It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explan...It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explanation holds sway. Based on non-equilibrium panel data of seven years between 2004 and 2010, this empirical study uses the product market competition variables of ＂inter-sector competition＂ and ＂intra-sector competition＂ and the hierarchy and complexity of pyramidal structure, examines the correlation between pyramidal structure of Chinese private manufacturing listed firms and product market competition and patterns of change, and reveals the major causes of pyramidal structure. Empirical result indicates that, for Chinese private manufacturing listed companies, there is a significant negative correlation between product market competition and the hierarchy and complexity of pyramidal structure, which indicates that the creation of pyramidal structure has a preference on tunneling by controlling shareholders. On the basis of further considerations on corporate tunneling and financing restraint categorization, high-tunneling firms and firms with low financing restraint demonstrate significant tunneling motivations; low-tunneling firms and firms with high financing restraint demonstrate significant effect of financing advantage, which further testifies both theoretical explanations for the creation of pyramidal structure. Conclusions of these studies have not only enriched and supplemented relevant studies on the root causes for the creation of pyramidal structure by Chinese private business groups, but provide practical support for firms to make correct and effective use of pyramidal structure as well.展开更多
This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third ye...This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies＇ operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies＇ long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.展开更多
In this paper the authors show how software component design can affect security properties through different composition operators. The authors define software composition as the result of aggregating and/or associat...In this paper the authors show how software component design can affect security properties through different composition operators. The authors define software composition as the result of aggregating and/or associating a component to a software system. The component itself may be informational or functional and carry a certain level of security attribute. The authors first show that the security attributes or properties form a lattice structure when combined with the appropriate least upper bound and greatest lower bound type of operators. Three composition operators, named C l, C2 and C3 are developed. The system＇s security properties resulting from these compositions are then studied. The authors discuss how different composition operators maintain, relax and restrict the security properties. Finally, the authors show that C1 and C2 composition operators are order-sensitive and that C3 is order-insensitive.展开更多
It is known that deficiencies of micronutrients due to infections increase morbidity and mortality.This phenomenon depicts itself conspicuously in developing countries. Deficiencies of iron,vitamins A,E,C,B12,etc are ...It is known that deficiencies of micronutrients due to infections increase morbidity and mortality.This phenomenon depicts itself conspicuously in developing countries. Deficiencies of iron,vitamins A,E,C,B12,etc are widely prevalent among populations living in the third world countries.Helicobacter pylori(H pylori)infection has a high prevalence throughout the world.Deficiencies of several micronutrients due to H pylori infection may be concomitantly present and vary from subtle sub-clinical states to severe clinical disorders.These essential trace elements/ micronutrients are involved in host defense mechanisms, maintaining epithelial cell integrity,glycoprotein synthesis, transport mechanisms,myocardial contractility,brain development,cholesterol and glucose metabolism.In this paper H pylori infection in associaed with various micronutrients deficiencies is briefly reviewed.展开更多
The paper reviews the recent advances in studying grouper nutrition requirement for the development of cost-effective and environmentally friendly artificial diets. It consists of seven parts: protein and amino acid, ...The paper reviews the recent advances in studying grouper nutrition requirement for the development of cost-effective and environmentally friendly artificial diets. It consists of seven parts: protein and amino acid, lipid and essential fatty acid, carbohydrate, vitamin, mineral, alternative protein source, broodstock and larval nutrition. The review provides some basic information for further investigation of nutrient requirements of groupers.展开更多
The paper sets out to examine the influence of e-commerce on marketing practitioners and consumers. This researcher found out that e-commerce brings about a new experience for both consumers and marketing practitioner...The paper sets out to examine the influence of e-commerce on marketing practitioners and consumers. This researcher found out that e-commerce brings about a new experience for both consumers and marketing practitioners as both groups try to achieve their different goals that end in an online relationship between the duo. This posses a lot of challenges for marketers who have to adapt and modify their offline marketing strategies to suite and meet the demands of e-commerce bringing about the whole concept and execution of e-marketing. The issue of the benefits as well as trust for online transactions based on the fear of insecurity from the consumers＇ perspective was also discussed. In all, the authors concluded that it＇s important for organizations engaging in e-commerce to come up with proper strategies to address these issues and build consumer trust in e-commerce; aiding it to further adapt to the ever changing needs of the business world.展开更多
In recent years, managers＇ self-interest motivation has been attracting more and more attention from both the academia and practice.Therefore, the ways and depth of managers＇ self-interest motivation influencing lis...In recent years, managers＇ self-interest motivation has been attracting more and more attention from both the academia and practice.Therefore, the ways and depth of managers＇ self-interest motivation influencing listed companies＇ operating performance has become a hot research area with important theoretical and practical significance. Based on the samples of A-share companies listed in Shanghai and Shenzhen stock exchange during 2012-2014. we studied different effects of managers＇ self-interest motivation on listed company＇s business performance under different situations.The innovation of this paper mainly lies in the following two points： on the one hand, we did not adopt the previous research methods which does not distinguish different kinds of company＇s business performance. Therefore, we divided business performance into two types firstly, then we made empirical text of the influences of managers＇ self-interest motivation on business performance by virtue of Hausman Model and drew related conclusions under different situations of operating performance. On the other hand, the index measuring managers＇ self-interest is relatively new.展开更多
With the entry to WTO and development of IT, banks in China are adjusting their competitive strategies to meet the competition. Internet banking has become a kind of strategic choice to response to the entry to WTO. B...With the entry to WTO and development of IT, banks in China are adjusting their competitive strategies to meet the competition. Internet banking has become a kind of strategic choice to response to the entry to WTO. Based on relevantly selective reviews of literature of strategy theory and research, a model is developed to study banks' strategic response to entry to WTO. According to a survey of 192 sets of questionnaires, this study finds that external pressure, business strategy and perceived benefits of Internet banking would influence banks' perceived increase in Internet banking investment. And banks' perceived increase in Internet banking investment has no difference between big banks and small banks.展开更多
In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority sha...In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.展开更多
after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competiti...after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competition in the domestic market. At the same time in order to obtain various resources, access to the vast market and foreign advanced technology, many private enterprises active or passive choice of ＂going out＂, through the international road to break the bottleneck of development.展开更多
The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used...The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.展开更多
This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 （PNI7） companies by Bursa Malaysia. The study finds that for companies which experience...This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 （PNI7） companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are similarly troubled financially. Companies receive either a disclaimer or an emphasis of matter （EOM） report. The study finds that which of the two reports is given is associated with three variables： current-year operating loss, shareholders＇ deficit, and default status, implying that audit reports do convey information that financial distress is not of the same level and severity among PN 17 companies.展开更多
Development of Shanghai Free Trade Zone, pushing up the logistics support industrial transformation and upgrading, boosting the overall domestic demand for modem logistics services. In this paper, trade logistics comp...Development of Shanghai Free Trade Zone, pushing up the logistics support industrial transformation and upgrading, boosting the overall domestic demand for modem logistics services. In this paper, trade logistics company, for example, through the report analyzes the main indicators of change in company focus on capital before and after the Shanghai Free Trade Zone, it analyze the impact and significance of argumentation Shanghai Free-Trade Zone for logistics and warehousing industry in the region, hoping to fund operations management who inspire.展开更多
文摘It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explanation holds sway. Based on non-equilibrium panel data of seven years between 2004 and 2010, this empirical study uses the product market competition variables of ＂inter-sector competition＂ and ＂intra-sector competition＂ and the hierarchy and complexity of pyramidal structure, examines the correlation between pyramidal structure of Chinese private manufacturing listed firms and product market competition and patterns of change, and reveals the major causes of pyramidal structure. Empirical result indicates that, for Chinese private manufacturing listed companies, there is a significant negative correlation between product market competition and the hierarchy and complexity of pyramidal structure, which indicates that the creation of pyramidal structure has a preference on tunneling by controlling shareholders. On the basis of further considerations on corporate tunneling and financing restraint categorization, high-tunneling firms and firms with low financing restraint demonstrate significant tunneling motivations; low-tunneling firms and firms with high financing restraint demonstrate significant effect of financing advantage, which further testifies both theoretical explanations for the creation of pyramidal structure. Conclusions of these studies have not only enriched and supplemented relevant studies on the root causes for the creation of pyramidal structure by Chinese private business groups, but provide practical support for firms to make correct and effective use of pyramidal structure as well.
文摘This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies＇ operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies＇ long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.
文摘In this paper the authors show how software component design can affect security properties through different composition operators. The authors define software composition as the result of aggregating and/or associating a component to a software system. The component itself may be informational or functional and carry a certain level of security attribute. The authors first show that the security attributes or properties form a lattice structure when combined with the appropriate least upper bound and greatest lower bound type of operators. Three composition operators, named C l, C2 and C3 are developed. The system＇s security properties resulting from these compositions are then studied. The authors discuss how different composition operators maintain, relax and restrict the security properties. Finally, the authors show that C1 and C2 composition operators are order-sensitive and that C3 is order-insensitive.
文摘It is known that deficiencies of micronutrients due to infections increase morbidity and mortality.This phenomenon depicts itself conspicuously in developing countries. Deficiencies of iron,vitamins A,E,C,B12,etc are widely prevalent among populations living in the third world countries.Helicobacter pylori(H pylori)infection has a high prevalence throughout the world.Deficiencies of several micronutrients due to H pylori infection may be concomitantly present and vary from subtle sub-clinical states to severe clinical disorders.These essential trace elements/ micronutrients are involved in host defense mechanisms, maintaining epithelial cell integrity,glycoprotein synthesis, transport mechanisms,myocardial contractility,brain development,cholesterol and glucose metabolism.In this paper H pylori infection in associaed with various micronutrients deficiencies is briefly reviewed.
文摘The paper reviews the recent advances in studying grouper nutrition requirement for the development of cost-effective and environmentally friendly artificial diets. It consists of seven parts: protein and amino acid, lipid and essential fatty acid, carbohydrate, vitamin, mineral, alternative protein source, broodstock and larval nutrition. The review provides some basic information for further investigation of nutrient requirements of groupers.
文摘The paper sets out to examine the influence of e-commerce on marketing practitioners and consumers. This researcher found out that e-commerce brings about a new experience for both consumers and marketing practitioners as both groups try to achieve their different goals that end in an online relationship between the duo. This posses a lot of challenges for marketers who have to adapt and modify their offline marketing strategies to suite and meet the demands of e-commerce bringing about the whole concept and execution of e-marketing. The issue of the benefits as well as trust for online transactions based on the fear of insecurity from the consumers＇ perspective was also discussed. In all, the authors concluded that it＇s important for organizations engaging in e-commerce to come up with proper strategies to address these issues and build consumer trust in e-commerce; aiding it to further adapt to the ever changing needs of the business world.
文摘In recent years, managers＇ self-interest motivation has been attracting more and more attention from both the academia and practice.Therefore, the ways and depth of managers＇ self-interest motivation influencing listed companies＇ operating performance has become a hot research area with important theoretical and practical significance. Based on the samples of A-share companies listed in Shanghai and Shenzhen stock exchange during 2012-2014. we studied different effects of managers＇ self-interest motivation on listed company＇s business performance under different situations.The innovation of this paper mainly lies in the following two points： on the one hand, we did not adopt the previous research methods which does not distinguish different kinds of company＇s business performance. Therefore, we divided business performance into two types firstly, then we made empirical text of the influences of managers＇ self-interest motivation on business performance by virtue of Hausman Model and drew related conclusions under different situations of operating performance. On the other hand, the index measuring managers＇ self-interest is relatively new.
基金This work was supported by National Natural Science Fund of China (70102007/G0202)
文摘With the entry to WTO and development of IT, banks in China are adjusting their competitive strategies to meet the competition. Internet banking has become a kind of strategic choice to response to the entry to WTO. Based on relevantly selective reviews of literature of strategy theory and research, a model is developed to study banks' strategic response to entry to WTO. According to a survey of 192 sets of questionnaires, this study finds that external pressure, business strategy and perceived benefits of Internet banking would influence banks' perceived increase in Internet banking investment. And banks' perceived increase in Internet banking investment has no difference between big banks and small banks.
文摘In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.
文摘after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competition in the domestic market. At the same time in order to obtain various resources, access to the vast market and foreign advanced technology, many private enterprises active or passive choice of ＂going out＂, through the international road to break the bottleneck of development.
文摘The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.
文摘This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 （PNI7） companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are similarly troubled financially. Companies receive either a disclaimer or an emphasis of matter （EOM） report. The study finds that which of the two reports is given is associated with three variables： current-year operating loss, shareholders＇ deficit, and default status, implying that audit reports do convey information that financial distress is not of the same level and severity among PN 17 companies.
文摘Development of Shanghai Free Trade Zone, pushing up the logistics support industrial transformation and upgrading, boosting the overall domestic demand for modem logistics services. In this paper, trade logistics company, for example, through the report analyzes the main indicators of change in company focus on capital before and after the Shanghai Free Trade Zone, it analyze the impact and significance of argumentation Shanghai Free-Trade Zone for logistics and warehousing industry in the region, hoping to fund operations management who inspire.
