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This paper investigates whether China's R&D tax deduction policy triggers firms to manipulate their R&D expenditures upward.

This paper employs the ratio of actual tax savings as a proxy for the benefits of the R&D tax deduction policy based on manually collected and systematically cross-checked data. The relationship between tax benefits and abnormal R&D spending is estimated in a sample of Chinese A-share listed companies for the period 2007–2018.

The findings suggest that tax deductions lead to positive abnormal R&D spending and that this deviation in R&D spending may be attributed to firms' upward R&D manipulation for tax avoidance. The results also indicate that this behavior is more significant for the period after the policy revision, in non-HNTEs (high and new technology enterprises), and in firms with a high ratio of R&D expenses.

It is difficult to establish a sophisticated and unified model to identify the specific strategy of upward R&D manipulation that firms use to obtain tax benefits.

Managers should take into account upward R&D manipulation when designing governance mechanisms. Policymakers in developing countries may further pursue preferential tax policies that cover every stage of innovation activities gradually; the local provincial governments need to leverage their proximity and flexibility advantages to develop a tax collection and administration system.

This study contributes to the understanding of the complex effect of R&D tax incentives and helps more fully illuminate firms' upward R&D manipulation behavior from the perspective of tax planning strategies, which are underexplored in previous research.

Fatigue damage of internal threads has gradually become the main failure mode of force sensor. To make the internal thread structure of force sensor meet the fatigue performance requirements, the design criteria of static strength and fatigue life are comprehensively considered in this paper.

The variation of static stress and fatigue life with the size of the main structure is obtained by simulation. By changing the number of thread turns, the hub height and outer diameter of the hub, the optimized design of the spoke force sensor is determined.

The experiment was carried out based on the determined optimized structure, and the results showed that the fatigue life meets the design requirements.

This research has certain guiding significance for the design and developments of high-cycle fatigue force sensors.

This paper aims to apply fractional variational iteration method using He's polynomials (FVIMHP) to obtain exact solutions for variable-coefficient fractional heat-like and wave-like equations with fractional order initial and boundary conditions.

The approach is based on FVIMHP. The authors choose as some examples to illustrate the validity and the advantages of the method.

The results reveal that the FVIMHP method provides a very effective, convenient and powerful mathematical tool for solving fractional differential equations.

The variable-coefficient fractional heat-like and wave-like equations with fractional order initial and boundary conditions are solved first. Illustrative examples are included to demonstrate the validity and applicability of the method.

The purpose of this paper is to explore the price implication of a newly developed estimator of the bid-ask spread by Corwin and Schultz (2012). The paper focusses on whether the new measure as a liquidity proxy commands a significant premium. The research helps the understanding on the validity of the Corwin-Schultz estimate as a liquidity measure.

The authors carry out their examination based on the portfolio approach, cross-sectional regressions, and time-series regressions. For comparison, the authors also adopt other three liquidity proxies and mainly rely on the Fama-French three-factor model as the benchmark. The sample includes NYSE/AMEX/ARCA/NASDAQ ordinary common stocks over 1926-2010.

The paper finds that Corwin-Schultz spread lacks significant power to predict returns either in the pre- or post-1963 period. In contrast, other liquidity measures such as the price impact of Amihud (2002), trading discontinuity of Liu (2006), and turnover show stronger return predictability than the Corwin-Schultz spread estimate.

The evidence indicates the limited ability of the Corwin-Schultz spread estimate to describe liquidity.

The comparison of the Corwin-Schultz spread with other liquidity measures helps practitioners and academic researchers to identify the appropriate proxy.

This paper, for the first time, provides a thorough assessment of the Corwin-Schultz spread estimate as a liquidity proxy, which distinguish from Corwin and Schultz (2012) who focus on whether their spread estimate measures transaction costs. Our study not only helps practitioners and academic researchers to select an adequate liquidity measure and an asset pricing model to use, but it also sheds light on the current debate about whether transaction costs have the first order importance in asset pricing.

In this article, the authors aim to present the homotopy analysis method (HAM) for obtaining the approximate solutions of space‐time fractional differential equations with initial conditions.

The series solution is developed and the recurrence relations are given explicitly. The initial approximation can be determined by imposing the initial conditions.

The comparison of the HAM results with the exact solutions is made; the results reveal that the HAM is very effective and simple. The HAM contains the auxiliary parameter h, which provides a simple way to adjust and control the convergence region of series solution. Numerical examples demonstrate the effect of changing homotopy auxiliary parameter h on the convergence of the approximate solution. Also, they illustrate the effect of the fractional derivative orders a and b on the solution behavior.

The idea can be used to find the numerical solutions of other fractional differential equations.

The purpose of this paper is to provide a theoretical support for managers and investors and help them to identify corporate investment decisions on research and development (R&D) rationally.

Grouping and regression analysis are employed in the research.

The paper finds that managers in firms with medium accounting performance and at the border of profit target are prone to manage earnings by real R&D transactions, namely reducing R&D expenditures.

The conclusions are of great significance for innovation promotion in China.

The purpose of this paper is to develop a fully discrete local discontinuous Galerkin (LDG) finite element method for solving a time‐fractional advection‐diffusion equation.

The method is based on a finite difference scheme in time and local discontinuous Galerkin methods in space.

By choosing the numerical fluxes carefully the authors' scheme is proved to be unconditionally stable and gets L² error estimates of O(h^k+1+(Δt)²+(Δt)^α/2h^k+(1/2)). Finally Numerical examples are performed to illustrate the effectiveness and the accuracy of the method.

The proposed method is different from the traditional LDG method, which discretes an equation in spatial direction and couples an ordinary differential equation (ODE) solver, such as Runger‐Kutta method. This fully discrete scheme is based on a finite difference method in time and local discontinuous Galerkin methods in space. Numerical examples prove that the authors' method is very effective. The present paper is the authors' first step towards an effective approach based on the discontinuous Galerkin method for the solution of fractional‐order problems.

The papers in this issue make a significant original contribution which will result in the better understanding of Chinese corporate finance management challenges from both theoretical and practical perspective. The paper aims to discuss these issues.

The papers of this issue have a wide range of coverage related to corporate finance, such as CSR disclosure, organizational structure, earnings management, ownership structure, media impact, corporate accidents, and institution background. Those papers selected are all based on empirical researches with the original designs of their modeling, by the real and fundamental data from the latest Chinese market and enterprises.

The author believes that such in-depth analysis and discussion will enhance the understanding for both researches and practitioners on the behavior of managing corporate finance in China. Those findings will contribute to the establishment of Chinese management theories and to the building of a wide range of Chinese management practices.

Although the angle of each paper varies, they are all trying to have a deep analysis which may unveil the behavior of corporate finance decision. Some of such behaviors will be beneficial to the long-term sustainable growth of the company, while others, though, may have the negative impact on the corporate value creation.

The purpose of this study is to build a personalized learning intervention system, which can support students' personalized learning, improve teachers' teaching efficiency and students' learning effect.

The research proposes a personalized learning intervention method based on a collaborative filtering algorithm and knowledge map. The application of knowledge map makes learning content organized, and the use of collaborative filtering algorithm makes it possible to provide personalized learning recommendations for students. This personalized learning intervention system can monitor students' learning development and achieve the combination of personalized and efficiency. For the study, 152 seventh graders were assigned to a control group and an experimental group. Traditional learning intervention was used in the control group, and individualized learning intervention was used in the experimental group.

SPSS was used for data organization and analysis. The effectiveness of the personalized learning intervention system is verified by quasi-experimental research, and the influence of the system on students' learning effect is discussed. The result found that personalized learning interventions were more effective than traditional approaches in improving students’ achievement. However, for students of different learning levels, personalized learning intervention system has different effects on learning confidence and learning anxiety.

The personalized learning intervention system based on the collaborative filtering algorithm and knowledge map is effective in improving learning effect. And, it also has a certain influence on students' psychology.

Inefficiency dilemmas in project governance are caused by various risks arising from the characteristic of construction supply chain projects, such as poor project performance, conflicts between stakeholders and cost overrun. This research aims to establish a fuzzy synthetic evaluation (FSE) model to analyze construction supply chain risk factors. Corresponding risk mitigation strategies are provided to facilitate the improvement performance of ongoing construction supply chain projects.

A literature review is utilized to reveal the deficiencies of construction supply chain risk management. Thus, a total of five hundred (500) questionnaires are distributed to construction professionals, and four hundred and thirty-five (435) questionnaires are recovered to obtain the evaluation data of construction professionals on critical risk factors. Additionally, the FSE is used to analyze and rank the significance of critical risk factors. Finally, this research discusses nine critical risk factors with high weight in the model, and explains the reason for the significance of critical risk factors in the construction supply chain.

The questionnaire results show that the thirty-one (31) identified critical risk factors are verified by related practitioners (government departments, universities and research institutions, owners, construction units, financial institutions, design units, consulting firms). Thirty-one (31) identified critical risk factors are divided into common risks, risks from contractors and risks from owners. The most significant factors in the three categories, respectively, are “political risks,” “owner's unprofessional” approach and “cash flow.” Managing these risks can facilitate the development of the construction supply chain.

This paper expands the research perspective of construction supply chain risk management and complements the risks in the construction supply chain. For practitioners, the research result provides some corresponding measures to deal with these risks. For researchers, the research result provides the direction of construction supply chain risk treatment.