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Using volatility cones as the estimate of actual volatility instead of GARCH models, the purpose of this paper is to explore whether volatility arbitrage strategy can provide positive profits and how the transaction costs existed in the real market affect the effectiveness of volatility arbitrage strategy.

A number of hedging approaches proposed to improve the hedging results and final returns of Black-Scholes model are analyzed and compared.

The general finding is that volatility arbitrage strategy can provide satisfactory returns based on the samples in Chinese market. Regarding transaction costs, the variable bandwidth delta and delta tolerance approach showed better results. Besides, choosing futures together with ETFs as hedging underlying can increase the VaR for better risk management.

This paper offers a new method for volatility arbitrage in Chinese financial market.

This paper researches the profitability of the volatility arbitrage strategy on ETF 50 options using volatility cones method for the first time. This method has advantage over the point-wise estimation such as GARCH model and stochastic volatility model.

Although an important facet of modernist architecture in which function plays a prominent role, building flexibility is not entirely a new concept. Its relevance transcends generations, allowing space and structure to evolve through time. This paper investigates the relationship among main building structures, infill elements, and space by studying examples in ancient Chinese architecture. It reveals the role of building owners, users, and craftsmen from a survey of historical documentation. In studying these examples, it is concluded that craftsmen in ancient China were involved not only during the construction phase but throughout the period of use as well. Thus, in select cases, the relationship between craftsmen and owners or users had been preserved for generations. Finally, this paper suggests potential strategies for the building industry and technology in the move towards sustainable development.

This study aims to understand the epistemic foundation of the classification applied in the first Chinese library catalogue, the Seven Epitomes (Qilue).

Originating from a theoretical stance that situates knowledge organization in its social context, the study applies a multifaceted framework pertaining to five categories of textual data: the Seven Epitomes; biographical information about the classificationist Liu Xin; and the relevant intellectual, political, and technological history.

The study discovers seven principles contributing to the epistemic foundation of the catalogue's classification: the Han imperial library collection imposed as the literary warrant; government functions considered for structuring texts; classicist morality determining the main classificatory structure; knowledge perceived and organized as a unity; objects, rather than subjects, of concern affecting categories at the main class level; correlative thinking connecting all text categories to a supreme knowledge embodied by the Six Classics; and classicist moral values resulting in both vertical and horizontal hierarchies among categories as well as texts.

A major limitation of the study is its focus on the main classes, with limited attention to subclasses. Future research can extend the analysis to examine subclasses of the same scheme. Findings from these studies may lead to a comparison between the epistemic approach in the target classification and the analytic one common in today's bibliographic classification.

The study is the first to examine in depth the epistemic foundation of traditional Chinese bibliographic classification, anchoring the classification in its appropriate social and historical context.

In view of the current difficulty of separation of troxerutin, the purpose of the paper is to separate and purify semi-synthetic flavonoid compound troxerutin by macroporous adsorption resin (SZ-3).

Comparing the adsorption performance and resolution of three different polar resins and choosing a resin to optimize the process parameters such as sample volume, eluent concentration and elution temperature to obtain high-purity troxerutin. After separating and enriching by resin column chromatography, detected the sample by LC-MS analysis.

This research found that the optimal conditions of the adsorption and desorption were sample volume S = 90 mg/g resin, methanol concentration C = 25%, T = 20 °C. the content of troxerutin increased significantly from 88% to more than 96%. Then confirmed the sample was troxerutin by LC-MS. In addition, the resin could be used for at least 10 cycles in the separation and purification experiments of troxerutin.

Purification of troxerutin with new SZ-3 resin for the first time. Under the optimal conditions, the purity and recovery of troxerutin was 96.4% and 39%. In this study, the authors established a purification process of troxerutin successfully that was simple, economical, environment friendly, with high purity and high recovery rate to provide a reference program for changing the status of troxerutin separation difficulties.

With the continuous improvement of social and economic development as well as the rising level of demand for spiritual life, the design of cultural and creative products has ushered in new opportunities and challenges. Therefore the research related to cultural and creative products design is an inevitable choice for industrial innovation and market competition. The article aims to analyze the frontier hotspots and trend evolution of theoretical research on cultural and creative design in China by presenting different research fields, personnel and institutions embodied by cultural and creative products, thus providing a forward-looking development reference for China's special cultural and creative product design practice.

In this paper, the visualized citation analysis tool — CiteSpace V is used to analyze and map the relevant literature of Chinese cultural and creative design in CNKI (Chinese National Knowledge Infrastructure) as the data sources, through bibliometric methods, in order to study the application development of Chinese cultural and creative design and provide reference for the application research of Chinese cultural and creative industries.

With the improvement of China's comprehensive strength, cultural self-confidence and strategy are being paid more and more attention by scholars; with the future research of China's cultural and creative design theory, cross-integration becomes the future trend; with the gradual maturity of China's cultural and creative design methodology, how to choose the right method for pioneering research is a difficulty for the future development of cultural and creative design; with the continuous development of China's economy, the method construction of innovative cultural and creative industry system becomes the focus of future research; with the continuous progress of science and technology, the integration of emotion and product industry is the mainstream of future development on cultural and creative design.

Through an objective empirical analysis of the development of Chinese cultural and creative products, it will broaden the research horizons of relevant scholars, understand the development direction of China's cultural and creative industries, enrich the design practice application of Chinese cultural and creative products, enhance the understanding of international counterparts on Chinese cultural and creative design research and promote the exchange among international counterparts.

Given the unique cultural-political context of China, this paper aims to investigate two research questions: What has been the development trajectory of policy-making on consumer privacy protection in China, and what factors have shaped its development over the years?

This paper adopts a historical approach and examines the development of Chinese consumer privacy policy during four periods: 1980s, 1990s, 2000s and 2010-present.

Chinese policy-making on consumer privacy protection has made steady advancement in the past few decades due to factors such as technological development, elite advocacy and emulation of other markets; however, the effects of these factors are conditioned by local forces.

To date, most studies of consumer privacy issues have focused on Western countries, especially the European Union and the USA. A better understanding of how consumer privacy policy has developed in China provides important lessons on the promotion of consumer privacy protection in other developing countries.

The purpose of this paper is to explain how post-1997 Hong Kong has been perceived in Taiwan and to critically evaluate the demonstration effects of Hong Kong under the “One Country, Two Systems” policy on cross-strait relations.

“Today’s Hong Kong, Tomorrow’s Taiwan” has become a dominant discourse in cross-strait relations in recent years. The paper has adopted discourse analysis of selected texts during and after the 2014 Sunflower Movement to elucidate the disapproval of the developments of post-handover Hong Kong and the construction of the Movement’s self-identity.

It has observed the following arguments which shaped the prevailing perceptions among critics of the “One Country, Two Systems” policy: political infiltration of China in Hong Kong could be extended to Taiwan in the sense that the Beijing authorities would adopt the identical approach to manipulate Taiwan through the cross-strait trading agreements; negative perceptions and images of China and Chinese capitals as a collective aggressor and a threat, raising fear and worries in both Hong Kong and Taiwan; and Kuomintang, as a ruling party at that time under the leadership of President Ma Ying-jeoh, was dismissed by protesters as an incompetent gatekeeper and defender of Taiwan’s interests.

The pervasive sentiments and perceptions about post-1997 Hong Kong has been articulated discursively by the young activists in Taiwan and Hong Kong into a statement – “Today’s Hong Kong, Tomorrow’s Taiwan” – which has brought about a somewhat unexpected bonding effect between Hong Kong and Taiwan through a strong disapproval of “One Country, Two Systems” and the China factor, which has be reproduced, delivered and circulated in both societies since 2014.

The applications of multi-agent systems (MASs) are considered to be among the most promising paradigms for detailed investigations and reliable problem-solving methods, and MAS applications make it possible for researchers and practitioners to better understand complex systems. Although a number of prior studies have been conducted to address complex issues that arise from construction projects, few studies have summarised the applications and discussed the capacity of MASs from the perspective of construction management. To fill the gap, this paper provides a comprehensive literature review of MAS applications from the perspective of construction management.

Web of Science and Scopus are the most commonly used international databases in conducting the literature reviews. A total of 86 relevant papers published in SCI-Expanded, SSCI and Ei Compendex journals related to the application of MASs from the perspective of construction management are selected to be analysed and discussed in this paper.

Based on the 86 collected publications, the utilisations of MASs to support the management of the supply chain and the improvement of project performance are identified from the perspective of construction management, the characteristics and barriers of current MAS applications are analysed, a framework for developing agent-based models to address complex problems is proposed, and future research directions of MAS applications are discussed.

This review can serve as a useful reference for scholars to enhance their understanding of the current research and guide future research on MASs. The proposed framework can help build agent-based models to address complex problems in construction management.

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

The purpose of this paper is to explore the extent to which Chinese classical virtues act as a restraint on consumerist hedonic values and the associated priority on profit maximisation by managers.

The paper is based on a literature review and adopts a reflective approach to the topic.

The paper considers how Chinese classical virtues are related to contemporary relational or indigenous values and how a social tension is created between these values and the hedonic values now present in Chinese urban society. Implications for management and management education are reviewed in the light of this tension.

The social unrest created by the privatisation of SOEs can be mitigated by the promotion of management education sensitised to the cultural norms and expectations of the Chinese people in relation to the role and responsibilities of managers. The Junzi (gentleman‐leader) archetype and the virtues of ren‐yi‐li are offered as exemplary features of a management seeking to balance social responsibility with profitability.

The paper highlights the social turbulence created by the advent of market economics in China and the concomitant rise of consumerism and the privatisation of state‐owned enterprises.