Mini-micro unmanned aerial vehicle intelligence: a threat to land vehicles

Increasing use of commercial off-the-shelf Mini-Micro Unmanned Aerial Vehicle (MAV) systems with enhanced intelligence methodologies can potentially be a threat, if this technology falls into the wrong hands. In this study, we investigate the level of threat imposed on critical infrastructure using different MAV swarm artificial intelligence traits and coordination methodologies. The critical infrastructure in consideration is a moving commercial land vehicle that may be transporting for example an important civil servant or politician. Non-dimensional fitness functions used for measuring MAV mission effectiveness have been established for the case studies considered in this paper. The findings indicated that increased in intelligent and coordination level elevate teams' efficiency, therefore poses a higher degree of threat to targeted land vehicle. Observations from the study have suggested that memory-based cooperative technique provides a consistent efficiency compared to other methods for the mission objectives considered in this paper. © 2014 The authors and IOS Press. All rights reserved.

Responsible management of motor vehicle drivers with dementia

When Bridget Driscoll, a 44-year-old mother of two died after being struck by a motor vehicle, considered to be the first motor vehicle fatality in UK and possibly the world, the coroner stated 'I trust this sort of nonsense will never happen again'.1 Sadly, the coroner, medical practitioners and general public would be deeply and repeatedly disappointed. It was 1896. Motor vehicles were a curiosity. Drivers did not undergo any form of testing, be it medical fitness, driving ability or otherwise, and there were no licensing regulatory agencies. By 2010, road injury was the ninth most common cause of death globally (1.3 million deaths per annum) and dementia the fourth most common in high income countries.2 By 2030 the number of all licensed UK drivers who are 65 years or older will increase by almost 50% to almost one in every four drivers.3 If the juxtaposition of driving with dementia in an ageing population is not already a contentious social, political and medical issue, it certainly will become so.

Attributions of responsibility for motor vehicle accidents and post-injury outcomes.

 This thesis explored the relationship between attributions of responsibility for motor vehicle accidents and post-injury outcomes among a large sample of TAC clients. Results demonstrated that, despite similar levels of physical injury, people who attribute responsibility for accidents to other persons or circumstances experience poorer physical and mental health recovery in comparison to those who attribute responsibility to themselves.

Scenarios for an RFID tag ownership transfer protocol for a closed loop system

In RFID system a tag is attached to an object which might own by a number of owners during its life time. This requires the RFID system to transfer ownership of the tag to its new owner. The ownership transfer has to protect privacy of current and new owner. Many ownership tag ownership transfer exists in the literature, however, most of them are impractical or insecure to implement on current passive RFID tags. We are proposing a timer based ownership transfer protocol for closed loop RFID systems. The proposal in this paper includes two implement scenario to cover diverse tags type. The protocol will ensure security and privacy of involved parties in the idle circumstances. Our comparison shows that the proposed protocol is more secure and practical than existing similar ones.

Efficient road detection and tracking for unmanned aerial vehicle

Abstract - An unmanned aerial vehicle (UAV) has many applications in a variety of fields. Detection and tracking of a specific road in UAV videos play an important role in automatic UAV navigation, traffic monitoring, and ground–vehicle tracking, and also is very helpful for constructing road networks for modeling and simulation. In this paper, an efficient road detection and tracking framework in UAV videos is proposed. In particular, a graph-cut–based detection approach is given to accurately extract a specified road region during the initialization stage and in the middle of tracking process, and a fast homography-based road-tracking scheme is developed to automatically track road areas. The high efficiency of our framework is attributed to two aspects: the road detection is performed only when it is necessary and most work in locating the road is rapidly done via very fast homography-based tracking. Experiments are conducted on UAV videos of real road scenes we captured and downloaded from the Internet. The promising results indicate the effectiveness of our proposed framework, with the precision of 98.4% and processing 34 frames per second for 1046 x 595 videos on average.

Disproportionate ownership structure and IPO long-run performance of non-SOEs in China

This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.

Board composition, board activity and ownership concentration, the impact on firm performance

This paper provides a parallel investigation on the impact of board composition, board activity and ownership concentration on the performance of listed Chinese firms. We find that independent directors enhance firm performance effectively than other board factors. The frequency of shareholder meetings, rather than board meetings, is positively associated with firm value. Tradable share ownership concentration has a positive and linear relationship with firm value, while state and total share ownership concentration represent U(V) shapes. Importantly, companies with the highest levels of both total share and tradable share ownership concentration have a greater firm values than companies with the highest levels of only a single concentration.

Ownership structure and collateral requirements: Evidence from China’s listed firms

This paper examines the effect of ownership structure on collateral requirements using a sample of China's listed firms from 2007 to 2009. We find that compared to privately controlled companies, state-controlled companies are less likely to be required to pledge collateral, and such a difference is more pronounced for firms in troubled industries. The empirical results also show that the effect of state control on collateral requirements is weaker in companies with more foreign ownership. Moreover, the effect of state control on collateral requirements is weaker in companies with more third party guarantees. Finally, we find that the effect of state control on collateral requirements is more pronounced for firms operating in regions with more government intervention.

Does control-ownership divergence impair market liquidity in an emerging market? Evidence from China

This paper examines how institutional characteristics of emerging economies influence the effect of control-ownership divergence on market liquidity. We find that the divergence is negatively associated with liquidity and that this negative relationship is more pronounced in firms with more severe agency problems and information asymmetry. We argue that in an emerging market, the negative effect of the divergence on liquidity is worsened by state ownership and poorer shareholder protection, both of which result in more severe agency conflicts; we also find, however, that this effect is alleviated by the NTS reform, which aligns the interest of different shareholders.

Disproportional ownership structure and pay–performance relationship: evidence from China’s listed firms

This paper examines the impact of ownership structure on executive compensation in China's listed firms. We find that the cash flow rights of ultimate controlling shareholders have a positive effect on the pay–performance relationship, while a divergence between control rights and cash flow rights has a significantly negative effect on the pay–performance relationship. We divide our sample based on ultimate controlling shareholders' type into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms. We find that in SOE controlled firms cash flow rights have a significant impact on accounting based pay–performance relationship. In privately controlled firms, cash flow rights affect the market based pay–performance relationship. In SAMB controlled firms, CEO pay bears no relationship with either accounting or market based performance. The evidence suggests that CEO pay is inefficient in firms where the state is the controlling shareholder because it is insensitive to market based performance but consistent with the efforts of controlling shareholders to maximize their private benefit.

Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms

This paper examines the influence of managerial ownership on firm performance through capital-structure choices, using a sample of China’s civilian-run firms listed on the Chinese stock market between 2002 and 2007. The empirical results demonstrate a nonlinear relationship between managerial ownership and firm value. Managerial ownership drives the capital structure into a nonlinear shape, but in an opposite direction to the effect of managerial ownership on firm value. The results of simultaneous regressions suggest that managerial ownership affects capital structure, which in turn affects firm value. Our findings imply that the “interest convergence” and “entrenchment” effects of managers’ behaviour in terms of managerial ownership can also explain the agency-relevant situation of China’s civilian-run firms.

The effect of ownership structure on leverage decision: new evidence from Chinese listed firms

This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this study also shows that the share split reform and the improvement of institutional environment both weaken the negative relationship and strengthen the positive relationship between largest shareholding and leverage of SOEs and non-SOEs to some extent. This paper documents how the financing behaviour of SOEs is more influenced by government intervention, while the financing behaviour of non-SOEs is more market oriented.

The ownership and ownership concentration? The impact on the performance of China’s firms

This paper investigates the impact if ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.