Zhongqin Bi, Susu Sun, Weina Zhang and Meijing Shan
Predicting a user’s click-through rate on an advertisement or item often uses deep learning methods to mine hidden information in data features, which can provide users with more…
Abstract
Purpose
Predicting a user’s click-through rate on an advertisement or item often uses deep learning methods to mine hidden information in data features, which can provide users with more accurate personalized recommendations. However, existing works usually ignore the problem that the drift of user interests may lead to the generation of new features when they compute feature interactions. Based on this, this paper aims to design a model to address this issue.
Design/methodology/approach
First, the authors use graph neural networks to model users’ interest relationships, using the existing user features as the node features of the graph neural networks. Second, through the squeeze-and-excitation network mechanism, the user features and item features are subjected to squeeze operation and excitation operation, respectively, and the importance of the features is adaptively adjusted by learning the channel weights of the features. Finally, the feature space is divided into multiple subspaces to allocate features to different models, which can improve the performance of the model.
Findings
The authors conduct experiments on two real-world data sets, and the results show that the model can effectively improve the prediction accuracy of advertisement or item click events.
Originality/value
In the study, the authors propose graph network and feature squeeze-and-excitation model for click-through rate prediction, which is used to dynamically learn the importance of features. The results indicate the effectiveness of the model.
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Swee-Sum Lam, Tao Li and Weina Zhang
The purpose of this paper is to reveal the economic impact of policy reversals related to market liberalization reforms in China.
Abstract
Purpose
The purpose of this paper is to reveal the economic impact of policy reversals related to market liberalization reforms in China.
Design/methodology/approach
To perform the analysis, the authors hand-collect 59 financial market liberalization policy reversals from 1999 to 2017. These reversals are related to the liberalization of the stock market, bond market, derivatives market, forex market, lending market, and real estate market etc. The authors employ a stylized equilibrium interest rate model from Li et al. (2013) to deduce the impact of policy reversals on economic growth and the associated volatility after the announcement of each policy reversal.
Findings
First, the authors discover that about half of reversals are related to some tradeoff between the economic growth and the volatility associated with growth. Second, the authors also find that about a quarter of the reversals are detrimental to both the growth and the stability. These reversals, if known to policymakers, should be entirely avoided or corrected. Third, using a simple diagnostic test, the authors can identify detrimental reversals at the intra-day frequency by computing the change of the term spread and the volatility before and after the reversals.
Practical implications
The findings are useful for identifying effective policymaking in developing countries where mature democratic and rigorous policymaking processes are often lacking and formulating economic policies is challenging. The findings suggest that policy reversals serve China well by improving the quality of the policy made without posing destructive consequences to the existing economic infrastructure. This empirical evidence is important for a better understanding of the benefits of policy reversals on economic growth.
Social implications
The empirical procedure provides a timely and objective evaluation of policy shifts, allowing for the general public to discern the rationale behind the policy decisions. Consequently, stakeholders’ trust and confidence in policymakers is enhanced so that the probability of the successful implementation of structural reforms may increase in these developing countries.
Originality/value
First, the results reveal some successful examples of Chinese policymaking in the path of liberalizing financial market. The authors find that the Chinese liberalization policy flip-flops have resulted in a more balanced growth on some occasions with reduced growth rate and volatility. Second, the proposed methodology provides an objective evaluation of policy shifts, allowing for the public to infer the general direction of the impact generated by policy shifts. Subsequently, stakeholders’ trust and confidence in policymakers can be enhanced and/or restored if the process of finding a successful path of structural reforms is unambiguous. Finally, the interest rate model also provides a timely method to evaluate the impact of policy shifts at an intra-day frequency, whereas most macroeconomic indicators are available at longer frequencies such as monthly or quarterly. The timeliness in understanding the economic consequences of policy reversals can be critical to prevent the destructive consequences of bad ones.
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The purpose of this paper is to examine how policy instability is priced in interest rates. Policy instability refers to the likelihood that the current policy will be changed in…
Abstract
Purpose
The purpose of this paper is to examine how policy instability is priced in interest rates. Policy instability refers to the likelihood that the current policy will be changed in the future in the absence of political power shifts.
Design/methodology/approach
Chinese government’s experimental policy-making approach provides an ideal set of frequent policy flip-flops which allows us to identify the effect of policy changes.
Findings
Conditional on the bureaucratic quality of policymaking, a good-quality policy reversal is related to reductions in interest rate term spread and volatility; a bad-quality policy reversal is related to increases in the spread and volatility. The bureaucratic quality is multi-dimensional and the moderating effect is stronger on interest rates when it is measured more precisely.
Originality/value
First, we can use the interest rate dynamics to infer the policy risk premium, which is a more objective market indicator of the bureaucratic quality of the policy change. Second, the study is among the first that documents the pricing of policy instability can be moderated by the bureaucratic quality. The results indicate that it is important for a government to be responsive and consistent in liberalizing the financial market. It will lead to reduced cost of capital and volatility for investors and firms in the economy. Third, given that the bureaucratic quality is multi-dimensional and produces stronger impact jointly, a country shall continue to improve on different aspects of the bureaucratic quality. Although the study is based on the empirical evidence from Chinese policy environment, the results can be broadly applied to any developing economies that intend to liberalize the market to spur economic growth.
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Zsuzsa R. Huszár, Ruth S. K. Tan and Weina Zhang
This study seeks to explore the presence and the relative strength of market efficiency in the onshore and offshore Renminbi (RMB) forward markets.
Abstract
Purpose
This study seeks to explore the presence and the relative strength of market efficiency in the onshore and offshore Renminbi (RMB) forward markets.
Methodology/approach
In the onshore and offshore foreign exchange markets, the RMB forward contracts are designed in similar ways. However, the underlying economic forces and regulatory frameworks are very different in these two markets. We first analyze the functioning of each market, by examining the covered interest rate parity (CIRP) conditions. Second, we explore the CIRP deviations in the two markets and quantify the role of market frictions and government interventions.
Findings
We find that the CIRP condition does not hold in either the onshore or the offshore RMB forward markets. We also find that the offshore market is more efficient than the onshore market in conveying private information about investors’ expectation.
Originality/value
Our results reveal that the onshore RMB forward market provides an imperfect platform for investors to manage their currency exposures. We suggest that by opening the offshore market to domestic participants and the onshore market to more foreigners, the forward rates may become more informative with a greater investor mix. These liberalization efforts are important steps in the right directions to improve market efficiency in the Chinese FOREX market.
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Jongmoo Jay Choi, Michael R. Powers and Xiaotian Tina Zhang
The paper provides an overview of material helpful in placing the subsequent papers in context, as well as a summary of the research contributions made by the individual papers…
Abstract
Purpose
The paper provides an overview of material helpful in placing the subsequent papers in context, as well as a summary of the research contributions made by the individual papers themselves.
Methodology/approach
We begin with a timeline of China’s Economic Reform, including both major events that permitted the opening and expansion of the nation’s economy, and important milestones of the historical movement. We then consider the impact of philosophy and culture (particularly, Confucianism and socialism) on China’s society and government, which leads naturally to certain observations regarding the political-economic model in which state-owned enterprises play a central role. In the final section, we briefly summarize the contents of the remaining papers.
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Long Yu, Qianqian Zhang, Jun Wu, Weina Liu and Lijuan Ding
The purpose of this paper is to investigate the impact of various decision-making approaches and government subsidies on supply chain performance, aiming to enhance the profits of…
Abstract
Purpose
The purpose of this paper is to investigate the impact of various decision-making approaches and government subsidies on supply chain performance, aiming to enhance the profits of disposal firms and retailers as well as to improve social welfare.
Design/methodology/approach
In this paper, a two-echelon biomass supply chain composed of a disposal firm and a retailer is developed. Firstly, considering the effects of government subsidies, we analyze biofuels prices, corporate social responsibility levels, social welfare and supply chain profitability under centralized and decentralized decision-making scenarios, respectively. Furthermore, we assess how subsidies influence pricing, market participation, profitability and social welfare. Secondly, we propose a revenue sharing–cost sharing contract to enhance the profits of the disposal firm and retailer. Thirdly, we extend the supply chain to a disposal firm and two retailers and explore the impact of competition intensity on corporate decision-making behavior. Finally, numerical analysis is conducted by taking one biomass energy firm as an example to support the results.
Findings
Our research finds that (1) Equilibrium strategies under the centralized decision-making scenario are greater than those under the decentralized decision-making scenario. Centralized decision-making can increase market demand and consumer surplus. (2) Government subsidies can promote corporate social responsibility levels, despite causing a slight increase in retail price for biofuels. When market competition intensifies, companies usually reduce their investment in CSR, and this trend is particularly pronounced in the absence of subsidies. (3) In both the decentralized and the centralized decision-making scenarios, increasing conversion rates and the CSR coefficient can significantly increase the overall profitability and social welfare.
Research limitations/implications
A three-echelon biomass supply chain involving collection station, disposal firm and retailer can be studied in the future.
Originality/value
By examining the effects of subsidies on CSR engagement and market outcomes, our study contributes valuable insights into policy design for promoting sustainable practices in biomass industries.
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Nikola Vasilić, Sonja Đuričin and Isidora Beraha
Due to excessive carbon dioxide emissions, the world is facing environmental devastation. Energy and environmental innovations are considered to be critical tools in combating the…
Abstract
Due to excessive carbon dioxide emissions, the world is facing environmental devastation. Energy and environmental innovations are considered to be critical tools in combating the growing CO2 emissions. Developing these innovations requires extremely high investments in research and development processes, where knowledge is generated as one of the important outputs. This knowledge serves as a basis for innovation development and raising awareness among all relevant stakeholders about excessive environmental degradation. One of the significant sources of knowledge is scientific publications. Therefore, the aim of this research is to examine whether increased CO2 emissions stimulate the scientific community to publish a greater number of papers, as well as whether the knowledge contained in these publications is utilized in reducing CO2 emissions. The sample consists of G7 member countries. The time frame of the research is 1996–2019. The dynamic properties of the vector autoregression (VAR) models were summarized using impulse response function and variance decomposition forecast error. In most G7 countries, it has been determined that an increase in scientific production in environmental science and energy leads to a reduction in CO2 emissions. On the other hand, increased CO2 emissions affect higher scientific productivity in environmental science and energy only in Canada.
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Xiaoyan Chen, Weina Zhu, Yajiao Chen and Qinghua He
The development and evolution of stakeholder collaborative innovation in megaprojects is impacted by various influencing factors. The effect of influencing factors on…
Abstract
Purpose
The development and evolution of stakeholder collaborative innovation in megaprojects is impacted by various influencing factors. The effect of influencing factors on collaborative innovation performance (CIP) in megaprojects is not a simplistic linear relationship but an iterative and non-linear relationship that requires a dynamic perspective to analyze. Therefore, this paper adopts the system dynamic (SD) approach to investigate the dynamic and interactive relationships between the CIP and the influencing factors.
Design/methodology/approach
The study first develops a research framework with the system boundary of “CIP system – organizational collaboration subsystem – knowledge collaboration subsystem – strategic collaboration subsystem”. Then, the causal relationship model, the stock-flow model, and the mathematical equations were determined based on the literature review and the expert interviews. Finally, five performance improvement scenarios were designed according to the practice context of CIP in megaprojects, and simulations were performed using the Vensim PLE software to investigate the CIP from a dynamic perspective.
Findings
The findings reveal that the effect of different influencing factors on CIP grows non-linearly, with the cumulative effect becoming more pronounced as time advances. The incentive mechanism has the most significant effect, and the combined effect of multiple influencing factors has a highly significant facilitating effect on improving CIP. Strategic collaboration, organizational collaboration and knowledge collaboration are mutually conditional and reinforcing with each other, which ultimately promotes the improvement of CIP.
Originality/value
This study uncovers the inherent pattern and the interactive dynamic mechanism of factors for improving CIP in the context of megaprojects. It enriches the theoretical research in the area of collaborative innovation in megaprojects and provides practical management strategies for improving CIP.
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Weina Chen, Qinghua Zeng, Jianye Liu and Huizhe Wang
The purpose of this paper is to propose a seamless autonomous navigation method based on the motion constraint of the mobile robot, which is able to meet the practical need of…
Abstract
Purpose
The purpose of this paper is to propose a seamless autonomous navigation method based on the motion constraint of the mobile robot, which is able to meet the practical need of maintaining the navigation accuracy during global positioning system (GPS) outages.
Design/methodology/approach
The seamless method uses the motion constraint of the mobile robot to establish the filter model of the system, in which the virtual observation about the speed is used to overcome the shortage of the navigation accuracy during GPS outages. The corresponding motion constraint model of the mobile robot is established. The proposed seamless navigation scheme includes two parts: the micro inertial navigation system (MINS)/GPS-integrated filter model and the motion constraint filter model. When the satellite signals are good, the system works on the MINS/GPS-integrated mode. If some obstacles block the GPS signals, the motion constraint measurement equation will be effective so as to improve the navigation accuracy of the mobile robot.
Findings
Three different vehicle tests of the mobile robot show that the seamless navigation method can overcome the shortage of the navigation accuracy during GPS outages, so as to improve the navigation performance in practical applications.
Originality/value
A seamless navigation system based on the motion constraint of the mobile robot is proposed to overcome the shortage of the navigation accuracy during GPS outages, thus improving the adaptability of the robot navigation.