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The purpose of this paper is to examine the relationship between price movements of target firms’ stocks and behaviors of local individual, local institutional and foreign investors in trading target firms’ stocks around mergers and acquisitions announcements in Korea.

This study uses event study methodology and cross-sectional regressions for abnormal returns.

Results reveal that the average abnormal return becomes significantly positive three days prior to the announcement date and becomes insignificant after the announcement date. Results also show that local individual investors tend to sell more intensely prior to announcements for target firms with larger wealth effects. In contrast, foreign investors tend to buy target stocks with larger wealth effects more intensely prior to the announcement date, and then they sell them more intensely in the post-announcement period.

This paper provides evidence that foreign investors are able to identify target stocks with large wealth effects prior to the announcement date and they realize short-term profits by selling them following the announcement.

The purpose of this paper is to detect wound infection by electronic nose (Enose) and to improve the performance of Enose.

Mice are used as experimental subjects. Orthogonal signal correction (OSC) is applied to preprocess the response of Enose. Radical basis function (RBF) network is used for discrimination, and the parameters in RBF are optimized by particle swarm optimization.

OSC is very suitable for eliminating interference and improving the performance of Enose in wound infection detection.

Further research is required to sample wound infection dataset of human beings and to demonstrate that the Enose with proper algorithms can be used to detect wound infection.

In this paper, Enose is used to detect wound infection, and OSC is used to improve the performance of the Enose. This widens the application area of Enose and OSC.

The innovative concept paves the way for the application of Enose.

The purpose of the paper is to propose a new optimization algorithm to realize a synchronous optimization of sensor array and classifier, to improve the performance of E-nose in the detection of wound infection. When an electronic nose (E-nose) is used to detect the wound infection, sensor array’s optimization and parameters’ setting of classifier have a strong impact on the classification accuracy.

An enhanced quantum-behaved particle swarm optimization based on genetic algorithm, genetic quantum-behaved particle swarm optimization (G-QPSO), is proposed to realize a synchronous optimization of sensor array and classifier. The importance-factor (I-F) method is used to weight the sensors of E-nose by its degree of importance in classification. Both radical basis function network and support vector machine are used for classification.

The classification accuracy of E-nose is the highest when the weighting coefficients of the I-F method and classifier’s parameters are optimized by G-QPSO. All results make it clear that the proposed method is an ideal optimization method of E-nose in the detection of wound infection.

To make the proposed optimization method more effective, the key point of further research is to enhance the classifier of E-nose.

In this paper, E-nose is used to distinguish the class of wound infection; meanwhile, G-QPSO is used to realize a synchronous optimization of sensor array and classifier of E-nose. These are all important for E-nose to realize its clinical application in wound monitoring.

The innovative concept improves the performance of E-nose in wound monitoring and paves the way for the clinical detection of E-nose.

This study aims to let researchers sort out the past, look to the future and boost further management research.

This paper takes the exploration of the application of AR in the field of management research as the starting point. Through the combing and induction of AR literature to accurately grasp the essential characteristics of AR, this paper analyzes the application prospects and possible difficulties of AR in the field of management research in China, puts forward specific suggestions and explores the specific path of the transformation of management academic research to practice from the perspective of research methods.

In research methods, empirical research and case studies have become the mainstream research methods, but there is a passive research limitation of “study what happens.” Action research is different from the standpoint of empirical research that is independent of the research object. It no longer simply treats managers as the “object of information acquisition,” but as the subject of participating in the research. Management should be oriented towards the transformation of practice, and action research (AR) that can organically integrate researchers and practitioners is just a “bridge” to break the gap between academia and business circles to establish a cooperative relationship.

This paper takes the exploration of the application of AR in the field of management research as the starting point. Through the combing and induction of AR literature to accurately grasp the essential characteristics of AR, this paper analyzes the application prospects and possible difficulties of AR in the field of management research in China, puts forward specific suggestions and explores the specific path of the transformation of management academic research to practice from the perspective of research methods.

JingWei BIAN is Director of Urban Construction Environment and Resources Committee of Xiamen Municipal People's Congress. He graduated from Tongji University with doctor's degree in urban planning and design. He is Professorate Senior Urban Planner and National Registered Urban Planner. He is a part-time Professor at Xiamen University, Huaqiao University and Jimei University. He has served as President of Xiamen Urban Planning and Design Institute and Deputy Director of Xiamen Planning Bureau. His main research interests are the urban planning theory and design, urban traffic planning, urban and rural planning management and regulations. He has published 4 books and over 50 papers on these topics.

China has recently introduced a new audit law that aims to increase the scope of audit supervision and raise the standards for preventing risks in auditing national public projects. This paper presents a systematic research study on the causes of audit risks in national public projects and discusses the process by which these causes contribute to the emergence of such risks. Furthermore, the paper investigates the core risk sources in various types of national construction project audit. This paper aims to provide theoretical support for auditors of national construction projects in risk avoidance when conducting audits.

In this study, the authors carefully selected five national public audit projects from China and performed a comprehensive analysis of 85 relevant audit documentation. The textual analysis was conducted using Nvivo12 software, and the grounded theory approach was adopted for generalization purposes.

Based on the research results, the findings suggest that there are five key causes contributing to the audit risk of national construction projects: professional competence, risk awareness, management capacity, level of attention and deliberate fraud. The most critical factor identified is management capability, with 59.93% of the data supporting this view. This conclusion was based on an analysis of state-owned enterprises, administrative organs and public institutions. Building upon this, a framework titled “the mechanism of audit risk factors with management capability as the core” was constructed.

This paper employs qualitative analysis methods to examine national construction projects in China, contributing new literature to the theoretical study of audit risk management. The article also provides practical recommendations for auditors on how to mitigate audit risks and improve the quality of audit services in national project governance.

WO₃ particles were prepared by the sol-gel method. Tetraethyl silicate (TEOS) was used to obtain a SiO₂-coated WO₃ nanoparticle. Quantum chemical parameters of oleic acid, triethanolamine, glycerol and methyl pentane as dispersants were theoretically calculated. Tribological properties of SiO₂/WO₃ nanocomposite lubricant were carried out on an MRS-10A four-ball friction and wear tester.

The purpose of this study is to investigate the preparation and tribological properties of SiO₂/WO₃ nanocomposite lubricant.

The obtained SiO₂-coated WO₃ nanoparticle (nano-SiO₂/WO₃) with a particle size of about 70 nm. The calculated adsorption energy of triethanolamine on the surface of the steel ball is 554.6 eV, and triethanolamine is selected as the dispersant. The dispersion effect of SiO₂/WO₃ nanocomposite lubricant is good, which shows that triethanolamine oleate plays a good dispersion role in the preparation of lubricant, which is consistent with the calculation results of the adsorption capacity of dispersant. As a good auxiliary lubricant, SiO₂ can improve the tribological properties and wear resistance of WO₃.

Nanocomposite lubricants have been the focus of research in recent years, which could greatly reduce energy consumption. And the SiO₂/WO₃ exhibited excellent lubrication performance as a lubricant additive. The lubrication mechanism of SiO₂/WO₃ nanocomposite lubricant is the synergistic lubrication mechanism of friction film lubrication and antifriction bearing. This study could provide a certain reference for the practical application of nanocomposite lubricants.

To review one of the earliest Chinese debates on socialism, highlighting the consequent changes in outlook by Sun Yat‐sen and Liang Qichao; and to demonstrate the influence of Western economic writers especially Richard T. Ely, Henry George, and German Bismarckian socialists.

Textual analysis of original Chinese‐language materials with extensive direct quotations (in translation).

Sun initially gave primary attention to land policy, using a (somewhat inconsistent) combination of George's “single tax” and a very different idea of land nationalization. As a result of the debate, however, Sun gave more attention to economic growth, capital formation, and import restriction. Liang initially favored Bismarckian socialism, but moved during the debate to increasing skepticism about a major economic role for government, recognizing the need for entrepreneurship and capital formation.

Existing literature fails to perceive the radical shifts in viewpoint which developed for both Sun and Liang. This is particularly important for Sun, whose later ideas had a major influence on Chinese economic policy after 1927.

The purpose of this paper is to demonstrate by experiments that non‐linear Lamb wave modulation spectrum (NLWMS) will be a good indicator of fatigue cracks in a metallic plate.

A system composed of piezoelectric transducers, arbitrary waveform generator, power amplifier, laser vibrometer, digital oscilloscope and computer has been constructed, and using this system, three samples made of 7075‐T6 aluminium alloy plates are studied, respectively. One is with a fatigue crack, one is with a through hole and the other is intact.

The experimental results show that there are no significant harmonics and sidebands in the intact sample, and there are no modulation frequencies in the drilled‐hole sample. On the contrary, in the cracked sample, there is an abundance of the harmonics and sidebands. Therefore, these new modulation frequency components can be used to indicate the presence of the fatigue crack.

This paper will provide a method for detecting fatigue crack in metallic plates, especially aluminium alloy plates for aerospace applications.

Under the excitation of two different frequency Lamb waves, experiments on 7075‐T6 alloy plates show that new rising modulation frequency components can be used to indicate the presence of the crack. So, the fatigue crack in metallic plates can be detected by NLWMS.