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The purpose of this paper is to explore the impact of the credit expansion in 2009 and 2010 in China on the capital structure of listed real estate companies.

Chinese listed real estate companies are divided into two groups, state-owned and non-state-owned, because their access to credit markets have different priority to state-owned banks that dominate bank lending. The difference-in-differences approach is employed to test the impact of changes in leverage ratios and loan ratios before and after the credit expansion period in state-owned firms and non-state-owned firms.

Using quarterly panel regressions, the authors find that during the credit expansion period, state-owned companies exhibit a relatively greater increase in leverage ratios than non-state-owned firms. State-owned firms have greater increases in book leverage ratios, market leverage ratios and long-term debt ratios by 5.2, 4.9 and 1.1 per cent, respectively. It is also shown that loan ratios have increased more in state-owned firms than non-state-owned firms during the credit expansion period.

The paper explores only the impacts of credit expansion on capital structure of listed real estate firms in China. Further studies can be conducted to investigate the impact of credit supply on corporate investment decisions of real estate firms and on real estate markets.

The findings can help explain the surge in land and housing prices after 2008 in China. Deng et al. (2015) find that state-owned real estate firms paid more for land price than non-state-owned firms, which contributed to upward pressure on housing prices. This paper shows that such “over-investment” may be due to the increase of debt financing and availability of bank loans to real estate firms. Thus the credit market can affect real estate markets through debt financing at company level.

This paper is the first to investigate the impact of credit supply on capital structure of real estate companies, and presents evidence of the importance of credit supply as a determinant of capital structure.

The increasing flood of documentary information through the Internet and other information sources challenges the developers of information retrieval systems. It is not enough that an IR system is able to make a distinction between relevant and non‐relevant documents. The reduction of information overload requires that IR systems provide the capability of screening the most valuable documents out of the mass of potentially or marginally relevant documents. This paper introduces a new concept‐based method to analyse the text characteristics of documents at varying relevance levels. The results of the document analysis were applied in an experiment on query expansion (QE) in a probabilistic IR system. Statistical differences in textual characteristics of highly relevant and less relevant documents were investigated by applying a facet analysis technique. In highly relevant documents a larger number of aspects of the request were discussed, searchable expressions for the aspects were distributed over a larger set of text paragraphs, and a larger set of unique expressions were used per aspect than in marginally relevant documents. A query expansion experiment verified that the findings of the text analysis can be exploited in formulating more effective queries for best match retrieval in the search for highly relevant documents. The results revealed that expanded queries with concept‐based structures performed better than unexpanded queries or Ñnatural languageÒ queries. Further, it was shown that highly relevant documents benefit essentially more from the concept‐based QE in ranking than marginally relevant documents.

This paper aims to theoretically investigate an online company’s optimal decision on its offline expansion strategy. In the past five years, many large online retailers and internet-based companies such as Amazon, Google, Alibaba, Tencent and JD.com have expanded their offline market but it was observed that they adopted different expansion strategies. Specifically, some of them expand the offline market by acquiring offline retailers, while some do so by purchasing a portion of offline retailer’s stake. This difference leads to a quite different structure in post-expansion market, having an impact on profit, consumer surplus and social welfare. The goal of this paper is to model such expansion strategies in a general way and complete studies on profits and welfare.

By constructing a Salop model with two offline retailers and one online company, this paper analyzes the case where the online company can expand its offline market by either acquiring or jointing (e.g. stakeholding) with one offline retailer. The former strategy (named Strategy A) allows the online company to fully control and capture residual claims of the offline retailer. With the adoption of the latter strategy (named Strategy C), on the other hand, the online company can obtain a fixed proportion of its offline partner’s quasi rent. In the price competition, the online company chooses its optimal offline expansion strategy by predicting its profit in the post-expansion market.

This paper found that the equilibrium crucially depends on the synergy effect due to online–offline integration, and such synergy also influences both consumer and social welfare. This study shows the various conditions on the synergy that affect an online company moves toward offline markets. Accordingly, this finding can assist online companies with or without retailing business to choose an optimal strategy when expanding offline markets. Moreover, by doing some necessary welfare analysis, this study shows that the online company’s offline expansion is not always benefiting consumers nor be socially desirable, which may shed some lights on the possible competition policy in the case where online companies practice in offline expansion.

Different from conventional wisdom in online-offline integration, the theory indicates that the offline expectation of online company may not always benefit consumers nor be socially desirable. Moreover, the findings also shed some lights on the possible competition policy in the case where online companies practice in offline expansion.

As companies grow and increase the number of products they have on offer, they generally change and adapt their organizational structures, in order to arrange their resources and product mix in ways that will create value. We analyze various corporate structures that have been adopted by U.S., European, and Japanese companies, in the context of the resource‐based view of the firm. These corporate structures include functional, divisional, conglomerate diversification, core competence‐based diversification, and keiretsu. We also identify an emerging structure. This recent development is a network of alliances, aimed at pursuing economies of scale, scope, and speed.

Personal and portable electronic devices are becoming an important part of the everyday lives. Electronics miniaturization has been and continues to be the most important driver in this development. The current level of miniaturization has made the use of solder joints challenging and new methods, such as adhesive attachments, have been developed. The applicability of these methods depends crucially on their long‐term reliability. Typical failures mechanisms in adhesive connection include cracking, open joints and delamination. Moisture is the principal cause of failures in adhesive attachments. The purpose of this paper is to examine the long‐term effects of moisture and extended temperature on non‐conductive adhesive (NCA) attachments.

Moisture and extended temperature on NCA attachments are examined by strength tests and by finite element models.

The increase in temperature and moisture induces stresses on the interface of the adhesive and the chip. In the experiments, it is found that the adhesion strength of the adhesive decreased as a function of the time for which the samples are in a humid environment. Failures due to delamination are seen to be the result of these two mechanisms.

Reduction of pitch causes manufacturing problems in direct solder attachments. This paper examines a promising technique to overcome this problem by using adhesive attachment. Instead of solder joints in flip chip attachment, the chips can be attached to the substrate, or components can be attached to a printed wiring board, with adhesives.

Current conceptualizations of born‐globals lack a full theoretical explanation of strategic re‐structuring through the use of outward and inward‐oriented activity and the processes of de‐internationalization and re‐internationalization. Strategy and internationalization processes are created by entrepreneurial behaviour. If one wants to understand various international behaviours and strategic changes in firms one needs to focus on entrepreneurs – individual managers. The purpose of this paper is to unify the theoretical framework on born‐globals by addressing two questions. How do managers move through the de‐internationalization (exit) to re‐internationalization (re‐entry) process? How do they choose their patterns of internationalization?

To address these research gaps, this study draws on 26 in‐depth interviews with senior managers across nine Australian born‐globals.

Moving between outward and inward‐oriented activity as they de‐internationalize and re‐internationalize is used as proactive strategic re‐structuring by born‐global managers for survival during periods of global economic decline or changing competitive conditions.

This study provides new theoretical insights where the entrepreneur is central to the internationalization process and provides practical implications for those involved in international business and marketing.

In the present article, the authors have conducted a review on some of the recent developments given in the literature pertaining to the passive protection of concrete structures using intumescent coatings. Here, the main thrust is placed on the spalling phenomenon of concrete elements when exposed to elevated temperatures and fires.

In this context, it has been long established that prolonged thermal insult on concrete members will lead to egress of water, both physically bound as well as those present as water of hydration within the concrete matrix, in the form of steam through microchannels and associated pathways of least resistance, often resulting in the flaking of the surface of the structure. The latter process can ultimately lead to the exposure of the ferrous-based reenforcement elements, for instance, to higher temperatures, thus inducing melting. This, in turn, can result in substantial loss of strength and load-bearing capacity of the structural element that is already undergoing disintegration of its base matrix owing to heat/fire. Even though spalling of concrete structures has long been recognized as a serious problem that can often lead to catastrophic failure of infrastructures, such as buildings, bridges and tunnels, the utility of intumescent coating as a mitigation strategy is relatively new and has not been explored to its fullest possible extent. Therefore, in the latter parts of the review, the authors have endeavored to discuss the different types of intumescent coatings, their modes of actions and, in particular, their wider applicability in terms of protecting concrete elements from detrimental effects of severe or explosive spalling.

Given that spalling of concrete components is still a very serious issue that can result in loss of lives and destruction of critical infrastructures, there is an urgent need to formulate better mitigating strategies, through novel means and methods. The use of the intumescent coating in this context appears to be a promising way forward but is one that seems to be little explored so far. Therefore, a more systematic investigation is highly warranted in this area, especially, as the authors envisage a greater activity in the building and commissioning of more infrastructures worldwide incommensurate with augmented economic activities during the post-COVID recovery period.

The authors have conducted a review on some of the recent developments given in the literature pertaining to the passive protection of concrete structures using intumescent coatings. The authors have also included the results from some recent tests carried out at the facilities using a newly commissioned state-of-the-art furnace.

Solid freeform fabrication is particularly suitable for fabricating customized parts, but it has not been used for fabricating deployable structures that can be stored in a compact configuration and deployed quickly and easily in the field. The purpose of this paper is to present a methodology for deploying flexible, freeform structure with lattice skins as the deploying mechanism.

A ground structure‐based topology optimization procedure is utilized, with a penalization scheme that encourages convergence to sets of thick lattice elements that are manufacturable and extremely thin lattice elements that are removed from the final structure.

A deployable wing is designed for a miniature unmanned aerial vehicle. A physical prototype of the optimal configuration is fabricated with selective laser sintering and compared with the virtual prototype. The proposed methodology results in a 78 percent improvement in deviations from the intended surface profile of the deployed part.

The results presented in the paper provide proof‐of‐concept for the use of lattice skins as a deployment mechanism. A topology optimization framework is also provided for designing these lattice skins. Potential applications include portable, camouflaged shelters and deployable aerial vehicles.

The purpose of this paper is to show that transmission of information and information storage or registration depends on structures. Structures emerge from coordinated sets of constraints. Complex systems depend on their structures to function. The temporal sequence of changes in the levels of the complex system determines its behavior. These three concepts are intimately linked with the environment. Environment, structure, function and behavior form a complex system–environment unit, which is the operational unit of existence for all open complex systems. Therefore, it becomes a point in the directional propagation of the cause, where stimulus environment becomes a Creaon, and then the Creaon becomes a Genon, becoming in turn the response to the experienced environment. The formation of structures is the main phenomenon of evolution. Evolution can also be accepted as free, in the sense that it does not cost additional deaths.

Mathematical and logical development of the structure and thermodynamics in complex systems.

Based on the above considerations, the authors are going to introduce two fundamental principles in Complex systems Theory: the Matthew Effect and the Principle of Sagan.

But as the authors’ purpose is to give a formal definition of a complex system from a totally theoretical point of view, they establish a relationship between concepts of General Systems Theory, Theory of the Environment, linguistics, Information Theory and thermodynamics.

Electrical energy distribution systems must be low losses systems in order to enhance the system efficiency. Therefore, it is preferred to distribute electrical energy by bus-ducts in the place of cables over all energy levels and decrease the losses. The purpose of this paper is to focus on a comprehensive survey of various aspects of bus-ducts design including electromagnetic, mechanical and thermal. Advantages and disadvantages of different available design techniques are reviewed.

Different works on various bus-based power transmission and distribution systems are reviewed. Generally these are done in three categories including systems modeling methods, heat transfer in the systems, short circuit and electromagnetic force. The attempt is made to provide geometrical and materials specifications in order to present the analyzed system well.

Different types of bus-ducts from used materials, voltage level and insulation types are reviewed. Bus-duct modeling techniques are introduced which can be easily applied for bus-ducts design. Electromagnetic field distribution, thermal pattern inside and outside of the bus-duct in normal and short circuit modes and finally mechanical considerations are dominant factors which must be taken into account in the bus-ducts design. This leads to an optimal design of bus-ducts which prolong the life span of the bus-ducts fixed in the installations.

This paper for the first time systematically reviews the latest state of arts in the design of bus-ducts for efficient electrical energy distribution. It summarizes a variety of design techniques applicable to bus-ducts design.