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How Does Economic Policy Uncertainty Impact a Country's Position in Global Value Chains?

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China & World Economy 2024年第5期32卷 28-52页

作者： Jiaxuan Zhang Hongsheng Zhang Xuhang Shen Bo Meng Institute of economics School of Social SciencesTsinghua UniversityChina China Academy of Digital Trade Zhejiang UniversityChina HSBC Business School Peking UniversityChina Institute of Developing Economies Japan External Trade OrganizationJapan Collaborative Innovation Center for Emissions Trading System Co-constructed by the Province and Ministry Hubei University of EconomicsChina

Economic globalization in the 21st century has been characterized by the rise and spread of global value chains(GVCs).It faces significant challenges due to increasing domestic and international policy uncertainty in the context of emerging mega risks like geopolitical tensions and climate *** paper begins by constructing a theoretical model for an open economy to study how risk-averse firms make decisions regarding the sourcing of intermediate inputs in an uncertain *** model solution proposes that firms will source fewer intermediate inputs from countries with more economic *** increase in domestic and foreign uncertainty will have opposite impacts on a country's position in *** this sense,we argue that a country tends to move downstream along GVCs if its own economic policies become more uncertain,and it tends to move upstream with an increase in the uncertainty of its trading partner *** regression analyses,based on data including the World Input-Output Database,World Development Indicators,the UN Comtrade database,and the Economic Policy Uncertainty Index,provide empirical support for this model-based *** findings highlight that a nation must consider foreign economic policy uncertainty and maintain domestic policy stability to participate in GVCs.

关键词： economic policy uncertainty global value chain GVC participation GVC position

Brent *** Texas Intermediate in the US petro derivatives price formation

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Petroleum Science 2024年第1期21卷 729-739页

作者： Alejandro Almeida Antonio A.Golpe Juan Manuel Martín-Alvarez Jose Carlos Vides Universidad Internacional de La Rioja Department of Quantitative Methods for Economics and BusinessLa RiojaSpain university of Huelva Department of Economics and Centro de Estudios Avanzados en FisicaMatematicas y Computacion and ICEIHuelvaSpain Complutense university of Madrid Department of Applied and Structural Economics and History and ICEIMadridSpain

In this paper,we apply the spatial panel model to explore the relationship between the dynamic of two types of crude oil prices(WTI and Brent crude oil)and their refined products over *** the turbulent months of 2011,when Cushing Oklahoma had reached capacity and the crude oil export ban removal in 2015 as breakpoints,we apply this method both in the full sample and the three resultant ***,results suggest our results show that both WTI and Brent display very similar behaviour with the refined ***,when attending to each regime,results derived from the first and third regimes are quite similar to the full sample ***,during the second regime,Brent crude oil became the benchmark in the petrol market,and it influenced the distillate ***,our model can let us determine the price-setters and price-followers in the price formation mechanism through refined *** results possess important considerations to policymakers and the market participants and the price formation.

关键词： Crude oil prices Spatial panel model Refined products Price formation

The impact of the Rural Minimum Living Standard Guarantee(Rural Dibao)Program on child nutrition outcomes

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Journal of Integrative Agriculture 2024年第2期23卷 444-456页

作者： Dian Chen Xiangming Fang Yu Chen Xiaodong Zheng Zhuo Chen Rodney B.W.Smith Academy of Global Food economics and Policy China Agricultural UniversityBeijing 100083China School of Public Health Georgia State UniversityAtlanta 30303USA School of economics Zhejiang Gongshang UniversityHangzhou 310018China College of Public Health University of GeorgiaAthens 30602USA Department of Applied economics University of MinnesotaSaint Paul 55108USA

The Rural Minimum Living Standard Guarantee(Rural Dibao)is an important unconditional cash transfer program to alleviate poverty in rural *** the importance of children’s nutrition in breaking poverty cycles,little is known about the impact of Rural Dibao on child nutrition *** China Family Panel Studies(CFPS),this paper examines the effects of Rural Dibao on child nutrition outcomes and investigates potential pathways and heterogeneous *** exploit propensity score matching and difference-in-differences techniques to evaluate the effects of the Rural Dibao program on child nutrition *** results suggest that Rural Dibao significantly impacts the nutrition outcomes of children up to 15 years of ***,our results suggest that Rural Dibao improves child height-to-age z-scores by 1.05 standard deviations and lowers the probability of stunting by 11.9 percentage *** analyses suggest that increased protein intake is the main pathway through which Rural Dibao participation contributes to better nutrition *** also find that the effect of the program is more pronounced among girls,children who are non-left-behind or live with highly educated mothers,and those from low-income families and poor *** findings suggest that Rural Dibao participation helps improve child nutrition outcomes through improving diet quality.

关键词： Rural Minimum Living Standard Guarantee nutrition height-to-age z-scores stunting rural China

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

Employee Stock Ownership Plans and Stock-price Informativeness

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China & World Economy 2024年第3期32卷 162-190页

作者： Yuehua Zuo Xin Huang Xiaojun Liu Yunhao Dai School of economics Huazhong University of Science and TechnologyChina School of economics and Modern economics Research Center Huazhong University of Science and TechnologyChina

This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock *** findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price *** plans improved stock-price informativeness through increased external attention and *** event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with *** with more positive signals exerted a greater ***,ESOPs that prioritized management incentives gained more recognition in the *** the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished *** findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.

关键词： announcement effect corporate governance employee stock ownership plan stock-price informativeness

IMTNet:Improved Multi-Task Copy-Move Forgery Detection Network with Feature Decoupling and Multi-Feature Pyramid

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Computers, Materials & Continua 2024年第9期80卷 4603-4620页

作者： Huan Wang Hong Wang Zhongyuan Jiang Qing Qian Yong Long School of Information Guizhou University of Finance and EconomicsGuiyang550025China College of Big Data Statistics Guizhou University of Finance and EconomicsGuiyang550025China

Copy-Move Forgery Detection(CMFD)is a technique that is designed to identify image tampering and locate suspicious ***,the practicality of the CMFD is impeded by the scarcity of datasets,inadequate quality and quantity,and a narrow range of applicable *** limitations significantly restrict the capacity and applicability of *** overcome the limitations of existing methods,a novel solution called IMTNet is proposed for CMFD by employing a feature decoupling ***,this study formulates the objective task and network relationship as an optimization problem using transfer ***,it thoroughly discusses and analyzes the relationship between CMFD and deep network architecture by employing ResNet-50 during the optimization solving ***,a quantitative comparison between fine-tuning and feature decoupling is conducted to evaluate the degree of similarity between the image classification and CMFD domains by the enhanced ***,suspicious regions are localized using a feature pyramid network with bottom-up path *** results demonstrate that IMTNet achieves faster convergence,shorter training times,and favorable generalization performance compared to ***,it is shown that IMTNet significantly outperforms fine-tuning based approaches in terms of accuracy and F_(1).

关键词： Image copy-move detection feature decoupling multi-scale feature pyramids passive forensics

Supplier Development under Supply Risk and Reputational Risk

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Journal of Systems Science and Systems Engineering 2024年第3期33卷 360-388页

作者： Zhaowei Miao Yu Wang Rongjing Zhu Lili Shangguan School of Management Xiamen UniversityXiamen361005China School of economics and Management Tsinghua UniversityBeijing100084China

This paper considers the supplier investment decision-making problem in a supply chain consisting of an original equipment manufacturer(OEM),a global supplier,and a local *** reduce dependence on global suppliers and improve supply stability,we develop a differential game model to investigate the optimal investment decisions of the OEM towards the local supplier under different risk scenarios and the impact of different risks on the optimal *** results show that investment efficiency and risks have a significant impact on OEM investment ***,when the OEM has higher investment efficiency,investing in the local supplier is profitable for the OEM;conversely,when the investment efficiency of the OEM is lower,it does not *** addition,an increase in the supply risk of the global supplier will lower the entry threshold for OEM investment,but an increase in the supply risk of the local supplier and the reputational risk of both will increase this threshold,meaning that only the OEM with significantly higher investment efficiency can profit.

关键词： Supplier investment supplier development supply risk reputational risk dual sourcing

A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability

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Social Sciences in China 2024年第1期45卷 157-181页

作者： Gu Leilei Ni Xiaoran Peng Yuchao Business School Central University of Finance and Economics School of economics Xiamen University School of Finance and Belt&Road Finance Institute Central University of Finance and Economics

Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed *** show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent *** particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in ***,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market *** have long-term implications for the financial system.

关键词： SARS epidemic experience probability weighting skewness preference stock price crash risk

Simulation of the role of emphasis on scheduling in the optimal incentive scheme for marine engineering employee’s routine job and information security compliance

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Journal of Ocean Engineering and Science 2024年第1期9卷 1-8页

作者： Xiaolong Wang School of economics and Management Binzhou UniversityBinzhou256600China

In the organizational context of marine engineering,employee individual often prefers to concentrate herself to the day-to-day routine job,but to shirk the responsibilities of the Information Security Policies(ISPs)compliance,after she has been delegated by the employer to perform the two different tasks in the same time *** would lead to negative influences on the security of marine information systems and the employee’s routine job *** view of the task structures of employee’s routine job and marine ISPs compliance,the variables of emphasis on scheduling are incorporated into a multi-task principal-agent model to explore the optimal incentive scheme to motivate and control the employees to select appropriate effort levels for conducting the two highly structured *** role of emphasis on scheduling on the incentive intensities for the two tasks have been clarified through modeling and simulation,and the corresponding incentive tactics are *** new two-task incentive scheme is expected to provide useful insight for understanding and controlling marine engineering employee’s routine job and ISPs compliance behavior.

关键词： Marine engineering Incentive scheme Information security policy compliance Task structure Scheduling Simulation