Cross listing and firm value - corporate governance or market segmentation? An empirical study of the stock market

This study investigates the economic consequences of cross-listing on the Chinese stock market. We argue that by adopting a higher disclosure standard through cross- listing firms voluntarily commit themselves to reducing information asymmetry. As a result, cross-listed firms are able to benefit from growth opportunities with less appropriated cash flow and lower cost of capital. The empirical evidence shows that cross-listed firms indeed command higher valuations than their non-cross-listed counterparts, after controlling for certain firm-specific attributes. This lends support to the corporate governance hypothesis of cross-listing on the Chinese stock market. The study also argues that an overall upgrad-ing of accounting standards cannot substitute for the cross-listing mechanism.corporate governance; listing; China

A mechanism of e22h\frac{e^2}{2h} conductance plateau without 1D chiral Majorana fermions

We address the question about the origin of the $\frac12 \frac{e^2}{h}$ conductance plateau observed in a recent experiment on an integer quantum Hall (IQH) film covered by a superconducting (SC) film. Since 1-dimensional (1D) chiral Majorana fermions on the edge of the above device can give rise to the half quantized plateau, such a plateau was regarded as a smoking-gun evidence for the chiral Majorana fermions. However, in this paper we give another mechanism for the $\frac12 \frac{e^2}{h}$ conductance plateau. We find the $\frac12 \frac{e^2}{h}$ conductance plateau to be a general feature of a good electric contact between the IQH film and SC film, and cannot distinguish the existence or the non-existence of 1D chiral Majorana fermions. We also find that the contact conductance between SC and an IQH edge channel has a non-Ohmic form $\sigma_\text{SC-Hall} \propto V^2$ in $k_BT \ll eV$ limit, if the SC and IQH bulks are fully gapped.Comment: 6 pages, 4 figures. The T=0 calculation is updated for a more general situation (k_F=/=0). The results are not affecte

Competition between the inter-valley scattering and the intra-valley scattering on magnetoconductivity induced by screened Coulomb disorder in Weyl semimetals

Recent experiments on Weyl semimetals reveal that charged impurities may play an important role. We use a screened Coulomb disorder to model the charged impurities, and study the magneto-transport in a two-node Weyl semimetal. It is found that when the external magnetic field is applied parallel to the electric field, the calculated longitudinal magnetoconductivity shows positive in the magnetic field, which is just the negative longitudinal magnetoresistivity (LMR) observed in experiments. When the two fields are perpendicular to each other, the transverse magnetoconductivities are measured. It is found that the longitudinal (transverse) magnetoconductivity is suppressed (enhanced) sensitively with increasing the screening length. This feature makes it hardly to observe the negative LMR in Weyl semimetals experimentally owing to a small screening length. Our findings gain insight into further understanding on recently actively debated magneto-transport behaviors in Weyl semimetals. Furthermore we studied the relative weight of the inter-valley scattering and the intra-valley scattering. It shows that the former is as important as the latter and even dominates in the case of strong magnetic fields and small screening length. We emphasize that the discussions on inter-valley scattering is out of the realm of one-node model which has been studied.Comment: 14 pages, 5 figure

Is China’s financing for climate change prevention ensure green environment? Evaluating the role of higher education

Over the last few years, China has maintained rapid economic growth globally. China has initiated various investments and improved higher education to tackle climate change issues and ensure a green environment. This study examines the influence of economic growth, higher education graduates, household consumption expenditures, industrial pollution prevention investment, and energy industry investment. Covering the period from 2000 to 2017, this study investigated a panel of 30 Chinese provinces. The data under study follows an irregular pattern, and all the variables are cointegrated; therefore, this study employed the novel method of moment quantile regression. Empirical findings suggest that economic growth and investment in the energy industry are the significant contributors to carbon emission in all the quantiles Q0.25, Q0.50, and Q0.75. However, higher education graduates, household consumption expenditures, and investment in industrial pollution prevention negatively and significantly affect carbon emissions and promote environmental sustainability. The Granger causality test reveals a bidirectional causal association between carbon emissions and the explanatory variables. Based on the empirical findings, this study suggests investment in environmental recovery plans, adopting renewable energy sources, improving the level of higher education by more investments for higher education graduates, environmental education, and increased investment in pollution prevention industries

Unification of Flavor SU(3) Analyses of Heavy Hadron Weak Decays

Analyses of heavy mesons and baryons hadronic charmless decays using the flavor SU(3) symemtry can be formulated in two different forms. One is to construct the SU(3) irreducible representation amplitude (IRA) by decomposing effective Hamiltonian, and the other is to draw the topological diagrams (TDA). In the flavor SU(3) limit, we study various $B/D\to PP,VP,VV$, $B_c\to DP/DV$ decays, and two-body nonleptonic decays of beauty/charm baryons, and demonstrate that when all terms are included these two ways of analyzing the decay amplitudes are completely equivalent. Furthermore we clarify some confusions in drawing topological diagrams using different ways of describing beauty/charm baryons.Comment: 36 pages, 6 figures, 16 table