The direct conversion of methane to high-value chemicals is an attractive process that efficiently uses abundant natural/shale gas to provide an energy supply. The direct conversion of methane to ...high-value chemicals is an attractive process that efficiently uses abundant natural/shale gas to provide an energy supply. Among all the routes used for methane transformation, nonoxidative conversion of methane is noteworthy owing to its highly economic selectivity to bulk chemicals such as aromatics and olefins. Innovations in catalysts for selective C-H activation and controllable C-C coupling thus play a key role in this process and have been intensively investigated in recent years. In this review, we briefly summarize the recent advances in conventional metal/zeolite catalysts in the nonoxidative coupling of methane to aromatics, as well as the newly emerging single-atom based catalysts for the conversion of methane to olefins. The emphasis is primarily the experimental findings and the theoretical understanding of the active sites and reaction mechanisms. We also present our perspectives on the design of catalysts for C-H activation and C-C coupling of methane, to shed some light on improving the potential industrial applications of the nonoxidative conversion of methane into chemicals.
The direct conversion of methane to high-value chemicals is an attractive process that efficiently uses abundant natural/shale gas to provide an energy supply.
Full text
Available for:
IJS, KILJ, NUK, UL, UM, UPUK
This paper shows that incentives created by the impending turnover of local politicians can accelerate the pace of initial public offering (IPO) activity in certain politicized environments. Focusing ...on China, we exploit a research setting where politicians are rewarded for capital market development, firms rely on political connections for access to capital, rent-seeking behavior is rampant, and the objectives of the state might not be to maximize capital market efficiency. We find that the rate of exchange eligible firms engaging in an IPO temporarily increases in advance of impending political promotion events. This effect holds for both state-owned and non-state-owned entities. For state-owned firms, the effect is strongest in those provinces where the politicians are more likely to be rewarded for market development activity. For non-state-owned firms, the temporary increase in IPO activity appears to be (rationally) opportunistic in nature, with the effect stronger around events more likely to disrupt the firms' political connections. Promotion period IPOs underperform non-promotion period IPOs in terms of both future financial performance and long-run stock returns, have controlling shareholders who retain a larger fraction of the company, and are more likely to divert proceeds away from their intended use after the offering.
Full text
Available for:
GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK
Investor protection is associated with greater investment sensitivity to q and lower investment sensitivity to cash flow. Finance plays a role in causing these effects; in countries with strong ...investor protection, external finance increases more strongly with q, and declines more strongly with cash flow. We further find that q and cash flow sensitivities are associated with ex post investment efficiency; investment predicts growth and profits more strongly in countries with greater q sensitivities and lower cash flow sensitivities. The paper's findings are broadly consistent with investor protection promoting accurate share prices, reducing financial constraints, and encouraging efficient investment.
Full text
Available for:
BFBNIB, FZAB, GIS, IJS, INZLJ, KILJ, NLZOH, NMLJ, NUK, OILJ, PNG, SAZU, SBCE, SBMB, UL, UM, UPUK, ZRSKP
This paper utilizes the hierarchical analysis method to create an intellectual property protection index model to measure the level and hierarchy of intellectual property protection from the ...judicial, administrative, and social perspectives and proposes solutions accordingly. From the standpoint of time series prediction, the deep learning theory time series is applied to fully explore the time series characteristics of the flow and a comprehensive assessment of the development status of online intellectual property protection from 2019-2024 is made. According to the findings, pornographic content is the most serious IPR infringement problem in cross-border big data flows, accounting for approximately 38% of all violations. Cases concerning domain name infringement show a gradual upward trend from 2014-2023. The automatic fulfillment index in the judicial protection index is the lowest, at 2.3, and it is important to strengthen this aspect in the future. The overall index of 75.6 in 2019 to 90.1 in 2023 indicates that the trend of intellectual property protection in China is generally positive.
This paper tests the proposition that politicians and their affiliated firms (i.e., firms operating in their province) temporarily suppress negative information in response to political incentives. ...We examine the stock price behavior of Chinese listed firms around two visible political events—meetings of the National Congress of the Chinese Communist Party and promotions of high-level provincial politicians—that are expected to asymmetrically increase the costs of releasing bad news. The costs create an incentive for local politicians and their affiliated firms to temporarily restrict the flow of negative information about the companies. The result will be fewer stock price crashes for the affiliated firms during these event windows, followed by an increase in crashes after the event. Consistent with these predictions, we find that the affiliated firms experience a reduction (an increase) in negative stock return skewness before (after) the event. These effects are strongest in the three-month period directly preceding the event, among firms that are more politically connected, and when the province is dominated by faction politics and cronyism. Additional tests document a significant reduction in published newspaper articles about affected firms in advance of these political events, suggestive of a link between our observed stock price behavior and temporary shifts in the listed firms' information environment.
Full text
Available for:
BFBNIB, FZAB, GIS, IJS, KILJ, NLZOH, NMLJ, NUK, OILJ, PNG, SAZU, SBCE, SBMB, UL, UM, UPUK
We examine how adjustments to earnings during year-end audits affect measures of earnings quality. There are four key findings. First, audit adjustments cause earnings to become smoother and more ...persistent. Second, the adjustments result in higher accrual quality. Third, audit adjustments have a larger negative effect on signed accruals than absolute accruals. Fourth, the adjustments do not reduce the discontinuity in the earnings distribution around zero. These findings are of interest to researchers who use earnings properties as proxies for earnings quality and audit quality. However, we caution that our findings for China may not generalize to other countries.
Full text
Available for:
GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
Abstract
Developing active single-atom-catalyst (SAC) for alkaline hydrogen evolution reaction (HER) is a promising solution to lower the green hydrogen cost. However, the correlations are not clear ...between the chemical environments around the active-sites and their desired catalytic activity. Here we study a group of SACs prepared by anchoring platinum atoms on NiFe-layered-double-hydroxide. While maintaining the homogeneity of the Pt-SACs, various axial ligands (−F, −Cl, −Br, −I, −OH) are employed
via
a facile irradiation-impregnation procedure, enabling us to discover definite chemical-environments/performance correlations. Owing to its high first-electron-affinity, chloride chelated Pt-SAC exhibits optimized bindings with hydrogen and hydroxide, which favor the sluggish water dissociation and further promote the alkaline HER. Specifically, it shows high mass-activity of 30.6 A mgPt
−1
and turnover frequency of 30.3 H
2
s
−1
at 100 mV overpotential, which are significantly higher than those of the state-of-the-art Pt-SACs and commercial Pt/C catalyst. Moreover, high energy efficiency of 80% is obtained for the alkaline water electrolyser assembled using the above catalyst under practical-relevant conditions.
Using a sample of Chinese Initial Public Offerings (IPOs) from 2006 to 2011, we document that politically connected (PC) underwriters increase the likelihood of clients’ IPO applications being ...approved by the Chinese Securities Regulatory Commission (CSRC). We further show that PC underwriters charge premium underwriting fees. Consistent with the rent-seeking argument, we find that minority shareholders’ interests may be impaired as indicated by post-IPO underperformance. We do not detect significant differences in the underpricing of IPO deals underwritten by PC versus non-PC investment banks.
Full text
Available for:
GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
Opponents of mandatory rotation argue that a change of partner is bad for audit quality, as it results in a loss of client-specific knowledge. On the other hand, proponents argue that a change of ...partner is beneficial, as it results in a positive peer review effect and a fresh perspective on the audit. We test the impact of mandatory partner rotation on audit quality using a unique dataset of audit adjustments in China. Our results suggest that mandatory rotation of engagement partners results in higher quality audits in the years immediately surrounding rotation. Specifically, we find a significantly higher frequency of audit adjustments during the departing partner's final year of tenure prior to mandatory rotation and during the incoming partner's first year of tenure following mandatory rotation.
Full text
Available for:
BFBNIB, IZUM, KILJ, NMLJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
The effective evaluation of the impact of a scholarly article is a significant endeavor; for this reason, it has garnered attention. From the perspective of knowledge flow, this paper extracted ...various knowledge flow patterns concealed in articles citation counts to describe the citation impact of the articles. First, the intensity characteristic of knowledge flow was investigated to distinguish the different citation vitality of articles. Second, the knowledge diffusion capacity was examined to differentiate the size of the scope of articles' influences on the academic environment. Finally, the knowledge transfer capacity was discussed to investigate the support degree of articles on the follow-up research. Experimental results show that articles got more citations recently have a higher knowledge flow intensity. The articles have various impacts on the academic environment and have different supporting effects on the follow-up research, representing the differences in their knowledge diffusion and knowledge transfer capabilities. Compared with the single quantitative index of citation frequency, these knowledge flow patterns can carefully explore the citation value of articles. By integrating the three knowledge flow patterns to examine the total citation impact of articles, we found that the articles exhibit distinct value of citation impact even if they were published in the same field, in the same year, and with similar citation frequencies.
Full text
Available for:
DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
PDF
