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Federated Learning (FL) with concept drift faces three fundamental challenges. First, existing methods lack a drift-aware client representation that can directly reflect changes in data distributions. Second, clustering with drifting clients often causes collaborative instability by contaminating the structure of client groups. Third, many approaches suffer from a methodological disconnect between...
This study examines the impact of independent directors on investment efficiency in China's listed central state-owned enterprises (CSOEs), a sector characterized by strong state involvement and strategic importance. Unlike prior studies that assume a linear relationship, our analysis reveals a non-linear effect: board independence enhances investment efficiency only when the proportion of ind...
Research on the impact of inward foreign direct investment (IFDI) on new venture creation has primarily focused on the country level, often yielding inconsistent findings. To reconcile these inconsistencies, we develop a theory on the influence of IFDI stock on new venture creation at the industry-regional level, offering three possible complementary explanations. Drawing on learning and competiti...
Understanding the sources of firm performance is central to global strategy research, with home country differences traditionally viewed as critical. However, empirical evidence on home countries' evolving influence remains limited. Using variance decomposition techniques, we analyze 43,304 firms (589,149 observations) across 102 countries from 1993 to 2022. While home country effects remain s...
This study investigates the impact of environmental, social, and governance (ESG) information from diverse external sources on analyst forecast accuracy. Drawing on four different proxies that capture firms' ESG information environments—including data from the media, third-party ESG rating agencies, ESG-focused investors, and government reports—we find that ESG information disseminated by the ...
The wake effect, which significantly degrades the power output of a wind farm, has prompted widespread consideration of the farm-level power generation optimization problem. However, the optimization problem is highly challenging when a large-scale wind farm encounters highly dynamic wind conditions. To address this issue, we proposed a semi-decentralized data-model-driven optimization scheme that...
Investment-financing maturity mismatches are common among firms worldwide, yet little is known about how government interventions can tackle them. This paper investigates China's Industry-Finance Cooperation Pilot Program as a quasi-natural experiment to examine whether, to what extent, and through what mechanisms government policies can address maturity mismatches. Using a multi-period differ...
While public attitudes regarding climate change have been widely explored in the global north, survey work is still limited in the global south countries. Here we analysed survey data (n = 8,400) from Chile, Colombia, India, Kenya, Nigeria, South Africa and Vietnam to understand climate knowledge, trusted information sources and policy preferences. Our results indicate that scientists stand out as...
As a long-standing regulatory instrument in China's capital market, the semi-mandatory dividend policy—linking refinancing eligibility to a minimum dividend payout ratio—may have unintended consequences for firm innovation. Using panel data on A-share listed firms from 2000 to 2019, this study identifies the causal effect of reaching the exogenously imposed “dividend threshold” on innovation...
This paper develops a nonparametric test for general functional inequalities that include conditional moment inequalities as a special case. It is shown that the test controls size uniformly over a large class of distributions for observed data, importantly allowing for general forms of time series dependence. New results on uniform growing dimensional Gaussian coupling for general mixingale proce...
The rapid advancements in single-photon detectors with picosecond timing resolution over the past decade have significantly driven the development of time-correlated single-photon counting (TCSPC) for computational imaging applications, including bioimaging and remote sensing. In this review, we utilize the CiteSpace tool to create knowledge maps and perform a bibliometric analysis of this researc...
Urban computing leverages data analysis to improve urban areas’ efficiency and sustainability, tackling tasks like traffic management, crime forecasting, and air quality predictions. Current models, while efficient, often struggle with tasks beyond their initial training due to limited flexibility. Typically, new tasks require developing specialized models, which may not perform optimally with li...
