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Based on hand‐collected data on Chinese listed non‐state‐owned enterprises (hereafter, non‐SOEs), this paper investigates how political connection and family involvement affect firms' IPO underpricing. We find that political connection and family involvement, serving as common compensatory mechanisms for institutional deficiencies, can significantly alleviate the IPO underpricing of non‐SOEs. Moreover, evidence shows that in regions with a well‐developed institutional environment, political connection significantly reduces the degree of IPO underpricing. But for companies located in regions with a poorer institutional environment, family involvement helps to achieve lower underpricing. The effects also vary with firm size. Political connection significantly mitigates underpricing of large firms. But for small firms, only family involvement plays a significant role in lowering IPO underpricing. Finally, we find that instead of increasing the offering price, the effect works in another way. Non‐SOEs with political connection and family involvement are no longer growth firms, for which the influence of the regulatory bar set by the China Security Regulatory Committee (CSRC) decreases. These firms tend to experience poorer long‐term performance after the IPO. This may lead to a relatively lower price in the secondary market, resulting in a lower level of IPO underpricing. [ABSTRACT FROM AUTHOR]

We investigate the impact of economic policy uncertainty (EPU) on corporate inventory holdings in China over the period 2007–2017. We find that EPU leads firms to significantly reduce inventory holdings and this effect is particularly pronounced among non‐state‐owned enterprises. The adjustment of inventory holdings enhances firms' operating and market performance consequently. In addition, firms with greater financial constraints or stronger external governance are more affected by EPU. Further exploration shows that EPU induces high precautionary cash holdings, which crowds out inventories. Our results illustrate that firms reallocate between inventories and cash to cope with uncertainty associated with economic policy changes. [ABSTRACT FROM AUTHOR]

The variation of secondary moments in post-elastic range, including whether the secondary moment shall be considered in ultimate limit state calculations, has been a subject of much controversy for many years. Towards a better solution to this problem, the concept of secondary moment due to prestressing is extended into nonlinear stage. By using the method of stiffness variation, fifteen prestressed continuous beams with bonded tendons were numerically simulated in which the ratio of initial secondary moment (M2) to ultimate elastic loading moment (Me) was 0. 15-0. 36. Based on the extended secondary moment concept, a formula for moment redistribution at the ultimate limit state was put forward with relative depth of compression zone (ξ) and M2/Me as the influencing parameters. A test specimen (ξ = 0 .3 5) from literature was analyzed to compare the proposed formula and existing formulas for moment redistribution. A two-span prestressed continuous beam (ξ = 0. 18) with large degree of moment redistribution was designed and tested under monotonic loading whose support reactions were measured and used in checking the prediction by the proposed formula. It is shown that the proposed formula is conservative and gives predictions that are closer to the test results than the existing formulas. [ABSTRACT FROM AUTHOR]

Five RC short columns retrofitted with prestressed steel jacket (PSJ) and one RC short column were tested under static loading to investigate the axial compression resistant behavior and compression bearing capacity of retrofitted columns. The main test parameters were prestressed level of PSJ (α) and configuration characteristic value of PSJ (ŋ). The test results indicate that compressive strength of retrofitted column is enhanced effectively and the ductility of the columns is improved significantly. The compression resistant mechanism of PSJ is discussed arid the compression bearing capacity of retrofitted columns are analyzed. It is indicated that the strength development coefficient of PSJ depends on the prestressed level and configuration characteristic value of PSJ. According to the superposition method, a formula is suggested to calculate the compression bearing capacity of the retrofitted columns. The calculated results show good agreement with the test results. [ABSTRACT FROM AUTHOR]