China＇s largest private petroleum group-the Great United Petroleum Holding Co.,Ltd（GUPC） announced its establishment in Beijing on June 29th,marking that the private enterprises are moving from being decentralized ...China＇s largest private petroleum group-the Great United Petroleum Holding Co.,Ltd（GUPC） announced its establishment in Beijing on June 29th,marking that the private enterprises are moving from being decentralized to unification,China＇s private oil industry is entering on a new stage of development. GUPC as a conglomerate initiated by several domestic private petroleum enterprises will mainly be engaged in oil exploration and production,展开更多
This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect...This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect of RPT and the level of finn ownership concentration. This non-linear connection is similar to the worldwide documented quadratic （inverted U） relation between ownership concentration and a finn＇s Tobin＇s Q. The relation becomes even statistically stronger, when measuring ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.展开更多
This paper takes Zoomlion （Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd） as an example and illustrates the reasons why traditional theories of stock dividends and stock splits cannot ...This paper takes Zoomlion （Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd） as an example and illustrates the reasons why traditional theories of stock dividends and stock splits cannot rationally explain the large stock dividend and stock split behavior among Chinese listed companies. The paper offers the following points after analyzing the current situation of China＇s capital market： As many investors seek after the stocks with large stock dividends and stock splits and form a ＂herd effect＂, it greatly pushes up the price of these stocks. Thus, companies＇ managers can cater these investors＇ irrational behavior, and help their companies get more funds from secondary equity offerings, or help their large shareholders and institutional investors to obtain more returns after lifting the sell restriction on their shares.展开更多
This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncrati...This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncratic risk, systematic risk, and total risk of non-financial listed firms in Thailand in 2007）. The multiple regression analysis is employed to test the hypotheses, and the results suggest that firms with higher market power have lower systematic risk. It implies that firms with higher market power can reduce the unavoidable risk when compared with firms that have lower market power. Firms with more media coverage will have higher systematic risk, which indicates that firms which publish more news will have higher unavoidable risk. This research may be the first to provide the evidence of the association between corporate govemance mechanisms and stock investment risk. Interestingly still, this study has utilized the data of Thailand, which is an emerging market economy with a capital market structure different from those of the developed market economies, and the results of this study are anticipated to be applicable to other similar studies in other emerging market economies.展开更多
Objective: To analyze the causes of distal femoral nonunion and delayed union and assess the outcome of the corresponding treatment, retrograde intramedullary interlocking nail (RIIN). Methods: From June 1995 to Decem...Objective: To analyze the causes of distal femoral nonunion and delayed union and assess the outcome of the corresponding treatment, retrograde intramedullary interlocking nail (RIIN). Methods: From June 1995 to December 1998, 15 patients (9 males and 6 females) with distal femoral nonunion and delayed union were treated with RIIN. The average age of the patients was 34.5 years (23 46 years). Bone grafting was performed in 10 patients, closed reaming was done in the other 5 patients. Correction osteotomy was performed in 2 patients, and intra articular release of knee adhesion in 11 patients. X ray examination and knee society clinical rating system (KSS) were used to evaluate the results. Results: All fractures were followed up for at least 9 months with average follow up duration of 14.5 months (9 33 months). Solid union was documented in all patients at 6.4 months on average. There were no infections or malunions in this series. Based on the final follow up data, acceptable functional range of motion (ROM) of over 90° was achieved in most patients. The average ROM was 93.5° with significant improvement of 28° ( 42.7 %, P< 0.05 ) compared with the preoperative ROM. The average knee score was 96. Excellent ROM emerged in 13 patients. The knee function score was 90.5 on average. Conclusions: The main causes of distal femoral nonunion and delayed union are improper indications and improper use of the implants. RIIN is an effective alternative for treatment of distal femoral nonunion and delayed union because it can provide a stable and reliable fixation which is beneficial for early functional exercise of knee. Bone grafting, closed reaming and intra articular release of knee adhesion should be considered in order to enhance the bone healing and improve ROM and the knee function.展开更多
Objective: To evaluate the therapeutic effects of retrograde interlocking intramedullary nailing under arthroscopy on supracondylar femoral fractures. Methods: From June 1999 to December 2000, 17 patients with supraco...Objective: To evaluate the therapeutic effects of retrograde interlocking intramedullary nailing under arthroscopy on supracondylar femoral fractures. Methods: From June 1999 to December 2000, 17 patients with supracondylar femoral fracture were treated with arthroscopically assisted implantation of retrograde interlocking intramedullary nail and close reduction. Results: More than 6 month follow up study after operation in 11 patients revealed that the average healing time was 3 months. Average range of the knee motion for all the patients was more than 90 degrees. There was no implant breakage and infection. Conclusions: This new method, combining the advantage of arthroscope and retrograde interlocking intramedullary nail, can provide a stable and reliable fixation, and meanwhile is less invasive to the soft tissue and knee, less operative time and blood loss, minimal disruption of the blood supply in fracture site. It is conducive to the fracture healing and the functional recovery of the knee joint and worthwhile to be recommended.展开更多
The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only ...The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only recently and the asymptotic theory of parameter estimation for the DCC model has not yet to be fully discussed. In this paper, we propose an alternative model, namely the scalar dynamic conditional correlation(SDCC) model. Sufficient and easily-checked conditions for stationarity, geometric ergodicity, andβ-mixing with exponential-decay rates are provided. We then show the strong consistency and asymptotic normality of the quasi-maximum-likelihood estimator(QMLE) of the model parameters under regular conditions.The asymptotic results are illustrated by Monte Carlo experiments. As a real-data example, the proposed SDCC model is applied to analyzing the daily returns of the FSTE(financial times and stock exchange) 100 index and FSTE 100 futures. Our model improves the performance of the DCC model in the sense that the Li-Mc Leod statistic of the SDCC model is much smaller and the hedging efficiency is higher.展开更多
文摘China＇s largest private petroleum group-the Great United Petroleum Holding Co.,Ltd（GUPC） announced its establishment in Beijing on June 29th,marking that the private enterprises are moving from being decentralized to unification,China＇s private oil industry is entering on a new stage of development. GUPC as a conglomerate initiated by several domestic private petroleum enterprises will mainly be engaged in oil exploration and production,
文摘This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect of RPT and the level of finn ownership concentration. This non-linear connection is similar to the worldwide documented quadratic （inverted U） relation between ownership concentration and a finn＇s Tobin＇s Q. The relation becomes even statistically stronger, when measuring ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.
文摘This paper takes Zoomlion （Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd） as an example and illustrates the reasons why traditional theories of stock dividends and stock splits cannot rationally explain the large stock dividend and stock split behavior among Chinese listed companies. The paper offers the following points after analyzing the current situation of China＇s capital market： As many investors seek after the stocks with large stock dividends and stock splits and form a ＂herd effect＂, it greatly pushes up the price of these stocks. Thus, companies＇ managers can cater these investors＇ irrational behavior, and help their companies get more funds from secondary equity offerings, or help their large shareholders and institutional investors to obtain more returns after lifting the sell restriction on their shares.
文摘This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncratic risk, systematic risk, and total risk of non-financial listed firms in Thailand in 2007）. The multiple regression analysis is employed to test the hypotheses, and the results suggest that firms with higher market power have lower systematic risk. It implies that firms with higher market power can reduce the unavoidable risk when compared with firms that have lower market power. Firms with more media coverage will have higher systematic risk, which indicates that firms which publish more news will have higher unavoidable risk. This research may be the first to provide the evidence of the association between corporate govemance mechanisms and stock investment risk. Interestingly still, this study has utilized the data of Thailand, which is an emerging market economy with a capital market structure different from those of the developed market economies, and the results of this study are anticipated to be applicable to other similar studies in other emerging market economies.
文摘Objective: To analyze the causes of distal femoral nonunion and delayed union and assess the outcome of the corresponding treatment, retrograde intramedullary interlocking nail (RIIN). Methods: From June 1995 to December 1998, 15 patients (9 males and 6 females) with distal femoral nonunion and delayed union were treated with RIIN. The average age of the patients was 34.5 years (23 46 years). Bone grafting was performed in 10 patients, closed reaming was done in the other 5 patients. Correction osteotomy was performed in 2 patients, and intra articular release of knee adhesion in 11 patients. X ray examination and knee society clinical rating system (KSS) were used to evaluate the results. Results: All fractures were followed up for at least 9 months with average follow up duration of 14.5 months (9 33 months). Solid union was documented in all patients at 6.4 months on average. There were no infections or malunions in this series. Based on the final follow up data, acceptable functional range of motion (ROM) of over 90° was achieved in most patients. The average ROM was 93.5° with significant improvement of 28° ( 42.7 %, P< 0.05 ) compared with the preoperative ROM. The average knee score was 96. Excellent ROM emerged in 13 patients. The knee function score was 90.5 on average. Conclusions: The main causes of distal femoral nonunion and delayed union are improper indications and improper use of the implants. RIIN is an effective alternative for treatment of distal femoral nonunion and delayed union because it can provide a stable and reliable fixation which is beneficial for early functional exercise of knee. Bone grafting, closed reaming and intra articular release of knee adhesion should be considered in order to enhance the bone healing and improve ROM and the knee function.
文摘Objective: To evaluate the therapeutic effects of retrograde interlocking intramedullary nailing under arthroscopy on supracondylar femoral fractures. Methods: From June 1999 to December 2000, 17 patients with supracondylar femoral fracture were treated with arthroscopically assisted implantation of retrograde interlocking intramedullary nail and close reduction. Results: More than 6 month follow up study after operation in 11 patients revealed that the average healing time was 3 months. Average range of the knee motion for all the patients was more than 90 degrees. There was no implant breakage and infection. Conclusions: This new method, combining the advantage of arthroscope and retrograde interlocking intramedullary nail, can provide a stable and reliable fixation, and meanwhile is less invasive to the soft tissue and knee, less operative time and blood loss, minimal disruption of the blood supply in fracture site. It is conducive to the fracture healing and the functional recovery of the knee joint and worthwhile to be recommended.
基金supported by National Natural Science Foundation of China(Grant No.71771224)National Social Science Foundation of China(Grant Nos.14ZDA044 and 15BGJ037)+1 种基金the Program for National Statistics Science Research Plan(Grant No.2016LD02)the Program for Innovation Research in Central University of Finance and Economics
文摘The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only recently and the asymptotic theory of parameter estimation for the DCC model has not yet to be fully discussed. In this paper, we propose an alternative model, namely the scalar dynamic conditional correlation(SDCC) model. Sufficient and easily-checked conditions for stationarity, geometric ergodicity, andβ-mixing with exponential-decay rates are provided. We then show the strong consistency and asymptotic normality of the quasi-maximum-likelihood estimator(QMLE) of the model parameters under regular conditions.The asymptotic results are illustrated by Monte Carlo experiments. As a real-data example, the proposed SDCC model is applied to analyzing the daily returns of the FSTE(financial times and stock exchange) 100 index and FSTE 100 futures. Our model improves the performance of the DCC model in the sense that the Li-Mc Leod statistic of the SDCC model is much smaller and the hedging efficiency is higher.
