Effect of blockchain technology initiatives on firms’market value

Despite blockchain’s potential to transform corporations by providing new ways of organizing business processes and handling information,extant research pays inadequate attention to how and under what conditions blockchain technology provides additional financial value for shareholders.Drawing on the efficient market hypothesis and signaling theory,we examined the relationship between firms’blockchain use,development announcements,and stock market reactions.We used the event study methodology to analyze a sample of blockchain projects initiated by US firms between 2016 and 2019.The sample contains 114 firm-event observations.The findings show that the average abnormal return over a 2 days event period(including the day of the announcement and the day after the announcement)was positive.This positive stock market reaction is even more substantial when firms announce blockchain projects that focus on saving cost or time.Our findings also indicate that blockchain announcements tend to elicit more positive market reactions from smaller firms.We analyzed 249 firm-event observations containing firms from around the world and conclude that blockchain technology has a non-significant long-term impact on operating performance.The contingency approach adopted in our research provides advice for selecting the right mix of blockchain investment initiatives that is most suitable for a given organizational context.

More Than Saving Time

Bus-like air service not only facilitates passengers, it also intensifies competition in the civil aviation industry

Research on the Effects of Train Operation Mode for Vehicle Energy Consumption

The research background is based on great consumption of urban rail transit energy, through summarizing the research of scholars at home and abroad, the comprehensive research including train operation pattern, the train traction characteristics and optimization design of integrated research has carried out in this paper, by using OPENTRACK software simulation to verify the optimization results according to different line features finally. The aim of this paper is to explore ways and methods of traction strategy optimization under the condition of trains timing energy saving. The main research contents of this paper are based on the research status at home and abroad, first of all, the different operating modes of the train running on the line are analysed, including the time saving mode, the energy saving mode and timing energy saving mode, and quantitative analysed the influence of different operation modes on vehicle energy consumption. The influence factors and traction calculation method of energy consumption of train running are studied. Firstly, the factors that affect the energy consumption of the train are analysed, including the basic facilities and transport organization mode. On the basis of this, the train load and running status of the train are analysed, and the model of the train movement and energy consumption are calculated. The OPENTRACK software is used to establish the actual circuit model, and the simulation is verified. The results show that the reasonable operation mode of the train operation mode can greatly reduce the energy consumption.

Interface-enhanced distillation beyond tradition based on well-arranged graphene membrane

Traditional distillation(TD)is generally an energy-intensive and inefficient process for separation and purification of liquids in chemical industries.Herein,we developed an interface-enhanced distillation(IED)by employing a well-arranged membrane of reduced graphene oxide(rGO)sheet arrays embedded with silicon dioxide nanofibres(rGO/SiO2)as the evaporation intermediate layer on the liquid surface.This IED enlarges the evaporation surfaces and weakens the intermolecular forces on the liquid/solid/gas interfaces,realizing the fast and even low temperature fraction collection with less energy consumption.The IED delivers evaporation rates 200%–300%times that of TD,meanwhile having an energy saving of 40%–60%and a time saving of 50%–70%for diverse liquid feeds.In atmospheric IED manner,high boiling point and perishable organics can be collected with high quality at a temperature lower than their boiling points.This IED provides an innovative strategy for highly efficient distillation in chemical industries.