Testing the Pecking-Order Theory: Evidence from Chinese Listed Companies

The pecking-order theory of capital structure, which predicts that firms prefer internal to external finance, is one of the most influential theories of corporate leverage. This article examines whether the financial structure of China\u27s listed companies follows a pecking order from debt to equity. Using the entire cross-section sample of China\u27s listed companies in 2004, the authors find no evidence that China\u27s listed companies follow a pecking order when they need funds to finance investment projects. Further subgroup analyses indicate that big companies follow a pecking order and small and medium companies do not. These results suggest that the Chinese capital market is still under development. However, the large companies face a relatively looser financing environment than the small ones

The Discrete-Time Bulk-Service Geo/Geo/1

This paper deals with a discrete-time bulk-service Geo/Geo/1 queueing system with infinite buffer space and multiple working vacations. Considering an early arrival system, as soon as the server empties the system in a regular busy period, he leaves the system and takes a working vacation for a random duration at time n. The service times both in a working vacation and in a busy period and the vacation times are assumed to be geometrically distributed. By using embedded Markov chain approach and difference operator method, queue length of the whole system at random slots and the waiting time for an arriving customer are obtained. The queue length distributions of the outside observer’s observation epoch are investigated. Numerical experiment is performed to validate the analytical results

The role of neural oscillations in the visual system and their relation to conscious perception

Neural oscillations are intrinsically linked with attention, vigilance and featural sensitivity and therefore often associated with visual perception. However, the neural oscillation literature remains conflicted on several issues. Here, I describe four experiments investigating these conflicts using a variety of experimental and analysis techniques. We first explored the relationship between the inhibitory neurotransmitter GABA and gamma frequency oscillations in the rodent visual cortex. We found no evidence that synaptic and extrasynaptic GABA concentration altered gamma oscillations, suggesting that GABAergic inhibition cannot be linked directly to GABA concentration and instead depend on postsynaptic receptor kinetics. The second chapter examined how spontaneous alpha activity related to performance in an orientation discrimination task. Alpha amplitude was a significant predictor of reaction time but not task accuracy. The results suggested that alpha can modulate visual perception through top-down mechanisms. Interestingly, we also found that the relationship between alpha activity and task accuracy was determined by the subject’s task expertise. The third chapter examined how exogenous rhythms (generated by chromatic gratings) within visual cortex may interact with ongoing endogenous oscillations. Univariate analysis of single EEG channels revealed significantly higher endogenous power during chromatic than achromatic stimulation. An additional multivariate classifier showed distinct patterns of activity at very high frequencies, suggesting phase coupling between exogenous and endogenous signals. This finding was extended in the final chapter, which examined the neural correlates of rapid chromatic stimulation. Robust BOLD responses were found even when stimuli flickered above the consciously perceptible frequency, indicating that the temporal filtering stage limiting perception is later than V4. Additionally, chromatic preference in ‘colour area’ V4 was strongly dependent on stimulus frequency

GI/Geom/1/N/MWV queue with changeover time and searching for the optimum service rate in working vacation period

AbstractIn this paper, we consider a finite buffer size discrete-time multiple working vacation queue with changeover time. Employing the supplementary variable and embedded Markov chain techniques, we derive the steady state system length distributions at different time epochs. Based on the various system length distributions, the blocking probability, probability mass function of sojourn time and other performance measures along with some numerical examples have been discussed. Then, we use the parabolic method to search the optimum value of the service rate in working vacation period under a given cost structure

Porosity Prediction of Granular Materials through Discrete element method and back propagation neural network algorithm

Granular materials are used directly or as the primary ingredients of the mixtures in industrial manufacturing, agricultural production and civil engineering. It has been a challenging task to compute the porosity of a granular material which contains a wide range of particle sizes or shapes. Against this background, this paper presents a newly developed method for the porosity prediction of granular materials through Discrete Element Modeling (DEM) and the Back Propagation Neural Network algorithm (BPNN). In DEM, ball elements were used to simulate particles in granular materials. According to the Chinese specifications, a total of 400 specimens in different gradations were built and compacted under the static pressure of 600 kPa. The porosity values of those specimens were recorded and applied to train the BPNN model. The primary parameters of the BPNN model were recommended for predicting the porosity of a granular material. Verification was performed by a self-designed experimental test and it was found that the prediction accuracy could reach 98%. Meanwhile, considering the influence of particle shape, a shape reduction factor was proposed to achieve the porosity reduction from sphere to real particle shape

Multiple shoot induction and rooting of Paeonia lactiflora ‘Da Fu Gui’

Underground buds of herbaceous peony (Paeonia lactiflora Pall.) ‘Da Fu Gui’ were micropropagated in vitro. The basic processes including culture initiation, shoot induction, axillary shoot proliferation and rooting were established. The best initial medium of ‘Da Fu Gui’ was half-strength MS (Murashige and Skoog) medium (double-strength Ca2+) supplemented with 0.5 mg l-1 6-benzylaminopurine (BA) plus 0.5 mg l-1 gibberellic acid (GA3). The best medium for axillary shoot induction was half-strength MS medium (double-strength Ca2+) supplemented with 1.0 mg l-1 BA plus 0.5 mg l-1 kinetin (Kin), while 0.5 mg l-1 BA + 0.3 mg l-1 Kin was best for shoot proliferation. Shoot height at the time of inoculation had a great effect on proliferation and growth of ‘Da Fu Gui’. Putrescine (Put) (0.5 to 5.0 mg l-1) prevented rooting of ‘Da Fu Gui’ but it favored the development of roots. Highest rooting percentage was observed on half-strength MS medium (double-strength Ca2+) supplemented with 1 mg l-1 indole-3-butyric acid (IBA).Key words: Herbaceous peony, underground buds, axillary shoots, micropropagation