Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

Uso de DES y RANS no estacionario para la simulación del flujo alrededor de una carena Wigley - Use of Unsteady RANS and DES to simulate flows around a Wigley Hull)

Computer Fluid Dynamics tools have already become a valuable instrument for Naval Architects during the ship design process, thanks to their accuracy and the available computer power. Unfortunately, the development of RANSE codes, generally used when viscous effects play a major role in the flow, has not reached a mature stage, being the accuracy of the turbulence models and the free surface representation the most important sources of uncertainty. Another level of uncertainty is added when the simulations are carried out for unsteady flows, as those generally studied in seakeeping and maneuvering analysis and URANS equations solvers are used. Present work shows the applicability and the benefits derived from the use of new approaches for the turbulence modeling (Detached Eddy Simulation) and the free surface representation (Level Set) on the URANS equations solver CFDSHIP-Iowa. Compared to URANS, DES is expected to predict much broader frequency contents and behave better in flows where boundary layer separation plays a major role. Level Set methods are able to capture very complex free surface geometries, including breaking and overturning waves. The performance of these improvements is tested in set of fairly complex flows, generated by a Wigley hull at pure drift motion, with drift angle ranging from 10 to 60 degrees and at several Froude numbers to study the impact of its variation. Quantitative verification and validation are performed with the obtained results to guarantee their accuracy. The results show the capability of the CFDSHIP-Iowa code to carry out time-accurate simulations of complex flows of extreme unsteady ship maneuvers. The Level Set method is able to capture very complex geometries of the free surface and the use of DES in unsteady simulations highly improves the results obtained. Vortical structures and instabilities as a function of the drift angle and Fr are qualitatively identified. Overall analysis of the flow pattern shows a strong correlation between the vortical structures and free surface wave pattern. Karman-like vortex shedding is identified and the scaled St agrees well with the universal St value. Tip vortices are identified and the associated helical instabilities are analyzed. St using the hull length decreases with the increase of the distance along the vortex core (x), which is similar to results from other simulations. However, St scaled using distance along the vortex cores shows strong oscillations compared to almost constants for those previous simulations. The difference may be caused by the effect of the free-surface, grid resolution, and interaction between the tip vortex and other vortical structures, which needs further investigations. This study is exploratory in the sense that finer grids are desirable and experimental data is lacking for large α, especially for the local flow. More recently, high performance computational capability of CFDSHIP-Iowa V4 has been improved such that large scale computations are possible. DES for DTMB 5415 with bilge keels at α = 20º were conducted using three grids with 10M, 48M and 250M points. DES analysis for flows around KVLCC2 at α = 30º is analyzed using a 13M grid and compared with the results of DES on the 1.6M grid by. Both studies are consistent with what was concluded on grid resolution herein since dominant frequencies for shear-layer, Karman-like, horse-shoe and helical instabilities only show marginal variation on grid refinement. The penalties of using coarse grids are smaller frequency amplitude and less resolved TKE. Therefore finer grids should be used to improve V&V for resolving most of the active turbulent scales for all different Fr and α, which hopefully can be compared with additional EFD data for large α when it becomes available.

Choked flow in water/CO2 solutions on air-independent propulsion systems

We develop a simplified model of choked flow in pipes for CO2-water solutions as an important step in the modelling of a whole hydraulic system with the intention of eliminating the carbon dioxide generated in air-independent submarine propulsion. The model is based on an approximate fitting of the homogeneous isentropic solution upstream of a valve (or any other area restriction), for given fluid conditions at the entrance. The relative maximum choking back-pressure is computed as a function of area restriction ratio. Although the procedure is generic for gas solutions, numeric values for the non-dimensional parameters in the analysis are developed only for choking in the case of carbon dioxide solutions up to the pure-water limit.

Hard transition to chaotic dynamics in Alfven wave fronts

The derivative nonlinear Schrodinger DNLS equation, describing propagation of circularly polarized Alfven waves of finite amplitude in a cold plasma, is truncated to explore the coherent, weakly nonlinear, cubic coupling of three waves near resonance, one wave being linearly unstable and the other waves damped. In a reduced three-wave model equal dampings of daughter waves, three-dimensional flow for two wave amplitudes and one relative phase, no matter how small the growth rate of the unstable wave there exists a parametric domain with the flow exhibiting chaotic relaxation oscillations that are absent for zero growth rate. This hard transition in phase-space behavior occurs for left-hand LH polarized waves, paralleling the known fact that only LH time-harmonic solutions of the DNLS equation are modulationally unstable, with damping less than about unstable wave frequency 2/4 x ion cyclotron frequency. The structural stability of the transition was explored by going into a fully 3-wave model different dampings of daughter waves,four-dimensional flow; both models differ in significant phase-space features but keep common features essential for the transition.

Reduced three-wave model to study the hard transition to chaotic dynamics in Alfven wave-fronts

The derivative nonlinear Schrödinger (DNLS) equation, describing propagation of circularly polarized Alfven waves of finite amplitude in a cold plasma, is truncated to explore the coherent, weakly nonlinear, cubic coupling of three waves near resonance, one wave being linearly unstable and the other waves damped. In a reduced three-wave model (equal damping of daughter waves, three-dimensional flow for two wave amplitudes and one relative phase), no matter how small the growth rate of the unstable wave there exists a parametric domain with the flow exhibiting chaotic dynamics that is absent for zero growth-rate. This hard transition in phase-space behavior occurs for left-hand (LH) polarized waves, paralelling the known fact that only LH time-harmonic solutions of the DNLS equation are modulationally unstable.

Fully 3-wave model to study the hard transition to chaotic dynamics in alfven wave-fronts

The derivative nonlinear Schrödinger (DNLS) equation, describing propagation of circularly polarized Alfven waves of finite amplitude in a cold plasma, is truncated to explore the coherent, weakly nonlinear coupling of three waves near resonance, one wave being linearly unstable and the other waves damped. No matter how small the growth rate of the unstable wave, the four-dimensional flow for the three wave amplitudes and a relative phase, with both resistive damping and linear Landau damping, exhibits chaotic relaxation oscillations that are absent for zero growth-rate. This hard transition in phase-space behavior occurs for left-hand (LH) polarized waves, paralleling the known fact that only LH time-harmonic solutions of the DNLS equation are modulationally unstable. The parameter domain developing chaos is much broader than the corresponding domain in a reduced 3-wave model that assumes equal dampings of the daughter waves

Sudden transition to chaos in plasma wave interactions

The coherent three-wave interaction, with linear growth in the higher frequency wave and damping in the two other waves, is reconsidered; for equal dampings, the resulting three-dimensional (3-D) flow of a relative phase and just two amplitudes behaved chaotically, no matter how small the growth of the unstable wave. The general case of different dampings is studied here to test whether, and how, that hard scenario for chaos is preserved in passing from 3-D to four-dimensional flows. It is found that the wave with higher damping is partially slaved to the other damped wave; this retains a feature of the original problem an invariant surface that meets an unstable fixed point, at zero growth rate! that gave rise to the chaotic attractor and determined its structure, and suggests that the sudden transition to chaos should appear in more complex wave interactions.

Expectations from EMET and OESEE ground listening of possible EM events generated by the TSS 1R

On 22nd February '96, the space mission STS 75 started ,from the NASA facilities at Cape Canaveral. Such a mission consists in the launch of the shuttle Columbia in order to carry out two experiments in the space: the TSS 1R (Tethered Satellite Sistem 1 Refliight) and the USMP (United States Microgravity Payload). The TSS 1R is a replica of a similar mission TSS 1 '92. The TSS space programme is a bilateral scientific cooperation between the USA space agency NASA (National Aeronautics and Space Agency) and the ASI (Italian Space Agency. The TSS 1R system consists on the shuttle Columbia which deploys, up-ward, by means a conducting tether 20 km long, a spherical satellite (1.5 mt diameter) containing scientific instrumentation. This system, orbiting at about 300 km from the Earth's surface, represents, presently, the largest experimental space structure, Due to its dimensions, flexibility and conducting properties of the tether, the system interacts, in a quite complex manner, wih the earth magnetic field and the ionospheric plasma, in a way that the total system behaves as an electromagnetic radiating antenna as well as an electric power generator. Twelve scientific experiments have been assessed by US and Italian scientists in order to study the electro dynamic behaviour of the structure orbiting in the ionos phere. Two experiments have been prepared in the attempt to receive on the Earth's surface possible electromagnetic events radiated by the TSS 1R. The project EMET (Electro Magnetic Emissions from Tether),USA and the project OESEE (Observations on the Earth Surface of Electromagnetic Emissions) Italy, consist in a coordinated programme of passive detection of such possible EM emissions. This detection will supply the verification of some thoretical hypotheses on the electrodynamic interactions between the orbiting system, the Earth's magnetic field and the ionospheric plasma with two principal aims as the technological assesment of the system concept as well as a deeper knowledge of the ionosphere properties for future space applications. A theoretical model that keeps the peculiarities of tether emissionsis being developed for signal prediction at constant tether current. As a step previous to the calculation of the expected ground signal , the Alfven-wave signature left by the tether far back in the ionosphere has been determined. The scientific expectations from the combined effort to measure the entity of those perturbations will be outlined taking in to account the used ground track sensor systems.

Horizontal visibility graphs generated by type-I intermittency

The type-I intermittency route to (or out of) chaos is investigated within the horizontal visibility (HV) graph theory. For that purpose, we address the trajectories generated by unimodal maps close to an inverse tangent bifurcation and construct their associatedHVgraphs.We showhowthe alternation of laminar episodes and chaotic bursts imprints a fingerprint in the resulting graph structure. Accordingly, we derive a phenomenological theory that predicts quantitative values for several network parameters. In particular, we predict that the characteristic power-law scaling of the mean length of laminar trend sizes is fully inherited by the variance of the graph degree distribution, in good agreement with the numerics. We also report numerical evidence on how the characteristic power-law scaling of the Lyapunov exponent as a function of the distance to the tangent bifurcation is inherited in the graph by an analogous scaling of block entropy functionals defined on the graph. Furthermore, we are able to recast the full set of HV graphs generated by intermittent dynamics into a renormalization-group framework, where the fixed points of its graph-theoretical renormalization-group flow account for the different types of dynamics.We also establish that the nontrivial fixed point of this flow coincides with the tangency condition and that the corresponding invariant graph exhibits extremal entropic properties.

New device for continuous-wave THz emission: large area emitter

We discuss two different approaches to overcome the power limitations of CW THz generation imposed to conventional photomixers. The increase in power achievable by using arrays of AEs is studied. Then ?large area emitters? are proposed as an alternate approach to overcome the power limitations. In this antenna-free new scheme of photomixing, the THz radiation originates directly from the acceleration of photo-induced charge carriers generated within a large semiconductor area. The quasi-continuous distribution of emitting elements corresponds to a high-density array and results in particularly favorable radiation profiles.

Accurate Parabolic Navier-Stokes solutions of the supersonic flow around and elliptic cone

Flows of relevance to new generation aerospace vehicles exist, which are weakly dependent on the streamwise direction and strongly dependent on the other two spatial directions, such as the flow around the (flattened) nose of the vehicle and the associated elliptic cone model. Exploiting these characteristics, a parabolic integration of the Navier-Stokes equations is more appropriate than solution of the full equations, resulting in the so-called Parabolic Navier-Stokes (PNS). This approach not only is the best candidate, in terms of computational efficiency and accuracy, for the computation of steady base flows with the appointed properties, but also permits performing instability analysis and laminar-turbulent transition studies a-posteriori to the base flow computation. This is to be contrasted with the alternative approach of using order-of-magnitude more expensive spatial Direct Numerical Simulations (DNS) for the description of the transition process. The PNS equations used here have been formulated for an arbitrary coordinate transformation and the spatial discretization is performed using a novel stable high-order finite-difference-based numerical scheme, ensuring the recovery of highly accurate solutions using modest computing resources. For verification purposes, the boundary layer solution around a circular cone at zero angle of attack is compared in the incompressible limit with theoretical profiles. Also, the recovered shock wave angle at supersonic conditions is compared with theoretical predictions in the same circular-base cone geometry. Finally, the entire flow field, including shock position and compressible boundary layer around a 2:1 elliptic cone is recovered at Mach numbers 3 and 4

Quasi-cylindrical approximation to the swirling flow in an atomizer chamber

A quasi-cylindrical approximation is used to analyse the axisymmetric swirling flow of a liquid with a hollow air core in the chamber of a pressure swirl atomizer. The liquid is injected into the chamber with an azimuthal velocity component through a number of slots at the periphery of one end of the chamber, and flows out as an anular sheet through a central orifice at the other end, following a conical convergence of the chamber wall. An effective inlet condition is used to model the effects of the slots and the boundary layer that develops at the nearby endwall of the chamber. An analysis is presented of the structure of the liquid sheet at the end of the exit orifice, where the flow becomes critical in the sense that upstream propagation of long-wave perturbations ceases to be possible. This nalysis leads to a boundary condition at the end of the orifice that is an extension of the condition of maximum flux used with irrotational models of the flow. As is well known, the radial pressure gradient induced by the swirling flow in the bulk of the chamber causes the overpressure that drives the liquid towards the exit orifice, and also leads to Ekman pumping in the boundary layers of reduced azimuthal velocity at the convergent wall of the chamber and at the wall opposite to the exit orifice. The numerical results confirm the important role played by the boundary layers. They make the thickness of the liquid sheet at the end of the orifice larger than predicted by rrotational models, and at the same time tend to decrease the overpressure required to pass a given flow rate through the chamber, because the large axial velocity in the boundary layers takes care of part of the flow rate. The thickness of the boundary layers increases when the atomizer constant (the inverse of a swirl number, proportional to the flow rate scaled with the radius of the exit orifice and the circulation around the air core) decreases. A minimum value of this parameter is found below which the layer of reduced azimuthal velocity around the air core prevents the pressure from increasing and steadily driving the flow through the exit orifice. The effects of other parameters not accounted for by irrotational models are also analysed in terms of their influence on the boundary layers.

Influencia del viento en los ensayos de rebase en modelo físico a escala reducida = Wind effect on wave overtopping in physical model test

El artículo que se presenta a continuación recoge la ampliación de una investigación previa sobre los rebases en los espaldones de los diques verticales y en talud. Para ello se han realizado una serie de ensayos en modelo físico a escala reducida sobre la sección vertical del Dique de Levante de Málaga, cuyo objeto principal fue analizar el efecto del viento en el rebase. Los ensayos se han realizado generando oleaje con y sin viento, comparando los resultados obtenidos en cada una de las dos situaciones y se han llevado a cabo en el Canal de Oleaje y Viento de Gran Escala existente en el Laboratorio de Experimentación Marítima del Centro de Estudios de Puertos y Costas del CEDEX. The purpose of the research work as summarised in this article, resulting from diverse work carried out at the CEDEX, is to make an analysis of the influence of wind effects on the wave overtopping of vertical sea-walls. The results obtained in the Málaga´s Levante breakwater tests are presented here. The test was carried out in large sized facilities where waves and wind are generated.