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The purpose of this paper is to examine governance and earnings management implications of the delisting regulation in China, which designates firms with two consecutive losses as Special Treatment (ST) firms and delists such firms, should two more years of consecutive losses occur.

Samples were selected using the matching‐sampling method, and interrupted time‐series Logit regression analyses was used to test the determinants of ST firms using corporate governance factors and earnings quality.

It was found that firms which subsequently become ST firms have greater agency problems, as indicated by divergence of ownership and less independent boards, as measured by the number of independent directors. The ST firms subsequently reduce their agency costs by increasing ownership concentration and increasing the number of independent directors. Additionally, the results suggest that ST firms engage in earnings management after the first year of loss.

The paper suggests that agency problems play an important role in financial performance, and the Chinese delisting regulation does lead to improvements in governance; nevertheless, it might force firms to engage in earnings manipulation.

Distinct from previous empirical research that has examined earnings management, the authors study it in the context of the delisting regulation in China. Additionally, it is a longitudinal study examining how delisting regulations affect the governance of the firm under financial distress.

The purpose of this paper is to investigate whether managerial ownership affects the association between shareholder rights and the cost of equity capital.

Prior literature has shown that strong shareholder rights are associated with a lower level of cost of equity capital. This paper empirically tests the interaction between managerial ownership and shareholder rights on affecting the cost of equity capital, using Gompers et al.'s governance score and Ohlson and Juettner‐Nauroth's estimate of cost of equity capital. To mitigate the endogeneity arising from other governance variables affecting both shareholder rights and the cost of equity capital, the paper adopts both OLS and two‐stage regression.

The results indicate that managerial ownership aligns managers' interests with those of shareholders, leading to a lesser degree of agency problems and lower cost of equity capital. Furthermore, the evidence suggests that managerial ownership could substitute for shareholder rights in affecting the cost of equity capital, making strong shareholder rights less important in a high managerial ownership setting.

Findings in this paper suggest that firms need to consider the interaction between managerial ownership and shareholder rights in designing their governance structure to minimize their cost of equity capital.

This paper reveals the interaction between two major governance variables in affecting firm valuation.

This paper aims to construct a central pattern generator (CPG) network that comprises coupled nonlinear oscillators to implement diversified locomotion gaits of robot AmphiHex-I. With the gaits, AmphiHex-I will have a strong locomotion ability in an amphibious environment, which is motivated by a novel public health application to detect the amphibious snail, Oncomelania hupensis, the snail intermediate host of Schistosoma japonicum, as an amphibious robot-based tool for schistosomiasis surveillance and response in the future.

First, the basis neural network was built by adopting six Hopf nonlinear oscillators which corresponded to six legs. Then, the correlation between the self-excited harmonic output signals generated from CPGs and various gaits was established. In view of requirements on its field application, the authors added a telecontrol system and an on-board battery to support the real-life remote control and a high-definition camera and a global positioning system module to acquire images and position information. Finally, the authors conducted the testing experiments on several tasks, e.g. detecting the distribution of Oncomelania hupensis snails.

The results demonstrate that the CPG is effective in controlling the robot’s diversified locomotion gaits. In addition, the robot is capable of fulfilling several testing tasks in the experiments.

The research provides a method based on CPG to control a hexapod robot with multiple motion patterns, which can effectively overcome the difficulty of motion control simply by changing certain mathematical parameters of a nonlinear equation, such as frequency, phase difference and offset angle, so as to realize the gait transitions. Also, using such a robot to probe the distribution of snails offers another way to tackle this laborious job, especially in some odious terrains, which will hence broaden the application of AmphiHex-I to vector surveillance in the fields of public health.