Short-term shock, long-lasting payment: Evidence from the Lushan Earthquake

Abrupt catastrophic events bring business risks into firms. The paper introduces the Great Lushan Earthquake in 2013 in China as an unexpected shock to explore the causal effects on public firms in both the long and short term. DID-PSM methods are conducted to examine the robustness of causal inference. The identifications and estimations indicate that catastrophic shock significantly negatively impacts cash flow liquidity and profitability in the short term. Besides, the practical influences on firms' manufacturing and operation emerge in the treated group. Firms increase non-business expenditures and retained earnings as a financial measure to resist series risk during the shock period. As the long-term payment, the decline in production factors, particularly in employment level and the loss in fixed assets, are permanent. The earthquake's comprehensive interactions are also reflected. The recovery from the disaster would benefit the companies by raising the growth rate of R\&D and enhancing competitiveness through increasing market share, though these effects are temporary. PSM-DID and event study methods are implemented to investigate the general effects of specific strong earthquakes on local public firms nationwide. Consistent with the Lushan Earthquake, the ratio of cash flow to sales dropped drastically and recovered in 3 subsequent semesters. The shock on sales was transitory, only in the current semester

The Adoption of Next Generation Digital Printing Technology in Package Printing

This research addresses the question of which packaging market segments are best suited to adopt next generation digital printing technology in the near future. According to McCluskey and Larson (2001), Molly (2005), and Eldred (2008), waste reduction and cost effectiveness in short run printing, short leadtime printing, and custom printing are the primary benefits of digital printing. The researcher screened eight major package market segments to determine which segments had the most need for these benefits. At the conclusion of this effort, the researcher identified flexible packaging and folding cartons as the two strongest candidates for early penetration by next generation digital printing technologies. The researcher then analyzed each of these markets in detail. An assessment of technology readiness led the researcher to focus on the folding carton market. Data gathered from folding carton converter interviews indicated that jobs with run lengths less than 12,000 B1 sheets are poorly suited for offset presses and constitute short runs. Jobs less than 2,000 B1 sheets are typically uneconomic to produce. Based on job cost models developed for this research, runs up to 2,000 B1 sheets can be economically produced by the HP 30000, and runs in excess of 12,000 B1 sheets can be economically produced by the Landa S10 in the long term. The other benefits of digital printing, short lead time printing and customization, could potentially be used to create on-package promotions targeted to narrow local markets. To assess this opportunity, the researcher surveyed 4,562 SKUs in Walmart, Wegmans, and PriceRite, and found that folding cartons with on-package promotions constituted five to fifteen percent of all folding cartons observed. During the interview phase of the research, the researcher found that existing distribution chains in the US are poorly adapted to delivering localized promotions to specific stores. Nevertheless, one converter stated some large brands were asking for localized promotions, so the opportunity may be real. Thus, the researcher concluded that the folding carton market is best suited to adopt next generation digital printing technology in the near future

Investigation of the factors influencing magnetic flux leakage and magnetic Barkhausen noise

Magnetic Nondestructive methods, including Magnetic Flux Leakage (MFL) and Magnetic Barkhausen Noise (MBN), are widely used to evaluate the structural integrity, mechanical properties, and microstructures of ferromagnetic materials. The MFL method is commonly applied to nondestructively evaluate the damage in ferromagnetic materials due to its reliability, high efficiency, and cost-saving. The MBN method is applicable in nondestructive evaluation (NDE) of mechanical and material properties due to the high sensitivity of Barkhausen jumps to residual (or applied) stress and microstructure of ferromagnetic material. The recognized research and successful applications helped these methods to be feasible NDE tools. However, there are still several important factors that may have noticeable influences on the experimental results of these NDE methods and usually are ignored in applications. In this thesis, the effects of the factors of stress and temperature on the MFL method, as well as the influences of temperature and microstructure on the MBN method are analysed via analytical and numerical modelling. A new finite element model for evaluating the effect of stress on the MFL amplitude is proposed and validated in defective steel under various stresses. Moreover, the new models describing the direct effect of temperature and the combined effects of temperature and thermal stress on the MFL signals are presented. The direct and combined effects are verified in an environmental temperature range from -40℃ to 60℃ by experimental results of a single lamination steel and multilayer structure, respectively. A set of newly derived equations modelling the effect of temperature on the MBN signals are given. Both the direct effect of temperature and the combined effects of temperature and thermal stress are considered in these equations, which are further simplified to linear functions consistent with the measured results in an environmental temperature range from -40℃ to 40℃. Furthermore, the microstructure factors, including the microstructure induced anisotropy in non-oriented silicon steel and the metallographic phases changing with carbon content in steel, are theoretically and experimentally investigated, respectively. For the factor of anisotropy, a new model II describing the dependency of Barkhausen emission on the angle between measurement and rolling directions is proposed. It allows the deduction of a trigonometric function to evaluate the effect of directional anisotropy. The agreement of simulated and measured results of MBN signals indicates the feasibility of the presented model. In the investigation of the influence of carbon content in steel on MBN signals, an optimisation method for MBN pick-up coil is proposed, and a multifunctional measurement system is presented. The correlations of the MBN signals and hysteresis loops related to the carbon content in steel are experimentally observed. The method for the quantitative evaluation of the carbon content using MBN signals and hysteresis loops are discusse

A geochemical record of environmental changes in sediments from Sishili Bay, northern Yellow Sea, China: Anthropogenic influence on organic matter sources and composition over the last 100 years

Total organic carbon (TOC), total nitrogen (TN), delta C-13 and delta N-15 were measured in sediment cores at three sites in Sishili Bay, China, to track the impacts of anthropogenic activities on the coastal environment over the last 100 years. The increased TOC and TN in the upper section of sediment cores indicated a eutrophic process since 1975. In comparison, the TOC and TN in the sediment core near to a scallop aquaculture area displayed a much slower increase, indicating the contribution of scallop aquaculture in mitigating eutrophication. Combined information from delta C-13, delta N-15 and TOC:TN indicated an increased terrestrial signal, although organic matter sources in Sishili Bay featured a mixture of terrestrial and marine sources, with phytoplankton being dominant. Increased fertilizer use since 1970s contributed to the eutrophic process in Sishili Bay since 1975, and increased sewage discharge from 1990s has added to this process. (C) 2013 Elsevier Ltd. All rights reserved.Total organic carbon (TOC), total nitrogen (TN), delta C-13 and delta N-15 were measured in sediment cores at three sites in Sishili Bay, China, to track the impacts of anthropogenic activities on the coastal environment over the last 100 years. The increased TOC and TN in the upper section of sediment cores indicated a eutrophic process since 1975. In comparison, the TOC and TN in the sediment core near to a scallop aquaculture area displayed a much slower increase, indicating the contribution of scallop aquaculture in mitigating eutrophication. Combined information from delta C-13, delta N-15 and TOC:TN indicated an increased terrestrial signal, although organic matter sources in Sishili Bay featured a mixture of terrestrial and marine sources, with phytoplankton being dominant. Increased fertilizer use since 1970s contributed to the eutrophic process in Sishili Bay since 1975, and increased sewage discharge from 1990s has added to this process. (C) 2013 Elsevier Ltd. All rights reserved

Identification of precipitation onset based on Cloudsat observations

AbstractObservations of cloud vertical structure by Cloud Profiling Radar on CloudSat satellite provide a unique opportunity to globally identify the onset of precipitation. In this study, based on a conceptual model for an adiabatic cloud, a new method to determine the onset of precipitation in marine warm clouds is developed. The new method uses the slope of radar reflectivities near the cloud top, which gradually reverses its signs as drizzle occurs. By analyzing multiyear CloudSat data, it is found that globally the radar reflectivity threshold for precipitation onset varies from −18 to −13dBZ with an average value of −16dBZ. The corresponding liquid water path threshold for precipitation onset is also studied by analyzing satellite microwave observations collocated with CloudSat data. Results show that the liquid water path threshold is 190gm−2 as a global mean, varying from 150 to over 300gm−2 depending on regions

The world's largest macroalgal bloom in the Yellow Sea, China: Formation and implications

The world's largest trans-regional macroalgal blooms during 2008-2012 occurred in the Yellow Sea, China. This review addresses the causes, development and future challenges in this unique case. Satellite imagery and field observations showed that the macroalgal blooms in the Yellow Sea originated from the coast of Jiangsu province and that favorable geographic and oceanographic conditions brought the green macroalgae from the coast offshore. Optimal temperature, light, nutrients and wind contributed to the formation and transport of the massive bloom north into the Yellow Sea and its deposition onshore along the coast of Shandong province. Morphological and genetic evidence demonstrated that the species involved was Ulva prolifera, a fouling green commonly found growing on structures provided by facilities of Porphyra aquaculture. Large scale Porphyra aquaculture (covering >20,000 ha) along the Jiangsu coast thus hypothetically provided a nursery bed for the original biomass of U. prolifera. Porphyra growers remove U. prolifera from the mariculture rafts, and the cleaning releases about 5000 wet weight tonnes of green algae into the water column along the coast of Jiangsu province; the biomass then is dispersed by hydrographic forcing, and takes advantage of rather high nutrient supply and suitable temperatures to grow to impressive levels. Certain biological traits of U. prolifera -efficient photosynthesis, rapid growth rates, high capacity for nutrient uptake, and diverse reproductive systems- allowed growth of the original 5000 tonnes of U. prolifera biomass into more than one million tonnes of biomass in just two months. The proliferation of U. prolifera in the Yellow Sea resulted from a complex contingency of circumstances, including human activity (eutrophication by release of nutrients from wastewater, agriculture, and aquaculture), natural geographic and hydrodynamic conditions (current, wind) and the key organism's biological attributes. Better understanding of the complex biological-chemical-physical interactions in coastal ecosystems and the development of an effective integrated coastal zone management with consideration of scientific, social and political implications are critical to solving the conflicts between human activity and nature. (c) 2013 Elsevier Ltd. All rights reserved.The world's largest trans-regional macroalgal blooms during 2008-2012 occurred in the Yellow Sea, China. This review addresses the causes, development and future challenges in this unique case. Satellite imagery and field observations showed that the macroalgal blooms in the Yellow Sea originated from the coast of Jiangsu province and that favorable geographic and oceanographic conditions brought the green macroalgae from the coast offshore. Optimal temperature, light, nutrients and wind contributed to the formation and transport of the massive bloom north into the Yellow Sea and its deposition onshore along the coast of Shandong province. Morphological and genetic evidence demonstrated that the species involved was Ulva prolifera, a fouling green commonly found growing on structures provided by facilities of Porphyra aquaculture. Large scale Porphyra aquaculture (covering >20,000 ha) along the Jiangsu coast thus hypothetically provided a nursery bed for the original biomass of U. prolifera. Porphyra growers remove U. prolifera from the mariculture rafts, and the cleaning releases about 5000 wet weight tonnes of green algae into the water column along the coast of Jiangsu province; the biomass then is dispersed by hydrographic forcing, and takes advantage of rather high nutrient supply and suitable temperatures to grow to impressive levels. Certain biological traits of U. prolifera -efficient photosynthesis, rapid growth rates, high capacity for nutrient uptake, and diverse reproductive systems- allowed growth of the original 5000 tonnes of U. prolifera biomass into more than one million tonnes of biomass in just two months. The proliferation of U. prolifera in the Yellow Sea resulted from a complex contingency of circumstances, including human activity (eutrophication by release of nutrients from wastewater, agriculture, and aquaculture), natural geographic and hydrodynamic conditions (current, wind) and the key organism's biological attributes. Better understanding of the complex biological-chemical-physical interactions in coastal ecosystems and the development of an effective integrated coastal zone management with consideration of scientific, social and political implications are critical to solving the conflicts between human activity and nature. (c) 2013 Elsevier Ltd. All rights reserved

Probabilistic public key encryption for controlled equijoin in relational databases

National Research Foundation (NRF) Singapor

Quantitative evaluation of the effect of temperature on magnetic Barkhausen noise

The effect of temperature on magnetic Barkhausen noise (MBN) can be divided into two types: the direct effect of temperature itself and the indirect effect of thermally induced stress. The theoretical model is proposed in this paper for describing these effects of temperature on the MBN signal. For the case considering the direct effect of temperature only, the analytical model allows the prediction of the effect of temperature on MBN profile, and based on the model, a simple linear calibration curve is presented to evaluate the effect of temperature on MBN amplitude quantitatively. While for the case where the indirect effect of thermal stress is taken into account in addition to the direct effect, the proposed theoretical model allows the deduction of parabolic function for quantitative evaluation of the combined effect on MBN. Both effects of temperature on MBN, i.e., the direct only and the combined one, have been studied experimentally on 0.5mm thickness non-oriented (NO) electrical steel and the adhesive structure of NO steel and ceramic glass, respectively. The reciprocal of the measured MBN peak amplitude (1/MBNp) in the first case shows a linear function of temperature, which agrees with the proposed linear calibration curve. While in the experiments considering the combined effects, 1/MBNp shows parabolic dependence on temperature, which is further simplified as a piecewise function for the practical applications

Diatom and silicoflagellate assemblages in modern surface sediments associated with human activity: A case study in Sishili Bay, China

The spatial distribution of diatom and silicoflagellate fossils deposited in modern surface sediments was studied in inshore and offshore zones of Sishili Bay, China, to explore the impact of human activity on the coastal ecosystem. The sediments from 28 sites representing a gradient in intensity of human activity from inshore to offshore were sampled. Although the nutrient parameters inshore showed far higher concentrations than the offshore area, due to sewage discharge and waste dumping in the bay, the average fossil abundance did not differ significantly between the two areas. The diatom fossil Paralia sulcata, supposed to be a eutrophic indicator dominated most sediment samples and displayed a significant and positive correlation with dissolved inorganic nitrogen and phosphorus in the upper water column, but did not show a significant difference in abundance between inshore area and offshore area. Factors such as sediment disturbance (e.g., shipping), grazing pressure (e.g., shellfish aquaculture farm) and sediment characteristics (e.g., grain size) can affect the preservation of fossil debris in the sediment and lower the precision with which human activities can be associated with the fossil abundance.The spatial distribution of diatom and silicoflagellate fossils deposited in modern surface sediments was studied in inshore and offshore zones of Sishili Bay, China, to explore the impact of human activity on the coastal ecosystem. The sediments from 28 sites representing a gradient in intensity of human activity from inshore to offshore were sampled. Although the nutrient parameters inshore showed far higher concentrations than the offshore area, due to sewage discharge and waste dumping in the bay, the average fossil abundance did not differ significantly between the two areas. The diatom fossil Paralia sulcata, supposed to be a eutrophic indicator dominated most sediment samples and displayed a significant and positive correlation with dissolved inorganic nitrogen and phosphorus in the upper water column, but did not show a significant difference in abundance between inshore area and offshore area. Factors such as sediment disturbance (e.g., shipping), grazing pressure (e.g., shellfish aquaculture farm) and sediment characteristics (e.g., grain size) can affect the preservation of fossil debris in the sediment and lower the precision with which human activities can be associated with the fossil abundance. (C) 2012 Elsevier Ltd. All rights reserved