This paper reviewed the history of the coupling relationship between land consolidation and urban-rural development in China since 1949. It found that, although land consolidation projects in ...non-integrated urban-rural development phases improved the quality and quantity of cultivated land, it did not improve the rural decline effectively before 2013 because it focused more on land issues and did not complement and stimulate urban and rural development. Comprehensive land consolidations in China are expected to operate as both a tool and a platform for the operation of a developmental policy that aims to promote rural vitalisation through the integration of urban-rural development. The case of Huai Town was analysed using a framework of Rural In Situ Urbanisation (RISU) through a semi socio-economic restructuring. This was done to present an innovative style of RISU in which villagers live in towns and their livelihoods, living spaces, and public services are urbanised while they still retain both their rural land rights and rural household registrations, which allowed for the integration of urban and rural resources, the protection of villagers' interests, and a smooth social transition. The key factors for these comprehensive land consolidations to help combat rural decline include a bottom-up, community-supported structure; a coordinated approach incorporating livelihood transformation, population urbanisation, and land urbanisation, with livelihood transformation serving as the foundation; and the protection of villagers’ rights and interests.
•Land consolidation projects before 2013 in China did not improve the rural decline effectively.•Comprehensive land consolidations in China are expected to operate as both a tool and a platform for the operation of a developmental policy that aims to promote rural vitalization.•The key factors for comprehensive land consolidations to help combat rural decline include a community-supported structure; a coordinated approach and the protection of villagers’ rights.•The type of RISU in the case township achieved the integration of urban and rural elements to combat rural decline in which villagers who lived in small towns were still with rights to village land collective ownership.
In this paper we address the problem faced by a company that needs to decide the number and location of facilities to close in order to reduce the size of their retail distribution network, whilst ...minimising the market share that is lost to their competitor, who is also engaged in a network reduction process. The problem is modelled as a bilevel competitive delocation model and is formulated as a variant of the well-known (r|p)-centroid problem. The formulation takes into account the existence of a certain level of customer loyalty, which implies that customers may decide to visit a more distant facility of their regular provider rather than rely on a closer competitor’s facility. A depth-first search implicit enumeration algorithm is proposed for solving a diverse set of instances of the problem. The analysis of an instance based on a real-life setting, and intensive numerical experimentation, provide evidence of the effectiveness of the algorithm for the solution of real-size problems, and confirm the practical validity of our modelling approach. Our results also highlight the importance of considering spatial loyalty in network restructuring scenarios.
•A novel competitive delocation problem is studied.•Spatially loyalty customers are considered in the model.•A bi-level programming formulation is proposed inspired in the (r|p)-centroid problem.•An exact depth-first search implicit enumeration algorithm is proposed.•Extensive computational experimentation is performed to validate our approach.
This paper investigates the effect of the “First Financial Restructuring” (FFR) on the operating efficiency of commercial banks in Taiwan. Applying data envelopment analysis (DEA) to operations data ...for 40 commercial banks over the 6-year period 2000–2005, we find that while the banks have lower operating efficiency on average during the reform period (2002–2003) compared to the pre-reform period (2000–2001), improved operating efficiency is reflected in the post-reform period (2004–2005). Our results remain unchanged even after controlling for the non-performing loan ratio, capital adequacy ratio, bank ownership, size, and GDP growth rate. These results suggest that the improved efficiency in the post-reform period is possibly due to enhanced banking and risk management practices and benefits obtained from compliance with the FFR.
Studying the restructuring behavior of doped catalyst materials under electrochemical reaction conditions is important for understanding the structure–property relationships and for developing design ...principles for better catalysts. As a well-known catalyst for both the cathode (H2 evolution reaction, HER) and anode (O2 evolution reaction, OER) reactions of water electrolysis, CoP can be made even more active by cationic or anionic substitution. However, the dependence of catalytic reactivity on substitutional doping has not been sufficiently understood in the context of restructuring under working conditions. In this work, cation (Fe)- and anion (S)-substituted CoP nanoparticles are synthesized, and their surface oxidation under ambient conditions and restructuring under HER and OER conditions are investigated. For Fe0.5Co0.5P, the Fe substituents are more easily oxidized than Co in the air; they are also more difficult to reduce under HER conditions in alkaline electrolyte, and the remaining Fe–OH species on the surface hampers the activity for HER. For CoP0.5S0.5, the S substituents are less oxidized than P in the air; they are also more difficult to oxidize under OER conditions in alkaline electrolyte, and the remaining sulfate-like species enhances the activity for OER.
Corporate divestitures around acquisitions Aktas, Nihat; Baros, Aleksandra; Croci, Ettore
Journal of corporate finance (Amsterdam, Netherlands),
April 2022, 2022-04-00, Volume:
73
Journal Article
Peer reviewed
Divestitures often accompany acquisitions. Relying on a global sample, we provide support for the efficient restructuring view of acquisition-related divestitures. These divestitures add on average ...2% to the total value creation of the acquisition process, translating into a value increase of $149 million. We test various efficiency channels potentially explaining this value contribution. The results indicate that the value contribution varies with the synergistic potential of the acquisition process. We do not find empirical support for efficiency-improvement related to agency correction, financial constraint relaxation, and regulatory concern anticipation. Examining returns for divestitures only, we find that those around acquisitions are not transactions with weak bargaining positions.
Rural restructuring in China Long, Hualou; Liu, Yansui
Journal of rural studies,
October 2016, 2016-10-00, 20161001, Volume:
47
Journal Article
Peer reviewed
Open access
This multidisciplinary special issue examines the contemporary rural restructuring in China, focusing on spatial restructuring, economic restructuring and social restructuring and the key challenges ...for rural areas, whether at local, regional, national or international level. The contributions to this special issue provide conceptual–theoretical and empirical takes on rural restructuring in China. However, the volatility and complexity of rural restructuring in China will present ongoing challenges for further research on the restructuring of rural China. In view of this, this themed edition makes a compelling call for more systematic research of rural restructuring based on extensive disciplinary interaction. This special issue is published to coincide with the 33rd International Geographical Congress (IGC) of IGU in Beijing.
Managers almost always define non-GAAP earnings to exclude the effects of acquisition and restructuring expenses, the amortization of intangibles, and impairments. I find that managers with a history ...of reporting non-GAAP earnings act as if they place lower weight on these excluded expenses when making real activities and accounting choices. They pursue more and larger acquisitions, have higher total capital investment, are more likely to restructure, and are more likely to recognize discretionary impairments. In a difference-in-differences setting, I find that non-GAAP reporting firms are less likely to alter their restructuring activities following a significant change in accounting rules for restructuring expense recognition. Finally, in supplementary analyses, I find that non-GAAP-reporting firms tend to repeat these real activities and accounting choices year-after-year, resulting in more persistent special-item expenses.
•Non-GAAP earnings is commonly defined to exclude acquisition and restructuring expenses, and impairments.•Firms with a history of reporting non-GAAP earnings acquire and restructure more, and record more conservative impairments.•Managers act as if they place lower weight on these excluded expenses when making real activities and accounting choices.
Poverty alleviation resettlement (PAR) is one of China’s key poverty reduction initiatives. Through this state-led resettlement programme, the government aims to improve the living standards and ...access to infrastructure and services of the rural poor. This paper examines PAR from the perspective of spatial restructuring through a household survey conducted in Shanxi and Shaanxi provinces. A total of 30 resettlement sites were examined. The results show that PAR has two spatial forms: long-distance resettlement, which resettles people to cities or towns, and short-distance resettlement, which resettles people within the administrative boundaries of their village or to a nearby village. Furthermore, the type of spatial restructuring is an important factor shaping the outcome of resettlement. While long-distance resettlement outperforms short-distance resettlement in terms of gains in income, the advantage is offset by higher post-resettlement expenses. Furthermore, long-distance resettlers face a greater challenge in securing non-agricultural employment. Consequently, the level of satisfaction is lower among long-distance resettlers. Significant challenges remain to be addressed for both types of resettlement, including establishing two-way communication between villagers and the government about resettlement plans and providing better financial support for the resettlers, safeguards for the livelihoods of non-movers, and post-resettlement support programmes to help resettlers adjust to their new environments.
•Poverty alleviation resettlement (PAR) is a key type of spatial restructuring in rural China.•PAR has two spatial forms: long-distance resettlement and short-distance resettlement.•The type of spatial forms is an important factor shaping the outcome of resettlement.
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