Xinmin Tian, Zhiqiang Zhang, Cheng Zhang and Mingyu Gao
Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country…
Abstract
Purpose
Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries.
Design/methodology/approach
From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation.
Findings
The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information.
Originality/value
China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.
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Yiming Hu, Xinmin Tian and Zhiyong Zhu
In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting…
Abstract
Purpose
In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting indicators: company residual income and book value of net asset. In 2000, Zhang introduced the thought of option pricing and developed a new accounting valuation model. The purpose of this paper is to investigate the valuation deviation and the influence of some market transaction characteristics on pricing models.
Design/methodology/approach
The authors use listed companies from 1999 to 2013 as samples, and conduct comparative analysis with multiple regression.
Findings
The main findings are: first, the accounting valuation model is applicable to the capital market as a whole, and its pricing effect increases as years go by; second, in the environment of out capital market, the maturity of investors is one of important factors that causes the information content of residual income less than that of profit per share and lower pricing effect of valuation models; third, when the price earning (PE) of listed companies reaches certain level, the overall explanation capacity of accounting valuation models will become lower as PE gets higher; fourth, as for companies with higher turnover rate and more active transaction, the pricing effect of accounting valuation model is obviously lower; fifth, the pricing effect of accounting valuation models in a bull market is lower than in a bear market.
Originality/value
These findings establish connection between accounting valuation and market transaction characteristics providing an explorable orientation for the future development of accounting valuation theories and models.
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Wenhua Guo, Xinmin Hong and Chunxia Chen
This paper aims to study the influence of aerodynamics force of trains passing each other on the dynamic response of vehicle bridge coupling system based on numerical simulation…
Abstract
Purpose
This paper aims to study the influence of aerodynamics force of trains passing each other on the dynamic response of vehicle bridge coupling system based on numerical simulation and multi-body dynamics and put forward the speed threshold for safe running of train under different crosswind speeds.
Design/methodology/approach
The computational fluid dynamics method is adopted to simulate the aerodynamic force in the whole process of train passing each other by using dynamic grid technology. The dynamic model of vehicle-bridge coupling system is established considering the effects of aerodynamic force of train passing each other under crosswind, the dynamic response of train intersection on the bridge under crosswind is computed and the running safety of the train is evaluated.
Findings
The aerodynamic force of trains' intersection has little effects on the derailment factor, lateral wheel-rail force and vertical acceleration of train, but it increases the offload factor of train and significantly increases the lateral acceleration of train. The crosswind has a significant effect on increasing the derailment factor, lateral wheel-rail force and offload factor of train. The offload factor of train is the key factor to control the threshold of train speed. The impact of the aerodynamic force of trains' intersection on running safety cannot be ignored. When the extreme values of crosswind wind speed are 15 m·s−1, 20 m·s−1 and 25 m·s−1, respectively, the corresponding speed thresholds for safe running of train are 350 km·h−1, 275 km·h−1 and 200 km·h−1, respectively.
Originality/value
The research can provide a more precise numerical method to study the running safety of high-speed trains under the aerodynamic effect of trains passing each other on bridge in crosswind.
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Longfei Hou, Dan Wang, Bingxuan Du, Xinmin Qian and Mengqi Yuan
The purpose of this paper is to present a new technique for monitoring gas leakage in underground pipelines to prevent dangerous explosions.
Abstract
Purpose
The purpose of this paper is to present a new technique for monitoring gas leakage in underground pipelines to prevent dangerous explosions.
Design/methodology/approach
A novel system for monitoring methane concentration in underground spaces was developed by integrating the multi-channeled air sampling method with an infrared gas sensor. A pipe installation methodology (without excavation) was established and verified accordingly.
Findings
The proposed approach was proven successful in reducing the quantity of sensors needed for real-time monitoring of underground pipeline leakage by about 80 per cent. Furthermore, this system lowers total operational cost by as much as 60 per cent.
Originality/value
The results presented here represent a possible solution to reducing the public safety risks associated with explosions and fires caused by pipeline leakage in underground spaces. Its total cost is low and its monitoring efficiency is high.
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Along with the national government's expectation transformation, administrative system reform, economic transition, social demand structure's upgrading and population change…
Abstract
Along with the national government's expectation transformation, administrative system reform, economic transition, social demand structure's upgrading and population change, these negative effects are turning increasingly obvious and thus become huge powers that push the reform of traditional elite sports development mode forward. Against this background, in order to make this reform better adapted to China's reality and future development, the chapter suggests that Chinese traditional elite sports development mode should shift its driving forces of development from single to multiple, change its administrative system from government-oriented to society-oriented, develop its training concepts from instrumentalism to humanism, improve its construction of development from unbalanced to balanced and alter its effectiveness of development from extensive to intensive so as to achieve sustainable development.
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Sun Jin, Kuigang Yu, Xinmin Lai and Yinhua Liu
The purpose of this paper is to focus on optimal sensor placement for the fixture variation diagnosis of compliant sheet metal assembly process. Fixture variations are the main…
Abstract
Purpose
The purpose of this paper is to focus on optimal sensor placement for the fixture variation diagnosis of compliant sheet metal assembly process. Fixture variations are the main sources for complex automotive body dimensional failures. An effective measurement strategy can help exactly and timely diagnose these fixture variations. Research on sensor placement strategy of compliant sheet metal assembly process is not much stated formerly.
Design/methodology/approach
The impact principle of fixture variations is analyzed to set up the relationship between the assembly variation and fixture variations applying the method of influence coefficients and the effective independence (EI) method is used to find the optimal sensor positions based on the impact principle analysis of fixture variations.
Findings
The obtained fixture variation sensitivity matrix describes the influence of fixture variations to compliant sheet metal assembly variation and can be used for diagnosing fixture variations. The EI method can effectively solve the optimal sensor positions for compliant sheet metal assembly by a case demonstration.
Originality/value
The proposed method can solve the sensor placement of online assembly station for diagnosing fixture variations. It takes the compliant characteristics of sheet metal parts into account and the sensor information has much greater diagnosability than that from applying other methods.
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Song Wang, Ying Luo and Xinmin Liu
The overload of user-generated content in online mental health community makes the focus and resonance tendencies of the participating groups less clear. Thus, the purpose of this…
Abstract
Purpose
The overload of user-generated content in online mental health community makes the focus and resonance tendencies of the participating groups less clear. Thus, the purpose of this paper is to build an early identification mechanism for users' high attention content to promote early intervention and effective dissemination of professional medical guidance.
Design/methodology/approach
We decouple the identification mechanism from two processes: early feature combing and algorithmic model construction. Firstly, based on the differentiated needs and concerns of the participant groups, the multiple features of “information content + source users” are refined. Secondly, a multi-level fusion model is constructed for features processing. Specifically, Bidirectional Encoder Representation from Transformers (BERT)-Bi-directional Long-Short Term Memory (BiLSTM)-Linear are used to refine the semantic features, while Graph Attention Networks (GAT) is used to capture the entity attributes and relation features. Finally, the Convolutional Neural Network (CNN) is used to optimize the multi-level fusion features.
Findings
The results show that the ACC of the multi-level fusion model is 84.42%, F1 is 79.43% and R is 76.71%. Compared with other baseline models and single feature elements, the ACC and F1 values are improved to different degrees.
Originality/value
The originality of this paper lies in analyzing multiple features based on early stages and constructing a new multi-level fusion model for processing. Further, the study is valuable for the orientation of psychological patients' needs and early guidance of professional medical care.
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Kaixiao Jiang and Liam O'Callaghan
This chapter explores how the development of football fandom for the Chinese national team and local football clubs is strongly associated with societal changes. Although the…
Abstract
This chapter explores how the development of football fandom for the Chinese national team and local football clubs is strongly associated with societal changes. Although the performances of Chinese football teams, especially the national team, have failed to impress the world, football remains the most popular because of millions of supporters with loyalty and passion. Most studies related to fans mainly focus on the economic and political implications of spectatorship along with the rise of China. Nevertheless, few articles are available to answer the fundamental questions, such as ‘When did these supporters come out?’ and ‘What were the factors of the development of fandom?’. By going through archival records and published documents over the last decades, this chapter offers a comprehensive and historical analysis of the development of football fandom in the People's Republic of China (PRC) and deals with these unanswered questions. As such, this chapter does not intend to be the most authoritative one but is one of the rare sources to lay down the foundation for research on Chinese football fandom. Furthermore, this chapter also proves that studies on football fandom can be a useful window for observing Chinese society.
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This chapter critically evaluates whether football can attain recognition as a national sport in China. Article No. 11, released by the Chinese government in 2015, aimed to…
Abstract
This chapter critically evaluates whether football can attain recognition as a national sport in China. Article No. 11, released by the Chinese government in 2015, aimed to develop a new national strategy centralised on the sport of football to foster consumption and enhance national soft power. Consequently, this also means encouraging Chinese football fans to support the national football team. Comparing the significance of local football clubs and the national football team to Chinese football fans is deemed meaningless and unable to generate useful information to comprehend Chinese people's attitudes towards local and national communities. Through literature comparisons with established Chinese national sports such as Chinese martial arts, badminton and table tennis, the discussion reveals that football currently falls short of meeting the general criteria of invention and popularity to be considered a Chinese national sport. In the specific Chinese context, it also proves that football fails to meet the criterion of politics, hindering its identification as a national sport. Consequently, the chapter rebuts the assumption and advocates for the validity of comparing how fans assess their fandom for local and national football teams.
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Xinmin Peng, Keyi Fang and Martin Lockett
Emerging-market multinational enterprises (EMNEs) can choose focused or ambidextrous strategies to catch up with global market leaders through overseas foreign direct investment…
Abstract
Purpose
Emerging-market multinational enterprises (EMNEs) can choose focused or ambidextrous strategies to catch up with global market leaders through overseas foreign direct investment (OFDI). The Belt and Road Initiative (BRI), launched by the Chinese government in 2013, had a profound impact on Chinese multinational enterprises’ international behavior. This paper analyses how EMNEs select focused or ambidextrous catch-up strategies before and after the BRI, integrating ambidexterity and catch-up theories to provide a more nuanced understanding of the evolution of EMNE strategy.
Design/methodology/approach
A case study is well suited for deriving rich descriptions of empirical phenomena for which little theory exists. Because the existing literature has not yet fully explored and conceptually modeled the influence of windows of opportunity on international catch-up strategies, we use qualitative research to explore the mechanisms of strategy evolution in EMNEs.
Findings
The results show that the choice of catch-up strategy is influenced by the nature of windows of opportunity and the firm's accumulated technological capability. Specifically, the opening of institutional windows as a result of the BRI could give significant momentum to the international catch-up process by providing incentives and opportunities for EMNEs to enter more markets and new technology fields. The EMNEs studied underwent a transition from a focused strategy in the catch-up stage to an ambidextrous strategy in the beyond catch-up stage.
Originality/value
These conclusions can not only deepen our understanding of the dynamics of catch-up strategies in the global context but also enrich the research on the ambidexterity of EMNEs, especially in the context of the BRI.