Youchao Tan and Yuyu Liu
Following Cheng et al. (2012) and Tan et al. (2015), this paper aims to investigate how does the forward-looking information disclosure quality affect the investors’ decisions and…
Abstract
Purpose
Following Cheng et al. (2012) and Tan et al. (2015), this paper aims to investigate how does the forward-looking information disclosure quality affect the investors’ decisions and then the investment efficiency.
Design/methodology/approach
The authors obtain the information disclosure quality rating data from the official website of the Shenzhen Stock Exchange (SZSE), and firm financial information is mainly from the China Center for Economic Research (CCER) and China Stock Market and Accounting Research Database (CSMAR). The authors choose firms that publicly traded on the SZSE during the period from 2004 to 2010, and the final sample consists of 2,415 firm-year observations for 345 unique firms.
Findings
The authors find that a firm with a high information disclosure quality rating is trusted by investors more. Forward-looking non-financial information (FNFI) disclosure alleviates financial constraints and improves investment efficiency, including alleviating underinvestment and preventing overinvestment to a larger extent for firms with high information disclosure quality rating, especially for the firms rated A (excellent) or B (good) every year since 2001, when the rating began. Moreover, this study proves that investors trust the firms rated high more but do not guard against the firms rated low enough.
Research limitations/implications
The authors only considered the quantity of FNFI disclosed by firms and ignored other characteristics of FNFI. Limited by the data of information disclosure quality rating, the research sample is just from the SZSE.
Originality/value
This paper extends the research of Cheng et al. (2012) and Tan et al. (2015) to show that one of the reasons behind the extant mix results of the relationship between FNF disclosure and investment efficiency is different information disclosure quality. High-quality FNFI disclosure can alleviate underinvestment and prevent overinvestment at same time.
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Youchao Tan, Nan Xu, Xiumei Liu and Cheng Zeng
The aim of this paper, which is based on Cheng et al.’s (2012) research, is to re-examines the relationship between a firms’ voluntary disclosure of forward-looking non-financial…
Abstract
Purpose
The aim of this paper, which is based on Cheng et al.’s (2012) research, is to re-examines the relationship between a firms’ voluntary disclosure of forward-looking non-financial information (FNFI) and investment efficiency.
Design/methodology/approach
The authors chose firms that publicly traded in the Shenzhen and Shanghai stock markets from 2005 to 2011, a total of 926 firms and 6,482 firm-year. To control the endogeneity problem between FNFI and investment efficiency, the authors lagged the FNFI variable for one year.
Findings
The authors found that FNFI alleviates a firms’ underinvestment but leads to overinvestment. These effects become gradually weaker over time. In addition, the results indicate that corporate governance helps improve the quality of FNFI, thus boosting investors’ confidence and easing financial constraints.
Research limitations/implications
The limitations of this paper are mainly focused on the measure of FNFI. The authors only considered the quantity of FNFI disclosed by firms and ignored other characteristics of FNFI.
Originality/value
Based on Cheng et al.’s (2012) static findings, this paper considers the dynamic role of FNFI in firms’ investment decisions.
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Chaochao Guo, Youchao Sun, Rourou Yu and Chong Peng
The purpose of this paper is to overcome the inherent lack of precision in commonly used interpolation procedures when solving the mathematical model of turbofan engines, as well…
Abstract
Purpose
The purpose of this paper is to overcome the inherent lack of precision in commonly used interpolation procedures when solving the mathematical model of turbofan engines, as well as to address the issue that the theoretical variogram model in traditional Kriging models is prone to subjective selection bias, which makes it impossible to accurately capture the inherent fluctuation patterns in compressor data.
Design/methodology/approach
To mitigate this challenge, based on the spatial distribution characteristics of the compressor characteristic data of a certain type of turbofan engine, the input and output dimensions of the model are defined. By determining the stable operating region from the original component data, the authors use the proposed Kriging method improved with a support vector machine model to reconstruct the characteristics at unknown speeds within this region. The effectiveness of the proposed method is evaluated using the established assessment metrics.
Findings
Experimental results demonstrate that the proposed method exhibits significant advantages over the conventional Kriging approach. Specifically, it leads to a substantial reduction in root mean square error and mean absolute error by 0.0153/0.0118 (low speed), 0.1306/0.0362 (medium speed) and −0.0066/0.2366 (high speed).
Originality/value
This refined approach not only offers notable engineering applicability but also contributes significantly to the enhancement of aerospace engine model solutions’ precision.
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Siyu Su, Youchao Sun, Yining Zeng and Chong Peng
The use of aviation incident data to carry out aviation risk prediction is of great significance for improving the initiative of accident prevention and reducing the occurrence of…
Abstract
Purpose
The use of aviation incident data to carry out aviation risk prediction is of great significance for improving the initiative of accident prevention and reducing the occurrence of accidents. Because of the nonlinearity and periodicity of incident data, it is challenging to achieve accurate predictions. Therefore, this paper aims to provide a new method for aviation risk prediction with high accuracy.
Design/methodology/approach
This paper proposes a hybrid prediction model incorporating Prophet and long short-term memory (LSTM) network. The flight incident data are decomposed using Prophet to extract the feature components. Taking the decomposed time series as input, LSTM is employed for prediction and its output is used as the final prediction result.
Findings
The data of Chinese civil aviation incidents from 2002 to 2021 are used for validation, and Prophet, LSTM and two other typical prediction models are selected for comparison. The experimental results demonstrate that the Prophet–LSTM model is more stable, with higher prediction accuracy and better applicability.
Practical implications
This study can provide a new idea for aviation risk prediction and a scientific basis for aviation safety management.
Originality/value
The innovation of this work comes from combining Prophet and LSTM to capture the periodic features and temporal dependencies of incidents, effectively improving prediction accuracy.
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Yile Zhang, Yadong Zhou and Youchao Sun
The purpose of this paper is to analyze the bird impact damage of fuselage composite stiffened structures by numerical method and to evaluate the damage and the bird impact…
Abstract
Purpose
The purpose of this paper is to analyze the bird impact damage of fuselage composite stiffened structures by numerical method and to evaluate the damage and the bird impact resistance of different structures.
Design/methodology/approach
The deformation and damage of composite stiffened plates during bird impact are numerically analyzed by the explicit finite element software LS-DYNA. A comparative study on the numerical calculation results was conducted by using SPH (Smoothed Particle Hydrodynamics)-FEM (Finite Element Method) modeling and simulation. First, the I-shaped, T-shaped, straight stiffened plates and unstiffened plate were designed. Second, the accuracy of the bird model was verified and further used to evaluate bird strikes on composite stiffened plate. Third, the results of damage modes as well as displacements of the stiffened plates were compared.
Findings
The stiffeners can increase the local stiffness of the composite panel, which can effectively inhibit the bird’s movement along the impact direction. Adding stiffeners can change the panel matrix tension damage from global distribution to local distribution mode; however, the impact damage distribution and the ability to inhibit damage propagation can differ for different stiffened panels. Especially, the I-stiffened panel exhibits a better anti-bird strike performance.
Originality/value
The analysis of geometric parameters of structural components by numerical methods can reduce the cost of the design phase and has been widely used in aircraft design. The present study evaluated the bird impact damage of composite stiffened plates with different structures, which provides a guideline for selecting the stiffened plate structure in the fuselage skin.