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This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the implicit government guarantees and promote the development of the high-risk bond market.

This paper exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance market can be analyzed.

This paper reveals that bond issuance credit spreads increase and is more sensitive to firm size, profitability and downside risk of issuance entity after the introduction of bankruptcy courts. It also reveals a substantive increase in bond issuance quantity and a decrease in issuer credit ratings following the establishment of bankruptcy courts. In addition, the increase of credit spreads is more prominent for publicly traded bonds, those whose issuers located in provinces with lower judicial confidence, bonds issued by SOEs and bonds with stronger government guarantees. Finally, the role of bankruptcy courts is more pronounced in regions with higher marketization.

This paper relates to previous studies that investigate the impact of laws and institutions on external financing. It helps provide new evidence to this literature on how improvements of efficiency and quality in bankruptcy enforcements relate to the marketization of bond issuance. The results provide further evidence on legal institutions and bond financing.

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.

This paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.

At the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.

The establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.

With rapidly changing marketing landscape, nowadays, the formulation of various marketing strategies is increasingly focused on how consumers tend to make decisions. To meet the highly demanding consumer expectations, market segmentation can be used as an important marketing strategy. Due to gender marketing concept familiarity in the contemporary world, gender difference is one of the reference features in the process of market segmentation for marketers. This research is aimed to examine various determining factors that foster consumer purchase decision-making and the differences between consumers of different genders while making shopping and purchase decisions with special reference to an emerging economy, i.e. Pakistan.

Based on a cross-sectional sample of 367 consumers, the study adapted Sproles and Kendall's (1986) Consumer Style Inventory (CSI) to scrutinize the decision-making of both genders in Pakistan. For data analysis, the exploratory and confirmatory factor analysis in addition to the structural equation modeling has been used.

The study emphasized that, with the exception of quality awareness, brand consciousness, fashion consciousness, option overload and price consciousness greatly affect buying decisions. In addition, when it comes to consumer purchase decision-making, significant gender variations were discovered for both fashion consciousness and price consciousness.

Drawing upon the distinctive cultural characteristics of Pakistan and its people, in-depth research was conducted on purchasing behaviors of Pakistani consumers and the decision-making characteristics of customers of different genders were summarized. The outcomes are expected to make a significant contribution to the field of gender marketing by organizations.

The modernization of China’s economy is an integral part of Chinese-style modernization. According to the principle of unifying theoretical, historical and practical logic, theoretically explaining the modernization of China’s economy is both a political necessity and a higher scientific requirement.

Following this evolutionary line – from modes of production to the general economic development mechanism and then to patterns of economic operation and development – this paper employs the principal contradiction analysis method to offer an interpretation of China’s economic modernization from the broad Marxist political economy perspective.

In economic terms, “get organized” primarily refers to the development and mutual promotion of team-based and market-based division of labor organizations, as discussed by Karl Marx. “Get organized” (specifically the development of team-based division of labor organizations) acts as the engine of China’s economic modernization and serves as the historical logical starting point. Division of labor is the theoretical logical starting point for interpreting China’s economic modernization. The two of them are congruent, achieving the unity of theoretical and historical logic at the starting point. The development and mutual promotion of these “two types of division of labor” inherently generate the general mechanism of economic development first comprehensively discussed by Marx and Friedrich Engels, which involves the division of labor development and market expansion accumulating cyclically and reinforcing each other. This mechanism drives both the high-speed and high-quality development of China’s economic modernization.

The broad Marxist political economy paradigm facilitates explaining China’s economic modernization theoretically, historically and practically with unified logic. “Get organized” serves as both the engine and the realization mechanism of this modernization, with the Communist Party of China (CPC) consistently being the core force of this organizational effort.

The electrical properties of piezoelectric vibrators have a crucial influence on the operating state of ultrasonic motors. In order to solve the problem that the current piezoelectric vibrator generates a large amount of heat during vibration to degrade its performance, which in turn affects the normal operation of ultrasonic motors, this paper prepares a novel piezoelectric vibrator and tests its maximum vibration velocity under the working condition, which is more than twice as much as that of the current commercial PZT-8.

The crystal structures of the samples were analyzed by using an X-ray diffractometer. For microstructure observation, samples were observed by scanning electron microscope (SEM). The quasi-static piezoelectric coefficient meter (ZJ-3AN) was used for piezoelectric measurement. Dielectric properties were measured by utilizing an impedance analyzer (Agilent 4294A) with a laboratory heating unit. Ferroelectric hysteresis loops were obtained using a ferroelectric analyzer (Radiant, Multiferroic 100). A Doppler laser vibrometer (Polytec PSV-300F, Germany) and a power amplifier were used for piezoelectric vibration measurements, during which the temperature rise was determined by an infrared radiation thermometer (Victor 303, China).

The ceramics exhibit enhanced piezoelectric performance at 0.1–0.4 mol% of Yb doping contents. The ceramic of 0.4 mol% Yb reaches the maximal internal bias field and presents a larger mechanical quality factor of 1,692 compared with that of 0.2 mol% Yb-doped ceramic, in spite of a slightly decreased dielectric constant of 439 pC/N, the unit of the piezoelectric constant, which is the ratio of the local charge (pC) to the frontal force (N) and electromechanical coupling coefficient of 0.63. The vibrator with this large mechanical quality factor ceramic displays a vibration velocity of up to 0.81 m/s under the constraint of 20 °C temperature rising, which is much higher than commercial high-power piezoelectric ceramics PZT-8.

The enhanced high-power properties of the piezoelectric vibrator by Yb doping may provide a potential application for the high-performance USM and offer the possibility of long-term stable operation under high power for special equipment like USM. In the subsequent phase of research, the novel PZT-based high-power piezoelectric vibrator can be utilized in the USM, and the motor's performance will be evaluated under aerospace conditions to objectively assess the reliability of the piezoelectric vibrator.

The correlations and deviations between market prices, production prices and values are critical indexes for testing the labor theory of value. However, there is not yet a universally accepted method of solving for the production price vector, and given the complexity and volatility of economic dynamics, production prices based on the assumption of economic equilibrium cannot be accurate measuring. This paper attempts to propose a new approach to test the labor theory of value.

This paper proposes a different approach. From the perspective of disequilibrium price, the paper deduces that the range of the relative prices of commodities is determined by the relative value, the rate of surplus-value and the technical structure of production inputs, with relative price fluctuating within the value range specified by the labor theory of value under market competition influences.

With empirical research results based on China’s economic data, this paper not only affirms the scientific and practical explanatory power of the labor theory of value in a more general sense but also uncovers how surplus value is distributed across sectors, which can be used to analyze market competition and technical relations and their impacts on industrial structure and distribution.

The disequilibrium analytical framework provides a new perspective for the empirical study of labor theory of value. Moreover, it evolves the labor theory of value into a robust empirical framework, breaking through the theoretical path of the traditional labor theory of value that is mostly limited to the normative discussion of exploitation.

Dual design for additive manufacturing (DfAM) takes into account both the opportunities and constraints of AM simultaneously, which research shows is more effective than considering them separately. Unlike existing reviews, this paper aims to map DfAM research within the engineering design process, focusing solely on studies adopting dual DfAM. Additionally, it aims to suggest future research directions by analysing prominent research themes and their inter-relationships. Special emphasis is on theme inter-relationships concerning the conceptual, embodiment and detail design phases.

The study is based on a systematic literature review of 148 publications from January 2000 to February 2024. After screening, prominent research themes were identified and systematically analysed. Theme inter-relationships were explored using quantitative analysis and chord diagrams.

The findings reveal that studies either span the entire design process, the early design phases or the later design phases. Most research focuses on the later design phases, particularly within themes of design optimisation, design evaluation and AM-specific manufacturing constraints. The most frequent theme inter-relationship occurs between design optimisation and AM-specific manufacturing constraints. Overall, the findings suggest future research directions to advance dual DfAM research, such as development of design rules and guidelines for cellular structures.

This review proposes a model by mapping prominent themes of dual DfAM research in relation to the engineering design process. Another original contribution lies in analysing theme inter-relationships and visualising them using chord diagrams – a novel approach that did not exist before.

The new century has witnessed rapid growth in China's foreign aid. However, there is still yet any consensus about the nature or the consequences of China's foreign aid. In this study, the author reviews the history of China's foreign aid and finds significant changes in China's foreign aid policy in the past seven decades.

The author analyzes China's foreign aid data between 2000 and 2017 from the AidData program with a Tobit model.

This study’s results show both the similarities and differences between China and Western donors. These “Chinese characteristics” in its foreign aid, we argue, illustrate China's dual identity in the new century: both the largest developing country that minds its own economic development and an emerging global power that aspires to elevate its global status and enhance its soft power.

This article is, to the author’s knowledge, one of the first comprehensive empirical analysis of China's foreign aid using the data from AidData program. It will enrich our understanding of the nature and consequences of China's foreign aid in the new century.

In a context where the sharing economy (SE) plays an important role in the transformation of today’s business landscape, profoundly changing the behavior of consumers and many established companies, some companies have begun to adapt to SE by incorporating its value propositions into their business models. Therefore, the purpose of this paper is to study the role of consumer innovativeness, brand levels and the need for uniqueness on the way to attitudes and intentions to participate in SE.

This study collected the data through an online user survey, achieving a total sample of 717. The data were first analyzed using structural equation modeling and then combined with the use of the PROCESS macro.

The findings provide empirical evidence of the antecedents of consumer innovativeness in a SE context and its role in explaining consumer attitudes and intentions to participate in non-ownership consumption. Furthermore, they also demonstrate that brand tiers and the need for uniqueness moderate the relationship between intentions and participation.

The results of this study contribute to the theoretical development of the SE by presenting the first conceptual model that considers including the brand tiers effect and connects it to two leading theories on consumer behavior (diffusion of innovations theory and uniqueness theory). In addition, the study’s findings provide valuable insights for sharing platforms and traditional companies that choose to participate in the collaborative economy.