Purpose -The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies. Design/methodology/approach -Combining data from CSMAR with some default data collected by hand, this paper selects age, tenure, education, education background and whether the board chair and CEO positions are consolidated in Chinese listed companies as proxies of managerial overconfidence. Thus, the authors acquired needed and credible empirical data. Findings -It was found that, the younger the CEO, the shorter the tenure, the lower the education, having economics or management education and being chairman concurrently, CEOs have stronger managerial overconfidence. Thus, corporate debt maturity structure is more weakly correlated with debt ratio and asset structure.Research limitations/implications -The findings in this study suggest that managerial irrationality, especially overconfidence, does have an effect on the financing decisions of firms. Originality/value -This is the first paper to analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match. The findings inspire firm risk management policies from managerial overconfidence.

In order to obtain the flow characteristics of sub-super-sonic mixing layer including velocity distribution, pressure distribution and development of mixing layer, experimental and numerical investigations were conducted. PIV technique was employed to measure the two-dimensional velocity distribution in the experiment while the standard k-ω turbulent considering the effect of compressibility was adopted to simulate the flow characteristic of mixing layer. The Mach number of subsonic stream and supersonic one was 0.11 and 1.32, respectively. The results show the flow of mixing layer is temporally transient. The interface between two streams lies initially as an approximately line segment; afterward, it becomes wrinkled and distorted; finally, it breaks up. The mixing layer develops linearly along streamwise direction in the time averaged velocity field with a growth rate of 0.135. The velocity and total pressure distributions in the mixing layer are self-similar.

It is often important to be able to estimate the concentration of dopant atoms incorporated into InP crystals grown from InP melt of given composition. In this paper we present a simple parameter (G) to revise the commonly used effective distribution coefficient (kerf) and the Scheil equation. The results obtained for various dopants and different initial concentrations in LEC-grown InP ingots are discussed. It is shown that the revised dopant concentration curves tally with the real distributions.

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