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In the psychological and sociological framework of risk, we establish a static and dynamic equilibrium model for risk‐sharing institutional evolution. Particularly, through a comparative study of marine insurance development in China and Europe, we address a wide set of research questions concerning why China and Europe relied on different social organizations for risk sharing. [ABSTRACT FROM AUTHOR]

We study how a data-rich firm can benefit by unilaterally sharing its customer data with a data-poor competitor when the data can be used for price discrimination. By sharing data on the segment of market that is more loyal to the competitor and keeping the data on the competitor's most loyal segment to itself, the firm can induce the competitor to raise its price for consumers on which it does not have data. Such data sharing is an example of a fat-cat strategy as it softens price competition that follows data sharing. Although consumer surplus decreases as a result of data sharing, total surplus can increase when the sharing firm concedes its market share to the competitor, which improves the quality of consumer–firm matching. This paper was accepted by Joshua Gans, business strategy. Funding: C. Choe and C. Wang gratefully acknowledge financial support from the Australian Research Council [Grant DP210102015]. J. Cong would like to acknowledge the financial support from the National Natural Science Foundation of China [Grants 72003035, 72192845] and Shanghai Pujiang Program [Grant 2019PJC007]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.4689. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the peer effects in financial investment of board-interlocked firms from the information sharing perspective. Based on board interlock and financial information of A-share listed nonfinancial firms in China, we construct board interlocking networks where firms share at least one board member in common and conduct an empirical investigation into peer effects in financial investment of board interlocking firms. The results demonstrate that peer effects are noticeably found in nonfinancial firms even after ruling out endogenous concerns by applying peers' peers' characteristics as instrumental variables, and carrying out robustness tests and placebo tests. In addition, the main manifestation of these peer effects is that firms with inferior quality information, i.e., poor financial conditions, low market capitalization, and higher stock idiosyncratic volatility, tend to follow companies that are perceived as having superior quality information in the above-mentioned areas. Firms located in the core position of board interlocking network or with more assets are more likely to be influenced by peers, because they can obtain more high-quality information. Different from existing studies, this paper provides a board interlocking perspective to the study of peer effects, which offers a new explanation for the expansion of financial activities of firms in China. [ABSTRACT FROM AUTHOR]

Digital transformation (DT) is a strategic priority for commercial banks in China. It is important to explore the relationship between DT and bank systemic risk to maintain financial stability and promote high-quality development of banks. Based on the data of China's listed commercial banks from Q3 2010 to Q1 2022, this paper empirically tests the influence mechanism, heterogeneity influence and action channels of DT on bank systemic risk. This paper finds that DT reduces the bank systemic risk. The higher the degree of DT, the lower the bank systemic risk. Innovation effect and cost effect play multiple mediating roles in the reduction of bank systemic risk by DT. The innovation of bank products, sales channels, organizations and other aspects to enhance the competitiveness and income of banks, while reducing the information asymmetry between the supply chain and the industrial chain, taking cost and risk sharing, reduces the bank systemic risk. This paper enriches the research on the impact of bank DT on systemic risk and provides empirical support for bank risk management. [ABSTRACT FROM AUTHOR]

Purpose: Public-private partnership (PPP) projects for construction waste recycling have become the main approach to construction waste treatment in China. Risk sharing and income distribution of PPP projects play a vital role in achieving project success. This paper is aimed at building a practical and effective risk sharing and income distribution model to achieve win–win situation among different stakeholders, thereby providing a systematic framework for governments to promote construction waste recycling. Design/methodology/approach: Stakeholders of construction waste recycling PPP projects were reclassified according to the stakeholder theory. Best-worst multi–criteria decision-making method and comprehensive fuzzy evaluation method (BWM–FCE) risk assessment model was constructed to optimize the risk assessment of core stakeholders in construction waste recycling PPP projects. Based on the proposed risk evaluation model for construction waste recycling PPP projects, the Shapley value income distribution model was modified in combination with capital investment, contribution and project participation to obtain a more equitable and reasonable income distribution system. Findings: The income distribution model showed that PPP Project Companies gained more transaction benefits, which proved that PPP Project Companies played an important role in the actual operation of PPP projects. The policy change risk, investment and financing risk and income risk were the most important risks and key factors for project success. Therefore, it is of great significance to strengthen the management of PPP Project Companies, and in the process of PPP implementation, the government should focus on preventing the risk of policy changes, investment and financing risks and income risks. Practical implications: The findings from this study have advanced the application methods of risk sharing and income distribution for PPP projects and further improved PPP project-related theories. It helps to promote and rationalize fairness in construction waste recycling PPP projects and to achieve mutual benefits and win–win situation in risk sharing. It has also provided a reference for resource management of construction waste and laid a solid foundation for long-term development of construction waste resources. Originality/value: PPP mode is an effective tool for construction waste recycling. How to allocate risks and distribute benefits has become the most important issue of waste recycling PPP projects, and also the key to project success. The originality of this study resides in its provision of a holistic approach of risk allocation and benefit distribution on construction waste PPP projects in China as a developing country. Accordingly, this study adds its value by promoting resource development of construction waste, extending an innovative risk allocation and benefit distribution method in PPP projects, and providing a valuable reference for policymakers and private investors who are planning to invest in PPP projects in China. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Technology Economics is the property of Chinese Society of Technology Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We study an online platform's demand information sharing strategy in a distribution channel where a manufacturer distributes products through both platform and seller channels. Information sharing becomes increasingly important in recent years as online platforms gather massive consumer information that is typically invisible by upstream manufacturers and competing sellers/retailers. We study an online platform's demand information sharing strategy in a distribution channel where a manufacturer distributes products through both platform and seller channels. We consider two different selling structures: the conventional reselling model (in which the platform acts as a reseller) and the agency/marketplace model (in which the platform acts as an agency). We find that for both selling formats, the platform always has incentives to share information with at least one party (either manufacturer or seller or both). The marketplace selling format gives the platform stronger incentives to share information with the seller. With low competition in the reselling model, the platform may not share information with the manufacturer, whereas it always does in the marketplace model. Interestingly, the forecasting accuracy does not structurally change optimal information sharing in the reselling model but induces the platform to share information with both the manufacturer and the retailer when it is high or low in the marketplace model. Our findings provide useful guidelines for an online platform on when and whom to share demand information with. History: Yuxin Chen served as the senior editor and Zsolt Katona served as associate editor for this article. Funding: This research was supported in part by the National Natural Science Foundation of China [Grants 71971205, 72188101, 71671173, 72091210/72091215, and 71731010]. Supplemental Material: The online appendices are available at https://doi.org/10.1287/mksc.2022.1397. [ABSTRACT FROM AUTHOR]

Purpose: Viewing the domestic downside risk as a "pushing" factor for outward foreign direct investment (OFDI), this study aims to examine the surge in Chinese cross-border acquisitions (CBAs) between 2008 and 2017, a unique window when private firms in China were allowed to conduct CBAs. Design/methodology/approach: This study examines the effect of down-side risk on cross-border acquisition performance by using the sample of Chinese A-share listed companies from 2008 to 2017. Specifically, this study considers three kinds of systemic risk, systematic risk and idiosyncratic risk, and respectively examines their impact on CBAs activities; this study also investigates their subsequent results after CBAs activities. The contingency effect of state ownership on the above relationship is also discussed. Findings: The findings reveal that pre-CBA systemic risk explains the volume of CBA activities; CBAs are followed by a reduction in systemic risk; the interactions between systemic risk and CBAs decrease with the level of state ownership; and the above results do not hold for traditional risk measures (i.e. systematic risk and idiosyncratic risk). Originality/value: This study contributes to the literature by revealing the role of systemic risk as a "pushing" factor in the context of OFDI and suggesting an alternative explanation for CBAs from China: Chinese firms (especially private firms) took advantage of the rare opportunity between 2008 and 2017 given by the government to transfer assets overseas through CBA. [ABSTRACT FROM AUTHOR]

The risk-sharing function of marriage reduces demand for commercial personal insurance, but the increase in wealth, risk, and information sharing between spouses promotes it. Using data from the 2019 China Household Financial Survey, this study empirically found that compared with single households, married households were more likely to buy commercial personal insurance. We found that household income, social interaction, and household size were the main influencing mechanisms. Heterogeneity analyses showed that marriage significantly increased personal insurance demand if the household head was male, well educated, or middle-aged. Also, marriage had a heterogeneous influence on households with different demographics. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the role of regional environmental transparency on corporate environmental disclosure. Design/methodology/approach: This study uses the introduction of a nationwide automated air pollution monitoring network in China as a quasi-natural experiment and employs regression analysis. Robustness checks, including parallel trend test and placebo test, are performed to test the robustness of the results. Findings: Sharing air pollution data with the public can improve corporate environmental disclosure. Firms with poorer environmental, social and governance (ESG) performance prefer to disclose less informative information after the automated network is implemented compared with firms with better ESG performance. The relationship between information sharing and corporate environmental transparency is more pronounced when local air pollution is severer, firms face stronger investor scrutiny and firms are from heavily polluting industries. The mechanism tests suggest the automated system can draw public environmental attention and improve governments' aspiration for environmental governance. Finally, corporate environmental disclosure can reduce stock price crash risk and cost of equity. Practical implications: Real-time pollution data reporting is an important solution to raising public environmental awareness and then enhancing the effectiveness of pollution control. Social implications: This study has implications for policy-making regarding environmental governance and environmental disclosure. Originality/value: This study confirms that pollution information transparency can motivate firms to increase environmental disclosure. [ABSTRACT FROM AUTHOR]

We examine whether the credit market participants price operating lease differently from finance lease in the perspective of risk sharing. Using a unique setting that the new lease standard is enforced in China since 2019, we find that operating (finance) lease asset shares are negatively (positively) related to lessees' costs of debt, the risk-sharing role of operating lease assets is a mechanism of reducing COD, and this effect is more significant at firms with more financial constraints and insufficient cash flow. We fill the gap in the literature with a contribution to separate the risk-sharing effect from the accounting treatment effect in the association between two kinds of lease and costs of debt. These findings have important implications for policymakers and companies. [ABSTRACT FROM AUTHOR]

'Insurance + futures', a new agricultural cooperation mode in China, fails to guarantee a fair and reasonable income allocation among core stakeholders which hinders the rapid promotion of this pilot project. By using Shapley value method based on the idea of 'income allocation matches contribution', this article suggests an income allocation scheme for farmers, insurance institutions and futures institutions. After using AHP and fuzzy mathematics evaluation method to calculate risk sharing coefficients for three parties to get modified parameters, a risk modified income allocation scheme is developed. Compared with the income allocation scheme based on equal risk sharing, this scheme can fully meet the interest demands of three parties and provide reference for the sustainable development of the mode. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between family size and intergenerational inequality in China. We construct a fuzzy non-parametric regression discontinuity design by the exogenous variation in fertility caused by the one-child policy. Our findings present that the one-child policy only results in a downward jump in urban fertility but does not significantly affect rural areas. The empirical results further suggest a negative correlation between family size and intergenerational inequality, but there is no evidence for the causal effect. The role of siblings in sharing risks, son preference, birth-order effect, more accessible student aids or loans and relaxed budget constraints are potential explanations for no causal effect. [ABSTRACT FROM AUTHOR]

The effects of government bailouts have been extensively examined in the literature. This paper is one of the first to empirically examine the bailout funds established in China in 2018, which aimed to mitigate firms' liquidity squeeze risk caused by share pledges. Utilising a hand‐collected dataset of government bailout funds, this paper finds that stock prices increased when government introduced the bailout fund plan, especially for non‐state‐owned enterprises (SOEs) and firms with small size and share pledges. Long‐term performance of bailed out firms increased as well. Overall, our results provide new evidence that government bailouts have positive effects on financial markets. [ABSTRACT FROM AUTHOR]

China has been introducing reforms in the electricity market. Since 2016, electricity retailers are allowed to operate in the market once monopolized by traditional power companies. This regulatory environment demands new types of purchase contracts to remunerate the energy agents and deliver better prices for consumers fairly and sustainably. This paper proposes two new electricity purchase contracts with risk sharing mechanism and studies on wind power supplier's optimal capacity investment problem under supply and demand uncertainty. Firstly, a basic model for fixed demand contract is developed, and the optimal capacity is obtained. Secondly, the fixed commitment order contract and the forecast order contract with risk sharing mechanism are proposed to manage the fluctuation of wind power supply randomness. With backward induction, the optimal investment capacity of wind power supplier is solved, and then the fixed order quantity or forecast demand quantity of the electricity retailer can be obtained. Our results show that the fixed order quantity may have a positive influence on the wind power supplier's capacity investment decision. While, the forecast order quantity may have a negative influence on the wind power supplier's capacity investment decision. In addition, wind density has a strong influence on wind power capacity investment, and it has a positive impact on wind power supplier's profit, but it does not always have a positive impact on electricity retailer's profit. At last, based on numerical analysis, we examine how the wind density distribution coefficient change affect members' profit in the electricity supply chain. We also find that even with wind curtailment punishment, the forecast order contract can make a Pareto improvement on the whole electricity supply chain. [Display omitted] • Risk sharing mechanism is introduced to the fixed commitment order contract and the forecast order contract in the electricity supply chain. • Increasing the forecast order quantity may reduce the capacity investment. • The forecast order contract can improve the performance of the whole electricity supply chain. [ABSTRACT FROM AUTHOR]

This paper examines the effects of mobile payment (m-payment) adoption on household savings decline in China. Using data from the 2017 China Household Finance Survey, we employ an instrumental variable approach with multiple robustness checks to evaluate the impact of m-payment adoption on household savings rate. Our study discovers that m-payment usage decreases the household savings rate by about 20% points. We also find that, relative to that of rural and older households, the savings of urban and younger households are more significantly influenced by m-payment adoption. The main channels through which m-payment usage affects the household saving rate likely include improved risk sharing, alleviated credit constraint, and enhanced risk tolerance. This paper provides important insights about m-payment adoption and the ongoing household savings decline in China. [ABSTRACT FROM AUTHOR]

The sustainable development of cooperatives is essential to agricultural sustainability and is determined mainly by cooperation longevity. The risk sharing and benefit distribution mechanisms are important governance arrangements that affect cooperation longevity in member-heterogeneous cooperatives. However, the relationship between cooperatives' risk sharing and benefit distribution arrangements and cooperation longevity is not well understood. To address this research gap, we provide a conceptual framework to illustrate the relationship between risk sharing, benefit distribution, contract form and cooperation longevity. By conducting 23 interviews with three dairy cooperatives in China using a multiple-case-study method, we find that cooperation longevity is influenced by the alignment of the combination of risk sharing and benefit distribution for cooperatives and their members. Following the principles of risk-benefit equivalence and strategy-risk preference matching, we discuss four scenarios of match or mismatch of combinations of risk sharing and benefit distribution. We suggest that the government needs to strengthen risk mitigation capabilities for cooperatives and members, and to help them to build an effective risk sharing and benefit distribution arrangement to achieve sustainable development. [ABSTRACT FROM AUTHOR]

Background. China has been promoting sharing of Electronic Health Records (EHRs) data for several years. However, only a few studies have explored the views of Chinese residents on sharing personal health data, and the factors that affect sharing of EHRs have not been fully elucidated. This study sought to explore public attitudes toward sharing EHRs and the factors that affect sharing of personal health data among Chinese residents. Methods. A multi-stage stratified sampling design was adopted in this survey to select residents in Hunan province, resulting in 932 responses randomly. The investigation was carried out with the administration of a 19-item questionnaire. The measure includes items on demographics, willingness to share EHRs, experiences on EHRs, public acknowledgment of the benefits of sharing EHRs, and public awareness of potential risks of sharing EHRs. Results. The score of general willingness to share EHRs was 5.784 ± 2.031. Concerning the domain scores for the willingness, the willingness to share EHRs for research was 2.060 ± 0.942, whereas sharing anonymization EHRs for other nonmedical services was only 1.805 ± 0.877. Multiple linear regression showed that general willingness to share EHRs was related to job-related healthcare (β = 0.520), experiences on EHRs (β = 0.192), public awareness of potential risks of sharing EHRs (β = −0.130), and public acknowledgment of the benefits of sharing EHRs (β = 0.290). Conclusion. The willingness to share EHRs data with Chinese residents was not high. The willingness of Chinese residents towards data sharing in EHRs is influenced by several factors, primarily job-related to healthcare, experiences on EHRs, public acknowledgment of the benefits of sharing EHRs, and public awareness of potential risks of sharing EHRs. The results provide a basis for related research and provide information for designing public health strategies such as formulating policies to improve public acceptance of sharing EHRs and promoting EHRs-based public health services. [ABSTRACT FROM AUTHOR]

Facing the rapid expansion of the sharing economy, it is essential to understand the trusting mechanism in the P2P sector and its consequence on the perceived risks. This study extends the elaboration likelihood model to explore the relationships among argument quality, source credibility, trust, risk perception, and behavioral intention in the sharing economy context. The proposed theoretical framework has been tested with a survey targeting the younger generation in China. The results suggest that both the central route (i.e., argument quality) and peripheral route (i.e., source credibility) in the information processing positively affect trust. Trust is positively associated with behavioral intentions, while risk perceptions have a negative effect. Besides, a significant effect of trust was found on risk perceptions. The moderating effect of risk attitudes was further uncovered through model comparison. Moreover, the usefulness of risk relievers differs across three groups of tourists with different risk attitudes. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Engineering Management / Gongcheng Guanli Xuebao is the property of Journal of Engineering Management Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Do firms in China share rents with their workers? We address this question by examining firm‐level panel data covering virtually all manufacturing firms over the period 2000–2007, representing an average of 52 million workers per year. We find evidence of rent sharing (RS), with wage–profit elasticities of between 4% and 6%. These results are based on multiple instrumental variables, including firm‐specific international trade shocks. We also present a number of complementary findings to understand better the nature of RS in the country: it involves an element of risk sharing, as wages also decrease when profits fall; RS is lower in regions with more latent competition from rural workers; higher minimum wages tend to reduce RS; and, while employer labour market power reduces wages, it increases RS. Overall, despite its importance, RS in China is smaller and more symmetric than in developed economies, which reflects the weaker bargaining power of its workers and the earlier stage of development of its labour market institutions. [ABSTRACT FROM AUTHOR]

With the deepening urbanization, urban renewal, and reconstruction movement in China, a large amount of construction waste has been generated. In order to ease the financial pressure on the government to deal with construction waste, introducing the PPP model in the construction waste recycling industry has become popular. Based on the theory of system dynamics, this paper studies the risks of using the PPP model in construction waste recycling industry. First, a causal loop diagram was depicted according to the interaction of the main risk factors. Then, using the system dynamics software Vensim, a dynamic model of the risks of the PPP project was constructed. The results show the following: (1) the PPP project in the construction waste recycling industry is profitable; (2) For the PPP project in the construction waste recycling industry, the tendering risk will break out in 6~7 years, the greatest impact on tendering risk is the cooperation environment risk, where cooperation environment risk entropy is increased by 50% and tendering risk entropy is increased by 53.66%; (3) Construction risks will break out in 7~8 years. The construction cost, construction delay, and design defects have the greatest impact on construction risks, where entropy is increased by 50% and construction risk entropy is increased by 19.30%, 19.25%, and 19.08%, respectively; (4) The operational risk has not broken out in 10 years and is expected to break out in 10 to 20 years. Raw material power supply, production technology level, and operations management efficiency have the greatest impact on operational risk, where entropy is increased by 50% and operational risk entropy is increased by 21.52%, 20.84%, and 20.76%, respectively. These results can provide suggestions and references for the risk management of PPP projects in China's construction waste recycling industry. [ABSTRACT FROM AUTHOR]

Copyright of International Economics / Economia Internazionale is the property of Camera di Commercio di Genova and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Although trust is a key factor in overcoming uncertainty and mitigating risk in a sharing economy, we do not have a thorough understanding of how users' trust in service providers develops in this context. This study focuses on drivers enrolled in China's DiDi platform as the research object and investigates the effects of institutional and calculative mechanisms on their trust and intention to participate in the sharing economy. The empirical results reveal that feedback mechanism, driver protection, and dispute resolution positively affect institution-based trust, and perceived risks and benefits are significantly related to calculative-based trust. Furthermore, institution based trust and calculative-based trust, in turn, promote the driver's intention to participate in the sharing economy. The study also finds that both institution-based trust and calculative-based trust play mediating roles, and calculative-based trust is more important for drivers. [ABSTRACT FROM AUTHOR]

As the core element of technological innovation, financial resources can play the role of financial support, risk sharing, service guidance, and other aspects, thereby enhancing the efficiency of sci‐tech innovation (STIE). Whether there is a complex nonlinear economic threshold effect of financial development (FD) on STIE in different regional context is worth further discussion. This paper selects the Yangtze River Economic Belt (YREB) of China as the research object, based on the panel data of 110 cities, uses the Hansen threshold model to test the nonlinear "economic threshold effect" of FD on STIE. The results show that under different development scenarios in different regions, FD has a nonlinear "economic threshold effect" on STIE. This study extends the research sample to the cities of river basin, and elucidating the importance of regional context to the nonlinear "economic threshold effect" of FD on STIE further proposes that the sole focus of promoting the quantity of technology innovation by taking advantage of FD do not guarantee a positive effect on the development of STIE. Instead, the diverse, multiple financial policy instruments and stimulating the driving force of FD should be adopted towards the improvement of STIE in a phased and context specific manner. [ABSTRACT FROM AUTHOR]

The climate emergency calls for decisive actions to achieve CO2 emissions reductions globally and in China. Although China has made substantial progress in renewable energy deployment and has promised to achieve carbon neutrality by 2060, the increasing CO2 emissions reflect a paradox in China's energy revolution, suggesting that second-best choices are necessary. Large-scale deployment of carbon capture, utilization, and storage (CCUS) can avoid stranding assets in existing fossil energy industries and thus incur less resistance from incumbents. With an estimated storage capacity of 3120 GtCO2, China has great potential to deploy CCUS. The more quickly CCUS scales up, the less the cost of mitigation in the future. Although China has issued many policies to promote CCUS development and achieved significant progress through demonstration projects, barriers still exist for its large-scale deployment. Barriers include the lack of CCUS-specific legal and regulatory models, relatively high investment requirements, and low public perception and acceptance towards CCUS. To effectively promote this second-best choice, institutional reforms are critical, including enabling climate change legislation, carbon tax policy, risk avoidance and risk sharing measures, compensation, and strengthened public engagement. Key policy insights Large-scale deployment of Negative Emission Technologies will be needed in China and beyond to address the climate emergency. Market distortions impede renewable energy development in China, making large-scale deployment of CCUS an essential second-best choice. Detailed legal and regulatory rule changes can reduce market uncertainties and provide a legal foundation and mandate for CCUS development. Particularly when source control measures – such as renewable energy deployment, industrial restructuring and energy efficiency improvements – face bottlenecks, the scaling up of negative emission technologies is essential. International cooperation on CCUS technologies and deployment should be strengthened to share experience, technology, and deployment modes. [ABSTRACT FROM AUTHOR]

In the real business environment, due to unpredictable market demand or high prediction difficulty and low prediction accuracy, there will be inevitably operational loss in the field of e-commerce logistics caused by undersupply or oversupply of express service capabilities. At present, China is deepening the supply-side structural reforms. Confronted with the growing demand for e-commerce logistics express delivery, especially the urgent demand for tackling orders piling up to 1 billion pieces during the recent "Double 11" shopping carnival, it is very important and practical for us to study how to make scientific decisions on the supply side in the field of e-commerce express delivery. Therefore, in this paper, we design a sharing logistics cooperation mechanism considering both the undersupply and oversupply of express delivery service capabilities under stochastic demand. By comparing the earnings data of several listed express companies, we analyze four types of optimization strategies: the order flow proportion revenue sharing strategy (RE-OFP), the combined factors revenue sharing strategy (RE-RSF), the order flow proportion risk sharing strategy (RS-OFP), and the combined factors risk sharing strategy (RS-RSF). The research results demonstrate that the four optimization strategies of RE-OFP, RE-RSF, RS-OFP, and RS-RSF could achieve Pareto improvements in the operational performance of e-commerce express service. The performance of four revenue sharing and risk sharing strategies varies with different revenue sharing or risk sharing factors. Under some certain combined factors, the revenue sharing contract could help realize the supply chain coordination of the sharing logistics service. The sharing logistics cooperation mechanism based on equity investment proposed hereafter provides a feasible solution to solve the problems of high empty driving rate and operational cost of e-commerce express delivery service in urban areas. [ABSTRACT FROM AUTHOR]

This paper sets up an integrated economic model to analyze an optimal public-private partnership (PPP) in financing a high-speed rail (HSR) project. The model considers the HSR's spillover onto the regional economy, which is uncertain in terms of both the direction (i.e., benefiting or harming the regional economy) and magnitude. The optimal private ownership is found to increase with the expected value of the marginal economic spillover of HSR traffic. In view of the risk sharing, the government also raises the private ownership when there is a higher uncertainty concerning the marginal spillover. However, when either the expected value of the marginal spillover or its uncertainty gets too high, the government may choose not to adopt PPP, but rather to entirely finance HSR projects with public funds. Essentially, in this case, PPP would require too much private ownership and as a result, seriously reduce social welfare. Finally, we apply our analytical results to offer an explanation for why China has so far implemented PPP for HSR construction only in its eastern/coastal regions. [ABSTRACT FROM AUTHOR]

Purpose: Proper empirical tests of the effect of blockholders' monitoring incentives on corporate governance are scant in the literature because the relationship between ownership structure and enforcement of corporate governance mechanisms is bidirectional. This study aims to address the endogeneity issue by examining the effect of blockholding on executive turnover–performance sensitivity, using the split-share-structure (SSS) reform in China as an exogenous shock to blockholders' monitoring incentives. Design/methodology/approach: This study uses a logit model for estimating the change in executive turnover–performance sensitivity around the SSS reform. Sub-sample analysis is conducted to examine whether the impact of SSS reform on the turnover-performance sensitivity is stronger for firms with more contestable blockholders who might consider stock liquidity, risk sharing and diversification in their monitoring/trading decisions. Findings: Top executive turnover, defined as CEO or board chair turnover, becomes less sensitive to firm operating performance after the reform, mainly for firms with contestable blockholders prior to the reform. Stock liquidity and blockholders' demand for diversification can explain the impact of contestable blockholding. Moreover, blockholding is sensitive to firm operating performance after the reform but not before it. Originality/value: With few exceptions, most studies in the blockholding literature focus on the effect of blockholder monitoring on firm value. Examining an exogenous shock to blockholding, this paper provides a set of new evidence for the impact of blockholding on executive turnover–performance sensitivity. The results call for more evidence of the impact of blockholding on executive turnover from other markets. [ABSTRACT FROM AUTHOR]

It is of great significance to build an efficient and cooperative innovation system and support system under the background of China persisting in leading the development with innovation and speeding up the construction of an innovation-oriented country. The collaborative relationship and profit distribution of each innovation subject will be analyzed through the study of the innovation activity in the innovation chain. With consideration of the characteristics of the innovation chain such as high risk, financing difficulty, cooperative partnership and so on and using the internal financing mode of supply chain for reference, the game model of internal financing between members of the innovation chain will be established. The game equilibriums will be solved and analyzed, and the optimal equilibriums will be achieved by designing the contracts to establish the internal financing mechanisms in the innovative chain. For the risk asymmetry at each stage of the innovation chain, the contracts will be optimized to construct the risk sharing mechanism to control the risk of the internal financing in the innovation chain. In order to make innovations, this paper creates the financial support mode of the innovation chain, improves the innovation support system and increases the efficiency of the innovation chain. [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]

This paper offers a comprehensive review and careful assessment of China's mobile payment business. With broad access, low costs, and reliable transactions, mobile payments are creating a revolution of financial inclusion, changing people's daily lives and commercial business models. This study also confirms that mobile payment improves risk sharing among individuals and increases entrepreneurial opportunities. These mobile payment successes can be traced to three key factors: supply shortages of alternative payment services, a friendly regulatory environment, and recent technological developments. A number of outstanding issues remain, however, including data ownership, data inequality, and regulatory shortcomings. [ABSTRACT FROM AUTHOR]

This study discusses the role of firm risk in the declining labour share in China. Based on the model developed by Holmström and Milgrom (1987), the authors demonstrate that lower firm risk can motivate workers to work harder, leading to higher output per worker and average wage. However, increased output will lower the labour share. Using data from the Chinese Industrial Enterprises Database for the period 1998–2007 and the World Bank's Investment Climate Survey 2005, empirical evidence supports this hypothesis and performs robustly across various model specifications and proxies for firm risk, indicating a positive correlation between labour share and firm risk. [ABSTRACT FROM AUTHOR]

In a society where financial market and insurance market are under-developed, social networks play an important role in risk sharing. Using data from the 2011 China Household Finance Survey, this paper examines the effect of siblings, which form strong ties in a social network, on household equity investment. We find that having one more sibling increases the probability of participation in stock market by 15–17% points and increases the fraction of total assets in stock investment by 2–3% points. We also find that sisters have a larger effect on equity investment than brothers. With the examination of the effects of siblings on social interaction, risk tolerance, saving, and borrowing behaviors, we argue that the main channel through which siblings affect household investment is risk sharing. [ABSTRACT FROM AUTHOR]

Using the modern competiveness thinking of internalization theory, I elaborate on Hemmert's (Asian Bus Manage 19:1–24, 2020) arguments about the international strategy of Korean firms and provide a newer set of firm-specific advantages (FSAs): cultural and locational proximity to South East Asian countries and China, organizational and individual competencies built on hyper-competition, and knowledge sharing and risk diversification. These FSAs are non-location-bound FSAs; thus, Korean firms will be able to utilize these FSAs in their international strategies. [ABSTRACT FROM AUTHOR]

We investigate how share pledging affects firms' disclosures and influences investors in Chinese stock market. The tone of firm disclosures when there are shares pledged by controlling shareholders is more positive than that of firms without them. Considering tone inflation motivation and ability simultaneously, we find share pledge risk has an inverted U‐shaped relation with tone. Investors react positively to tone in short‐run windows, and firms with controlling shareholders' pledges have higher stock returns for earnings communication conferences. We identify an inverted U‐shaped link between margin distance of controlling shareholders and stock returns for earnings communication conferences. [ABSTRACT FROM AUTHOR]

We study the share privatization process in China to investigate whether and how the removal of market frictions is associated with efficiency gains. Prior to the reform, domestic A-shares were divided into tradable and non-tradable shares. As a result of the reform, holders of non-tradable shares compensated holders of tradable shares in order to make their shares tradable. We show that size is positively associated with both the gain in risk sharing and the price impact of more shares coming on the market as a result of the reform. Our study highlights the role of risk sharing in China's share issue privatization process. [ABSTRACT FROM PUBLISHER]

With the deepening of urbanization in China and the rapid increase of total population, the water supply facilities in cities and towns have many problems, such as the weakening of water supply capacity and the lack of funds for the construction of water supply projects. The source of funds for construction of water supply facilities in China is single, most of which rely on the financial appropriation of the government, and there is a big gap in capital. In recent years, China has begun to vigorously promote the mode of government and social capital cooperation (PPP) in order to effectively deal with the construction of water supply facilities. The urban water supply project adopts the PPP model, which can effectively alleviate the government financial pressure and fully meet the demand for water use in urban areas. The PPP model has the characteristics of complicated operation process and many ways of participation, so it has great risk to apply it to the water supply project. In order to ensure the steady expansion of urban water supply projects under the PPP model, it is necessary to study the risk sharing system of urban water supply projects under the PPP model. [ABSTRACT FROM AUTHOR]

The cruise sector is one of the most characteristic examples of globalised business. This characteristic makes the cruise supply chain (CSC) likely to expose to a variety of risks, such as the geopolitical environment and inclement weather, which requires an urgent need for risk mitigation strategies. A review of the literature revealed that supply chain risk mitigation strategies often remain at a conceptual level, and they mainly focus on a specific risk or a perspective of a specific cruise sector; there is therefore a gap in the absence of practical risk mitigation strategies in the cruise industry from a supply chain perspective. To address the gap, this paper interviewed and analysed opinions of eight types of CSC players. Twenty risk mitigation strategies in the context of a CSC were identified and examined into control and detection, relationship-based strategies, marketing strategies, policy-based strategies, risk transfer and share, and flexibility strategies. A broad picture and a deep understanding of strategies to deal with risks in the CSC were provided. The findings contribute to the literature and practice by linking theoretical strategies to practical strategies and exploring the mitigation strategies with actual practice in the CSC that can be used directly by practitioners and researchers. • This paper identified and explored twenty risk mitigation strategies in the context of a cruise supply chain. • Twenty-two participants from eight types of CSC players were interviewed. • This study explored the mitigation strategies with actual practice in the CSC that can be used directly by practitioners and researchers. • The findings contribute to the literature and practice by linking theoretical strategies to practical strategies. [ABSTRACT FROM AUTHOR]

The full-chain development of CCUS (Carbon Capture, Utilization, and Storage) requires the cooperation of different stakeholders. Focusing on full-chain CCSEOR (enhanced oil recovery) projects, this study presents a benefit-risk analysis for two kinds of stakeholder (power plant owner and oil field owner). Their interaction (in CO2 capture and utilization) will be reflected in the contract design, in terms of several items referring to price setting and cost sharing. Taking account of uncertainty factors and operational flexibility, benefits and risks for a power plant and an oil field cooperating on a CCS-EOR project can be separately evaluated. The simulation results show that the oil field occupies the dominant position in cooperative CO2 utilization, and that contract design needs to improve the position of power plants, especially in terms of the pricing power of captured CO2. The present approach can help different stakeholders in the CCS value chain to better identify their level of benefit and risk, and to support the negotiation of cost and risk sharing among different stakeholders in full-chain CCS deployment. [ABSTRACT FROM AUTHOR]

This paper utilizes a panel data set on two major fiscal reforms in China-the fiscal contract system (FCS) in 1980-93 and the tax-sharing system (TSS) after 1994-to examine how the various aspects of intergovernmental fiscal arrangement affect the ability of the fiscal system to facilitate risk sharing. The high revenue decentralization and the proliferation of extrabudgetary revenue items in the FCS generally weakened the central government's ability to support interprovincial risk sharing. This situation was reversed in the TSS period. In addition, the effect of central-to-local transfer (transfer-in) and local-to-central transfer (transfer-out) on risk sharing was asymmetric in the sense that transfer-out enhances risk sharing but transfer-in does not. [ABSTRACT FROM AUTHOR]

This paper uses the Global Trade Analysis Project (version 7) database to calculate embodied CO emissions in bilateral trade between China and other countries (regions) based on input-output methods. The sources and flows of embodied CO emissions in import and export trade of China are analyzed. Results show that the flows of embodied CO emissions in export trade are highly concentrated. The main flows to the United States (US) and Japan account for 1/4 and 1/7 of the total CO emissions in export trade, respectively. Concentrated flows of total exports and small differences in export structure are the main reasons for the highly concentrated export trade. The sources of embodied CO emissions in import trade have relatively low concentration. Taiwan Province of China, Hong Kong Special Administrative Region of China, US, Russia, Republic of Korea, and Japan account for around 7.72%-12.67% of the total embodied CO emissions in import trade. The relative dispersion of import sources, the impact of the import structure, and the level of production technology in importing countries caused low concentration of CO emissions in import trade. Overall, the embodied CO emissions in the export trade of China are higher than those in import trade. As a result, production-based CO emissions are higher than consumption-based CO emissions. The difference of 8.96 × 10 t of CO, which comes mainly from the US, Japan, Germany, and the United Kingdom, accounts for 58.70% of the total difference. Some suggestions, such as improving energy efficiency, alerting high carbon-intensive industries transfer, expanding the market for sharing risks, and prompting the accounting system of consumption-based CO emissions, are proposed based on the results. [ABSTRACT FROM AUTHOR]

For B2C e-commerce enterprises, it is of great importance to select the third-party logistics (3PL) providers. The paper, focused on the concept of "logistics capability", took full account of the characteristics of B2C e-commerce and its logistics service and referred to the research findings of scholars. As a result, on six dimensions, the evaluation indexes of 3PL providers' logistics capability in the mode of B2C e-commerce were identified. Besides, Case studies were conducted with multi-index decision and evaluation methods based on Relative Approximation, showing that the final results are reliable. [ABSTRACT FROM AUTHOR]

This article studies investor sentiment and its relation to the investment behavior of mutual fund investors in China. Using a panel threshold model, we found that investment behavior varies across investor sentiments, especially in a volatile as opposed to a stable period. The study demonstrates that mutual fund investors (1) prefer to purchase mutual fund units when mutual funds have gains during a volatile period; (2) prefer to redeem mutual funds units when the funds have gains during a stable period; (3) prefer to purchase mutual funds units when the funds have losses during a stable period; and (4) prefer to redeem mutual funds units when the funds have losses during a stable period. [ABSTRACT FROM AUTHOR]

Background: China expanded health coverage to residents in informal economic sectors by the rural new cooperative medical scheme (NCMS) for rural population and urban resident basic medical insurance scheme (URBMI) for non-working urban residents. Fragmentation of resident social health insurance schemes exacerbated the health inequity and China started the integration of urban and rural resident medical insurance schemes since 2016. Beijing finished the insurance integration in 2017 and has been implementing a unified urban and rural resident basic medical insurance scheme (URRBMI) since the beginning of 2018. This study aims to examine changes in health care utilization and financial protection after integration of the rural and urban social health insurance schemes., Methods: We used household survey data from Beijing Health Services Survey in 2013 and 2018. Respondents who were 15 or older and covered by URBMI, NCMS or URRBMI were included in this study. Our study finally included 8,554 individuals in 2013 and 6,973 individuals in 2018, about 70% of which were rural residents in each year. Descriptive analysis was used to compare the healthcare utilization, healthcare expenditure and incidence of catastrophic health expenditure between different groups. A series of two-part regression models were used to analyze the changes of healthcare utilization, healthcare expenditure and incidence of catastrophic health expenditure., Results: From 2013 to 2018, urban-rural disparity in outpatient care utilization seemed widened because urban residents' utilization of outpatient care increased 131% while rural residents' utilization only increased 72%; both rural and urban residents' spending on outpatient care increased about 50%. Utilization of inpatient care changed little and poor residents still used significantly less inpatient care compared with the rich residents. Poor residents still suffered heavily catastrophic health expenditures., Conclusion: From 2013 to 2018, residents' utilization of healthcare, especially outpatient care, increased in Beijing. Health insurance reforms increased residents' utilization of healthcare but failed to reduce their healthcare financial burden, especially for poor people. Our study advocates more pro-poor insurance policies and more efforts on the efficiency of health system., (© 2022. The Author(s).)

Split share structure reform brings about fundamental changes to the Chinese stock market. This article compares the market efficiency before and after this reform. The generalized spectral derivative method is applied, which can capture linear and nonlinear serial dependence, and has stronger power against departures from market efficiency. The results show that although the markets were inefficient before the split share structure reform, they have reached the weak-form efficiency after that. This fundamental reform has improved the Chinese stock market efficiency. [ABSTRACT FROM AUTHOR]

This paper addresses the issue of whether financial deepening has promoted interregional risk sharing in China. It first examines the evolution pattern of overall risk sharing across China as a whole and in its coastal, central and western areas in different periods. The level of risk sharing exhibits a declining pattern over time, most of which is attributable to the coastal areas. This is in striking contrast to the rapid development of financial markets and financial intermediaries over the decades. By analyzing whether the development of the credit and capital markets affects consumption risk sharing, we conclude that financial development has not promoted risk sharing for the nation as a whole. While the expansion of the capital market has promoted risk sharing in the coastal areas in spite of the overall declining trend in that region, there is no evidence to show that this is true for the western areas. [ABSTRACT FROM AUTHOR]