Mingchao Cai, Jun Zhao, Rulu Pan and Haozhi Huang
The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents.
Abstract
Purpose
The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents.
Design/methodology/approach
Using Chinese macroeconomic data, this study uses numerical method to solve dynamic stochastic optimal problem.
Findings
When risk of labor income is considered, ratio of risky asset declines with rising of age for those people with same age and wealth state; any of the following situations will lead to lower risky assets holdings: lower labor income growth expectations, higher labor income risk or higher labor and financial market covariance risk.
Research limitations/implications
This study uses real economy investment return as a proxy of risky asset return.
Practical implications
Residents with higher background risks should hold less risky assets, and overcome home‐bias problem during asset allocation.
Originality/value
This study takes two kinds of background risk into consideration: labor income risk, and covariance between labor income and risk asset.
Details
Keywords
Corporate governance has attracted enormous attention both in the area of law and in the area of financial economics. In comparative corporate governance studies, many people have…
Abstract
Corporate governance has attracted enormous attention both in the area of law and in the area of financial economics. In comparative corporate governance studies, many people have devoted their energy to find a best corporate governance model. I argue that a functional analysis does not support the view that there is a single best corporate governance model in the world. I further use the transplantation of an English style takeover law into China to show that the importation of foreign law is not always based on careful analysis whether the imported foreign law is the best in the world. Furthermore, I use the subsequent adjustment of the transplanted English takeover law in China to show that the imported foreign law is subject to local political and economic conditions. If there is no best corporate govern model and the transplantation of foreign law into other countries with different social and political background does not achieve similar objectives, the search for a best corporate governance model is misguided. Just as tort law or constitutional law regimes may have diversified models, so do corporate governance regimes in countries with different historical, social and political backgrounds.
Liping Liu, Mingchao Li and Shanshan Ji
This research explores the appropriateness of using a digital learning system based on a multiplayer online animated game in firefighting education and training. Use of the game…
Abstract
Purpose
This research explores the appropriateness of using a digital learning system based on a multiplayer online animated game in firefighting education and training. Use of the game improved learning was effective. It can increase learners' understanding of the taught content and their willingness to learn.
Design/methodology/approach
The research applies digital learning based on a multiplayer online animated game coupled with 3D and virtual reality (VR) technology. To verify the effectiveness of this approach, participants were divided into two groups, an experimental group (using the game) and a control group (not using the game). T-tests were used to compare the learning of the two groups.
Findings
Firefighting knowledge was significantly better among the experimental group than the control group. Learning was explored in three different domains: basic firefighting knowledge, fire extinguisher operation and fire source identification; the latter two showed statistically significant differences. After learners acquired knowledge from multimedia, the addition of a VR exercise effectively helped them to remember what they learned and increased their understanding of the taught content.
Originality/value
The approach proposed in this study applies digital learning via a multiplayer online animated game to explore the appropriateness of such games in firefighting education and training. Use of the game improved learning and was effective. It can not only increase learners' understanding of the taught content, but also their willingness to learn.