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Understanding correlations between stock and direct real estate returns, which is the key factor that determines diversification benefits in a portfolio, helps formulate and implement better investors' asset allocation and risk management strategies. The past studies find that direct real estate returns have a low unconditionally (long‐run) correlation with the returns of equities. However, assuming that such correlation is constant throughout all periods is implausible. The purpose of this study is to test the time‐varying correlations of returns between general stocks and direct real estate.

This study uses the dynamic conditional correlation (DCC) model, which is a simplified version of the multivariate generalised autoregressive conditional heteroskedasticity (GARCH) model, proposed by Engle to test the time‐varying correlations between stock and direct real estate returns in six markets, which include the USA, the UK, Ireland, Australia, Hong Kong and Singapore.

The empirical results show significant time‐varying effects in the conditional covariance between stock returns and direct real estate returns. The results vary across different real estate sub‐sectors, and across different countries. It is observed that the conditional covariance increases in the boom markets, but becomes weaker in the post‐crisis periods. The authors observed significant jumps in the conditional covariance between the two asset markets in Singapore and Hong Kong in the post‐1977 Asian Financial crisis periods and in the post‐2007 US Sub‐prime crisis periods.

The past studies find that direct real estate returns have a low unconditionally (long‐run) correlation with the returns of equities. However, assuming that such correlation is constant throughout all periods is implausible. This study fills in the gap by using the dynamic conditional correlation models to allow for time‐varying effects in the correlations between stock and real estate returns.

Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.

Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.

TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.

The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.

This study aims to propose a semiempirical and semitheoretical cyclic compaction constitutive model of coarse-grained soil filler for the high-speed railway (HSR) subgrade under cyclic load.

According to the basic framework of critical state soil mechanics and in view of the characteristics of the coarse-grained soil filler for the HSR subgrade to bear the train vibration load repeatedly for a long time, the hyperbolic empirical relationship between particle breakage and plastic work was derived. Considering the influence of cyclic vibration time and stress ratio, the particle breakage correction function of coarse-grained soil filler for the HSR subgrade under cyclic load was proposed. According to the classical theory of plastic mechanics, the shearing dilatation equation of the coarse-grained soil filler for the HSR subgrade considering particle breakage was modified and obtained. A semiempirical and semitheoretical cyclic compaction constitutive model of coarse-grained soil filler for the HSR subgrade under cyclic load was further established. The backward Euler method was used to discretize the constitutive equation, build a numerical algorithm of “elastic prediction and plastic modification” and make a secondary development of the program to solve the cyclic compaction model.

Through the comparison with the result of laboratory triaxial test under the cyclic loading of coarse-grained soil filler for the HSR subgrade, the accuracy and applicability of the cyclic compaction model were verified. Results show that the model can accurately predict the cumulative deformation characteristics of coarse-grained soil filler for the HSR subgrade under the train vibration loading repeatedly for a long time. It considers the effects of particle breakage and stress ratio, which can be used to calculate and analyze the stress and deformation evolution law of the subgrade structure for HSR.

The research can provide a simple and practical method for calculating deformation of railway under cyclic loading.

In a pandemic framework (COVID-19), this chapter explores the impact of the global economy and socio-cultures concerning three axes: recreational, tourism, and hospitality. Although we slowly see an economic revival, it is well known that this sector of study is very susceptible to being affected by the context of nations. Following restrictions and measures taken by governments around the world to reduce the number of cases of coronavirus infections, many nations closed their borders, affecting international travel and by 2020 tourism had been reduced to the near cessation of operations due to the imminent fear of this poorly studied disease, and the service sector was negatively affected. It should be added that, according to the World Tourism Organization's projections, a decrease of between 20 and 30% is forecast for 2020 compared to the previous year.

With the analysis of the causes of corruption, this study aims to investigate specific anti-corruption measures that can be implemented to reform the political system and the social climate of China.

This study examines 97 severe corruption cases of high-ranking officials in China, which occurred between 2012 and 2015. As this insinuates that both institutional and social corruption are major problems in China, the analysis delves into multiple facts of corruption, including different types, four primary underlying causes, and suggestions regarding the implementation of three significant governmental shifts that focus on investigation, prevention tactics and legal regulations.

China’s corruption is not only individual-based but also it has developed into institutional corruption and social corruption. Besides human nature and instinct, the causes of corruption can be organised into four categories, namely, social customs, social transitions, institutional designs and institutional operations. For the removed high-ranking officials, the formation of interest chains was an important underlying cause behind their corruption.

This study makes a significant contribution to the literature because this study provides a well-rounded approach to a complex issue by highlighting the significance of democracy and the rule of law as ways to regulate human behaviour to combat future corruption.

This study aims to identify senior citizens’ requirements related to “embedded retirement facilities (ERFs)”, which are small-scale, multi-functional and community-based care facilities for senior citizens in mainland China, and to discuss whether senior citizens’ perceptions are influenced by their backgrounds.

A questionnaire type of research was administrated to gain senior citizens’ rankings of services that should be provided by ERFs. Non-parametric statistical models were applied to analyse the collected data.

Results reveal that health care services for senior citizens are considered the most important. Requirements regarding rehabilitation and entertainment and daily life assistance are ranked second and third, respectively. Culture-related activities are the least important. Differences in the senior citizens’ background also influence their choices.

This research is based on a questionnaire survey completed in northeast China. Opinions from other areas of mainland China will be collected in the future study. Furthermore, the key items identified in this research, which was completed by participants from the built environment discipline, can be further elaborated by combining interdisciplinary feedback.

This study explores services that are supposedly provided by ERFs. Findings will provide useful perceptions from senior citizens and will enable decision makers to prioritise services for senior citizens.

Although senior citizens are the end users of ERFs, their needs are easily overlooked. This study calls attention to their needs from ERFs, and the results are likely to serve as references for stakeholders in building improved facilities.

ERFs have been provided in mainland China to cater to senior citizens’ needs since 2014. However, few studies have identified senior citizens’ requirements for provided services. The survey-based results of this work will serve as references for various stakeholders in making enhanced decisions.

This study aims to ensure reliable analysis of dynamic responses in asphalt pavement structures. It investigates noise reduction and data mining techniques for pavement dynamic response signals.

The paper conducts time-frequency analysis on signals of pavement dynamic response initially. It also uses two common noise reduction methods, namely, low-pass filtering and wavelet decomposition reconstruction, to evaluate their effectiveness in reducing noise in these signals. Furthermore, as these signals are generated in response to vehicle loading, they contain a substantial amount of data and are prone to environmental interference, potentially resulting in outliers. Hence, it becomes crucial to extract dynamic strain response features (e.g. peaks and peak intervals) in real-time and efficiently.

The study introduces an improved density-based spatial clustering of applications with Noise (DBSCAN) algorithm for identifying outliers in denoised data. The results demonstrate that low-pass filtering is highly effective in reducing noise in pavement dynamic response signals within specified frequency ranges. The improved DBSCAN algorithm effectively identifies outliers in these signals through testing. Furthermore, the peak detection process, using the enhanced findpeaks function, consistently achieves excellent performance in identifying peak values, even when complex multi-axle heavy-duty truck strain signals are present.

The authors identified a suitable frequency domain range for low-pass filtering in asphalt road dynamic response signals, revealing minimal amplitude loss and effective strain information reflection between road layers. Furthermore, the authors introduced the DBSCAN-based anomaly data detection method and enhancements to the Matlab findpeaks function, enabling the detection of anomalies in road sensor data and automated peak identification.

The interaction between hydraulic fracture (HF) and natural fracture (NF) in naturally fractured rocks is critical for hydraulic fracturing. This paper aims to focus on investigating the development of tensile and shear debonding zone on the NF caused by the stresses produced by HF, and the influence of NF’s debonding behavior on the interaction between HF and NF.

Theoretically, tensile and shear debonding modes of NF are considered, two dimensionless parameters are proposed to characterize the difficulty of tensile and shear failure of NF, respectively. Numerically, a finite element model combining the extended finite element method and cohesive zone method (CZM) is proposed to study NF’s debonding behavior and its influence on the interaction between HF and NF.

Both theoretical analysis and numerical simulation show the existence of two debonding modes. The numerical results also show that the HF can cross, offset or propagate along the NFs depending on the parameters’ value, resulting in different fracture network and stimulated reservoir volume. When they are large, the NF’s debonding area is small, HF tends to cross the NF and the fracture network is simple; when they are small, the NF’s debonding area is large, HF will propagate along the NF. In addition, HF is easier to propagate along with NF under tensile debonding mode while it is easier to pass through NF under shear debonding mode.

The theoretical and numerical considerations are taken into account in the influence of the debonding of NFs on the interaction between HFs and NFs and the influence on the formation of the fracture network.

The purpose of this paper is to propose a deformable two-wheel-like mobile mechanism based on overconstrained mechanism, with the abilities of fast rolling and obstacle surmounting. The drive torque of the multi-mode motions is generated by self-deformation. Moreover, the analyses of feasibility and locomotivity of two mobile modes are presented.

The main body of the two-wheel-like mobile mechanism is a kind of centrally driven 4 R linkages. The mobile mechanism can achieve the capabilities of fast rolling and obstacle surmounting through integrating two mobile modes (spherical-like rolling mode and polyhedral-like obstacle-surmounting mode) and can switch to the corresponding mode to move or surmount obstacles. The mobility and kinematics of the mobile modes are analyzed.

Based on the results of kinematics analysis and dynamics analysis of the wheel-like mechanism, the spherical-like rolling mode has the capability of fast rolling, and the polyhedral-like obstacle-surmounting mode has the capability of surmounting different obstacle heights by two submodes (quasi-static obstacle-surmounting submode and dynamic obstacle-surmounting submode). The proposed concept is verified by experiments on a physical prototype.

The work presented in this paper is a novel exploration to apply bar linkages in the field of scout. The two-wheel-like mobile mechanism improves the torque imbalance of bar linkages by centrally driven method, removes the rear support structures of the traditional two-wheeled mechanisms by self-deformation and increases the height of obstacle surmounting by mode switching angle.