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Financial derivatives are widely recognized for their effectiveness in managing interest rate risk, demonstrating the principle of comparative advantage in finance. However, traditional financial derivative transactions are often complex and can expose participants to market and credit risks. To mitigate these risks, reduce transaction costs, and enhance liquidity, this paper proposes a blockchain...
This article investigates supply chain recovery and resilience by examining how an automotive supply chain in Wuhan was revived after a complete shutdown. The focus is on the recovery process once the supply chain was reactivated. Using punctuated equilibrium theory (PET), the authors illustrate how such a complete shutdown triggers the reconfiguration of deep structures (i.e., durable organizatio...
Considering the United Nations’ 2030 Agenda for Sustainable Development, this paper explores the critical role of the energy sector in achieving the Sustainable Development Goals (SDGs). Employing a resource-based view perspective, this study investigates the enablers that facilitate SDGs implementation within global energy firms, distinguishing between renewable energy and fossil fuel firms. By ...
Given the substantive influence of the digital revolution on the sharing economy, it is timely and relevant to ask why some sharing platforms (e.g. Airbnb and Uber) achieve significant success while others fail. To determine which factors encourage customers to participate in sharing goods and services on sharing platforms, and when they do so, this study conducts a meta-analysis of empirical find...
Abstract: The alarmingly high level of local government debt (LGD) in China threatens the financial stability, fiscal system, and sustainability of China's economic success. This study provides a comprehensive and in-depth understanding of the evolution and causes of LGD expansion by investigating institutional details, developing conceptual frameworks through economic and institutional lenses...
Abstract:PurposeThis article aims to unfold digital servitization by exploring the key resources and resource orchestration (i.e. resource configuration and interaction).Design/methodology/approachThis article conducted an explorative two-stage research strategy of Chinese servitized manufacturers using a preliminary case study and fuzzy-set Qualitative Comparative Analysis (fsQCA) design. The dat...
Abstract: This paper studies social interaction models with both in-group and out-group effects. The ingroup effect follows the standard setup in the literature, while the out-group effect is introduced by assuming the economic outcome also depends on its out-group average value. We present a network game with limited information of outside groups that rationalizes the econometric model. We ...
Abstract: We add to the emerging literature on empirical asset pricing in the Chinese stock market by building and analyzing a comprehensive set of return prediction factors using various machine learning algorithms. Contrasting previous studies for the US market, liquidity emerges as the most important predictor, leading us to closely examine the impact of transaction costs. The retail investors...
Abstract: In this article, we introduce a new command, cspa, that implements the conditional superior predictive ability test developed in Li, Liao, and Quaedvlieg (2022, Review of Economic Studies 89: 843–875). With the conditional performance of predictive methods measured nonparametrically by the conditional expectation functions of their predictive losses, we test the null hypothesis that a be...
Abstract: This paper empirically investigates how customer email engagement affects the profitability of subscription service providers and retailers. They have been using email engagement to increase customer retention. However, it is unclear whether email engagement improves their profitability. The existing literature focuses on email engagement’s benefit of customer retention but ignores its ...
Abstract:The paper examines the relationship between climate amenities and locational choices in retirement. Using data from 2017 release of the American Community Survey, I construct a household residential location choice model and value climate amenities from the trade-offs among housing cost, climate amenities, and other locational attributes in a metropolitan statistical area (MSA). On averag...
Abstract: This paper examines the spatial relationship between the ambient air pollution level of an apartment and its property value in the housing market of South Korea. Using detailed transaction data for 2015–2018, we construct the air pollution index and estimate a two-stage spatial Durbin error model that controls for both direct and spillover effects. We find that, holding other factors equ...
