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The purpose of this paper is to analyze different behaviors between long-term options’ implied volatilities and realized volatilities.

This paper uses a widely adopted short interest rate model that describes a stochastic process of the short interest rate to capture interest rate risk. Price a long-term option by a system of two stochastic processes to capture both underlying asset and interest rate volatilities. Model capital charges according to the Basel III regulatory specified approach. S&P 500 index and relevant data are used to illustrate how the proposed model works. Coup with the low interest rate scenario by first choosing an optimal time segment obtained by a multiple change-point detection method, and then using the data from the chosen time segment to estimate the CIR model parameters, and finally obtaining the final option price by incorporating the capital charge costs.

Monotonic increase in long-term option implied volatility can be explained mainly by interest rate risk, and the level of implied volatility can be explained by various valuation adjustments, particularly risk capital costs, which differ from existing published literatures that typically explained the differences in behaviors of long-term implied volatilities by the volatility of volatility or risk premium. The empirical results well explain long-term volatility behaviors.

The authors only consider the market risk capital in this paper for demonstration purpose. Dealers may price the long-term options with the credit risk. It appears that other than the market risks such as underlying asset volatility and interest rate volatility, the market risk capital is a main nonmarket risk factor that significantly affects the long-term option prices.

Analysis helps readers and/or users of long-term options to understand why long-term option implied equity volatilities are much higher than observed. The framework offered in the paper provides some guidance if one would like to check if a long-term option is priced reasonable.

It is the first time to analyze mathematically long-term options’ volatility behavior in comparison with historically observed volatility.

This paper reports on an investigation comparing searcher experiences with Web and non‐Web interfaces to online databases. The study was designed to address the following questions: what is the nature of searcher preferences for Web versus non‐Web interfaces to online databases and, more specifically, what are the characteristics of Web and non‐Web based interfaces that help or hinder effective searching? Two samples of students enrolled in a graduate level Advanced Databases Searching course were used as participants in the research. In this class, the students used several Web and non‐Web based online databases. The data collected from self‐administered open‐ended questionnaires were employed in the analysis to address the research questions posed above. Results of the study indicate that some of the functions of Web interfaces outperform non‐Web interfaces; but at the same time they are not universally preferred. An important dynamic that surfaced in this study which helped to explain searcher preference for one type of interface over another was that of user control versus ease of use in the search process. This study concludes with an argument for greater attention to the tension between user control and ease of use in the design of effective and useful interactive online retrieval systems.

This study aims to evaluate how the structure of medical compression stockings, including three compression levels and five cross-sections from the ankle to the thigh part, will be changed after washing in different conditions and further investigate the effect of the washing parameters on the medical compression stockings.

By washing medical compression stockings in different conditions and measuring the structures (including the density, the girth, the transversal and lengthwise dimension, the weight per unit area and the thickness) of medical compression stockings from the knee to the thigh part.

It was concluded that the density, the weight per unit and the thickness increase and the girth, the transversal and lengthwise dimension, the weight per unit and the thickness decrease. The change degree of Class one and Class two is greater than Class 3. Moreover, the washing temperature is the most significant factor affecting all the structures of medical compression stockings. Meanwhile, the mechanical actions of the washing machine, like drum speed and washing time, also influence different medical compression stockings structures to different degrees.

The washing parameter not only includes the temperature and washing cycles but also has other factors, such as the drum speed and washing time. In addition, different kinds of factors will be influenced by each other.

This study can provide consumers advices on the washing of medical compression stockings, and attribute to the optimization of materials and structures to maintain its properties for manufacturers.

The purpose of this paper is to investigate country-level and firm-level determinants of within-country accounting comparability for 16 European Union countries plus the USA in the post-International Financial Reporting Standards adoption period.

The authors use ordinary least squares regression to test the hypotheses with a correction for heteroscedasticity.

The authors find that firms in countries with rules-based accounting, higher quality public auditor work environments, stricter enforcement of accounting standards and more reliance on equity-market financing have higher within-country comparability with each other. At the firm-level, the authors find that firms which are larger, engage in less earnings management, and have lower return-on-asset volatility have higher within-country comparability with each other.

The authors use one measure of accounting comparability. Alternative measures of accounting comparability could test the hypotheses more completely.

The findings of the paper may help the regulators make more efficient policies to establish an efficient financial market within their country.

The paper is the first, to the authors’ knowledge, to identify country-level and firm-level determinants of within-country accounting comparability. It contributes to the accounting literature by completing the theory of international accounting comparability from the within-country perspectives, as prior literature focuses on the cross-country perspective of international accounting comparability.

The purpose of this paper is to contribute to a unified theory of entrepreneurial orientation. To this end, the study considers the nexus of entrepreneurial orientation and venture performance contingent on entrepreneurial political skill, as well as in relation to organizational justice as it influences stakeholder commitment.

A diverse sample of 237 entrepreneurs from private entrepreneurial enterprises throughout an eastern province (Zhejiang) of China participated in a questionnaire study during three years. The study applies structural equation modeling and hierarchical moderated regression analyses to test the hypotheses.

In the context of a developing economy (China), the study verifies the influence of entrepreneurial political skill on entrepreneurial performance. Amongst those involved in the venture, a sense of organizational justice combined with entrepreneurial orientation work to moderate the entrepreneur’s political skill in achieving outcomes.

Limitations of the study are the questionnaire survey identifies entrepreneurial “perceptions” of success or failure with actual success or failure; and responses are weighted to founders and top managers as representing entrepreneurial actors more generally.

The study concludes that access to scarce resources and maintenance of goal congruence are more likely to be achieved when entrepreneurial innovativeness and pro-activeness are combined with entrepreneurial political skill in a setting of organizational justice.

The study finds that entrepreneurs are able to improve performance by instilling a group culture of trust and social justice.

The study is located contextually in the guanxi-centered social exchange atmosphere of China as the economy transforms from a planned to a market model, with institutional arrangements of a mixed economy of state-owned and privately owned enterprises. In this context, the study explores the constructs of entrepreneurial orientation in relation to entrepreneurial political skill in a context of organizational justice as they combine to influence a venture’s success.

The purpose of this paper was to prepare a ternary hierarchical rough particle to accelerate the anti-corrosive design for coastal concrete infrastructures.

A kind of micro-nano hydrophobic ternary microparticles was fabricated from SiO₂/halloysite nanotubes (HNTs) and recycled concrete powders (RCPs), which was then mixed with sodium silicate and silane to form an inorganic slurry. The slurry was further sprayed on the concrete surface to construct a superhydrophobic coating (SHC). Transmission electron microscopy and energy-dispersive X-ray spectroscopy mappings demonstrate that the nano-sized SiO₂ has been grafted on the sub-micron HNTs and then further adhered to the surface of micro-sized RCP, forming a kind of superhydrophobic particles (SiO₂/HNTs@RCP) featured of abundant micro-nano hierarchical structures.

The SHC surface presents excellent superhydrophobicity with the water contact angle >156°. Electrochemical tests indicate that the corrosion rate of mild steel rebar in coated concrete reduces three-order magnitudes relative to the uncoated one in 3.5% NaCl solution. Water uptake and chloride ion (Cl^-) diffusion tests show that the SHC exhibits high H₂O and Cl^- ions barrier properties thanks to the pore-sealing and water-repellence properties of SiO₂/HNTs@RCP particles. Furthermore, the SHC possesses considerable mechanical durability and outstanding self-cleaning ability.

SHC inhibits water uptake, Cl^- diffusion and rebar corrosion of concrete, which will promote the sustainable application of concrete waste in anti-corrosive concrete projects.

The purpose of this study is to propose a systematic model selection procedure for long-term load forecasting (LTLF) for ex-ante and ex-post cases considering uncertainty in exogenous predictors.

The different variants of regression models, namely, Polynomial Regression (PR), Generalised Additive Model (GAM), Quantile Polynomial Regression (QPR) and Quantile Spline Regression (QSR), incorporating uncertainty in exogenous predictors like population, Real Gross State Product (RGSP) and Real Per Capita Income (RPCI), temperature and indicators of breakpoints and calendar effects, are considered for LTLF. Initially, the Backward Feature Elimination procedure is used to identify the optimal set of predictors for LTLF. Then, the consistency in model accuracies is evaluated using point and probabilistic forecast error metrics for ex-ante and ex-post cases.

From this study, it is found PR model outperformed in ex-ante condition, while QPR model outperformed in ex-post condition. Further, QPR model performed consistently across validation and testing periods. Overall, QPR model excelled in capturing uncertainty in exogenous predictors, thereby reducing over-forecast error and risk of overinvestment.

These findings can help utilities to align model selection strategies with their risk tolerance.

To propose the systematic model selection procedure in this study, the consistent performance of PR, GAM, QPR and QSR models are evaluated using point forecast accuracy metrics Mean Absolute Percentage Error, Root Mean Squared Error and probabilistic forecast accuracy metric Pinball Score for ex-ante and ex-post cases considering uncertainty in the considered exogenous predictors such as RGSP, RPCI, population and temperature.

The purpose of this study is to investigate reporting incentives for accounting conservatism in the context of asset and equity tunnelling and to provide empirical evidence that accounting conservatism can be reported for opportunistic reasons rather than efficiency reasons.

A cross‐sectional analysis of data from the period 2002 to 2004 is conducted.

This study provides empirical evidence that firms undertaking asset or equity tunnelling transactions report higher conservatism than firms undertaking other kinds of connected transactions. Further tests document a positive association between accounting conservatism and the private benefits gained by controlling shareholders from asset and equity tunnelling.

Contrary to the prevalent view that accounting conservatism signifies better quality accounting and benefits financial statement users, this study shows that accounting conservatism is influenced by institutional factors and the incentives of financial statement preparers. Researchers should exercise caution in interpreting higher accounting conservatism as an indication of better accounting information quality, especially in cross‐country research involving different institutions.

This article looks at the differences and similarities between globalization and the role of China on globalization, in particular for the Hong Kong Special Administrative Region of China (HKSAR).

This article is based on research, reading, and interviews on globalization.

China is promoting the new globalization of the century called Belt and Road Initiative (BRI) which is a unique way to boost again the economy of China.

Studies of the New Maritime and Land Silk Road of China are rare; in particular, the role of the HKSAR is ignored. Macau also plays a role because it was the first point of globalization in the seventeenth century. China is really a global country, and the Chinese are numerous in all continents. Chinese Internet role is also mentioned.

Globalization is a key concept not only for China and Asia but also for the Hong Kong Special Administrative Region (HKSAR), Africa, and countries in Latin America such as Bolivia and Venezuela. This article looks at the differences and similarities between globalization and the role of China on globalization. The HKSAR and the Greater Bay Area are part of the same country. China is developing the new globalization of the century called, in 2017, the Belt and Road Initiative (BRI). The current definition of Chinese globalization includes land and maritime Silk Road, now the BRI.

Unlike other project delivery options, a much larger proportion of risks is borne by the private partner in public‐private partnerships, since a large amount of equity is needed to finance the scheme. As a result, it is of paramount importance for the franchisee to analyse the possible project outcomes with due reference to potential risks affecting cash inflow and outflow. The purpose of this paper is to address the shortcomings of deterministic estimations by developing a proposal for a simulation model that aims to unveil the probability distributions of the equity amount and return on equity.

In this paper, a simulation model is developed to establish the probability distributions of these two indicators under the influence of risks. A simple case study is also presented to illustrate the concept and application of this model.

The simulation model can generate the probability distributions related to the net present value of the equity component as well as the rate of return on equity.

The method proposed in this paper should help the private investors analyse the amount of equity to be injected to the project and its corresponding return rate.

By referring to the probability distribution, an equity investor can establish whether they can recover their investment and gain a desired return rate. Based upon the risk attitude of the investor, decision‐makers can then decide whether the scheme should be pursued or not.