Using both a linear regression method and a probability-based method, we find that on average, analysts place larger than efficient weights on (i.e., they overweight) their private information when they forecast corporate earnings. We also find that analysts overweight more when issuing...

B2B spot market has grown rapidly and become an effective trading channel for commodity products. Besides long-term contract procurement from conventional suppliers (forward and option), a buyer can procure or sell commodities at any time in B2B spot market to adjust her inventory level....

This paper identifies a limit to arbitrage that arises because firm value is endogenous to the exploitation of arbitrage. Trading on private information reveals this information to managers and improves their real decisions, enhancing fundamental value. While this feedback effect increases the...

In this paper we examine the importance of imperfect competition in product and labour markets in determining the long-run welfare e¤ects of tax reforms assuming agent heterogeneneity in capital hold- ings. Each of these market failures, independently, results in welfare losses for at least a...

Purpose In the long-term network operation, the power distribution network will be subjected to the effects of ultra-high voltage, strong electromagnetic interference and harsh natural environment on the power system, which will lead to the occurrence of different faults in the distribution...

Purpose The purpose of this study is to solve the key technical problems of the practical application of electric robots. The UHV multi-split transmission line power cable operation robot is an important equipment to ensure the reliable operation of high voltage lines and is a useful exploration...

Purpose The purpose of this paper is to achieve the optimal system design of a four-wheel mobile robot on transmission line maintenance, as the authors know transmission line mobile robot is a kind of special robot which runs on high-voltage cable to replace or assist manual power maintenance...

Purpose This paper aims to develop a robot for tightening charged bolt to solve the shortcomings of high labor intensity, low efficiency, high risk and poor reliability in artificially tightening drainage board bolt of strain clamp for high voltage transmission line. Realizing bolt-nut capture...