial implications for managing the internet-only banks.

This paper aims to present the development of a highly parallel finite-difference computational fluid dynamics code in generalized curvilinear coordinates system. The objectives are to handle internal and external flows in fairly complex geometries including shock waves, compressible turbulence and heat transfer.

The code is equipped with high-order discretization schemes to improve the computational accuracy of the solution algorithm. Besides, a new method to deal with the geometrical singularities, so-called domain decomposition method (DDM), is implemented. The DDM consists of using two different meshes communicating with each other, where the base mesh is Cartesian and the overlapped one a hollow cylinder.

The robustness of the present implemented code is appraised through several numerical test cases including a vortex advection, supersonic compressible flow over a cylinder, Poiseuille flow, turbulent channel and pipe flows. The results obtained here are in an excellent agreement when compared to the experimental data and the previous direct numerical simulation (DNS). As for the DDM strategy, it was successful as simulation time is clearly decreased and the connection between the two subdomains does not create spurious oscillations.

In sum, the developed solver was capable of solving, accurately and with high-precision, two- and three-dimensional compressible flows including fairly complex geometries. It is noted that the data provided by the DNS of supersonic pipe flows are not abundant in the literature and therefore will be available online for the community.

This paper aims to investigate the effect of cerium modification and electrodeposition on the properties of the silane films obtained. Besides, the influence of dissolved oxygen was also researched through inhalation of oxygen or nitrogen. Moreover, the corresponding corrosion behavior of the silane films was also studied.

In this paper, surface morphology and corrosion-resistant properties of the films were characterized by scanning electron microscopy, electrochemical impedance spectroscopy, immersion test and the salt spray test.

The paper reveals that all the practical parameters including the concentration of dissolved oxygen had a marked effect on the anti-corrosive performance of the films, which may be attributed to the dense and compact structure of the films obtained. Furthermore, the self-healing ability of the films had also been enhanced through the rise of dissolved oxygen concentration in proper proportion.

This paper reveals the effect of practical parameters on the properties of the silane films obtained and the corrosion behavior of these films.

This study aims to develops a new-type low-alloy corrosion resistant steel containing Sb and investigate the corrosion mechanism of this new-type low-alloy steel.

Energy dispersive spectrometer, X-ray photoelectron spectroscopy, X-Ray diffraction and scanning electron microscopy were used to evaluate the corrosion resistance of the rust layers formed on these samples. Laser confocal microscopy was used to observe the corroded surfaces of the steels.

Results showed that Sb added can consume H⁺ in the solution, thereby preventing the oxygen reaction to slow down the corrosion rate. Meanwhile, a stable and insoluble substance (Sb₂O₃) in the acidic solution would be produced when the reaction of the product of Sb and H⁺ with the enough dissolved oxygen in the solution. Due to the precipitation of Sb₂O₃ and iron oxyhydroxides, the rust layer of Sb-containing steel became more uniform and compact, which resulted in better corrosion resistance in acid environment.

In this study, a new-type acid resistant low-alloy steel containing Sb was developed. Compared with the results, the corrosion mechanism of the new-type low-alloy steel in acid environment was discussed.

The purpose of this paper is to define and characterise the precise nature of these cultural systems and their resulting impact on the respective art and artists of each territory, by ascertaining the impact on those systems of their respective government and governance.

This paper is based on three approaches to art market modelling. All three are based on political ideologies. The first, which typifies the art markets of Western Europe and the USA, is predicated on a Pluralist and Neo-Liberal ideology. The others correspond to the systems of government in China, Taiwan, South Korea and Japan.

It has been shown in this paper that political systems and their accompanying ideology, born of cultural preferences, have impacted on the art markets of China, Taiwan, South Korea and Japan. It has been demonstrated that all four markets are employing variants of the international norm.

The art that is exported from East Asia will only be accepted by East Asian national markets when East Asian art markets exercise a majority influence on emerging and transitional markets. It is not the intention of this paper to pursue this thought beyond the possibility that it may occur.

The ineluctable conclusion is, therefore, that the global art market is moving towards a bipolar affair.

This paper also suggests the disengagement of East Asian and Chinese “culture” and art from a global (western) norm and production and consumption of national culture in East Asia by East Asians.

The paper looks (for the first time) at the direct (and subliminal) influence of political systems on art markets and the consequential effects of political ideology on the art markets of East Asia and China. The paper arrives at a series of precise definitions for the way that these art markets operate.

Examines the fifthteenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

Examines the fourteenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.