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How mutual funds respond to asymmetric feedback tradingin China’s stock market

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Journal of Management Science and Engineering 2024年第2期9卷 143-160页

作者： Die Wan Li Yang Xiaoguang Yang school of finance Zhejiang Gongshang UniversityHangzhou310018China Business school University of New South WalesSydneyAustralia Academy of mathematics and Systems Science Chinese Academy of SciencesBeijingChina

Previous studies show that individual investors play a dominant role in China's stock *** behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback *** article investigates how mutual funds react to this market *** China's stock and fund data from 2003 to 2019,we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more *** negative relationship is robust after controlling past returns,turnover rates,and firm risk factors,moreover,it attenuates when the market sentiment is bullish or when stocks are allowed *** results show that mutual funds'selling towards asymmetric feedback trading does not make excess return but leads to significant risk *** findings may be related to uncertainty associated with asymmetric feedback trading,and thus support the limit market participation theory from the second largest stock market.

关键词： Asymmetric feedback trading Mutual fund shareholdings Uncertainty Market sentiment Short selling

Balancing Openness and Protection:Homogenization of Regulatory Laws in Digital Service Trade

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China finance and Economic Review 2024年第2期13卷 67-89页

作者： Cuihong Yang Xiaolin Wang Huijuan Wang Yan Xia Academy of mathematics and Systems Science Chinese Academy of Sciences(CAS) school of Economics and Management University of Chinese Academy of Sciences(UCAS) Academy of mathematics and Systems Science CASand School of Economics and ManagementUCAS school of Statistics and mathematics Central University of Finance and Economics. Institutes of Science and Development CAS school of Public Policy and Management UCAS

Digital service trade has emerged as a pivotal engine for global economic transformation and ***,the implementation of differentiated regulatory measures for trade in digital services among economies has led to increasingly frequent trade *** paper constructs a regulatory homogeneity network for digital service trade in 60 major economies,and systematically evaluates the structural characteristics of the network and the regulatory homogeneity among economies from 2014 to ***,this paper empirically examines the impact of the partnership characteristics of regulatory homogenization in the network of major economies on their *** analysis of the network structure shows that major economies are more inclined to optimize and simplify existing trade partnerships,and are moving towards more diversified restrictive measures in the regulatory model of digital services trade,which has led to the rise of trade *** empirical text results show that expanding and deepening the regulatory homogeneous partnership of trade in digital services promotes the export of digital services in major *** promotion effect is mainly achieved by reducing the cost of digital service trade and enhancing business *** addition,the export promotion effect of developing regulatory homogenization partnerships is better than that of increasing the openness of digital service trade,and the homogenization of policies between openness and protection is more *** paper provides important implications for coordinating the openness and security of digital services trade:China should actively cooperate with multilateral and bilateral digital service trade partners to jointly build a homogeneous environment for regulatory *** particular,it is necessary to deepen the regulatory homogeneity partnership with Asian and developing economies to expand the infl uence of the“China model”in the global regulation of digital s

关键词： digital service trade regulatory cooperation regulatory homogenization partnerships high-quality trade development

Multi-soliton solutions, breather-like and bound-state solitons for complex modified Korteweg–de Vries equation in optical fibers

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Chinese Physics B 2024年第6期33卷 119-123页

作者：兰中周 school of Computer Information Management Inner Mongolia University of Finance and EconomicsHohhot 010070China

Under investigation in this paper is a complex modified Korteweg–de Vries(KdV) equation, which describes the propagation of short pulses in optical fibers. Bilinear forms and multi-soliton solutions are obtained through the Hirota method and symbolic computation. Breather-like and bound-state solitons are constructed in which the signs of the imaginary parts of the complex wave numbers and the initial separations of the two parallel solitons are important factors for the interaction patterns. The periodic structures and position-induced phase shift of some solutions are introduced.

关键词： complex modified KdV equation multi-soliton solutions breather-like bound-state

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Social network learning efficiency in the principal-agent relationship

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Journal of Management Science and Engineering 2024年第2期9卷 193-219页

作者： Chuan Ding Yilin Hong Yang Li Peng Liu school of mathematics Southwestern University of Finance and EconomicsChengdu611130China S.C.Johnson College of Business Cornell UniversityIthacaNY14853USA

Under the bounded rationality assumption,a principal rarely provides an optimal contract to an *** from others is one way to improve such a *** paper studies the efficiency of social network learning(SNL)in the principal–agent *** first introduce the Cobb-Douglas production function into the classic Holmstrom and Milgrom(1987)model with a constant relative risk-averse agent and work out the theoretically optimal *** are then designed to model the SNL process based on profit gaps between contracts in a network of *** the uncertainty of the agent's labor output,we find that the principals can reach a consensus that tends to result in overcompensation compared to the optimal ***,this study examines how network attributes and model parameters impact learning efficiency and posits several summative *** simulation results validate these hypotheses,and we discuss the relevant economic implications of the observed changes in SNL efficiency.

关键词： Simulation Social network learning Principaleagent Reaching consensus Learning efficiency

The value of FinTech innovations for the finance industry:Evidence from China

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Economic and Political Studies 2024年第1期12卷 1-19页

作者： Zhigang Qiu Jianqiu Wang Ke Wu Sijie Yang school of finance Renmin University of ChinaBeijingChina school of finance Capital University of Economics and BusinessBeijingChina

This paper explores the value effects of FinTech innovations on the finance industry in China,focussing on the banking *** use a crawler-like application programme to grab patent filing information and manually identify and classify FinTech innovations based on their application *** patents generally bring adverse value effects to various finance sectors,revealing a competitive relationship between innovators and financial *** innovations applied to insurance and asset management cause the most harm to the industry,especially to state-owned and joint-stock commercial ***,disruptive FinTech innovations by start-up firms appear to pose more potential threats to commercial banks.

关键词： FinTech financial innovations China

Error Estimate of Full-Discrete Numerical Scheme for the Nonlocal Allen-Cahn Model

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Journal of Mathematical Research with Applications 2024年第3期44卷 344-358页

作者： Jun ZHANG Xiaohu YANG Fulin MEI Zhimei JI Yu ZHANG school of mathematics and Statistics Guizhou University of Finance and Economics The Meteorological Disaster Prevention Center of Guizhou Province Xi'an Institute of Applied Optics Financial Department Guizhou University of Finance and Economics

In this work, we study the error estimates of the fully discrete Fourier pseudospectral numerical scheme for solving the nonlocal volume-conserved Allen-Cahn(AC) *** time marching method of the numerical scheme is based on the well-known Invariant Energy Quadratization(IEQ) method. We demonstrate that the proposed fully discrete numerical method is uniquely solvable, unconditionally energy stable, and obtain the optimal error estimate of the scheme for both space and time. Additionally, we conduct several numerical tests to verify the theoretical results.

关键词： nonlocal Allen-Cahn model uniquely solvable unconditionally energy stable error estimate numerical tests

Investigating spatio-temporal characteristics and influencing factors for green energy consumption in China

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Geoscience Frontiers 2024年第3期15卷 221-236页

作者： Xiaowei Ma Shimei Weng Jun Zhao Huiling Liu Hongyun Huang school of finance Anhui University of Finance and EconomicsBengbu 233030PR China Hefei Advanced Research Institute Anhui University of Finance and EconomicsHefei 230041PR China school of mathematics and Statistics Fujian Normal UniversityFuzhou 350117PR China school of Economics and Management Beijing University of Chemical TechnologyBeijing 100029PR China school of Economics Hefei University of TechnologyHefei 230601PR China Qingdao Institute of Humanities and Social Sciences Shandong UniversityQingdao 266237PR China Center for Yellow River Ecosystem Products Shandong UniversityQingdao 266237PR China

The green transformation of energy consumption is beneficial for promoting green development in *** study constructed a green energy consumption evaluation index system and measured the green energy consumption levels in 30 provinces of China from 2000 to 2019 using the fuzzy comprehensive evaluation *** study further employed the spatial Durbin model to examine influencing factors and spillover effects of green energy *** results showed that,temporally,China’s green energy consumption levels had a fluctuating upward ***,spatially,the overall levels of green energy consumption in China showed apparent characteristics of“high in the west and low in the east”.In terms of influencing factors,environmental regulations played an important role in promoting green energy consumption in the region,while economic development,opening up,and industrial structure had considerably inhibiting ***,economic development,opening up,and industrial structure of neighboring regions showed marked positive spillover effects,while urbanization level and technological innovation showed substantial negative spillover *** regional heterogeneity test results showed that environmental regulation and industrial structure rationalization were the important factors for promoting green energy consumption in the eastern region,environmental regulation played an important driving role in the central region,and opening to the outside world and technological innovation helped improve the level of green energy consumption in the western region.

关键词： Energy green consumption Spatial and temporal characteristics Influencing factors Spatial Durbin model Regional heterogeneity

“China Shock”or China Dividend?-China GVC Participation’s Effects on Trading Partners’Technological Progress

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China Economist 2024年第1期19卷 44-57页

作者： Chen Qifei Yang Jijun Ye Di school of International Economics and Trade Nanjing University of Finance and Economics(NUFE)NanjingChina school of Public finance and Taxation NUFE

This paper explores the effects of China’s global value chain(GVC)participation on technological progress in trading-partner countries based on estimated data on value-added trade between China and 52 trading *** find that,first,although China’s exports lowered the total factor productivity(TFP)of its trading partners(competitive effect),its imports greatly increased trading partners’TFP(effect of scale).This implies that China’s GVC participation is beneficial to its trading partners’technological progress in the form of a considerable technology dividend ***,China’s export dividend effect compensates for the negative effect of Chinese competition on trading partners’technological progress;the innovation effects attributable to China’s imports reinforce the positive effects of scale on technological *** innovation is factored in,the China dividend thus becomes further ***,China’s merchandise imports have a diminishing positive effect on technological progress in trading partners as geographical distance increases,but trade in services transcends geographical boundaries,and the positive technological progress effect of China’s service imports do not diminish as distance *** find that the“China dividend”from China’s GVC participation is a significant contributor to technological progress in partner nations,and China’s imports are conducive to innovation and technological progress in developed countries in the long run.

关键词： Global value chains China dividend trade in value-added technology spillover collaborative innovation

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Multiple Soliton Asymptotics in a Spin-1 Bose–Einstein Condensate

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Chinese Physics Letters 2024年第9期41卷 15-22页

作者： Zhong-Zhou Lan school of Computer Information Management Inner Mongolia University of Finance and EconomicsHohhot 010070China

Spinor Bose–Einstein condensates(BECs)are formed when atoms in the multi-component BECs possess single hyperfine spin states but retain internal spin degrees of *** study concentrates on a(1+1)-dimensional three-couple Gross–Pitaevskii system to depict the macroscopic spinor BEC waves within the meanfield *** the distribution of the atoms corresponding to the three vertical spin projections,a known binary Darboux transformation is utilized to derive the𝑁matter-wave soliton solutions and triple-pole matter-wave soliton solutions on the zero background,where𝑁is a positive *** those multiple matterwave solitons,the asymptotic analysis is performed to obtain the algebraic expressions of the soliton components in the𝑁matter-wave solitons and triple-pole matter-wave *** asymptotic results indicate that the matter-wave solitons in the spinor BECs possess the property of maintaining their energy content and coherence during the propagation and ***,in the𝑁matter-wave solitons,each soliton component contributes to the phase shifts of the other soliton components;and in the triple-pole matter-wave solitons,stable attractive forces exist between the different matter-wave soliton *** multiple matter-wave solitons are graphically illustrated through three-dimensional plots,density plot and contour plot,which are consistent with the asymptotic analysis *** present analysis may provide the explanations for the complex natural mechanisms of the matter waves in the spinor BECs,and may have potential applications in designs of atom lasers,atom interferometry and coherent atom transport.

关键词： soliton solitons asymptotic

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