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This paper aims to investigate the impact of the separation between control and cash flow rights (control-ownership disparity) on the earnings management practices of Chinese firms. The notable features of Chinese firms are those of concentrated ownership and the severe disparity that exists between the control and cash flow rights of controlling shareholders.

This study measures the level of Chinese firms’ earnings management by adopting two different methods of measurement: accrual-based earnings management (AEM) and real activity earnings management (REM). The authors also consider the possible trade-off effects between these two types of measurements. The data set in this study encompasses over 2,000 Chinese firms, using data from 2003 to 2015.

The results indicate that controlling shareholders are more likely to engage in AEM as their cash flow rights are more concentrated, while they are less likely to use REM as the disparity of control-cash flow rights increases. Further, this inverse relationship between REM and control-cash flow rights disparity becomes more pronounced in the case of a low cash flow rights group. As REM generally causes distortions in firms’ operations, it is possible that the controlling shareholders are more likely to constrain the use of REM as the disparity is perceived to grow. This result may indicate a reduced agency problem between controlling and minority shareholders due to the developing and/or existing ownership dispersions, which are mainly driven by recent reforms applied to Chinese capital markets. However, we do not entirely exclude the possibility of other types of expropriations by the controlling shareholders. It appears that the controlling shareholders are still able to exert a significant level of control, even following a substantial ownership dispersion, and they may seek alternative expropriation methods, including but not limited to intercorporate loan or related party transactions as the disparity of control-cash flow rights increases.

Although the Chinese economy is experiencing a series of reforms to infuse market forces into capital markets, little has been known about the effects of ownership-control disparity in Chinese firms. Our findings highlight the importance of the country specific context in this vein of research.

In this study, for the first time, the efficacy of control rods for full suppression of vortex-induced vibrations (VIV) and galloping of an elastically supported rigid square cylinder that vibrates freely in the cross-flow direction is investigated.

To this aim, two small control rods are placed at constant angles of ± 45° relative to the horizontal axis and then the influence of diameter and spacing ratios on the oscillation and hydrodynamic response along with the vortex structure behind the cylinder is evaluated in the form of nine different cases in both VIV and galloping regions.

The performed simulations show that using the configuration presented in this study results in full VIV suppression for the spacing ratios G/D = 0.5, 1 and 1.5 at the diameter ratios d/D = 0.1, 0.2 and 0.3 (D: diameter of square cylinder, G: distance between rods and cylinder, d: diameter of rods). On the contrary, a perfect attenuation of galloping is only achieved at the largest diameter (d/D = 0.3) and the smallest spacing ratio (G/D = 0.5). In general, for both VIV and galloping regions, with increasing diameter ratio and decreasing spacing ratio, the effect of the control rods wake in the vortex street of square cylinder gradually increases. This trend carries on to the point where the vortex shedding is completely suppressed and only the symmetric wake of control rods is observed.

So far, the effect of rod control on VIV of a square cylinder and its amplitude of oscillations has not been investigated.

The area behind the engine/wing junction of conventional civil aircraft configurations with underwing-mounted turbofans is susceptible to local flow separation at high angles of attack, which potentially impacts maximum lift performance of the aircraft. This paper aims to present the design, testing and optimization of two distinct systems of fluidic actuation dedicated to reduce separation at the engine/wing junction.

Active flow control applied at the unprotected leading edge inboard of the engine pylon has shown considerable potential to alleviate or even eliminate local flow separation, and consequently regain maximum lift performance. Two actuator systems, pulsed jet actuators with and without net mass flux, are tested and optimized with respect to an upcoming large-scale wind tunnel test to assess the effect of active flow control on the flow behavior. The requirements and parameters of the flow control hardware are set by numerical simulations of project partners.

The results of ground test show that full modulation of the jets of the non-zero mass flux actuator is achieved. In addition, it could be shown that the required parameters can be satisfied at design mass flow, and that pressure levels are within bounds. Furthermore, a new generation of zero-net mass flux actuators with improved performance is presented and described. This flow control system includes the actuator devices, their integration, as well as the drive and control electronics system that is used to drive groups of actuators.

The originality is given by the application of the two flow control systems in a scheduled large-scale wind tunnel test.

The purpose of this study is to examine the design and implementation of enterprise risk management (ERM) in three large Chinese state-owned enterprises and to develop propositions on integrating ERM, budgetary control system and cash flow stability approach.

This study adopts a field study approach to analyze the risk assessment and risk-return matching of ERM. A field study was carried out over three years from 2008 to 2011 in three Chinese state-owned enterprises. These companies were chosen because less attention has been given to the implementation of ERM in such firms.

First, the authors find that all three companies use budgetary control to identify risks, analyze each risk to determine the potential consequences, determine the acceptable levels of risk, develop a risk mitigation plan and monitor the activities in all business processes that may change the levels of risks continuously. Second, the companies focus on cash flow risks through budgetary control to ensure the stability of cash flows. Finally, the degree of intensity of using budgetary control institutionalization to design and implement ERM has a positive impact on the level of risk acceptance and risk assessment culture.

The findings of this study, however, should be interpreted with caution because this study was conducted in three Chinese state-owned enterprises. To increase the generalizability of the findings, future research is encouraged to replicate this study in different industries, as well as in different countries. Furthermore, future research might also examine the authors’ propositions using a large-scale survey across other regions of the world.

Companies can minimize resistance to change by using budgetary control institutionalization when implementing the ERM. State-owned enterprises can initiate and implement a new risk management system by identifying the potential risks and by developing a risk mitigation plan.

The results of this study will help companies, particularly state-owned enterprises, to improve their performance and become more competitive, which in turn will benefit the society as a whole by performing their risk driver identification, risk driver impact assessment, risk management actions and risk management optimization more effectively.

The authors investigate how the firms use a legitimate system, namely, budgetary control, that is widely accepted and used in China to foster the acceptance and use of ERM. The authors also develop testable propositions of ERM implementation and cash flow stability that will provide useful guidelines for future research.

This study empirically examines the effect of capital controls on the volume and composition of capital flows at aggregated as well as at disaggregated level by different asset classes such as debt, FDI, equity, and derivatives.

Several dynamic panel SYS-GMM models are employed on two sets of unique data on cross-border capital flows and capital control index along with control variables at aggregated and disaggregated level by different asset classes during 1995–2015 for a sample of 31 Asian economies.

Econometric findings suggest that higher capital controls effectively reduce gross capital flows. The reduction in gross capital flows is largely found to be on account of effectiveness of controls on equity flows. However, the impact of controls on overall debt and derivative flows is found to be insignificant. Further, it was found that an increase in direct capital controls disaggregated by inflow and outflow categories significantly reduced the inflow of debt and equity + FDI flows and outflow of equity + FDI and derivative flows. Finally, the study did not find any substitution effect (due to indirect controls) and net effect on capital flows.

Results of such empirical examination may enable governments in respective countries to pursue prudent and rational capital controls as a shield against capital flight and shock transmission.

Preventing capital flight through effective controls has macroeconomic benefits such as maintaining stability in income, growth, interest rate, exchange rate, and employment levels for the society.

The primary contribution of the study is the analysis of effectiveness of capital controls disaggregated by different asset categories such as debt, equity, FDI, and derivatives using two unique recent data sets for a large sample of Asian economies.

The purpose of this paper is to control flow separation over a NACA 4415 airfoil by applying unsteady forces to the separated shear layers using dielectric barrier discharge (DBD) plasma actuators. This novel flow control method is studied under conditions which the airfoil angle of attack is 18°, and Reynolds number based on chord length is 5.5 × 10⁵.

Large eddy simulation of the turbulent flow is used to capture vortical structures through the airfoil wake. Power spectral density analysis of the baseline flow indicates dominant natural frequencies associated with “shear layer mode” and “wake mode.” The wake mode frequency is used simultaneously to excite separated shear layers at both the upper surface and the trailing edge of the airfoil (dual-position excitation), and it is also used singly to excite the upper surface shear layer (single-position excitation).

Based on the results, actuations manipulate the shear layers instabilities and change the wake patterns considerably. It is revealed that in the single-position excitation case, the vortices shed from the upper surface shear layer are more coherent than the dual-position excitation case. The maximum value of lift coefficient and lift-to-drag ratio is achieved, respectively, by single-position excitation as well as dual-position excitation.

The paper contributes to the understanding and progress of DBD plasma actuators for flow control applications. Further, this research could be a beneficial solution for the promising design of advanced low speed flying vehicles.

The purpose of this paper is to compare the effects of two different configurations of plasma streamwise vortex generators (PSVG), including comb-type and mesh-type in controlling flow. This is demonstrated on the NACA 0012 airfoil.

The investigations have been done experimentally at the various electric and aerodynamic conditions. The surface oil flow visualization method has been used to the better understanding of the flow physics and the interaction of the oncoming flow passing over the airfoil and the vortex generated by comb-type PSVG.

This paper demonstrates the potential capabilities of the mesh-type and comb-type PSVGs in controlling flow in unsteady operation. It was found that the vortex generated by the mesh-type PSVG in unsteady operation was an order of magnitude stronger than comb-type PSVG. The flow visualisation technic proved that only a part of the plasma actuator is effective in the condition that the actuator is installed only on a portion of the upper surface of the airfoil.

This paper experimentally confirms the capabilities of the mesh-type PSVG unsteady operation in compare with comb-type PSVG in controlling flow, whereby recommends using mesh-type PSVG in the leading edge in front of comb-type PSVG on the entire wingspan to prevent the stall.

Over the past 25 years, trash, and facilities for the disposal of trash, have been transformed from public “problems” and resources to property. The social process of transformation has been prompted by increased environmental concerns and increasing volumes of trash which, in turn, prompted the development of regional public disposal facilities and large international trash corporations which dominate this multi‐billion dollar industry. This social and economic transformation has been accompanied by change in legal forms that ratify the economic transformations, as suggested by Balbus and Pashukanis, while also creating conflicts and contradictions, as suggested by Chambliss, which are currently the focus of attention in the United States Congress. This paper traces the social and economic transformation which has occurred and analyzes the legal process of ratifying this transformation, primarily in Federal appellate courts, and the current activity in Congress.

This study aims to achieve optimum flow separation control for a road vehicle using a reverse flow fan on rear side.

A full-length reverse flow fan array (fan’s air speed is 50% of the car’s speed) is attached throughout the width of the vehicle at rear edge corner.

The reverse flow fan array positioned at rear edge of car pushes the airflow against the car’s rear window. It creates the recirculation region and alters the pressure distribution. This reduces the lift coefficient by 150%, which becomes the downforce and reduces the drag coefficient by 22%. As the car speed increases, fan speed should also be increased for effective flow control.

This active flow control method for 3D Ahmed car body has been studied computationally at low speed (40 m/s).

This design increases the downforce, thus gives better cornering speed and stability, and decreases the drag which improves fuel efficiency. It can be used for effective flow control of cars (hatchback/sedan). The findings can be applied to the bluff bodies, road vehicles, UAV and helicopter fuselage for flow separation control.

The fan array is attached on car’s rear side, which blows air against the car’s rear window. It alters the pressure distribution and aerodynamics forces favorably. But the existing high-speed fan used in a sports cars sucks the air from bottom and pushes it rearward, which increases both the traction force and drag.