The stock market is vulnerable to various exogenous factors, and its fluctuations can reflect the effects of political, economic and market factors. The purpose of this paper is…
Abstract
Purpose
The stock market is vulnerable to various exogenous factors, and its fluctuations can reflect the effects of political, economic and market factors. The purpose of this paper is therefore to choose the stock market as a representative to analyze the potential impact of the Brexit event on global financial markets and how to prevent the spread of risks across global financial markets.
Design/methodology/approach
This study chooses the auto-regressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model to fit the financial series and uses it as the marginal distribution model to establish the vine copula model. The maximum spanning tree algorithm is used to select the optimal rattan structure model and pair-copula function. According to the final ARMA-GARCH-R-vine copula model, the tail correlation coefficients of the UK, France, Germany, USA and China stock markets are calculated and used to analyze their dependence structure.
Findings
The negative impact of the Brexit event on the British stock market is greater and is more likely to be transmitted to France and Germany. China and the USA are less likely to be impacted by the Brexit incident. The US financial market is more closely linked to France, and it may benefit from the Brexit incident due to the impact of the exchange rate. Although the Chinese stock market is directly connected to the British stock market, due to the existence of national macro-controls and other factors, it will be less affected by the Brexit incident. The main impact comes from the dual devaluation pressure on the RMB.
Originality/value
This paper selects the optimal combination model based on actual data, and the results obtained can accurately reflect the interdependence between relevant stock markets and can guide risk aversion in the financial investment field.
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Yalan Yan, Xi Zhang, Xianjin Zha, Tingting Jiang, Ling Qin and Zhiyuan Li
Digital libraries and social media are two sources of online information with different characteristics. The purpose of this paper is to integrate self-efficacy into the analysis…
Abstract
Purpose
Digital libraries and social media are two sources of online information with different characteristics. The purpose of this paper is to integrate self-efficacy into the analysis of the relationship between information sources and decision making, and to explore the effect of self-efficacy on decision making, as well as the interacting effect of self-efficacy and information sources on decision making.
Design/methodology/approach
Survey data were collected and the partial least squares structural equation modeling was employed to verify the research model.
Findings
The effect of digital library usage for acquiring information on perceived decision quality (PDQ) is larger than that of social media usage for acquiring information on PDQ. Self-efficacy in acquiring information (SEAI) stands out as the key determinant for PDQ. The effect of social media usage for acquiring information on PDQ is positively moderated by SEAI.
Practical implications
Decision making is a fundamental activity for individuals, but human decision making is often subject to biases. The findings of this study provide useful insights into decision quality improvement, highlighting the importance of SEAI in the face of information overload.
Originality/value
This study integrates self-efficacy into the analysis of the relationship between information sources and decision making, presenting a new perspective for decision-making research and practice alike.
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Min Huang, Hai Jiang, Zhiyuan Ning and Jun Tu
The purpose of this paper is to investigate the role of institutional investors in the cost of equity for Chinese firms, especially state-owned enterprises (SOEs).
Abstract
Purpose
The purpose of this paper is to investigate the role of institutional investors in the cost of equity for Chinese firms, especially state-owned enterprises (SOEs).
Design/methodology/approach
By using data from Chinese firms with a unique state ownership structure, we provide empirical evidence on whether institutional investors can help reduce the cost of equity for SOEs and non-SOEs, respectively, and if so, identify the underlying channels.
Findings
We find that an increase in the shareholdings of institutions, especially independent institutions, can lead to a reduction in the cost of equity. This effect is particularly prominent in SOEs compared to non-SOEs. Moreover, institutional investors promote corporate social responsibility activities and innovation activities of invested firms, thereby reducing the cost of equity.
Originality/value
This paper contributes to a comprehensive understanding of the effects of institutional shareholdings with heterogeneity on the cost of equity and their influential mechanisms in the process of mixed ownership reform.
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Due to climate change and an increasing concentration of the world’s population in vulnerable areas, how to manage catastrophe risk efficiently and cover disaster losses fairly is…
Abstract
Purpose
Due to climate change and an increasing concentration of the world’s population in vulnerable areas, how to manage catastrophe risk efficiently and cover disaster losses fairly is still a universal dilemma.
Methodology
This paper applies a law and economic approach.
Findings
China’s mechanism for managing catastrophic disaster risk is in many ways unique. It emphasizes government responsibilities and works well in many respects, especially in disaster emergency relief. Nonetheless, China’s mechanism which has the vestige of a centrally planned economy needs reform.
Practical Implications
I propose a catastrophe insurance market-enhancing framework which marries the merits of both the market and government to manage catastrophe risks. There are three pillars of the framework: (i) sustaining a strong and capable government; (ii) government enhancement of the market, neither supplanting nor retarding it; (iii) legalizing the relationship between government and market to prevent government from undermining well-functioning market operations. A catastrophe insurance market-enhancing framework may provide insights for developing catastrophe insurance in China and other transitional nations.
Originality
First, this paper analyzes China’s mechanism for managing catastrophic disaster risks and China’s approach which emphasizes government responsibilities will shed light on solving how to manage catastrophe risk efficiently and cover disaster losses fairly. Second, this paper starts a broader discussion about government stimulation of developing catastrophe insurance and this framework can stimulate attention to solve the universal dilemma.
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Jiaxin Li, Zhiyuan Zhu, Zhiwei Li, Yonggang Zhao, Yun Lei, Xuping Su, Changjun Wu and Haoping Peng
Gallic acid is a substance that is widely found in nature. Initially, it was only used as a corrosion inhibitor to retard the rate of corrosion of metals. In recent years, with…
Abstract
Purpose
Gallic acid is a substance that is widely found in nature. Initially, it was only used as a corrosion inhibitor to retard the rate of corrosion of metals. In recent years, with intensive research by scholars, the modification of coatings containing gallic acid has become a hot topic in the field of metal protection. This study aims to summarize the various preparation methods of gallic acid and its research progress in corrosion inhibitors and coatings, as well as related studies using quantum chemical methods to assess the predicted corrosion inhibition effects and to systematically describe the prospects and current status of gallic acid applications in the field of metal corrosion inhibition and protection.
Design/methodology/approach
First, the various methods of preparation of gallic acid in industry are understood. Second, the corrosion inhibition principles and research progress of gallic acid as a metal corrosion inhibitor are presented. Then, the corrosion inhibition principles and research progress of gallic acid involved in the synthesis and modification of various rust conversion coatings, nano-coatings and organic resin coatings are described. After that, studies related to the evaluation and prediction of gallic acid corrosion inhibition on metals by quantum chemical methods are presented. Finally, new research ideas on gallic acid in the field of corrosion inhibition and protection of metals are summarized.
Findings
Gallic acid can be used as a corrosion inhibitor or coating in metal protection.
Research limitations/implications
There is a lack of research on the synergistic improvement of gallic acid and other substances.
Practical implications
The specific application of gallic acid in the field of metal protection was summarized, and the future research focus was put forward.
Originality/value
To the best of the authors’ knowledge, this paper systematically expounds on the research progress of gallic acid in the field of metal protection for the first time and provides new ideas and directions for future research.
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Keywords
Yunli Bai, Tianhao Zhou, Zhiyuan Ma and Linxiu Zhang
The purpose of this paper is to examine the role of infrastructure on the income growth and poverty reduction of rural household in China by estimating the impact of road…
Abstract
Purpose
The purpose of this paper is to examine the role of infrastructure on the income growth and poverty reduction of rural household in China by estimating the impact of road accessibility on the extent of household off-farm employment and its heterogeneous effects among the groups with different income level and earning capacity.
Design/methodology/approach
Using nationally representative panel data collected in 100 villages about 2000 households across five provinces in 2005, 2008, 2012, 2016 and 2019. This study adopts Tobit model with panel data, zero-inflated Poisson model and static nonbalanced panel model to yield consistent results.
Findings
We find that road accessibility generally has no effect on the number of off-farm laborers and duration of off-farm employment. However, road accessibility is not beneficial for the households in the low-income villages or with low educational attainment, but it benefits the households in the high-income villages by promoting local off-farm employment or with high educational attainment by increasing the duration of migrant off-farm employment.
Originality/value
This study identifies the heterogeneous effects of road accessibility on the extent of off-farm employment among rural households, which narrows the research gap and enriches the literature. The empirical findings imply that road accessibility widens the gap between rich and poor in off-farm employment, which is of great important to the alleviation of relative poverty after 2020 in China.
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Zhiyuan Wang, Jagdeep Singh-Ladhar and Howard Davey
This paper aims to examine the indirect tax reform process in China. Specifically, it examines the reform of business tax to value-added tax. Inefficiencies within the new tax…
Abstract
Purpose
This paper aims to examine the indirect tax reform process in China. Specifically, it examines the reform of business tax to value-added tax. Inefficiencies within the new tax system are identified and discussed. The “business tax to value-added tax” reform was seen as an essential element in promoting the economic transition and stimulating the service industries (Jin and Jin, 2013).
Design/methodology/approach
The paper uses archival and current literature. In undertaking the study, the different periods of indirect tax are examined, prior to 1994, 1994-2012, the changes from 2012 culminating in the new 2017 regime. Attributes of “good” value-added tax (VAT) systems are covered as well as a comparison with New Zealand’s goods and services tax (GST).
Findings
The paper finds that to align with the international trend of indirect tax development and more efficiently accomplish the economic transition China needs to build a more neutral VAT system with fewer reduced rates and exemptions and the tax system have created tax inefficiencies and increased the compliance cost. VAT is imposing an increasingly significant impact on China’s national economy and industrial structure as well as accountants.
Originality/value
This is the first study that analyses the indirect tax reforms that are currently being implemented in China and as such has lessons for China but also for VAT/GST in general. We should not forget how special New Zealand’s GST is and the clarity of focus of those who implemented it!
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Zhang Guangqing, Shenjun Qin, Li Zhen, Han Haiyan, Li Hui and Tao Chang
This study aims to investigate the coupling reaction of epoxide and CO2 catalysed by alkali metal salts in the presence of ß-cyclodextrin (ß-CD) derivatives to generate cyclic…
Abstract
Purpose
This study aims to investigate the coupling reaction of epoxide and CO2 catalysed by alkali metal salts in the presence of ß-cyclodextrin (ß-CD) derivatives to generate cyclic carbonates at various conditions.
Design/methodology/approach
The coupling reaction was catalysed by alkali metal salts. The effects of the co-catalysts were investigated by using the conversion rate of raw materials. The affecting factors, such as reaction temperature, amount of the co-catalyst and reaction time, were explored. The possible mechanism of the coupling reaction was discussed.
Findings
Results showed that the structure of ß-CD is an important factor influencing the catalytic activity for the coupling reaction of epoxide with CO2. The catalytic system of 2,3,6-trimethyl-ß-CD with potassium iodide (KI) showed a high catalytic activity. The protocol was expanded to various epoxides, which provided the corresponding cyclic carbonates in excellent yields. The apparent decrease in the yields was not detected after four recycling times. Moreover, the mechanism for the synergetic effect of the catalyst was proposed.
Originality/value
The coupling reactions were achieved in the presence of different structure of ß-CD as co-catalysts. The affecting of substituent of ß-CD were investigated.
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The purpose of this paper is to provide the historical background of genealogical records and analyze the value of Chinese genealogical research through the study of names and…
Abstract
Purpose
The purpose of this paper is to provide the historical background of genealogical records and analyze the value of Chinese genealogical research through the study of names and genealogical resources.
Design/methodology/approach
The paper examines the historical evolution and value of Chinese genealogical records, with the focus on researching the Islamic Chinese names used by the people living in Guilin. The highlight of this paper includes the analysis and evolution of the Islamic Chinese names commonly adopted by the local people in Guilin. It concludes with the recommendations on emphasizing and making the best use of genealogical records to enhance the research value of Chinese overseas studies.
Findings
The paper covers the history of Islam and describes how the religion was introduced into China, as well as Muslims' ethnicity and identity. It also places focus on the importance of building a research collection in Asian history and Chinese genealogy.
Research limitations/implications
This research study has a strong subject focus on Chinese genealogy, Asian history, and Islamic Chinese surnames. It is a narrow field that few researchers have delved into.
Practical implications
The results of this study will assist students, researchers, and the general public in tracing the origin of their surnames and developing their interest in the social and historical value of Chinese local history and genealogies.
Social implications
The study of Chinese surnames is, by itself, a particular field for researching the social and political implications of contemporary Chinese society during the time the family members lived.
Originality/value
Very little research has been done in the area of Chinese local history and genealogy. The paper would be of value to researchers such as historians, sociologists, ethnologists and archaeologists, as well as students and anyone interested in researching a surname origin, its history and evolution.
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Keywords
Zhou Yang, Minghe Chi, Xiaorui Zhang, Jiahao Shi, Xue Sun, Xiaoman Zhang and Qingguo Chen
Epoxy resin (EP) is a thermosetting resin commonly characterized by its inherent brittleness, which limits its widespread application. To overcome this limitation, a novel…
Abstract
Purpose
Epoxy resin (EP) is a thermosetting resin commonly characterized by its inherent brittleness, which limits its widespread application. To overcome this limitation, a novel flexible chain-blocking hyperbranched polyester (HBP) was conceptualized and synthesized to enhance the toughness and dielectric properties of EP.
Design/methodology/approach
Using P-toluene sulfonic acid (p-TSA) as the catalyst and Bis(hydroxymethyl)propionic acid (DMPA) as the branching unit with pentaerythritol (PER) as the core, an experimental synthesis was conducted. Subsequently, n-hexanoic acid was introduced separately to produce hyperbranched polyester with n-hexanoic acid capped structures. Microstructural, mechanical, insulating and dielectric analyses of the composite were performed to determine the optimal proportion of HBP.
Findings
Recent research has demonstrated that the flexible segments within hyperbranched polyester create an interpenetrating network structure with the molecular chains of epoxy resin, thereby effectively augmenting the toughness of the epoxy resin. Additionally, HBP has reduced the ε and tgδ values of the epoxy-anhydride cured product by decreasing the number of polar groups per unit volume of EP through the introduction of free volumes.
Originality/value
Currently, HBP serves as an innovative toughening strategy and modifier for epoxy resin. The toughening mechanism involves the generation of free volume by HBP, providing space for EP molecules to maneuver under load. Additionally, the free volume contributes to a reduction in the dielectric constant of EP by diminishing the polarizable group content. Simultaneously, the incorporation of HBP features flexible chains grafted onto the epoxy resin.