CKshare: secured cloud-based knowledge-sharing blockchain for injection mold redesign

This paper proposes a trustable mold redesign knowledge-sharing platform, known as CKshare, based on private cloud and blockchain technology. Firstly, we use private cloud to store the mold redesign knowledge of each party to meet its own privacy and data format requirements. Secondly, a blockchain network is used for recording the knowledge and its transactions to ensure security and trustfulness. Thirdly, a simple retrieval mechanism is developed based on k-nearest neighbors for retrieving the codified knowledge on the platform. To realize CKshare, a prototype platform has been developed and explained based on real data from the case mold company.     

Media heterogeneity and post‐earnings announcement drift: evidence from China

This paper examines how the Chinese stock market acts differently towards state‐controlled and market‐oriented media coverage. Using a setting of post‐earnings announcement drift, we find that information from state‐controlled media enters the stock price in a timelier manner, while the message from market‐oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market‐oriented media.     

The value relevance of comprehensive income under alternative presentation formats permitted by ASU 2011-05

Review of Quantitative Finance and Accounting - Under Accounting Standards Update 2011-05, firms can present comprehensive income (CI), defined as the sum of net income (NI) and other comprehensive...     

The Evolving Structure of Chinese R&D Funding and its Implications for the Productivity of Agricultural Biotechnology Research

China’s research and development (R&D) policy has changed considerably over recent decades, and great changes occurred in 2006 when the main programme objective of China’s R&D changed from the 863 Programme and 973 Programme to the National Science and Technology Major Project. One topic that has drawn extensive attention is whether the investment reform improved R&D productivity in China. Using a unique panel dataset from 160 universities, this paper examines the effect of the investment reform on productivity improvement in China’s agricultural biotechnology sector. We use a panel count data model with a dynamic feedback mechanism to model the knowledge production process. Strong evidence indicates that the investment reform greatly contributes to knowledge output production in China’s agricultural biotechnology sector. We also find that the input quality is more important than the absolute quantity; human research capacity exhibits the greatest contribution to the output of patents; past knowledge accumulation helps produce more patents; and entry barriers to patent production exist in China’s agricultural biotechnology sector. Moreover, the patent explosion in China may have been largely caused by improvements in the human capital input quality.     

The Interaction Between Suppliers and Fraudulent Customer Firms: Evidence from Trade Credit Financing of Chinese Listed Firms

Journal of Business Ethics - This study investigates the interaction between suppliers and fraudulent customer firms from the perspective of reputation damage and reputation recovery. Specifically,...     

公司选聘关系型独董仅是任人唯亲吗?—基于商业关系维护视角的分析

在我国人情交织的商业背景下,许多公司聘请了与高管存在社会关联的独立董事,由此产生了拖累企业治理效果的担忧.然而,企业聘请这类独立董事仅仅是关系作用下任人唯亲的行为吗?文章通过收集我国上市公司独立董事与董事长或总经理的社会关系数据,以2008-2015年上市公司作为研究样本,发现较多地与商业伙伴进行关系型交易的企业更倾向于聘请关系型独董.其原因在于,社会关系带来的信任使关系型独董能够为企业保守交易过程中的商业信息,并且支持企业为稳固商业关系而做出的相关决策.这一现象在企业处于激烈的行业竞争及较差的地区商业环境时更加明显.经济后果分析表明,这类企业聘请关系型独董后进行了更多的专有资产投资,并获得了更快的销售增长.文章研究表明,企业选择关系型独董不仅仅是关系使然,很可能是企业权衡自身特质后的一种理性选择.     

A Fixed Capital Model with Transferable and Jointly Utilized Machines in the Sraffa Framework

Fixed capital is treated as a special case of joint production in the Sraffa framework. Much of the literature excludes transferable old machines. Salvadori (1999) builds a model with transferable non‐jointly utilized machines whose efficiency paths are independent of the sectors in which the machines are used. He shows that the neat properties of the non‐transferable single machine model still hold. In an earlier paper, Salvadori (1988a) builds another model with non‐transferable jointly utilized machines. This paper synthesizes these two models. It shows that the properties of the non‐transferable jointly utilized machines model still hold if some conditions are satisfied.     

Promote Competitive Neutrality to Facilitate China’s Economic Development:Outlook,Policy Simulations,and Reform Implementation-A Summary of the Annual SUFE Macroeconomic Report(2019-2020)

Twenty nineteen(2019)marked another year of lethargic growth in the Chinese economy amidst escalated internal and external complexities.Internally,the country's macroeconomic landscape was overcast continuously by fallen consumption growth,plunged growth in manufacturing investment,rapid accumulation of household debt,risen income inequality,and the overhang of local government debt.The nation's external conditions did not fare any better,with drastically declined growth in imports and exports,continued trade tensions with the US,and weakened external demand.Based on the IAR-CMM model,which takes account of both cyclical and secular factors,the baseline real GDP growth rate is projected to be 6.0%in 2020(5.9%using more reliable rather than the official data),with a downside risk.Alternative scenario analyses and policy simulations are conducted,in addition to the benchmark forecast,to reflect the influences of various internal and external uncertainties.The findings emanated from these analyses lead us to stress the importance and urgency of deepening reform to achieve competitive neutrality for China’s transformation into a phase with sustainable and high-quality development.     

Is faster or slower trading better? An examination of order type execution speed and costs

We examine order type execution speed and costs for US equity traders. Marketable orders that execute slower exhibit lower execution costs. Those who remove liquidity faster and pay higher trading costs transact in smaller size, spread trading across more venues, take more liquidity, and are better informed. Nonmarketable limit orders that execute slower exhibit greater adverse selection; and larger, uninformed traders who concentrate their trading in fewer venues submit them. Our findings suggest that slowing down the trading process, when faster options exist, can benefit certain market participants who seek to cross the bid–ask spread.     

跨文化背景下商业广告设计的视觉元素关注度研究——以餐饮类平面广告为例

本文以餐饮类平面广告为实验材料,研究了中国和美国被试者对平面广告中的图形、色彩、文字、编排及构图等视觉元素的关注度。本研究从文化认知理论出发,以文化认知差异为前提,探寻了东西方族群对商业广告中出现的视觉信息的不同处理方式。以商业广告中视觉设计的原则为标准,解构了平面广告设计中的视觉构成元素并进行一一比较,得出商业平面广告设计中中美两国被试者的视觉元素关注度差异。最终获取了各种视觉元素的评估结果和相对权重,形成了商业图形广告设计元素关注度的先后顺序。这一实验结果对跨文化认知心理理论在跨国广告设计中的应用有借鉴和启发作用,可以为跨国公司和设计师提供技术指导,设计出更符合消费者需求的商业广告。