• Title/Summary/Keyword: VCS

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Venture Capital Investments and the IPO performance of Chinese Firms

  • Piao, Meina;Park, Saeyeul;Shin, Hyun-Han
    • Asia-Pacific Journal of Business
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    • v.13 no.2
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    • pp.1-22
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    • 2022
  • Purpose - The purpose of this study is to examine the effect of VC investment on the IPO and post-IPO performance of Chinese firms. Design/methodology/approach - By utilizing CSMAR and VentureXpert database, we construct a firm-year panel data covering all listed firms in the Chinese stock market from 2006 to 2018. Findings - First, we find that VC-backed firms are significantly less underpriced than non-VC-backed firms. Our results show that the initial IPO-day return of VC-backed firms is 0.16% lower than that of non-VC-backed firms. Next, we find that VC-backed firms demonstrate significantly worse operating performance than non-VC-backed firms after the IPO. In the next three years following the IPO, VC-backed firms underperform non-VC-backed firms by 0.4% in terms of ROA and by 0.6% in terms of ROE. Research implications or Originality - Our results support the Grandstanding Hypothesis, among several competing hypotheses regarding the effect of VC investment, which suggests that VCs window dress their IPO firms for their early exit at the expense of a poor operating performance of the IPO firms after going public.

Electronic Word-of-Mouth in B2C Virtual Communities: An Empirical Study from CTrip.com (B2C허의사구중적전자구비(B2C虚拟社区中的电子口碑): 관우휴정려유망적실증연구(关于携程旅游网的实证研究))

  • Li, Guoxin;Elliot, Statia;Choi, Chris
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.3
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    • pp.262-268
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    • 2010
  • Virtual communities (VCs) have developed rapidly, with more and more people participating in them to exchange information and opinions. A virtual community is a group of people who may or may not meet one another face to face, and who exchange words and ideas through the mediation of computer bulletin boards and networks. A business-to-consumer virtual community (B2CVC) is a commercial group that creates a trustworthy environment intended to motivate consumers to be more willing to buy from an online store. B2CVCs create a social atmosphere through information contribution such as recommendations, reviews, and ratings of buyers and sellers. Although the importance of B2CVCs has been recognized, few studies have been conducted to examine members' word-of-mouth behavior within these communities. This study proposes a model of involvement, statistics, trust, "stickiness," and word-of-mouth in a B2CVC and explores the relationships among these elements based on empirical data. The objectives are threefold: (i) to empirically test a B2CVC model that integrates measures of beliefs, attitudes, and behaviors; (ii) to better understand the nature of these relationships, specifically through word-of-mouth as a measure of revenue generation; and (iii) to better understand the role of stickiness of B2CVC in CRM marketing. The model incorporates three key elements concerning community members: (i) their beliefs, measured in terms of their involvement assessment; (ii) their attitudes, measured in terms of their satisfaction and trust; and, (iii) their behavior, measured in terms of site stickiness and their word-of-mouth. Involvement is considered the motivation for consumers to participate in a virtual community. For B2CVC members, information searching and posting have been proposed as the main purpose for their involvement. Satisfaction has been reviewed as an important indicator of a member's overall community evaluation, and conceptualized by different levels of member interactions with their VC. The formation and expansion of a VC depends on the willingness of members to share information and services. Researchers have found that trust is a core component facilitating the anonymous interaction in VCs and e-commerce, and therefore trust-building in VCs has been a common research topic. It is clear that the success of a B2CVC depends on the stickiness of its members to enhance purchasing potential. Opinions communicated and information exchanged between members may represent a type of written word-of-mouth. Therefore, word-of-mouth is one of the primary factors driving the diffusion of B2CVCs across the Internet. Figure 1 presents the research model and hypotheses. The model was tested through the implementation of an online survey of CTrip Travel VC members. A total of 243 collected questionnaires was reduced to 204 usable questionnaires through an empirical process of data cleaning. The study's hypotheses examined the extent to which involvement, satisfaction, and trust influence B2CVC stickiness and members' word-of-mouth. Structural Equation Modeling tested the hypotheses in the analysis, and the structural model fit indices were within accepted thresholds: ${\chi}^2^$/df was 2.76, NFI was .904, IFI was .931, CFI was .930, and RMSEA was .017. Results indicated that involvement has a significant influence on satisfaction (p<0.001, ${\beta}$=0.809). The proportion of variance in satisfaction explained by members' involvement was over half (adjusted $R^2$=0.654), reflecting a strong association. The effect of involvement on trust was also statistically significant (p<0.001, ${\beta}$=0.751), with 57 percent of the variance in trust explained by involvement (adjusted $R^2$=0.563). When the construct "stickiness" was treated as a dependent variable, the proportion of variance explained by the variables of trust and satisfaction was relatively low (adjusted $R^2$=0.331). Satisfaction did have a significant influence on stickiness, with ${\beta}$=0.514. However, unexpectedly, the influence of trust was not even significant (p=0.231, t=1.197), rejecting that proposed hypothesis. The importance of stickiness in the model was more significant because of its effect on e-WOM with ${\beta}$=0.920 (p<0.001). Here, the measures of Stickiness explain over eighty of the variance in e-WOM (Adjusted $R^2$=0.846). Overall, the results of the study supported the hypothesized relationships between members' involvement in a B2CVC and their satisfaction with and trust of it. However, trust, as a traditional measure in behavioral models, has no significant influence on stickiness in the B2CVC environment. This study contributes to the growing body of literature on B2CVCs, specifically addressing gaps in the academic research by integrating measures of beliefs, attitudes, and behaviors in one model. The results provide additional insights to behavioral factors in a B2CVC environment, helping to sort out relationships between traditional measures and relatively new measures. For practitioners, the identification of factors, such as member involvement, that strongly influence B2CVC member satisfaction can help focus technological resources in key areas. Global e-marketers can develop marketing strategies directly targeting B2CVC members. In the global tourism business, they can target Chinese members of a B2CVC by providing special discounts for active community members or developing early adopter programs to encourage stickiness in the community. Future studies are called for, and more sophisticated modeling, to expand the measurement of B2CVC member behavior and to conduct experiments across industries, communities, and cultures.

Advance Reservation Framework with Protection Management for Virtual Circuit Services (가상회선 서비스를 위해 보호 관리 기능을 갖는 사전 예약 프레임워크)

  • Lim, Huhnkuk;Lee, Kyungmin;Cha, Youngwook
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.38B no.11
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    • pp.902-910
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    • 2013
  • The most representative research network in Korea, KREONET, has developed DynamicKL, an advance reservation based Network Service Agent (NSA) for user driven virtual circuit services. DynamicKL provides reservation, provisioning, release, termination, and inquiry web services for network resources by using an open standard network service interface (NSI), as well as web services for network resources by using a GUI interface. In addition, it has the RICE interface to support a protection management function per VC for virtual circuits and reservations. In this article, a protection management per VC for provisioned VCs and reservations is addressed in the DynamicKL framework, as a contribution to the VC protection management issue, which results in more manageable and reliable VC services compared to other advance reservation frameworks. An administrator can detect successful or unsuccessful VC protections in the event of a primary link failure and successful or unsuccessful VC retrievals after a primary link repair, by using RICE.

An Efficient Scheduling Algorithm for Internet Traffic over ATM Network (ATM 망에서 인터넷 트래픽을 서비스하기 위한 효율적인 스케줄링 알고리즘에 관한 연구)

  • Kim, Kwan-Woong;Bae, Sung-Hwan;Chon, Byoung-Sil
    • Journal of the Institute of Electronics Engineers of Korea TC
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    • v.39 no.9
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    • pp.12-19
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    • 2002
  • Guaranteed Frame Rate(GFR) service is intended to efficiently support TCP/IP traffic in ATM networks. The GFR service not only guarantees a minimum service rate at the frame level, but also supports a fair share of available bandwidth. The original GFR proposal outlined two switch implementation scheme : FIFO Queuing and perVC-Queuing. In general, it has been shown that FIFO Queuing is not sufficient to provide rate guarantees and perVC-Queuing with scheduling is needed. In perVC-Queuing implementation, scheduling algorithm plays key rule to provide rate guarantees and to improve fairness. We proposed a new scheduling algorithm for the GFR service. Proposed algorithm can provide minimum service rate guarantee and fair sharing to GFR VCs. Computer simulation results show that proposed scheduling scheme provide a much better performance in TCP Goodput and fairness than previous scheme.

Enhancement in Coexistence Capability via Virtual Channel Management for IEEE 802.15.4 LR-WPANs (가상 채널 관리를 통한 IEEE 802.15.4 LR-WPAN의 공존 능력 향상 기법)

  • Kim Tae-Hyun;Ha Jae-Yeol;Choi Sung-Hyun;Kwon Wooh-Hyun
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.31 no.5C
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    • pp.519-533
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    • 2006
  • The number of channels specified in IEEE 802.15.4 Low-Rate Wireless Personal Area Networks(LRWPANs) is too few to operate many applications of WPANs in the same area. To overcome this limit, we introduce Virtual Channel, a novel concept to increase the number of available channels when various WPAN applications coexist. Basically, a virtual channel is a newly-created channel via superframe scheduling within the inactive period of a logical channel preoccupied by other WPANs. To maximize the coexistence capability of WPANs using virtual channels, we propose Least Collision superframe scheduler(LC-scheduler), its less complex heuristics both for a given single channel, and Virtual Channel Selector(VCS) to efficiently manage multiple available logical channels. In addition, a simple but practical synchronization method is developed to compensate different time drifts among coexisting WPANs. The simulation results demonstrate that a remarkable improvement on the coexistence capability of the 802.15.4 can be achieved through the proposed schemes.

KVN phase Calibrator Survey (KVNCS) : flux estimation from Single Dish observation with KVN

  • Lee, Jeong-Ae;Son, Bong-Won;Byeon, Do-Yeong;Lee, Ji-Won;Park, Pu-Reun;Kim, Min-Jung;Park, Song-Yeon;Jeong, Tae-Hyeon
    • The Bulletin of The Korean Astronomical Society
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    • v.36 no.2
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    • pp.133.2-133.2
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    • 2011
  • KVN phase Calibrator Survey(KVNCS)는 VLBI 관측 시 대기의 불규칙한 수증기 분포로 인한 visibility 위상의 불규칙한 변화를 보정하기 위해 도입되는 phase-referencing 기법 등에서 필수요소인 위상보정 calibrator를 얻기 위한 연구이다. Phase-referencing 기법을 이용하여 위상을 보정하기 위해서는 대상 천체의 근접한 곳에 비교적 compact한 calibrator가 존재해야 한다. 또한 Asaki et al.(1996)에 의하면 대기의 coherence structure가 유지되기 위해서는 두 천체가 적어도 $5^{\circ}$ 이내의 분리각을 가져야 한다. 위상보정 calibrator에 대한 연구는 주로 2, 8GHz 대역에서 진행되어 왔고 최근에는 22GHz에서 VLBI 관측이 진행되고 있지만 천구상의 특정 영역에 국한되거나 calibrator들 간의 분리각이 여전히 크다. KVNCS는 천구상에서 calibrator의 분포를 좀 더 고르게 하고 더 많은 calibrator를 얻어 적어도 $5^{\circ}$ 이내의 분리각을 구현하고자 한다. 먼저, 단일경을 이용하여 KVNCS의 대상을 확보하기위하여 이들의 플럭스를 정확히 측정하였다. 2, 8GHz 대역에서 관측된 VLBA(Very Long Baseline Array) Calibrator Survey(VCS) 목록을 기초로 power-law를 가정하여 22GHz에서 100mJy 이상일 것으로 예상되는 천체 2503개를 KVNCS 단일경 연구의 후보로 선정하였다. KVN 연세와 울산 전파망원경경을 이용하여 2009년 12월부터 2011년 3월까지 2298개의 플럭스 측정 관측을 진행하여 22GHz에서 약 77%, 43GHz에서 약 23%의 검출률을 얻었다. 또한 이 천체들의 공간분포도 $5^{\circ}$의 분리각을 만족하는 것을 확인하였다. 앞으로 KVNCS 단일경 결과를 활용하여 KVN 각 사이트의 위치 정보를 비롯하여 22GHz KVN VLBI 관측을 통해 KVN 위상보정 calibrator를 확보 할 계획이다.

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A Study to Guarantee Minimum Bandwidth to TCP Traffic over ATM-GFR Service (ATM-GFR 서비스에서 TCP 트래픽의 최소 대역폭 보장에 관한 연구)

  • 박인용
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.27 no.4C
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    • pp.308-315
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    • 2002
  • Guaranteed frame rate (GFR) service has been defied to provide minimum cell rate (MCR) guarantees for virtual connections (VCs) carrying Internet traffic in ATM networks and allow them to fairly share residual bandwidth. The simplest switch implementation mechanism to support the GFR service in ATM networks consists of the frame-based generic cell rate algorithm (F-GCRA) frame classifier and the early packet discard (EPD)-like buffer acceptance algorithm in a single FIFO buffer. This mechanism is simple, but has foiled to guarantee the same bandwidth as an MCR to a VC that has reserved a relatively large MCR. This paper applies the packet spacing scheme to TCP traffic to alleviate its burstness, so as to guarantee a larger MCR to a VC. In addition, the random early detection (RED) scheme is added to the buffer acceptance algorithm in order to improve fairness in use of residual bandwidth. Simulation results show that the applied two schemes improve a quality of service (QoS) in the GFR service for the TCP traffic.

On the Performance Enhancements of VC Merging-capable Scheduler for MPLS Routers by Sequence Skipping Method (Sequence Skipping 방법을 이용한 MPLS 라우터의 VC 통합기능 스케쥴러의 성능 향상에 관한 연구)

  • Baek, Seung-Chan;Park, Do-Yong;Kim, Young-Beom
    • Journal of IKEEE
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    • v.5 no.1 s.8
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    • pp.111-120
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    • 2001
  • VC merging involves distinguishing cells from an identical merged VC label. Various approaches have been proposed to help this identification process. However, most of them incur additional buffering, protocol overhead and/or variable delay. They make the provision of QoS difficult to achieve. So it was proposed a merge capable scheduler to support VC-merging (VCMS). However, in situations where all VCs are to be merged or the incoming traffic load is very low, it could happen that there are not enough non-merging cells to snoop. In this situation the scheduler uses special control cells to fill the empty time slots out. Too many control cells can cause high cell loss ratio and an additional packet transfer delay. To overcome the drawbacks, we propose a Sequence Skipping(SS) method where the sequencers skip the empty queues and insert SS cells. We show SS method is suitable for VC-merging and can reduce the cell loss ratio and the mean packet transfer delay through simulations.

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Instability of Anthocyanin Accumulation in Vitis vinifera L. var. Gamay Freaux Suspension Cultures

  • Qu Junge;Zhang Wei;Yu Xingju;Jin Meifang
    • Biotechnology and Bioprocess Engineering:BBE
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    • v.10 no.2
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    • pp.155-161
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    • 2005
  • The inherent instability of metabolite production in plant cell culture-based bioprocessing is a major problem hindering its commercialization. To understand the extent and causes of this instability, this study was aimed at understanding the variability of anthocyanin accumulation during long-term subcultures, as well as within subculture batches, in Vitis vinifera cell cultures. Therefore, four cell line suspensions of Vitis vinifera L. var. Gamay Freaux, A, B, C and D, originated from the same callus by cell-aggregate cloning, were established with starting anthocyanin contents of $2.73\;\pm\;0.15,\;1.45\;\pm\;0.04,\;0.7\;\pm\;0.024\;and\;0.27\;\pm\;0.04$CV (Color Value)/g-FCW (fresh cell weight), respectively. During weekly subculturing of 33 batches over 8 months, the anthocyanin biosynthetic capacity was gradually lost at various rates, for all four cell lines, regardless of the significant difference in the starting anthocyanin content. Contrary to this general trend, a significant fluctuation in the anthocyanin content was observed, but with an irregular cyclic pattern. The variabilities in the anthocyanin content between the subcultures for the 33 batches, as represented by the variation coefficient (VC), were 58, 57, 54, and $84\%$ for V. vinifera cell lines A, B, C and D, respectively. Within one subculture, the VCs from 12 replicate flasks for each of 12 independent subcultures were averaged, and found to be $9.7\%$, ranging from 4 to $17\%$. High- and low-producing cell lines, VV05 and VV06, with 1.8-fold differences in their basal anthocyanin contents, exhibited different inducibilities to L-phenylalanine feeding, methyl jasmonate and light irradiation. The low-producing cell line showed greater potential in enhanced the anthocyanin production.

Numerical study of the flow and heat transfer characteristics in a scale model of the vessel cooling system for the HTTR

  • Tomasz Kwiatkowski;Michal Jedrzejczyk;Afaque Shams
    • Nuclear Engineering and Technology
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    • v.56 no.4
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    • pp.1310-1319
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    • 2024
  • The reactor cavity cooling system (RCCS) is a passive reactor safety system commonly present in the designs of High-Temperature Gas-cooled Reactors (HTGR) that removes heat from the reactor pressure vessel by means of natural convection and radiation. It is one of the factors responsible for ensuring that the reactor does not melt down under any plausible accident scenario. For the simulation of accident scenarios, which are transient phenomena unfolding over a span of up to several days, intermediate fidelity methods and system codes must be employed to limit the models' execution time. These models can quantify radiation heat transfer well, but heat transfer caused by natural convection must be quantified with the use of correlations for the heat transfer coefficient. It is difficult to obtain reliable correlations for HTGR RCCS heat transfer coefficients experimentally due to such a system's size. They could, however, be obtained from high-fidelity steady-state simulations of RCCSs. The Rayleigh number in RCCSs is too high for using a Direct Numerical Simulation (DNS) technique; thus, a Reynolds-Averaged Navier-Stokes (RANS) approach must be employed. There are many RANS models, each performing best under different geometry and fluid flow conditions. To find the most suitable one for simulating an RCCS, the RANS models need to be validated. This work benchmarks various RANS models against three experiments performed on the HTTR RCCS Mockup by the Japanese Atomic Energy Agency (JAEA) in 1993. This facility is a 1/6 scale model of a vessel cooling system (VCS) for the High Temperature Engineering Test Reactor (HTTR), which is operated by JAEA. Multiple RANS models were evaluated on a simplified 2d-axisymmetric geometry. They were found to reproduce the experimental temperature profiles with errors of up to 22% for the lowest temperature benchmark and 15% for the higher temperature benchmarks. The results highlight that the pragmatic turbulence models need to be validated for high Rayleigh natural convection-driven flows and improved accordingly, more publicly available experimental data of RCCS resembling experiments is needed and indicate that a 2d-axisymmetric geometry approximation is likely insufficient to capture all the relevant phenomena in RCCS simulations.