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Since their inception in late 2007, the Qualified Domestic Institutional Investor (QDII) funds, which help Chinese investors to invest in foreign capital markets, have experienced significant portfolio losses and persistent fund outflows. While these losses are large in absolute terms, QDII funds, on average, performed better than Chinese A-share funds, but slightly worse than a group of foreign mutual funds. Our study focuses on the QDII industry, and asks three interrelated questions: (1) why have there been large fund outflows from the industry? (2) what explains QDII funds’ poor performance? and (3) why have QDII funds been so heavily exposed to the Hong Kong market? Our empirical analysis shows that the persistent capital outflows were primarily a result of disappointing fund performance. This poor performance can, in turn, be explained by the deficiency of knowledge required of QDII fund managers to successfully invest in foreign capital markets and manage global portfolios. Finally, our study goes some way to explain the phenomenon of QDII funds’ large asset allocation in the Hong Kong market. This ‘Hong Kong bias’ is shown to be consistent with the well-documented ‘home bias’ behaviour in cross-border portfolio investment, but is greatly exacerbated by the lack of global investing experience of QDII managers.

This paper investigates the effects of advising strength of a recommendation agent on users' trust and distrust beliefs and how the effects are moderated by perceived brand familiarity.

A research model is evaluated using a laboratory experiment with 149 participants.

Results reveal that a strong advising tone leads to higher trust in terms of users' credibility and benevolence beliefs and lower distrust in terms of their discredibility beliefs (the trustor's concerns regarding the trustee's dishonesty and competence in engaging in harmful behavior) when perceived brand familiarity is high. By contrast, when brand familiarity is low, strong advising tone results in low trust in terms of users' credibility belief and high distrust in terms of their beliefs in discredibility and malevolence (concerns regarding the trustee's conduct in terms of a malicious intention that can hurt the trustor's welfare).

This paper contributes to the trust and distrust literature by studying how each of the dimensions of trust and distrust can be affected by an RA's design feature. It extends the attribution theory to the RA context by studying the moderating role of brand familiarity in determining the effects of the advising strength of an RA. It provides actionable guidelines for practitioners regarding the adoption of an RA's appropriate advising strength to promote different types of products.

The purpose of this study is to develop luminescence sensors for the detection of nitroaromatic compounds (NACs) and metal ions to protect human health and prevent environmental pollution.

The composition and morphology of Eu-metal-organic frameworks (MOF) (1) were well characterized by powder X-ray diffraction, elemental analyses, Fourier-transform infrared spectroscopy, thermogravimetric analysis, X-ray photoelectron spectroscopy and scanning electron microscopy. The emission spectrum displays that 1 has significant characteristic emission bands of Eu(III) ions. The authors further investigated the fluorescence sensing performances of 1 to NACs and metal ions.

The results show that Eu-MOF (1) exhibits significant fluorescence quenching effect toward p-nitroaniline and Fe³⁺ ions with good stability and recyclability. This means that 1 can be used as a multifunctional sensing material for the detection of p-nitroaniline and Fe³⁺ ions.

The authors have successfully synthesized a fluorescence Eu-based sensing material under hydrothermal conditions. In addition, the fluorescence property and sensing performances for detecting NACs and metal ions were studied. The results suggest that 1 has highly selective fluorescence quenching toward p-nitroaniline and Fe³⁺ ions with not only high sensitivity and selectivity but also excellent stability and recyclability. Furthermore, this study has confirmed that the multifunctional MOF material is very useful in environment pollutants’ detection and monitoring.

A wire-based additive manufacturing system works with high manufacturing efficiency and low dimensional precision. The purpose of this paper is to study the dimensional characteristics of Ti-6Al-4V thin-walled parts with wire-based multi-laser additive manufacturing in vacuum.

Wire-based multi-laser additive manufacturing was carried out to understand the effect brought from different parameters. The Ti-6Al-4V thin-walled parts were formed by different height increments, power inputs and inter-layer cooling times in vacuum.

The result shows that, with the number of layers increment, the layer width of thin-walled part increases gradually in the beginning and stabilizes soon afterward. Height increment, laser power and inter-layer cooling time could affect the energy input to the deposited bead and heat accumulation of thin-walled part. The layer width decreases, while the height increment increases. The increment of laser power could increase the layer width. And, the increment of inter-layer cooling time (more than 5 s) has little effect on the layer width.

The heat dissipation mode of thin-walled parts in vacuum and the influence of different parameters on layer width are explained in this paper. It provides a reference for further understanding and controlling dimension precision of Ti-6Al-4V thin-walled part with wire-based multi-laser additive manufacturing in vacuum. At the same time, it provides a reference for researches of dimensional characteristics in the additive manufacturing industry.

Based on core description, gas logging and laboratory analysis, this paper aims to study the controlling effect of the types of shale sedimentary microfacies in coal formations over shale reservoirs using the example of Shanxi formation in Northern Ordos Basin.

According to core observation, the authors selected typical samples of rock types for thin section analysis to determine the micro features and compositions of rocks.

By using core observation, we found that fine lithology in Shanxi formation included major shale, carbonaceous shale, partially carbonaceous shale, partially silty shale and silty shale with colors of gray, dark gray, black and/or gray. Shanxi Formation shale are deposited in plant-rich and plant-poor swamps, interdistributary depressions of delta plains, interfluvial depressions of meandering rivers as well as microfacies environment of natural levees and the distal crevasse splay.

Currently, the research on the shale gas in Shanxi Formation in the Ordos Basin is still in its infancy. There is yet no research on the fine-grained partition of the sedimentary facies in coal accumulation environment of Shanxi formation and the controlling effect of sedimentary microfacies over shale reservoirs.

In order to improve the engine reliability and efficiency, an effective way is to reform the turbine blade tip conformation. The paper aims to discuss this issue.

The present research provides several novel tip-shaping structures, which are considered to control the blade tip loss. Four different tip geometries have been studied: flat tip, squealer tip, flat tip with streamwise ribs and squealer tip with streamwise ribs. The tip heat transfer and leakage flow are both analyzed in detail, for example the tip heat transfer coefficient, tip flow and local pressure distributions.

The results show that the squealer seal and streamwise rib can reduce the tip heat transfer and leakage loss, especially for the squealer tip with streamwise ribs. The tip and near-tip flow patterns at the different locations of axial chord reflect that both the squealer seal and streamwise rib structure can control the tip leakage flow loss. In addition, the analysis of the aerodynamic parameters (the static pressure and turbine efficiency) also indicates that the squealer tip with streamwise ribs obtains the highest adiabatic efficiency with an increase of 2.34 percent, compared with that of the flat tip case.

The analysis of aerothermal and dynamic performance can provide a reference for the blade tip design and treatment.

The aim of this paper is to investigate the effect of information asymmetry on revenue sharing contracts and performance in a dual-channel supply chain. First, the authors model the optimum revenue sharing contract in a dual-channel supply chain under both the full information case and the asymmetric information case. Second, they contrast the optimal decisions of a dual-channel supply chain between the full information case and the asymmetric information case. Third, they explore the impact of asymmetric cost information on the performance of a dual-channel supply chain and investigate the information value.

The authors present two main issues associated with revenue sharing contracts to alleviate manufacturer–retailer conflicts in a dual-channel supply chain. In the first issue, a revenue sharing contract is designed in a dual-channel supply chain under asymmetric cost information conditions, based on the principal-agent model. In the second issue, an optimal revenue sharing contract under full information conditions, based on the Stackelberg game is discussed. They explore the impact of asymmetric cost information on the performance of a dual-channel supply chain and investigate the information value based on comparative static analysis.

First, the direct sale price is unchanged and independent of the retailer’s cost construct, but the wholesale price increases and the retail sale price does not decrease under asymmetric cost information. The information asymmetry leads to higher direct sale demand and lower retail sale demand. Second, information asymmetry is beneficial for the retailer, but imposes inefficiency on the manufacturer and the whole supply chain. Third, the performance of the dual-channel supply chain is improved if the retailer’s cost information is shared and the dual-channel supply chain reaches coordination. The retailer is willing to share its cost information if the lump sum side payment that the manufacturer offers can make up the retailer’s reduced profit due to sharing this information.

The authors proposed a contract menus design model in a dual-channel supply chain. They examine how information asymmetry affects optimal policies and performance. They compared the optimal policies under symmetric information and asymmetric information. Conditions under which the partners prefer sharing information are identified. They quantified the information value from the points of partners and the whole system.

Thailand has served as a major outbound tourist destination for Chinese tourists for decades. Behaviours demonstrated by Chinese tourists in Thailand are believed to have created an image of Chinese outbound tourists among the residents and have impacted on the sustainability of Thai tourism. This study aims to contribute a more comprehensive and nuanced understanding of the image of Chinese outbound tourists from the perspective of Thai residents’.

In-depth interviews were conducted with 15 Thai residents who have frequent contact with Chinese tourists.

The results reveal that Thai residents’ perceptions of Chinese tourists include both positive and negative images. Positive images consist of being filial and friendly (e.g. taking good care of the elderly and having close emotional ties within their touring group) and being wealthy and auspicious (e.g. having a lot of money to spend and tipping generously). Negative images include moral norms (e.g. making loud noises and jumping into a queue), hygiene habits (e.g. littering and spitting) and religious culture (e.g. touching and climbing Buddha statues).

This qualitative research promotes the study of destination residents’ perceptions of tourists’ in the context of outbound tourism and enriches the application of social representation theory from the perspective of residents in the field of tourism marketing. It generates a more nuanced comprehension of Thai residents’ perceptions of Chinese tourists, contributes to the government’s formulation of guidelines for civilised tourism and has benefits to the sustainable development of tourism destinations.

泰国居民对中国游客的形象感知

摘要

几十年来, 泰国一直是中国游客的主要出境旅游目的地。中国游客在泰国表现出的行为在居民中创造了中国出境游客的形象, 并影响了泰国旅游业的可持续性。这项研究旨在从泰国居民的感知出发, 对中国出境游客的形象进行更全面、细致的了解。

对15位经常与中国游客接触的泰国居民进行了深入访谈。

结果表明, 泰国居民对中国游客形象的感知既包括正面形象也包括负面形象。正面的形象包括孝顺和友善（例如, 照顾老人, 并在其旅行团中保持紧密的情感联系）, 富有和吉祥（例如, 有很多钱可花, 并慷慨地付小费）, 而负面的形象则包括道德规范（例如, 大声喧哗, 并插队）, 卫生习惯（例如, 乱扔垃圾和随地吐痰）以及宗教文化（例如, 触摸和爬到佛像上）。

这项定性研究弥补了出境旅游背景下目的地居民对游客形象的感知的差距, 并且从居民的角度出发丰富了社会表象理论在旅游营销领域的应用。它使泰国居民对中国游客的认识更加细致, 有助于政府制定有针对性的文明旅游指导方针, 有利于旅游目的地未来的可持续发展。

Percepción de los residents tailandeses sobre el comportamiento de los turistas chinos

Por décadas, Tailandia ha sido un principal destino tulístico de turismo emisor para los turistas chinos.El comportamiento de los turistas chinos en Tailandia ha impresionado las imagenes de los turistas chinos emisores a los habitantes, y ha afectado la sostenibilidad de la industria turística de Tailandia. Esta investigación tiene como objetivo comenzar con la percepción de los habitantes tailandeses para conocer una comprensión más completa y detallada de las imagenes de los turistas chinos emisores.

Entrevisitar en profundidad a 15 habitantes tailandeses que a menudo contactan con los turistas chinos.

Los resultados muestran, las percepciones de los habitantes tailandeses de las imagenes de los turistas chinos contienen las imagenes positivas y negativas. Los imágenes positivas incluyen fiedad filial y amabilidad (por ejemplo, cuida a los ancianos y mantiene una estrecha conexión emocional con su grupo de viaje), riqueza y buena suerte (Por ejemplo, tiene mucho dinero para gastar y propina generosa.) pero las imagenes negativas incluyen las normas étias (por ejemplo, hace ruido fuerte y corta en línea.) los hábitos de higienes (por ejemplo, tira basura al azar y escupiendo por todas partes.) y cultura religiosa (por ejemplo, toca y trepa los estatuas de Buda.)

Esta investigación cualitativa cierra la brecha en los percepciones de los habitantes de desino de las imagenes de turistas en el contexto del turisimo emisor y comenza con los aspectos de los habitantes enriquece la aplicación de la teoría de la representación social en el campo de marketing turístico. Deja los habitantes tailanteses conocer a los turistas chinos más detallada y ayuda al gobierno a desarrollar pautas específicas de turismo civilizado y es benificioso para el futuro desarrollo sostenible de los destinos turísticos.

The purpose of this paper is to build a phase-type risk model with stochastic return on investment and random observation periods to characterize the ruin quantities under which the insurance company may take effective investment strategies to avoid bankruptcy.

By the Markov property and Ito’s formula, this paper derives the integro-differential equations in which the interclaim times follow a phase-type distribution. Using the sinc method, this paper obtains the approximate solutions of the expected discounted penalty function. The numerical examples are given to verify the robustness of the proposed sinc method.

This paper discloses the relationship between the investment strategy and initial surplus level. The insurance company with a high initial surplus level prefers high risk portfolios to earn more profit. Contrarily, the insurance company would invest low risk portfolios to avoid bankruptcy. In addition, this paper shows that a short observation period would bring higher ruin probability.

The risk model is distinct in that a phase-type risk model is constructed with stochastic return on investment and random observation periods. These considerations in the risk model are in sharp contrast to the setting in which the stochastic return on investment is observed continuously. In practice, the insurance company only can periodically observe the surplus level to check the balance of the book. This setting, therefore, is difficult to adopt. This paper develops a sinc method to solve the approximate solutions of the expected discounted penalty function.