The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires f...The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires firms to disclose information about their real estate holdings for investment purpose （or investment property）, we examine both the impact of such diversification on firms＇ investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business （or hollowing out of the real economy） for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-rim and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.展开更多
Two-dimensional self-assemblies of four partially fluorinated molecules, 1,4-bis（2,6-difluoropyridin-4-yl）benzene, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇-biphenyl, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇：4...Two-dimensional self-assemblies of four partially fluorinated molecules, 1,4-bis（2,6-difluoropyridin-4-yl）benzene, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇-biphenyl, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇：4＇,1＇-terphenyl and 4,4＇-bis（2,6-difluoropyridin-3-yl）-1,1＇-biphenyl, involving weak intermolecular C-H···F and C-H···N hydrogen bonds were systematically investigated on Au（111） with low-temperature scanning tunneling microscopy. The inter-molecular connecting modes and binding sites were closely related to the backbones of the building blocks, i.e., the molecule length determines its binding sites with neighboring molecules in the assemblies while the attaching positions of the N and F atoms dictate its approaching and docking angles. The experimental results demonstrate that multiple weak hydrogen bonds such as C-H···F and C-H···N can be efficiently applied to tune the molecular orientations and the self-assembly structures accordingly.展开更多
文摘The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires firms to disclose information about their real estate holdings for investment purpose （or investment property）, we examine both the impact of such diversification on firms＇ investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business （or hollowing out of the real economy） for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-rim and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.
基金supported by NSFC(Nos.21333001,21133001,21261130090),ChinaNRF CREATE-SPURc project(No.R-143-001-205-592),Singapore
文摘Two-dimensional self-assemblies of four partially fluorinated molecules, 1,4-bis（2,6-difluoropyridin-4-yl）benzene, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇-biphenyl, 4,4＇-bis（2,6-difluoropyridin-4-yl）-1,1＇：4＇,1＇-terphenyl and 4,4＇-bis（2,6-difluoropyridin-3-yl）-1,1＇-biphenyl, involving weak intermolecular C-H···F and C-H···N hydrogen bonds were systematically investigated on Au（111） with low-temperature scanning tunneling microscopy. The inter-molecular connecting modes and binding sites were closely related to the backbones of the building blocks, i.e., the molecule length determines its binding sites with neighboring molecules in the assemblies while the attaching positions of the N and F atoms dictate its approaching and docking angles. The experimental results demonstrate that multiple weak hydrogen bonds such as C-H···F and C-H···N can be efficiently applied to tune the molecular orientations and the self-assembly structures accordingly.
