Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As diff...Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As differ,as does the extent to which they interact within or between platforms.The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As.Based on our research on advertising-driven platforms,we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and cross-sector M&As for digital platforms.We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021,as well as a case study on Baidu’s M&A activities.Our research discovered that intra-industry M&As driven by“data economies of scale”and cross-sector M&As driven by“data economies of scope”are both beneficial to the market performance of platform enterprises.Intra-industry M&As have a more significant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the“network effect of data scale”.From a data factor perspective,this paper reveals the inherent economic logic by which different types of M&As influence the market performance of digital platforms,as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale,data scope,and the network effect of data.展开更多
PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN 1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology &Environmental Sciences...PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN 1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology &Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE) since Vol.13, No-1,2003,becoming a source journal of SCI.展开更多
Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming...Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming a source journal of SCI. Up to now, the journal has been abstracted/indexed in more than 50 internationally important databases and abstracts, such as Current Contents/AB&E (ISI), SCIE (ISI), Biological Abstracts, BIO-SIS, CAB Abstracts, Cambridge Scientific Abstracts, Chemical Abstracts, VINITI Abstracts展开更多
Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming...Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming a source journal of SCI. Up to now, the journal has been abstracted/indexed in more than 50 internationally important databases and abstracts, such as Current Contents/AB&E (ISI), SCIE (ISI), Biological Abstracts, BIO-SIS, CAB Abstracts, Cambridge Scientific Abstracts, Chemical Abstracts, VINITI Abstracts Journal (P(?)), Elsevier BIOBASE, GEOBASE, ASCI, Environment Encyclopedia and Directory, Environmental Sciences & Pollution Mgmt, Pollution Abstracts, Chinese Science Citation Database (CSCD),展开更多
PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences...PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE) since Vol. 13, No.1, 2003, becoming a source journal of SCI.展开更多
1 Introduction and Main Results In the study of hyperbolic metrics on 3-dimensional manifolds,Thurston(see[9],Chapter 13)introduced Thurston’s circle packing on surfaces,which allows the circles to intersects with no...1 Introduction and Main Results In the study of hyperbolic metrics on 3-dimensional manifolds,Thurston(see[9],Chapter 13)introduced Thurston’s circle packing on surfaces,which allows the circles to intersects with non-obtuse angles and is a natural generalization of the tangential circle packing studied by Andreev[1,2]and Koebe[6].Thurston further proved the Andreev-Thurston theorem.展开更多
1 Introduction and Main Results Two-species Vlasov-Maxwell-Boltzmann system(in brief,VMB)describes the evolution of a gas of two species of oppositely charged particles(the positively charged ions,i.e.,cations of char...1 Introduction and Main Results Two-species Vlasov-Maxwell-Boltzmann system(in brief,VMB)describes the evolution of a gas of two species of oppositely charged particles(the positively charged ions,i.e.,cations of charge q^+>0 and mass m^+>0,and the negatively charged ions,i.e.anions of charge-q^-<0 and mass m^->0),subject to auto-induced electromagnetic forces.Such a gas of charged particles,under a global neutrality condition,is called a plasma.The particle number densities F^+(t,x,v)≥0 and F^-(t,x,v)≥0 represent the distributions of cations.展开更多
The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using ...The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using the event study methodology and adopting two well-known tests in the literature,we analyzed Italian listed companies in the period of 2008-2016,to detect whether there is a market reaction to EAs releases for firms in financial distress,adopting as a measure of financial distress the presence in the audit report of a going concern opinion(GCO).In the Italian legislation,the GCO must be communicated immediately to the market and this can be done before,simultaneously or after EAs.The achieved results shed light on the negative impact of EAs of distressed firms receiving a GCO.On the other hand,the possibility that negative abnormal returns are mainly due to the GCO release cannot be neglected.Hence,through additional tests,we found that effects of EAs are more persistent and significant than GCOs,in accordance with the prevailing literature,which sees,on average,EAs predominant information for investors.Our study is pioneering in disentangling possible effects of confounding events for the Italian stock market.The EAs superior effect confirms the dynamics characterizing weak and small equity markets as Italy where,before GCOs releases,some relevant and more precise information(such as earnings magnitude)is often held by shareholders because of the high percentage of family firms and/or concentrated ownership,demonstrating also the weakness of auditor profession if compared with other developed countries.展开更多
The Society of Chinese Bioscientists in America and the Department of Biochemistry, Chinese University of Hong Kong, are organizing a third international symposium and workshop to be held in Hong Kong, June 24-30, 199...The Society of Chinese Bioscientists in America and the Department of Biochemistry, Chinese University of Hong Kong, are organizing a third international symposium and workshop to be held in Hong Kong, June 24-30, 1990. The Society of Chinese Bioscientists in America was founded in 1985 and has a membership of just over 1000. Most of the members are located in North America. The membership also includes an appreciable number of bioscientists in Mainland China, Taiwan, and Hong Kong. The following is an outline of the program:展开更多
We consider the two-dimensional stochastic quasi-geostrophic equation ■=1/(R_e)△~2■-r/2△■+f(x,y,t)(1.1) on a regular bounded open domain D ■,where ■ is the stream function,F Froude Number (F≈O(1)),R_e Reynolds...We consider the two-dimensional stochastic quasi-geostrophic equation ■=1/(R_e)△~2■-r/2△■+f(x,y,t)(1.1) on a regular bounded open domain D ■,where ■ is the stream function,F Froude Number (F≈O(1)),R_e Reynolds number(R_e■10~2),β_0 a positive constant(β_0≈O(10^(-1)),r the Ekman dissipation constant(r≈o(1)),the external forcing term f(x,y,t)=-(dW)/(dt)(the definition of W will be given later)a Gaussian random field,white noise in time,subject to the展开更多
A special issue of Acta Mathematica Scientia, to be published in 2011, will be dedicated to the 85th birthday of Peter D. Lax, who is one of the most prominent mathematicians of the past hundred years. Peter Lax has m...A special issue of Acta Mathematica Scientia, to be published in 2011, will be dedicated to the 85th birthday of Peter D. Lax, who is one of the most prominent mathematicians of the past hundred years. Peter Lax has made important and seminal contributions in many areas the theory of integrable systems and of pure and applied mathematics, including solitons,展开更多
基金supported by the National Natural Science Foundation of China“Research on Cross-sector Competition Effect and Regulatory Policy of Digital Platforms Based on Inter-platform Network Externalities”(Grant No.72103085).
文摘Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As differ,as does the extent to which they interact within or between platforms.The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As.Based on our research on advertising-driven platforms,we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and cross-sector M&As for digital platforms.We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021,as well as a case study on Baidu’s M&A activities.Our research discovered that intra-industry M&As driven by“data economies of scale”and cross-sector M&As driven by“data economies of scope”are both beneficial to the market performance of platform enterprises.Intra-industry M&As have a more significant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the“network effect of data scale”.From a data factor perspective,this paper reveals the inherent economic logic by which different types of M&As influence the market performance of digital platforms,as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale,data scope,and the network effect of data.
文摘PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN 1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology &Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE) since Vol.13, No-1,2003,becoming a source journal of SCI.
文摘Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming a source journal of SCI. Up to now, the journal has been abstracted/indexed in more than 50 internationally important databases and abstracts, such as Current Contents/AB&E (ISI), SCIE (ISI), Biological Abstracts, BIO-SIS, CAB Abstracts, Cambridge Scientific Abstracts, Chemical Abstracts, VINITI Abstracts
文摘Since 1st issue of 2003, PEDOSPHERE has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE), becoming a source journal of SCI. Up to now, the journal has been abstracted/indexed in more than 50 internationally important databases and abstracts, such as Current Contents/AB&E (ISI), SCIE (ISI), Biological Abstracts, BIO-SIS, CAB Abstracts, Cambridge Scientific Abstracts, Chemical Abstracts, VINITI Abstracts Journal (P(?)), Elsevier BIOBASE, GEOBASE, ASCI, Environment Encyclopedia and Directory, Environmental Sciences & Pollution Mgmt, Pollution Abstracts, Chinese Science Citation Database (CSCD),
文摘PEDOSPHERE (an international journal published in English by the Science Press, Beijing; ISSN1002-0160) has been selected for coverage in ISI products Current Contents/Agriculture, Biology & Environmental Sciences (CC/AB&ES) and Science Citation Index Expanded (SCIE) since Vol. 13, No.1, 2003, becoming a source journal of SCI.
基金supported by NSF of Hunan Province(2018JJ2073)supported by Hubei Provincial Natural Science Foundation of China(2017CFB681)Fundamental Research Funds for the Central Universities.
文摘1 Introduction and Main Results In the study of hyperbolic metrics on 3-dimensional manifolds,Thurston(see[9],Chapter 13)introduced Thurston’s circle packing on surfaces,which allows the circles to intersects with non-obtuse angles and is a natural generalization of the tangential circle packing studied by Andreev[1,2]and Koebe[6].Thurston further proved the Andreev-Thurston theorem.
文摘1 Introduction and Main Results Two-species Vlasov-Maxwell-Boltzmann system(in brief,VMB)describes the evolution of a gas of two species of oppositely charged particles(the positively charged ions,i.e.,cations of charge q^+>0 and mass m^+>0,and the negatively charged ions,i.e.anions of charge-q^-<0 and mass m^->0),subject to auto-induced electromagnetic forces.Such a gas of charged particles,under a global neutrality condition,is called a plasma.The particle number densities F^+(t,x,v)≥0 and F^-(t,x,v)≥0 represent the distributions of cations.
文摘The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using the event study methodology and adopting two well-known tests in the literature,we analyzed Italian listed companies in the period of 2008-2016,to detect whether there is a market reaction to EAs releases for firms in financial distress,adopting as a measure of financial distress the presence in the audit report of a going concern opinion(GCO).In the Italian legislation,the GCO must be communicated immediately to the market and this can be done before,simultaneously or after EAs.The achieved results shed light on the negative impact of EAs of distressed firms receiving a GCO.On the other hand,the possibility that negative abnormal returns are mainly due to the GCO release cannot be neglected.Hence,through additional tests,we found that effects of EAs are more persistent and significant than GCOs,in accordance with the prevailing literature,which sees,on average,EAs predominant information for investors.Our study is pioneering in disentangling possible effects of confounding events for the Italian stock market.The EAs superior effect confirms the dynamics characterizing weak and small equity markets as Italy where,before GCOs releases,some relevant and more precise information(such as earnings magnitude)is often held by shareholders because of the high percentage of family firms and/or concentrated ownership,demonstrating also the weakness of auditor profession if compared with other developed countries.
文摘The Society of Chinese Bioscientists in America and the Department of Biochemistry, Chinese University of Hong Kong, are organizing a third international symposium and workshop to be held in Hong Kong, June 24-30, 1990. The Society of Chinese Bioscientists in America was founded in 1985 and has a membership of just over 1000. Most of the members are located in North America. The membership also includes an appreciable number of bioscientists in Mainland China, Taiwan, and Hong Kong. The following is an outline of the program:
基金Foundation item:The work was supported in part by the NSFC(No.90511009).
文摘We consider the two-dimensional stochastic quasi-geostrophic equation ■=1/(R_e)△~2■-r/2△■+f(x,y,t)(1.1) on a regular bounded open domain D ■,where ■ is the stream function,F Froude Number (F≈O(1)),R_e Reynolds number(R_e■10~2),β_0 a positive constant(β_0≈O(10^(-1)),r the Ekman dissipation constant(r≈o(1)),the external forcing term f(x,y,t)=-(dW)/(dt)(the definition of W will be given later)a Gaussian random field,white noise in time,subject to the
文摘A special issue of Acta Mathematica Scientia, to be published in 2011, will be dedicated to the 85th birthday of Peter D. Lax, who is one of the most prominent mathematicians of the past hundred years. Peter Lax has made important and seminal contributions in many areas the theory of integrable systems and of pure and applied mathematics, including solitons,
