Diversification-driven tabu search for unconstrained binary quadratic problems

This paper describes a Diversification-Driven Tabu Search (D²TS) algorithm for solving unconstrained binary quadratic problems. D²TS is distinguished by the introduction of a perturbation-based diversification strategy guided by long-term memory. The performance of the proposed algorithm is assessed on the largest instances from the ORLIB library (up to 2500 variables) as well as still larger instances from the literature (up to 7000 variables). The computational results show that D²TS is highly competitive in terms of both solution quality and computational efficiency relative to some of the best performing heuristics in the literature

The Financial Constraints and the Value of Cash Holdings: An Empirical Investigation of US Firms

Abstract Financial constraint is an important problem when assessing the companies’ financial behaviours. This study investigates the cash flow sensitivity of cash, which is used for measuring the financial constraints; in addition, the impacts of cash holdings for both financially constrained and unconstrained firms are investigated; three proxies are used to classify the companies as constrained and unconstrained, which are dividend payout ratio, firm size and KZ index, respectively. By examining the US public firms during the period of 2005 to 2015, through utilizing the fixed effect model and GMM model, we conclude that the financially constrained firms hoard more cash reserves than the unconstrained firms; furthermore, the financially constrained firms have higher marginal value compared with the unconstrained firms, which means the firms face financial constraints will create more value with every extra dollar reserved

Effect of cooling rate on microstructure of B2-NiSc intermetallics

Ni-50at%Sc alloy was prepared by centrifugal casting method. Volume fraction, the actual content of B2-NiSc and second phase Ni2Sc in alloy were analyzed with an Image-Pro Plus software. The cooling rates for the solidified thin plate with thickness of 2.65mm, 1.2mm, 0.75mm and 0.35 mm are 1164, 2570, 4112 and 8811 K·s- 1, respectively. It is found that d=0.5 mm was an critical dimension which corresponds to an abrupt change in the solidification rate. It is also found that (Ni2Sc+NiSc)eutectic was dispersed at grain boundary or between dendritic arms due to the loss of Sc element during melting. While d＞ 0.5mm (corresponding to the thin plate with thickness of 0.75mm, 1.20mm and 2.65 mm), the solidification structure consists of primary phase B2-NiSc and (Ni2Sc+NiSc)eutectic. While d ＜ 0.5mm (corresponding to the thin plate with thickness of 0.35 mm), the solidification structure is composed of fine globular B2-NiSc and relatively small amounts of (Ni2Sc+NiSc)eutectic. Based on the phase volumetric analyzing of the microstructure with an Image-Pro Plus software, the loss of Sc element during melting was about 3.01~3.10 at%. The eutectic NiSc in the lamellar eutectic structure together with the primary phase B2-NiSc form a larger single phase NiSc, while Ni2Sc with the form of particles is distributed on the grain boundaries after (970 ℃, 72 h) homogenization heat treatment