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Background: It remains unknown whether good neighbourhood perception can enhance the benefits of favourable built environment to physical activity. Moreover, the moderation pattern is less understood in developing countries. Objectives: This work aims to examine the moderation effects of perceived neighbourhood safety and aesthetics on the relationship between built environment and time for recreational walking. Methods: We performed the examination using a sample of 760 residents in Fuzhou City, China. The Negative Binomial Regression Model was developed to examine the moderation roles of neighbourhood safety and aesthetics on the impact of built environment, adjusting for the effects of location, socioeconomic, personal preferences and social environment factors. Moreover, two sensitivity analyses were performed to test whether the moderators found are robust to the control of residential self-selection, and differential measures of conceptually-comparable aspects of built environment. Results: We found stronger associations of time for recreational walking with road density and proportion of parks and squares POIs for residents with high perception of neighbourhood safety, compared to those with low perception of neighbourhood safety. There was a greater effect of the proportion of parks and squares POIs, when perceived aesthetics was high than when perceived aesthetics was low. The findings of neighbourhood safety and aesthetics as moderator, were robust in the two sensitivity analyses. No significant moderation effect was found for land use diversity. Conclusions: High perceived neighbourhood safety can magnify the positive effects of road connectivity and accessibility to parks and squares. Neighbourhood aesthetics positively moderates the association of time for recreational walking with accessibility to parks and squares. The findings emphasize the need to consider safety- and aesthetics-specific differences in estimates of built environment effects. Improvements in neighbourhood safety and aesthetics are key to effective interventions in built environment to better promote physical activity. [ABSTRACT FROM AUTHOR]

This study examines whether local neighbors operating in different industries affect corporate innovation engagement. Based on mimetic isomorphism theory, we find that innovative local neighbors can serve as a social reference group for corporations to build legitimacy and guide corporations' mimetic innovation behavior. Our results remain robust after controlling for endogeneity by employing various methods. More importantly, our mechanism analysis indicates that local government activism is crucial to promote mimetic innovation behavior in a region. Our study provides a valid mechanism to explain the emergence of highly innovative cities that agglomerate across industry boundaries. Our research makes two key contributions to the literature. First, our study contributes to the literature on corporate innovation clustering by adding new evidence of the mimetic effects in corporate innovation across industries. Different from the industrial peer effects in innovation, which address the industrial peer effects through the lenses of competitiveness and information dissemination, our results highlight that mimetic isomorphism explains the regional effects of mimicry on corporate innovation. We find strong evidence indicating that firms imitate the innovation behaviors of their local neighbors, and this tendency is most plausibly explained by the incentives associated with acquiring legitimacy. Second, our findings clarify the mimetic behaviors in corporate innovation by extending the theory of mimetic isomorphism. We link local government activism to mimetic isomorphism from the psychological and sociological perspectives. In particular, our results indicate that local governments can implement activism through the psychological and sociological mechanisms illustrated in this study. Those "soft" mechanisms initiated by government contribute to a better understanding of the regional effects of mimicry on corporate innovation. [ABSTRACT FROM AUTHOR]

• We construct a multidimensional poverty index for chinese counties. • We establish a staggered DID model that controls for selection bias. • Highways significantly reduce county poverty. • The poverty-reduction effect of highways is conditional. • The poverty-reduction effect of highways diminishes with increasing altitude. This paper establishes a staggered difference-in-differences (DID) model to estimate the impact of highways on regional poverty using county-level panel data from China. We construct a multidimensional poverty index and use satellite-monitored night light brightness as a proxy indicator. The results demonstrate that highways significantly reduce county poverty and that the poverty reduction effect becomes increasingly pronounced over time. This result remains robust after controlling for non-random highway route selection. Furthermore, the poverty reduction effect of highways is conditional, with a significant poverty reduction effect in the less economically-developed western regions and non-municipal counties, and no significant poverty reduction effect in the economically-developed eastern and central regions and municipal districts. Moreover, the poverty reduction effect of highways gradually decreases as the average altitude of counties increases. Our tests provide empirical evidence for effective road investments in developing countries that incorporate poverty alleviation targets. [ABSTRACT FROM AUTHOR]

Shared‐energy storage (SES) can break the energy interaction barrier between the demand side and the supply side, which is becoming an option for improving the flexibility of energy systems. This study designed a novel structure for the shared‐energy aggregator (SEA), incorporating a microgrid (MG), prosumer and SES. Then, a two‐level market transaction optimization model for SEA, considering the robust stochastic optimization method, is proposed; namely, at the day‐ahead stage, a robust stochastic operation optimization model is constructed to achieve the dispatching plan from the demand side under the objective of achieving the minimum energy consumption cost for the prosumer, and at the real‐time market stage, a robust stochastic operation optimization model from the supply side is constructed to arrange the optimal dispatching strategy under the objective of the maximum aggregator benefits of MG and SES. Finally, an industrial park micro‐grid in Qinghai Province, China, is selected as an example for analysis. [ABSTRACT FROM AUTHOR]

Incorporating more informal workers into the employee public pension scheme (EPPS) is a crucial component of building a high-quality employment security system in China. This study, based on data from the China Family Panel Studies (CFPS) for the years 2014, 2016, and 2018, empirically analyzes the impact of Internet usage on the participation of informal workers in the EPPS. The research finds that informal workers significantly increase the possibility of participation in the EPPS through the Internet usage. This positive effect remains significant even after a series of robustness tests. Heterogeneity analyses argue that informal workers with higher educational level are more likely to participate in employee public pension scheme through the Internet Usage than informal workers with lower educational level. Mechanism analysis suggests that informal workers significantly raise their government trust through the Internet usage, thereby promoting their participation in the EPPS. Based on the empirical results, the following policy recommendations are proposed: government should further utilize the Internet to streamline online enrollment procedures, reducing the time costs for informal workers to participate in the EPPS. Additionally, the government should actively engage with the public through the Internet to enhance its image and deepen the level of government trust of informal workers, thereby increasing their motivation to participate in the EPPS. [ABSTRACT FROM AUTHOR]

In situ surface wind observation is a critical meteorological data source for various research fields. However, data quality is affected by factors such as surface friction changes, station relocations and anemometer updates. Previous methods to address discontinuities have been insufficient, and processing methods have not always adhered to World Meteorological Organization (WMO) World Climate Programme guidelines. We analyzed data discontinuity caused by anemometer changes and station relocations in China's daily in situ near-surface (∼ 10 m) wind speed observations and the impact of the processing methods on wind speed trends. By comparing the wind speed discontinuities with the recorded location changes, we identified 90 stations that showed abnormally increasing wind speeds due to relocation. After removing those stations, we followed a standard quality control method recommended by the World Meteorological Organization to improve the data reliability and applied Thiessen polygons to calculate the area-weighted average wind speed. The result shows that China's recent reversal of wind speed was reduced by 41 % after removing the problematic stations, with an increasing trend of 0.017 m s -1 yr -1 (R2 = 0.64, P < 0.05), emphasizing the importance of robust quality control and homogenization protocols in wind trend assessments. [ABSTRACT FROM AUTHOR]

Using SITC-3 product-level data from the CEPII-BACI database, we find that the share of imports from China by countries in the one-belt region slowed down significantly after the global financial crisis (GFC) in 2008, which predates the Belt and Road Initiative (BRI), while there was no slowdown in the one-road region. Analysis using the difference-in-differences (DID) method reveals that the GFC inhibited China's export to countries in the one-belt region and this effect has become stronger over time. This conclusion remains robust for other control groups over various time segment points and different product dimensions. Further analysis shows that the slowdown of China's export expansion in landlocked countries, and in Europe, and the Middle East is the main contributing factor to the post-crisis slowdown in Chinese exports in the one-belt countries. Mechanism analysis shows that shrinkage in the geographical import networks of the one-belt countries, which has been aggravated by countries' concentration of import sources and relative trade proximity with China, explains the slowdown in general. Heterogeneous analyses reveal that after the GFC, the share of imports from China fell least in primary and resource-based products, then in medium-tech and high-tech products, and fell most in low-tech products. [ABSTRACT FROM AUTHOR]

By matching the geocoded data of firm-level productivity and county-level expressway networks in China's Yangtze River Delta region, we establish a difference-in-differences model to investigate the impact of expressways on manufacturing firm productivity. The results show that expressways boost manufacturing firms' total factor productivity, with firms closer to expressway services achieving more significant productivity increases compared to those farther away. The results remain robust after controlling for the endogeneity problem using an instrumental variable approach. Expressways promote firm productivity by reducing inventory costs and increasing firm profitability and regional industrial concentration, whereas their effect on product innovation is insignificant. We also find heterogeneity in the impact of expressways on firm productivity, with firms in peripheral counties and in labor-intensive industries receiving a weak productivity-enhancing effect, while firms in central regions and those with high transport dependency benefit more. [ABSTRACT FROM AUTHOR]

Aiming at the problem of ultra-low-frequency oscillation (ULFO) in power systems, with an oscillation frequency lower than 0.1 Hz, an oscillation suppression control method is proposed. Firstly, the mathematical modeling of the system is carried out, and a cascade correction control method of the governor of hydropower generators is proposed. Secondly, using the ability of photovoltaic (PV) active power to adjust the system frequency, an additional controller for PV active power is proposed. Then, a unified frequency model considering the two controllers is established for multi-hydro and multi-PV systems, and the structural singular value method is used to coordinate the design of the parameters of the hydropower and PV generator controllers to achieve robust performance. Finally, based on a time-domain simulation of single-hydro and single-PV systems and an actual demonstration system located in Sichuan Province, China, the results show that the control method proposed in this paper has a good suppression effect on ultra-low-frequency oscillation under different working conditions, and meets the requirements of robust performance. [ABSTRACT FROM AUTHOR]

This research is motivated by China's second largest flower auction market. Its existing auction logistics plan is to group the auction trolleys in a fixed order of 'same category and same grade'. The auction logistics centre cannot respond to demand fluctuations by dynamically optimising the order of participation, resulting in overall trading revenue decline. This paper proposes an integrated decision-making framework based on the theory of revenue optimisation. Through effective demand forecasting, the demand curves of different types of auction lots in multi-period are obtained. In the face of the reserved order of a limited auction trolley, order acceptance strategy is adopted to flexibly allocate auction trolleys, with the goal of revenue maximisation. Considering the impact of demand uncertainty and forecast errors on system performance, a robust control is employed. Through designing a genetic-variable neighbourhood algorithm, the solving of this large-scale practical problem can be controlled within acceptable computation time. Numerical experiments verify that the proposed approaches are superior to the traditional first-come-first-served rule. Sensitivity analyses provide significant implications for the scientific decision-making of managers, including the allocation ratio of group orders to individual orders, discounts on entry fees for group orders, and the division of auction time periods. [ABSTRACT FROM AUTHOR]

The CFETR multi-purpose overload robot (CMOR) is a key subsystem of the remote handling system of the China fusion engineering test reactor (CFETR). This paper first establishes the kinematic and dynamic models of CMOR and analyzes the working process in the vacuum chamber. Based on the uncertainty of rigid-flexible coupling, a CMOR adaptive robust sliding mode controller (ARSMC) is designed based on the Hamilton-Jacobi equation to enhance the robustness of the control system. In addition, to compensate the influence of non-geometric factors on position accuracy, an error compensation method is designed. Based on the matrix differentiation method, the CMOR coupling parameter errors are decoupled, and then the gridded workspace principle is used to identify the parameter errors and improve the motion control accuracy. Finally, the CMOR rigid-flexible coupling simulation system is established by ADAMS-MATLAB/Simulink to analyze the dynamic control effect of ARSMC. The simulation results show that the CMOR end position error exceeds 0.1   m for single joint motion. The average value of CMOR end position error is less than 0.025   m after compensation, and the absolute error value is reduced by 4 times, improves the dynamic control accuracy of CMOR. [ABSTRACT FROM AUTHOR]

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In-situ surface wind observation is a critical meteorological data source for various research fields. However, data quality is affected by factors such as surface friction changes, station relocations, and anemometer updates. Previous methods to address discontinuities have been insufficient, and processing methods have not always adhered to World Meteorological Organization (WMO) guidelines. We analyzed data discontinuity caused by anemometer changes and station relocations in China’s daily in-situ near-surface (~10m) wind speed observations and the impact of the processing methods on wind speed trends. By comparing the wind speed discontinuities with the recorded location changes, we identified 90 stations that showed abnormally increasing wind speeds due to relocation. After removing those stations, we followed a standard quality control method recommended by the World Meteorological Organization to improve the data reliability and applied Thiessen Polygons to calculate the area30 weighted average wind speed. The result shows that China's recent reversal of wind speed was reduced by 41% after removing the problematic stations, with an increasing trend of 0.017 m s-1 year-1 (R² 32 = 0.64, P < 0.05), emphasizing the importance of robust quality control and homogenization protocols in wind trend assessments. [ABSTRACT FROM AUTHOR]

This paper proposes a factor timing strategy with information from 146 characteristic‐based factors and a deep learning approach to capture the nonlinear predictability. The deep learning‐based factor timing strategy generates the highest economic value compared with the unconditional and alternative linear machine learning‐based portfolios and remains robust after controlling for traditional factor models and transaction costs. With the unique market structure of the Chinese stock market, we find that mispricing‐based theory helps explain the factor timing via deep learning. [ABSTRACT FROM AUTHOR]

Extra‐thick coal seams are widely distributed in the Datong mine area in China. The rapid stopping of mining and the support withdrawal technology for extra‐thick coal seams need to be developed urgently. The reasonable stopping top coal caving distance, main roof's fracture line position, and large section roadway during the stopping period (LSRSP) support method of the header face of 15 m extra‐thick coal seam are systematically studied by using field measurement, experiment, numerical simulation, and similar material simulation methods. With the increase in stopping coal caving distance, the range of the medium and low displacement zone of the LSRSP overburden gradually expands. In contrast, the depth of the plastic zone decreases. The scope and intensity of the high‐stress area of the overlying rock in front gradually decrease and shift from deep to the outside, while the peak stress area shifts from the top coal area to the coal rib of the retracement channel. Comparing the stopping of medium‐thick and thick coal seam working face, the interaction between "main roof−unmined top coal−supports" is analyzed. The unique characteristics of the extra‐thick coal seam working face are derived: when the stopping coal caving distance is shorter than the length of the key block, the dropped coal body cannot effectively restrict the movement of key blocks. Mutual compression and subsidence occur between key blocks, making the broken coal rock block squeeze into the supports. By the simulation study of each index, the stopping coal caving distance of the extra‐thick coal seam is optimal when it is slightly larger than the length of the key block (i.e., the periodic weighting step), simultaneously, the main roof fracture line behind the supports is most favorable for stopping mining. After ensuring the stability of the LSRSP's overburden structure, the differentiated support scheme of "controlled zoning−strength grading" was proposed, and the scheme was modified and verified by simulating the support prestress field. After field practice, the roof of the retracement channel is better controlled in deformation under the joint horizontal and vertical support, the robust control effect of the combined anchor cable is noticeable, the integrity of the polyurethane network is more substantial, and the working face supports have successfully achieved a safe and rapid evacuation. [ABSTRACT FROM AUTHOR]

I study whether U.S. CEOs well connected in China better capture investment opportunities from China. I find that Chinese connected CEOs realize larger sales from China, better announcement returns of investments in China, greater operating performance, and more rewards in the labor market when investment opportunities from China increase, especially for CEOs' connections with political officers in China. These relations are stronger for firms that lack relevant information about Chinese environment in the boardroom. My results are robust to various controls for managerial skill and regulatory reforms in China as well as tests for endogeneity. [ABSTRACT FROM AUTHOR]

This paper empirically investigates the role of social trust in the long-term performance of the initial public offerings (IPOs) in China, controlling for the formal institutional environment. We find that privately owned or smaller IPO firms experience significantly better post-IPO performance when they are incorporated in regions with more social trust. The state-owned and bigger IPO firms, on the other hand, experience better long-term post-IPO performance when they are incorporated in regions with stronger formal institutions (e.g. court enforcement and contract holding). Political pluralism turns out to benefit all IPOs in the long term. In addition, our evidence shows that stronger social trust substitutes for the quality of court enforcement but complements the role of contract holding. These results are robust after controlling for alternative definitions of ownership, outliers, non-linear effects of institutions, and the potential endogeneity of institutions in the model. [ABSTRACT FROM AUTHOR]

The current paper aims at developing and validating a Teacher Leadership Inventory (TLI). Adopting the theoretical-empirical strategy of instrument development, the procedure consisted of taking a sample of panel experts and undertaking six sequential empirical studies with sufficient samples of teacher leaders from China. After verifying content validity, structural validity, criterion validity, and cross-validity, a 25-item multi-dimensional model on teacher leadership behaviours with five factors was identified. The resulting TLI could provide a validated instrument for future research investigating the nature of teacher leadership behaviours as an independent construct and their relations with other relevant constructs. It is expected that the TLI could serve as a more robust means for promoting the research and practice of teacher leadership. [ABSTRACT FROM AUTHOR]

The literature on the effect of multinational firms on the productivity of domestic firms has received wide attention; however, the exact channel of productivity spillover at a more micro firm level is underexplored. Based on a multisector production model, we examine heterogeneous productivity spillovers through the channel of upstream foreign direct investment (FDI) inputs at the firm level. We construct a firm‐level distance statistic for the upstream FDI and estimate the gravity of inputs: A firm is more productive if it gains access to more FDI inputs (general productivity‐enhancing effect) and is geographically closer to upstream FDI firms (proximity effect). We find in the 2000–2007 Chinese firm data that (i) if a domestic firm's FDI input share increases by 1 percentage point, then its productivity is increased by 2.02%, and (ii) if the firm's distance from upstream FDI firms is 10% greater, then its productivity is reduced by 0.59%. The results are robust after controlling for FDI firm location selection bias and other productivity spillover channels. [ABSTRACT FROM AUTHOR]

This study tests the hypothesis that the target firms are involved in earnings management activities in quarters leading to a takeover announcement. Using a sample of 3,455 Chinese listed firms that are targets of successful acquisitions over the period 2007 - 2020, and for a matched sample of non-targets, we find that target firms manipulate earnings in quarters leading to the announcement date. Further, we find evidence of a negative relationship between earnings management and short-term gains to shareholders. Our result remains robust after controlling for various deal characteristics. The study also suggests that pre-merger earnings management in target firms is not fully anticipated by the market before the takeover announcement. We find no evidence of earnings management immediately after the announcement quarter. [ABSTRACT FROM AUTHOR]

Enhancing the energy system's resilience to risks is a pressing need, and green finance provides inspiration in achieving this goal. Nevertheless, only a limited number of scholars have empirically examined the impact of green finance on energy resilience. This study employs panel data for 16 years (2006–2021) from 30 provinces in China to empirically investigate the correlation between energy resilience and green finance. The study also aims to analyze heterogeneity and the underlying influencing mechanisms. The results indicate that green finance can effectively enhance China's energy resilience, particularly in the economic and social domains. This finding is highly reliable, as it passes several robustness checks. Additionally, this positive impact is not universal. The significance of promoting green financing is limited to the eastern and western areas, where it can indirectly bolster energy resilience by fostering industrial transformation and driving green technology innovation. These discoveries offer valuable insights for policymakers aiming to enhance the energy system's resilience to risks from a green financing perspective. • This study examines the effect of green finance on energy resilience. • Heterogeneity and paths of influence are examined. • Green finance contributes to China's energy resilience improvement. • There exists regional heterogeneity in the effects of green finance. • Industrial upgrading and green technology innovation serve as mediators. [ABSTRACT FROM AUTHOR]

This article investigates whether a deleveraging policy influences the risk of corporate debt default. We provide evidence that the deleveraging policy can increase the risk of corporate debt default by reducing the supply of credit funds and increasing the cost of debt financing, and the conclusions remain robust after controlling for endogeneity problems. Furthermore, we find that the impact of the deleveraging policy on corporate debt default risk is more significant for enterprises with poor operating performance, nonstate-ownership, backward capacity, and developed shadow banking areas. Those findings provide a theoretical basis for the macrodecision transition from deleveraging to stabilizing leverage. [ABSTRACT FROM AUTHOR]

Business strategies play a vital role in a firm's success but, if not properly executed, can lead to financial irregularities and mispricing, influencing the firm's performance and leading to stock price crash risk. The present study examines the impact of firm's business strategy and market power on stock price crash risk. Following Miles and Snow's (2003) model, we classified Chinese firms listed on the Shenzhen and Shanghai stock exchanges into defenders (conservative) and prospectors' (aggressive) business strategies over a period of 2006–2019. We employed industry and year fixed effects regression to show that prospectors who follow aggressive strategies are more prone to stock price crash risk than defenders who follow conservative strategies. Additionally, we show that firms with high market power also contribute to increased stock price crash risk. Our results are also robust to alternative control variables and different statistical models like the two-stage least squares method. [ABSTRACT FROM AUTHOR]

Frequent leadership changes can considerably affect the strategic direction and smooth functioning of an enterprise. However, it still remains unknown that how a frequent leadership change impacts corporate performance indicators. This research aims to investigate the relationship between frequent leadership changes during a year and firm performance. We analyze how CEO frequency during a one-year period impacts performance indicators of Chinese listed firms. The results of panel fixed-effect regression reveal that, CEO turnover leads to a decline in corporate performance measured by ROA and ROE. Moreover, with an increase in annual turnover frequency, the degree of performance decline gets more pronounced. These results remain robust after controlling for endogeneity using the alternate econometric specification of 2SLS. The study findings assert that frequent CEO changes are not conducive to firm performance. Hence, stability in the CEO tenure is essential to sustain and optimize the financial performance of an enterprise. [ABSTRACT FROM AUTHOR]

Using a sample of Chinese listed companies, we investigate the impact of anti‐takeover provisions (ATPs) on the cost of debt. The results show that ATPs increase the cost of debt, which is contrary to findings based on US data. Moreover, executive ownership enhances the positive relationship, while hiring a reputable auditor attenuates it, indicating an agency channel. We further examine the relation between agency costs and ATPs and confirm that ATPs aggravate agency costs, leading to detrimental effects for debt borrowers. Our findings are robust to controlling for potential endogeneity issues and other robustness checks. [ABSTRACT FROM AUTHOR]

Aims Leaf nutrient resorption is sensitive to changes in soil nutrients. However, the effects of N deposition on nutrient resorption efficiency (NuRE) in plant macro-nutrients remain unclear. Poplar (Populus deltoids) is one of the most extensively cultivated hardwood species worldwide. We explored general patterns and dominant drivers of NuRE and stoichiometry of poplar plantations in response to N addition. Methods We conducted a 4-year N-addition experiment to explore NuRE and stoichiometric responses to N addition in two poplar (P. deltoids) plantations (8- and 12-year-old stands) in a coastal region of eastern China. We measured soil and foliar (green and senesced leaves) concentrations of nitrogen (N), phosphorus (P), potassium (K), calcium (Ca) and magnesium (Mg) for a series of N addition treatments including N0 (0 kg N ha−1 yr−1), N1 (50 kg N ha−1 yr−1), N2 (100 kg N ha−1 yr−1), N3 (150 kg N ha−1 yr−1) and N4 (300 kg N ha−1 yr−1). Important Findings Consistent for (both) 8- and 12-year-old stands, N addition did not affect the NuRE and stoichiometry (with the exception of CaRE and CaRE:MgRE ratio). N resorption efficiency–P resorption efficiency (NRE–PRE) scaling slopes were consistently less than 1.0 under N addition. These results suggest that NRE generally decouples from PRE within each N treatment. Moreover, these results point to robust control of green leaf nutritional status on nutrient resorption processes as indicated by the positive relationships between NuRE and green leaf nutrient concentrations. Our findings provided a direct evidence that growth in 12-year-old poplar plantations was N-limited in the coastal region of eastern China. [ABSTRACT FROM AUTHOR]

Attention is a scarce cognitive resource, and investors have limited attention. Beyond that, the investor attention plays a significant role in the performance and efficiency of capital market, as it affects investors' trading decisions. We introduce the synthetic attention index (SyntAI) further to describe the investors’ attention on the whole market level, and derive abnormal synthetic attention (Abn_SyntAI). Importantly, we investigate the predictive power of Abn_SyntAI for industry momentum under binary market states in China. We find that Abn_SyntAI can positively (negatively) predict industry momentum payoffs in the UP (DOWN) market state, which is robust after controlling for key business cycle variables. Additionally, the predictive power of Abn_SyntAI comes from winner (loser) industries in the UP (DOWN) market state. Further, we propose the Abn_SyntAI-based industry momentum strategy which yields significant profits, more than four times that of the conventional industry momentum strategy’s payoffs. Moreover, we argue that one proper channel for the transformation of winner industry roles is the interaction of market states and Abn_SyntAI. The industry momentum circulation path (IMCP) hypothesis proffers new insights for active managers devoted to anatomizing momentum-based anomalies. [ABSTRACT FROM AUTHOR]

Improving the level of innovation factor allocation is an important route to achieve high-quality economic development in China and has received much attention from scholars. As a policy system to change the old and new dynamics of innovation, the impact of innovation pilot cities on the allocation of innovation factors is of great importance. Using a sample of 254 prefecture-level cities in China from 2006 to 2019, this paper empirically analyses the impact of innovative pilot city policies on the allocation of innovation factors and their paths of action using a multi-temporal double-difference model. The study finds that the innovative pilot city policy significantly improved the level of innovation factor allocation, and this result held true after considering a series of robustness tests and endogeneity tests. Mechanistic tests show that the innovation pilot city policy has an impact on the allocation of innovation factors through the factor mobility effect and the innovation environment effect. Heterogeneity test shows that the influence of innovation pilot city policies on innovation factor allocation is greater in cities with higher administrative levels and better geographical locations. The economic consequences show that the innovation pilot city policy can significantly promote high-quality regional economic development. This study provides useful lessons for giving full play to the innovation-driven policy's innovation factor allocation effect, thereby enhancing China's high-quality economic development. • This paper studies the influence of innovative pilot cities on the allocation of innovation factors. • It provides a new method for measuring innovation factor allocation. • The basic results were confirmed by a series of robustness tests and endogeneity tests. [ABSTRACT FROM AUTHOR]

Using 13,584 observations of 4772 undergraduate students enrolled in 523 online classes offered synchronously at a research university in China, and using online-learning platform data and administrative data, this paper examines the impacts of class attendance on academic performance. Based on student-level and course-level fixed effects models with a unique set of student-course level control variables, this paper finds class attendance to have a significantly positive impact on academic performance. This effect is larger for low-performing students and smaller for students in courses with larger class sizes. The above findings survive a number of robustness checks, including a bounding technique, restricting sample to compulsory courses and limiting variation in attendance caused by whole day absence. • This paper represents the first attempt to examine the effects of class attendance on academic performance of college students in synchronous online courses. • Based on 13584 observations of 4772 students enrolled in 523 online classes at a research university in China, this paper uses a larger sample with a diverse range of courses and more accurate indicators of class attendance. • Employing student and course fixed effects, we find that students' class attendance has a significantly positive impact on their academic performance. For a one standard deviation increase in class attendance, academic performance increases by 0.08 standard deviation. • The positive attendance effect is stronger for lower-performing students and students in smaller classes, and remains substantial even for courses without mandatory attendance requirements. [ABSTRACT FROM AUTHOR]

This paper empirically evaluates the impacts of China's exchange rate regime reform in 2005 on its macroeconomy. We propose to use a new counterfactual policy evaluation method that is robust to the choice of control group. Using the new method, we find that China's exchange rate regime reform in 2005 mildly reduces the Consumer Price Index, has a substantial damping effect on export, significantly increases employment, and has negligible impact on industrial production. [ABSTRACT FROM AUTHOR]

With the quasi-natural experiment of state-owned enterprises reform in China, this paper analyzes the relationship between state ownership and innovation. Utilizing difference-in-differences method, this paper estimates the effects of privatization on innovation in terms of R&D expenditure (innovation input), the number of patents, patents for invention (innovation output) and expenditure per patent (innovation efficiency) with Annual Survey of Industrial Enterprises in China over the period of 1998 and 2007. This paper finds that the privatization of state ownership does not significantly raise the R&D expenditure but does increase the innovation output by 2.5% as well as innovation efficiency by 50%. The results are robust to controlling for other types of ownership change and the industry-time disturbances. We also find that state ownership mainly influences firm innovation performance through the channels of increasing wages and financial constraints. [ABSTRACT FROM AUTHOR]

Since the year 2000, the number of recorded hate groups in the United States has increased by more than 50 %. Some argue that the strain caused by unemployment or other socioeconomic stressors can play a critical role in the prevalence of extremist groups and crimes. We examine whether a change in U.S. policy to normalize trade relations with China, which fueled a surge in import competition that led to higher levels of unemployment, affected the presence of hate crimes. Using a difference‐in‐differences model and an event‐study framework, we find that areas most exposed to import competition experienced an increase in the number of anti‐Black hate crimes. We also find a qualitatively similar effect on the number of active hate groups in response to import competition. This result holds pre‐ and post‐the Great Recession and is consistent across levels of aggregation. The results are consistent and robust to various controls and specifications. [ABSTRACT FROM AUTHOR]

We investigate the compensation plans during China's split share structure reform, a unique event that affected the entire market and in which investors' opinions over stock values can be measured. We find that anchoring effects and accruals biased investors' valuations. Although previous studies have observed investor's biased belief from their irrational trading behavior, our study provides direct evidence of their biases regarding stock values. In particular, the compensation ratio was lower for stocks with prices closer to the historical high and further from the 52-week high, for stocks with higher accruals and for stocks with higher misvaluations relative to industry peers. In addition, we find a strong herding effect for the compensation ratios of firms that had already completed the reform. These results are robust to control for the effects of risk sharing, differences in bargaining power, the price impact from the increased number of tradable shares and liquidity. [ABSTRACT FROM AUTHOR]

To shed light on the sustainable development of rural areas, we study the determinants of transitions from subsistence farming into either formal agricultural employment or agricultural entrepreneurship based on a recent nationally representative survey dataset. We pay particular attention to the roles of different capital endowments broadly including human, financial, natural, social and political capital. Our results show that human, natural, social and political capital are all important determinants of rural households' transitions to on-farm employment and entrepreneurship while financial capital plays a limited role. These findings are robust to fully controlling for off-farm transitions as part of the household occupational strategy. [ABSTRACT FROM AUTHOR]

A dynamical system for optimal path of energy and resources between two cities in China is considered in this paper. We have discussed dynamics of variables and parameters involved in mentioned system. Bifurcation analysis around non-hyperbolic equilibria is also explained for codimension 1 and 2 bifurcations. Furthermore, double-zero eigenvalue condition is calculated for the proposed model. We have adopted methodology of the generalized vectors for existence of Bogdanov–Takens bifurcation critical point and used analytical computations instead of center manifold theorem for Bogdanov–Takens bifurcation around zero equilibria. Further, with the aid of bifurcation diagram, phase portraits and time history, we discussed occurrence of period doubling, Hopf bifurcation and chaotic region of our proposed model. Based on Lyapunov function and robust control, optimal controllers are designed using Hamilton-Jacobi theorem for the stability of disturbance and aperiodic solution in optimal transportation system (3) due to energy imports from city A to city B. [ABSTRACT FROM AUTHOR]

Our study examines the influence of institutional investors on firm investment efficiency based on nonfinancial firms listed on Chinese stock exchanges over the period 2009–2014. Our results show that institutional ownership generally improves firm investment efficiency. However, after considering the independence of institutional ownership, we find that only pressure-resistant institutional ownership increases firm investment efficiency by alleviating both overinvestment and underinvestment. We also find that the pressure-resistant institutional investors' horizon matters. In particular, pressure-resistant institution investors who have higher shareholdings are more stable—that is, they tend to hold shares longer and thus have a more intensive effect on firm investment efficiency. Our results also show that relaxing external financing constraints, reducing agency costs, and increasing executive incentives significantly improve firm investment efficiency. The results are robust to controlling for endogeneity. Documenting the positive influence that pressure-resistant institutional investors have on firm investment efficiency and the channels through which they improve firm investment efficiency should be of interest to investors, regulators, and academics. [ABSTRACT FROM AUTHOR]

In the background of high-quality development, production factors, productivity and total factor productivity all propose new high standards to enterprises. Research and development (R&D) design stage is the source and key to assure high quality of enterprise products. The quality-induced loss of products in R&D design stage is significantly higher than that in manufacturing stage. Made in China 2025 brings a new opportunity and a higher challenge to China's machinery manufacturing industry through transforming from low cost competitive advantages to quality-benefit advantages. As the fundamental products of machinery manufacturing industry, mechanical processing products can prevent flaws fundamentally by improving quality characteristics in R&D design stage, thus saving R&D cost effectively and improving product quality and reliability significantly. In this study, a robust design for quality characteristics of tap which is a typical representative of mechanical processing products was proposed. According to theoretical analysis of influencing factors of tap quality characteristics as well as the relevant quality fluctuation caused by influencing factors, its lifespan is the key quality characteristic in R&D design stage. As the key to determine tap lifetime, cryogenic temperature was chosen with soaking time by decision-making and trial evaluation laboratory as two of the most important factors that influence cryogenic treatment in the present study. A functional model between tape lifetime and these two selected factors were constructed through the response surface methodology. Optimized by multivariant optimization process memorise algorithm, the best parameter combination for cryogenic treatment was obtained. Research demonstrates that robust design of product quality characteristics helps enterprises to make product quality better and more quickly, lower operation cost, and improve productivity, thus promoting the high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

Regional hybrid energy system (RHES) is an effective way to accommodate clean energy and reduce its uncertainty. It is also an important development direction for energy market reform, playing an important role in the field of energy supply and demand. Based on electricity price, thermal price, and the relationship between load supply and demand, the paper proposes an optimal scheduling model for regional energy systems to promote clean energy consumption. Firstly, the typical structure and system modules of the integrated regional energy system are introduced in detail, and the two subsystem operating models of electricity and heating are given. Secondly, a multi‐objective function that combines the economics and stability of the system is constructed. The model maximizes the economic benefits and minimizes the net load fluctuations on the basis of maximizing the consumption of clean energy. The multi‐objective singularity is realized by fuzzy membership function. The decision‐making risk caused by the uncertainty of clean energy output is analyzed by introducing robust optimization theory. Finally, the effectiveness of the proposed model is verified based on a region in northwestern China. The results show that the proposed multi‐objective model can combine different optimization demands together, maximize the economic characteristics of clean energy while properly controlling risks, and provide reasonable support for decision makers to develop optimal operation plans. [ABSTRACT FROM AUTHOR]

Double-row stabilizing piles are widely used to stabilize large-scale landslides. The construction process of double-row stabilizing piles is often accompanied by constructional time delay (CTD), which is defined as the time interval between the installation of front-row and rear-row stabilizing piles. The CTD is often selected based on the designer's experience and the construction arrangement due to the lack of design guidelines for double-row stabilizing piles. In this paper, the CTD is considered as a design parameter and optimized based on the robust design concept. The signal-to-noise ratio, which is a function of the mean and standard deviation of factors of safety (FOS) of the stabilizing piles, is used as a measure of the design robustness. The FOS of the double-row stabilizing piles are computed using an analytical model that considers the CTD. A framework based on the concept of robust design is proposed for determining the most preferred CTD considering multiple objectives, including safety, cost, and design robustness. This framework is illustrated with a case study, the Hongyan landslide project, Taizhou, Zhejiang, China. Based on the outcome of this study, the most preferred CTD is obtained. [ABSTRACT FROM AUTHOR]

Temporal monitoring of inland water bodies using remote sensing images is often impeded by missing data caused by clouds and other adverse conditions. To date, various data recovery algorithms have been developed based on the water occurrence threshold (WOT), where the contaminated pixels are recovered by using long-term historical water distribution information. Here, we propose an improved algorithm, enhanced WOT (EWOT), which addresses the issue of mismatch between the water occurrence product and the actual historical water presence that has been neglected by previous WOT algorithms. The EWOT algorithm achieved an overall high accuracy (with a mean absolute percentage error (MAPE) = 5.1%) and prevailed against a representative WOT algorithm. The accuracy could be further reduced (MAPE = 1.6%) after the application of a novel quality control process. In addition, the temporal coverage of the high-quality surface water area time series was improved by an average of 26.2%, and the percent count and percent area of lakes with high-quality reconstructed data reached as high as 84.5% and 94.7%, respectively, facilitating the utilization of these data in further time series analysis. In general, the improvement was closely associated with the extent of the contamination before recovery. We evaluated the algorithm's ability to be implemented on a large scale in China, and the results generally were in line with previous studies. Nonetheless, our high-quality annual-based dataset presented a more comprehensive and continuous representation of the changes in lake area spanning from 2000 to 2019. The significance of improving the existing WOT algorithms is highlighted in this study, and the proposed method can be readily extended to lakes worldwide, thus providing a valuable data source to examine the causes and possible impacts of lake dynamics. • A novel improvement towards current WOT-based reconstruction algorithms. • A robust quality control process by utilizing two effective quality indicators. • A significant improvement for the overall quality of the lake area time series. • An annual lake area dataset for 4936 natural lakes and 2237 reservoirs in China. • A substantial yet diverse lake area changes between 2000 and 2019 in China. [ABSTRACT FROM AUTHOR]

We analyze the structural and functional robustness of networked critical infrastructure systems (CISs). We propose a structural and functional robustness model of a typical complex network and take into account the corresponding measuring metrics and cascading processes to assess the impact of different hazard modes on robustness. We analyze the robustness of the shanghai subway network and the central China power grid to demonstrate an application of the model. We find that both are strongly robust to random failure but extremely vulnerable to targeted attack. We identify the critical areas most likely to be attack targets and use a functional perspective to identify vulnerabilities. Our proposed method can be applied to other CISs and aid in understanding the mechanisms of network robustness. • The structural and functional robustness are analyzed. • The critical areas most likely to be attack targets are identified. • The fraction of the system after a series of failures occur are determined. • Overload failures are examined to determine how they propagate. [ABSTRACT FROM AUTHOR]

This paper presents the robustness analysis of the interdependencies between urban critical infrastructures (CI) against cascade failures. An analytical approach based on the dynamic percolation theory was introduced to investigate the multilayer interactional CI networks and to predict the urban calamity spreading as illustrate with example of China. The synergetic effect of the functional and geographical interdependencies between the networks on cascade failures of CI was studied by comparing four relevance patterns: no interdependency, the functional interdependency, the geographical interdependency, and the functional with geographical interdependency, where three different attack strategies were simultaneously considered. The results indicate that the geographical interdependency has a remarkable influence on the robustness of networks compared with functional interdependency. Moreover, excavating the scope and extent of the impact of these interdependencies, one can also find that the power network basically governs the cascade failures of global systems in contrast with water or gas network. [ABSTRACT FROM AUTHOR]

Abstract Is idiosyncratic volatility priced? The existing literature finds conflicting results on the cross-sectional relation between expected returns and idiosyncratic volatility. This paper examines the relation between idiosyncratic volatility and expected returns in Chinese Stock Market. We find there is a significantly positive relation between idiosyncratic volatility and expected returns when we use Fama–French five-factor model to estimate idiosyncratic volatility. However, the positive relation disappears when we use GARCH (1,1) model to estimate idiosyncratic volatility. This result indicates that in Chinese Stock Market, the idiosyncratic volatility premium is just an apparent phenomenon, whether the idiosyncratic volatility matter or not depend on the way we estimate the idiosyncratic volatility. The result is robust after controlling for investors' lottery preference, investors' sentiment and other factors. Highlights • A new method is applied to estimate idiosyncratic volatility. • The idiosyncratic volatility is positively related to expected return. • Positive relation disappears when using alternate estimate method. • In China, the idiosyncratic volatility premium is just an apparent phenomenon. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the role of principal–principal (P–P) agency conflict in shaping the information environment of firms in China. Moreover, it investigates whether audit quality and analyst following play any role in moderating the effects of P–P agency conflict. Design/methodology/approach: The authors used principal component analysis to synthesize a measure of P–P agency conflict and used accruals quality as measure of information quality. They used two-step Arellano Bond system GMM estimators to cope with potential endogeniety in the model. Moreover, they also performed subsample analyses based on state ownership to ensure the robustness of findings. Findings: The results of this paper provide evidence that high P–P agency conflict is associated with poor information quality in China. But this is not true for subsample of state-owned enterprises. Moreover, better audit quality and high analyst following mitigate the negative effects of high P–P agency conflict on information quality but only in subsample of non-state-owned enterprises. Originality value: The findings of this paper are important, as they contribute in literature on forces shaping the information environment of firms. Moreover, it presents audit quality and analyst following as external governance mechanisms to alleviate the negative consequences of the P–P agency conflict vastly embedded in the ownership structure of firms in China. [ABSTRACT FROM AUTHOR]

This paper used the panel data of 31 provinces and cities in China from 2005 to 2016 to analyze the relationship among educational structure of resident, e-commerce transactions and residents' consumption. Firstly, we analyzed the impact of different educational structure of resident of consumers on online e-commerce transactions. We found that different educational structure of resident has different impacts on the application degree of e-commerce consumption. Secondly, we analyzed the synergistic effect between educational structure of resident and e-commerce transactions to residents' consumption. We found that interaction terms would not change the effect direction of educational structure of resident on consumer spending. Thirdly, this paper studied the impact of educational structure of resident on residents' consumption expenditure by acting on e-commerce transaction. The research results showed that educational structure of resident have an indirect effect on residents' consumption by e-commerce transaction. Finally, the robustness test was carried out by changing the dependent variables, and the results verified the previous conclusions. [ABSTRACT FROM AUTHOR]

The paper matches the province-level ICT development with the micro-level data of the China Family Panel Studies (CFPS), uses multiple indicators to measure ICT development and job quality, and investigates the impact of regional ICT development on job quality of the employee. The research conclusions are as follows: First of all, ICT development has a significant positive impact on job quality of the employee. After a series of robustness tests and dealing with endogeneity issues, the research conclusion continues to be valid. Second, when the job quality of the employee is poor, the promotion of ICT development is relatively strong. Third, ICT development has an indirect impact on job quality through the Internet awareness. Finally, ICT development has a relatively strong role in promoting job quality of women, older, non-agricultural, and medium-skill employees. From the policy perspective, in order to improve the job quality of the employee, we suggest promoting ICT development, narrowing the digital gap, increasing investment in education, and taking into account the different characteristics of employees. • First of all , this paper reveals the impact of regional (macro-level) ICT development on job quality of the individual (micro-level) employees, and it provides a new research perspective for scholars. Namely, we should not ignore the impact of macro ICT environment on job quality of the individual labor force. • Secondly , this paper reveals that regional ICT development may have improved the job quality of employees through the Internet awareness. • Thirdly , we use multiple indicators to measure ICT development and job quality, and the study enriches the indicator system for ICT development and job quality. • Finally , this paper finds that there are differences in the impact of regional ICT development on job quality of different employees. Therefore, we should formulate dissimilar ICT development policies to improve job quality of employees. [ABSTRACT FROM AUTHOR]

As a complex network, eco-industrial symbiosis network is featured with complexity, openness, and non-linearity. A methodology is proposed to analyze and optimize the eco-industrial symbiosis network from the perspective of complex network theory. Structural robustness index and performance robustness index are established as the analysis model. Consequently, a robust method is developed to optimize the eco-industrial symbiosis network system based on the percolation theory. A conceptual framework is put forward to improve the robustness of eco-industrial symbiosis network system by introducing the “spare core” enterprise which is validated by quantitative analysis. The empirical results show that the robustness of eco-industrial symbiosis network varies under both random failure and intentional disturbance scenarios. However, eco-industrial symbiosis network system has strong self-regulation capability as long as the core enterprise is still in operation. It is recommended that supplementary chain could be added to those enterprises with lower network node connectivity to form “spare core” enterprise. This can not only effectively reduce the dependence of other enterprises on core enterprises, but also further improve the robustness of eco-industrial symbiosis network. This methodology is practically validated by a case analysis of eco-industrial park in China. The findings provide useful inputs to the design and operation of eco-industrial parks. [ABSTRACT FROM AUTHOR]

Gate assignment is one of the important tasks in the airport. The goal is to appoint an appropriate gate for the arrival or departure flight and ensures the flights are on schedule. So an appropriate and efficient gate assignment model can effectively decrease the flight delays and improve operation efficiency as well as service quality since it plays a major role in increasing revenues. In this paper, the multi-commodity network flow model is analyzed. And a robust multi-objective optimization model of gate assignment based on the objective of minimizing total time for passengers and balancing idle time for each gate is proposed to improve the service level and satisfaction of passengers and utilization rate of gates. The weighting method of linear is used to translate the multi-objective optimization model into the single objective optimization model. And ILOG CPLEX optimizer is used to solve the optimization model of gate assignment in order to obtain the reasonable gate assignment result. The schedule data of 116 flights from Sheyang Taoxian International Airport of China are used to validate the effectiveness of the constructed optimization model. And the multi-objective optimization model is compared with the existing mathematical model of gate assignment. The calculation and comparison results show that the constructed optimization model can significantly improve the assignment efficiency and satisfaction, and balance the utilization rate of gates. So the constructed optimization model of gate assignment can effectively provide a valuable reference for assigning gates. [ABSTRACT FROM AUTHOR]

We examine the effect of donation on the happiness of donors using the 2010 wave of the China Family Panel Study. We consider data from the Wenchuan earthquake, which has induced a large amount of donations from all Chinese communities. We use two measures of donation behavior, namely, donations for victims of the Wenchuan earthquake and for general purposes. We address the endogeneity problem using the percentage of donation in the community the respondent lives in as the instrumental variable, conditional on the generosity of other residents toward each other in the same community. We also employ the propensity score matching method to check for the robustness of our results. All results show that donation has a significantly positive effect on happiness. Our study provides new evidence on the relationship between donation and happiness using natural observations, which complement the experimental evidence in the recent literature. [ABSTRACT FROM AUTHOR]

A total of ten marine yeast strains isolated from Bohai Sea, Northern China were identified to be members of three genera Rhodosporidium, Rhodotorula, and Cryptococcus. Two representative strains Rhodosporidium TJUWZ4 and Cryptococcus TJUWZA11 with high lipid content based on Nile red staining method were further characterized. A wide range of culture conditions (C and N sources, pH, temperature, salinity and C/N ratio) were tested to characterize the biomass and lipid production (yield and productivity) of these strains. Results indicated that Rhodosporidium TJUWZ4 was capable of achieving lipid yield up to 44% and 0.09 g/l-h productivity on glucose and peptone medium at pH 4, 20 °C, 30% salinity, and C/N 80. Three fatty acids, namely oleic acid (18:1), palmitic acid (C16:0) and linoleic acid (18:2) were the major intracellular fatty acids, which accounted for 90% of total lipids. With promising features for intracellular lipid accumulation, Rhodosporidium TJUWZ4 is a robust strain with great potentials for application in biodiesel production from renewable feedstocks. [ABSTRACT FROM AUTHOR]