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The purpose of this paper is to develop high-performance Au-coated Ag alloy wires (ACAA wires) and demonstrate the effect of Au coating layers on the bonding performance and oxidation resistance for stable and reliable electronic packaging applications.

ACAA wire with a diameter of approximately 25 µm and Au layer thickness of approximately 100 nm were prepared by the continuous casting, plating and wire drawing method. The bonding performance of the ACAA wires were studied through bonding on 3,535 chips. The oxidation resistance of ACAA wires and Ag alloy wires (AA wires) were comparatively studied by means of chemical oxidation tests, accelerated life tests and electrochemical tests systematically.

ACAA wires could form axi-symmetrical spherical free air balls with controllable diameter of 1.5∼2.5 times of the wire diameter after electric flame-off process. The ball shear strength of ACAA wire was higher than that of AA wires. Most importantly, because of the surface Au coating layer, the oxidation resistance of ACAA wires was much enhanced.

ACAA wires with different lengths of heat affected zone were not developed in this study, which limited their application with different loop height requirements.

With higher bonding strength and oxidation resistance, ACAA wires would be a better choice than previous reported AA wire in chip packaging which require high stability and reliability.

This paper provides a kind of novel ACAA wire, which possess the merits of high bonding strength and reliability, and show great potential in electronic packaging applications.

This paper aims to present a novel robotic system for airport pavement inspection tasks.

The cloud-edge-terminal-based distributed architecture is designed for the proposed robotic system. Then, the following three major parts are designed and deployed, respectively: Terminal: the wheeled-robot-based data collection system. Edge: remote monitoring and data analysis system. Cloud: shared database center of the inspection data and knowledge.

Validation and application results show that the proposed system satisfies the demands of automated airport pavement inspection tasks and saves the cost of manpower and time.

The proposed system provides a novel solution for the full process of airport pavement inspection. Compared with the traditional manual method, the robotic system can guarantee complete coverage and provide high-precision pavement inspection results with less time and labor costs.

As an important participant in capital market, institutional investors play a principal role in improving corporate governance. Most existing studies have focused on institutional ownership and its economic consequences. Nevertheless, they have not provided sufficient insight on the governance behavior of institutional investors as well as the underlying incentive mechanism. This paper aims to analyze the governance role of institutional investors in information disclosure and provide related evidence.

The authors propose a novel theory to analyze the institutional investors’ behavior of active governance and shows that such behavior significantly improves the quality of corporate information disclosure. The authors then conduct an empirical test by using the hand-collected data of institutional investors’ corporate visits during 2009-2014 in ChiNext.

This paper finds that the firms visited by institutional investors are more likely to have a greater tendency of disclosing more information than the firms that have never been visited. In particular, a higher frequency of visits or a larger number of participating institutional investors leads to a higher degree of disclosure. Consistent with the notion that on-site visits endow institutional investors with more frequent and active interaction with the firms, the authors find that the results are stronger for firms which are visited on-site, when compared with other information acquisition activities such as online meetings, conference calls and investor meetings. In addition, the effect of a site visit is greater when the site visit is conducted by securities companies or funds rather than insurance companies or QFIIs. Finally, the test of the direction of causality suggests that visits conducted by institutional investors leads to more information disclosure, rather than the reverse. Collectively, these results show that institutional investors’ participation enhances corporate information disclosure.

This paper explores the internal mechanism that institutional investors affect corporate governance by improving information disclosure through their corporate visits. This is the first study to investigate the influence of institutional investors’ corporate visits and their economic consequences.