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As an advanced manufacturing method, additive manufacturing (AM) technology provides new possibilities for efficient production and design of parts. However, with the continuous expansion of the application of AM materials, subtractive processing has become one of the necessary steps to improve the accuracy and performance of parts. In this paper, the processing process of AM materials is discussed in depth, and the surface integrity problem caused by it is discussed.

Firstly, we listed and analyzed the characterization parameters of metal surface integrity and its influence on the performance of parts and then introduced the application of integrated processing of metal adding and subtracting materials and the influence of different processing forms on the surface integrity of parts. The surface of the trial-cut material is detected and analyzed, and the surface of the integrated processing of adding and subtracting materials is compared with that of the pure processing of reducing materials, so that the corresponding conclusions are obtained.

In this process, we also found some surface integrity problems, such as knife marks, residual stress and thermal effects. These problems may have a potential negative impact on the performance of the final parts. In processing, we can try to use other integrated processing technologies of adding and subtracting materials, try to combine various integrated processing technologies of adding and subtracting materials, or consider exploring more efficient AM technology to improve processing efficiency. We can also consider adopting production process optimization measures to reduce the processing cost of adding and subtracting materials.

With the gradual improvement of the requirements for the surface quality of parts in the production process and the in-depth implementation of sustainable manufacturing, the demand for integrated processing of metal addition and subtraction materials is likely to continue to grow in the future. By deeply understanding and studying the problems of material reduction and surface integrity of AM materials, we can better meet the challenges in the manufacturing process and improve the quality and performance of parts. This research is very important for promoting the development of manufacturing technology and achieving success in practical application.

This paper aims to examine the association between green innovation and the cost of equity in China. This study relies on the investors’ base perspective and shareholders’ perceived risk perspective to investigate the relation between green innovation and the cost of equity in China.

The paper uses firm-fixed effect regression for a sample of Chinese public companies for the period 2008–2018.

The authors find a negative relationship between green innovation and the cost of equity capital. This negative association is found to be more pronounced for less financially constrained firms, during periods of high economic policy uncertainty, and for firms with a strong internal control environment. Finally, the paper shows that the negative association became more pronounced after the passage of the Environmental Protection Law of China in 2012. The results remain robust to possible endogeneity concerns.

This study contributes to the green innovation literature by documenting that shareholders favorably view firms implementing green innovation policies. The study also has policy implications for Chinese regulators in improving the green credit policy.

Forecasts of commodity prices are vital issues to market participants and policy makers. Those of corn are of no exception, considering its strategic importance. In the present study, the authors assess the forecast problem for the weekly wholesale price index of yellow corn in China during January 1, 2010–January 10, 2020 period.

The authors employ the nonlinear auto-regressive neural network as the forecast tool and evaluate forecast performance of different model settings over algorithms, delays, hidden neurons and data splitting ratios in arriving at the final model.

The final model is relatively simple and leads to accurate and stable results. Particularly, it generates relative root mean square errors of 1.05%, 1.08% and 1.03% for training, validation and testing, respectively.

Through the analysis, the study shows usefulness of the neural network technique for commodity price forecasts. The results might serve as technical forecasts on a standalone basis or be combined with other fundamental forecasts for perspectives of price trends and corresponding policy analysis.

China has established 14 marine economic development demonstration zones in 2018, which has become an important step in exploring the high-quality development of the marine economy. The paper statistically analyzes the documents related to the field of marine economy and special economic zones (SEZs) and strives to find out the hot spots, intersections and related development contexts of the two in the research direction, so as to provide some ideas for later research.

By taking the bibliographic information data of “Marine Economy” and “Special Economic Zone” in the Web of Science database as a sample, the paper applies the Citespace bibliometric tool to analyze the evolution of disciplinary distribution, research country, author collaboration and research hotspot trends in the two fields.

It can be found from the paper results that the current research on marine economy and SEZs involves the intersection of many disciplines. China and the United States are the leaders in this field. However, there is more extensive cooperation between authors from different countries, but the cooperation depth needs to be strengthened. At the same time, compared with the terrestrial economy, the trend of its research hotspots is lagging to a certain extent. Moreover, there is still no systematic and professional research paradigm on marine economy.

At present, there are a few research studies on marine economic development demonstration areas or marine SEZs, and related bibliographical references are incomplete, which leads to insufficient samples, and bibliometric methods cannot fully reveal the general research rules and development trends in this field.

The research on the marine economic development demonstration area is still in its infancy. The paper jointly analyzes the literature in the two fields of marine economy and SEZs, aims to find the intersection and related research hotspots of the two, and provides references for the future research of marine development demonstration areas, which is of certain practical significance.

Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).

The authors use an event study methodology to capture market reactions to MBE.

The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.

The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.

The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.

The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.

Independent directors are important corporate decision participants and makers. Based on the Chinese cultural background, this paper interprets the listing order of independent directors as independent directors’ status, exploring their influence on the corporate research and development (R&D) behavior.

This paper studies A-share listed firms in China from 2008 to 2018 as the sample. The main method is ordinary least square (OLS) regression. We also use other methods to deal with endogenous problems, such as the firm fixed effect method, change model method, two-stage instrumental variable method, and Heckman two-stage method.

(1) Higher independent directors’ status attribute to more effective exertion of supervision and consultation function, and positively enhance the corporate R&D investment. The increase of the independent director’ status by one standard deviation will increase the R&D investment by 4.6%. (2) The above effect is more influential in firms with stronger traditional culture atmosphere, higher information opacity and higher performance volatility. (3) High-status independent directors promote R&D investment by improving the scientificity of R&D evaluation and reducing information asymmetry. (4) The enhancing effect of independent director’ status on R&D investment is positively associated with the firm’s patent output and market value.

This paper contributes to understanding the relationship between the independent directors’ status and their duty execution from an embedded cultural background perspective. The findings of the study enlighten the improvement of corporate governance efficiency and the healthy development of the capital market.

The purpose of this paper is to study the efficiency of different oil and gas markets. Most previous studies examined the issue using low frequency date sampled at monthly, weekly, or daily frequencies. In this study, 30-minute intraday data are used to explore efficiency in energy markets.

Sophisticated statistical analysis techniques such as Granger-causality regressions, augmented Dickey-Fuller tests, cointegration tests, vector autoregressions are used to explore the transmission of information between oil and gas energy markets.

This study provides evidence for efficiency in energy markets. The new information that arrives either to futures markets or spot markets is digested correctly, completely, and in a fast manner, and is propagated to the other market. The evidence indicates high efficiency.

This study is one of the first papers that uses 30-minute interval intraday data to investigate efficiency in oil and gas commodity markets.

Resilience concepts in integrated urban transport refer to the performance of dealing with external shock and the ability to continue to provide transportation services of all modes. A robust transportation resilience is a goal in pursuing transportation sustainability. Under this specified context, while before the perturbations, robustness refers to the degree of the system’s capability of functioning according to its design specifications on integrated modes and routes, redundancy is the degree of duplication of traffic routes and alternative modes to maintain persistency of service in case of perturbations. While after the perturbations, resourcefulness refers to the capacity to identify operational problems in the system, prioritize interventions and mobilize necessary material/ human resources to recover all the routes and modes, rapidity is the speed of complete recovery of all modes and traffic routes in the urban area. These “4R” are the most critical components of urban integrated resilience.

The trends of transportation resilience's connotation, metrics and strategies are summarized from the literature. A framework is introduced on both qualitative characteristics and quantitative metrics of transportation resilience. Using both model-based and mode-free methodologies that measure resilience in attributes, topology and system performance provides a benchmark for evaluating the mechanism of resilience changes during the perturbation. Correspondingly, different pre-perturbation and post-perturbation strategies for enhancing resilience under multi-mode scenarios are reviewed and summarized.

Cyber-physic transportation system (CPS) is a more targeted solution to resilience issues in transportation. A well-designed CPS can be applied to improve transport resilience facing different perturbations. The CPS ensures the independence and integrity of every child element within each functional zone while reacting rapidly.

This paper provides a more comprehensive understanding of transportation resilience in terms of integrated urban transport. The fundamental characteristics and strategies for resilience are summarized and elaborated. As little research has shed light on the resilience concepts in integrated urban transport, the findings from this paper point out the development trend of a resilient transportation system for digital and data-driven management.

The aim of this research is to identify the characteristics that give rise to motivations to use social apps in light of behavioral concepts related to consumers’ desires and emotional values.

Netnography is used as the main methodology to analyze and categorize user profiles of online social networks. These profiles are presented through conceptual headlines, which highlight the main characteristics of each user group.

The results of the study show that many users have become dependent on the WhatsApp application, either for technological reasons or for social reasons related to fashion and status.

Few consumers actually explained the ways they use mobile social networks in the context of the procedures and level of communication performed. However, the influence of social contexts in the consumer environment is changing perceived values focusing on prestige and status to technological elements that the majority of consumers use.

Practical implications are directly related to forming business connections in a less formal and more hedonic environment, improving market results while fostering user enjoyment. In addition, the ongoing updates to WhatsApp have brought new functionalities and improvements to previously weak features.

Although other applications offer means by which to talk and send messages, WhatsApp continues to be (as of early 2021) the most used platform for conversation in Brazil. The sovereignty of WhatsApp is directly linked to its social value, which is related to the number of consumers who daily interact via the network.

This paper aims to examine the effect of dividend regulation on cost stickiness (i.e. the asymmetric change in firm expense between sales increase and sales decrease) and explore the underlying mechanism.

Based on the quasi-natural experiment of the Guideline for Dividend Policy of Listed Companies issued by the Shanghai Stock Exchange (SSE) in 2013, the authors employ a difference-in-difference model to investigate the impact of dividend regulation on cost stickiness.

The authors find that the cost stickiness of treatment group firms has decreased significantly when compared with control group firms after the dividend regulation. Moreover, this effect is more pronounced among firms in lower marketization regions, in lower competition industries and those with less analyst coverage and lower cash flow levels. Further analyses show that dividend regulation reduces the cost stickiness of firms by mitigating agency problems. Finally, the conclusion holds after several robust tests, including controlling for firm fixed effect, propensity score matching (PSM), placebo test and reconstruction of expense variable.

This paper confirms that dividend regulation serves an important role in corporate governance, which reduces firms' agency costs and thereby decreases cost stickiness. The conclusions shed light on the dividend policies of listed companies and capital market regulation in the future.