Disclosure and Cross-listing: Evidence from Asia-Pacific Firms

Purpose – The purpose of this paper is to examine whether both country disclosure environment and firm-level disclosures are associated with cross-listing in the USA or London or otherwise. Design/methodology/approach – The authors test the association using a sample of Asia-Pacific firms covered in the Standard and Poor\u27s, 2001/2002 disclosure survey, capturing the country-level disclosure using the Center for International Financial Analysis and Research (CIFAR) score. The firm-level disclosure is measured using the S&P disclosure score. The authors conduct a logistic regression analysis and a two-stage least squares analysis to examine whether the outcome, cross-listing or not, is associated with the country disclosure environment and firm-level disclosures. Findings – The authors find that Asia-Pacific firms from weak disclosure environments and having higher firm-level disclosure scores are more likely to seek listing in the USA. Further, the paper provides initial evidence that these Asia-Pacific firms are as likely to seek listing in London as in the USA. No significant difference was found in S&P scores between US and London cross-listings after controlling for the effects of other variables. This suggests that firms that cross-list in London present similar disclosure levels to firms that cross-list in the USA. Originality/value – The paper\u27s findings contribute to the cross-listing literature on disclosure by showing that the interaction between firm-level disclosure and country-level disclosure has an impact on whether a firm cross-lists in the USA/London or not. The authors\u27 comparison of US cross-listings versus London cross-listings provides the first evidence that disclosures of US and London cross-listings are not significantly different

The dynamics of perfect steering bogie vehicles and its improvement with a reconfigurable mechanism

Even since railway vehicles were invented, railway scientists and engineers have been putting a lot of effort in finding the solution to the fundamental conflict between vehicle stability in the lateral plane and vehicle's capability of negotiating curves. Many configurations of railway bogie vehicles have been proposed and applied to minimise the conflict. The purpose of the research project is i) to create new configurations that can decouple the basic conflict, ii) to investigate dynamic behaviour of the new configurations and iii) to conceive a new mechanism that can improve the dynamics of the new configurations. Three configurations of body-steered bogie vehicles have been set up in the research. The sufficient conditions for them to be capable of perfect steering have been derived. They are called perfect steering vehicles when they satisfy these sufficient conditions. Their curving ability, stability and ride performance have been investigated. To overcome the disadvantages of the perfect steering vehicles, the reconfigurable mechanism has been conceived. The improvement in the dynamic behaviour of the perfect steering vehicles with the reconfigurable mechanism has been demonstrated. A computer program has been developed to undertake the simulation. The steering capability of the perfect steering vehicles is much better than that of conventional bogie vehicles. There are two modes of instability in the perfect steering vehicles: low conicity instability and conventional instability in the perfect steering vehicle. The perfect steering vehicles can decouple the conflict between their conventional stability and curving. The improvement of stability and ride performance of the perfect steering vehicles is, however, limited by the low conicity instability. When the reconfigurable mechanism is applied, a body-steered bogie vehicle can become a perfect steering vehicle when on curves and can become a conventional bogie vehicle when in other circumstances. Low conicity instability can be eliminated when the reconfigurable mechanism is used. This class of vehicles possess the advantages of both conventional bogie vehicles and perfect steering vehicles, and thus, provide a very valuable solution for the fundamental conflicts between the stability and steering ability and between ride performance and stability of railway vehicles. The findings in this thesis have great significance in developing perfect steering vehicles

How embarrassing is that? Purchasing sensitive products and the potential for self-service

Consumers might feel uncomfortable or embarrassed when buying products that are inconsistent with the desire to project a positive self-image to others [3], [5], [7], [16]. Embarrassment and shame are key elements in the relationship between sales assistant and consumer [7] and may affect the likelihood of engagement with a service provider [10]. We explored the circumstances under which embarrassing retail experiences occur, with a view to identify the potential for self-service solutions to alleviate these experiences