This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations (tax savings, incentive re...This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations (tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation). Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR (cumulative average abnormal return). Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow (mostly for Asia), the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder (for the control hypothesis) is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.展开更多
This article is about the problem of optimizing of the capital structure of the concrete firm and about the possibility to use the passive way of optimizing of this capital structure on the basis of the so-called Bran...This article is about the problem of optimizing of the capital structure of the concrete firm and about the possibility to use the passive way of optimizing of this capital structure on the basis of the so-called Branch standards. Branch standards are defined as some average indebtedness that the firms are trying to follow. There are a lot of theories available, but the final process of optimizing of the capital structure of the concrete firm is very complicated and it is necessary to cope with a lot of application problems. Besides Traditional theory, none of the further theories offer some concrete recommended optimal indebtedness. For that reason, the possibility to optimize the capital structure based on the passive way is represented besides other things by the so-called Branch standards. The aim of this article is to judge if it is possible to identify this average indebtedness in different branches and in different countries. The hypothesis was stated that it is possible only in selected branches in selected countries. The research is realized in the six selected branches: Railroads, Beverages, Steel, Paper Production, Tobacco, and Electrical Equipment in the Czech Republic and in USA. Data for the years 2008-2016 were obtained from the system Albertina Data at the University of Economics in Prague and from the web pages of Prof. Aswath Damodaran in USA. There were identified so-called Branch standards in the Czech Republic for the branches Railroads 45%, Beverages 50%, Tobacco 50%, and Electrical Equipment 40%. There are also identified so-called Branch standards in USA for the branches Railroads 40% and Paper Production 40%-50%. For the branch Paper Production in the Czech Republic and for the branch Beverages in USA were identified ranges of 40%-45% and 40%-50% respectively. The so-called Branch standards were not stated for the branch Steel in both countries and for the branches Tobacco and Electrical Equipment in USA. The values were verified by the data for the year 2016 and the so-called Branch standards were confirmed excluding the branch Steel in both countries and the branches Tobacco and Electrical Equipment in the US.展开更多
The Republic of Armenia, as a world superpower in chess, is engaged in continuous development and implementation of specific strategic programmes which are aimed not only at providing high achievements in chess, but a...The Republic of Armenia, as a world superpower in chess, is engaged in continuous development and implementation of specific strategic programmes which are aimed not only at providing high achievements in chess, but also at: (1) modernizing the educational sphere in the Republic of Armenia; (2) increasing the quality indexes of chess education--as a basic resource in the context of global educational system; (3) considerably deepening education subjects' cognitive interests towards education through the possibilities provided by chess; (4) developing learners' educational-cognitive motivation; and (5) creating conditions for activating learners' mental potential and the abilities to expose them, as well as promoting the awareness of the social value of chess in interpersonal relations. The contextual factors of teaching and learning chess in primary schools of Republic of Armenia have been revealed and presented in this paper. A number of conclusions and recommendations for policy makers are considerably made based on analysis of big research data.展开更多
In the public dialogue surrounding the development of the 2015 dietary guidelines for Americans, public health and environmental advocates converged around a simple theme of shifting towards a more plant-forward Medit...In the public dialogue surrounding the development of the 2015 dietary guidelines for Americans, public health and environmental advocates converged around a simple theme of shifting towards a more plant-forward Mediterranean-style diet. A robust body of literature documenting the health benefits of this eating pattern provides compelling reasons to change our dietary habits in ways that also benefit our environment, but we also need to have the right foods available and affordable to support this modest shift. This commentary discusses the gaps in current US dietary intakes compared to recommendations for meat and protein versus plant-based foods and the potential health benefits of shifting towards a more plant-based diet, focusing on the complex role of Mediterranean crops, such as tree nuts and olive oils, needed to support this shift.展开更多
Currently,multicast survivability in optical network obtains more attention.This paper focuses on the field of multicast grooming shared protection in green optical network and designs a novel auxiliary graph and a sh...Currently,multicast survivability in optical network obtains more attention.This paper focuses on the field of multicast grooming shared protection in green optical network and designs a novel auxiliary graph and a shared matrix to address the survivable multicast resource consumption.This paper also proposes a new heuristic called Green Multicast Grooming algorithm based on spanning path Cross-Shared protection(GMGCSP),in which network reliability,energy efficiency and resource utilization are jointly considered.Simulation results testify that,compared to other algorithms,the proposed GMG-CSP not only has lower blocking probability and higher bandwidth utilization ratio,but also saves more energy.展开更多
As one with great fame of writing China and Chinese people in war time, Anna Louise Strong, has the experience of communicating with Chinese left-wing writers, viewing their dramas works and reading their novels. From...As one with great fame of writing China and Chinese people in war time, Anna Louise Strong, has the experience of communicating with Chinese left-wing writers, viewing their dramas works and reading their novels. From her perspective, Chinese left-wing literature was featured by its revolution and popularity; Chinese left-wing writers were busy with creating different genres to get every Chinese's involvement in the anti-Japanese war in 1930s and participation in the construction of new China in 1940s. Hence, they were multifarious in their identity because they cared more than literature in a turbulent time. From what she presented, China, as a cultural otherness, was the existent utooia that fulfilled her radical nolitical dream of communism.展开更多
This study analyzes the public relations curricula of 44 American colleges that have a Public Relations (PR) Student Society of America (PRSSA) chapter. Through content analysis, this study examines general requir...This study analyzes the public relations curricula of 44 American colleges that have a Public Relations (PR) Student Society of America (PRSSA) chapter. Through content analysis, this study examines general requirements, core public relations courses, requirements of public relations programs and strategic communication programs, and optional public relations courses offered by the colleges. The findings of this study reveal that very few public relations programs offer courses involving new media, crisis communication, and PR ethics. In order to keep in touch with the fast-changing public relations landscape, more PR programs should require and integrate new media, crisis communication and ethics courses.展开更多
Latin American and the Caribbean countries have one of the world's largest sources of renewable energy. Nonetheless, it estimated that nearly three-quarters of their energy consumption relies on the use of fossil fue...Latin American and the Caribbean countries have one of the world's largest sources of renewable energy. Nonetheless, it estimated that nearly three-quarters of their energy consumption relies on the use of fossil fuels, with most of the countries being net importers, ultimately imposing a marked economic and political dependence on those energy commodities. Therefore, the opportunity lies in a higher utilization of various renewable energy resources, which contribute to the country's energy security while promoting significant environmental benefits. This manuscript aimed to provide a comparative analysis of current energy scenarios of six Latin American countries (Mexico, Honduras, Nicaragua, Brazil, Chile and Ecuador) to evaluate their policies, programs and strategies implemented in the search for greater participation of renewable energy, with a special attention to biogas. Given the importance of the water-energy-food nexus that could foment the use of renewable energies under conditions of water scarcity, a qualitative data comparison was accomplished, considering biogas production potential, biogas projects and CO2 emissions.展开更多
Publicly available building energy data are exploding--thirteen American cities and 14 states now require them by law. This emergence of data nudges building owners and tenants to reduce energy consumption by comparin...Publicly available building energy data are exploding--thirteen American cities and 14 states now require them by law. This emergence of data nudges building owners and tenants to reduce energy consumption by comparing their usage to that of similar buildings. However, vast untapped energy reductions and deeper physical understandings can still be extracted from these data. This paper extends the energy saving impact and provides key insight into building performance through publicly-disclosed data by describing three initiatives at a large design finn. An internal high performance design reporting program compares projects from around the world and across offices. A case study of 706 buildings in New York City illustrates the value of tracking large-scale patterns to a design firm. Per capita energy and carbon usage is correlated to life expectancy to better inform neighborhood and city design. As more data freely flow out into the public, engineers must strategically engage it.展开更多
Digital technologies offer unprecedented opportunities in addressing climate change as public policy requirements increasingly pervade national boundaries. Health issues now merge with those in education, the environm...Digital technologies offer unprecedented opportunities in addressing climate change as public policy requirements increasingly pervade national boundaries. Health issues now merge with those in education, the environment, energy, culture, gender, security, and the economy. They offer enormous potential in mobilizing for political action. But they also have a dark side. Outgoing U.S. President Barack Obama issued a warning that social media in particular poses an existential threat to democracy. Their pervasive influence during the 2016 American presidential election highlighted the potential for the spread of fake news and alternative facts. These realities must be recognized and addressed if meaningful policies on climate change and future sustainability are to be achieved. The challenges ahead require a re-examination of overarching trends in mass media that date back to the middle of the last century. Warnings from scientists, scholars, and community activists indicate that, on the issue of climate change, time is running out. In his Encyclical on Climate Change and Inequality, Pope Francis amplified the urgent call to action. But collectively, we need to rethink the profit driven ways in which our proliferating digital technologies mitigate potential steps toward a sustainable future. In a myriad of forms that go well beyond the seductive and addicting trends of endless hours spent online, new and proliferating digital toys and gadgets are neither carbon neutral, nor as some proponents would have us believe, do they hold the sole promise of innovation and job creation. Additionally, their potential must be harnessed to maintain rather than disrupt social stability.展开更多
Art decorative can make landscape more beautiful in urban public space. Art decorative design reflects the characteristics of the environment, history and culture of a city and a state of the spirit of the times. Mode...Art decorative can make landscape more beautiful in urban public space. Art decorative design reflects the characteristics of the environment, history and culture of a city and a state of the spirit of the times. Modem art deco design should not only have its own style, but also be more perfectly reflect the cultural connotation of specific urban environment, and to create a pleasant living environment for human being. Aesthetic concepts of decorating space environment are inseparable from the people's view of decoration. Analyzing from the sensory effects and psychological effects of decorative environment, the paper points out the way for environmental decoration development, and provide ideas for future creative decoration.展开更多
Though public forests in countries take up a small portion of forests, their importance in respect of environmental side looms large gradually. This paper studies and compares the public forest management and forest l...Though public forests in countries take up a small portion of forests, their importance in respect of environmental side looms large gradually. This paper studies and compares the public forest management and forest laws in France and the USA, attempting to explore the forest operation practice in both countries and the emphasis of the law governing forest management, so that a lesson can be drawn for us to learn in China.展开更多
There is substantial interest in developing a coherent and effective North American renewable energy policy as a way to secure energy but also to mitigate global climate change. Based on surveys of the public in Canad...There is substantial interest in developing a coherent and effective North American renewable energy policy as a way to secure energy but also to mitigate global climate change. Based on surveys of the public in Canada,Mexico, and the United States, the article shows the levels of concern over climate change threats, perceived risk,knowledge of climate change policies, levels of uncertainty, and other perception factors to help understand the relationships between public perceptions and policy preferences for renewable energy. Results show national differences between the three countries in nearly all climate change perceptions, with Mexico reflecting the highest levels of concern and the United States the lowest. Mexico also shows the greatest support for renewable energy sources. However, the results show very high levels of uncertainty about climate change dimensions concerning risk, science, and knowledge and the effectiveness of policy approaches. The data demonstrate strong statistical correlations between risk perception factors and preferences for mitigation policies in the form of renewable energy policies.展开更多
This paper sets up a framework for analyzing the policies of the US and the People's Republic of China toward the Republic of China (Taiwan). It surveys how the two powers' policies have evolved during the period ...This paper sets up a framework for analyzing the policies of the US and the People's Republic of China toward the Republic of China (Taiwan). It surveys how the two powers' policies have evolved during the period 1949-2009 and makes numerical evaluations of the degree of "supportiveness" of American policy toward the ROC and the degree of "aggressiveness" of the PRC's policies. The evaluations are charted. The paper observes that the US and the PRC have been engaged in a kind of " negotiation-by-move-and-countermove" over this period. This form of interaction is found to be slow-motion and not very effective for resolving differences between the two sides. However, the need for a formal resolution of the island's political-legal status becomes less important as the trade, investment, and people-to-people linkages between the two Chinese entities increase. There appears to be a huge potential for an ever-greater convergence of the two powers' economic desires for Taiwan even while the issue of their respective stances towards its legal-political-military status may not be resolved for quite a while.展开更多
文摘This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations (tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation). Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR (cumulative average abnormal return). Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow (mostly for Asia), the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder (for the control hypothesis) is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.
文摘This article is about the problem of optimizing of the capital structure of the concrete firm and about the possibility to use the passive way of optimizing of this capital structure on the basis of the so-called Branch standards. Branch standards are defined as some average indebtedness that the firms are trying to follow. There are a lot of theories available, but the final process of optimizing of the capital structure of the concrete firm is very complicated and it is necessary to cope with a lot of application problems. Besides Traditional theory, none of the further theories offer some concrete recommended optimal indebtedness. For that reason, the possibility to optimize the capital structure based on the passive way is represented besides other things by the so-called Branch standards. The aim of this article is to judge if it is possible to identify this average indebtedness in different branches and in different countries. The hypothesis was stated that it is possible only in selected branches in selected countries. The research is realized in the six selected branches: Railroads, Beverages, Steel, Paper Production, Tobacco, and Electrical Equipment in the Czech Republic and in USA. Data for the years 2008-2016 were obtained from the system Albertina Data at the University of Economics in Prague and from the web pages of Prof. Aswath Damodaran in USA. There were identified so-called Branch standards in the Czech Republic for the branches Railroads 45%, Beverages 50%, Tobacco 50%, and Electrical Equipment 40%. There are also identified so-called Branch standards in USA for the branches Railroads 40% and Paper Production 40%-50%. For the branch Paper Production in the Czech Republic and for the branch Beverages in USA were identified ranges of 40%-45% and 40%-50% respectively. The so-called Branch standards were not stated for the branch Steel in both countries and for the branches Tobacco and Electrical Equipment in USA. The values were verified by the data for the year 2016 and the so-called Branch standards were confirmed excluding the branch Steel in both countries and the branches Tobacco and Electrical Equipment in the US.
文摘The Republic of Armenia, as a world superpower in chess, is engaged in continuous development and implementation of specific strategic programmes which are aimed not only at providing high achievements in chess, but also at: (1) modernizing the educational sphere in the Republic of Armenia; (2) increasing the quality indexes of chess education--as a basic resource in the context of global educational system; (3) considerably deepening education subjects' cognitive interests towards education through the possibilities provided by chess; (4) developing learners' educational-cognitive motivation; and (5) creating conditions for activating learners' mental potential and the abilities to expose them, as well as promoting the awareness of the social value of chess in interpersonal relations. The contextual factors of teaching and learning chess in primary schools of Republic of Armenia have been revealed and presented in this paper. A number of conclusions and recommendations for policy makers are considerably made based on analysis of big research data.
文摘In the public dialogue surrounding the development of the 2015 dietary guidelines for Americans, public health and environmental advocates converged around a simple theme of shifting towards a more plant-forward Mediterranean-style diet. A robust body of literature documenting the health benefits of this eating pattern provides compelling reasons to change our dietary habits in ways that also benefit our environment, but we also need to have the right foods available and affordable to support this modest shift. This commentary discusses the gaps in current US dietary intakes compared to recommendations for meat and protein versus plant-based foods and the potential health benefits of shifting towards a more plant-based diet, focusing on the complex role of Mediterranean crops, such as tree nuts and olive oils, needed to support this shift.
基金supported in part by the National Natural Science Foundation of China (61172051,61302070,61302071,61302072) the Specialized Research Fund for the Doctoral Program of Higher Education(20110042110023) the Fundamental Research Funds for the Central Universities(N110204001, N120804002,N110604008)
文摘Currently,multicast survivability in optical network obtains more attention.This paper focuses on the field of multicast grooming shared protection in green optical network and designs a novel auxiliary graph and a shared matrix to address the survivable multicast resource consumption.This paper also proposes a new heuristic called Green Multicast Grooming algorithm based on spanning path Cross-Shared protection(GMGCSP),in which network reliability,energy efficiency and resource utilization are jointly considered.Simulation results testify that,compared to other algorithms,the proposed GMG-CSP not only has lower blocking probability and higher bandwidth utilization ratio,but also saves more energy.
文摘As one with great fame of writing China and Chinese people in war time, Anna Louise Strong, has the experience of communicating with Chinese left-wing writers, viewing their dramas works and reading their novels. From her perspective, Chinese left-wing literature was featured by its revolution and popularity; Chinese left-wing writers were busy with creating different genres to get every Chinese's involvement in the anti-Japanese war in 1930s and participation in the construction of new China in 1940s. Hence, they were multifarious in their identity because they cared more than literature in a turbulent time. From what she presented, China, as a cultural otherness, was the existent utooia that fulfilled her radical nolitical dream of communism.
文摘This study analyzes the public relations curricula of 44 American colleges that have a Public Relations (PR) Student Society of America (PRSSA) chapter. Through content analysis, this study examines general requirements, core public relations courses, requirements of public relations programs and strategic communication programs, and optional public relations courses offered by the colleges. The findings of this study reveal that very few public relations programs offer courses involving new media, crisis communication, and PR ethics. In order to keep in touch with the fast-changing public relations landscape, more PR programs should require and integrate new media, crisis communication and ethics courses.
文摘Latin American and the Caribbean countries have one of the world's largest sources of renewable energy. Nonetheless, it estimated that nearly three-quarters of their energy consumption relies on the use of fossil fuels, with most of the countries being net importers, ultimately imposing a marked economic and political dependence on those energy commodities. Therefore, the opportunity lies in a higher utilization of various renewable energy resources, which contribute to the country's energy security while promoting significant environmental benefits. This manuscript aimed to provide a comparative analysis of current energy scenarios of six Latin American countries (Mexico, Honduras, Nicaragua, Brazil, Chile and Ecuador) to evaluate their policies, programs and strategies implemented in the search for greater participation of renewable energy, with a special attention to biogas. Given the importance of the water-energy-food nexus that could foment the use of renewable energies under conditions of water scarcity, a qualitative data comparison was accomplished, considering biogas production potential, biogas projects and CO2 emissions.
文摘Publicly available building energy data are exploding--thirteen American cities and 14 states now require them by law. This emergence of data nudges building owners and tenants to reduce energy consumption by comparing their usage to that of similar buildings. However, vast untapped energy reductions and deeper physical understandings can still be extracted from these data. This paper extends the energy saving impact and provides key insight into building performance through publicly-disclosed data by describing three initiatives at a large design finn. An internal high performance design reporting program compares projects from around the world and across offices. A case study of 706 buildings in New York City illustrates the value of tracking large-scale patterns to a design firm. Per capita energy and carbon usage is correlated to life expectancy to better inform neighborhood and city design. As more data freely flow out into the public, engineers must strategically engage it.
文摘Digital technologies offer unprecedented opportunities in addressing climate change as public policy requirements increasingly pervade national boundaries. Health issues now merge with those in education, the environment, energy, culture, gender, security, and the economy. They offer enormous potential in mobilizing for political action. But they also have a dark side. Outgoing U.S. President Barack Obama issued a warning that social media in particular poses an existential threat to democracy. Their pervasive influence during the 2016 American presidential election highlighted the potential for the spread of fake news and alternative facts. These realities must be recognized and addressed if meaningful policies on climate change and future sustainability are to be achieved. The challenges ahead require a re-examination of overarching trends in mass media that date back to the middle of the last century. Warnings from scientists, scholars, and community activists indicate that, on the issue of climate change, time is running out. In his Encyclical on Climate Change and Inequality, Pope Francis amplified the urgent call to action. But collectively, we need to rethink the profit driven ways in which our proliferating digital technologies mitigate potential steps toward a sustainable future. In a myriad of forms that go well beyond the seductive and addicting trends of endless hours spent online, new and proliferating digital toys and gadgets are neither carbon neutral, nor as some proponents would have us believe, do they hold the sole promise of innovation and job creation. Additionally, their potential must be harnessed to maintain rather than disrupt social stability.
文摘Art decorative can make landscape more beautiful in urban public space. Art decorative design reflects the characteristics of the environment, history and culture of a city and a state of the spirit of the times. Modem art deco design should not only have its own style, but also be more perfectly reflect the cultural connotation of specific urban environment, and to create a pleasant living environment for human being. Aesthetic concepts of decorating space environment are inseparable from the people's view of decoration. Analyzing from the sensory effects and psychological effects of decorative environment, the paper points out the way for environmental decoration development, and provide ideas for future creative decoration.
文摘Though public forests in countries take up a small portion of forests, their importance in respect of environmental side looms large gradually. This paper studies and compares the public forest management and forest laws in France and the USA, attempting to explore the forest operation practice in both countries and the emphasis of the law governing forest management, so that a lesson can be drawn for us to learn in China.
文摘There is substantial interest in developing a coherent and effective North American renewable energy policy as a way to secure energy but also to mitigate global climate change. Based on surveys of the public in Canada,Mexico, and the United States, the article shows the levels of concern over climate change threats, perceived risk,knowledge of climate change policies, levels of uncertainty, and other perception factors to help understand the relationships between public perceptions and policy preferences for renewable energy. Results show national differences between the three countries in nearly all climate change perceptions, with Mexico reflecting the highest levels of concern and the United States the lowest. Mexico also shows the greatest support for renewable energy sources. However, the results show very high levels of uncertainty about climate change dimensions concerning risk, science, and knowledge and the effectiveness of policy approaches. The data demonstrate strong statistical correlations between risk perception factors and preferences for mitigation policies in the form of renewable energy policies.
文摘This paper sets up a framework for analyzing the policies of the US and the People's Republic of China toward the Republic of China (Taiwan). It surveys how the two powers' policies have evolved during the period 1949-2009 and makes numerical evaluations of the degree of "supportiveness" of American policy toward the ROC and the degree of "aggressiveness" of the PRC's policies. The evaluations are charted. The paper observes that the US and the PRC have been engaged in a kind of " negotiation-by-move-and-countermove" over this period. This form of interaction is found to be slow-motion and not very effective for resolving differences between the two sides. However, the need for a formal resolution of the island's political-legal status becomes less important as the trade, investment, and people-to-people linkages between the two Chinese entities increase. There appears to be a huge potential for an ever-greater convergence of the two powers' economic desires for Taiwan even while the issue of their respective stances towards its legal-political-military status may not be resolved for quite a while.