Xiaoyue Chen, Bin Li, Tarlok Singh and Andrew C. Worthington
Motivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure…
Abstract
Purpose
Motivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure to Chinese economic policy uncertainty at the individual stock level in large Asian markets.
Design/methodology/approach
We estimate the monthly uncertainty exposure (beta) for each stock and then employ the portfolio-level sorting analysis to investigate the relationship between the China’s uncertainty exposure and the future returns of major Asian markets over multiple trading horizons. The raw returns of the high-minus-low portfolios are then adjusted using conventional asset pricing models to investigate whether the relationship is explained by common risk factors. Finally, we check the robustness of the portfolio-level results through firm-level Fama and MacBeth (1973) regressions.
Findings
Applying portfolio-level sorting analysis, we reveal that exposure to Chinese uncertainty is negatively related to the future returns of large stocks over multiple trading horizons in Japan, Hong Kong and India. We discover this is unexplained by common risk factors, including market, size, value, profitability, investment and momentum, and is robust to the specification of stock-level Fama and MacBeth (1973) regressions.
Research limitations/implications
Our analysis demonstrates the spillover effects of Chinese economic policy uncertainty across the region, provides evidence of China's emerging economic leadership, and offers trading strategies for managing uncertainty risks.
Originality/value
The findings of the study significantly improve our understanding of stock return predictability in Asian markets. Unlike previous studies, our results challenge the leading role of the US by providing a new intra-regional return predictor, namely, China’s uncertainty exposure. These results also evidence the continuing integration of the Asian economy and financial markets. However, contrary findings for some Asian markets point toward certain market-specific features. Compared with market-level research, our analysis provides deeper insights into the performance of individual stocks and is of particular importance to investors and other market participants.
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Xiaoyue Chen, Bin Li and Andrew C. Worthington
The purpose of this paper is to examine the relationships between the higher moments of returns (realized skewness and kurtosis) and subsequent returns at the industry level, with…
Abstract
Purpose
The purpose of this paper is to examine the relationships between the higher moments of returns (realized skewness and kurtosis) and subsequent returns at the industry level, with a focus on both empirical predictability and practical application via trading strategies.
Design/methodology/approach
Daily returns for 48 US industries over the period 1970–2019 from Kenneth French’s data library are used to calculate the higher moments and to construct short- and medium-term single-sort trading strategies. The analysis adjusts returns for common risk factors (market, size, value, investment, profitability and illiquidity) to confirm whether conventional asset pricing models can capture these relationships.
Findings
Past skewness positively relates to subsequent industry returns and this relationship is unexplained by common risk factors. There is also a time-varying effect in which the predictive role of skewness is much stronger over business cycle expansions than recessions, a result consistent with varying investor optimism. However, there is no significant relationship between kurtosis and subsequent industry returns. The analysis confirms robustness using both value- and equal-weighted returns.
Research limitations/implications
The calculation of realized moments conventionally uses high-frequency intra-day data, regrettably unavailable for industries. In addition, the chosen portfolio-sorting method may omit some information, as it compares only average group returns. Nonetheless, the close relationship between skewness and future returns at the industry level suggests variations in returns unexplained by common risk factors. This enriches knowledge of market anomalies and questions yet again weak-form market efficiency and the validity of conventional asset pricing models. One suggestion is that it is possible to significantly improve the existing multi-factor asset pricing models by including industry skewness as a risk factor.
Practical implications
Given the relationship between skewness and future returns at the industry level, investors may predict subsequent industry returns to select better-performing funds. They may even construct trading strategies based on return distributions that would generate abnormal returns. Further, as the evaluation of individual stocks also contains industry information, and stocks in industries with better performance earn higher returns, risks related to industry return distributions can also shed light on individual stock picking.
Originality/value
While there is abundant evidence of the relationships between higher moments and future returns at the firm level, there is little at the industry level. Further, by testing whether there is time variation in the relationship between industry higher moments and future returns, the paper yields novel evidence concerning the asymmetric effect of stock return predictability over business cycles. Finally, the analysis supplements firm-level results focusing only on the decomposed components of higher moments.
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Cui Stacey Li, Carol Xiaoyue Zhang, Xiaoqing Chen and Meng Shan Sharon Wu
This study aims to explore how the concept of extended self-influences luxury shopping tourism consumption among Chinese tourists. It explores why luxury shopping is important for…
Abstract
Purpose
This study aims to explore how the concept of extended self-influences luxury shopping tourism consumption among Chinese tourists. It explores why luxury shopping is important for Chinese tourists. Specifically, this study focuses on a strategically important emerging market segment: post-1990s female Chinese tourists.
Design/methodology/approach
To explore the link between the extended self and luxury shopping tourism consumption among post-1990s Chinese female tourists, this study adopted a qualitative and interpretive approach. A total of 22 semi-structured in-depth interviews were carried out to collect the data.
Findings
This qualitative inquiry found that luxury shopping during overseas holidays has some subtle differences from luxury shopping in China, as the conceptualisation of luxury is highly context-based. Through a focus on gender and generational differences, the current study reveals that the idea of individuality has started to influence their luxury purchases.
Practical implications
The study shows how different selves are associated with luxury shopping. It thus provides empirical evidence regarding the reasons behind their motivation, especially for shopping overseas to get a good price and an exclusive and enjoyable luxury shopping experience abroad. Also, it was found that curiosity about buying luxury products is viewed as less favoured and logical shopping will be a future trend. Individuality is becoming a trend for younger consumers.
Originality/value
Theoretically, by linking the “extended self” with luxury shopping tourism, this study provides the social-psychological aspects of luxury shopping tourism. Instead of focusing on particular destinations, this study provides compressed but also focused inquiries to explore how the concept of the self-influences post-1990s female Chinese tourists’ shopping consumption while on holiday, and how this luxury shopping experience influences their concept of the self.
目标
本文运用“延伸自我”概念对中国泳客在境外购买奢侈品的行为和意义进行探讨, 从而进一步了解中国游客对奢侈品的消费形态。 研究主要专注在中国90后女性市场, 女性市场已被许多学者以即市场营销人员认定为新兴市场领域。
设计
通过22个深度访谈的所得数据表明境外奢侈品高买行为与自我概念有着紧密的联系, 并为消费者购买动机背后的原因提供了实证
主要结论
在境外旅游过程中购买奢侈品有非常大的价格优势, 同时又能为消费者提供独特的购物体验, 中国90后女性的奢侈品购买行为日趋理性并在出行之前做好详细的购物计划, 个性的展示将成为中国年轻女性奢侈品消费的主导因素。
理论贡献
该研究的理论贡献是探索自我概念如何影响90年代后中国女性游客在境外旅行度假时的奢侈品购物行为, 以及这种奢侈品购物体验如何影响其自我概念。
关键词 购物,中国游客,女性, 延伸自我,自我概念
文章类型 研究论文
Propósito
El estudio se dedica a explorar cómo influir el conceptöauto-extensión¨ al comportamiento de comprar los artículos de lujo en el extranjero entre los chinos turísticos, también a explorar la importancia de tal caso para ellos.
Metodología
Este estudio ha adaptado un enfoque cualitativo entre 22 entrevistas en profundidad semiestructuradas para la recopilación de datos y muestra cómo se asocian diferentes seres con las compras de lujo.
Resultados
Por lo tanto, se proporciona las pruebas evidentemente sobre las razones detrás de su motivación. Comprar artículos de lujo durante los viajes al extranjero tiene una gran ventaja de precio, al tiempo que las ofrece una experiencia especial. Estos actos se están volviendo más racionales y tienen planes de compras detallados antes de viajar. La exhibición de la personalidad se convertirá en el factor dominante en cuanto al consumo de artículos de lujo por parte de tales chinas.
Originalidad
Principalmente se enfoca a un nuevo campo del mercado en lo cual los consumidores son las chicas quienes nacieron después del año 1990.
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Chen Chen, Tingyang Chen, Zhenhua Cai, Chunnian Zeng and Xiaoyue Jin
The traditional vision system cannot automatically adjust the feature point extraction method according to the type of welding seam. In addition, the robot cannot self-correct the…
Abstract
Purpose
The traditional vision system cannot automatically adjust the feature point extraction method according to the type of welding seam. In addition, the robot cannot self-correct the laying position error or machining error. To solve this problem, this paper aims to propose a hierarchical visual model to achieve automatic arc welding guidance.
Design/methodology/approach
The hierarchical visual model proposed in this paper is divided into two layers: welding seam classification layer and feature point extraction layer. In the welding seam classification layer, the SegNet network model is trained to identify the welding seam type, and the prediction mask is obtained to segment the corresponding point clouds. In the feature point extraction layer, the scanning path is determined by the point cloud obtained from the upper layer to correct laying position error. The feature points extraction method is automatically determined to correct machining error based on the type of welding seam. Furthermore, the corresponding specific method to extract the feature points for each type of welding seam is proposed. The proposed visual model is experimentally validated, and the feature points extraction results as well as seam tracking error are finally analyzed.
Findings
The experimental results show that the algorithm can well accomplish welding seam classification, feature points extraction and seam tracking with high precision. The prediction mask accuracy is above 90% for three types of welding seam. The proposed feature points extraction method for each type of welding seam can achieve sub-pixel feature extraction. For the three types of welding seam, the maximum seam tracking error is 0.33–0.41 mm, and the average seam tracking error is 0.11–0.22 mm.
Originality/value
The main innovation of this paper is that a hierarchical visual model for robotic arc welding is proposed, which is suitable for various types of welding seam. The proposed visual model well achieves welding seam classification, feature point extraction and error correction, which improves the automation level of robot welding.
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ShiNa Li, Lawrence Hoc Nang Fong, Carol Xiaoyue Zhang and Mengxin Chen
This paper aims to identify peer-to-peer accommodation hosts’ perceived motivations and constraints, to examine the prediction of the motivation and constraint factors on hosts’…
Abstract
Purpose
This paper aims to identify peer-to-peer accommodation hosts’ perceived motivations and constraints, to examine the prediction of the motivation and constraint factors on hosts’ intention to continue business based on hosts’ attitudes and to explore the moderating role of the business scale.
Design/methodology/approach
A scale for hosts’ perceived motivators and constraints was developed. Mixed methods were used to develop and analyse a conceptual framework for demonstrating how constraints and motivations influence hosts’ behavioural intentions. Findings from interviews with hosts interpretatively supported the survey results.
Findings
Chinese hosts’ perceived constraints and motivators are identified and explained. The survey results indicate that constraints lower intention to continue one’s business and motivators heightens it. Motivators have a higher effect on attitudes and intentions than constraints do. The business scale was confirmed as a moderator in the constraint–attitude link but not in the motivator–attitude relationship.
Practical implications
This paper offers policy implications for governments, online platforms and hosts in terms of establishing incentives and solving problems so that Chinese hosts can sustainably operate their businesses.
Originality/value
This paper identifies constraints and motivators and develops a measurement scale for both simultaneously, which provides a holistic explanation of hosts’ attitude and behavioural intention. It also reveals the moderating role of the business scale. In investigating the thoughts of existing hosts operating on global and local platforms in China, this paper complements the literature, which mainly focuses on the Western context and a single global platform.
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Zhang Jie, Su Xinning and Deng Sanhong
This paper is written as an attempt to employ the Chinese Social Science Citation Index (CSSCI) in the evaluation of Chinese humanities and social science research.
Abstract
Purpose
This paper is written as an attempt to employ the Chinese Social Science Citation Index (CSSCI) in the evaluation of Chinese humanities and social science research.
Design/methodology/approach
This paper uses statistics in the CSSCI (2000‐2004) to analyze the academic impact of researchers, papers and works, institutions and regions on Chinese humanities and social science research.
Findings
The authors identify 100 highly cited people, 50 highly cited papers, 50 highly cited works, 20 highly productive institutions and 20 highly cited institutions. Also provided is some regional information about Chinese humanities and social science research.
Originality/value
It is hoped that the CSSCI, as well as the analysis and evaluation based on it, will give researchers a better understanding of Chinese humanities and social science research.
Lin Yang, Xiaoyue Lv and Xianbo Zhao
Abnormal behaviors such as rework, backlog, changes and claims generated by project organizations are unavoidable in complex projects. When abnormal behaviors emerge, the…
Abstract
Purpose
Abnormal behaviors such as rework, backlog, changes and claims generated by project organizations are unavoidable in complex projects. When abnormal behaviors emerge, the previously normal state of interactions between organizations will be altered to some extent. However, previous studies have ignored the associations and interactions between organizations in the context of abnormal organizational behaviors (AOBs), making this challenging to cope with AOBs. As a result, the objective of this paper is to explore how to reduce AOBs in complex projects at the organizational level from a network perspective.
Design/methodology/approach
To overcome the inherent limitations of a single case study, this research integrated two data collection methods: questionnaire survey and expert scoring method. The questionnaire survey captured the universal data on the influence possibility of AOBs between complex project organizations and the expert scoring method got the influence probability scores of AOBs between organizations in the case. Using these data, four organizational influence network models of AOBs based on a case were developed to demonstrate how to destroy AOBs networks in complex projects using network attack theory (NAT).
Findings
First, the findings show that controlling AOBs generated by key organizations preferentially and improving the ability of key organizations can weaken AOBs network, enabling more effective coping strategies. Second, the owners, government, material suppliers and designers are identified as key organizations across all four influence networks of AOBs. Third, change and claim behaviors are more manageable from the organizational level.
Practical implications
Project managers can target specific organizations for intervention, weaken the AOBs network by applying NAT and achieve better project outcomes through coping strategies. Additionally, by taking a network perspective, this research provides a novel approach to comprehending the associations and interactions between organizations in the context of complex projects.
Originality/value
This paper proposes a new approach to investigating AOBs in complex projects by simultaneously examining rework, backlog, change and claim. Leveraging NAT as a novel tool for managing the harmful effects of influence networks, this study extends the knowledge body in the field of organizational behavior (OB) management and complex project management.
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This study reveals the green building development path and analyzes the optimal government subsidy equilibrium through evolutionary game theory and numerical simulation. This was…
Abstract
Purpose
This study reveals the green building development path and analyzes the optimal government subsidy equilibrium through evolutionary game theory and numerical simulation. This was done to explore the feasible measures and optimal incentives to achieve higher levels of green building in China.
Design/methodology/approach
First, the practice of green building in China was analyzed, and the specific influencing factors and incentive measures for green building development were extracted. Second, China-specific evolutionary game models were constructed between developers and homebuyers under the market regulation and government incentive mechanism scenarios, and the evolutionary paths were analyzed. Finally, real-case numerical simulations were conducted, subsidy impacts were mainly analyzed and optimal subsidy equilibriums were solved.
Findings
(1) Simultaneously subsidizing developers and homebuyers proved to be the most effective measure to promote the sustainability of green buildings. (2) The sensitivity of developers and homebuyers to subsidies varied across scenarios, and the optimal subsidy level diminished marginally as building greenness and public awareness increased. (3) The optimal subsidy level for developers was intricately tied to the building greenness benchmark. A higher benchmark intensified the developer’s responsiveness to losses, at which point increasing subsidies were justified. Conversely, a reduction in subsidy might have been appropriate when the benchmark was set at a lower level.
Practical implications
The expeditious advancement of green buildings holds paramount importance for the high-quality development of the construction industry. Nevertheless, the pace of green building expansion in China has experienced a recent deceleration. Drawing insights from the practices of green building in China, the exploration of viable strategies and the determination of optimal government subsidies stand as imperative initiatives. These endeavors aim to propel the acceleration of green building proliferation and materialize high-quality development at the earliest juncture possible.
Originality/value
The model is grounded in China’s green building practices, which makes the conclusions drawn more specific. Furthermore, research results provide practical references for governments to formulate green building incentive policies.
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Tang Zhen, Yin Xuan and Zhang Jing
Drawing on the literature of chief technology officer (CTO) and trusting relationship theory, the purpose of this paper is to investigate the impact of trusting relationship of…
Abstract
Purpose
Drawing on the literature of chief technology officer (CTO) and trusting relationship theory, the purpose of this paper is to investigate the impact of trusting relationship of CTO‐chief executive officer (CEO) on the CTO's participation in technology strategy, based on empirical study of Chinese high‐tech firms, in order to maximize CTO's strategic decision‐making role. Taking into account the weight of power in Chinese culture, this study takes CTO's power distribution as moderator, to study whether it strengthens the impact of trusting relationship of CTO‐CEO on CTO's participation in technology strategy.
Design/methodology/approach
CTOs of high‐tech firms from Shanghai, Jiangsu, Shenzhen, Zhejiang and Beijing are taken as samples. A questionnaire survey is conducted by using random sampling method.
Findings
The results show that trusting relationships of CTO‐CEO has a significant positive impact on CTO's participation in technology strategy. The two dimensions of trusting relationships of CTO‐CEO, cognitive trust and emotional trust also have a significant positive impact on CTO's participation in technology strategy and each dimension of CTO's power distribution has a significant moderating effect on partial paths.
Originality/value
The results are analyzed from both the data level and theoretical level. Conclusions on the management inspiration of CEO and CTO in high‐tech firms are drawn.
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Xiaoyue Wang, Zhanfu Li, Xin Tong and Xiaole Ge
The purpose of this study is to explore how particle shape influences the screening, including screening efficiency per unit time, and the relationship between vibration…
Abstract
Purpose
The purpose of this study is to explore how particle shape influences the screening, including screening efficiency per unit time, and the relationship between vibration parameters and screening efficiency per unit time in discrete element method (DEM) numerical simulations.
Design/methodology/approach
In this paper, a three-dimensional discrete element model of vibrating screen with composite vibration form of swing and translation was proposed to simulate the screening process. In total, 11 kinds of non-spherical particles whose shapes changed in a continuous regularity gradual process were established using a multi-sphere method. In the DEM simulations, vibration parameters, including vibration frequency, vibration amplitude and stroke angle, and swing parameters, including swing frequency and swing angle, were changed to perform parametric studies.
Findings
It shows that the effect of particle shape on screening efficiency is quantitative actually. However, the trends of different shape particles’ screening efficiency per unit time are mainly consistent.
Originality/value
Some simple particle shapes can be expected to be explored to do screening simulation studies reasonably with modification of the simulation data in DEM numerical simulations. That may improve the computational efficiency of numerical simulations and provide guidance to the study of the screening process.