Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...

Using the turnover decomposition model, we extract unexpected trading volume from trading activity to measure divergence in investors' opinions and explore the explanatory power of that divergence on stock returns. Portfolios built according to the magnitude of opinion divergence are...

On the basis of an augmented Euler equation, we use firm survey data provided by the World Bank to investigate the impact of FDI (foreign direct investment) on the financing constraints of firms in China. First we calculate the forward and backward linkages of FDI. Then through empirical...

In this paper, experimental investigation into the basic characteristics of solar thermal conversion using supercritical CO2 natural convection are presented. Natural circulation of supercritical fluids can be easily induced and even a small change in temperature can result in large change in...

We investigate the dynamics of quantum discord during the purification process. In the case of Werner states, it is shown that quantum discord is increased after a round of purification protocol. Furthermore, quantum mutual information and classical correlation is also increased during this...

<title>ABSTRACT</title> China has been attracting overseas real estate developers (OREDs) with its expanding real estate market since the adoption of the Open Door Policy. This attractiveness has been enhanced by China's accession to the World Trade Organization and the <italic>Closer Economic Partnership Arrangement</italic>...

Our previous work shows that the backward Euler–Maruyama (BEM) method may reproduce the almost sure stability of stochastic differential equations (SDEs) without the linear growth condition for the drift coefficient (see Wu et al. (2010)) but the Euler–Maruyama (EM) method cannot. It is...

HCCI combustion can substantially reduce NOx and soot emissions of diesel engines. However it is hard for diesel HCCI to obtain the same level of fuel economy as traditional diesel engines. This paper presents a way to improve the fuel economy of diesel HCCI by adopting Integrated Starter...

This article deals with a CO2 critical microchannel convective flow with heat applied from two side walls. Fluid near its gas–liquid critical point is very dense and much expandable; meanwhile, the thermal diffusivity tends to zero when it goes near the critical point. In microchannels, the...

In this paper, we first discuss the space frame of multidimensional dynamic credit evaluation (MDCE) theoretically, and then propose the conception of identical credit status and pseudo-identical credit status. Taking advantage of space conformational analysis and optimization techniques, a...