Corporate Governance and Market Valuation in China

This paper studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China empirically. We construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm’s annual reports. We then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis. A corporate governance index is also constructed to summarize the information contained in the corporate governance variables. The index is found to have statistically and economically significant effect on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China, benefiting firms that improve their governance mechanisms.http://deepblue.lib.umich.edu/bitstream/2027.42/39949/3/wp564.pd

Corporate Governance and Market Valuation in China

This paper studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China empirically. We construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm’s annual reports. We then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis. A corporate governance index is also constructed to summarize the information contained in the corporate governance variables. The index is found to have statistically and economically significant effect on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China, benefiting firms that improve their governance mechanisms.Corporate governance mechanisms, market valuation, corporate governance index, corporate governance premium

Distinction in corrosion resistance of selective laser melted Ti-6Al-4V alloy on different planes

Electrochemical measurements and microstructural analysis were performed to study the corrosion resistance of different planes of Ti-6Al-4V alloy manufactured by selective laser melting (SLM). The electrochemical results suggest that its XY-plane possesses a better corrosion resistance compared to XZ-plane in 1 M HCl solution, in spite of slight difference in 3.5 wt.% NaCl solution, suggesting that the different planes exhibit more pronounced distinction in corrosion resistance in harsher solution system. The inferior corrosion resistance of XZ-plane is attributed to the presence of more α′ martensite and less β-Ti phase in microstructure for XZ-plane than for XY-plane of the SLM-produced Ti-6Al-4V allo

Direct relationship between levels of TNF-α expression and endothelial dysfunction in reperfusion injury

We previously found that myocardial ischemia/ reperfusion (I/R) initiates expression of tumor necrosis factor-α (TNF) leading to coronary endothelial dysfunction. However, it is not clear whether there is a direct relationship between levels of TNF expression and endothelial dysfunction in reperfusion injury. We studied levels of TNF expression by using different transgenic animals expressing varying amounts of TNF in I/R. We crossed TNF overexpression (TNF++/++) with TNF knockout (TNF-/-) mice; thus we have a heterozygote population of mice with the expression of TNF "in between" the TNF-/- and TNF++/++ mice. Mouse hearts were subjected to 30 min of global ischemia followed by 90 min of reperfusion and their vasoactivity before and after I/R was examined in wild type (WT), TNF-/-, TNF++/++ and TNF heterozygote (TNF -/++, cross between TNF-/- and TNF++/++) mice. In heterozygote TNF-/++ mice with intermediate cardiac-specific expression of TNF, acetyl-choline-induced or flow-induced endothelial-dependent vasodilation following I/R was between TNF++/++ and TNF-/- following I/R. Neutralizing antibodies to TNF administered immediately before the onset of reperfusion-preserved endothelial-dependent dilation following I/R in WT, TNF-/++ and TNF++/++ mice. In WT, TNF -/++ and TNF++/++ mice, I/R-induced endothelial dysfunction was progressively lessened by administration of free-radical scavenger TEMPOL immediately before initiating reperfusion. During I/R, production of superoxide (O2-) was greatest in TNF ++/++ mice as compared to WT, TNF-/++ and TNF -/- mice. Following I/R, arginase mRNA expression was elevated in the WT, substantially elevated in the TNF-/++ and TNF ++/++mice and not affected in the TNF-/- mice. These results suggest that the level of TNF expression determines arginase expression in endothelial cells during myocardial I/R, which is one of the mechanisms by which TNF compromises coronary endothelial function in reperfusion injury

Effect of direct current electric field intensity and electrolyte layer thickness on oxygen reduction in simulated atmospheric environment

The effect of direct current (DC) electric field and electrolyte layer thickness on oxygen reduction in simulated atmospheric environment were investigated using electrochemical measurements. The results show that the limiting diffusion current density (ilim) decreases with increasing the thin electrolyte layers (TELs) thickness but it increases with increasing the DC electric field intensity. The potential shifts negatively with the DC electric field. It is found that the DC electric field enables OH− ions to quickly migrate from the solution/electrode interface to the electrolyte layer. All these features promote the cathodic reduction process thereby enhancing the metal corrosion rate

Fibre Bragg gratings fabrication in four core fibres

Due to the limitation of the lens effect of the optical fibre and the inhomogeneity of the laser fluence on different cores, it is still challenging to controllably inscribe different fibre Bragg gratings (FBGs) in multicore fibres. In this article, we reported the FBG inscription in four core fibres (FCFs), whose cores are arranged in the corners of a square lattice. By investigating the influence of different inscription conditions during inscription, different results, such as simultaneous inscription of all cores, selectively inscription of individual or two cores, and even double scanning in perpendicular core couples by diagonal, are achieved. The phase mask scanning method, consisting of a 244nm Argon-ion frequencydoubled laser, air-bearing linear transfer stage and cylindrical lens and mirror setup, is used to precisely control the grating inscription in FCFs. The influence of three factors is systematically investigated to overcome the limitations, and they are the defocusing length between the cylindrical lens and the bare fibre, the rotation geometry of the fibre to the irritation beam, and the relative position of the fibre in the vertical direction of the laser beam