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Using data over the 2010-2015 period, we investigate the effect of cultural heterogeneity and cross-border acquisition experience on post-acquisition performance of Chinese publicly listed companies (PLCs). We find that between and within cultural heterogeneity has a negative and statistically significant effect on post-acquisition performance, but the effect of acquisition experience on post-acquisition performance is positive. We find that the dynamic marginal effects of cultural heterogeneity and acquisition experience on post-acquisition performance of Chinese PLCs are contingent on the scale of acquisition. Chinese PLCs can improve their post-acquisition performance by overcoming the issues arising from cultural heterogeneity, accumulating acquisition experience, and exploiting economies of scale. However, in the case of state-owned PLCs, prior cross-border acquisition experience can adversely affect the performance of new cross-border acquisitions. [ABSTRACT FROM AUTHOR]

Using panel data from China's publicly listed companies (PLCs), this paper investigates the relationship between acquisitions and executive compensation. Empirical analysis based on panel regression reveals that acquisitions lead to a significant increase in executive compensation. Further evaluation, using disaggregated data, shows that acquisitions have a significant and positive impact of executive compensation of state-owned PLCs, but its effect on executive compensation paid by private-owned PLCs is statistically insignificant. The state-owned PLCs give less weight to financial performance compared with private-owned PLCs. State ownership and shareholding concentration increase the executive compensation, which gives rise to a principal–principal type problem. Moreover, using the generalized propensity score (GPS) methodology, which allows one to control for the presence of the selection bias, we find that the compensation-increasing effect of acquisitions for the top executive managers is higher than the effect for the top board directors. Finally, once the selection bias is taken into account, we find that acquisitions have almost no effect on the compensation of lower level executive managers and board directors, which suggests the presence of a principal–agent type problem in the two-tiered governance structure of the Chinese PLCs. [ABSTRACT FROM AUTHOR]

Combining a two-dimensional (2D) antiferromagnetic (AFM) material, MnPS3 and a 2D ferroelectric material, Sc2CO2, we propose 2D van der Waals (vdW) heterostructure multiferroics to realize strong magnetoelectric coupling, which is important for designing high-performance magnetoelectric devices. By using first-principles simulations, it is found that the transition from an AFM state to a ferromagnetic (FM) state of a MnPS3 layer could be realized by reversing the polarization direction of a Sc2CO2 layer. We further reveal that such strong magnetoelectric effects originate from the large inter-layer charge transfer due to the competitive interaction between the difference of the interface work functions between MnPS3 and Sc2CO2 and the strong electronegativity of the O atom interface in the Sc2CO2 layer. Our results suggest a feasible scheme for constructing 2D vdW heterostructure multiferroics with very strong inter-layer magnetoelectric coupling effect. [ABSTRACT FROM AUTHOR]

Structural symmetry breaking in two-dimensional materials plays a vital role in determining their electronic, valleytronic, and magnetic properties. Motivated by the recently synthesized 2D antiferromagnetic semiconductor MnPS3 and Janus system MoSSe, by first-principles calculations we here propose a new stable antiferromagnetic Mn2P2S3Se3 Janus monolayer semiconductor with a direct band gap of about 1.75 eV. It is found that 2D Mn2P2S3Se3 shows a high Néel temperature of up to 315 K and a sizable magnetocrystalline anisotropy with easy in-plane magnetization. Interestingly, spontaneous valley polarization is observed because of the coexistent broken space- and time-inversion symmetries. Meanwhile, Mn2P2S3Se3 exhibits a large out-of-plane piezoelectricity due to the mirror asymmetry. Moreover, the magnetic transition temperature can be significantly increased under biaxial in-plane compressive strain due to the enhanced magnetic exchange interaction. However, applying the strain does not affect the magnetic order and easy in-plane magnetocrystalline anisotropy of the predicted system. These results demonstrate that the 2D Janus Mn2P2S3Se3 monolayer is a very promising candidate for designing intriguing antiferromagnet-based valleytronic devices. [ABSTRACT FROM AUTHOR]

Tunneling electroresistance (TER) is the change in tunneling resistance induced by ferroelectric polarization reversal in ferroelectric tunnel junctions (FTJs), and how to achieve a giant TER has always been a central topic in the study of FTJs. In this work, by considering the NaTiO3/BaTiO3/LaTiO3 junction with asymmetric polar interfaces as an example, we propose a novel scheme to realize a giant TER based on the reversible partial metallization of ferroelectric barrier upon the switching of ferroelectric polarization. Density functional theory calculations indicate that high on-state and low off-state conductances are obtained and the TER ratio is as high as 3.20 × 108% due to the reversible partial barrier metallization, which leads to a great difference in the effective tunneling barrier widths. The reversible partial barrier metallization, accompanied by the ferroelectric polarization reversal, is driven by the parallel or anti-parallel alignment of the depolarization electrical field of the ferroelectrical barrier and a strong built-in electrical field cooperatively contributed by the asymmetric polar interfaces and the difference in the work functions of the two leads. The findings suggest a feasible scheme for constructing promising high performance FTJ memory devices by combining both asymmetric polar interfaces and substantially different work functions. [ABSTRACT FROM AUTHOR]