In terms of the common practice of professional grading and loose-leaf purchasing technology, the advantages of these technologies were demonstrated. The problems and proposals of the professional grading leaves purch...In terms of the common practice of professional grading and loose-leaf purchasing technology, the advantages of these technologies were demonstrated. The problems and proposals of the professional grading leaves purchasing model were also summarized and analyzed, so as to provide practical experiences for fur- ther promotion of loose-leaf purchasing.展开更多
AIM:To outline the appropriate diagnostic methods and therapeutic options for acquired bronchobiliary fistula(BBF).METHODS:Literature searches were performed in Medline,EMBASE,PHMC and LWW(January 1980August 2010)usin...AIM:To outline the appropriate diagnostic methods and therapeutic options for acquired bronchobiliary fistula(BBF).METHODS:Literature searches were performed in Medline,EMBASE,PHMC and LWW(January 1980August 2010)using the following keywords:biliobronchial fistula,bronchobiliary fistula,bronchobiliary fistula,biliarybronchial fistula,tracheobiliary fistula,hepatobronchial fistula,bronchopleural fistula,and biliptysis.Further articles were identified through crossreferencing.RESULTS:Sixtyeight cases were collected and reviewed.BBF secondary to tumors(32.3%,22/68),including primary tumors(19.1%,13/68)and hepatic metastases(13.2%,9/68),shared the largest proportion of all cases.Biliptysis was found in all patients,and other symptoms were respiratory symptoms,such as irritating cough,fever(36/68)and jaundice(20/68).Half of the patients were treated by lessinvasive methods such as endoscopic retrograde biliary drainage.Invasive approaches like surgery were used less frequently(41.7%,28/67).The outcome was good at the end of the followup period in 28 cases(range,2 wk to 72 mo),and the recovery rate was 87.7%(57/65).CONCLUSION:The clinical diagnosis of BBF can be established by sputum analysis.Careful assessment of this condition is needed before therapeutic procedure.Invasive approaches should be considered only when noninvasive methods failed.展开更多
Based on existing problems of loose leaf acquisition,some measures can be taken,including improvement of acquisition infrastructure,innovation of acquisition and management models,reinforcement of professional service...Based on existing problems of loose leaf acquisition,some measures can be taken,including improvement of acquisition infrastructure,innovation of acquisition and management models,reinforcement of professional services and training,high-lighting grading management,which would not only reduce farmers' efforts,but also lower storage pressure,as well as improving grading quality of tobacco leaf.展开更多
Background In order to acquire a high quality image with a low radiation dose, prospective electrocardiogram (ECG)-triggered computed tomography coronary angiography (CTCA) requires a stable heart rate (HR) 〈 6...Background In order to acquire a high quality image with a low radiation dose, prospective electrocardiogram (ECG)-triggered computed tomography coronary angiography (CTCA) requires a stable heart rate (HR) 〈 65 beats/min. Esmolol has the advantage of reduc-ing HR. The objective of this article is to assess the value of intravenous esmolol treatment before prospective ECG-tr/ggered high-pitch spiral acquisition for CTCA. Methods From March 2013 to June 2013, 313 patients underwent prospective ECG-triggered CTCA. Two hundred and thirty two of them received esmolol before angiography. We retrospectively analyzed clinical characteristics, esmolol dose, radiation exposure dose, and the change in HR and blood pressure in these 232 patients. Results A total of 232 patients with a HR 〉 65 beats/rain before CTCA examination received intravenous esmolol treatment (mean dose of 57.26±15.39 rag), The mean initial HR (HR1), slowest HR (HR2), and the HR 30 min after HR2 (HR3) were 75.06± 5.59, 60.75 ±4.00, and 75.54 ± 5.96 beats/min, respectively (HR1 vs. HR2, P 〈 0.0001; HRI vs. HR3, P = 0.377). The mean time from esmolol administration to HR2 was 24.25 ± 4.97 s and the mean effective radiation dose was 2.28 ± 0.02 mSv. Conclusions HR could be rapidly controlled at an optimum level with intravenous esmolol before prospective ECG-triggered high-pitch spiral acquisition for CTCA. Consequently, the patients received a very low radiation dose.展开更多
In order to find out the differences in qualified rate of acquisition grade of C3F flue-cured tobacco, investigation and analysis were carried out on the tobacco leaves of B2F grade mixed into the C3F grade in tobacco...In order to find out the differences in qualified rate of acquisition grade of C3F flue-cured tobacco, investigation and analysis were carried out on the tobacco leaves of B2F grade mixed into the C3F grade in tobacco stations of Changning City in 2009 and 2011. Results showed that C3F belonged to the first-grade tobac- co of middle leaves, which was easily confused with B2F. The average qualified rate of C3F was 72% in 2009; while that was 82% in 2011 after implementing pro- fessional grading and loose tobacco acquisition, which enhanced by 10%. Phenom- ena of mixed grade, mixed position and mixed color were significantly improved; and there were no mixed green or mixed impurity.展开更多
This study examines the factors that affect the performance of foreign acquiring firms in Chinese M&As (mergers and acquisitions) market. Comparing between overseas Sino-Group and Anglo-Group, this study found that...This study examines the factors that affect the performance of foreign acquiring firms in Chinese M&As (mergers and acquisitions) market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M&A transactions in China. It also found that unrelated M&A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M&As after the opening of Chinese market in China. The authors' finding provided a more universal explanation in the cross-border M&As in China.展开更多
Spectrum auction is an important approach of spectrum distribution in cognitive radio networks. However, a single secondary user(SU) probably can't afford the price of spectrum. Multiple SUs grouping together to p...Spectrum auction is an important approach of spectrum distribution in cognitive radio networks. However, a single secondary user(SU) probably can't afford the price of spectrum. Multiple SUs grouping together to participate in the auction as a whole is helpful to increase purchasing power. However, SUs could suffer from a new group cheating problem, i.e., parts of users conspire to manipulate the auction by submitting untruthful bids. Existing auction mechanisms were mainly designed to be strategy-proof only for individual user and can't deal with group cheating. In this paper, a novel spectrum auction mechanism called COSTAG(COst Sharing based Truthful Auction with Group-buying) is proposed to address the group cheating problem. COSTAG consists of a grouping rule to perform grouping and a payment rule to determine the market-clearing price in the spectrum auction. Different from single-echelon pricing approach employed in existing works, a multi-echelon pricing strategy is designed to increase the transaction rate and optimize social profit for the auction. Comprehensive theoretical analysis shows that COSTAG can satisfy the crucial economic robustness properties, both individual and group truthfulness. Simulations demonstrate that comparing with existing works, COSTAG can improve the system performance significantly.展开更多
A method to extract information of network connection status information from physical memory on Windows Vista operating system is proposed. Using this method, a forensic examiner can extract accurately the informatio...A method to extract information of network connection status information from physical memory on Windows Vista operating system is proposed. Using this method, a forensic examiner can extract accurately the information of current TCP/ IP network connection information, including IDs of processes which established connections, establishing time, local address, local port, remote address, remote port, etc., from a physical memory on Windows Xflsta operating system. This method is reliable and efficient. It is verified on Windows Vista, Windows Vista SP1, Windows Vista SP2.展开更多
Construction grammar attempts to reveal the nature, structure, and functions of language. As a theoretical system of language based on cognitive linguistics, construction grammar is a reaction and thus a contrast to t...Construction grammar attempts to reveal the nature, structure, and functions of language. As a theoretical system of language based on cognitive linguistics, construction grammar is a reaction and thus a contrast to the traditional generative grammar. This paper tries to outline the major propositions of construction grammar and construction theory, analyses the significance of constructions and their relations to second language acquisition (SLA) and the routes of construction acquisition in SLA, plus the orientations in research on the relations between construction acquisition and SLA.展开更多
Second Language Acquisition (SLA) is influenced by many different factors. This paper attempts to discuss the age factor in SLA, particularly explores the learners' acquisition of accent. The author firstly introdu...Second Language Acquisition (SLA) is influenced by many different factors. This paper attempts to discuss the age factor in SLA, particularly explores the learners' acquisition of accent. The author firstly introduces the topic and reviews the literature on Critical Period Hypothesis (CPH). Then, the optimal age to attain the native-like accent is discussed. Finally, the author describes some other elements that influence the acquisition of accent and draws a natural conclusion that the topic in this paper needs more profound research.展开更多
English articles belong to a category of high frequency words. However, they also have been considered as one of the most difficult part and latest part to be fully acquired by non-native speakers. Because of this rea...English articles belong to a category of high frequency words. However, they also have been considered as one of the most difficult part and latest part to be fully acquired by non-native speakers. Because of this reason, a lot of efforts have been made to research into the acquisition of them. In China, researches on the article system were mainly focused on the analysis of functions and description of the usage. This essay intends to explore the distribution and features of English article errors made by Chinese EFL (English as a Foreign Language) learners both horizontally and longitudinally with the hope to find the possible factors which lead to the errors, so as to throw some light on English articles learning and teaching展开更多
This study applied both inductive approach and deductive approach with multimedia assistance into an English grammar class on the acquisition of subjunctive mood. It aimed to investigate whether this kind of teaching ...This study applied both inductive approach and deductive approach with multimedia assistance into an English grammar class on the acquisition of subjunctive mood. It aimed to investigate whether this kind of teaching approach, as a general grammar pedagogy, would improve the efficiency of students' acquisition of certain grammar points. This study results from comparison and contrast between one same class on the acquisition of subjunctive mood to 70 students in total, employing three different teaching methods: inductive approach with multimedia assistance (method 1), deductive approach with multimedia assistance (method 2), and both inductive approach and deductive approach with multimedia assistance (method 3), based on self-reported reflection on the experiment, observation of students' learning process, students' pre-test and after-class evaluation test results, and surveys. Two identical experiments were conducted to two groups of students of different levels of language proficiency to increase the generalizability of the results. Findings revealed that the evaluation test score of the grammatical points taught with method 3 is much higher than those taught with the other two methods, and most students felt positive about method 3. Students nevertheless encounter obvious difficulties in inductive approach, indicating certain lack of self-learning skills in Chinese students展开更多
Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation...Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation. They consequently reduce the private benefits of controlling shareholders (La Porta, 1999). This study aims to investigate tunneling in the context merger and acquisition (M&A) and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder's firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.展开更多
The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event stud...The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions (M&As) are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all (or most of) the countries of the world. This work examines the long-run performance in M&As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns (BHARs) methodology was used, with which it was possible to observe the returns for three years following the deal.展开更多
The study is focused on agricultural credit sources and determinants of credit acquisition by farmers in ldemili local government area of Anambra State, Nigeria with specific objectives to: describe socio-economic ch...The study is focused on agricultural credit sources and determinants of credit acquisition by farmers in ldemili local government area of Anambra State, Nigeria with specific objectives to: describe socio-economic characteristics of rural farmers; identify sources of agricultural credit available to rural farmers; determine socio-economic factors that influence agricultural credit acquisition of farmers; ascertain reasons for any credit misappropriation and identify problems that constrain farmers from agricultural credit acquisition. Ninety farmers were randomly selected by multi stage random sampling technique. Semi-structured questionnaire was used to elicit data for the study. Descriptive statistics and multiple regression model were used in achieving the objectives. Results indicated that 74.44% of respondents were males with a mean age of 45 years. Majority (76.67%) were married with large house hold sizes. Majority (93.33%) received different level of education, with sources of credit from friends/relatives (30.00%), cooperative societies (43.33%), money lenders (14.44%), and cumulatively from formal sources ((12.22%). The result of the multiple regression analysis revealed age, household size, membership of cooperative societies, marital status, education level, farm size and amount of loan repaid at varied signs and levels as significant predictors of amount of agricultural credit acquired by farmers. The most common reason given among the respondents (55.89%) of those who misappropriated acquired agricultural credit, was meeting nonfood needs of the household. The farmers encountered problems of high interest rate (78.89%), lack of collateral (75.56%), long distance from source of credit (50.00%), poor harvest (37.78%), moratorium (33.33%) and delay in loan approval/disbursement (44.44%) as constraints to acquire credit. The study recommends that the state government should pass policies aimed at providing free educative seminars to all illiterate farmers to teach them possible ways and methods of acquiring credit. To ensure mass attendance to such seminars, little incentives should be given to farmer participants.展开更多
Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A...Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.展开更多
The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO (management buy-outs). For a long time LBO (leveraged buyout) has being considered as ...The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO (management buy-outs). For a long time LBO (leveraged buyout) has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO's are just a partial answer to the agency problems very present to the literature.展开更多
One of the important functions of assets valuation is to provide a fair value as the basis of mergers and acquisitions (M&A) pricing. By using the M&A samples ofchina's listed companies, this paper argues that, a...One of the important functions of assets valuation is to provide a fair value as the basis of mergers and acquisitions (M&A) pricing. By using the M&A samples ofchina's listed companies, this paper argues that, as the pricing basis, the appraisal value is better than the book value. But the transaction types will influence the function of the appraisal value as the pricing basis. The importance of appraisal value in the pricing of M&A is significantly different in different types of transactions.展开更多
In this paper the authors explore the Global Positioning System (GPS) signal acquisition and tracking algorithms used in software GPS receiver. Acquisition time is the most important parameter in evaluating the perf...In this paper the authors explore the Global Positioning System (GPS) signal acquisition and tracking algorithms used in software GPS receiver. Acquisition time is the most important parameter in evaluating the performance of a software GPS receiver in terms of its speed. A trade-off study is done to seek a good balance between the acquisition accuracy and the processing time. The frequency-domain acquisition method by circular correlation, used in a software GPS receiver, has been improved by studying the power spectrum of the Coarse Acquisition (C/A) code alone. The analysis of C/A code reveals that its power spectrum is symmetrical; hence only half the points are required to perform circular correlation. Besides, either half of the spectrum is asymmetrical where a larger amount of power is concentrated in almost one-quarter of the spectrum on its either sides. This further reduces the number of points used to perform correlation. Comparative results of MATLAB simulation of full-size, half-size and quarter-size circular correlation done on actual data stored on hard disk are provided, and they agree with those obtained using GPS receiver. Further reduction in acquisition time has been achieved by investigating the effect of length of the noncoherent pre-integration period. The improved acquisition methods pave way for further development of new algorithms to enhance software GPS receiver performance.展开更多
文摘In terms of the common practice of professional grading and loose-leaf purchasing technology, the advantages of these technologies were demonstrated. The problems and proposals of the professional grading leaves purchasing model were also summarized and analyzed, so as to provide practical experiences for fur- ther promotion of loose-leaf purchasing.
文摘AIM:To outline the appropriate diagnostic methods and therapeutic options for acquired bronchobiliary fistula(BBF).METHODS:Literature searches were performed in Medline,EMBASE,PHMC and LWW(January 1980August 2010)using the following keywords:biliobronchial fistula,bronchobiliary fistula,bronchobiliary fistula,biliarybronchial fistula,tracheobiliary fistula,hepatobronchial fistula,bronchopleural fistula,and biliptysis.Further articles were identified through crossreferencing.RESULTS:Sixtyeight cases were collected and reviewed.BBF secondary to tumors(32.3%,22/68),including primary tumors(19.1%,13/68)and hepatic metastases(13.2%,9/68),shared the largest proportion of all cases.Biliptysis was found in all patients,and other symptoms were respiratory symptoms,such as irritating cough,fever(36/68)and jaundice(20/68).Half of the patients were treated by lessinvasive methods such as endoscopic retrograde biliary drainage.Invasive approaches like surgery were used less frequently(41.7%,28/67).The outcome was good at the end of the followup period in 28 cases(range,2 wk to 72 mo),and the recovery rate was 87.7%(57/65).CONCLUSION:The clinical diagnosis of BBF can be established by sputum analysis.Careful assessment of this condition is needed before therapeutic procedure.Invasive approaches should be considered only when noninvasive methods failed.
文摘Based on existing problems of loose leaf acquisition,some measures can be taken,including improvement of acquisition infrastructure,innovation of acquisition and management models,reinforcement of professional services and training,high-lighting grading management,which would not only reduce farmers' efforts,but also lower storage pressure,as well as improving grading quality of tobacco leaf.
文摘Background In order to acquire a high quality image with a low radiation dose, prospective electrocardiogram (ECG)-triggered computed tomography coronary angiography (CTCA) requires a stable heart rate (HR) 〈 65 beats/min. Esmolol has the advantage of reduc-ing HR. The objective of this article is to assess the value of intravenous esmolol treatment before prospective ECG-tr/ggered high-pitch spiral acquisition for CTCA. Methods From March 2013 to June 2013, 313 patients underwent prospective ECG-triggered CTCA. Two hundred and thirty two of them received esmolol before angiography. We retrospectively analyzed clinical characteristics, esmolol dose, radiation exposure dose, and the change in HR and blood pressure in these 232 patients. Results A total of 232 patients with a HR 〉 65 beats/rain before CTCA examination received intravenous esmolol treatment (mean dose of 57.26±15.39 rag), The mean initial HR (HR1), slowest HR (HR2), and the HR 30 min after HR2 (HR3) were 75.06± 5.59, 60.75 ±4.00, and 75.54 ± 5.96 beats/min, respectively (HR1 vs. HR2, P 〈 0.0001; HRI vs. HR3, P = 0.377). The mean time from esmolol administration to HR2 was 24.25 ± 4.97 s and the mean effective radiation dose was 2.28 ± 0.02 mSv. Conclusions HR could be rapidly controlled at an optimum level with intravenous esmolol before prospective ECG-triggered high-pitch spiral acquisition for CTCA. Consequently, the patients received a very low radiation dose.
文摘In order to find out the differences in qualified rate of acquisition grade of C3F flue-cured tobacco, investigation and analysis were carried out on the tobacco leaves of B2F grade mixed into the C3F grade in tobacco stations of Changning City in 2009 and 2011. Results showed that C3F belonged to the first-grade tobac- co of middle leaves, which was easily confused with B2F. The average qualified rate of C3F was 72% in 2009; while that was 82% in 2011 after implementing pro- fessional grading and loose tobacco acquisition, which enhanced by 10%. Phenom- ena of mixed grade, mixed position and mixed color were significantly improved; and there were no mixed green or mixed impurity.
文摘This study examines the factors that affect the performance of foreign acquiring firms in Chinese M&As (mergers and acquisitions) market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M&A transactions in China. It also found that unrelated M&A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M&As after the opening of Chinese market in China. The authors' finding provided a more universal explanation in the cross-border M&As in China.
基金partially supported by the National Science Foundation of China (No. 61070211, No. 61003304, No 61501482 and No 61070201)Equipment research foundation (No.6140134040216)the Ph.D. Programs Foundation of Ministry of Education of China (No. 20114307120003)
文摘Spectrum auction is an important approach of spectrum distribution in cognitive radio networks. However, a single secondary user(SU) probably can't afford the price of spectrum. Multiple SUs grouping together to participate in the auction as a whole is helpful to increase purchasing power. However, SUs could suffer from a new group cheating problem, i.e., parts of users conspire to manipulate the auction by submitting untruthful bids. Existing auction mechanisms were mainly designed to be strategy-proof only for individual user and can't deal with group cheating. In this paper, a novel spectrum auction mechanism called COSTAG(COst Sharing based Truthful Auction with Group-buying) is proposed to address the group cheating problem. COSTAG consists of a grouping rule to perform grouping and a payment rule to determine the market-clearing price in the spectrum auction. Different from single-echelon pricing approach employed in existing works, a multi-echelon pricing strategy is designed to increase the transaction rate and optimize social profit for the auction. Comprehensive theoretical analysis shows that COSTAG can satisfy the crucial economic robustness properties, both individual and group truthfulness. Simulations demonstrate that comparing with existing works, COSTAG can improve the system performance significantly.
基金This work is supported by the National Natural Science Foundation of China (61070163) and Shandong Natural Science Foundation (Y2008G35).
文摘A method to extract information of network connection status information from physical memory on Windows Vista operating system is proposed. Using this method, a forensic examiner can extract accurately the information of current TCP/ IP network connection information, including IDs of processes which established connections, establishing time, local address, local port, remote address, remote port, etc., from a physical memory on Windows Xflsta operating system. This method is reliable and efficient. It is verified on Windows Vista, Windows Vista SP1, Windows Vista SP2.
文摘Construction grammar attempts to reveal the nature, structure, and functions of language. As a theoretical system of language based on cognitive linguistics, construction grammar is a reaction and thus a contrast to the traditional generative grammar. This paper tries to outline the major propositions of construction grammar and construction theory, analyses the significance of constructions and their relations to second language acquisition (SLA) and the routes of construction acquisition in SLA, plus the orientations in research on the relations between construction acquisition and SLA.
文摘Second Language Acquisition (SLA) is influenced by many different factors. This paper attempts to discuss the age factor in SLA, particularly explores the learners' acquisition of accent. The author firstly introduces the topic and reviews the literature on Critical Period Hypothesis (CPH). Then, the optimal age to attain the native-like accent is discussed. Finally, the author describes some other elements that influence the acquisition of accent and draws a natural conclusion that the topic in this paper needs more profound research.
文摘English articles belong to a category of high frequency words. However, they also have been considered as one of the most difficult part and latest part to be fully acquired by non-native speakers. Because of this reason, a lot of efforts have been made to research into the acquisition of them. In China, researches on the article system were mainly focused on the analysis of functions and description of the usage. This essay intends to explore the distribution and features of English article errors made by Chinese EFL (English as a Foreign Language) learners both horizontally and longitudinally with the hope to find the possible factors which lead to the errors, so as to throw some light on English articles learning and teaching
文摘This study applied both inductive approach and deductive approach with multimedia assistance into an English grammar class on the acquisition of subjunctive mood. It aimed to investigate whether this kind of teaching approach, as a general grammar pedagogy, would improve the efficiency of students' acquisition of certain grammar points. This study results from comparison and contrast between one same class on the acquisition of subjunctive mood to 70 students in total, employing three different teaching methods: inductive approach with multimedia assistance (method 1), deductive approach with multimedia assistance (method 2), and both inductive approach and deductive approach with multimedia assistance (method 3), based on self-reported reflection on the experiment, observation of students' learning process, students' pre-test and after-class evaluation test results, and surveys. Two identical experiments were conducted to two groups of students of different levels of language proficiency to increase the generalizability of the results. Findings revealed that the evaluation test score of the grammatical points taught with method 3 is much higher than those taught with the other two methods, and most students felt positive about method 3. Students nevertheless encounter obvious difficulties in inductive approach, indicating certain lack of self-learning skills in Chinese students
文摘Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation. They consequently reduce the private benefits of controlling shareholders (La Porta, 1999). This study aims to investigate tunneling in the context merger and acquisition (M&A) and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder's firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.
文摘The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions (M&As) are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all (or most of) the countries of the world. This work examines the long-run performance in M&As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns (BHARs) methodology was used, with which it was possible to observe the returns for three years following the deal.
文摘The study is focused on agricultural credit sources and determinants of credit acquisition by farmers in ldemili local government area of Anambra State, Nigeria with specific objectives to: describe socio-economic characteristics of rural farmers; identify sources of agricultural credit available to rural farmers; determine socio-economic factors that influence agricultural credit acquisition of farmers; ascertain reasons for any credit misappropriation and identify problems that constrain farmers from agricultural credit acquisition. Ninety farmers were randomly selected by multi stage random sampling technique. Semi-structured questionnaire was used to elicit data for the study. Descriptive statistics and multiple regression model were used in achieving the objectives. Results indicated that 74.44% of respondents were males with a mean age of 45 years. Majority (76.67%) were married with large house hold sizes. Majority (93.33%) received different level of education, with sources of credit from friends/relatives (30.00%), cooperative societies (43.33%), money lenders (14.44%), and cumulatively from formal sources ((12.22%). The result of the multiple regression analysis revealed age, household size, membership of cooperative societies, marital status, education level, farm size and amount of loan repaid at varied signs and levels as significant predictors of amount of agricultural credit acquired by farmers. The most common reason given among the respondents (55.89%) of those who misappropriated acquired agricultural credit, was meeting nonfood needs of the household. The farmers encountered problems of high interest rate (78.89%), lack of collateral (75.56%), long distance from source of credit (50.00%), poor harvest (37.78%), moratorium (33.33%) and delay in loan approval/disbursement (44.44%) as constraints to acquire credit. The study recommends that the state government should pass policies aimed at providing free educative seminars to all illiterate farmers to teach them possible ways and methods of acquiring credit. To ensure mass attendance to such seminars, little incentives should be given to farmer participants.
文摘Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.
文摘The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO (management buy-outs). For a long time LBO (leveraged buyout) has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO's are just a partial answer to the agency problems very present to the literature.
文摘One of the important functions of assets valuation is to provide a fair value as the basis of mergers and acquisitions (M&A) pricing. By using the M&A samples ofchina's listed companies, this paper argues that, as the pricing basis, the appraisal value is better than the book value. But the transaction types will influence the function of the appraisal value as the pricing basis. The importance of appraisal value in the pricing of M&A is significantly different in different types of transactions.
文摘In this paper the authors explore the Global Positioning System (GPS) signal acquisition and tracking algorithms used in software GPS receiver. Acquisition time is the most important parameter in evaluating the performance of a software GPS receiver in terms of its speed. A trade-off study is done to seek a good balance between the acquisition accuracy and the processing time. The frequency-domain acquisition method by circular correlation, used in a software GPS receiver, has been improved by studying the power spectrum of the Coarse Acquisition (C/A) code alone. The analysis of C/A code reveals that its power spectrum is symmetrical; hence only half the points are required to perform circular correlation. Besides, either half of the spectrum is asymmetrical where a larger amount of power is concentrated in almost one-quarter of the spectrum on its either sides. This further reduces the number of points used to perform correlation. Comparative results of MATLAB simulation of full-size, half-size and quarter-size circular correlation done on actual data stored on hard disk are provided, and they agree with those obtained using GPS receiver. Further reduction in acquisition time has been achieved by investigating the effect of length of the noncoherent pre-integration period. The improved acquisition methods pave way for further development of new algorithms to enhance software GPS receiver performance.