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This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

Risk aversion is considered as an important factor in predicting asset prices. Many studies have proved that there exists important price information spillover among crude oil, precious metals and agricultural markets. Then there naturally follows the question: Is the risk aversion of investors in crude oil market predictable for the returns of precious metals and agricultural products? The purpose of this paper is to answer this question. For this reason, the authors explore the directional predictability and the cross-quantile dependence between risk aversion of crude oil market investors and returns of precious metals and agricultural products.

To better describe the risk aversion of investors, this paper uses high-frequency data and model-free calculation method to obtain variance risk premium of crude oil. Then, this paper uses the cross-quantilogram method to investigate the directional predictability and cross-quantile dependence between risk aversion of crude oil market investors and returns of precious metals and agricultural products. Meanwhile, it employs the partial cross-quantilogram (PCQ) method to test the impact of control variables on the empirical results.

Firstly, risk aversion of crude oil market investors has directional predictability for returns of precious metals and agricultural products. Secondly, different degrees of risk aversion of crude oil market investors have different impacts on returns of precious metals and agricultural products. A low (high) degree of crude oil market investors' risk aversion has negative (positive) predictability for returns of precious metals and agricultural products. Finally, during the sample period, the returns of precious metals are more affected by risk aversion of crude oil market investors than returns of agricultural products.

First of all, this paper studies the impact of risk aversion of crude oil market investors on returns of precious metals and agricultural products. It updates previous relevant studies on the factors influencing the prices of precious metals and agricultural products, and provides a new idea for the forecast of those commodity returns. Secondly, this paper provides the evidence that different degrees of risk aversion of investors have different effects on the returns of commodities, and expands the research on the topic of commodity returns prediction. Finally, high-frequency data are employed in this paper to better capture the risk aversion of investors than commonly used daily data.

This paper attributes the clustered occurrence of over-guarantee crises of Chinese listed firms to behavioural interactions among them when engaged in guarantee decisions, verifying the existence of the peer effect (PE) and its role in the formation mechanism of such crises.

Reviewing the literature, the authors constructed a panel dataset of Chinese listed firms from 2011 to 2019 to empirically verify two types of PE by constructing industrial and regional PE indicators. The authors conduct grouped regressions according to firm heterogeneity and managers’ individual characteristics to explain the motives for the over-guaranteeing PE and also analysed the interaction between the financial market and the PE to reveal the external governance mechanism.

The authors find that the over-guarantee behaviour of Chinese listed firms exhibits strong industrial and regional correlations, which may lead to guarantee crises clustering. Firms with lower information quality, smaller asset size, and higher managerial overconfidence will be more likely to be influenced by other listed firms to over-guarantee. A favourable financial market environment can effectively inhibit listed firms from imitating the guaranteeing behaviour of peer firms.

This study’s results challenge the traditional theoretical perspective of independent financial decision-making, describe the interaction among listed firms in decision-making, and expand the existing theoretical literature on over-guaranteeing. The stickiness of guarantee behaviour may affect the accuracy of the authors’ estimations, and the differences between the industrial and regional PE require further research.

The PE of over-guaranteeing shows that a single firm has a “spill-over effect” on the guarantee decisions of other firms in the same industry or region. Improving the information environment of listed firms financing decision-making and establishing a more demanding guarantee access mechanism may reduce this dependence on listed firms’ decisions. Firms should also appropriately strengthen decision-making constraints on managers to avoid istortions in financial decisions due to managers’ personal cognitive biases.

Using PE theory, the authors explain the influence mechanisms of financial distress of Chinese listed firms due to industrial and regional clustering of over-guarantee behaviour from the perspective of behavioural interaction.

We build on the resource-based view and extend entry mode research by focusing on firms’ intention to transfer different resources from the parent firm to its overseas subsidiary. In line with our hypotheses, we find that parent firms that plan to transfer high levels of intangible resources to their foreign subsidiaries tend to choose wholly owned subsidiaries, while firms that intend to transfer high levels of tangible resources tend to choose international joint ventures. Moreover, we find that these relationships are moderated by institutional distance. We test our hypotheses using unique primary data from a sample of 128 foreign subsidiaries in the People’s Republic of China. Our results have important theoretical implications for international business strategy research as they develop further existing entry-mode theories.

In this chapter I argue that the distance research in international business studies is at a turning point, not in terms of its popularity, nor the quantity of articles published, but rather, in terms of the types of issues that are explored. Past distance research has largely been conducted at the level of the firm and/or the market – that is, linking national-level measures of distance with specific firm behaviors and outcomes. However, the seminal paper by Shenkar (2001) represents a shift in focus that is only just beginning to gain traction. This shift involves stepping back and beginning to unpack the black box we call ‘distance’ by exploring the micro-level mechanisms involved. In essence, it is about digging deeper in multiple aspects, to understand when, why and how distance matters in the international business (IB) context. These are issues that until now have typically been neglected. A metaphor borrowed from the social psychology literature, known as Coleman’s Boat, is used as a vehicle to explain the key issues involved in this shift and the opportunities for future research.

Learning through international strategic alliances is usually influenced by dispersed locations and cultural difference between the countries of the two firms. This research highlights the importance of contextual factors on learning through international strategic alliances. Based on an empirical study of 271 alliances, our findings reveal that successful alliance learning not only depends on the partner’s openness to share knowledge but also relies on the firm’s capacity to identify and absorb such knowledge. Institutional differences between the countries from where partner firms originate are considered to hinder the alliance learning by decreasing the firm’s absorptive capacity and by enhancing knowledge ambiguity. However, our research suggests that frequent direct communication and high levels of mutual trust and reciprocal commitment between partner firms positively moderate the noxious effects of institutional differences on the alliance learning process.

Ever since the publication of the original Jegadeesh and Titman (1993) study, momentum effect has been tested vigorously to validate its pervasiveness for different time periods and across different markets. In spite of numerous out-of-sample tests, there is one apparent alibi – little research has been devised for steady increasing of Shari’ah compliant stocks.

This study is to examine the momentum strategy returns in a global Shari’ah compliant stock setting.

It finds strong presence of stock momentum returns for Pakistan and Malaysia. And the momentum returns are neither driven by industry momentum nor by the small size stocks. Though no momentum profits are found for the portfolios formed by global Shari’ah compliant stocks, this seems to be largely due to return reversal for the small size Shari’ah compliant stocks.

The strong presence of momentum profits for relatively large Shari’ah compliant stocks is a desirable trait as it indicates that the momentum trading strategies are practical and implementable.

Bionic flapping-wing aerial vehicles (FWAVs) mimic natural flyers to generate the lift and thrust, such as birds, bats and insects. As an important component of the FWAVs, the flapping wings are crucial for the flight performance. The aim of this paper is to study the effects of different wings on aerodynamic performance.

Inspired by the wings structure of birds, the authors design four cambered wings to analyze the effect of airfoils on the FWAVs aerodynamic performance. The authors design the motor-driven mechanism of flapping wings, and realize the control of flapping frequency. Combined with the wind tunnel equipment, the authors build the FWAVs force test platform to test the static and dynamic aerodynamic performance of different flapping wings under the state variables of flapping frequency, wind speed and inclined angle.

The results show that the aerodynamic performance of flapping wing with a camber of 20 mm is the best. Compared with flat wing, the average lift can be improved by 59.5%.

Different from the traditional flat wing design of FWAVs, different cambered flapping wings are given in this paper. The influence of airfoils on aerodynamic performance of FWAVs is analyzed and the optimal flapping wing is obtained.

In modern urban governance, rescue materials storage points (RMSP) are a vital role to be considered in responding to public emergencies and improving a city's emergency management. This study analyzes the siting of community-centered relief supply facilities.

Combining grey relational analysis, complex network and relative entropy, a new multi criteria method is proposed. It pays more attention to the needs of the community, taking into account the use of community hospitals, fire centers and neighborhood offices to establish small RMSP.

The research results firstly found suitable areas for RMSP site selection, including Hanyang, Qiaokou, Jiangan and Wuchang. The top 10 nodes in each region are found as the location of emergency facilities, and the network parameters are higher than ordinary nodes in traffic networks. The proposed method was applied in Wuhan, China and the method was verified by us-ing a complex network model combined with multi-criteria decision-making for emergency facility location.

This method solves the problem of how to choose the optimal solution and reduces the difficulty for decision makers. This method will help emergency managers to locate and plan RMSP more simply, especially in improving emergency siting modeling techniques and additionally in providing a reference for future research.

The method proposed in this study is beneficial to improve the decision-making ability of urban emergency departments. Using complex networks and comprehensive evaluation techniques, RMSP is incorporated into the urban community emergency network as a critical rescue force. More importantly, the findings highlight a new direction for further research on urban emergency facilities site selection based on a combination of sound theoretical basis as well as empirical evidence gained from real life case-based analysis.

1. Material reserve points are incorporated into the emergency supply network to maintain the advantage of quantity.

2. Build emergency site selection facilities centered on urban communities.

3. Use a complex network model to select the location of emergency supplies storage sites.

Material reserve points are incorporated into the emergency supply network to maintain the advantage of quantity.

Build emergency site selection facilities centered on urban communities.

Use a complex network model to select the location of emergency supplies storage sites.