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Central bank communication helps to optimize monetary policy. Therefore, it is essential to study whether central bank communication can effectively guide expectations via various communi-cation methods. We study central bank comm...
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Central bank communication helps to optimize monetary policy. Therefore, it is essential to study whether central bank communication can effectively guide expectations via various communi-cation methods. We study central bank communication in China using the events collected from its official websites and social media, and we divide them into formal and informal communi-cations. We use the high-frequency quotation data of treasury bonds to identify monetary policy surprise caused by communication, which is measured by the target and path surprise. Then, we evaluate the forward-looking and backward-looking effectiveness of central bank communica-tions. We show that central bank communications can help guide public expectations, but different topics and different forms of communication have heterogeneous effects. Forward guidance carries both potential benefits and drawbacks. It is worth noting that China's current central bank communications may have certain potential to be improved.
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The outbreak of the COVID-19 pandemic significantly negatively impacted the global economy and stock markets. This paper investigates the stock-market tail risks caused by the COVID-19 pandemic and how the pandemic affects the ris...
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The outbreak of the COVID-19 pandemic significantly negatively impacted the global economy and stock markets. This paper investigates the stock-market tail risks caused by the COVID-19 pandemic and how the pandemic affects the risk correlations among the stock markets worldwide. The conditional autoregressive value at risk (CAViaR) model is used to measure the tail risks of 28 selected stock markets. Furthermore, risk correlation networks are constructed to describe the risk correlations among stock markets during different periods. Through dynamic analysis of the risk correlations, the influence of the COVID-19 pandemic on stock markets worldwide is examined quantitatively. The results show the following: (i) The COVID-19 pandemic has caused significant tail risks in stock markets in most countries, while the stock markets of a few countries have been unaffected by the pandemic. (ii) The topology of risk correlation networks has become denser during the COVID-19 pandemic. The impact of the COVID-19 pandemic makes it easier for risk to transfer among stock markets. (iii) The increase in the closeness of the risk relationship between countries with lower economic correlation has become much higher than that between counties with higher economic correlation during the COVID-19 pandemic. For researchers and policy-makers, these findings reveal practical implications of the risk correlations among stock markets.
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The abundance of user ideas in the open innovation community poses a challenge of information overload for enterprises, making it difficult to effectively adopt ideas for product innovation. Existing studies primarily focus on eva...
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The abundance of user ideas in the open innovation community poses a challenge of information overload for enterprises, making it difficult to effectively adopt ideas for product innovation. Existing studies primarily focus on evaluating the usefulness of user ideas, while overlooking the actual adoption outcomes of these ideas. Based on the information adoption model, this paper proposes a user idea adoption model, which integrates the two stages of idea collection and idea application. The authors creatively discuss the factors influencing the process from "perceived usefulness" to "adoption" of a user idea, and explore the complete mechanism of user idea adoption for product innovation. The results show that the information quality and source credibility of user ideas affect the perceived usefulness. The degree of user demand, innovation complexity, and competition intensity have moderating effects on the relationship between the perceived usefulness of user ideas and the results of user ideas adoption.
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With rapid global development, outward foreign direct investment (FDI) has become a controversial issue, mainly focused on whether it is helpful to domestic green innovation, es-pecially in developing countries. How does outward F...
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With rapid global development, outward foreign direct investment (FDI) has become a controversial issue, mainly focused on whether it is helpful to domestic green innovation, es-pecially in developing countries. How does outward FDI reverse spillover technology to China, and does China's innate endowment restrict it? The relevant mechanisms remain unclear. There-fore, this study investigated the heterogeneous effect of absorptive capacity on the impact path of reverse technology spillovers of outward FDI on green innovation in China. A fixed-effects panel model and stepwise regression analyze the direct relationship between outward FDI and green innovation and the mediating relationship of absorptive capacity. Threshold analysis reveals the mutation point of the mediating effect of absorptive capacity among China's 31 provinces. Domestic green innovation is directly stimulated by more significant reverse technology spill-overs of outward FDI. Absorptive capacity has an indirect impact as an intervening variable. The mediating effect will only make sense on one side of the threshold because the transformation effectiveness of green innovation is improved only by greater absorptive capacity, including ad-equate green financial support, more outstanding human capital, and a smaller technology gap. Moreover, it revealed significant regional heterogeneity in China.
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Portfolio allocation is an important research branch in the realm of financial management and financial engineering. In this paper, a dynamic portfolio allocation problem considering the competitive -cum-compensatory relationship ...
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Portfolio allocation is an important research branch in the realm of financial management and financial engineering. In this paper, a dynamic portfolio allocation problem considering the competitive -cum-compensatory relationship among decision objectives is discussed. Interval type-2 fuzzy numbers that provide more flexibility for processing uncertainty are innovatively utilized to characterize asset returns. To capture the behavioral characteristics of investors' bounded rationality, prospect theory with dynamic updating of loss aversion rate and reference wealth is introduced. The expected semi-absolute deviation and the entropy function based on the Minkowski measure are adopted to describe the risk and diversification degree of portfolio allocation, respectively. With this description, a dynamic multi-objective portfolio allocation model is formulated. Regarding the multi-dimensional characteristics of the problem, competitive-cum-compensatory strategy-based fuzzy goal programming is embedded in the whole optimization process; thus, the model is transformed into a single-objective form for the solution. Several interesting conclusions are drawn from empirical studies in two financial markets. The robustness and superiority of the proposed model are verified by multi-angle comparison and sensitivity analysis. This research not only enriches and extends the field of dynamic portfolio allocation in the fuzzy context, but also offers an effective means for the optimization of multi -objective portfolio models.
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We study how auditors respond to regulatory risk that arises when their clients receive comment letters from Chinese stock exchanges. Our results show that auditors are more likely to issue modified or conservative-but not excessi...
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We study how auditors respond to regulatory risk that arises when their clients receive comment letters from Chinese stock exchanges. Our results show that auditors are more likely to issue modified or conservative-but not excessively conservative-audit opinions to the recipients of comment letters. This reporting conservatism is especially pronounced when the regulatory risk perceived by auditors rises, such as when comment letters contain more questions, when more comment letters are issued, when the auditors must give opinions on specific issues, or when comment letters involve more auditor issues. Comment letters have been issued in China since 2013, but did not have to be disclosed until 2015. We find no significant difference in the impact of comment letters on auditor conservatism between pre- and post-disclosure periods. Further, the size of auditor firms has no significant effect on the impact of comment letters in post-disclosure periods. We interpret our results as supporting the regulation risk hypothesis. (C) 2022 Elsevier Inc. All rights reserved.
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Cycle consistency conducts generative adversarial networks from aligned image pairs to unpaired training sets and can be applied to various image-to-image translations. However, the accumulation of errors that may occur during ima...
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Cycle consistency conducts generative adversarial networks from aligned image pairs to unpaired training sets and can be applied to various image-to-image translations. However, the accumulation of errors that may occur during image reconstruction can affect the realism and quality of the generated images. To address this, we exploit a novel long and short cycle-consistent loss. This new loss is simple and easy to implement. Our dual-cycle constrained cross-domain image-to-image translation method can handle error accumulation and enforce adversarial learning. When image information is migrated from one domain to another, the cycle consistency-based image reconstruction constraint should be constrained in both short and long cycles to eliminate error accumulation. We adopt the cascading manner with dual-cycle consistency, where the reconstructed image in the first cycle can be cast as the new input to the next cycle. We show a distinct improvement over baseline approaches in most translation scenarios. With extensive experiments on several datasets, the proposed method is superior to several tested approaches.
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We study the horizontal benefits of product recall (PR) insurance by considering a Bertrand competition with financially constrained suppliers. In the model, two suppliers produce homogeneous products and a buyer purchases from wh...
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We study the horizontal benefits of product recall (PR) insurance by considering a Bertrand competition with financially constrained suppliers. In the model, two suppliers produce homogeneous products and a buyer purchases from whoever offers the lowest price. Product's quality is random and defective products would cause a product recall associated with a random recall cost for the faulty supplier. We find that PR insurance eases the suppliers' financial constraints by reducing their external financing costs and inten-sifies the price competition. Interestingly, the more intensified price competition may not lead to lower profits for both suppliers. PR insurance enables the suppliers to use financial constraints more efficiently by charging higher prices and improve their profits. We also reveal how asymmetric financial capacities and production costs affect the role of the PR insurance in the price competition. PR insurance restrains the predation effect caused by the financial advantage. However, when the suppliers' financial capacities are sufficiently high, PR insurance strengthens the predation effect initiated by the cost advantage. Finally, we conduct a numerical study with exponential and Pareto distributions.(c) 2022 Elsevier B.V. All rights reserved.
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Nowadays, with the continuous change and innovation of teaching methods in Colleges and universities, the curriculum system of students is also constantly enriched and developed. Therefore, people's requirements for teaching manag...
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Nowadays, with the continuous change and innovation of teaching methods in Colleges and universities, the curriculum system of students is also constantly enriched and developed. Therefore, people's requirements for teaching management and teaching system are also improving. Physical education curriculum is usually based on outdoor teaching, and some schools have not established a complete teaching system. Therefore, the interactive teaching system of physical training based on artificial intelligence is designed. First of all, through the construction of the interactive teaching system of the total control circuit, determine the corresponding circuit address decoding, improve the audio control circuit, associated video connection interactive drive three parts, the intelligent sports training interactive system hardware design. Then, through the creation of intelligent training function module, the design of training database and the realisation of effective training and teaching of intelligent sports, the software design of intelligent sports training interactive system is carried out. Finally, through the test of the system, to verify the corresponding effect, further improve the relevant system, make it more safe and accurate, improve the efficiency of sports training interactive system, enhance the integrity of the teaching process.
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Using the Propensity Score Matching (PSM) and Differences-in-Differences (DID) models, this study evaluates the effects of the Basic Ecological Compensation (BEC), an incentivized command-and-control environment regulation formula...
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Using the Propensity Score Matching (PSM) and Differences-in-Differences (DID) models, this study evaluates the effects of the Basic Ecological Compensation (BEC), an incentivized command-and-control environment regulation formulated by the Weihe River Basin of China for environmental protection, on the comprehensive performance of prefecture-level cities along the Weihe River Basin from 2009 to 2019. Results show that the BEC policy can improve the performance of the Weihe River Basin and that fiscal decentralization has a positive regulatory effect on the policy. We suggest improving compensation mechanisms and standards, appropriately intensifying fiscal decentralization, and popularizing successful experiences of provinces.
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