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With the development of the city, the urban parks of the red revolutionary culture have been gradually recognized by people. Red culture can arouse people's special memory for a period and a city, thus gradually applying to the urban landscape planning. Based on this, in this paper, in terms of terrain, water, artificial structure, light and shade, color and so on, the urban park landscape of the red revolutionary culture was planned and studied. At the same time, by using a large number of successful cases of domestic red landscape and foreign commemorative landscape, a way of thinking and method for the design of red landscape was explored. In addition, taking the Wuzhishan red cultural theme park as an example, the study was carried out, and the problems faced by the red culture theme park in the planning and design stage were expounded. Finally, the theory was applied to practice, thus providing an example for reference.

The securities transaction tax (STT) has been theoretically considered as an important regulation device for decades. However, its role and effectiveness in financial markets is still not well understood both theoretically and empirically. By use of agent-based modeling method, the purpose of this paper is to present a new artificial stock market model with self-adaptive agents, which allows the assessment of the impacts from various levels of STTs in distinctive market environments and thus a comprehensive understanding of the effects of STTs is achieved.

In the model, agents are allowed to employ the strategies used by the following five types of investors: contrarians, random traders, momentum traders, fundamentalists and exit strategy holders. Specifically, the authors start with the investigation of the dynamics of a tax free benchmark market; then the patterns of market behaviors and the behaviors of various types of investors are discussed with different levels of STTs in markets with mild and high fluctuations.

The simulation results consistently show that a moderate transaction tax does contribute to market stabilization in terms of reducing market volatility while with a price of mild decrease of market efficiency and liquidity. The findings suggest that a balance between market stability and efficiency could be reached if regulatory authorities introduce STTs to markets discreetly.

This paper enriches the comprehensive understanding of the effects of STT, and gives good explanation about the controversy between Tobin’s proponents and anti-Tobin group.

This paper intends to study how geographic heterogeneity in urban vibrancy, especially in human capital creation, helps explain persist firm valuation dispersion across cities in China.

This paper studies geographic differences in firm valuations of 1,023 listed companies headquartered in 35 major cities in China from 2001 to 2018. The authors estimate panel regressions of local firm Tobin's q on city fixed effects or city endowed attributes in human capital creation after controlling industry-year fixed effects as well as a set of firm and city time variant attributes.

The results show persistent, significant city-to-city differences in Tobin's q, especially among large, mature or high labor-intensive firms. To explain such geographic differences in firm valuations, the authors identify several factors of the endowed city competitive advantages in creating human capital that play important roles in explaining the persistent geographic firm valuation premia.

This paper provides the first systematic analysis of urban vibrancy in human capital supply in explaining persistent geographic firm valuation dispersion in China. The evidence suggests that city endowed comparative advantages in supplying human capital have created long-lasting, and growing, shareholder wealth by attracting and retaining talents and human resources in local firms.

The large scale of construction projects and the coexistence of multiple logics in the construction field are sparking interest in applying an institutional perspective to investigate managerial issues in construction projects. However, only a few conceptual papers have been published thus far, and a literature review is needed to identify how that knowledge domain has developed. Based on the results of bibliometric analysis and content analysis, this study proposes potential future avenues for institutional theory in construction project management (ITCPM) studies.

This paper reports a bibliographic coupling analysis and a co-citation analysis conducted to identify existing research trajectories and determine the primary features of the current ITCPM literature. In addition, this paper employed a content analysis, identified the evolutionary stages of ITCPM knowledge over time and built a framework of existing research.

This paper first identified that the existing ITCPM studies evolve through three stages, and that the intellectual core of ITCPM studies can be categorized into five clusters. In addition, this paper proposes that future research can be extended from two existing streams: the institutional responses of project actors and the institutional outcomes of construction projects. This paper proposes several major questions that should be addressed by project management scholars working in both streams in order to develop an understanding of construction projects from an institutional perspective.

This is the first literature review of the existing body of knowledge based on a joining of institutional theory and construction project management literature. It uncovers knowledge gaps in contemporary research, notably a lack of broader consideration of how project actors respond to institutional environments and of the institutional outcomes of project management.

The purpose of this paper is to investigate the direct effects of state capitalism on the internationalization behavior of state-owned enterprises (SOEs). Specifically, the authors focus on four distinct aspects of internationalization behavior; namely, pace of internationalization, rhythm of internationalization, location choice (developing countries vs developed countries), and diversity of product lines.

The authors empirically test the hypotheses using data from Chinese construction companies during the period 2009-2015. The authors build a unique dataset by combining the data from ENR Top 225 International Contractors reports and the State Administration for Industry and Commerce of China information. Moreover, concerning the panel data structure and the potential for autocorrelation and heteroskedasticity, The authors use the feasible generalized least square panel model to test the hypotheses.

The authors find that the level of state capitalism has a positive effect on SOEs’ rhythm of internationalization, while there is no significant relationship between the level of state capitalism and the pace of internationalization. Furthermore, the authors find that the SOEs affiliated with higher levels of government organizations are more likely to locate business operations in developing countries and engage in more diversity of product lines.

The findings show that the different varieties of state capitalism are the source of the different internationalization patterns of SOEs. Instead of supposing SOEs to be uniform players in emerging economies, the authors show that the nature of SOEs varies depending on the level of government with which they are affiliated, and this fact results from the divergent manifestations of state capitalism itself.

This study improves the understanding of how state capitalism affects the capabilities and motivations of SOEs in regard to overseas expansion. The authors extend institutional theory by supposing that the level of state capitalism has a positive effect on the rhythm of internationalization. Moreover, the authors find that SOEs embedded with high levels of government affiliation tend to enter into developing countries and diversify their product lines.

This study aims to examine the impact of economic policy uncertainty and bank competition on the financial stability of the Chinese banking industry. This study answers two fundamental questions. First, does economic policy uncertainty (EPU) affects the financial stability of banks in China? Second, does competition affect the financial stability of the Chinese banking sector?

The sample includes all commercial banks to provide a full picture of the Chinese banking sector. This study covers the time between 2011 and 2019. The sample period captures different EPU spikes and key policy changes. This study used different econometric methodologies such as the generalized method of moments and the fixed effect and ordinary least square estimation models. Furthermore, this study used the Instrumental Variable model to solve endogeneity, autocorrelation and unobserved heterogeneity concerns. Besides, alternative EPU and financial stability measures were used. Moreover, this study reestimates the model after dropping the big five state-owned banks.

This study found that both EPU and competition reduce financial stability. This implies that EPU has a negative impact on financial stability. This shows that uncertainty distorts resource allocation efficiency and creates confusion, leading to financial instability in the banking sector. Besides, this study found that competition negatively affects financial stability. This result implies that high competition pushes banks toward riskier activities that ultimately lead to increased financial instability.

This study is the first of its kind that examines the impact of EPU and competition on the financial stability of the Chinese banking sector. This study conducted several robustness tests such as the instrumental variable model, alternative measurement and sample construction methods. This study brings policy implications and lessons for the banking sector.

The authors develop a theoretical framework of how foreign competition in a firm's home country jointly interacts with other environmental factors to influence the internationalization pace. This study moves beyond the debate on whether foreign competition promotes or inhibits the internationalization pace by unpacking the nature of pace across strategic and operational dimensions. By differentiating the internationalization paces of market scope and international commitment, the study results show that foreign competition has a positive effect on the former and a negative effect on the latter. This indicates that the determinants of different paces are conditional upon the different knowledge types among foreign competitors.

Using a panel data set of Chinese construction corporations over the period from 2009 to 2015, the authors extend previous research on the effect of home country environment on internationalization behavior in an emerging economy by examining the effects of the interplay between foreign competition in home country and industrial contexts. The authors also explore the moderating effect of subnational institutions on the relationship between foreign competition and internationalization pace. They use a Poisson model and a GEE model to examine the main effects and moderating effects involved.

The results indicate that industry dynamism strengthens the positive effect of foreign competition and the pace of market scope, while industry munificence weakens the negative effect of foreign competition and the pace of international commitment. The authors’ findings support the coexistence of “pushing” and “pulling” effects of environmental factors from a firm's home country. The authors extend the argument of “institutional escapism” by focusing on subnational institutions. They show that firms located in a region with a low level of marketization are more likely to respond by accelerating the pace of their international expansion to escape from their home country.

The authors’ findings have implications for practitioners and policymakers working with emerging market firms (EMFs). The authors suggest that local governments should consider building high-quality institutions that can reduce the possibility of investment opportunities escaping EMFs. The authors’ findings indicate that international knowledge from foreign competitors may also assist EMFs in understanding more about the cultural environment before entering host countries, although it cannot help them to resolve cultural uncertainty when operating in host countries. Hence, managers should carefully evaluate their competitiveness before they decide to engage in global competition at an accelerated rate.

The megaproject is a vital innovation ecosystem for participants engaging in technological adoption and integration to achieve project goals. The purpose of this paper is to examine how ecosystem captains build and operate a megaproject innovation ecosystem (MIE). To be more specific, we conducted an in-depth case study to identify the roles played by ecosystem captains in establishing and managing a megaproject innovation ecosystem.

Based on the Hong Kong-Zhuhai-Macau Bridge project, the data we collected range from 2010 to 2019 and include semi-structured interviews, informal conversations, and archival documents. We employed an inductive theory building approach to address our research question and analyzed our data using the coding process and Atlas.ti software.

We find that the ecosystem captains themselves are client organizations that have evolved with the ecosystem during four distinct yet inter-related phases. In addition, we find that the captains’ roles of the client organizations include two typical activities: ecosystem establishment and ecosystem collaboration. The ecosystem captains first frame problems, plan innovative activities, set rules, and select participants for the establishment of the ecosystem, and then orchestrate resources, buffer conflicts, incorporate innovative networks, and cultivate an innovation culture to create a collaborative ecosystem.

This study proposes a theoretical framework showing how ecosystem captains engage in MIE to manage innovative activities during different stages. It highlights the importance of captainship roles in client organizations in a megaproject.

The purpose of our study is to explore the “idiosyncratic volatility puzzle” in Chinese stock market from the perspective of investors' heterogeneous beliefs. To delve into the relationship between idiosyncratic volatility and investors' heterogeneous beliefs, and uncover the ability of heterogeneous beliefs, as well as to explain the “idiosyncratic volatility puzzle”, we construct our study as follows.

Our study adopts the unexpected trading volume as proxies of heterogeneity, the residual of Fama–French three-factor model as proxies of idiosyncratic volatility. Portfolio strategies and Fama–MacBeth regression are used to investigate the relationship between the two proxies and stock returns in Chinese A-share market.

Investors' heterogeneous beliefs, as an intermediary variable, are positively correlated with idiosyncratic volatility. Meanwhile, it could better demonstrate the negative correlation between the idiosyncratic volatility and future stock returns. It is one of the economic mechanisms linking idiosyncratic volatility to subsequent stock returns, which can account for 11.28% of the puzzle.

The findings indicate that idiosyncratic volatility is significantly and positively correlated with heterogeneous beliefs and that heterogeneous beliefs are effective intervening variables to explain the “idiosyncratic volatility puzzle”.

We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that the past loser-and-illiquid stock portfolios tend to outperform the past winner-and-liquid stock portfolios in the 1–12 months holding period. The excess return is significantly associated with the market-wide liquidity factor even when we control the three Fama-French and momentum factors. Cross-sectionally, the liquidity beta significantly affects the excess return even with control of other risk betas and other traditional liquidity proxies.