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The purpose of this paper is to analyze the trading behaviors of retail investors and investigate their impacts on stock returns.

As retail investors are considered as the main noise traders in the capital market, using the trading records of Chinese retail investors from 2005 to 2009, the authors study their trading preferences and the correlation of their trades. Then, they use a multifactor model to test whether the co‐movement of stock returns could be explained by individual sentiment.

The authors' results show that the small‐cap stocks are obviously preferred by retail investors. Meanwhile, the net stock demands of retail investors are systematically correlated, even when the effect of market risk is excluded. In the perspective of the net stock demands, the authors use BSI to measure the individual sentiment, finding that individual sentiment plays an important role in the formation of the cross‐section of stock returns. However, the authors' results imply that BSI is a reverse indicator to predict the future returns, which implies that the trading behaviors of retail investors are irrational.

Consistent with behavioral theory, the authors' findings support the viewpoint that stock returns could be affected by the systematic correlated trading of retail investors. To some extent, their findings highlight the need to know more details of individual investors' trading behaviors through which the fluctuations of asset prices can be better understood.

The existing three-stage network Data Envelopment Analysis (DEA) models with shared input are self-assessment model that are prone to extreme efficiency scores in pursuit of decision-making units (DMUs) efficiency maximization. This study aims to solve the sorting failure problem of the three-stage network DEA model with shared input and applies the proposed model to evaluate innovation resource allocation efficiency of Chinese industrial enterprises.

A three-stage network cross-DEA model considering shared input is proposed by incorporating the cross-efficiency model into the three-stage network DEA model. An application of the proposed model in the innovation resource allocation of industrial enterprise is implemented in 30 provinces of China during 2015–2019.

The efficiency of DMU would be overestimated if the decision-maker preference is overlooked. Moreover, the innovation resource allocation performance of Chinese industrial enterprises had a different spatial distribution, with high in eastern and central China and low in western China. Eastern China was good at knowledge production and technology development but not good at commercial transformation. Northeast China performed well in technology development and commercial conversion but not in knowledge production. The central China did not perform well in terms of technology development.

A three-stage network DEA model with shared input is proposed for the first time, which makes up for the problem of sorting failure of the general three-stage network model.

The purpose of this paper is to focus on the selection of the optimum porous material modified with poly-dopamine coating for peptides enrichment. The adsorption behaviors for peptides and the antioxidant capacity of peptides fraction purified by the porous materials were investigated.

The optimum porous material with the highest adsorption capacity for peptides was selected for surface modification. The surface modified porous material was characterized by SEM, nitrogen adsorption-desorption isotherm and color change.

The results showed that the porous material was successfully modified with poly-dopamine coating. Adsorption capacity for peptides of the modified porous material was enhanced compared to the original porous material. Antioxidant capacity of peptides fraction enriched by the modified porous material was much higher than that enriched by the original porous material, indicating that the introduction of poly-dopamine coating was inclined to enrich peptides with certain amino acid residues.

The structures of peptides are a bit not clear, which is the subject of future investigation.

This contribution provides a method to design and prepare porous materials with poly-dopamine coating to separate and enrich peptides or peptides fraction with high antioxidant capacity.

It showed that polarity, surface area, pore diameter and interactions were contributed to high adsorption capacity. The peptides fraction purified by the modified porous material showed excellent antioxidant capacity through results of reduction of DPPH radical, because of the enrichment of the peptides with certain amino acids residues which were considered to enhance radical scavenging capacity. This paper provides new insights into designing and preparing porous materials with poly-dopamine coating to enrich peptides fraction with high antioxidant capacity.

This paper aims to focus on the preparation of Kevlar fiber (KF) and alkaline hydrolyzed KF (KF-H) to improve the dispersed condition of polyaniline (PAn), as the aggregation of PAn would lead to some adsorption sites buried. And then the materials were used to enrich anionic dye Congo red (CR) from aqueous solution.

The materials (KF@PAn and KF-H@PAn) were designed by means of “diffusion-interfacial-polymerization” under mild condition as high affinity due to the structural properties of PAn, KF and KF-H. The dispersed degree of PAn on the surface of KF and KF-H was validated according to adsorption efficiency for CR.

The content of PAn introduced was not beyond 20 wt.%, while adsorption capacity for CR was significantly enhanced by 4–8 times (on the basis of kinetic data) according to the calculation only by the content of PAn due to KF and alkaline hydrolyzed KF exhibited almost no adsorption for CR, indicating dispersed situation of PAn coating was greatly enhanced and more active sites exposed, which was favorable for the adsorption process. Presence of NaCl would exhibit a more or less positive effect on CR uptake, suggesting the materials could be used for high salt environment.

The investigated means of dispersed degree of PAn on the surface of KF and KF-H are the further and future investigation.

This study will provide a method to improve the dispersed situation of PAn and a theoretical support to treat anionic dyes from aqueous solution especially for salt environment.

The results showed that the dispersed condition of PAn on the surface of KF and KF-H was greatly improved. According to the adsorption capacities for CR, it can be concluded that part of adsorption sites were buried due to the aggregation of PAn, and introduction of KF and KF-H, buried adsorption sites decreased greatly. This study will provide a method to decrease buried adsorption sites of PAn and a contribution for their convenient application in wastewater treatment especially for high salt environment.

To treat water pollution, especially the contamination resulted from organic dyes has aroused significant attention around the world, this study aims to prepare the metal organic framework (MOF) materials hybridizing with poly(p-phenylene terephthalamide) (PPTA) by means of a facile refluxing method and to systematically investigate adsorption performance for anionic dye Congo red as target molecule from aqueous solution.

The MOF materials hybridized by PPTA were fabricated by virtue of a facile refluxing method, characterized by thermogravimetric analysis, X-ray powder diffraction, Fourier transform infrared and pore structure.

The results showed that pseudo-second-order kinetic model could better describe the adsorption process for all the four materials, whereas Elovich model also fitted the process for the hybrid materials with PPTA. Adsorption isotherm analyses indicated that Langmuir isotherm could be used to describe the adsorption process. Introduction of appropriate amount of PPTA could enhance the adsorption affinity of the MOF materials for Congo red, and the maximum adsorption capacity could reach as high as 1,053.41 mg/g while that of the MOF material without PPTA was 666.67 mg/g, indicating introduction of PPTA could change the microenvironment of the MOF materials and increase the adsorption sites, leading to high adsorption efficiency.

The microstructure of MOF hybridized materials in detail is the further and future investigation.

This study will provide a method to prepare MOF materials with high efficiency to treat anionic dyes like Congo red from aqueous solution.

Owing to the special characteristics of PPTA and similar to carbon tube, PPTA was introduced into MOF material to increased corresponding water stability. Because of aromatic ring and amide group on the surface of PPTA, the adsorption efficiency of the hybridized MOF material with appropriate amount of PPTA was greatly enhanced.

The purpose of this paper is to measure Farmer’s adoption tendency towards drought shock, risk-taking networks and modern irrigation technology.

Based on this assumption, this paper evaluated the data gathered from 498 household surveys of Zhangye, Gansu province, PRC, by using the binary probit model. First, the empirical data was analyzed for evaluating the impact of drought shock and risk-taking tendencies on the adoption of modern irrigation technology by farmers. Second, the authors introduced informal risk-bearing networks with formal risks. Final, based on the empirical results, the sustainability test, along with the marginal effect analysis and the degree of impact was carried out.

The results show that the drought shock has a significantly deferent effect on the modern irrigation technology of the farmers. The probability of using technology for each level of drought loss is reduced by 15.02%. The risk-taking network has a significant role in promoting the modern irrigation technology of farmers. The probability of adoption for each additional unit of rural household labor security supply, the likelihood of adoption by farmers increased 23.11%, the probability of approval for each level of relative support, and neighborhood assistance by farmers increased by 13.11% and 17.88% respectively. This study further revealed that insurance purchases enabled farmers to adopt new irrigation technology with the probability increased by 24.99%; easily available bank loans increased the probability of farmers using irrigation technology by 31.89%. From the perspective of interactions between farmers, the risk-taking network can alleviate the inhibitory effect of drought impact towards the adoption of irrigation technology. Among the control variables, the number of years of education, the age of farming, the degree of arable land, the distance from home to the market, and the price of water all has significant effects on the adoption of modern irrigation technology by farmers.

The novelty of the study is that it illustrated the interactive influence of drought shock and risk-taking networks on the farmer’s adoption tendencies of modern irrigation technologies, the inner relationship among drought impact, the risk-taking network and the farmer’s adoption behavior and provide an interactive relationship between the formal risk-taking network and the non-risk-taking network in farmer’s technology adoption.

The purpose of this study is to focus on the preparation of macroporous adsorption resins (MARs) functionalized with carbazole and N-methylimidazole, and adsorption behaviors of (–)-epigallocatechin gallate (EGCG) and caffeine (CAF) on the functionalized MARs.

Based on the Friedel–Crafts and amination reactions, novel MARs functionalized with carbazole and N-methylimidazole were synthesized and characterized by the BET method. Accordingly, adsorption behaviors and structure-activity relationships for EGCG and CAF were studied in detail.

The results showed that pseudosecond-order kinetic model was provided with a better correlation for the adsorption of EGCG and CAF onto L-1 and L-2, and pseudofirst-order kinetic model was the most suitable model to illustrate the adsorption process for EGCG and CAF on L-3. The result indicated that Langmuir, Freundlich, Temkin–Pyzhev and Dubinin–Radushkevich isotherms all could better illustrate the adsorption processes of EGCG and CAF on L-1, L-2 and L-3.

This study provides theoretical guidance and technical support for the efficient separation and purification of EGCG and CAF from waste tea leaves by MARs on a large scale. In addition, the results showed that this novel MARs would provide useful help and be used in large-scale production of active ingredients from natural products in the industry and other fields.

Adsorption kinetic models such as pseudofirst-order, pseudosecond-order and intra-particle diffusion kinetic models, and adsorption isotherm models such as Langmuir, Freundlich, Temkin–Pyzhev and Dubinin–Radushkevich isotherms models were adopted to illustrate the adsorption mechanisms of EGCG and CAF. The main driving forces for MARs with no functional groups were pore sieving effects, p–p conjugation effects and hydrophobic interactions, and the other significant driving forces for MARs functionalized with carbazole and N-methylimidazole were electrostatic interactions, ion-dipole and hydrogen bonding interactions. This study might provide scientific references and useful help for large-scale separating and enriching active ingredients in natural products using the technology of MARs with special functional groups.

The purpose of this study was to prepare carboxylated attapulgite (APT-COOH) and then be used as one of the ligands to prepare metal organic framework (MOF) hybrid materials to reduce the cost of MOF materials and improve the dispersed condition of APT. And then the materials were used to enrich anionic dye Congo red from aqueous solution.

The MOF hybrid materials were designed by means of facile reflux method rather than hydrothermal method, characterized by Thermogravimetric Analysis (TGA), Fourier Transform Infrared (FTIR) Spectrometer and pore structure. The dispersed degree of APT-COOH in the MOF materials was validated according to adsorption efficiency for Congo red.

Due to introduction of APT-COOH, the microenvironment of the MOF materials changed, leading to different adsorption behaviors. Compared to the MOF material without APT-COOH, the adsorption capacities of the hybridized MOF materials with different amounts of APT-COOH introduced increased by 4.58% and 15.55%, respectively, as the initial concentration of Congo red solution of 300 mg/L. Meantime, hybridized MOF materials were suitable to remove Congo red with low concentration, while the MOF material without APT-COOH was appropriate to enrich Congo red with high concentration.

The microstructure of MOF hybrid materials in detail is the further and future investigation.

This study will provide a method to reduce the cost of MOF materials and a theoretical support to treat anionic dyes from aqueous solution.

APT-COOH was prepared and used as one of the ligands to synthesize MOF material to improve the dispersed degree of APT-COOH and reduce the cost of the MOF materials. The adsorption efficiency was greatly enhanced with low concentration of Congo red solution, and the results indicated that hydrogen bonding, electrostatic interaction, and p-p conjugation were involved in the adsorption process. The prepared MOFs materials exhibited excellent adsorption efficiency, which made the present materials highly promising and potentially useful in practical application as adsorbents to enrich anionic dyes such as Congo red from aqueous solution.

Nowadays, green cutting has become the focus because of its ecological problem and the necessary environment protection, so that the research on experimentation of green cutting with water vapor as coolant and lubricant is studied because water vapor has many benefits of cheapness, no pollution, no harm and no recycling and handling.

The vapor generator and the vapor feed system are manufactured, the distribution of temperature and velocity of vapor jet flow are simulated by MATLAB program, and under the conditions of compress air, oil water emulsion, water vapor as coolant and lubricant and dry cutting, respectively, the turning experimentation of comparison which the tool is YT15, and the working material is steel 45.

Water vapor, as coolant and lubricant, the cutting force is reduced, respectively about 30‐40, 20‐30 and 10‐15 percent by comparing to dry cutting, compressed air and oil water emulsion. The cutting temperature is, respectively about 30, 40 and 50 percent with the other conditions of dry cutting, compressed air and oil water emulsion. The friction coefficient and the chip deformation coefficient are correspondingly decreased and the surface roughness value has been diminished too. Through analysis of the experimental results, water vapor as coolant and lubricant possesses better lubricating action because of the excellent penetration performance and the low lubrication layer shearing strength of water vapor.

Water vapor as coolant and lubricant provides a novel method for realizing no contamination green cutting.

This paper aims to construct evaluation index system of industrial economy-ecology-coordinated development based on “driving-force-pressure-state-impact-response” conceptual model. Grey target theory is introduced to evaluate industrial economy-ecology-coordinated development level and identify its key influencing factors. On that basis, the countermeasures are proposed to improve industrial economy-ecology-coordinated development in China.

Bull's-eye degree of grey target theory is introduced to evaluate industrial economy-ecology-coordinated development level of 31 provinces, municipalities and autonomous regions in China. The contribution degree of influence factors is analyzed by contribution degree theory.

The results show that first, the overall level of industrial economy-ecology-coordinated development in China is not high, there is a big gap of coordinated development level between provinces, municipalities and autonomous region, and there is still a large room to improve the status quo. Second, the major factors affecting industrial economy-ecology-coordinated development are gross industrial output value (GIOV) share of investment completed in the treatment of industrial pollution, common industrial solid wastes produced per GIOV, sulphur dioxide emission per GIOV, energy consumption per 10,000 yuan of gross regional product.

This paper constructs evaluation index system of industrial economy-ecology-coordinated development and applies grey target theory to evaluate industrial economy-ecology-coordinated development level and identify its key influencing factors.