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This study examines the bid/ask spread and its components in the KOSPI200 options market under the framework of the cross-market model, which utilizes the order flow information of both KOSPI200 futures and options markets. We also compare the results by the single-market model (MRR model; Madhavan et al., 1997) and by the cross-market model (Ryu (2011)’s extension). This comparison suggests that the cross-market approach can mitigate the underestimation of the permanent spread component of OTM options and the overestimation of the component of ITM options, which are often detected when we directly apply the single market model into the KOSPI200 options market where the ITM options are relatively illiquid while the OTM options are extremely liquid. We also find that the effect of the order flow information of the futures market on the option spread and its permanent spread component will vary depending on the option moneyness and the intraday time period. This implies that the order flow of the futures market has more significant effects if the degree of informed trading is relatively high.

This review aims to give a critical view of the wheel/rail high frequency vibration-induced vibration fatigue in railway bogie.

Vibration fatigue of railway bogie arising from the wheel/rail high frequency vibration has become the main concern of railway operators. Previous reviews usually focused on the formation mechanism of wheel/rail high frequency vibration. This paper thus gives a critical review of the vibration fatigue of railway bogie owing to the short-pitch irregularities-induced high frequency vibration, including a brief introduction of short-pitch irregularities, associated high frequency vibration in railway bogie, typical vibration fatigue failure cases of railway bogie and methodologies used for the assessment of vibration fatigue and research gaps.

The results showed that the resulting excitation frequencies of short-pitch irregularity vary substantially due to different track types and formation mechanisms. The axle box-mounted components are much more vulnerable to vibration fatigue compared with other components. The wheel polygonal wear and rail corrugation-induced high frequency vibration is the main driving force of fatigue failure, and the fatigue crack usually initiates from the defect of the weld seam. Vibration spectrum for attachments of railway bogie defined in the standard underestimates the vibration level arising from the short-pitch irregularities. The current investigations on vibration fatigue mainly focus on the methods to improve the accuracy of fatigue damage assessment, and a systematical design method for vibration fatigue remains a huge gap to improve the survival probability when the rail vehicle is subjected to vibration fatigue.

The research can facilitate the development of a new methodology to improve the fatigue life of railway vehicles when subjected to wheel/rail high frequency vibration.

This study aims to investigate the cause of high-order wheel polygonization in a plateau high-speed electric multiple unit (EMU) train.

A series of field tests were conducted to measure the vibration accelerations of the axle box and bogie when the wheels of the EMU train passed through tracks with normal rail roughness after re-profiling. Additionally, the dynamic characteristics of the track, wheelset and bogie were also measured. These measurements provided insights into the mechanisms that lead to wheel polygonization.

The results of the field tests indicate that wheel polygonal wear in the EMU train primarily exhibits 14–16 and 25–27 harmonic orders. The passing frequencies of wheel polygonization were approximately 283–323 Hz and 505–545 Hz, which closely match the dominated frequencies of axle box and bogie vibrations. These findings suggest that the fixed-frequency vibrations originate from the natural modes of the wheelset and bogie, which can be excited by wheel/rail irregularities.

The study provides novel insights into the mechanisms of high-order wheel polygonization in plateau high-speed EMU trains. Futher, the results indicate that operating the EMU train on mixed lines at variable speeds could potentially mitigate high-order polygonal wear, providing practical value for improving the safety, performance and maintenance efficiency of high-speed EMU trains.

In order to develop high-strength, high-toughness and high-wear-resistance rails suitable for the development and application of heavy-haul railways.

Based on the trial production of 60 kg·m⁻¹ bainite rails, the Zeiss inverted optical microscope, transmission electron microscope and static hydraulic universal tester were used to test the microstructure and property of rail base metal and welded joints. Meanwhile, a trial laying of rails, wing rails of frogs and switch rails for turnouts was performed to systematically analyze their strength, toughness and wear resistance.

The results show that the base metal of 60 kg·m⁻¹ bainite rail is of a uniform microstructure, with a carbide-free bainite matrix, a few of stable residual austenite and M/A islands, and it features high hardness, good wear resistance and good strength-toughness balance. The welded joint is of a uniform microstructure and has good properties.

A bainite rail, laid in a curve section of heavy-haul railway is able to serve for 48 months with a gross traffic tonnage of nearly 600 million tons, whose service life is more than one time longer than that of pearlite rail; the service life of the wing rail of frog and the switch rail for turnout with 60 kg·m⁻¹ bainite rails is 3–4 times longer than that with U75V rails, and no serious damage occurs. The bainite rails also have strong peeling and spalling resistance.

This paper aims to analyze how decision support systems manage Big data to obtain value.

A systematic literature review was performed with screening and analysis of 72 articles published between 2012 and 2019.

The findings reveal that techniques of big data analytics, machine learning algorithms and technologies predominantly related to computer science and cloud computing are used on decision support systems. Another finding was that the main areas that these techniques and technologies are been applied are logistic, traffic, health, business and market. This article also allows authors to understand the relationship in which descriptive, predictive and prescriptive analyses are used according to an inverse relationship of complexity in data analysis and the need for human decision-making.

As it is an emerging theme, this study seeks to present an overview of the techniques and technologies that are being discussed in the literature to solve problems in their respective areas, as a form of theoretical contribution. The authors also understand that there is a practical contribution to the maturity of the discussion and with reflections even presented as suggestions for future research, such as the ethical discussion. This study’s descriptive classification can also serve as a guide for new researchers who seek to understand the research involving decision support systems and big data to gain value in our society.

This paper uses test panel data for the biggest companies listed on the boards of directors of the Palestine Stock Exchange from 2016 to 2022 and will focus on the relationship between the corporate governance index, accounting conservatism, and the comprehensive index of corporate governance.

The relationship between corporate governance and accounting conservatism is experimentally investigated for its impact on the likelihood of stock price breakdown and decline among companies listed on the Palestine Stock Exchange between 2016 and 2022, using a mixed utilities approach.

The findings demonstrated the adverse correlation between corporate governance, accounting conservatism, and stock prices. Higher levels of corporate governance can effectively reduce the likelihood of future stock price increases, while conservative accounting policies can effectively prevent stock price collapses in these listed companies. Higher levels of corporate governance can greatly lessen the detrimental effect of accounting conservatism on the likelihood of future stock price breakdowns and declines. Both accounting conservatism and corporate governance have substitution effects in decreasing the danger of stock price collapse.

The limitations of the current research are that higher levels of corporate governance can significantly reduce the harmful effect of accounting conservatism on the probability of stock price breakdown and decline in the future on the study sample used, and these results cannot be generalized to all company stocks that were excluded in this study. The last research limitation is that the sample size of this study is somewhat small, and therefore the effects of the results cannot be used on all unlisted companies, and they cannot be generalized to all of these companies except only to companies listed on the Palestine Stock Exchange.

Our findings have interesting managerial and policy implications. Listed firms should first strengthen external audit oversight, improve the method of disclosing accounting information, and improve the system architecture to raise the level of accounting conservatism. Moreover, it is imperative to enhance and improve the ownership structure of publicly traded firms, construct a robust mechanism for replacing shareholders, fortify the duties of the board of directors, proficiently fulfil the role of independent directors, and develop and refine the internal and external framework for corporate governance.

This study provides insights about reducing the probability of a stock market breakdown and collapse from two sides: enhancing corporate governance, improving accounting conservatism, enhancing the reliability and integrity of disclosure, and growing the number of sustainable disclosures. These suggestions can also be used as a template for Palestine's capital market's gradual and sustainable expansion.

This study aims to propose an adaptive fractional-order sliding mode controller to solve the problem of train speed tracking control and position interval control under disturbance environment in moving block system, so as to improve the tracking efficiency and collision avoidance performance.

The mathematical model of information interaction between trains is established based on algebraic graph theory, so that the train can obtain the state information of adjacent trains, and then realize the distributed cooperative control of each train. In the controller design, the sliding mode control and fractional calculus are combined to avoid the discontinuous switching phenomenon, so as to suppress the chattering of sliding mode control, and a parameter adaptive law is constructed to approximate the time-varying operating resistance coefficient.

The simulation results show that compared with proportional integral derivative (PID) control and ordinary sliding mode control, the control accuracy of the proposed algorithm in terms of speed is, respectively, improved by 25% and 75%. The error frequency and fluctuation range of the proposed algorithm are reduced in the position error control, the error value tends to 0, and the operation trend tends to be consistent. Therefore, the control method can improve the control accuracy of the system and prove that it has strong immunity.

The algorithm can reduce the influence of external interference in the actual operating environment, realize efficient and stable tracking of trains, and ensure the safety of train control.

This study aims to investigate whether firms purchase directors' and officers' liability (D&O) insurance when the country-level economic policy uncertainty (EPU) is high.

This study uses D&O insurance data from Chinese listed firms between 2003 and 2019 to conduct regression analyses to examine the association between D&O insurance and EPU.

The results show that government EPU, despite being an exogenous factor, increases the likelihood of firms' purchasing D&O insurance, and this effect is more pronounced when firms are exposed to great share price crash risk and high litigation risk, suggesting that firms intend to purchase D&O insurance possibly due to the accentuated stock price crash risk and litigation risk associated with EPU. In addition, the results indicate that the effect of EPU on the D&O insurance purchase decision is moderated by the provincial capital market development and internal control quality.

The study highlights the role of uncertain economic policies in shareholder approval of D&O insurance purchases.

The study enriches the literature on the determinants of D&O insurance purchases by documenting novel evidence that country-level EPU is a key institutional factor shaping firms' decisions to purchase D&O insurance.

This paper aims to study the impacts of groundwater seepage on artificial freezing process of gravel strata, the temperature field characteristics of the strata, and the strata process, closure time and thickness evolution mechanism of the frozen wall.

In this paper several laboratory model tests were conducted, considering different groundwater seepage rate.

The results show that there is a significant coupling effect between the cold diffusion of artificial freezing pipes and groundwater seepage; when there is no seepage, temperature fields upstream and downstream of the gravel strata are symmetrically distributed, and the thickness of the frozen soil column/frozen wall is consistent during artificial freezing; groundwater seepage causes significant asymmetry in the temperature fields upstream and downstream of the gravel strata, and the greater the seepage rate, the more obvious the asymmetry; the frozen wall closure time increases linearly with the increase in the groundwater seepage rate, and specifically, the time length under seepage rate of 5.00 m d⁻¹ is 3.2 times longer than that under no seepage; due to the erosion from groundwater seepage, the thickness of the upstream frozen wall decreases linearly with the seepage velocity, while that of the downstream frozen wall increases linearly, resulting in a saddle-shaped frozen wall.

The research results are beneficial to the optimum design and risk control of artificial freezing process in gravel strata.

As the world grapples with the pervasive effects of the coronavirus pandemic, a notable disconnect has emerged in the public's understanding of scientific and medical research. Particularly, the travel industry has become unquestionably vulnerable amid the COVID-19 outbreak; this pandemic has interrupted the industry's operations with devastating economic consequences. This paper aims to highlight the importance of deconstructing barriers between medical science and public awareness related to COVID-19, taking tourism as a case in point. It also discusses the role of interdisciplinary research in facilitating the tourism and hospitality industry's recovery and alleviating tourists' uncertainties in the wake of COVID-19.

This paper offers a synthesis of news coverage from several media outlets, framed within the literature on knowledge transformation across disciplines. This framing focuses on the medical sciences (e.g. public health) and social sciences (e.g. tourism management) to identify gaps between medical scientific knowledge and public awareness in the context of COVID-19. The authors' experience in public health and tourism management further demonstrates a missing link between academic research and the information made available in public health and everyday settings. A potential research agenda is proposed accordingly.

This paper summarizes how salient issues related to knowledge transfer can become intensified during a global pandemic, such as medical research not being communicated in plain language, which leads some citizens to feel apathetic about findings. Reporting on the prevalence and anticipated consequences of disease outbreaks can hence be difficult, especially early in the development of diseases such as COVID-19.

By assuming a cross-disciplinary perspective on medical/health and social science research, this paper encourages academic and practical collaboration to bring medical research to the masses. This paper also outlines several research directions to promote public health, safety and sustainability through tourism.

This paper highlights that it is essential for medical knowledge to be disseminated in a manner that promotes public understanding. The tourism and hospitality industry can benefit from an essential understanding of medical findings, particularly during this pandemic. Without a firm grasp on COVID-19's origins and treatment, the tourism and hospitality industry will likely struggle to recover from this catastrophe.

Taking COVID-19 as a case in point, this study advocates leveraging the strengths of disparate domains to bring medical findings to a wider audience and showcase cutting-edge developments for the greater good. This study also emphasizes the importance of engaging the general public in reputable scientific research findings to increase public awareness in a professional and accurate manner.

This paper presents a unique and critical discussion of the gap between medical science knowledge and public awareness, as well as its implications for tourism and hospitality recovery after COVID-19, with a focus on applying medical scientific knowledge to post-pandemic industry recovery.

當全球正與冠狀病毒流行病所帶來的廣泛影響抗衡之際，公眾對科學和醫學研究的理解卻出現了一個令人關注的脫節現象。在2019冠狀病毒病爆發期間，旅遊業無疑格外受到影響。這流行病中斷了旅遊業的運作，給業界帶來毀滅性的經濟影響。本文旨在以旅遊業為一個適時的例子、強調我們必須剖析與2019冠狀病毒病相關的醫學與公共意識之間的障礙。本文亦討論跨學科研究對促進2019冠狀病毒病疫情後旅遊及酒店業的復甦、及減低旅客的不確定性所扮演的角色。

本文提供一個來自數個媒體管道的新聞報導的綜合論述，而這論述是在與跨學科知識轉化相關的文獻領域內陳述而成的。論述的重點放在醫學科學(例如公共衛生) 和社會科學(例如觀光管理) 上，目的是確定在2019冠狀病毒病的背景下、醫學知識與公共意識之間的差距。作者們在公共衛生及觀光管理方面的經歷進一步顯示學術研究、與公共衛生和日常環境上的公開資訊之間缺乏銜接，本文就此提出一個研究議程。

本文總結與知識轉化相關的顯著問題如何會在全球流行病爆發期間變得更嚴重。譬如、醫學研究的資訊會因沒有以通俗語言來傳遞而令有些國民對其研究結果漠不關心。因此，關於疾病的傳播和爆發所預期的影響的信息是難於廣傳的，特別是在像2019冠狀病毒病等疾病形成的初期。

本文就醫學知識與公共意識之間的差距作出了一個獨特、有批判性的討論，亦論述這差距對2019冠狀病毒病疫情過後旅遊及酒店業復甦的意義。討論的焦點放在如何應用醫學知識在疫情後幫助產業復甦上。

作者們採用涵蓋醫學/衛生和社會科學研究的跨學科角度，鼓勵學者與從事實務人員相互合作、以便把醫學研究帶給廣泛的民眾。本文亦概述多個研究方向，透過旅遊業來推動公共衛生、公眾安全及可持續性。

本文強調醫學知識必須透過能提高公共意識的方式來傳遞。旅遊及酒店業會因我們對醫學研究結果擁有必要的認識而受惠，尤其是在這流行病蔓延的期間。若我們對2019冠狀病毒病的病源和療法沒有確切的了解，則旅遊及酒店業將難從這災難中恢復過來。

本研究利用2019冠狀病毒病這個適時的例子，來提倡借助各個不同領域的優點，為了謀求公眾的利益、把醫學的研究結果帶給更多民眾、及傳達醫療最新發展的信息。本研究亦強調以專業、精準的方法，引起公眾對可信賴的科學研究結果產生興趣，從而提高公共意識至為重要。