Business life cycle and capital structure: evidence from Chinese manufacturing firms

This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.

Family language policy in the Chinese community in Singapore: a question of balance?

This paper focuses on the language shift phenomenon in Singapore as a consequence of the top-town policies. By looking at bilingual family language policies it examines the characteristics of Singapore’s multilingual nature and cultural diversity. Specifically, it looks at what languages are practiced and how family language policies are enacted in Singaporean English-Chinese bilingual families, and to what extend macro language policies – i.e. national and educational language policies influence and interact with family language policies. Involving 545 families and including parents and grandparents as participants, the study traces the trajectory of the policy history. Data sources include 2 parts: 1) a prescribed linguistic practices survey; and 2) participant observation of actual negotiation of FLP in face-to-face social interaction in bilingual English-Chinese families. The data provides valuable information on how family language policy is enacted and language practices are negotiated, and what linguistic practices have been changed and abandoned against the background of the Speaking Mandarin Campaign and the current bilingual policy implemented in the 1970s. Importantly, the detailed face-to-face interactions and linguistics practices are able to enhance our understanding of the subtleties and processes of language (dis)continuity in relation to policy interventions. The study also discusses the reality of language management measures in contrast to the government’s ‘separate bilingualism’ (Creese & Blackledge, 2011) expectations with regard to ‘striking a balance’ between Asian and Western culture (Curdt-Christiansen & Silver 2013; Shepherd, 2005) and between English and mother tongue languages (Curdt-Christiansen, 2014). Demonstrating how parents and children negotiate their family language policy through translanguaging or heteroglossia practices (Canagarajah, 2013; Garcia & Li Wei, 2014), this paper argues that ‘striking a balance’ as a political ideology places emphasis on discrete and separate notions of cultural and linguistic categorization and thus downplays the significant influences from historical, political and sociolinguistic contexts in which people find themselves. This simplistic view of culture and linguistic code will inevitably constrain individuals’ language expression as it regards code switching and translanguaging as delimited and incompetent language behaviour.

Collective financing among Chinese entrepreneurs and department store retailing in China

Chinese entrepreneurship in department store retailing differed from that seen in other emerging economies before 1940. Rather than the leading examples of the format being owned by advanced economy firms, in China a small group of Cantonese entrepreneurs established what became known as the ‘Big Four’ department stores in Shanghai. By 1940 the ‘Big Four’ department stores were among the most famous stores in China, and among the biggest businesses in China. None of these Chinese entrepreneurs had any prior experience in department store retailing. Rather this article explains how their success in department store retailing was dependent on a business model that enabled these Chinese entrepreneurs to act as informal investment bankers (or ‘shadow’ banks) for the thousands of overseas Chinese wanting to invest surplus savings in mainland China, so creating large indigenous business groups.

Task design and interaction in collaborative writing: the students’ story

This article investigates student behaviour on collaborative assignments, looking at the relationship between task type and interaction, and considers the implications for task design. Students reported on interactions in a year-long workplace-focussed group communication project, comparing these with interactions on other academy based group assignments. Differences were seen in the amount of brainstorming, the criteria for dividing up work, the intensity of editing, and how conflict was managed. Contributing factors to these differences included the presence or absence of a creative element, the instrumental nature of the task, and the need for a collective approach inherent in the task design.

Internationalizing the MFA in Creative Writing

is article explores the prospects for internationalizing the Master of Fine Arts (MFA) in Creative Writing, a degree that has gained considerable popularity in the United States in the past half century but has yet to gain much of a foothold in other countries. As part of this exploration, we describe the experiences of estab- lishing the first low-residency Master of Fine Arts in Creative Writing in Asia at City University of Hong Kong, explaining the justification for setting up such a program with reference to the history of teaching creative writing and the current conditions for literary writing in English in Asia and globally. We also reflect upon the processes of planning, curriculum design, and administrative negotiation and that went into setting up the program and report on feedback from the first cohort of students. e experience of setting up this program is used as the basis for raising a number of more general issues regarding the teaching of creative writing in English in interna- tional contexts.

Voice, appropriation and discourse representation in a student writing task

We investigate the practices by which bilingual university students in Hong Kong appropriate texts in producing utterances, particularly written texts. Following Wertsch and his colleagues we ask: • To what extent do our students appropriate texts in constructing their own discourses? • What linguistic means do they use to do this? • What can these processes tell us about what they now can do with discourse representation; and • What do we need to teach them? This research shows that our students' writing displays considerable intertextuality and interdiscursivity. Responses to this writing in tutorial sessions indicate that they are skilled at orchestrating the multiple voices within their own discourses. The commonly stated concern that our students do not know how to do quotation and citation correctly is somewhat misplaced and researchers need to move the focus away from the mechanisms of citation and attribution to the social practices of textual appropriation.

Rethinking the literature on the performance of Chinese multinational enterprises

We synthesize the literature on Chinese multinational enterprises (MNEs) and find that much of the prior research is based on as few as a dozen case studies of Chinese firms. They are so case-specific that it has led to a misplaced call for new theories to explain Chinese firms’ internationalization. In an attempt to better relate theory with empirical evidence, we examine the largest 500 Chinese manufacturing firms. We aim to find out the number of Chinese manufacturing firms to be true MNEs by definition, and to examine their financial performance relative to global peers using the financial benchmarking method. We develop our theoretical perspectives from new internalization theory. We find that there are only 49 Chinese manufacturing firms to be true MNEs, whereas the rest is purely domestic firms. Their performance is poor relative to global peers. Chinese MNEs have home country bound firm-specific advantages (FSAs), which are built upon home country-specific advantages (home CSAs). They have not yet developed advanced management capabilities through recombination with host CSAs. Essentially, they acquire foreign firms to increase their sales in domestic market, but they fail to be competitive internationally and to achieve superior performance in overseas operations. Our findings have important strategic implications for managers, public policy makers, and academic research.

Writing westwards: medieval English literature and its early modern Irish audiences

Quite a few texts from England were translated into Irish in the fifteenth and early-sixteenth centuries. The number of these texts was significant enough to suggest that foreign material of this sort enjoyed something of a vogue in late-medieval Ireland. Translated texts include Mandeville’s Travels, Guy of Warwick, Bevis of Hampton, Fierabras and a selection of saints’ lives. Scholars have paid little attention to the origins and initial readerships of these texts, but still less research has been conducted into their afterlife in early modern Ireland. However, a strikingly high number of these works continued to be read and copied well into the seventeenth century and some, such as the Irish translations of Octavian and William of Palerne, only survive in manuscripts from this later period. This paper takes these translations as a test case to explore the ways in which a cross-period approach to such writing is applicable in Ireland, a country where the renaissance is generally considered to have taken little hold. It considers the extent to which Irish reception of this translated material shifts and evolves in the course of this turbulent period and whether the same factors that contributed to the continued demand for a range of similar texts in England into the seventeenth century are also discernible in the Irish context.

Urban economic openness and IPO underpricing

We examine the empirical impact of trade openness on the short-run underpricing of initial public offerings (IPOs) using city-level real estate data. This paper represents a first attempt to employ a macroeconomic approach to explain IPO performance. We investigate an openness effect in which urban economic openness (UEO) has a significant impact on the productivity and on the prices of both direct and indirect real estate due to productivity gains of companies in more open areas. This in turn positively affects the firm’s profitability, enhancing the confidence in the local real estate market and the future company performance and decreasing the uncertainty of the IPO valuation. And as a result, we find that issuers have less incentive to underprice the IPO shares. China provides a suitable experimental ground to study the immense underpricing in developing markets, which cannot solely be accounted for by firm specific effects. First, Chinese real estate companies show strong geographic patterns focusing their businesses locally – usually at a city level. Second, we observe a degree of openness which is significantly heterogeneous across Chinese cities. Controlling for company-specific variables, location and state ownership, we find the evidence that companies whose businesses are in economically more open areas experience less IPO underpricing. Our results show high explanatory power and are robust to diverse specifications.

Longitudinal scaling property of the charge balance function in Au plus Au collisions at root s(NN)=200 GeV

We present measurements of the charge balance function, from the charged particles, for diverse pseudorapidity and transverse momentum ranges in Au + Au collisions at root S(NN) = 200 GeV using the STAR detector at RHIC. We observe that the balance function is boost-invariant within the pseudorapidity coverage vertical bar-1.3, 1.3 vertical bar. The balance function properly scaled by the width of the observed pseudorapidity window does not depend on the position or size of the pseudorapidity window. This scaling property also holds for particles in different transverse momentum ranges. In addition, we find that the width of the balance function decreases monotonically with increasing transverse momentum for all centrality classes. (c) 2010 Elsevier B.V. All rights reserved.

Observation of an Antimatter Hypernucleus

Nuclear collisions recreate conditions in the universe microseconds after the Big Bang. Only a very small fraction of the emitted fragments are light nuclei, but these states are of fundamental interest. We report the observation of antihypertritons-comprising an antiproton, an antineutron, and an antilambda hyperon-produced by colliding gold nuclei at high energy. Our analysis yields 70 +/- 17 antihypertritons (3/Lambda(H) over bar) and 157 +/- 30 hypertritons ((3)(Lambda)H). The measured yields of (3)(Lambda)H (3/Lambda(H) over bar) and (3)He ((3)(He) over bar) are similar, suggesting an equilibrium in coordinate and momentum space populations of up, down, and strange quarks and antiquarks, unlike the pattern observed at lower collision energies. The production and properties of antinuclei, and of nuclei containing strange quarks, have implications spanning nuclear and particle physics, astrophysics, and cosmology.

System size dependence of associated yields in hadron-triggered jets STAR Collaboration

We present results on the system size dependence of high transverse momentum di-hadron correlations at root s(NN) = 200 GeV as measured by STAR at RHIC. Measurements in d + Au, Cu + Cu and Au + Au collisions reveal similar jet-like near-side correlation yields (correlations at small angular separation Delta phi similar to 0, Delta eta similar to 0) for all systems and centralities. Previous measurements have shown Chat the away-side (Delta phi similar to pi) yield is suppressed in heavy-ion collisions. We present measurements of the away-side Suppression as a function of transverse momentum and centrality in Cu + Cu and Au + Au collisions. The suppression is found to be similar in Cu + Cu and An + An collisions at a similar number of participants. The results are compared to theoretical calculations based on the patron quenching model and the modified fragmentation model. The observed differences between data and theory indicate that the correlated yields presented here will further constrain dynamic energy loss models and provide information about the dynamic density profile in heavy-ion collisions. (C) 2009 Elsevier B.V. All rights reserved.