Toward a new business model of retail industry: The role of brand experience and brand authenticity

While the customer-to-manufacturer (C2M) business model has received increasing attention as a new business model for e-commerce and retail industry, little is still known about it and the effect of its approach. This study aims to understand how brand-related stimuli in C2M environments affect customer responses as the worldwide COVID-19 pandemic. The outcomes reveal that the Sensory, affective, and intellectual aspects of brand experience positively influence brand authenticity. Brand authenticity has a positive effect on behavioral intention, such as reuse intention and word-of-mouth. Additionally, this research finds that social presence moderates the association between the sensory aspect of brand experience. Thus, this study can suggest a C2M business model as a means of sustainable operation of the retail industry to both researchers and practitioners in relation to the retail industry.     

Best classification algorithms in peer-to-peer lending

A proper credit scoring technique is vital to the long-term success of all kinds of financial institutions, including peer-to-peer (P2P) lending platforms. The main contribution of our paper is the robust ranking of 10 different classification techniques based on a real-world P2P lending data set. Our data set comes from the Lending Club covering the 2009–2013 period, which contains 212,252 records and 23 different variables. Unlike other researchers, we use a data sample which contains the final loan resolution for all loans. We built our research using a 5-fold cross-validation method and 6 different classification performance measurements. Our results show that logistic regression, artificial neural networks, and linear discriminant analysis are the three best algorithms based on the Lending Club data. Conversely, we identify k-nearest neighbors and classification and regression tree as the two worst classification methods.     

The mechanism of credit risk contagion among internet P2P lending platforms based on a SEIR model with time-lag

The credit risk contagion of Internet peer-to-peer (P2P) lending platforms is an important part of Internet financial risk management and supervision. This study analyzes the contagion path of credit risk in Internet P2P lending. Based on complex network theory and the theory of infectious disease dynamics, the characteristics of Internet P2P lending development are combined to construct a SEIR model of credit risk transmission among Internet P2P lending platforms with time lag, and the robustness of the model is analyzed and proven. The influence of platform correlations, the susceptible immune rate, the platform elimination rate, contagion latency, the saturation coefficient, and the susceptibility input rate on credit risk contagion behavior among Internet P2P lending platforms is analyzed, using the equilibrium point and threshold value. The impact of each variable is analyzed by simulation. Corresponding countermeasures and suggestions are proposed to prevent and control credit risk contagion among these platforms.     

Market microstructure in a global B2B network

On‐line marketplaces raise several interesting issues, among them the relevance of location when content is digitized, and the assessment of a supplier's capabilities when buyers worldwide only have electronic contact with sellers. In global B2B on‐line marketplaces, market microstructures, i.e. which firms compete for the same customers, are thus likely to be influenced by how customers value location and firm capabilities in their decisions to do business with different suppliers on‐line. We suggest that both these sets of attributes will continue to matter on‐line—firms possessing similar capabilities, as well as firms that are similar in location by country, time zones or clusters, will compete for business from the same customers. We model the similarity in competitive positions between pairs of firms based on the overlap in their customer networks, using data on actual interactions between supplier and customer banks on an electronic trading system. Using QAP network regression techniques on the 100 largest banks in this industry, we find that similarity in capabilities influences who competes with whom, and that location still matters in a global B2B exchange. Interestingly, location influences who a firm's competitors are, but not where its customers are from. Copyright © 2001 John Wiley & Sons, Ltd.     

Time Series Concepts for Conditional Distributions*

The paper asks the question – as time series analysis moves from consideration of conditional mean values and variances to unconditional distributions, do some of the familiar concepts devised for the first two moments continue to be helpful in the more general area? Most seem to generalize fairly easy, such as the concepts of breaks, seasonality, trends and regime switching. Forecasting is more difficult, as forecasts become distributions, as do forecast errors. Persistence can be defined and also common factors by using the idea of a copula. Aggregation is more difficult but causality and controllability can be defined. The study of the time series of quantiles becomes more relevant.     

Regulation And The Rise In Asset-Based Mutual Fund Management Fees

In this article I explain why asset‐based fees are common for mutual fund management companies and why the average fee has increased recently. I argue that Securities and Exchange Commission fee regulations make alternative fee types illegal or unattractive. Management companies can maintain higher fees because regulations and brand‐name capital partly insulate them from competition and because investors cannot easily distinguish between performance‐oriented and marketing‐oriented fund companies. Index funds and unit investment trusts may offer competition to mutual funds in the future because they are designed to minimize management fees.     

预防液化石油气储罐应力腐蚀的初探

液化石油气储罐在工业和人民生活中有着广泛的应用,探讨液化石油气中所含H2S腐蚀介质对储罐的应力腐蚀及预防措施显得非常重要。     

Auditor conservatism and voluntary disclosure: Evidence from the Year 2000 systems issue

This study further examines the phenomenon of conservative auditor behaviour by considering the level of voluntary disclosure of Year 2000 remediation information in company annual reports. Previous studies have provided evidence of conservative auditor behaviour by examining the link between Big 6 auditor choice and accruals (Francis and Krishnan 1999; Becker et al ., 1998; Defond and Subramanyam 1998). Protecting their reputation capital increases Big 6 auditor incentives to act conservatively to avoid litigation risk. We propose and find that Big 6 auditor clients disclose more Year 2000 remediation information than non–Big 6 auditor clients.     

Static and dynamic efficiency of pollution control strategies

A great deal of the economic literature on pollution control strategies concentrates on the efficiency of environmental policy instruments. Most analytical studies in this field show that market instruments are more efficient with respect to the cost of pollution abatement of a given number of polluters than non-market instruments. According to several analytical studies, market instruments should also be more efficient with respect to innovation in pollution abatement equipment than non-market instruments. In the empirical literature a great number of case studies exist with estimations of the savings of abatement costs of market instruments in a situation without technological progress. Empirical studies about the impact of environmental policy market instruments on the abatement costs in situations with technological progress are lacking.The purpose of this paper is to fill this gap. The paper deals with an empirical estimation of abatement costs for the emission of SO₂ of coal-fired electricity units in the Netherlands from 1985 to 2000. First, the working of market instruments and non-market instruments (the existing environmental policy of the Dutch government) is simulated in a static situation. Second, we analyse the learning effects of flue gas desulphurization. The efficiency advantage of market instruments turns out to be larger in a situation of technological progress than in a static situation.     

一种新的尝试:利用JXTA P2P技术搭建自主计算平台

自主计算的目标是为了简化日益繁杂的IT设施管理,从而降低成本、提升效率。本文分析了自主计算的基本特点和需求,结合P2P计算的特性,以P2P的角度重新审视构建自主计算全局架构的方法,阐述了用JXTA实现自主计算自主管理器的思想。