Regional institutions, financial analysts and stock price informativeness

This paper investigates the impact of legal institutions on the external governance role of equity analysts in enhancing the corporate information environment. By analysing a sample of Chinese listed firms between 2003 and 2013, we find that analyst coverage is positively related to stock price informativeness. Firms located in provinces where legal institutions are stronger, as indicated by better development of market intermediaries and lower levies and charges on firms, are less likely to withhold value-relevant information. Financial analysts play a more effective role in improving stock informativeness in provinces with less developed legal institutions

Modeling and simulation of sintering process across scales

Sintering, as a thermal process at elevated temperature below the melting point, is widely used to bond contacting particles into engineering products such as ceramics, metals, polymers, and cemented carbides. Modelling and simulation as important complement to experiments are essential for understanding the sintering mechanisms and for the optimization and design of sintering process. We share in this article a state-to-the-art review on the major methods and models for the simulation of sintering process at various length scales. It starts with molecular dynamics simulations deciphering atomistic diffusion process, and then moves to microstructure-level approaches such as discrete element method, Monte--Carlo method, and phase-field models, which can reveal subtle mechanisms like grain coalescence, grain rotation, densification, grain coarsening, etc. Phenomenological/empirical models on the macroscopic scales for estimating densification, porosity and average grain size are also summarized. The features, merits, drawbacks, and applicability of these models and simulation technologies are expounded. In particular, the latest progress on the modelling and simulation of selective and direct-metal laser sintering based additive manufacturing is also reviewed. Finally, a summary and concluding remarks on the challenges and opportunities are given for the modelling and simulations of sintering process.Comment: 45 pages, 38 figure

County-level CO2 emissions and sequestration in China during 1997–2017

With the implementation of China’s top-down CO2 emissions reduction strategy, the regional differences should be considered. As the most basic governmental unit in China, counties could better capture the regional heterogeneity than provinces and prefecture-level city, and county-level CO2 emissions could be used for the development of strategic policies tailored to local conditions. However, most of the previous accounts of CO2 emissions in China have only focused on the national, provincial, or city levels, owing to limited methods and smaller-scale data. In this study, a particle swarm optimization-back propagation (PSO-BP) algorithm was employed to unify the scale of DMSP/OLS and NPP/VIIRS satellite imagery and estimate the CO2 emissions in 2,735 Chinese counties during 1997–2017. Moreover, as vegetation has a significant ability to sequester and reduce CO2 emissions, we calculated the county-level carbon sequestration value of terrestrial vegetation. The results presented here can contribute to existing data gaps and enable the development of strategies to reduce CO2 emissions in China

Chinese Gini Coefficient from 2005 to 2012, Based on 20 Grouped Income Data Sets of Urban and Rural Residents

Data insufficiency has become the primary factor affecting research on income disparity in China. To resolve this issue, this paper explores Chinese income distribution and income inequality using distribution functions. First, it examines 20 sets of grouped data on family income between 2005 and 2012 by the China Yearbook of Household Surveys, 2013, and compares the fitting effects of eight distribution functions. The results show that the generalized beta distribution of the second kind has a high fitting to the income distribution of urban and rural residents in China. Next, these results are used to calculate the Chinese Gini ratio, which is then compared with the findings of relevant studies. Finally, this paper discusses the influence of urbanization on income inequality in China and suggests that accelerating urbanization can play an important role in narrowing the income gap of Chinese residents