Trading activity and price discovery in Bitcoin futures markets

This study examines the impact of trading activities on price discovery in the Bitcoin futures markets. We find that trades of hedgers are positively correlated with the modified information shares in both CME and CBOE futures markets, suggesting that their trading promotes futures market efficiency. Retailers’ trading activity relates negatively to the price discovery of the CME Bitcoin futures and thus destabilizes the market. Speculators exert positive (negative) impact on the price discovery in the CME (CBOE) Bitcoin futures. Our finding that CME’s Bitcoin futures exhibit superior price discovery than CBOE’s provides plausible justification for CBOE’s decision in March 2019 to suspend further listings of Bitcoin futures contracts.     

Conceptualization of e-servicescapes in the fitness applications and wearable devices context: Multi-dimensions,consumer satisfaction,and behavioral intention

Based on the environmental psychology theory, this research conceptualizes and investigates the dimensions of e-servicescapes, and examines how each dimension influences fitness application and wearable device users’ emotions, satisfaction, and behavioral intention to continuously work out via the technology. This study employed three waves of surveys within the United States to collect data (N = 343), and conducted a path analysis to rigorously assess the proposed paths between identified constructs. The empirical findings revealed the significant determinants of negative emotion (i.e., usability, security, customization, entertainment value, interactivity, originality of design, relevance of information, and social factors) and positive emotion (i.e., usability, customization, entertainment value, interactivity, and relevance of information). Also, satisfaction was significantly impacted by both positive emotion and negative emotion, and behavioral intention was significantly influenced by positive emotion and satisfaction. Based on these findings, this study suggests theoretical (i.e., classification of the e-servicescape dimensionality and integration of the environmental psychology theory with the two-factor theory of motivation, focusing on a digital environment) and practical implications (i.e., ways to increase levels of consumer satisfaction with the technology and intention to continuously exercise with the technology) for scholars and practitioners in the fitness and mobile application/wearable device industries.     

Using urban woodlands and forests as places for improving the mental well-being of people with dementia

ABSTRACT

This study investigates the meaning and use of urban woodlands and forests, and how they can contribute to positive mental well-being of people with dementia, by adopting ethnographic, participatory action research and case study approaches. Qualitative research provided knowledge and understanding about how activities in an urban woodland environment can add value to and benefit the lives of people with dementia living independently. Data were collected from semi-structured, and walk-along interviews, as well as from piloting a programme of activities based in an urban woodland setting . Five male participants with dementia, aged between 52 and 83, and one family carer, took part in the pilot programme, based in Scotland (UK). The findings show how through active use of urban woodlands and forests, people with dementia find their experiences to be meaningful. People with dementia found meaning in the multi-sensory experience of the woodland, in their feeling of self-worth, and in their ability to retain a sense of autonomy and identity. The approach to active use of urban woodlands and forests offers a viable alternative to traditional residential and day care activities, as well as an opportunity to promote the quality of life of people with dementia living in their own homes.     

低水分活度的预包装食品中菌落总数复查的研究

为了探讨食品抽检中菌落总数指标复检的可能性,通过对水活度较低的预包装食品乳粉、营养米粉、燕麦片、膨化食品、蜂蜜进行菌落总数测定,对低水分活度预包装食品菌落总数指标的稳定性进行分析。结果表明,同一批次、同一储存条件的未开封预包装食品在不同保存周期内菌落总数在统计学上无显著差异,本研究结果可为低水分活度预包装菌落总数的复查可行性提供参考依据。     

略论应将人列入景观及景观设计之要素

在通常的风景园林书籍中，未曾明确将人及其活动列入景观设计的要素。喜欢观看他人及被人观看是人的本性之一。明确提出并论述应将人及其活动列入景观及景观设计之要素的必要性。在风景园林等景观场所的规划设计中，将人及其活动作为景观要素之一加以考虑，必将进一步拓宽景观规划设计的视野，增加其维度，有助于提升景观设计的水平，使所设计的景观更加人性化，更加体现以人为本的理念，为建设美丽中国，留住乡愁作出贡献。     

建成环境如何影响老年人绿地使用频率 ——基于可达性和吸引力双重视角

老年人绿地使用频率与其体力活动水平和健康生活质量密切相关，且严重依赖绿地自身及周边建成环境。针对既有研究多集中于可达性分析的局限性，从可达性和吸引力双重视角出发，结合大连市老年人绿地活动调查数据，深入探究建成环境与老年人绿地使用频率的统计学关联性。研究发现：与空间临近性相比，绿地实际可达性对老年人活动的影响更为显著；不同绿地类型影响老年人的使用频率，社区公园和游园是高频体力活动的重要场所；此外，高品质的绿地环境、与居住用地相混合、临近生活性街道，以及周边多样化网点布局，均可正向调节老年人绿地使用频率。为营造老年友好型绿地，从空间配置、场所塑造、路径可达和功能诱发4个方面，提出结构化的建成环境优化策略。     

Mobile Payment and Informal Business: Evidence from China's Household Panel Data

This paper uses household panel data to explore the impact of mobile payments on China's household business activity. Using a difference‐in‐difference fixed effect specification, I find that mobile payment users are more likely to operate small‐scale and self‐employed informal businesses. The impact of using mobile payment primarily derives from the transition of agricultural families to business owners and the development of informal businesses. The paper illustrates an associated increase in employment and income for family members, with more pronounced effects on low‐income and rural households. It also provides prima facie evidence of the increase in fund transfers, which is important for risk sharing that informal businesses may encounter.     

Local fiscal multipliers and spillover effects: Evidence from Philippine regions

Fiscal policy in developed countries has been a rich topic since the Great Recession. However, research has remained limited for developing countries despite their similar use of fiscal policy and concerns about the efficiency of public spending. To help address this research gap, this paper provides a case study of multiplier effects of local government spending in regions in the Philippines as well as spillover effects of local government spending across regions. An instrumental variable based on the country’s intergovernmental transfer system is used to identify regional public spending in panel regressions. The local fiscal multiplier is estimated to be above one, where a 1-peso rise in spending by local government units in a region corresponds to a 1.2-peso rise in regional output. Multiplier effects are highest for capital expenditures and appear to be primarily driven by the services sector. Spillover effects are comparatively large, at around 1.8–2.0, highlighting the important role of domestic trade when stimulating regional economic activity.     

A journey through the museum: Visit factors that prevent or further visitor satiation

Museums seek to provide visitors with memorable experiences. However, some visitors experience a hedonic decline and satiation after their visit. The present research aims to evaluate how the time spent, the route, and the anticipation of the visit might either prevent or further visitor satiation. A field study and a field experiment are performed. Findings reveal that spending more time in the museum and anticipating the content can increase the perceived satiation and diminish visitors' emotional response, although the attention level diminishes for short visits and when the content is not anticipated. In a real context, following a free route reduces perceived satiation, with visitors following a self-regulatory process and adapting the time spent to the level of satiation.     

团队跨边界活动对团队有效性的影响作用研究

通过文献综述,得出了团队跨边界活动对团队有效性有着倒U型的影响作用这一结论。同时,在团队学习理论和社会网络理论的基础上,对上述作用的内部机制进行研究探索,并从团队和个体两个层面分析相关的影响因素。最后,从企业管理实践的角度出发,基于研究结果提出几点思考和意见。