The role of network embeddedness across multiple social networks: Evidence from mobile social network games

This article examines peer influences from network relationships within a social network game (i.e., embeddedness) and across such games (i.e., multiplexity). Drawing on social influence theory, we develop a bivariate Poisson model of users’ repeated visits and latent attrition that accommodates peer interaction after controlling for homophily. We estimate the model using data from two social network games with considerable overlap among network members. We find that friends who are only multiplex across games exert greater peer influence on users’ game visits than members who are embedded within a single game. We also determined that ignoring network multiplexity across games may lead firms to mistarget users due to biased peer influences of embedded friends. This result provides an unresearched explanation—strength of peer influence—for the mixed findings in previous literature on network embeddedness. We utilized our results to conduct several scenario analyses to demonstrate how firms can effectively manage users’ engagement and target users in multiple social network games.     

Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

组织场域视角下水利水电工程BIM技术扩散的影响因素 ——基于TOE框架的分析

在梳理国内外BIM采纳与扩散相关研究的基础上，从新制度主义理论出发，提出了水利水电工程组织场域并分析了其特征；进而运用技术-组织-环境(TOE)框架和匹配理论，分别讨论了水利水电工程组织场域BIM扩散的主要影响因素，形成一个整体的理论分析框架。分析表明，水利水电工程组织场域BIM扩散的影响因素主要包括:相对优势、兼容性和复杂性等技术因素，组织沟通、资源就绪度和高层领导支持等组织因素，以及制度环境、市场环境等环境因素。     

新冠疫情对我国中小企业经济状况的影响及对策分析

2020年以来,新冠疫情对我国中小企业的影响巨大。论文从收入、成本、现金流三个方面分析了疫情下我国中小企业的现状及可采取的对策,以期助力中小企业渡过难关。     

Analysis of Bitcoin prices using market and sentiment variables

This paper proposes an empirical model for analysing the dynamics of Bitcoin prices. To do this, we consider a vector error correction model over two overlapping periods: 2010–17 and 2010–19. Price discovery is achieved through the Gonzalo–Granger permanent‐transitory decomposition. The pricing factors are endogenous linear combinations of the S&P 500 index, gold price, a Google search variable associated to Bitcoin and a fear index proxied by the FED Financial Stress Index. Our empirical analysis shows that during the first period, a linear combination of four pricing factors describes the efficient Bitcoin price. The S&P 500 index and Google searches have a positive effect whereas gold prices and the fear index have a negative effect. In contrast, during the second period, the efficient price behaves idiosyncratically and can be only rationalised by individuals' search for information on the cryptocurrency. These findings provide empirical evidence on the presence of a correction in Bitcoin prices during the period 2018–19 uncorrelated to market fundamentals. We also show that standard empirical asset pricing models perform poorly for explaining Bitcoin prices.     

Factors influencing consumers' purchase decision-making in O2O business model: Evidence from consumers' overall evaluation

Online-to-offline (O2O) has become a rapidly growing e-commerce model worldwide, but the factors influencing consumers' purchase decision-making have not been examined well. After exploring the working mechanism of the O2O model, we extract eleven indexes of consumers' overall evaluation in the O2O model with Crawlzilla and R techniques. Social network analysis (SNA) is adopted to build social networks reflecting consumers' overall evaluation in the O2O model. Based on the modified social network and the extracted subgraph, this study (N = 768) reveals consumers' overall evaluation behavior patterns in the O2O model by calculating network density, central potential, edge betweenness. The results show that shoppers overall evaluate the eleven indexes, especially perceived product quality, online product price, promotion intensity, business reputation, and product brand, which reflects the significant associations between the indexes. Among all the eleven evaluation indexes, perceived product quality, online product price, and business reputation dominate consumers’ decision-making behavior. When making purchase decisions, consumers not only overall consider online product price, perceived product quality, and business reputation but also balance perceived product quality, business reputation, and promotion intensity. Finally, we make some suggestions on marketing strategy for e-commerce companies.     

乡村旅游开发下农户生计适应变化与影响机理研究*——以延安市乡村旅游为例

［目的］以延安市3个典型乡村旅游地为例，结合可持续生计分析框架和适应性理论，分析农户在乡村旅游扰动下的适应策略与适应模式，定量测度不同适应模式农户的适应结果。厘清农户未来生计策略选择的影响因素及其机制，提出促进农户及乡村旅游地可持续发展的对策。［方法］通过参与性农户评估法及二元回归分析法分析影响农户未来生计策略选择的因素。［结果］（1）旅游开发造成案例地农户自然资本丧失，失地农户由务农或务工为主的单一适应方式向兼业型与非农型转变，分化为4种不同类型的农户，且各类农户在各描述指标方面差异显著。（2）农户的生计资本衡量3个社区旅游开发后的适应结果，生计资本普遍较低且内部各维度差异明显。对比4类农户适应结果可得：复合生计型>务工主导型>旅游服务型>社会保障型。（3）通过二元逻辑回归模型深入解释当下适应结果对农户未来生计策略选择的影响，物质资本、金融资本和社会资本均影响农户选择意愿，其中可借款人数是最关键的影响变量。［结论］农户在旅游开发背景下生计动态适应的影响机制为旅游开发及基于此补偿制度是农户现在生计适应活动的外部起因，按照适应类型以及收入比重，分化为4种模式农户； 现行生计适应策略使农户适应结果迥异，生计资本的储量和结构差异显著，这种差异是农户未来生计选择的直接动因； 3个社区不同类型的旅游开发模式是农户未来生计策略选择分异的推动力量。     

Migration,population aging,and income inequality in China

In this study, we examine the effects of four demographic factors, namely, birth, death, natural aging, and net migration, on population aging and income inequality in China. We use the official Chinese data and the China Household Income Project Survey data for the 2007–2013 period and apply a decomposition model based on the Shapley method. Unlike previous studies, we include migration in our decomposition model and find that natural aging is the primary factor contributing to population aging in both urban and rural areas. Further, migration may accelerate population aging in rural areas. Moreover, migration contributes to reducing income inequality in urban areas, while widening income inequality in rural areas. The effect of migration is larger than those of birth, death, and natural aging on income inequality. The robustness checks confirm these conclusions.     

Factor extraction using Kalman filter and smoothing: This is not just another survey

Dynamic factor models have been the main “big data” tool used by empirical macroeconomists during the last 30 years. In this context, Kalman filter and smoothing (KFS) procedures can cope with missing data, mixed frequency data, time-varying parameters, non-linearities, non-stationarity, and many other characteristics often observed in real systems of economic variables. The main contribution of this paper is to provide a comprehensive updated summary of the literature on latent common factors extracted using KFS procedures in the context of dynamic factor models, pointing out their potential limitations. Signal extraction and parameter estimation issues are separately analyzed. Identification issues are also tackled in both stationary and non-stationary models. Finally, empirical applications are surveyed in both cases. This survey is relevant to researchers and practitioners interested not only in the theory of KFS procedures for factor extraction in dynamic factor models but also in their empirical application in macroeconomics and finance.     

Drivers of eWOM engagement on social media for luxury consumers: Analysis,implications, and future research directions

The rapid industrialization and growth across the world have fostered the consumption of luxury fashion brands. Electronic word-of- mouth on social media (eWOM) is fast becoming an effective and germane strategy to engage luxury consumers through posting pictures, sharing reviews, and communicating information on platforms like Facebook, Instagram, and TikTok. Extant research has not examined the antecedents and drivers that lead to eWOM behavior. We leverage self-congruity theory and through its focal lens, our study addresses this research gap through a survey conducted with 453 consumers in Mexico, Latin America's fastest growing market. Our results indicate that need for status, susceptibility to normative influence, and luxury brand involvement, moderated by authentic pride and social media influencers lead to eWOM behavior on social media. We also demonstrate that luxury brand involvement and susceptibility to normative influence mediate the relationship between need for status and eWOM behavior on social media. The study provides important implications to managers and researchers by suggesting long-term actionable strategies for growth that can help luxury firms develop a sustainable competitive advantage over rivals and competitors.