Search Results (6)

This study investigates the role of short sales in mitigating post-shock anomalies in stock returns within the context of China’s evolving short-sales regulations. Utilizing a unique dataset of daily short-sale volumes, this research examines how short sellers influence stock price behavior following significant price shocks. The findings reveal that short sellers act as informed arbitragers, reducing post-shock anomalies, particularly in news-driven events, and supporting Diamond and Verrecchia’s hypothesis that short-sale constraints slow price adjustments to information. This study fills a critical gap in the literature, offering insights into price efficiency and implications for regulators and investors. By highlighting the unintended consequences of restrictive short-sale policies, this paper recommends reforms to reduce borrowing costs, enhance lending programs, and promote effective short-selling practices. These results contribute to the broader understanding of market dynamics, particularly in emerging markets with tight short-sale restrictions like China. Full article

The optimization of the spatial structure of the city network is conducive to the scientific spatial distribution of industries and the promotion of coordinated regional development. This study selected the top 100 automobile enterprises in the Chinese stock market that belong to China’s pillar industry, a total of 1455 headquarters and branches, to establish an enterprise matrix. Based on the ownership linkage model, the evolution characteristics of city networks in China from 2000 to 2020 are revealed, and the influential factors of city networks are discussed using the negative binomial regression model. The findings are as follows: (1) there are significant differences in the status of automobile cities, forming a “pyramid network” hierarchy. (2) The agglomeration area of automobile cities has formed the development region of “4 + 4 + 1”. (3) The city network with hierarchical connections has formed a spatial structure of a “cross–cobweb” in the middle and “trapezoid–diamond” in the periphery. (4) Urban transportation conditions, the scientific research environment, the enterprise agglomeration economy, GDP per capita, and technological proximity positively impact the formation of a city network, but the total export–import volume has a negative impact. Overall, the government can use this study’s results to formulate policies for the automotive industry and urban development. Full article

To address the issue of minimum mesh size regulations of the stow net fishery for croaker species, we tested and compared the size selectivity and exploitation pattern for diamond- and square-mesh codends with mesh sizes 35, 45 and 55 mm for little yellow croaker (Larimichthys polyactis), silver croaker (Pennahia argentata), and flower croaker (Nibea albiflora) in the Yellow Sea, China. Our results showed that the legal codend (35 mm diamond-mesh) was inadequate to protect the juvenile croaker species because more than 75% of undersized individuals were retained, and the discard ratios were as high as approximately 60%. Irrespective of mesh shape, increasing the codend mesh sizes could significantly improve the size selectivity and exploitation pattern of croaker species. Between codends with the same mesh size, the square-mesh codends had higher size selectivity than diamond-mesh codends. Based on results, the 55 mm square-mesh codend was recommended for rational exploitation of croaker stocks. This study can provide feasibility and insight for the enforcement and reform of management strategies for sustainable fishing in Chinese stow net fisheries. Full article

The field of applied wire electrical discharge machining (WEDM) is rapidly expanding due to rapidly increasing demand for parts made of hard-to-machine materials. Hard alloys composed of WC, TiC and Co are advanced cutting materials widely used in industry due to the excellent combination of hardness and toughness, providing them obvious advantages over other cutting materials, such as cubic boron nitride, ceramics, diamond or high-speed steel. A rational choice of the WEDM modes is extremely important to ensure the dimensional quality of the manufactured cutting inserts, while roughness of the machined surface on the cutting edge is of great importance with regards to the application of wear-resistant coatings, which increases tool life. However, the stock control systems of CNC WEDM machines, which are based on assessment of electrical parameters such as amperage and voltage, are unable to timely detect conditions at which a threat of wire breakage appears and to prevent wire breakage by stopping the electrode feed and flushing out the interelectrode gap (IEG) when hard alloys with high heat resistance and low heat conductivity, such as WC, TiC and Co composites, are being machined, due to the inability to distinguish the working pulses and pulses that expend a part of their energy heating and removing electroerosion products contaminating the working zone. In this paper, the physicomechanical nature of the WEDM of hard alloy WC 88% + TiC 6% + Co 6% was investigated, and the possibility of using acoustic emission parameters for controlling WEDM stability and productivity were explored. Acoustic emission (AE) signals were recorded in octave bands with central frequencies of 1–3 and 10–20 kHz. It was found that at the initial moment, when the dielectric fluid is virtually free of contaminants, the amplitude of the high-frequency component of the VA signal has its highest value. However, as the contamination of the working zone by electroerosion products increases, the amplitude of the high-frequency component of the AE signal decreases while the low-frequency component increases in an octave of 1–3 kHz. By the time of the wire breakage, the amplitude of the high-frequency component in the octave of 10–20 kHz had reduced by more than 5-fold, the amplitude of the low-frequency component in the octave of 1–3 kHz had increased by more than 2-fold, and their ratio, coefficient Kf, decreased by 12-fold. To evaluate the efficiency of Kf as a diagnostic parameter, the quality of the surface being machined was investigated. The analysis of residual irregularities on the surface at the electrode breakage point showed the presence of deep cracks and craters typical of short-circuit machining. It was also found that the workpiece surface was full of deposits/sticks, whose chemical composition was identical to that of the wire material. The presence of the deposits evidenced heating and melting of the wire due to the increased concentration of contaminants causing short circuits. It was also shown that the wire breakage was accompanied by the “neck” formation, which indicated simultaneous impacts of the local heating of the wire material and tensile forces. Due to the elevated temperature, the mechanical properties the wire material are quickly declining, a “neck” is being formed, and, finally, the wire breaks. At the wire breakage point, sticks/deposits of the workpiece material and electroerosion products were clearly visible, which evidenced a partial loss of the pulses’ energy on heating the electroerosion products and electrodes. A further increase in the contamination level led to short circuits and subsequent breakage of the wire electrode. It was shown that in contrast to the conventional controlling scheme, which is based on the assessment of amperage and voltage only, the analysis of VA signals clearly indicates the risk of wire breakage due to contamination of the working zone, discharge localization and subsequent short circuits. The monotonic dependence of WEDM productivity on AE parameters provides the possibility of adaptive adjustment of the wire electrode feed rate to the highest WEDM productivity at a given contamination level. As the concentration of contaminants increases, the feed rate of the wire electrode should decrease until the critical value of the diagnostic parameter Kf, at which the feed stops and the IEG flushes out, is reached. The link between the AE signals and physicomechanical nature of the WEDM of advanced cutting materials with high heat resistance and low heat conductivity in different cutting modes clearly shows that the monitoring of AE signals can be used as a main or supplementary component of control systems for CNC WEDM machines. Full article

This paper addresses two practical investment questions: Is investing in the diamond equity market a more feasible and liquid alternative to investing in diamonds? Additionally, is diamond equity affected by polished diamond prices? We assemble an original database of diamond mining stock prices traded on main stock exchanges in order to assess their relationship with diamond prices. Our results show that the market of diamond-mining stocks does not represent a valid investment alternative to the diamond commodity. Diamond equity returns are not driven by diamond price dynamics but rather by local market stock indices. Full article

Nanostructured diamond (NSD) films were grown on silicon and Ti–6Al–4V alloy substrates by microwave plasma chemical vapor deposition (MPCVD). NSD Growth rates of 5 µm/h on silicon, and 4 µm/h on Ti–6Al–4V were achieved. In a chemistry of H₂/CH₄/N₂, varying ratios of CH₄/H₂ and N₂/CH₄ were employed in this research and their effect on the resulting diamond films were studied by X-ray photoelectron spectroscopy, Raman spectroscopy, scanning electron microscopy, and atomic force microscopy. As a result of modifying the stock cooling stage of CVD system, we were able to utilize plasma with high power densities in our NSD growth experiments, enabling us to achieve high growth rates. Substrate temperature and N₂/CH₄ ratio have been found to be key factors in determining the diamond film quality. NSD films grown as part of this study were shown to contain 85% to 90% sp³ bonded carbon. Full article