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This chapter investigates the cost of public debt for firms using a comprehensive sample consisting of 17,368 industrial bond issues from 1970 to 2011. The empirical evidence shows that yield spreads for seasoned bond issues are significantly lower than those for initial bond issues. This seasoning effect is robust across different sample periods, subsamples, and model specifications. On average, the yield spreads for seasoned bond issues are around 50 bps lower than those for initial bond issues. This difference cannot be explained by other bond and firm characteristics. The seasoning effect is more pronounced for firms with higher levels of uncertainty, lower information disclosure quality, and longer time intervals between the first and subsequent issues. Our empirical findings provide supportive evidence for the extant theories that aim to rationalize the information role in determining the cost of capital.

This paper aims to study the characteristics and evolution rules of tagging knowledge network for users with different activity levels in question-and-answer (Q&A) community represented by Zhihu.

A random sample of issue tag data generated by topics in the Zhihu network environment is selected. By defining user quality and selecting the top 20% and bottom 20% of users to focus on, i.e. top users and bot users, the authors apply time slicing for both types of data to construct label knowledge networks, use Q-Q diagrams and ARIMA models to analyze network indicators and introduce the theory and methods of network motif.

This study shows that when the power index of degree distribution is less than or equal to 3.1, the ARIMA model with rank index of label network has a higher fitting degree. With the development of the community, the correlation between tags in the tagging knowledge network is very weak.

It is not comprehensive and sufficient to classify users only according to their activity levels. And traditional statistical analysis is not applicable to large data sets. In the follow-up work, the authors will further explore the characteristics of the network at a larger scale and longer timescale and consider adding more node features, including some edge features. Then, users are statistically classified according to the attributes of nodes and edges to construct complex networks, and algorithms such as machine learning and deep learning are used to calculate large-scale data sets to deeply study the evolution of knowledge networks.

This paper uses the real data of the Zhihu community to divide users according to user activity and combines the theoretical methods of statistical testing, time series and network motifs to carry out the time series evolution of the knowledge network of the Q&A community. And these research methods provide other network problems with some new ideas. Research has found that user activity has a certain impact on the evolution of the tagging network. The tagging network followed by users with high activity level tends to be stable, and the tagging network followed by users with low activity level gradually fluctuates.

Research has found that user activity has a certain impact on the evolution of the tagging network. The tagging network followed by users with high activity level tends to be stable, and the tagging network followed by users with low activity level gradually fluctuates. For the community, understanding the formation mechanism of its network structure and key nodes in the network is conducive to improving the knowledge system of the content, finding user behavior preferences and improving user experience. Future research work will focus on identifying outbreak points from a large number of topics, predicting topical trends and conducting timely public opinion guidance and control.

In terms of data selection, the user quality is defined; the Zhihu tags are divided into two categories for time slicing; and network indicators and network motifs are compared and analyzed. In addition, statistical tests, time series analysis and network modality theory are used to analyze the tags.

Infrared simulation plays an important role in small and affordable unmanned aerial vehicles. Its key and main goal is to get the infrared image of a specific target. Infrared physical model is established through a theoretical research, thus the temperature field is available. Then infrared image of a specific target can be simulated properly while taking atmosphere state and effect of infrared imaging system into account. For recent years, some research has been done in this field. Among them, the infrared simulation for large scale is still a key problem to be solved. In this passage, a method of classification based on texture blending is proposed and this method effectively solves the problem of classification of large number of images and increase the frame rate of large infrared scene rendering. The paper aims to discuss these issues.

Mosart Atmospheric Tool (MAT) is used first to calculate data of sun radiance, skyshine radiance, path radiance, temperatures of different material which is an offline process. Then, shader in OGRE does final calculation to get simulation result and keeps a high frame rate. Considering this, the authors convert data in MAT file into textures which can be easily handled by shader. In shader responding, radiance can be indexed by information of material, vertex normal, eye and sun. Adding the effect of infrared imaging system, the final radiance distribution is obtained. At last, the authors get infrared scene by converting radiance to grayscale.

In the fragment shader, fake infrared textures are used to look up temperature which can calculate radiance of itself and related radiance.

The radiance is transferred into grayscale image while considering effect of infrared imaging system.

Simulation results show that a high frame rate can be reached while guaranteeing the fidelity.

This study aims to propose a comprehensive causal model to examine the relationships between customer experience and four key factors in brand building, i.e., brand loyalty, brand trust, brand affect and brand involvement. The dimensionality of customer experience in full-service hotel is also particularly examined in relation to brand building.

Three steps of data collection were used: interviews of 50 customers on their experiences of staying full-service hotels, a small survey of 176 hotel guests to establish the measurement scale of customer experience and a major survey of 732 hotel customers in ten major Chinese cities to test the model of brand loyalty.

Customers’ experiences with full-service hotels are proposed to be categorized into functional, affective and social. There is a chain effect from customer experience to brand trust and to brand affect and then to brand loyalty. The brand involvement does moderate relationships between customer experience and brand trust and brand affect but not brand loyalty.

For full-service hotels, social and functional experiences are critical in building brand loyalty, and therefore, they need to be the focal points in the enhancement of customer experience. Also, hoteliers are advised to develop emotional connections between the customers and the hotel brand – an effective way of building trust and affection.

According to the authors’ knowledge, this paper is one of the first few studies to link customer experience to brand loyalty with comprehensive causal effect analysis. This study also contributes to the knowledge of customer experience in the context of the full-service hotel sector.

Innovation through tradition (ITT) is an increasingly important area of research particularly in the creative and cultural industries. The purpose of this study is to develop a process framework of ITT for rural heritage bed and breakfast (B&B) sector and investigate the antecedents and challenges of ITT implementation.

Nine heritage B&Bs displaying successful ITT in Songyang county in China were selected as the research site. Multiple cases of B&B were interviewed, and some observations were conducted. This study adopted the process-oriented reflexive critical incident technique to collect qualitative data and analysed it thematically.

Based on the findings, a five-phase innovation framework is proposed to demonstrate how ITT could be achieved in practice. These phases are idea generation, idea evaluation, initial implementation, continuing implementation and sustaining improvement. Three key antecedents (experience corridors, networks and institutional pressures) of ITT implementation were also identified.

This study has showed that rural heritage B&Bs can differentiate themselves from competition by the means of ITT. This study proposes a process framework for this kind of innovation bringing to light the required steps, the antecedents and key activities which the practitioners should pay great attention. This study highlights the needs for continuing and sustaining innovations in the long term.

This study proposes a novel five-phase process framework of ITT to encompass the innovation activities in heritage setting. For practitioners, this study recommends enhancing the sensing capability of local entrepreneurs through personal travel experience and establishing business networks as the key antecedents of a successful ITT under rural heritage setting.

The purpose of this paper is to deconstruct the multi-faceted dimensions of Chinese travellers’ image of boutique hotels with a large amount of online textual data from social media (53,427 reviews written from 2014 to 2018), reinforcing the value creation of user-generated content via social media.

With the aid of Python, a computer language, online textual reviews (53,427 reviews) of 86 high-end boutique hotels in seven cities (Beijing, Shanghai, Hangzhou, Nanjing, Chengdu, Qingdao and Sanya) were collected from the top-ranked online travel agency in China, Ctrip.com. Then, the overall perceived image of boutique hotels was revealed with the aid of Python.

The results showed multiple dimensions of the image of boutique hotels. The overall image can be grouped into eight dimensions (room, service, food, environment, entertainment, location, price and value, and uniqueness). An affective image based on eight dimensions was further developed in the Chinese boutique hotel context. It appears that online data from social media are beneficial for hotel managers to learn travellers’ overall perceptions of boutique hotels and help put more effective management strategies in place in the hospitality industry.

The relationship between cognitive image and affective image should be further investigated in future research. Theoretical implications are discussed from both cognitive image and affective image perspectives in the boutique hotel context. Managerial implications are highlighted to help industry managers understand the travellers’ perceptions of the hotels, via online data from social media, and put more effective hotel strategies in hospitality industry.

By using textual online data from social media, this paper deconstructs both the cognitive image and the affective image of boutique hotels. The dimensions of the most frequently mentioned concepts related to the Chinese boutique hotel industry are profoundly deconstructed, as is the uniqueness of the image of boutique hotels. The work is valuable for promoting effective marketing strategies in the hotel industry.

The purpose of this paper is to determine the corrosion fatigue behavior and mechanism of 6005A aluminum alloy and welded joint.

Electron back-scattered diffraction (EBSD) were adopted to characterize the microstructure of 6005A aluminum alloy and welded joint. Through potentiodynamic polarization, electrochemical impedance spectroscopy (EIS) and corrosion fatigue experiments, the corrosion fatigue behavior and mechanism of 6005A aluminum alloy base metal and welded joint were studied.

The results show that the corrosion fatigue crack initiation of 6005A aluminum alloy base metal and welded joint is mainly caused by the preferential anodic dissolution and hydrogen concentration in the areas with inclusions and welding defects.

The research is an originality study on the corrosion fatigue behavior and mechanism of 6005A aluminum alloy and welded joint.

The paper aims to identify the emergent themes of hotel guests’ satisfaction, to compare the distribution of the attributes of the themes between Chinese and North American guests and to compare the importance of the themes for different satisfaction levels between Chinese and North American guests from a cross-cultural perspective.

By adopting Python (a computer language), the word-frequency method was used to identify emergent themes of hotel guests’ satisfaction. Topic modeling was adopted to compare the attributes distribution of each theme and the features of satisfaction between Chinese and North American guests.

First, three themes were identified including functionality, staff and price. Functionality can be further categorized into five subthemes, namely, room, travel, food, environment and hotel facility. Second, the distribution of the attributes of the themes between Chinese and North American guests was compared from a cross-cultural perspective. Chinese guests tend to mention both lifestyles- and social norms–related attributes and expect personalized service, while North American guests mainly prefer to describe lifestyle-related attributes and prefer standardized service. Third, the study compared the changing importance of the themes (functionality, staff and price) for different satisfaction levels between Chinese and North American guests. As the satisfaction level decreases, the importance of functionality decreases, that of staff increases and that of price remain stable for Chinese guests. In contrast, the importance of each theme has fluctuated mildly from the high to the low satisfaction level for North American guests.

Proposed managerial implications are to highlight lifestyle- and social norms-related attributes, as well as personalized service for Chinese guests. However, lifestyle-related attributes and standardized service should be facilitated for North American guests. Specific suggestions were made to help improve hotel performance such as the good performance of functional-related attributes, which could enhance satisfaction and better staff performance, which would reduce dissatisfaction.

By mining big data, this study investigated hotel guests’ satisfaction from a dynamic instead of a static perspective. This study provides some rare insights into differences in key attributes influencing satisfaction levels of Chinese versus North American guests staying in luxury hotels in China. This study also takes a novel approach to examine the dynamics of the importance of the various themes at different satisfaction levels, and contrast these dynamics between Chinese and North American guests. The findings offer valuable insight into market segmentation and management in the hospitality industry.

Focusing on the supply side of peer-to-peer (P2P) accommodation service sector, this study identifies the emerging types of micro-enterprise operators in the growing Chinese market, and investigate their respective operational risks and coping strategies.

A qualitative study was adopted to explore the micro-enterprise in peer-to-peer accommodation in China. Twenty semi-structured interviews were conducted to explore the operators' behaviors in the service sector.

Based on the types of property ownership and forms of interaction, four groups of operators were identified, i.e. hospitable sharers, remote sharers, roommates and butlers. This study uncovers their operational risk factors (safety, cost, legal and social, psychological) and respective coping strategies.

Most prior studies on P2P accommodation sector are conducted from the demand side about customer behaviors. This study not only enhances the understanding of the hosts in the sharing economy by developing a novel typology of operators, but also provides insights into the operational behaviors on an individual operator perspective.

This article investigates the mechanism of the direct and indirect effects of epidemics on agricultural production and projects the impact of COVID-19 on agricultural output in China.

This article first adopts a dynamic panel model and spatial Durbin model to estimate the direct and indirect effects, followed by a growth accounting method to identify the channels by which epidemics affect agriculture; finally, it projects the overall impact of COVID-19 on agriculture.

The incidence rate of epidemics in a province has a negative impact on that province's own agricultural productivity, but the increase in the input factors (land, fertilizer and machinery) can make up for the loss and thus lead to insignificant direct effects. However, this “input-offset-productivity” mechanism fails to radiate to the surrounding provinces and therefore leads to significant indirect/spillover effects. It is projected that COVID-19 will lower China's agricultural growth rate by 0.4%–2.0% in 2020 under different scenarios.

It is crucial to establish a timely disclosure and sharing system of epidemic information across provinces, improve the support and resilience of agricultural production in the short run and accelerate the process of agricultural modernization in the long run.

Considering the infectivity of epidemics, this article evaluates the mechanism of the direct and indirect effects by introducing a spatial dynamic model into the growth accounting framework. Moreover, besides the impact on input portfolio and productivity, this article also investigates whether epidemics reshape agricultural production processes due to panic effects and control measures.