Search results

1 – 10 of 44
To view the access options for this content please click here
Article
Publication date: 26 November 2020

TieCheng Yang, Yang Chen, Scarlett Zhang, Virginia Qiao, Zhenyu Wang and Shuozhu Zheng

To introduce the Securities Law of the People's Republic of China (the “Securities Law 2019”) revised on 28 December 2019, and provide a detailed analysis on its key…

Abstract

Purpose

To introduce the Securities Law of the People's Republic of China (the “Securities Law 2019”) revised on 28 December 2019, and provide a detailed analysis on its key implications to the securities regulatory regime and market activities, especially securities issuance and trading activities in China.

Design/methodology/approach

This article starts from a historical overview of the Securities Law and its several revisions and amendments, highlights the notable core revisions in the Securities Law 2019, analyzes the key legal and regulatory impacts to the securities-related activities and market players, and finally, provides an outlook to the future developments of securities regulatory regime in conformity with the Securities Law 2019.

Findings

This article concludes that the revisions made to the Securities Law 2019 cover a broad range of issues including the issuance and trading of securities, acquisition of a listed company, information disclosure, securities registration and settlement, etc. Such revisions to the Securities Law will lead to far-reaching and profound implications on the securities regulatory system and industry practice in China.

Practical implications

The Securities Law 2019 attracts broad attention from securities market players as well as relevant professionals of the industry, including securities lawyers. As this is a novel and hot topic within the industry, it is important for securities lawyers to keep on track.

Originality/value

High-level guidance from experienced lawyers in the Capital Markets and Financial Regulation practices.

Details

Journal of Investment Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1528-5812

Keywords

To view the access options for this content please click here
Article
Publication date: 17 August 2020

Rui Liu, Wanzhong Zhao, Zhenyu Wang and Xiaqing Liu

This study aims to contrastively investigate the effects of biodiesel and diesel on the power, economy and combustion characteristics of a compression ignition aviation…

Abstract

Purpose

This study aims to contrastively investigate the effects of biodiesel and diesel on the power, economy and combustion characteristics of a compression ignition aviation piston engine for unmanned aerial vehicles.

Design/methodology/approach

Biodiesel used as alternative fuel will not be mixed with diesel during experimental study. Pure diesel fuel is used for the comparative test. Same fuel injection strategies, including pilot and main injection, are guaranteed for two fuels in same test points.

Findings

The engine-rated power of biodiesel is lower than diesel, which results in higher specific fuel combustion (SFC) and effective thermal efficiency (ETE). Biodiesel has the faster burning rate, shorter combustion duration. The crank angle of 50% mass fraction burned (CA50) is earlier than diesel. The ignition delay angle of biodiesel and diesel in the pilot injection stage is almost the same at high engine speed. As the speed and load decrease, the ignition delay angle of biodiesel in the pilot injection stage is smaller than diesel. At 100% high load conditions, the fuel-burning fraction of biodiesel in the pilot injection is the same as diesel. The peak heat release rate (HRR) of biodiesel is slightly lower than diesel. At 20% part load conditions, the fuel-burning fraction of biodiesel in the pilot injection stage is lower than diesel. Because of the combustion participation of unburned pilot injected fuel, the peak HRR of biodiesel in the main injection is equal to or even higher than diesel.

Originality/value

The application feasibility of alternative fuel and its effects on aviation engine power, economy and combustion characteristics will be evaluated according to the “drop-in“ requirements and on the low-cost premise without changing the aviation engine structure and parameters.

Details

Aircraft Engineering and Aerospace Technology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1748-8842

Keywords

Abstract

Details

Journal of Chinese Human Resource Management, vol. 4 no. 2
Type: Research Article
ISSN: 2040-8005

Keywords

To view the access options for this content please click here
Article
Publication date: 1 December 2005

Michael E. Drew, Tony Naughton and Madhu Veeraragavan

In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock…

Abstract

In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We also investigate the explanatory power of idiosyncratic volatility and respond to the claim that multi factor model findings can be explained by the turn of the year effect. Our results show that firm size, book to market equity and idiosyncratic volatility are priced risk factors in addition to the theoretically well specified market factor. As far as the turn of the year effect is concerned we reject the claim that the findings are driven by seasonal factors.

Details

Managerial Finance, vol. 31 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 2004

JOHN R. AULERICH

In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is…

Abstract

In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is essential to yield a fair and unbiased evaluation of the manager. In the following analyses, category‐based benchmarks are assessed against established benchmarks to evaluate, which alternative accurately evaluates a portfolio manager's performance. The results indicate that the category‐based benchmarks are more appropriate comparison reference for evaluating the systematic risk of equity portfolios and equity security returns.

Details

Studies in Economics and Finance, vol. 22 no. 1
Type: Research Article
ISSN: 1086-7376

To view the access options for this content please click here
Article
Publication date: 23 September 2013

Tianshu Zhang and Jun Huang

The purpose of this paper is to observe listed firms in China during the 2008 financial crisis and investigates how group affiliation affects firm value when the economy…

Abstract

Purpose

The purpose of this paper is to observe listed firms in China during the 2008 financial crisis and investigates how group affiliation affects firm value when the economy turns down. The paper focusses the study on answering the following questions: during the crisis, do affiliated firms have higher or lower stock returns than independent firms? Does corporate governance relate to the value of group firms? How does group affiliation influence firm value? Does performance of affiliated entrepreneurial firms differ from affiliated state-owned enterprises (SOEs)?

Design/methodology/approach

The paper uses non-parametric tests and regression analysis on a sample of 1,469 Chinese listed companies to investigate the research questions.

Findings

Affiliated firms have lower stock returns than independent firms by 1.91 percent during September to December of 2008. This poor performance is even worse for firms seriously shocked by the crisis. Good corporate governance can mitigate the negative effects of group affiliation on firm value. The lower valuation of affiliated firms lies in the fact that controlling shareholders undertake more related party transactions at the expense of minority shareholders. Finally, although business groups can provide internal financing for entrepreneurial firms in China, affiliated entrepreneurial firms experience a larger value decrease than affiliated SOEs due to the conflict interest between controlling and minority shareholders.

Originality/value

This research provides unique evidence about the performance of group-affiliated firms during the 2008 financial crisis and documents the mechanisms through which group affiliation influences firm value.

Details

International Journal of Managerial Finance, vol. 9 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

To view the access options for this content please click here
Article
Publication date: 26 July 2019

Zongjun Wang and Zhenyu Jiang

The purpose of this paper is to investigate how R&D originality functions in an open innovation process after the introduction of knowledge spillovers (KSs).

Abstract

Purpose

The purpose of this paper is to investigate how R&D originality functions in an open innovation process after the introduction of knowledge spillovers (KSs).

Design/methodology/approach

To examine the research framework, the authors use hierarchical regression based on questionnaire data from 211 emerging enterprises in China.

Findings

Consistent with the proposed framework, the authors find that the KS effect mediates the positive relationship between openness and innovation performance. In addition, R&D originality weakens the impact of the KS effect on innovation performance.

Research limitations/implications

One limitation is that the questionnaire survey the authors choose for data collection has some natural defects; furthermore, the testing method and research framework need to be improved.

Practical implications

Several implications of the findings for managerial practices are discussed.

Originality/value

First, the research expands the existing theoretical construct by introducing the KS effect into the open innovation process; second, the authors reveal the negative impact of R&D originality on the open innovation process.

Details

European Journal of Innovation Management, vol. 23 no. 4
Type: Research Article
ISSN: 1460-1060

Keywords

To view the access options for this content please click here
Article
Publication date: 10 June 2019

Bingqi Li, Zhenyu Zhang, Xiaogang Wang and Xiaonan Liu

The behavior of joints has a significant effect on the stability of water conveyance tunnel. The purpose of this paper is to study the contact and friction at the joint of…

Abstract

Purpose

The behavior of joints has a significant effect on the stability of water conveyance tunnel. The purpose of this paper is to study the contact and friction at the joint of the tunneling segment lining and establish its contact friction model. At the same time, the stress and deformation characteristics at the joint of the segment under hydrostatic load are analyzed.

Design/methodology/approach

In this study, the contact and friction in a bolted joint are examined using shear testing. The feasibility of the proposed model is verified by a numerical simulation of tests and a theoretical analysis. Accordingly, the effect of joints on the lining is explored under internal hydrostatic loading.

Findings

The results show that the openings of tunnel segments in joints gradually expand from the positions of the inner and outer edges to the location of the bolt. Moreover, the stress concentration zone is formed at the bolt. Under hydraulic loading, the opening displacement at the joint increases as the water pressure increases; nevertheless, it does not exceed engineering requirements. When the water pressure of the tunnel lining joint reaches 0.5 MPa, the opening of the joint slowly increases. When the water pressure exceeds 0.7 MPa, the opening of the joint rapidly and significantly increases.

Originality/value

Contact and friction in a bolted joint were examined using shear testing. A cohesive zone model of bolted joints was proposed based on test results. The influence of joint behavior on the stability of water conveyance tunnel was studied.

Details

Engineering Computations, vol. 36 no. 5
Type: Research Article
ISSN: 0264-4401

Keywords

To view the access options for this content please click here
Article
Publication date: 15 May 2017

Zhenyu Li, Bin Wang, Haitao Yang and Hong Liu

Rapid satellite capture by a free-floating space robot is a challenge problem because of no-fixed base and time-delay issues. This paper aims to present a modified target…

Abstract

Purpose

Rapid satellite capture by a free-floating space robot is a challenge problem because of no-fixed base and time-delay issues. This paper aims to present a modified target capturing control scheme for improving the control performance.

Design/methodology/approach

For handling such control problem including time delay, the modified scheme is achieved by adding a delay calibration algorithm into the visual servoing loop. To identify end-effector motions in real time, a motion predictor is developed by partly linearizing the space robot kinematics equation. By this approach, only ground-fixed robot kinematics are involved in the predicting computation excluding the complex space robot kinematics calculations. With the newly developed predictor, a delay compensator is designed to take error control into account. For determining the compensation parameters, the asymptotic stability condition of the proposed compensation algorithm is also presented.

Findings

The proposed method is conducted by a credible three-dimensional ground experimental system, and the experimental results illustrate the effectiveness of the proposed method.

Practical implications

Because the delayed camera signals are compensated with only ground-fixed robot kinematics, this proposed satellite capturing scheme is particularly suitable for commercial on-orbit services with cheaper on-board computers.

Originality/value

This paper is original as an attempt trying to compensate the time delay by taking both space robot motion predictions and compensation error control into consideration and is valuable for rapid and accurate satellite capture tasks.

Details

Industrial Robot: An International Journal, vol. 44 no. 3
Type: Research Article
ISSN: 0143-991X

Keywords

To view the access options for this content please click here
Article
Publication date: 1 November 2019

Yilin Zhang, Zhenyu Cheng and Qingsong He

For the developing countries involving in the Belt and Road Initiative (BRI) with China as the main source of foreign development investment (FDI) and development as the…

Abstract

Purpose

For the developing countries involving in the Belt and Road Initiative (BRI) with China as the main source of foreign development investment (FDI) and development as the top priority, it appears to attract more and more attention on how to make the best use of China’s outward foreign development investment. However, the contradictory evidence in the previous studies of FDI spillover effect and the remarkable time-lag feature of spillovers motivate us to analyze the mechanism of FDI spillover effect. The paper aims to discuss this issue.

Design/methodology/approach

The mechanism of FDI spillovers and the unavoidable lag effect in this process are empirically analyzed. Based on the panel data from the Belt and Road developing countries (BRDCs) and China’s direct investments (CDIs) from 2003 to 2017, the authors establish a panel vector autoregressive model, employing impulse response function and variance decomposition analysis, together with Granger causality test.

Findings

Results suggest a dynamic interactive causality mechanism. First, CDI promotes the economic growth of BRDCs through technical efficiency, human capital and institutional transition with combined lags of five, nine and eight years. Second, improvements in the technical efficiency and institutional quality promote economic growth by facilitating the human capital with integrated delays of six and eight years. Third, China’s investment directly affects the economic growth of BRDCs, with a time lag of six years. The average time lag is about eight years.

Originality/value

Based on the analysis on the mechanism and time lag of FDI spillovers, the authors have shown that many previous articles using one-year lagged FDI to examine the spillover effect have systematic biases, which contributes to the research on the FDI spillover mechanism. It provides new views for host countries on how to make more effective use of FDI, especially for BRDCs using CDIs.

Details

International Journal of Emerging Markets, vol. 15 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

1 – 10 of 44