Effect of blockchain technology initiatives on firms’market value

Despite blockchain’s potential to transform corporations by providing new ways of organizing business processes and handling information,extant research pays inadequate attention to how and under what conditions blockchain technology provides additional financial value for shareholders.Drawing on the efficient market hypothesis and signaling theory,we examined the relationship between firms’blockchain use,development announcements,and stock market reactions.We used the event study methodology to analyze a sample of blockchain projects initiated by US firms between 2016 and 2019.The sample contains 114 firm-event observations.The findings show that the average abnormal return over a 2 days event period(including the day of the announcement and the day after the announcement)was positive.This positive stock market reaction is even more substantial when firms announce blockchain projects that focus on saving cost or time.Our findings also indicate that blockchain announcements tend to elicit more positive market reactions from smaller firms.We analyzed 249 firm-event observations containing firms from around the world and conclude that blockchain technology has a non-significant long-term impact on operating performance.The contingency approach adopted in our research provides advice for selecting the right mix of blockchain investment initiatives that is most suitable for a given organizational context.

ICT Workers and Professional Spirit in the E-Business Era

Because of the ubiquity of information and communication technology (ICT) and ICT-based information systems, ICT workers in business organisations have power, both intentional and unintentional, over people's quality of life. On this point, all of them, not only ICT professionals but also non-professionals or end-users, need to accept responsibility to the public and to have professional spirit in order to make and keep the information society and e-business environment safe and reliable. However, an individual ICT worker is not necessarily a strong existence; he or she is in a complex situation filled with stress and pressure and his or her decisions are sometimes affected by it. Therefore, social and organisational measures to prompt ICT workers to behave in professional spirit are necessary to be taken.

On the Construction of Knowledge Ecology Models in the Strategic Change from Traditional Enterprises to Innovative Enterprises from the Perspective of Combination Innovation

The paper expounds the extensive ecological process of knowledge creation in the strategic change from traditional enterprises to innovative enterprises from the perspective of integrating innovation,analyzes the systematic integration process of the three links including knowledge preparation,knowledge production and knowledge diffusion in the two different change paths of integrated innovation and digestive absorption innovation,and establishes the knowledge ecology models in different paths.

Crystal habit for upconversion laser crystal of BaY_2F_8

BaY2F8 crystals had a relatively low symmetry, and its XRD data showed that those strong diffractions occured in a narrow angle range, so it was difficult to orientate the single crystals of BaYEFs. In this paper, based on the structure characteristics and XRD data, the crystal habit of BaY2F8 was analyzed. The strong bond in crystal structure of BaYEF8 was Y-FE-Y, which stretched to the shape of chain along the direction of [001]. And this was an advantaged direction for the crystal growth. The steady shapes of BaY2F8 were composed of rhombic prism { 130} and {021 }. The crystal showed an axial habit in the direction of [001]. The analysis of the crystal slice obtained by temperature gradient technique verified the above conclusion. The BaY2F8 crystal was grown by compulsive methods such as Czochralski method.

Selecting Best Software Vulnerability Scanner Using Intuitionistic Fuzzy Set TOPSIS

Software developers endeavor to build their products with the least number of bugs.Despite this,many vulnerabilities are detected in software that threatens its integrity.Various automated software i.e.,vulnerability scanners,are available in the market which helps detect and manage vulnerabilities in a computer,application,or a network.Hence,the choice of an appropriate vulnerability scanner is crucial to ensure efficient vulnerability management.The current work serves a dual purpose,first,to identify the key factors which affect the vulnerability discovery process in a network.The second,is to rank the popular vulnerability scanners based on the identified attributes.This will aid the firm in determining the best scanner for them considering multiple aspects.The multi-criterion decision making based ranking approach has been discussed using the Intuitionistic Fuzzy set(IFS)and Technique for Order of Preference by Similarity to Ideal Solution(TOPSIS)to rank the various scanners.Using IFS TOPSIS,the opinion of a whole group could be simultaneously considered in the vulnerability scanner selection.In this study,five popular vulnerability scanners,namely,Nessus,Fsecure Radar,Greenbone,Qualys,and Nexpose have been considered.The inputs of industry specialists i.e.,people who deal in software security and vulnerability management process have been taken for the ranking process.Using the proposed methodology,a hierarchical classification of the various vulnerability scanners could be achieved.The clear enumeration of the steps allows for easy adaptability of the model to varied situations.This study will help product developers become aware of the needs of the market and design better scanners.And from the user’s point of view,it will help the system administrators in deciding which scanner to deploy depending on the company’s needs and preferences.The current work is the first to use a Multi Criterion Group Decision Making technique in vulnerability scanner selection.

To Reason Unreasonably—On the Undercurrent of Irrationality in Edgar Allan Poe’s Detective Stories

It is generally believed that Edgar Allan Poe’s detective stories feature the ratiocination of C.Auguste Dupin,a detective Poe has created.However,this paper aims to demonstrate that there is actually an undercurrent of irrationality in Poe’s detective stories.First of all,ratiocination,by definition,refers to inference,or deductive rules.It is also a type of the Enlightenment thinking that is closely related to reason or rationality.In detective fiction,it is the detective’s ability to analyze the clues and reason out the truth.It is true that Dupin’s ratiocination predominates in Poe’s detective stories.However,a closer look will reveal that Dupin’s ratiocinative processes in these stories are in fact blended with his speculation or imagination,namely,elements of irrationality.That is,beneath Dupin’s seemly seamless ratiocinative model is indeed an undercurrent of irrationality.To find out the origin of this undercurrent,we have to research the historical background of Poe’s detective stories.In the era of Poe’s detective stories,the Enlightenment is the dominant thinking,while there is also a resistant force developing at the same time,Gothicism.The Enlightenment puts a premium on reason;in contrast,Gothicism is often equated with irrationality,whose manifestations include horror or imagination.Poe,who is deemed as the“romantic ironist”,is a writer who is uniquely capable of making two statements with opposite meanings simultaneously.So as he indicates that ratiocination will lead to the truth in his detective stories,he may as well implies that imagination or speculation will also fulfill the same purpose.In addition,Poe excels in absorbing contraries;thus,he infuses both rationality and irrationality into his detective stories.For Poe,the latter has to be subdued by the former.As a consequence,the former plays a pivotal role in Poe’s detective stories,while the latter ends up as an undercurrent.

The Effects of Breaststroke Kick Electromyography Muscle Activity

This paper evaluates the efficiency of using a downward breaststroke kick in a sample of eight elite swimmers.Using a downward breaststroke kick increases the one stroke velocity and max speed but also increases production of lactate acid.Utilizing the downward breaststroke kick we find the 100-meter and 100-yard breaststroke times decrease from 1:05.10s to 1:01.97s and find the downward breaststroke kick increases muscle activity of the quadriceps,biceps,and calves.The increases in performance were observed from measuring the world class swimmers are highly correlated to duration of the kick aerodynamic buoyant force in breaststroke.

Intelligent design:stablecoins(in)stability and collateral during market turbulence

How does stablecoin design affect market behavior during turbulent periods?Stable-coins attempt to maintain a“stable”peg to the US dollar,but do so with widely varying structural designs.The spectacular collapse of the TerraUSD(UST)stablecoin and the linked Terra(LUNA)token in May 2022 precipitated a series of reactions across major stablecoins,with some experiencing a fall in value and others gaining value.Using a Baba,Engle,Kraft and Kroner(1990)(BEKK)model,we examine the reaction to this exogenous shock and find significant contagion effects from the UST collapse,likely partially due to herding behavior among traders.We test the varying reactions among stablecoins and find that stablecoin design differences affect the direction,magnitude,and duration of the response to shocks.We discuss the implications for stablecoin developers,exchanges,traders,and regulators.

Fiscal Policy and Inflation in Nigeria

This paper empirically examined the impact of fiscal policy on inflation in Nigeria.Time series data on inflation,government revenue,government expenditure,and gross domestic product were sourced from the Central Bank of Nigeria(CBN).The aforementioned secondary data cover the period from 1981 to 2021.The Augmented Dickey Fuller(ADF)unit root test and Johansen co-integration test were used to testing for data stationarity and the existence or otherwise of co-integrating equations respectively.Thereafter,data were analyzed using Ordinary Least Square and Parsimonious Error Correction techniques.Findings from the study show that government expenditure and revenue both have a positive relationship with the rate of inflation,though the latter is not statistically significant.Also,there is a positive but insignificant relationship between inflation and gross domestic product.In line with the above findings,we,therefore,recommend that the Nigerian government at all levels(local,state,and federal)should be tactful in the use of fiscal policy tools to avoid triggering inflationary pressure and its negative multiplier effects on the welfare of its citizenry.

家族企业给予非家庭成员经理人员股份的决定因素的实证分析

家族企业是我国私营企业中相当普遍的一种模式。随着近年来私营经济的高速发展,许多家族企业越来越多地依赖家庭成员以外的职业经理人员来管理企业。这就有可能产生委托-代理问题。缓解该问题的最常见的做法就是给予职业经理人员一部分股份。本文以296家私营企业的调研数据为基础,用计量模型评估了影响家族企业给予非家庭成员经理人员股份的因素。研究结果表明,即使是在家族控股的情形下,委托-代理问题仍然不容忽视。企业外部环境的不稳定性和业绩下降是目前家族企业计划给予非家庭成员经理人员股份的主要原因,而家族企业中的治理机制的不完善是企业回避这一激励机制的主要原因。

“It Could Have Been Said!”—On the Dialogical Space Between Machery and Deleuze

This paper aims to parallelize the theorizations of Pierre Macherey and Gilles Deleuze.First,the author,according to Macherey,must have left something unsaid in his text.The unsaid or the narrative rupture is responsible for the multiplicity of the voices in the text,enabling the text to exist.Above all,Macherey argues that the unsaid or the narrative rupture emerges from how the author chooses to represent ideology.That is,Macherey’s so-called unsaid or narrative rupture is actually what the author could have said;it is in fact a potentiality embedded in the text.On the other hand,when postulating his virtual(ity)/actual(ity)couplet,Deleuze asserts that the virtual(ity)is actually a potentiality that can be tapped.To be more precise,the virtual(ity)has its own reality,and once actualized,it will be transformed into something entirely new and different.Here,the dialogical space between Macherey and Deleuze is plain to see:Macherey’s so-called unsaid or narrative rupture is literally Deleuze’s so-called virtuality.When the unsaid is said,a virtuality is actualized.And a potentiality is thus tapped.By such a reading strategy,we readers are presented with an enactment of an alternative case scenario of the text,namely,how the text could have been made over.In the end,an example of this reading strategy is provided:Macherey argues that Marquis de Sade’s desire-ruled society is more oppressive.What de Sade has left unsaid is the problematic relationship between desire and oppression.And it is exactly the potentiality in his works.

Improved DHOA-Fuzzy Based Load Scheduling in IoT Cloud Environment

Internet of things (IoT) has been significantly raised owing to thedevelopment of broadband access network, machine learning (ML), big dataanalytics (BDA), cloud computing (CC), and so on. The development of IoTtechnologies has resulted in a massive quantity of data due to the existenceof several people linking through distinct physical components, indicatingthe status of the CC environment. In the IoT, load scheduling is realistictechnique in distinct data center to guarantee the network suitability by fallingthe computer hardware and software catastrophe and with right utilize ofresource. The ideal load balancer improves many factors of Quality of Service(QoS) like resource performance, scalability, response time, error tolerance,and efficiency. The scholar is assumed as load scheduling a vital problem inIoT environment. There are many techniques accessible to load scheduling inIoT environments. With this motivation, this paper presents an improved deerhunting optimization algorithm with Type II fuzzy logic (IDHOA-T2F) modelfor load scheduling in IoT environment. The goal of the IDHOA-T2F is todiminish the energy utilization of integrated circuit of IoT node and enhancethe load scheduling in IoT environments. The IDHOA technique is derivedby integrating the concepts of Nelder Mead (NM) with the DHOA. Theproposed model also synthesized the T2L based on fuzzy logic (FL) systemsto counterbalance the load distribution. The proposed model finds usefulto improve the efficiency of IoT system. For validating the enhanced loadscheduling performance of the IDHOA-T2F technique, a series of simulationstake place to highlight the improved performance. The experimental outcomesdemonstrate the capable outcome of the IDHOA-T2F technique over therecent techniques.

Personal Data Use and Morality in the E-Business Environment

This paper deals with personal data use by firms in the e-business environment from the viewpoint of business administration and information ethics. Whereas the tremendous development of information and communication technology (ICT) has made it easier for firms to acquire, store, share, and utilise personal data on their customers, firms that use personal data are exposed to risks related to privacy issues. Since individuals fear the invasion of their privacy, the failure of a firm to appear or remain trustworthy would make it difficult for it to maintain accurate, up-to-date databases and to construct desirable business processes, which would affect the bottom line. Therefore, modern firms should do what they can to ensure that their customers trust them. For them, one promising way to remain trustworthy is to behave as a moral agent. Although it is difficult for any firm to meet the conditions necessary to be a moral agent, competence in behaving as a moral agent is a hard-to-imitate capability af firms for which personal data use is vital for enjoying the benefits of business relationships in the e-business environment.

Decision Support for DCs Location and Distribute Range Planning: Case Study in Asia-Pacific Region

A major concern is to locate manufacturing plants and/or distribution centers to serve the needs of consumers widely and rapidly with reasonably distributive cost and flexible delivery time. The purpose of this research is to help enhance a decision support for three distribution center locations with different ranges of area in order that the distributors are able to serve appropriately the retailers in twelve large cities or capitals of the nine countries in Asia-Pacific region. The researcher applies the theory of supply chain and logistics management systems with Excel, Visual Basic and Genetic Algorithms programs to find the research results. The research results revealed that the interfaces of Excel, Visual Basic, and Genetic Algorithms programs helped decision support in distribution range selection for 3 distribution center locations. Each of which had different ranges of area for distribution with a rapidly, flexibly distributed time. However, variables resulting in a decision-making should be adjusted under certain circumstances for more reliable, specific needs.

Corporate Board Structure and Corporate Performance:Empirical Analysis of Listed Companies in China

Using cross section data of 3 years 2000,2007,and 2014 for non-financial listed firms in China,this study quantitatively analyzes the relationship between government-affiliated corporate executives and corporate performance.We classify the sample firms into two groups,based on whether their chief executive officers(CEOs)and independent directors are prior government officials or not.Then,we empirically examine the difference in corporate performance between the two groups.We find that the appointment of CEOs and directors of listed companies in China is significantly affected by government shareholders.The results also suggest that prior to 2000 government-affiliated CEOs impaired corporate performance.But with the establishment of State-owned Assets Supervision and Administration Committee and the completion of the Split-Share Structure Reform in 2006,government as a shareholder began to give priority to corporate value maximization,and government-affiliated CEOs began to help improve corporate performance.However,due to the slowdown of economic growth after 2012,problems such as inefficiency and corruption brought by government-affiliated executives manifested again,and therefore,corporate performance deteriorated.Meanwhile,government-affiliated independent directors have limited influence on these factors.

Stock Market's Response to Real Output Shocks in China: A VARwAL Estimation

This paper studies the connection between the stock market and real output in China and compares it with benchmark countries,employing a novel vector autoregression with asymmetric leads(VARwAL)model.It makes two contributions.First,it finds that the time profile of the Chinese stock market's response to real output shocks suggests no evidence of a distorted relationship due to manipulation of Chinese real output data or domination of the Chinese stock market by individual investors.Rather,the Chinese stock market is relatively more responsive to real output,in line with the larger share of manufacturing in the Chinese economy.Electricity output and industrial profits,two different,less-manipulable time series,yield similar results.Second,it presents the first use of VARwAL impulse responses to detect stock market bubbles:VARwAL captures the 2015 bubble in China successfully.Over the full sample period,China's stock market appears to have been less prone to bubbles than the US stock market.

宁波市民营企业产权结构分析

本文以浙江省宁波市296家民营企业的调查数据为依据,用多个计量模型来检验家族企业中产权结构和企业绩效之间的关系。我们发现,企业绩效与管理层及最大股东的股份额密切相关,却与包括单个最大股东和其家庭成员在内的家庭股份份额无显著相关性。本文结果说明,即使是在市场机制尚不成熟的环境下,内生产权理论的结论也基本适用。但家庭股份份额却对企业绩效没有显著影响这一结果说明,需要对家族企业的产权结构的变化做进一步的研究。

Achieving fish passage outcomes at irrigation infrastructure;a case study from the Lower Mekong Basin

Irrigation infrastructure expansion threatens the diversity of freshwater fish worldwide.Irrigation infrastructure creates migration barriers which can block access to important nursery,feeding and spawning habitat.Lao PDR is a landlocked country situated within the Lower Mekong River Basin where there is a substantial dependency on rice and fish for food,income and livelihoods.The country is experiencing an unprecedented boom in irrigation infrastructure investment,with modernisation programs being implemented in every province.Despite significant investment in infrastructure upgrades,and the potential impact on freshwater fish,little consideration has been given to fish passage solutions.In 2008,we commenced a fish passage program in Lao PDR.The intent of this case study is to outline the pivotal elements of the program of knowledge development and transfer,in the context of river connectivity and fisheries management in Lao PDR.We also highlight challenges in international research in development and lessons learned.