We exploit parent-and subsidiary-level data for publicly listed firms in Thailand before, during, and after the 1997 Asian Financial Crisis to investigate the extent to which firms with different types of ownership restructure their business portfolios, in terms of divestitures and acquisitions. We compare restructuring choices made by firms mostly owned by (a) domestic individuals with block shares (family firms), (b) domestic firms and/or institutions (DI firms), and (c) foreign investors (foreign firms). We show that following the crisis (1) foreign firms' restructuring behavior is the least affected; (2) domestic firms owned by families and domestic institutions (DI) behave similarly to one another; (3) domestic firms do not increase divestiture in their peripheral segments to improve operational focus or to obtain cash in a credit crunch; they actually reduce divestiture in core segments; and (4) domestic firms also significantly reduce the acquisition of new subsidiaries. Our results challenge traditional explanations for divestiture such as corporate governance, operational refocus, and financial constraints. They indicate that in the great uncertainty of a crisis, domestic firms are able to hold onto their core assets to avoid fire-sale. In essence, they act more conservatively in churning their business portfolios.Published by Elsevier B.V.
Joint member stiffness in a bolted connection directly influence the safety of a design in regard to both static and fatigue loading as well as in the prevention of separation in the connection. Thus, the accurate determination of the stiffness is of extreme importance to predict the behavior of bolted assemblies. In this paper, An analytical 3D axisymmetric model of bolted joints is proposed to obtain the joint stiffness of Bolted Joints. Considering many different analytical models have been proposed to calculate the joint stiffness, the expression based force equilibrium can be a easy way to choose the best expression for the joint stiffness as a judgment criteria.
The performances of material fatigue can be illustrated by the S-N curve, the p-S-N curve and the fatigue limit, which are very important to engineering and the mechanical design. Recently, the author proposed a new method to determine a conditional probability density distribution surface(CPDDS) of the material, and the surface can reflects most properties of the material’s fatigue. Methods to obtain the theoretical fatigue limit and the p-S-N curve are introduced in this paper on the basis of previous study. The methods are applied on the fatigue test data of C45 steel, and the p-S-N curves that obtained by various methods are compared in this paper.
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