This research explores whether a dual-class ownership structure affects a firm’s propensity to stockpile cash reserves over the life cycle stages. Using a sample of U.S. dual-class firms, evidence shows that the cash holdings of dual-class firms are significantly lower than that of...

Operation optimization is a critical issue in the management of the multi-source large-scale urban centralized heating system (UCHS). A major challenge is to deal with the complex topological structure of its heating network. We investigate the operation enhancement of UCHS from the view of...