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Aiming at the unbalancing problem of the neutral equilibrium characteristic for balance hoist in the loading process, the purpose of this paper is to establish a dynamic equation for multi-body using the Lagrange method. It is not difficult to find that the deformation of the boom system has a great influence on the stability of the whole system, through the simulation analysis of the multi-rigid-body system model.

Aiming at the unbalancing problem of the neutral equilibrium characteristic for balance hoist in the loading process, the dynamic equation for multi-body is established by Lagrange method. It is not difficult to find that the deformation of the boom system has a great influence on the stability of the whole system, through the simulation analysis of the multi-rigid-body system model.

Result shows that different weights have a great influence on the force deformation and vibration of the boom system of balance hoist. With the increase in lifting weight, the force and deformation of the boom system increase; lead to balance hoist unique with characteristics of indifferent equilibrium, proportional amplification, labor-saving operation will be lost, easy to cause the imbalance of balance hoist. Therefore, the appropriate increase in the basic length of the compression bar, reduction in the basic length of the tension rod and the increase stiffness of the boom system can improve the stability of balance hoist, which provides a reference for the optimization and manufacture of the balance hoist structure.

The simulation model was established by analyzing the working principle and the load condition of the balance hoist, and the simulation and dynamic characteristics of three typical working conditions are analyzed by using ADAMS; result shows that different weights have a great influence on the force deformation and vibration of the boom system of balance hoist. With the increase in lifting weight, the force and deformation of a boom system increase, lead to balance hoist unique with characteristics of indifferent equilibrium, proportional amplification, labor-saving operation will be lost, easy to cause the imbalance of balance hoist.

The purpose of this paper is to examine the population of Chinese state‐owned enterprises (SOEs) listing A‐ (Chinese Mainland) and H‐ (Hong Kong) shares with a view to explaining differential pricing across the two stock types.

Despite the fact that both A‐ and H‐shares carry ostensibly the same shareholder benefits, when issued by a given SOE, major pricing differences are apparent. The behaviour of such prices for 20 quarters spanning January 2001 to December 2005 was examined. During this period, a marked contraction in the mean A‐ to H‐price relative occurred, whereby A‐prices generally softened and H‐prices soared.

It was noted that that the principal factors relevant to the contraction in the A‐ to H‐share price relative relate to two issues: first, an enveloping risk premium centring on state‐share disposal fears, and second, the firming of expectations surrounding the likely deployment of a qualified domestic institutional investor (QDII) scheme.

Modelling of changing expectations, especially in relation to uncertain policy deployment, is an invidious task. Measurement of such expectations is obviously strewn with difficulties.

As pertinent factors largely hinge on the deliberations of the PRC state, the analysis herein provides useful input into how policy can either wittingly or unwittingly shape general share price movements. Such insights are especially important given the evolving nature of the Chinese economy.

This paper aims to offer an empirical study of the impact of institutional quality on the banking system risk and credit risk.

Applying cross-sectional dependent tests and stationary tests to check the property of our sample, the panel corrected standard errors model is recruited as the main estimator, while feasible generalized least squares, pool ordinary least squares (OLS), robust pool OLS and other estimators are used as a robustness check for an unbalanced panel data for 56 economies divided into three subsamples between 2002 and 2015.

The empirical results show several significant contributions. First, an improvement in institutional quality is an important factor to reduce the banking system risk. This effect of the institutions is less important in well-capitalized, highly profitable and in high-economic growth countries. This effect is also stronger in highly liquid banking systems. Notably, a better institutional quality helps to reduce the banking system risk in the highly concentrated banking system. Second, institutional quality has a significant negative relationship with the banking credit risk, especially in highly concentrated banking systems and in high-growth countries. This influence is weaker in highly liquid and well-capitalized banking systems. Finally, better institutions reduce the positive effect of trade openness, but it induces a higher credit risk for the banking system from the trade openness. Notably, a better institutional quality enhances the negative effect of foreign direct investment (FDI) inflow on both banking system risk and credit risk. These findings are documented for a global sample and three subsamples: low and lower-middle-income economies, upper-middle-income economies and high-income economies.

This study provides some recommendations, for policymakers, on the roles of institutions in the banking system and financial stability.

There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior studies are confined to the US and the European cases. The spinoff problems in Hong Kong are surprisingly under‐studied despite its important role as a global center of capital formation. In this paper, we find that there is a short‐run value creation for the Hong Kong spinoffs. However, the financial health of the spinoff companies, measured by various financial ratios, tends to deteriorate in the long‐run. In general, Hong Kong spinoffs generate negative returns to investors.

This chapter examines the nexus between the between tourism growth and income inequality in the top 10 tourist destinations in the world by using the advanced econometric technique namely quantile-on-quantile (QnQ). This approach combines the two approaches, that is, the nonparametric estimation and quantile regression and regresses the quantile of the tourism growth onto income inequality quantiles, thus enabling the effect of the income inequality on across different conditional tourism growth distribution. It also allows to explain a comprehensive picture of the overall interdependence and nonlinear relationship between the examined variables. The result from QnQ approach shows a negative association between income inequality and tourism growth, however, the country-specific analysis shows wide variations within and across different quantiles of variables. Notably, on the one hand, a strong negative association between the variables is found in China, France, Spain, Italy, Russia and the USA implying that tourism expansion minimizes the income inequality. On the other hand, a strong positive association is noted in Germany, Turkey, Mexico and the UK, which means that growth in tourism widens the income inequality. These outcomes provide important policy direction for tourism management in the respective countries.

An important aspect of an academic curriculum in higher learning institutions for technical disciplines is the industrial internship programme for students. The purpose of this paper is to investigate students’ perception of the effectiveness of an industrial internship programme offered by a private technological university in Malaysia.

Utilising a case study approach, the data for this study were collected though a survey questionnaire. The questionnaire gauged students’ perception of their eight‐month internship programme.

The students rated the industrial internship programme favorably. Generally, students viewed the learning through practical experience during the internship positively. In addition, factors related to the organisers’ operational and administrative efforts and the role played by the host company were also identified as important in determining the success of the industrial internship programme.

Industrial internship programmes in respective universities vary according to various needs. By sharing the findings in this case study, other institutions with similar or different industrial internship programmes can benefit from the information discussed in this paper.

In observational data, access to information is associated with lower levels of corruption. This chapter reviews a small but growing body of work that uses field experiments to explore the mechanisms behind this relationship. We present a typology for understanding this research based on the type of corruption being addressed (political vs. bureaucratic), the mechanism for accountability (retrospective vs. prospective), and the nature of the information provided (factual vs. prescriptive). We describe some of the tradeoffs involved in design decisions for such experiments and suggest directions for future research.

A number of Chinese firms have dual-listed in USA and China. The US listing takes the form of American Depositary Receipts (ADRs) whereas the China listing in the form of A-shares. Though ADRs and their underlying A-shares lack full fungibility due to regulatory constraints, they nevertheless represent the same claiming rights and hence should be affected by the same fundamentals or news. The purpose of this paper is to examine the mutual return influences between ADRs and A-shares of dual-listed Chinese firms, and whether and how the recent global financial crisis has altered the mutual feedback dynamics.

The paper uses the bivariate VAR approach to model the returns of ADRs and A-shares. The model is jointly estimated with the three-stage least squares (3SLS) method. It also accounts for the non-synchronous trading problem caused by the fact that the Chinese and US markets are located in different time zones and that the two market observe different national and religious holidays.

The authors find significant mutual return transmissions between ADRs and their A-share counterparts. In the absence of local market sentiments, the return transmission is more prevalent going from USA to China than it is the other way around. After the market factors are included in the models, the information flows between A-shares and ADRs become stronger and bidirectional. Additionally, both ADR and A-share returns are strongly affected by the market sentiment of the marketplace where they are traded. Lastly, the authors find evidence showing that the recent global financial crisis has enhanced the linkage between ADRs and their underlying A-shares.

This paper adopts a more rigorous approach to overcome the potential issue caused by non-synchronous trading. It investigates how the global financial crisis has altered the ADR and A-share return feedback dynamics.

The purpose of this paper is to investigate the impact of short selling and margin trading on the price discovery and price informativeness of cross-listed firms, using a sample of Chinese firms listed on the China and Hong Kong stock exchanges.

The sample consists of 67 Chinese cross-listed firms on A-share and H-share markets out of which 18 firms are allowed to be sold short/ traded on margin since March 2010. Using pre- and post-event period, the authors compare and contrast various market microstructure variables. The contributions of the home (A-share) and overseas (H-share) markets to the incorporation of new information into prices are calculated following the permanent-transitory approach of Gonzalo and Granger (1995) as well as the adverse selection component of Lin et al. (1995).

The findings indicate that for the group of Chinese cross-listed firms that are not allowed to be sold short or bought on margin, the home (A-share) market contributes more to the price discovery process over time. However, for the group of cross-listed firms that are eligible for short selling and margin trading, the authors observe no significant difference in the contribution of either A- or H-share markets to the price discovery. The contribution of home market for these firms is even lower around the announcement of major events. The authors further find that while the short sale activities appears to be informative, measured by the adverse selection (AS) component of spread, on the whole they have not led the A-share markets to be more informative.

The sample of cross-listed Chinese firms that are allowed to be sold short or bought on margin are rather limited. Hence, the results should be read with some caution.

The removal of short selling constraints appears to improve the contribution of the respective markets to the process price discovery, in the case for larger cross-listed firms.

The authors shed new lights on how the introduction of short selling and margin trading impacts on the price discovery of the Chinese cross-listed firms. A further contribution of the study is the use of high frequency data, while most of the previous studies on the Chinese markets use daily data.

Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper is to empirically examine the factors affecting the returns and volatility of a sample of Chinese single-listed ADRs, in comparison with traditional Chinese ADRs.

The methods used in this paper are similar to those used in the examination of traditional or dual-listed Chinese ADRs. However, motivated by the very nature of single-listed ADRs, the authors estimate a base model which includes factors from the two presumably most important markets for single-listed Chinese ADRs (i.e. the Chinese and US markets). In all of the estimations, the authors follow a two-step procedure. First, the authors estimate a GARCH(1,1) model with the mean equation modeled as an AR(p) process and from those models estimate GARCH (conditional) variances.

In line with the evidence on traditional Chinese ADRs, the authors find that both the Chinese and the US markets are important predictors of single-listed ADR returns. The results are robust to variations in the model specifications.

Single-listed ADR return behavior is still an under-researched topic. In this paper, the authors contribute to the literature on Chinese single-listed ADRs by empirically examining the determinants of their mean return and volatility.