Bøker av Keming Li

This paper studies the effect of option trading on corporate investment and financing policies. Based on prior literature, I hypothesize that option market induces informed trading and thus reduces information asymmetry and the cost of capital. As a result, firms with high option trading have more investment and financing. Specifically, based on the United States public data, this paper finds that option trading volume increases corporate investment and financing, but reduces cash holdings and corporate payouts. These results are robust to the inclusion of industry or firm fixed effect, a control for endogenous options trading, and the use of alternative measures of option trading and corporate policies. The effect of option trading is stronger for firms with higher information asymmetry problems. Finally, this paper finds the results are inconsistent with the "quiet Life" hypothesis and the catering hypothesis.

This book is the first monograph focusing on ellipsoidal heads, which are commonly used as an end closure of pressure vessels in chemical, petroleum, nuclear, marine, aerospace and food processing industries. It provides a comprehensive coverage of stress, failure, design and fabrication of ellipsoidal heads. This book investigates in detail buckling/plastic collapse behaviors of ellipsoidal heads using nonlinear finite element methods and experiments. Buckling/plastic collapse experiments are performed on 37 ellipsoidal heads which cover various geometric parameters, material and fabrication methods. In particular, modern measurement technologies, such as 3D laser scanning, are used in the experiments of these ellipsoidal heads including large heads with a diameter up to 5 metres. Moreover, this book presents new formulas for accurate prediction of buckling/plastic collapse pressures of ellipsoidal heads. Using elastic-plastic theory, this book proposes a new failure mechanism-based method for design of ellipsoidal heads. Compared to other methods in current codes and standards based on elastic or perfectly plastic theory, the new design method can fully develop the head¿s load-carrying capacity, which reduces head thickness and thus cost. Also, this book studies control on fabrication quality of ellipsoidal heads, including shape deviation, forming strain and forming temperature. It is useful as a technical reference for researchers and engineers in the fields of engineering mechanics, engineering design, manufacturing engineering and industrial engineering.