Strategic product showcasing mode of E-commerce live streaming

E-commerce live streaming can considerably help brands improve sales dynamics, but it is multiple dilemmas in choosing suitable e-commerce live streaming product showcasing modes. To address the multiple dilemmas, we first employ the Stackelberg game to depict three e-commerce live streaming product showcasing modes: brand self-live streaming, influencer-led live streaming mixture, and influencer-led special live streaming. Second, we analyze the relationship between choices and game parameters, including live streaming stimulus sensitivity, unit service quality improvement cost, and service sensitivity. Meanwhile, through the comparative analysis of the three modes, we get the optimal threshold of each mode. Last, we conduct a case study comparing Chinese apparel and accessories brands Hodo and RUANS to verify the above relations. The results suggest that: (i) the more sensitive consumers are to live streaming stimulus, the more beneficial it is for the brand manufacturer to employ special live streaming, while the increase in unit service quality improvement cost will harm the brand manufacturer; (ii) the fixed participation fee determines the choice of e-commerce live streaming product showcasing modes; (iii) e-commerce live streaming product showcasing modes can help brands to optimize their decision-making.     

Global and Extreme Dependence Between Investor Sentiment and Stock Returns in European Markets

The authors investigate the global and extreme dependence structure between investor sentiment and stock returns in 7 European stock markets (Belgium, France, Germany, Greece, the Netherlands, Portugal, and the UK), over the period 1985–2015. Global dependence refers to the correlation of changes in sentiment and stock returns over the whole range of these 2 variables, and extreme dependence refers to the local correlation of high (i.e. asymptotic) changes in sentiment and high stock returns. Using copula models and a bootstrap procedure, 6 statistical tests are performed for this purpose. Among the results of the tests, the authors highlight those that provide evidence of contemporaneous lower extreme dependence and contemporaneous upper extreme independence between sentiment and returns. As policy implications, these results suggest that financial stability can be promoted if regulators consider the impact of their decisions on investor sentiment. Also, the results seem to support the arguments in favor of short selling ban during turmoil periods. Finally, overall, the results are relevant for both investors and regulators and reinforce the importance of considering investor sentiment to better understand the behavior of financial markets.     

Young people with intellectual disabilities and sport as a leisure activity: notions from the Finnish welfare society

Although disability sports have recently received positive attention, little concern has been directed towards them in youth research. In this article, we discuss the free-time sports in which youth with intellectual disabilities engage as a part of their leisure and their association with their peers. We maintain that every young person has a principal right to leisure and question what kinds of access youth with intellectual disabilities have to local sports communities in the Finnish context. Our empirical data consist of notes collected during sports training; interviews with young sports participants, their supervisors, and their parents; and online survey responses. Almost all sports are equally accessible to everyone; however, practical engagement in sports is not equally easy for everyone because long distances, lack of transportation, unsuitable sporting occasions and teams, or incapable coaches limit individuals’ participation possibilities. Furthermore, symbolic structures, such as neglectful attitudes, restrict the visibility of youth with intellectual disabilities in leisure sports. In many ways, supporting networks become significant when access to sport is under scrutiny. The most important enabling and restricting factors are families’ symbolic and material capital, as well as the unequal, poorly guided, and occasional leisure possibilities in different localities.     

Stuck in the Middle: Off-Farm Employment and Caregiving Among Middle-Aged Rural Chinese

ABSTRACT

Using the China Health and Retirement Longitudinal Study (CHARLS) 2011–12 baseline data, this contribution explores to what extent taking care of grandchildren and frail parents influences rural middle-aged Chinese adults’ off-farm employment. The findings show that, conditional on socioeconomic and demographic characteristics, taking care of grandchildren has a negative effect on rural middle-aged men's and women's off-farm job participation and hours worked. Caregiving for parents does not have the same negative effects on off-farm employment and hours worked. Furthermore, the study finds that annual earnings are also negatively affected by caregiving responsibilities, especially for women and men taking care of grandchildren.     

Internal pyramid structure,contract enforcement,minority investor protection,and firms’ performance: Evidence from emerging economies

This study investigates the relationship between internal pyramid structure and performance of Chinese, Pakistani, Malaysian pyramidal firms, the effect of judicial efficiency and minority investor protection on this relationship. The results show that the pyramid structure of Pakistani firms is more complicated than Chinese and Malaysian firms, both vertically and horizontally. The study finds that the impact of control layers on performance is negative and stronger than control chains. Moreover, the results illustrate that the effect of control layers on performance at Chinese firms is negative but lower than at Pakistani and Malaysian firms. However, control chains have insignificant association with performance at Chinese pyramid firms. We find that efficient judiciary abates the negative impact of control layers and chains on performance. Our results reveal that in the absence of efficient courts the minority investors’ protection have insignificant impact on the association between internal pyramid structure and firms’ performance.     

The impact of shareholders and creditors rights on IPO performance: An international study

This paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO performance and survival is better in countries with stronger shareholder protection, but the impact of creditor protection is negative i.e. stronger creditor protection leads to poor post-IPO performance and survival. This effect is driven by rules requiring creditors’ consent for company reorganization and the mandatory replacement of incumbent managers. Reputable IPO advisors exacerbate the positive impact of shareholder rights and the negative impact of creditor rights.     

公民参与网络反腐的意愿及影响因素研究——基于武汉市调研数据的分析

文章运用Logistic回归模型,基于武汉市调研数据,从实践角度透视和思考公民参与网络反腐的意愿及影响因素。研究发现,大部分接受调研公民参与网络反腐的意愿较高;政府信任对公民参与网络反腐意愿的负向影响非常显著;年龄的负向影响比较显著;月收入的正向影响一般显著;性别、受教育程度和单位类别对其参与意愿的影响不显著。     

农户参与乡村旅游扶贫的影响因素研究——以福建省赤溪村为例

以福建省赤溪村农户为调研对象,运用相关性检验和二元Logistic回归模型对影响农户参与乡村旅游扶贫的因素进行研究。研究发现:农户参与乡村旅游扶贫的比例较高,但是旅游经营的项目单一;农户的学历、劳动力数量、地理位置、参与乡村旅游扶贫培训的次数对农户参与乡村旅游有显著地正向影响作用;农户生计资本和对旅游发展的感知中的权力关系、可借款能力、家庭年收入、了解乡村旅游扶贫政策、有资源用于发展乡村旅游也是影响农户参与的主要因素。在此基础上,提出了加大扶贫政策宣传力度,提高旅游扶贫政策利用程度完善旅游相关基础设施,扩大农户扶贫资金来源渠道,完善扶贫资金体系,完善旅游供给侧创新旅游经营模式,实行多项扶持的针对性建议。     

Islamic and conventional portfolios optimization under investor sentiment states: Bayesian vs Markowitz portfolio analysis

This paper investigates the portfolio optimization under investor’s sentiment states of Hidden Markov model and over a different time horizon during the period 2004–2016. To compare the efficient portfolios of the Islamic and the conventional stock indexes, we have employed two approaches: the Bayesian and Markowitz mean-variance. Our findings reveal that the Bayesian efficient frontier of Islamic and conventional stock portfolios is affected by the investor’s sentiment state and the time horizon. Our findings also indicate that the investor’s sentiment regimes change the Islamic and the conventional optimal diversified portfolios.Moreover, the results show that the potential diversification benefits seem to be more important when using the Bayesian approach than when applying the Markowitz approach. This finding is valid for the bearish, depressed, bullish and calm states in Islamic stock markets. However, the diversification of potential portfolios is significant only for the bullish and the bubble states in the conventional financial markets.The findings of the study provided additional evidence for investors to exploit googling investor sentiment states to evaluate the portfolio performance and make an optimal portfolio allocation.     

Does a lower (higher) labour force participation rate imply greater (lower) income tax evasion? An exploratory empirical inquiry for the U.S.

This exploratory study seeks to add to the income tax evasion literature by investigating a heretofore ignored potential determinant of aggregate federal personal income tax evasion in the U.S., namely, the labour force participation rate. It is hypothesized that the higher (lower) the labour force participation rate, the lower (greater) the degree of tax evasion. The empirical estimation supports this hypothesis, finding that a one unit (one percentage point) increase (decrease) in the labour force participation rate leads to a 9.1% decrease (increase) in income tax evasion. Thus, the declining labour force participation in recent years implies increased tax evasion problems for the U.S.