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Search Results: 1 - 10 of 97322 matches for " Chang Liu "
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The Analysis of China Quasi-Municipal Bonds' Issuing Spread  [PDF]
Chang Liu
Modern Economy (ME) , 2018, DOI: 10.4236/me.2018.95065
Abstract: The development of China Quasi-Municipal bonds began in 1994 with China’s tax system reform which determines the current tax-sharing fiscal system of “primary finance, first-level authority”. Under this fiscal system, local governments often face the embarrassing situation that their responsibility is greater than financial power. Therefore, the local government has to solve the shortage of local construction funds by setting up a city investment company to issue city bonds. From the perspective of implicit guarantee of local government, this paper constructs the theoretical analysis framework of government implicit guarantee. Based on the cross-sectional data of China’s inter-bank Quasi-Municipal bonds in 2009-2017, through mixed regression, we can verify whether the implicit guarantee level of the government exists and its impact on bond issuing spread. In addition, the paper also introduced factors such as the underwriting reputation index and the financial indicators of the issuing entity, examining the reputation mechanism of the underwriter and the market positioning of the city investment company. Through empirical analysis, this paper has the following findings: First, the financial situation of local governments can significantly reduce the issuing spread of Quasi-Municipal bonds, indicating the existence of government implicit guarantees in the bond market. Second, the urban investment company’s factors often have no significant impact on the issuing spread, reflecting its market position is mainly the role of “financing tools” not a traditional enterprise. Third, outstanding underwriters can significantly reduce the issuing spread of Quasi-Municipal bond, which verifies the existence of reputation mechanism in the bond market.
Antecedents of Success Rate of Award-Based Crowdfunding: The Case of the “Kickstarter”  [PDF]
Chang Liu, Jinshan Liu
Modern Economy (ME) , 2016, DOI: 10.4236/me.2016.73027
Abstract: Based on the previous studies, this paper applied the theoretical elaboration likelihood model to the in-depth analysis of psychological path of the investors when they made a final investment decision after browsing and screening relative information of award-based crowdfunding projects. Then this paper studied the influence of various factors on the success rate of the crowdfunding projects. Logistics method was chosen for empirical verification based on selected detailed data on 300 Chinese items on Kickstarter platform; the results showed that the central clue: the ambiguous degree of the description, the key word of risk, the update, and the peripheral clue: initiator’s social capital, the duration of the project were positively related to the success rate of crowdfunding. It was proved that investors would make rational investment decisions when facing high uncertainty characteristics of the target projects.
On Human Experimentation: A Perspective of China’s Criminal Law  [PDF]
Chang-Qiu Liu
Beijing Law Review (BLR) , 2012, DOI: 10.4236/blr.2012.33014
Abstract: Human experimentation is important to the development of life science. There are so many problems brought about by human experimentation, which should be paid more attention to by law in order to protect the right of the subject. International as well as domestic laws are enacted in order to beat the illegitimate human experiment, while criminal countermeasures should be taken to redeem the failure of common legal measures, especially for China.
Privatization and Employment in Post-Communist Countries  [PDF]
Chang Liu, Yasunori Ishii
Theoretical Economics Letters (TEL) , 2014, DOI: 10.4236/tel.2014.47073

In this study, by establishing a third-country trade model of an international duopoly where two state firms from different post-communist countries compete against each other, we analyze the effects of a change in the degree of privatization on firms’ labor inputs and on the optimal privatization policy in post-communist countries. We show that a rise in the degree of privatization in a country raises labor input, output and exports of that country’s firm, while reducing those of the rival firm. Furthermore, we find that either full or partial privatization of state firms could be optimal in post-communist countries.

Molecular cloning, expression and characterization of a novel geneβ-N-acetylglucosaminidase from Bombyxmori  [PDF]
Cheng Chang, Xiaoyong Liu, Keping Chen
Advances in Bioscience and Biotechnology (ABB) , 2011, DOI: 10.4236/abb.2011.23019
Abstract: Previously, we have reported that a gene encoding Bombyxmoriβ-N-acetylglucosaminidase 2 (BmGlcNAcase2) has been identified differentially expressed in the midgut of Bombyxmori strain NB resistant to nucleopolyhedrovirus (BmNPV), strain 306 susceptible to NPV and a near isogenic line BC9 with similar genetic background to 306 but resistant to NPV by two-dimensional gel electrophoresis (2-DE). To get more knowledge about the relationship between β-N-acetylglucosaminidase and the resistance of NPV, in this study, the 1542 bp open reading frame of a putative bombyxmoriβ-N-acetylglucosaminidase 2 gene (BmGlcNAcase2) was amplified from a pool of bombyxmoricDNAs and inserted into the prokaryotic expression plasmid pET-30a(+).Western blotting analysis showed that BmGlcNAcase2 was expressed in hemolymph, ovary, testis, fat body, trachea, midgut and silk gland of fifth instar larvae respectively . Immunofluoresence analysis indicated that BmGlcNAcase2 was mainly located to the cytoplasm or some structure in cytoplasm.
Social Cognitive Neuroscience Perspective for Unification Psychology  [PDF]
Wangbing Shen, Chang Liu, Yuan Yuan
Psychology (PSYCH) , 2011, DOI: 10.4236/psych.2011.28128
Abstract: As a direct part of these disciplines which focuses on human’s soul and mind, psychology has a history of more than one hundred years. However, there are still many people who have lots of doubts for psychology, especially on the division and integration of psychology which dates back to Spence (1987). Many studies in the past have sought for many paradigms to integrate psychology, but they failed, such as cognitive psychology paradigm. One challenge to the traditional perspective comes from works of social cognitive neuroscience. More and more specific studies showed that social cognitive neuroscience can integrate psychological science. Therefore, increasing psychologists, including theoretical psychologists focus their sights on social cognitive neuroscience. The article gave an overview analysis to those problems, including the integration from social cognitive neuroscience is possible and its prospect framework of integration
Orthogonal Stability of Mixed Additive-Quadratic Jensen Type Functional Equation in Multi-Banach Spaces  [PDF]
Xiuzhong Yang, Lidan Chang, Guofen Liu
Advances in Pure Mathematics (APM) , 2015, DOI: 10.4236/apm.2015.56031

In this paper, we prove the Hyers-Ulam stability of the following mixed additive-quadratic Jensen type functional equation:?\"\"

Thermodynamic Performance Study on the 600 MW Direct Air-Cooled Power Plant  [PDF]
Hongbin Zhao, Lina Che, Chang Liu
Energy and Power Engineering (EPE) , 2017, DOI: 10.4236/epe.2017.96023
Abstract: We established the thermodynamic analysis model by using the actual measurement parameters of 600 MW direct dry cooling power plant in Wuxiang, China. The performance, especially the exergy losses of the unit as well as its subsystems mainly including seven parts were obtained not only at one specific load but also at different loads. We have found that the exergy loss in the boiler is usually more than 70% of the total exergy loss of the system, while the exergy loss of the combustion occupies greater than 50% of that of the boiler. Therefore, it is crucial to reduce the losses in the boiler for energy saving potential improvement, especially that of the combustion and heat transfer. At the same time, the cold end optimization has relatively large potential for energy saving due to that the exergy efficiency of the air cooling system is quite low being about 5.7% or so. In addition, we have gotten the main changing trends of system performances along with the load change, including exergy loss, exergy efficiency and coal consumption, which were derived from the real-time system performance statistics according to a large amount of measured data in real time. In order to make the whole system run more efficiently, it is advised that the unit should run at the load better than 350 MW.
Optimized Algorithm for Clustering Routing for Wireless Sensor Networks  [PDF]
Tieyuan Chang, Weina Liu, Yan Zhang
Journal of Computer and Communications (JCC) , 2018, DOI: 10.4236/jcc.2018.611001
Abstract: LEACH protocol randomly selects cluster head nodes in a cyclic manner. It may cause network to be unstable, if the low energy node is elected as the cluster head. If the size of cluster is too large or too small, it will affect the survival time of the network. To address this issue, an improved solution was proposed. Firstly, the scheme considered the average and standard deviation of the nodes’ residual energy and the distance between the node and the base station, then considered the distance between the node and the cluster head and the energy of the cluster head to optimize the cluster head selection and clustering. The performance analysis results showed this scheme could reduce premature deaths of the cluster heads and too high energy consumption of some clusters. Thus, the proposed algorithm could prompt the stability and prolong the lifetime of the network.
Design and Implementation of Hybrid Light and Microwave Switches Based on Wavelength Selective Switch for Future Satellite Networks  [PDF]
Bin Wu, Hongxi Yin, Anliang Liu, Chang Liu, Jingchao Wang
Journal of Computer and Communications (JCC) , 2016, DOI: 10.4236/jcc.2016.43003

A hybrid switching node structure with light and microwave links is proposed, which is applicable to the future data relay satellite systems, aiming at the development trend of coexistence of light- link and microwave-link in the future. An experimental system for the light and microwave hybrid switching node based on wavelength selective optical switches (WSS) and optical transceiver modules, is established. It is shown by our experiment that this hybrid switching node can realize the dynamic bandwidth allocation and wavelength routing while the bit error rate of light link is less than 10?12, which provides a method for solving the hybrid switching problem of light-link and microwave-link on the future data relay satellite systems.

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