Search results

Discusses housing reform and its impact on the governance of housing in China. The roles of the state and work units have been shifted from providers to enablers in the market of housing supply after the introduction of privatisation and the market mechanism. However, the role of work units in housing distribution remains almost intact. The scope of work units’ influence is more extensive than before reform. The involvement of work units as mediators in the housing market affects the performance of the market and contributes to the fluctuations and uncertainty of the market. In order to tackle the new problems arising from reform, the role of work units needs to be redefined.

The purpose of this study is to explore the antecedents of consumers’ online review intention in e-commerce platforms from a unique perspective of consumer commitment and platform design. Meanwhile, for the dual-platform strategy, i.e. providing both the web and mobile platforms simultaneously, which is widely adopted in the industry but lacks theoretical concerns, this study aims to examine the differences that platform design influences consumer commitment, consequently contributing to online review intention, between the web and mobile contexts.

A cross-sectional online survey is employed, and a structural equation model-based approach is utilized to analyze the data collected from both the website-preferred consumers (N = 167) and the mobile app-preferred consumers (N = 247).

The results indicate that instrumental support design factors and socio-emotional support factors positively influence consumer commitment, which further affect online review intention positively. Furthermore, design factors in different use contexts generate different impacts, and consumer commitment generates a greater effect on online review intention in the mobile than in the web context. Empathy is found to be an important motivator of consumer commitment in both contexts.

To the best of the authors’ knowledge, as one of the first attempts to capture the differences in the relationship between platform design on consumer commitment and online review intention in different use contexts within the dual-platform e-commerce, this study provides insights for e-commerce platform managers and designers to promote consumer commitment and online review engagement by prioritizing the platform design.

Solder bumps for chip interconnections are downsizing from current approximately 100 µm to the expected 1 µm in future. As a result, the Cu-Ni cross-interaction in Cu/Solder/Ni solder joints will be more complicated and then strongly influence the growth of the intermetallic compounds (IMCs). Thus, it is critical to understand the fundamental aspects of interfacial reaction in micro solder joints. This paper aims to reveal the effect mechanism of reflow temperature and solder size on the interfacial reaction in Cu/Solder/Ni solder joints.

The Cu-Ni cross-interaction in the Cu/Sn/Ni micro solder joints with 50 and 100 µm solder sizes at 250°C and 300°C were observed, respectively. The line-type interconnects were soaked in silicone oil, and the temperature of the line-type interconnects was 250 ± 3°C and 300 ± 3°C, which were monitored by a fine K-type thermocouple, and followed by an isothermal aging process at various times. After aging, the specimens were removed from the silicone oil and cooled in the air to room temperature.

The major interfacial reaction product on both interfaces was (Cu,Ni)₆Sn₅, and the asymmetric growth of (Cu,Ni)₆Sn₅, evidenced by the thickness of (Cu,Ni)₆Sn₅ IMCs at the Sn/Ni interface was always larger than that at the Sn/Cu interface, resulted from the directional migration of Cu atoms toward the Sn/Ni interface under Cu concentration gradient. The morphology of (Cu,Ni)₆Sn₅ IMC at Sn/Cu interface was columnlike at 250°C, and which changed from columnlike to scallop with large aspect ratio at 300°C, while that at Sn/Ni interface gradually evolved from needlelike to the mixture of needlelike and layered at 250°C, and which evolved from needlelike to scallop with large aspect ratio at 300°C. The evolution of morphology of (Cu,Ni)₆Sn₅ is attributed to the content of Ni. Furthermore, the results indicate that the Cu-Ni cross-interaction was stronger with small solder size and relatively low temperature in the Cu/Sn/Ni micro solder joints.

The asymmetric growth of (Cu,Ni)₆Sn₅ in the Cu/Sn/Ni micro solder joints, evidenced by the thickness of (Cu,Ni)₆Sn₅ IMCs at the Sn/Ni interface, was always larger than that at the Sn/Cu interface. The morphology evolution of (Cu,Ni)₆Sn₅ IMC at both interfaces was attributed to the content of Ni. The Cu-Ni cross-interaction was stronger with small solder size and relatively low temperature in the Cu/Sn/Ni micro solder joints.

In this paper, the authors aim to study the relationship between hydrogen embrittlement (HE) susceptibility and cathodic current density applied on the X70 steel girth welds.

The HE susceptibility of X70 steel girth welds were investigated through slow strain rate tensile test and observed and analyzed by optical microscope and scanning electron microscope methods.

The results show that HE susceptibility of X70 girth weld was basically unchanged with increasing of ion concentration while gradually increased and maintain at a specific value with the increase of cathodic current density. As for same ion content, a dense calcareous deposit layer generated on the sample surface in soil simulation solution with Ca2+ and Mg2+ resulted a decreased HE susceptibility while the porous calcareous deposit layer resulted a increased HE susceptibility.

A logistic regression model was established to describe the correlation between HE index and the cathodic current density.

Virtual tourism has become popular in recent years. However, there is still a research gap on virtual tourist motivation. This study aims to identify virtual tourist motivation and explore the relationship between virtual tourism and on-site tourism.

This research identifies virtual tourist motivation based on Means-end chain (MEC) theory. Laddering interviews with 32 respondents were conducted to construct a hierarchical value map. Additionally, a motivation analysis of virtual tourism and on-site tourism was developed based on a review of the relevant literature.

This exploratory study revealed 12 attributes, 9 results and 4 values that virtual tourists wish to achieve and identified 5 means-end chains where self-satisfaction is the most important value-led motivation. Compared with on-site tourism motivations, virtual tourism shows possibilities of replacing, complementing and extending on-site tourism under certain circumstances. However, it significantly depends on whether tourists are attracted by the technical characteristics, security and experience conditions of virtual tourism.

This study contributes to understanding virtual tourist motivation and offers motivation-based insights into the relationship between virtual and on-site tourism. Managerial implications on how to attract potential online tourists are also provided.

虚拟旅游在近些年逐渐受到欢迎。然而, 关于虚拟旅游动机的研究仍存在不足。本研究旨在识别虚拟旅游动机, 并探讨虚拟旅游与现实旅游之间的关系。

本研究基于方法-目的链（MEC）理论识别虚拟游客动机。通过对32名受访者进行阶梯式访谈, 以构建一个价值阶层图。此外, 本研究在回顾相关文献基础上, 对虚拟旅游和现实旅游的动机进行差异化比较分析。

这项探索性研究揭示了虚拟旅游游客希望实现的12个属性、9个结果和4个价值, 并确定了5条MEC, 其中自我满足是最重要的价值导向动机。通过与现实旅游动机比较, 研究发现虚拟旅游在一定条件下具有替代、补充和延伸现实旅游的可能性。然而, 这在很大程度上取决于游客是否被虚拟旅游的技术特点、安全性和体验等条件所吸引。

研究结果有助于进一步理解虚拟旅游动机, 并为虚拟旅游和现实旅游之间的关系提供基于动机的见解。重要的是, 研究还为如何吸引潜在虚拟游客提供管理启示。

El turismo virtual se ha popularizado en los últimos años. Sin embargo, aún existe un vacío en la investigación sobre la motivación del turista virtual. El estudio pretende identificar la motivación del turista virtual y explorar la relación entre el turismo virtual y el turismo in situ (real).

Esta investigación identifica la motivación del turista virtual basándose en la teoría de la cadena medio-fin (MEC). Se realizaron entrevistas escalonadas a 32 encuestados para construir un mapa jerárquico de valores. Además, se elaboró un análisis de la motivación del turismo virtual y del turismo presencial basado en una revisión de la bibliografía pertinente.

El estudio exploratorio reveló 12 atributos, 9 resultados y 4 valores que los turistas virtuales desean alcanzar e identificó 5 MEC en los que la autosatisfacción es la motivación basada en valores más importante. En comparación con las motivaciones del turismo in situ (real), el turismo virtual muestra posibilidades de sustituir, complementar y ampliar el turismo in situ (real) en determinadas circunstancias. Sin embargo, depende en gran medida de si los turistas se sienten atraídos por las características técnicas, la seguridad y las condiciones de experiencia del turismo virtual.

Este estudio contribuye a comprender la motivación del turista virtual y ofrece perspectivas basadas en la motivación sobre la relación entre el turismo virtual y el turismo in situ (real). También se ofrecen implicaciones para la gestión sobre cómo atraer a los turistas potenciales en línea.

Previous literature shows that market sentiment and the steepness of index option's implied volatility slope have a negative relation. This paper investigates the relation between firm-specific sentiment and individual option's implied volatility slope both theoretically and empirically.

The authors develop a simple model with option traders' sentiment heterogeneity to show that sentiment and the steepness of individual option's implied volatility slope have a positive relation.

When firm-specific sentiment is higher (more bullish), individual option's implied volatility slope becomes steeper. The positive relation is stronger when option traders' beliefs on risk are more dispersed. Empirical results support the theoretical model predictions.

Although both firm-specific sentiment and individual options implied volatility slope predict future stock returns, there is no research exploring the relation between them. In particular, none of previous studies associates implied volatility slope's stock return predictability to investor behavior such as sentiment. The authors’ findings provide a behavior-based explanation on why steep implied volatility slope negatively predicts cross-sectional stock returns.

This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.

This paper proposes a gambling activity measure by jointly considering open interest and moneyness of out-of-the-money (OTM) individual equity call options.

The new measure, CallMoney, captures excessive optimism during the dot-com bubble, the oil price bubble and the pre-GFC stock market bubble. CallMoney robustly and negatively predicts both OTM and at-the-money call option returns cross-sectionally. The option return predictability of CallMoney is stronger when stock price is further from its 52-weeks high, capital gains overhang is lower, and when information uncertainty of the underlying stock is higher. CallMoney also robustly and negatively predicts cross-sectional stock returns.

The gambling measure has the advantages of being economically intuitive, model-free, easy to measure. The measure performs more robustly than existing lottery measures with respect to option and stock return predictability and more reliably captures the overpricing of options and stocks. The work helps understanding the gambling related anomalies in equity option returns and stock returns.

The purpose of this paper is to propose a new tool for stock investment risk management through studying stocks with what kind of characteristics can be predicted by individual investor behavior.

Based on comment data of individual stock from the Snowball, a thermal optimal path method is employed to analyze the lead–lag relationship between investor attention (IA) and the stock price. And machine learning algorithms, including SVM and BP neural network, are used to predict the prices of certain kind of stock.

It turns out that the lead–lag relationships between IA and the stock price change dynamically. Forecasting based on investor behavior is more accurate only when the IA of the stock is stably leading its price change most of the time.

One limitation of this paper is that it studies China’s stock market only; however, different conclusions could be drawn for other financial markets or mature stock markets.

As for the implications, the new tool could improve the prediction accuracy of the model, thus have practical significance for stock selection and dynamic portfolio management.

This paper is one of the first few research works that introduce individual investor data into portfolio risk management. The new tool put forward in this study can capture the dynamic interplay between IA and stock price change, which help investors identify and control the risk of their portfolios.

This paper aims to examine the association between green innovation and the cost of equity in China. This study relies on the investors’ base perspective and shareholders’ perceived risk perspective to investigate the relation between green innovation and the cost of equity in China.

The paper uses firm-fixed effect regression for a sample of Chinese public companies for the period 2008–2018.

The authors find a negative relationship between green innovation and the cost of equity capital. This negative association is found to be more pronounced for less financially constrained firms, during periods of high economic policy uncertainty, and for firms with a strong internal control environment. Finally, the paper shows that the negative association became more pronounced after the passage of the Environmental Protection Law of China in 2012. The results remain robust to possible endogeneity concerns.

This study contributes to the green innovation literature by documenting that shareholders favorably view firms implementing green innovation policies. The study also has policy implications for Chinese regulators in improving the green credit policy.

This paper aims to address the gaps in current research by exploring how blockchain technology influences corporate green innovation.

This study investigates the potential of blockchain technology to stimulate the green innovation of companies using the difference-in-difference model with a panel data set of 1,803 Chinese listed companies from 2012 to 2019.

The application of blockchain significantly increases the number of green invention patents obtained by companies but has no significant impact on green utility model patents, that is, blockchain applications improve the quality rather than the quantity of green innovation. The role of blockchain in promoting green innovation is particularly pronounced in state-owned enterprises, non-heavily polluting industries and older companies. The use of blockchain technology helps reduce sales costs and boosts research and development investments, thereby encouraging green innovation. Additionally, a company’s internal control quality plays a moderating effect.

Firstly, previous research on blockchain has primarily centered on its relationship with supply chain management. This article empirically tests the impact of blockchain applications on the green innovation of companies using the DID method. Secondly, current studies mainly explore the influencing factors on green invention patents. This article examines the impact of blockchain applications on both green invention patents and green utility model patents and identifies distinct influencing effects. Finally, this article introduces the internal control mechanism of enterprises into the DID model and explores the potential impact of the quality of internal control on the relationship between blockchain and green innovation.