An Empirical Analysis of Media Coverage and Corporate Debt Maturity Structure of Chinese Listed Companies

Media plays an important role in corporate debt financing decisions. However, no literature investigations the impact of media attention affect debt maturity structure. Based on the theories of asymmetric information and reputation, we use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on debt maturity structure of listed companies. We explore the impact of media coverage on the debt maturity structure under different ownership nature. The results show that, favorable media coverage and debt maturity structure of listed companies are positive related. Favorable media coverage can increase the level of debt maturity structure of a listed company. Furthermore, unfavorable media coverage is negatively related to f debt maturity structure. Unfavorable media coverage can decrease the level of corporate debt maturity structure. Media coverage has a different impact on debt maturity structure with different nature of ownership. Specifically, with respect to state-owned enterprises, the impact of favorable media coverage on increasing debt maturity structure is more apparent on non-state-owned enterprises, and the impact of unfavorable media coverage on decreasing debt maturity structure is more apparent on state-owned enterprises. Keywords: Debt Maturity Structure, Media Coverage, Ownership Nature, Heckman Two-stage Mode

Media Coverage, Ownership Nature and Debt Financing Costs of Listed Companies

Based on the theories of reputation and asymmetric information, we use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on debt financing costs of listed companies. We explore the impact of media coverage on the debt financing costs of the listed companies under different ownership nature. The results show that, media coverage has a significant impact on debt financing costs of listed companies, in which, positive media coverage reduces company’s debt financing costs while negative media coverage increases the company’s debt financing costs. Media coverage has a different impact on debt financing costs of listed firms with different nature of ownership. Specifically, with respect to state-owned enterprises, the impact of media coverage on easing debt financing costs is more apparent on non-state-owned enterprises. While with respect to non-state-owned enterprises, the impact of media coverage on increasing debt financing costs is more apparent on state-owned enterprises. Keywords: Media Coverage; Debt Financing Costs; Ownership Nature; Heckman Two-stage Model

Impact of high-frequency pumping on anomalous finite-size effects in three-dimensional topological insulators

Lowering of the thickness of a thin-film three-dimensional topological insulator down to a few nanometers results in the gap opening in the spectrum of topologically protected two-dimensional surface states. This phenomenon, which is referred to as the anomalous finite-size effect, originates from hybridization between the states propagating along the opposite boundaries. In this work, we consider a bismuth-based topological insulator and show how the coupling to an intense high-frequency linearly polarized pumping can further be used to manipulate the value of a gap. We address this effect within recently proposed Brillouin-Wigner perturbation theory that allows us to map a time-dependent problem into a stationary one. Our analysis reveals that both the gap and the components of the group velocity of the surface states can be tuned in a controllable fashion by adjusting the intensity of the driving field within an experimentally accessible range and demonstrate the effect of light-induced band inversion in the spectrum of the surface states for high enough values of the pump.Comment: 6 pages, 3 figure

(Dimethyl sulfoxide-κO)[3-hydr­oxy-2-hydroxy­methyl-2-(3-meth­oxy-2-oxido­benzyl­ideneamino-κ2 O 2,N)propanolato-κO]dioxomolybdenum(VI). Corrigendum

Corrigendum to Acta Cryst. (2006), E62, m1994–m1996