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The smoothness of the high-speed railway (HSR) on the bridge may exceed the allowable standard when an earthquake causes vibrations for HSR bridges, which may threaten the safety of running trains. Indeed, few studies have evaluated the exceeding probability of rail displacement exceeding the allowable standard. The purposes of this article are to provide a method for investigating the exceeding probability of the rail displacement of HSRs under seismic excitation and to calculate the exceeding probability.

In order to investigate the exceeding probability of the rail displacement under different seismic excitations, the workflow of analyzing the smoothness of the rail based on incremental dynamic analysis (IDA) is proposed, and the intensity measure and limit state for the exceeding probability analysis of HSRs are defined. Then a finite element model (FEM) of an assumed HSR track-bridge system is constructed, which comprises a five-span simply-supported girder bridge supporting a finite length CRTS II ballastless track. Under different seismic excitations, the seismic displacement response of the rail is calculated; the character of the rail displacement is analyzed; and the exceeding probability of the rail vertical displacement exceeding the allowable standard (2mm) is investigated.

The results show that: (1) The bridge-abutment joint position may form a step-like under seismic excitation, threatening the running safety of high-speed trains under seismic excitations, and the rail displacements at mid-span positions are bigger than that at other positions on the bridge. (2) The exceeding probability of rail displacement is up to about 44% when PGA = 0.01g, which is the level-five risk probability and can be described as 'very likely to happen'. (3) The exceeding probability of the rail at the mid-span positions is bigger than that above other positions of the bridge, and the mid-span positions of the track-bridge system above the bridge may be the most hazardous area for the running safety of trains under seismic excitation when high-speed trains run on bridges.

The work extends the seismic hazardous analysis of HSRs and would lead to a better understanding of the exceeding probability for the rail of HSRs under seismic excitations and better references for the alert of the HSR operation.

The purpose of this paper is to identify the influence of homophily and social identity in eWOM adoption and influence on music consumption in streaming platforms. The study also proposes a framework for eWOM influence on product consumption.

Data were collected through an electronic questionnaire with a total of 524 valid responses. A partial least square methodology was used to approach the data analysis.

The findings indicate that both homophily and social identity have an influence on eWOM effect. Additionally, homophily shows influence on social identity being an important value to the total influence. It is also confirmed how eWOM has direct influence on music consumption.

Social information of consumers becomes more relevant than ever, as the results contribute to highlight its importance as a message adoption influencer and product consumption driver.

This study contributes to social communication theory by identifying homophily and social identity as valuable assets during eWOM generation. The research brings a new angle to social identity theory in the social network environment and influences eWOM adoption in music streaming consumption.

El propósito de este estudio es identificar la influencia de la homofilia y la identidad social en la adopción de eWOM y su influencia en el consumo de música en plataformas de streaming. El estudio también propone un marco para la influencia de la eWOM en el consumo de productos.

Los datos se recopilaron a través de un cuestionario electrónico con un total de 524 respuestas válidas. Se utilizó una metodología de Mínimos Cuadrados Parciales para abordar el análisis de datos.

Los hallazgos indican que tanto la homofilia como la identidad social tienen una influencia en el efecto de la eWOM. Además, la homofilia muestra influencia en la identidad social siendo un valor importante para la influencia total. También se confirma cómo la eWOM tiene influencia directa en el consumo de música.

Este estudio contribuye a la teoría de la comunicación social identificando la homofilia y la identidad social como activos valiosos durante la generación de eWOM. La investigación aporta un nuevo enfoque a la teoría de la identidad social en el entorno de las redes sociales e influye en la adopción de eWOM en el consumo de música en streaming.

La información social de los consumidores se vuelve más relevante que nunca, ya que los resultados contribuyen a resaltar su importancia como influenciador en la adopción de mensajes y como impulsor del consumo de productos.

本文旨在确定同质性和社会认同对电子口碑在音乐流媒体平台上的采纳的影响。研究还提出了一个关于eWOM对产品消费影响的框架。

通过电子问卷收集了524份有效回复, 并采用了偏最小二乘法对数据进行分析。

研究结果显示, 同质性和社会认同对eWOM效果产生影响。此外, 同质性对社会认同产生影响, 对总体影响具有重要价值。另外, 研究还确认了eWOM对音乐消费的直接影响。

本研究通过确认同质性和社会认同在eWOM生成过程中的重要价值, 为社交传播理论做出了重要贡献。研究为社交网络环境下的社会认同理论提供了新的视角,并对音乐流媒体消费中的eWOM采纳产生了影响。

在当前社会环境下, 消费者的社会信息比以往任何时候都更加重要。本研究的结果有助于凸显社会信息在信息采纳和产品消费方面的重要性, 进一步强调了其作为影响因素和驱动力的重要性。

Debt, dividend and investment policy constitutes a company's important financial decisions to determine firm performance. The research emphasizes on the problem of overinvestment, a phenomenon that worsens firm operation. Furthermore, it clarifies the moderation role of debt and dividend policy in mitigating the negative effect of overinvestment on firm performance in the case of Vietnamese listed companies.

The research uses all financial statement of non-financial Vietnamese listed companies on Ho Chi Minh and Hanoi Stock Exchange in the period of 2008–2018. The data are collected from Thomson Reuters Eikon. The final data set is comprised of 669 listed companies. The study measures overinvestment though investment demand function and HP filter. Moreover, the research employs the dynamic model, so it has to apply the SGMM method to deal with the problem of endogeneity caused by the lagged dependent variable.

The research finds that overinvestment is negatively associated with firm performance. Debt or dividend policy separately can moderate the negative effect of overinvestment on firm performance. However, when these two policies are combined, they lessen the positive interaction impact of each policy due to the substitution between debt and dividend policy.

The research may have two limitations. Firstly, the research measures overinvestment indirectly through investment demand function and HP filter. These two measures only help identify the sign that companies may have the problem of overinvestment because we cannot determine whether they overinvest or not in reality. Secondly, when using interaction variables, the problem of multicollinearity may be higher, and this may adjust the signs and significance level of variables in the models.

Practically, the research proposes three policy recommendations. Firstly, a company can exploit debt or dividend policy to limit excessive free cash flow in order to constrain the problem of overinvestment. Secondly, a company should enhance its corporate governance to resolve agency problems. Thirdly, the government should make the financial sector more transparent and effective to improve monitoring functions of various parties in the capital market.

Overinvestment sometimes can cause social issues. Overinvestment means that companies make ineffective investment. If they continue this situation over a long time, companies may have financial distress or even go bankruptcy. As a result, it will slow down economic growth and increase unemployment in the economy.

The research is supposed to make two great contributions to the existing empirical studies in two aspects. Firstly, it is the first attempt to take into consideration the interaction between overinvestment and financial policies. Secondly, it helps enhance the fundamental stance of the agency theory, which supports the interdependence of debt, dividend and investment policy.

This study aims to propose a vertical coupling dynamic analysis method of vehicle–track–substructure based on forced vibration and use this method to analyze the influence on the dynamic response of track and vehicle caused by local fastener failure.

The track and substructure are decomposed into the rail subsystem and substructure subsystem, in which the rail subsystem is composed of two layers of nodes corresponding to the upper rail and the lower fastener. The rail is treated as a continuous beam with elastic discrete point supports, and spring-damping elements are used to simulate the constraints between rail and fastener. Forced displacement and forced velocity are used to deal with the effect of the substructure on the rail system, while the external load is used to deal with the reverse effect. The fastener failure is simulated with the methods that cancel the forced vibration transmission, namely take no account of the substructure–rail interaction at that position.

The dynamic characteristics of the infrastructure with local diseases can be accurately calculated by using the proposed method. Local fastener failure will slightly affect the vibration of substructure and carbody, but it will significantly intensify the vibration response between wheel and rail. The maximum vertical displacement and the maximum vertical vibration acceleration of rail is 2.94 times and 2.97 times the normal value, respectively, under the train speed of 350 km·h⁻¹. At the same time, the maximum wheel–rail force and wheel load reduction rate increase by 22.0 and 50.2%, respectively, from the normal value.

This method can better reveal the local vibration conditions of the rail and easily simulate the influence of various defects on the dynamic response of the coupling system.

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the implicit government guarantees and promote the development of the high-risk bond market.

This paper exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance market can be analyzed.

This paper reveals that bond issuance credit spreads increase and is more sensitive to firm size, profitability and downside risk of issuance entity after the introduction of bankruptcy courts. It also reveals a substantive increase in bond issuance quantity and a decrease in issuer credit ratings following the establishment of bankruptcy courts. In addition, the increase of credit spreads is more prominent for publicly traded bonds, those whose issuers located in provinces with lower judicial confidence, bonds issued by SOEs and bonds with stronger government guarantees. Finally, the role of bankruptcy courts is more pronounced in regions with higher marketization.

This paper relates to previous studies that investigate the impact of laws and institutions on external financing. It helps provide new evidence to this literature on how improvements of efficiency and quality in bankruptcy enforcements relate to the marketization of bond issuance. The results provide further evidence on legal institutions and bond financing.

Keberkesanan penyampaian sesuatu maklumat memerlukan individu, alat mahupun saluran yang unggul dan bersesuaian. Usaha ini haruslah dirancang dan dipertimbangkan dengan teliti oleh pihak tertentu agar setiap apa yang ingin disampaikan dan dilaksanakan itu dapat diberigakan dengan mudah dan berkesan. Dari itu, penggunaan bahasa retorik dilihat sebagai batu loncatan yang memberikan keyakinan dan tahap keberkesanan yang tinggi bagi sesebuah wacana yang disampaikan tersebut. Kewibawaan retorik sebagai seni yang mempengaruhi bukan sahaja berperanan untuk memperkukuhkan kekuasaan mahupun mempengaruhi fikiran dan emosi orang lain namun sebaliknya mampu menstimulasikan keseimbangan hubungan sosial yang terbentuk melalui sistem pemerintahan sesebuah negara. Melalui penyelidikan ini, setiap ciri khas retorik dapat diketengahkan dengan menghuraikan peranan dan fungsi-fungsi yang dimainkan oleh jenis-jenis retorik dalam penulisan sesebuah wacana. Hal ini khusus bagi mengilustrasikan idea, gagasan mahupun suatu fakta terhadap sesuatu pendekatan dengan cara yang kreatif dan terbaik. Di samping itu, keutamaan bagi penerapan bahasa retorik dalam perutusan kerajaan seharusnya dapat diperkasakan sewajarnya dengan menjadikannya sebagai anjakan paradigma ke arah perpaduan dan nilai kesaksamaan dalam masyarakat. Justeru, kajian ini memanfaatkan Teori Retorik Moden oleh Enos dan Brown (1993) sebagai landasan utama dalam menganalisis sejumlah 20 perutusan rasmi berkaitan jangkitan covid-19 di Negara Brunei Darussalam. Berdasarkan pemerhatian dan penganalisisan yang dijalankan, hanya empat jenis retorik yang diaplikasikan dalam wacana tersebut. Kesimpulan statistik merangkumi 34% teknik pendedahan, 30% teknik penerangan, 33% teknik pemujukan dan hanya 3% bagi teknik penghujahan. Dapatan penyelidikan ini membuktikan bahawa penggunaan bahasa retorik dalam perutusan rasmi kerajaan adalah amat penting dalam memperkukuhkan sistem pemerintahan negara serta mampu melestarikan cara hidup yang relevan dan berkualiti.

The effectiveness of delivering information requiresindividuals, tools or channels that are superior and appropriate. This effort must be planned and considered carefully so that everything that is to be conveyed and implemented can be conveyed easily and effectively. Therefore, the use of rhetorical language is regarded as a stepping stone that provides confidence and a higher level of effectiveness. `Rhetoric as an influential art not only plays a role in strengthening power or influencing the thoughts and emotions of others but also stimulate sthe balance of social relations. Through this research, each rhetorical feature is highlighted to discuss its role and functions in the discourse. Using Enos and Brown’s Modern Rhetorical Theory (1993), a total of 20 official conferences on the latest developments of the spread of covid-19 infection were discussed. Findings have shown that there were four main types of rhetoric, i.e. Statistical conclusions which include 34% of expository techniques, 30% of descriptive, 33% of persuasion and only 3% for argumentation techniques. This also implies that rhetoric language is very important in ensuring the dissemination of knowledge among the institution and people is effective and and transparent.