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Article
Publication date: 30 March 2021

Yuxin Wang and Guanying Wang

The purpose of this paper is to explore how the price limit policy implemented in 2014 affects initial public offering (IPO) underpricing and long-term performance in China.

Abstract

Purpose

The purpose of this paper is to explore how the price limit policy implemented in 2014 affects initial public offering (IPO) underpricing and long-term performance in China.

Design/methodology/approach

The data are the IPOs from Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) between 2004 and 2018. The data are firstly divided into the IPOs before the price limit policy and the IPOs after the price limit policy according to the time of issuance. Then the two groups are divided into 4 subsamples according to the market blocks and the P/E ratio. The authors use multiple regression models to explore the effect of price limit policy in each subsample.

Findings

The first-day price limit system for IPOs is similar to the upward fuse mechanism, the purpose of which is to suppress IPO underpricing. However, this study finds that the policy does not suppress IPO underpricing, but increases the underpricing rate in all subsamples. Besides, the long-term performance in each subsample is different from each other. Main Board stocks’ long-term performance is worse after the policy. The policy makes Small and Medium Enterprise Board (SME Board) and Growth Enterprise Market Board (GEM Board) stocks with high P/E ratios perform better in the long term. For SME Board and GEM Board stocks with low P/E ratios, the policy makes no significant effect.

Practical implications

Good policy intentions may sometimes lead to counterproductive effects. However, since the long-term performance of each subsample is different, it is difficult to judge whether the policy should continue to be implemented or cancelled. Implementing different policies for different subsamples may be a better way to solve this problem.

Originality/value

This paper contributes to the study of IPO underpricing and long-term performance from the perspective of price limit policy.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 10 June 2019

Yuxin Wang, Luxia Wang, Huaqing Wu, Yangguang Zhu and Xing Shi

The purpose of this paper is to investigate the impact of social capital on the mental health of older adults in rural China. The authors also examine potential…

Abstract

Purpose

The purpose of this paper is to investigate the impact of social capital on the mental health of older adults in rural China. The authors also examine potential heterogeneous effects and two possible pathways from social capital increase to mental health improvement.

Design/methodology/approach

Based on a panel data of China Health and Retirement Longitudinal Study, this paper employs a fixed effect model to examine the impact of social capital on health. A two-stage instrumental variable approach is adopted to alleviate the issue of endogeneity.

Findings

Results demonstrate that social capital has improved the mental health of older adults in rural China significantly. The beneficial effect is stronger for female, people with lower income, aged people and mainly observed in the central and western regions. Social capital affects the mental health of rural older adults through raising the awareness of healthy behavior and lowering the searching cost of health-related information.

Practical implications

Social capital plays a vital role in improving the mental health of older adults in rural China and is necessary for the construction of beautiful countryside in China. The authority should increase the investment in both the hard and soft infrastructure to improve the mental health of rural residents and narrow the inequality in health status.

Originality/value

This study enriches the empirical literature on the relationship between social capital and mental health by providing new evidence from China. Also, we choose the social activities and communications of individuals to construct a standardized index for social capital, which can better capture the social capital at the individual level.

Details

China Agricultural Economic Review, vol. 11 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 6 February 2017

Yuxin Wang, Qing Liu, Yanrui Wu and Huaqing Wu

The purpose of this paper is to investigate how different types of the village relationship influence different types of public goods provision in rural China.

Abstract

Purpose

The purpose of this paper is to investigate how different types of the village relationship influence different types of public goods provision in rural China.

Design/methodology/approach

The three components (clan-based relationship, neighborhood relationship and external relationship) were derived by employing factor analysis. The simultaneous discrete choice model was used to estimate the influence of these components on public goods provision, using the survey data from the China Household Income Project conducted in 2007.

Findings

The findings indicate that considering different components of village relationship allows for a better understanding of the public good provision. The results indicate that the neighborhood relationship has a significantly positive effect on rural public goods provision, particularly on water conservancy and irrigation, while the external relationship has a significantly positive effect on all types of public goods.

Practical implications

Local public goods provision is the core of the new rural construction in China. These findings imply that relationship in villages plays a vital role in the provision of public goods and is necessary in the construction of the new harmonious countryside in China. The results also have implications for rural public goods provision in other developing countries.

Originality/value

To the best of our knowledge, this is the first study to quantitatively model the impact of different relationships on public goods provision at the rural level. A consideration of the different components in village relationship allows for a more precise understanding of the pubic goods provision in the village.

Details

China Agricultural Economic Review, vol. 9 no. 1
Type: Research Article
ISSN: 1756-137X

Keywords

Abstract

Details

China Agricultural Economic Review, vol. 10 no. 1
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 16 January 2020

Yuhang Zhang, Yan Huang, Tingting Xu, Chang Liu and Liangyan Tao

The classification of aircraft failures has been a significant part of functional hazard analysis (FHA). Aiming at the shortcomings of the traditional FHA method in the…

Abstract

Purpose

The classification of aircraft failures has been a significant part of functional hazard analysis (FHA). Aiming at the shortcomings of the traditional FHA method in the evaluation of aircraft risk, the purpose of this paper is to put forward a new approach by combining the gray comprehensive relation calculation method in the gray system theory with the traditional FHA in order to deal with the problem of “little data, poor information.”

Design/methodology/approach

This paper combines FHA, 1–9-scale method and gray relation analysis. At first, aircraft failure scenarios are chosen and data from experts are collected; then gray system theory is applied to find the relevance of such scenarios. Finally, the classification according to relevance is determined.

Findings

In the past, “little data, poor information” made it difficult for researchers to implement FHA. In this paper, the authors manage to deal with the problem of “poor information” and provide an approach to find the seriousness of aircraft failure.

Research limitations/implications

Due to the use of expert-evaluating methods, the classification of failures is still a little subjective and can be improved in this area. In the future, the method can be improved from the perspective of combining FMEA to analyze more complex indicators or using multisource heterogeneous solutions to solve fuzzy numbers, probabilities, gray numbers and indicators that cannot be assigned.

Practical implications

The paper uses FHA to divide the failure state and establishes a gray evaluation model of the aircraft failure state classification to verify the relevant method. Some aircraft safety design requirements are used to check the safety hazards of the aircraft during the design process, and to provide rational recommendations for the functional design of the aircraft.

Social implications

Improving the safety of aircraft is undoubtedly of great practical significance and has become a top priority in the development of the civil aviation industry. In this paper, the FHA method and the failure state of the aircraft are studied. The original FHA method is innovated by using the gray system theory applicable to the poor information state. Therefore, to some extent, this study has significance for improving the safety of civil aircraft flight, ensuring people’s travel safety and enhancing the society’s trust in civil aviation.

Originality/value

The main innovation of this paper is integrating the FHA method and the gray system theory. This study calculates the comprehensive relation degree of each failure under different flight stages, and uses FHA to divide the failure state, and finally establishes a gray evaluation model of the aircraft failure state classification to analyze the different conditions of the landing gear brake system, so that it improves the present situation, and the problem with the character of “little data, poor information” can be addressed better.

Details

Grey Systems: Theory and Application, vol. 11 no. 2
Type: Research Article
ISSN: 2043-9377

Keywords

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Article
Publication date: 14 May 2020

Yuhe Wang, Gui Ye, Yuxin Zhang, Ping Mu and Hongxia Wang

In response to the 2008 financial crisis, the performance of the Chinese construction industry seems to be more successful, especially in total factor productivity growth…

Abstract

Purpose

In response to the 2008 financial crisis, the performance of the Chinese construction industry seems to be more successful, especially in total factor productivity growth (TFPG) and its contribution (TFPGC). Hence, the purpose of this paper is to investigate and reveal the potential successful lessons in this regard.

Design/methodology/approach

This study is conducted innovatively based on a special comparative analysis of TFPG and TFPGC between pre- and post-2008 financial crisis. Solow Residual Approach is used to measure TFPG and TFPGC for the period 2002–2016. Given that the crisis hit China at the end of 2008, the pre-2008 financial crisis period is from 2002 to 2008, and the post-2008 financial crisis period is limited to 2009–2016.

Findings

The results indicate that the industry indeed has better performance in promoting TFPG and TFPGC, TFP thus achieved significant accumulative growth before and after the crisis. However, from an evolutionary perspective, both TFPG and TFPGC presented an overall downward trend from before the crisis to after the crisis. Further, the game between the centrally planned economy and the market-oriented economy was identified and revealed as the essential reason behind the evolution of TFPG and TFPGC.

Practical implications

Some valuable lessons for policies and practices in promoting TFPG and TFPGC were summarized and learned from the Chinese experience, such as reducing administrative intervention and making the construction market play a decisive role.

Originality/value

This study provides some new empirical evidence to enrich the overall body of knowledge on growth theory, especially in promoting TFPG and TFPGC.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 10
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 27 March 2020

Wenxue Lu, Yuxin Wei and Rui Wang

This paper aims to reveal the effects of an organisation’s bargaining power on its negotiating behaviours (including integrating, obliging, compromising, dominating and…

Abstract

Purpose

This paper aims to reveal the effects of an organisation’s bargaining power on its negotiating behaviours (including integrating, obliging, compromising, dominating and avoiding) in the context of inter-organisational conflict in construction projects and investigate how organisational power distance orientation moderates the relationship between the organisation’s bargaining power and its negotiating behaviours.

Design/methodology/approach

The authors conducted a questionnaire survey among practitioners in the Chinese construction industry with the final sample consisting of 219 responses. A structural equation model was used to analyse the data and test the hypotheses.

Findings

The results reveal that an organisation’s bargaining power is positively associated with dominating and integrating behaviours but negatively associated with obliging and avoiding behaviours. Additionally, bargaining power is found to be negatively associated with compromising behaviour when the organisation has a high power distance orientation. Finally, a higher degree of power distance orientation strengthens the positive effect bargaining power has on dominating behaviour.

Practical implications

The findings can help practitioners to predict the negotiating behaviours of a counterpart according to its bargaining power and the power distance in its organisational culture. This can then enable practitioners to adjust their strategies accordingly and steer the negotiations towards a win–win outcome.

Originality/value

This study applies the approach-inhibition theory of power to inter-organisational negotiations and empirically tests the relationship between an organisation’s bargaining power and its negotiating behaviours in the context of construction projects. Additionally, this study reveals that organisational power distance orientation moderates this relationship.

Details

International Journal of Conflict Management, vol. 31 no. 5
Type: Research Article
ISSN: 1044-4068

Keywords

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Article
Publication date: 12 August 2019

Liang Zhong, Feifei Li, Yuxin Peng, Qiang Yang, Mingming Zhang and Jian Wang

This paper aims to propose a type of T-shaped two-axis force sensor for measuring the forces in x- and z-axes. The developed sensor has a simple structure and can be…

Abstract

Purpose

This paper aims to propose a type of T-shaped two-axis force sensor for measuring the forces in x- and z-axes. The developed sensor has a simple structure and can be effectively assembled into compact devices.

Design/methodology/approach

A T-shaped plate, with both ends fixed on a base, is used as the substrate of the sensor. Eight strain gauges are placed in the root of the plate or near the sensor head, which can construct two full Wheatstone bridges on the upper and lower surfaces of the plate. When the x- or z-axes forces are applied to the sensor head, different deformation can be generated to the strain gauges. Therefore, the two Wheatstone bridges can be constructed with a different configuration for measuring the forces in x- or z-axes, respectively.

Findings

A prototype was designed and constructed and experiments were carried out to test the basic performance of the sensor. It has been verified that the developed sensor could measure the x- and z-axes forces independently with a high resolution of 2.5 and 5 mN, respectively.

Originality/value

Only one thin plate was used in the design, the forces in x- and z-axes could be measured independently and simultaneously, which made the sensor with a simple structure and compact size. Experiments were also verified that there was no crosstalk error occurred in one axis when the force was applied to the other axis.

Details

Sensor Review, vol. 39 no. 6
Type: Research Article
ISSN: 0260-2288

Keywords

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Article
Publication date: 15 November 2018

Qing Peng, Xuesong Tang and Yuxin Zheng

Extensively public concern on “Huge Executive Compensation” makes it urgent to investigate the reasonability of high executive compensation. The purpose of this paper is…

Abstract

Purpose

Extensively public concern on “Huge Executive Compensation” makes it urgent to investigate the reasonability of high executive compensation. The purpose of this paper is to explore the effectiveness of compensation contracting based on the specific responsibility of executives. More specifically, this paper is to examine whether high compensation is helpful to mitigate agency problems.

Design/methodology/approach

Considering that board secretaries of listed companies are responsible for information disclosure in China, this paper examines the effect of board secretaries’ excess compensation on firms’ disclosure quality using listed company data from 2007 to 2015. The first measure of disclosure quality is based on the disclosure violation behavior of firms, and the second is KV value that represents the extent to which the investors relay on the stock trading volume. To provide additional confidence that the findings are robust, this paper further conducts two indirect tests based on rumors and cost of equity capital.

Findings

The results show that board secretaries’ excess compensation is negatively associated with the probability of information disclosure violation and also negatively associated with firms’ KV value, suggesting firms that pay high compensation to their information providers are more likely to provide high-quality disclosures. Besides, this paper further finds that board secretaries’ excess compensation is negatively related to the incidence of rumors, the number of rumors incurred or the cost of equity capital.

Research limitations/implications

Overall, the findings provide support to the efficient contracting of executive compensation, which implies that highly paid board secretaries would be better information providers than those poorly paid.

Practical implications

This paper provides empirical evidence that firms’ disclosure quality can be improved by modifying the compensation contract of information providers. This may indicate a new way to improve the quality of disclosures, so as to mitigate the agency problem.

Social implications

In spite of the public criticism on executive excess compensation, the high compensation is not always a signal of manipulation, collusion and self-interest. It also can be a signal of individual talents and great efforts. Board secretaries are worth to be highly paid if they can improve firms’ disclosures, thereby reducing the incidence of rumors and reducing the cost of equity capital.

Originality/value

This paper is the first research to examine the effectiveness of compensation contracting based on information providers’ disclosure responsibility in the Chinese context. It documents a positive relation between board secretaries’ excess compensation and corporate disclosure quality.

Details

Nankai Business Review International, vol. 10 no. 2
Type: Research Article
ISSN: 2040-8749

Keywords

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Article
Publication date: 7 August 2017

Chaoqing Yuan, Yuxin Zhu, Ding Chen, Sifeng Liu and Zhigeng Fang

The purpose of this paper is to compare GM(1,1) model, rolling GM(1,1) model and metabolism GM(1,1) model included in the GM(1,1) model cluster and use these models to…

Abstract

Purpose

The purpose of this paper is to compare GM(1,1) model, rolling GM(1,1) model and metabolism GM(1,1) model included in the GM(1,1) model cluster and use these models to forecast global oil consumption.

Design/methodology/approach

Simulated sequences will be generated randomly, and used to test the models included in the GM(1,1) model cluster; and these grey forecasting models are applied to forecast global oil consumption.

Findings

Effectiveness of these grey forecasting models is proved by random experiments, which explains the model adaptability. Global oil consumption is predicted, and it shows that global oil consumption will increase at a rather big growth rate in the next years.

Originality/value

The effectiveness of medium-term prediction of these grey forecasting models is analyzed by random experiments. These models are compared, and some basis for model selection is obtained.

Details

Grey Systems: Theory and Application, vol. 7 no. 2
Type: Research Article
ISSN: 2043-9377

Keywords

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