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The purpose of this paper is to investigate the mechanism of transmitting economic policy uncertainty (EPU) shocks to capital structure.

The authors adopt a novel approach that bridges the asset pricing implications of EPU and the debt-financing decisions of Chinese firms by introducing a variable “policy-risk-induced equity return” (PRER). PRER is the product of the EPU beta and the EPU shock. Differentiating firms as per the signs of the EPU beta helps to shed light on the deep questions of whether their respective leverage targets and speeds of adjustment are different and how the targets and speeds are determined.

The empirical evidence shows that it is the equity market that channels EPU shocks to capital structure through PRER in China. Firms with positive (negative) EPU betas have PRER impact negatively (positively) the leverage target, conforming to the market-timing theory. EPU and non-policy uncertainty shocks cause the speed of adjustment to change over time. Overall, the intertemporal relation between EPU and leverage is negative. These results are robust to alternative leverage measures and after controlling for non-policy uncertainty shocks and conventional firm characteristics and have implications for academic research, policymaking, market stability, and corporate financing.

This study is the first to probe for, and provide insights into, the underlying reason why EPU impacts capital structure by connecting asset pricing to corporate financing for a large sample of Chinese publicly traded firms.

The purpose of this paper is to apply the concept of equivalent initial flaw size (EIFS) to the anisotropic nickel-based single crystal (SX) material, and to predict the fatigue life on this basis. The crack propagation law of SX material at different temperatures and the weak correlation of EIFS values verification under different loading conditions are also investigated.

A three-parameter time to crack initial (TTCI) method with multiple reference crack lengths under different loading conditions is established, which include the TTCI backstepping method and EIFS fitting method. Subsequently, the optimized EIFS distribution is obtained based on the random crack propagation rate and maximum likelihood estimation of median fatigue life. Then, an effective driving force based on anisotropic and mixed crack propagation mode is proposed to describe the crack propagation rate in the small crack stage. Finally, the fatigue life of three different temperature ESE(T) standard specimens is predicted based on the EIFS values under different survival rates.

The optimized EIFS distribution based on EIFS fitting - maximum likelihood estimation (MLE) method has the highest accuracy in predicting the total fatigue life, with the range of EIFS values being about [0.0028, 0.0875] (mm), and the mean value of EIFS being 0.0506 mm. The error between the predicted fatigue life based on the crack propagation rate and EIFS distribution for survival rates ranges from 5% to 95% and the experimental life is within two times dispersion band.

This paper systematically proposes a new anisotropic material EIFS prediction method, establishing a framework for predicting the fatigue life of SX material at different temperatures using fracture mechanics to avoid inaccurate anisotropic constitutive models and fatigue damage accumulation theory.

This study explores the characteristics of female space evolution in Korean vernacular houses in the Yanbian region of China. In addition, it discusses the influence of social logic on the evolution of female spaces.

This study utilises space syntax methodology to examine the evolution of female spaces in Korean vernacular houses in terms of connectivity value, step depth and integration value. Furthermore, it conducts an analytical exploration of social logic based on the evolutionary characteristics of female space.

The findings elucidate the evolutionary characteristics of the spatial configuration of female spaces in Korean vernacular houses, with differential changes in connectivity, a gradual tendency towards openness and simplicity and increased accessibility and centrality. This reflects the changing spatial needs of Korean women brought about by changes in lifestyle, consciousness, social status and family structure.

This study provides perspectives and insights into the vernacular architecture and architectural sociology of ethnic minorities in regions of China and Asia. Furthermore, it can provide relevant construction organisations with a more intuitive understanding of Korean vernacular houses and a reference for future house renewal and construction in the Yanbian region.

Although many studies have investigated various aspects of Korean vernacular houses and female spaces, none have examined the influence of social logical changes on the evolution of female spaces in Korean vernacular houses. Thus, this study is valuable and novel.

Autonomous obstacle avoidance is important in unmanned surface vehicle (USV) navigation. Although the result of obstacle detection is often inaccurate because of the inherent errors of LIDAR, conventional methods typically emphasize on a single obstacle-avoidance algorithm and neglect the limitation of sensors and safety in a local region. Conventional methods also fail in seamlessly integrating local and global obstacle avoidance algorithms. This paper aims to present a cooperative manoeuvring approach including both local and global obstacle avoidance.

The global algorithm used in our USV is the Artificial Potential Field-Ant Colony Optimization (APF-ACO) obstacle-avoidance algorithm, which plans a relative optimal path on the specified electronic map before the cruise of USV. The local algorithm is a multi-layer obstacle-avoidance framework based on a single LIDAR to present an efficient solution to USV path planning in the case of sensor errors and collision risks. When obstacles are within a layer, the USV uses a corresponding obstacle-avoidance algorithm. Then the USV moves towards the global direction according to fuzzy rules in the fuzzy layer.

The presented method offers a solution for obstacle avoidance in a complex environment. The USV follows the global trajectory planed by the APF-ACO algorithm. While, the USV can bypass current obstacle in the local region based on the multi-layer method effectively. This fact was validated by simulations and field trials.

The method presented in this paper takes advantage of algorithm integration that remedies errors of obstacle detection. Simulation and experiments were also conducted for performance evaluation.

The purpose of this study is to explore the impact of online reviews on answer adoption in virtual Q&A communities, with an eye toward extending knowledge exchange and community management.

Online reviews contain rich cognitive and emotional information about community members regarding the provided answers. As feedback information on answers, it is crucial to explore how online reviews affect answer adoption. Based on signaling theory, a research model reflecting the influence of online reviews on answer adoption is established and empirically examined by using secondary data with 69,597 Q&A data and user data collected from Zhihu. Meanwhile, the moderating effects of the informational and emotional consistency of reviews and answers are examined.

The negative binomial regression results show that both answer-related signals (informational support and emotional support) and answerers-related signals (answerers’ reputations and expertise) positively impact answer adoption. The informational consistency of reviews and answers negatively moderates the relationships among information support, emotional support and answer adoption but positively moderates the effect of answerers’ expertise on answer adoption. Furthermore, the emotional consistency of reviews and answers positively moderates the effect of information support and answerers’ reputations on answer adoption.

Although previous studies have investigated the impacts of answer content, answer source credibility and personal characteristics of knowledge seekers on answer adoption in virtual Q&A communities, few have examined the impact of online reviews on answer adoption. This study explores the impacts of informational and emotional feedback in online reviews on answer adoption from a signaling theory perspective. The results not only provide unique ideas for community managers to optimize community design and operation but also inspire community users to provide or utilize knowledge, thereby reducing knowledge search costs and improving knowledge exchange efficiency.

This paper aims to examine the forms and experiences of victimization of foreign domestic helpers (FDHs) in Hong Kong, the effects of victimization on FDHs and FDHs’ coping strategies.

The main findings are based on semi-structured interviews with a sample of 12 FDHs in Hong Kong.

The findings uncovered a continuum of violence ranging from relatively mundane abuses on an everyday basis to acute events at the time of termination. Some respondents also experienced secondary victimization from police and/or pending criminal justice proceedings after contract termination.

Victimization exerted significant adverse physical and psychological effects on FDHs in our study. Nevertheless, contrary to common assumptions about FDHs as passive victims, our findings suggest that some FDHs experienced a degree of empowerment, as they found ways to cope with their difficulties by individualized and social strategies depending on the degree of victimization and the resources available.

The findings suggest there is an urgent need to review the existing laws and policies that, at best, are ineffective and, at worst, create far more problems than they solve.

The paper aims to investigate whether or not a firm’s capital structure can interact with past stock returns to affect future stock returns. Specifically, the authors examine whether or not capital structure can help improve momentum profit.

The authors use the US common stocks data from 1965 to 2022 to empirically examine the impact of capital structure on momentum profit.

When capital structure is measured either as the ratio of debt to asset or the ratio of liability to asset, we all find out that momentum strategies tend to be more profitable for stocks with large capital structure.

Besides documenting the empirical evidence of the impact of capital structure on momentum profit, the authors also present a simple explanation for their empirical results and show that their finding is consistent with the behavioral finance theory that characterizes investors’ increased psychological bias and the more limited arbitrage opportunity when the estimation of firm value becomes more difficult or less accurate.

The purpose of this paper is to design a unified operational design domain (ODD) monitoring framework for mitigating Safety of the Intended Functionality (SOTIF) risks triggered by vehicles exceeding ODD boundaries in complex traffic scenarios.

A unified model of ODD monitoring is constructed, which consists of three modules: weather condition monitoring for unusual weather conditions, such as rain, snow and fog; vehicle behavior monitoring for abnormal vehicle behavior, such as traffic rule violations; and road condition monitoring for abnormal road conditions, such as road defects, unexpected obstacles and slippery roads. Additionally, the applications of the proposed unified ODD monitoring framework are demonstrated. The practicability and effectiveness of the proposed unified ODD monitoring framework for mitigating SOTIF risk are verified in the applications.

First, the application of weather condition monitoring demonstrates that the autonomous vehicle can make a safe decision based on the performance degradation of Lidar on rainy days using the proposed monitoring framework. Second, the application of vehicle behavior monitoring demonstrates that the autonomous vehicle can properly adhere to traffic rules using the proposed monitoring framework. Third, the application of road condition monitoring demonstrates that the proposed unified ODD monitoring framework enables the ego vehicle to successfully monitor and avoid road defects.

The value of this paper is that the proposed unified ODD monitoring framework establishes a new foundation for monitoring and mitigating SOTIF risks in complex traffic environments.

Drawing on experiential learning theory, this study seeks to understand how the perceived cultural difference in a foreign country and learning flexibility, which enables more integrated experiential learning from international experience, influence expatriates’ cultural intelligence (CQ) and consequently their adjustment and job performance.

Survey data were collected from 169 expatriates in China. Polynomial regression analyses were employed to test curvilinear relationships between cultural difference and CQ and between learning flexibility and CQ. Mediation hypotheses were tested either by the MEDCURVE procedure if a curvilinear relationship was confirmed or by the Haye’s Process procedure if a curvilinear relationship was not confirmed and instead a linear relationship was confirmed.

The results demonstrated a positive relationship between cultural difference and CQ and an inverted U-shape relationship between learning flexibility and CQ. CQ mediated the relationship between cultural difference and expatriate adjustment and partially mediated the relationship between learning flexibility and expatriate adjustment. CQ positively influenced expatriates’ job performance via expatriate adjustment.

Our findings suggest that companies should not hesitate to send expatriates on assignments to culturally very different countries and focus more attention on the selection of expatriates. The findings of this study suggest firms should choose candidates who are moderate or high in learning flexibility and could engage in integrated learning and specialized learning in a more balanced manner.

This research is the first study that examines the influence of learning flexibility on CQ and expatriate effectiveness. It examines cultural difference through the lens of experiential learning theory and argues that cultural difference constitutes “stimuli” in the experiential learning environment for individual learning in an international context. The results advance our knowledge of the role of experiential learning in developing capable global managers.

In recent years, the updating speed of products has been significantly accelerated, which not only provides diversified styles for consumers to select from but also makes consumers face selection problems sometimes. In addition, a large number of online reviews for products emerge on many e-commerce websites and influence consumers’ purchasing decisions. The purpose of this study is to propose a method for product selection considering consumer’s expectations and online reviews to support consumers’ purchasing decisions.

The product attributes are divided into two categories, i.e. demand attributes and word-of-mouth (WOM) attributes. For the demand attributes, for which the consumers can give specific quantified expectations, the value function of prospect theory is used to determine the consumer’s perceived values to the alternative products according to consumers’ expectations for these attributes and products’ specifications. For the WOM attributes, for which the consumers cannot give specific quantified expectations, the sentiment analysis method is used to identify the sentiment strengths for these attributes in the online reviews, and then the consumer’s perceived values to the alternative products are determined. On this basis, the product selection methods for single consumers and group consumers are given respectively.

Finally, taking the data of JD.com (https://www.jd.com/) as an example, the practicability and rationality of the method proposed in this paper is validated.

First, a new product selection problem considering consumer’s expectations and online reviews is extracted. Second, the product attributes are considered more comprehensively and are classified into two main categories. Third, the bounded rationality of the consumers in the decision-making process is described more reasonably. Fourth, the sentiment dictionaries for each WOM attribute are constructed and the algorithm step of identifying the sentiment strengths is designed, which can help to identify the sentiment strengths in the online reviews more accurately. Fifth, the situation that a group plans to purchase the same products and the members have inconsistent expectations for the product attributes is considered.