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The Chinese fund market has witnessed significant developments in recent years. However, although there has been a range of studies assessing fund performance in developed industries, the rapidly developing fund industry in China has received very little attention. This study aims to examine the performance of open-end securities investment funds investing in Chinese domestic equity during the period May 2003 to September 2020. Specifically, applying a non-parametric bootstrap methodology from the literature on fund performance, the authors investigate the role of skill versus luck in this rapidly evolving investment funds industry.

This study evaluates the performance of Chinese equity securities investment funds from 2003–2020 using a bootstrap methodology to distinguish skill from luck in performance. The authors consider unconditional and conditional performance models.

The bootstrap methodology incorporates non-normality in the idiosyncratic risk of fund returns, which is a major drawback in “conventional” performance statistics. The evidence does not support the existence of “genuine” skilled fund managers. In addition, it indicates that poor performance is mainly attributable to bad stock picking skills.

The authors find that the top-ranked funds with positive abnormal performance are attributed to “good luck” not “good skill” while the negative abnormal performance of bottom funds is mainly due to “bad skill.” Therefore, sensible advice for most Chinese equity investors would be against trying to “pick winners funds” among Chinese securities investment funds but it would be recommended to avoid holding “losers.” At the present time, investors should consider other types of funds, such as index/tracker funds with lower transactions. In addition, less risk-averse investors may consider Chinese hedge funds [Zhao (2012)] or exchange-traded fund [Han (2012)].

The paper makes several contributions to the literature. First, the authors examine a wide range (over 50) of risk-adjusted performance models, which account for both unconditional and conditional risk factors. The authors also control for the profitability and investment risks in Fama and French (2015). Second, the authors select the “best-fit” model across all risk-adjusted models examined and a single “best-fit” model from each of the three classes. Therefore, the bootstrap analysis, which is mainly based on the selected best-fit models, is more precise and robust. Third, the authors reduce the possibility that findings may be sample-period specific or may be a survivor (upward) biased. Fourth, the authors consider further analysis based on sub-periods and compare fund performance in different market conditions to provide more implications to investors and practitioners. Fifth, the authors carry out extensive robustness checks and show that the findings are robust in relation to different minimum fund histories and serial correlation and heteroscedasticity adjustments. Sixth, the authors use higher frequency weekly data to improve statistical estimation.

The purpose of this paper is to evaluate the effect of antioxidant 2,6-di-tert-butyl-p-methylphenol (BHT) on the thermal stability and fatigue resistance of spirooxazine and then study the properties of photochromic polyvinyl butyral resin (PVB) films.

BHT was introduced into the spirooxazine system by blending and covalent bonding. The properties of spirooxazine solutions and photochromic PVB films were studied.

The thermal stability and fatigue resistance of spirooxazine covalently linked (BHT-SO) or mixed (BHT/SO) with BHT were higher than the system without BHT, and BHT-SO was the better one. But acidic substance would greatly impair the fatigue resistance of spirooxazine. The optimum addition amount of BHT-SO2 to PVB was 2.5 per cent, and the minimum limit was 0.01 per cent. The fading kinetic and fatigue resistance of film were similar to the solution and better. Plasticizer could accelerate the fading rate and strengthen the mechanical properties of photochromic film but had no effect on the fatigue resistance.

Spirooxazine could be grafted onto the PVB chain to make the ring closure fading reaction slower.

In addition to the wide application prospects of photochromic materials in decoration, optical storage, etc., the photochromic PVB film in the car safety glass can absorb sunlight and turn blue, then fade to colorless when the sunlight disappears, making the interior environment more comfortable.

The introduction of BHT into the spirooxazine system not only exerts its ability to capture free radicals, but its bulky volume also increases the resistance of the ring closure, making the fading process slower.

The purpose of this paper is to propose a sub-pixel calibration method for a microassembly system with coaxial alignment function (MSCA) because traditional sub-pixel calibration approaches cannot be used in this system.

The in-house microassembly system comprises a six degrees of freedom (6-DOF) large motion serial robot with microgrippers, a hexapod 6-DOF precision alignment worktable and a vision system whose optical axis of the microscope is parallel with the horizontal plane. A prism with special coating is fixed in front of the objective lens; thus, two parts’ Figures, namely the images of target and base part, can be acquired simultaneously. The relative discrepancy between the two parts can be calculated from image plane coordinate instead of calculating space transformation matrix. Therefore, the traditional calibration method cannot be applied in this microassembly system. An improved calibration method including the check corner detection solves the distortion coefficient conversely. This new way can detect the corner at sub-pixel accuracy. The experiment proves that the assembly accuracy of the coaxial microassembly system which has been calibrated by the new method can reach micrometer level.

The calibration results indicate that solving the distortion conversely could improve the assembly accuracy of MSCA.

The paper provides certain calibration methodological guidelines for devices with 2 dimensions or 2.5 dimensions, such as microelectromechanical systems devices, using MSCA.

The purpose of this paper is to design and develop 14-degree of freedom (DOF) robotic micromanipulator with which LIGA devices and axle hole part can be both manipulated and assembled.

The in-house robotic microassembly system is composed of a 6-DOF large motion serial robot with microgrippers, a hexapod six-DOF precision alignment worktable and a vision system whose optical axis of the microscope is parallel with the horizontal plane. A prism with special coating is fixed in front of the objective lens, thus, two-part figures can be acquired simultaneously by the microscope with 1.67 to 9.26 micron optical resolution. The relative discrepancy between the two parts can be calculated from image plane coordinate instead of calculating the space transformation matrix. A modified microgripper was designed to clamp meso-scale parts and its effectiveness was confirmed experimentally. Through the use of the other vision system, the insert action can be successfully manipulated. A laser ranger finder was integrated in this micro-assembly system to measure the assembly result.

A new 14-DOF robotic micromanipulator, including eight axes automatically and six axes manually, has been developed for the assembly of LIGA meso-scale flat parts and axle hole parts. The microassembly system with coaxial alignment function (MSCA) system is able to concurrently manipulate all eight axes automatically and six axes manually.

The robotic microassembly is applied in the assembly of meso-scale parts. The new capabilities of the MSCA will allow for the assembly of microsystems more efficiently and more precisely.

The aim of this study is to establish a dynamic model of the filtration ratio. For the problem that the measured value of the filtration ratio is far less than the theoretical value in the actual hydraulic filtering system, the paper aims to find the relationship between the filtration ratio and the parameters of the hydraulic systems, such as the contamination level and the dirt-holding quantity of the filter.

The paper opted for the method of experimental analysis and simulation to determine the relationship between the filtration ratio and the parameters of the hydraulic system, and established a dynamic filtration ratio model.

The paper provides a preliminary model of dynamic filtration ratio, and the model shows that the filtration ratio is exponentially related to the contamination level and the dirt-holding quantity. Different filters have different influence coefficients. The filtering capacity for a certain particle size and the contamination level control of the filter for different hydraulic systems can be judged according to the dynamic balance equation of hydraulic systems.

The paper is useful in the selection of filters and in the precise control of the contamination level of the hydraulic system.

The purpose of this paper is to discuss the Schur D‐stability and the vertex stability of interval matrices (including point matrix obviously). Some new sufficient conditions (criteria) are proposed which guarantee the interval matrix is Schur D‐stable. This results are shown to be less conservative than those in recent literatures. In addition, two equivalence relations between the Schur D‐stability and the vertex stability of interval matrices will be proposed and a new Schur D‐stability range of an interval matrix presented.

Matrix eigenvalues theory and matrix measure approach.

Several simple sufficient conditions (criteria) for guaranteeing the Schur D‐stability of interval matrices are derived, two equivalence relations between the Schur D‐stability and the vertex stability of interval matrices are proposed, and a new Schur D‐stability range of an interval matrix is presented.

Control theory or stability theory. These stability criterion possess simple forms and provide useful tools to check Schur D‐stability of interval matrices (including point matrix) at first stage.

The paper provides useful tools to check Schur D‐stability of interval matrices (including point matrix) at first stage.

Two equivalence relations between the Schur D‐stability and the vertex stability for general interval matrices (including point matrix) are proposed, such that the conditional limitations for tridiagonal matrix in recent papers are broken. A new Schur D‐stability range of an interval matrix is presented, and several simple sufficient conditions are obtained which guarantee the Schur D‐stability of interval matrices (including point matrix).

The purpose of this paper is to design a microgripper that can achieve nondestructive gripping of a miniaturized ultra-thin-walled cylindrical part.

The microgripper is mainly made of an inflatable silica gel gasbag, which can minimize the damage to the part in the gripping process. This paper introduces the design principle of a flexible air-filled microgripper, which is applied in an in-house microassembly system with coaxial alignment function. Its parameters and performance specifications have been obtained by simulation, experiment demarcating. The results show that the microgripper is able to grasp an ultra-thin-walled part non-destructively.

For the microgripper, finite element simulations and experiments were carried out, and both results indicate that the microgripper can achieve nondestructive gripping of a miniaturized ultra-thin-walled cylindrical part, with good stability, great grasping force and high repeat positioning accuracy.

Gripping the ultra-thin-walled part may lead to deformation and destruction easily. It has been a big bottleneck hindering successful assembly. This article introduces a novel microgripper using an inflatable sac. The work is interesting from an industrial point of view for a specific category of assembly applications. It provides a theoretical guidance and technical support to design a microgripper for a miniaturized ultra-thin-walled part of different sizes.

The purpose of this paper is to analyze parameters that influence direct maintenance cost (DMC) in the civil aircraft operational phase. Reducing direct maintenance cost of civil aircrafts is one of the important ways to improve economy. DMC prediction can provide decision support for the optimization of the design parameters optimization to realize the objection in decreasing the maintenance cost, and it can also improve the aircraft competitiveness.

The paper analyzes some parameters comprehensively, which influence DMC in the civil aircraft’s operational phase. Based on the analysis of the influential parameters and the characteristics of data in the period of civil aircraft’s designing period, the paper presents prediction support method based on fuzzy support vector machine (FSVM) and realizes quantitative forecast of DMC in the aircraft design phase.

The paper presents the process of DMC analysis and model in the aircraft design phase, the DMC prediction model is used in newly developed aircrafts.

The numerical examples using B737NP fleet data in the paper have proved the effectiveness of the proposed method.

The paper establishes the prediction model of civil aircraft DMC based on FSVM. The model can handle fuzzy data and small sample data which contain noise. The results prove that the method can satisfy the demand of the real data in civil aircraft designing.

Modular fixture configuration design is a complicated task requiring both intensive knowledge and experience. Automated or semi‐automated computer‐aided modular fixture systems based on computer‐aided design packages do not appear to have made a significant impact within the manufacturing industry. Modular fixture designers still prefer traditional systems such as paper or physical model; as such models provide a more intuitive interaction and immediate feedback. The objective of the paper is to present an application of the desktop virtual reality (VR) to develop an interactive modular fixture assembly design system.

Desktop‐based friendly interface is designed and the low‐system requirement key techniques, namely assembly modeling and collision detection approach, to make proposed system run smoothly on a desktop PC, are presented.

The paper finds that the proposed system is an efficient tool for modular fixture configuration design.

The proposed system is a portable and affordable solution for modular fixture design.

A low‐cost VR application for modular fixture configuration design is presented.

This study aims to examine how perceptions of the globalness or localness of a brand affect the purchase intentions of consumers through the building of consumer–brand identification (CBI). This paper also explores the moderating effect of brand positioning (underdog vs top dog) on the relationship between perceived brand globalness or localness (PBG or PBL) and purchase intention.

The proposed hypotheses were tested in two experimental studies. Data were collected through a set of structured questionnaires and analyzed using PROCESS modelling and analysis of variance.

The results show that CBI mediates the effect of PBG/PBL on purchase intentions. Moreover, the findings of Study 2 reveal that participants show greater purchase intention for PBL than for PBG in response to underdog positioning. However, in top dog positioning, the difference in purchase intention for PBL compared to PBG is attenuated.

This research investigates how CBI influences purchase intentions of consumers in regards to a brand’s perceived globalness or localness, which adds to the growing body of international branding research. This paper also addresses the effects of interaction between brand localness (globalness) and underdog (top dog) brand positioning on purchase intentions. Finally, this study concludes with a discussion of practical actions that international brand managers can take to enhance the effectiveness of their marketing strategies.