摘要：
The complexity and uncertainty of the financial market mainly stem from the rich market internal transaction information and a wide range effect of external factors. To this end, this paper proposes the combination factors-driven forecasting method to predict realized volatilities of the CSI 300 index and index futures. Based on the volatilities predicted by the proposed method, we further evaluate the ex-ante hedging performance in comparison to the conventional HAR model as well as GARCH-type models. The empirical results indicate that the factors-driven realized volatility model significantly dominates the other commonly used models in terms of hedging effectiveness. Furthermore, the superiority of the proposed method is robust in different market conditions, including significant rising or falling and abnormal market fluctuations in the COVID-19 pandemic, and in different index markets. Therefore, this paper improves the prediction accuracy of volatility by integrating market internal transaction information and external factor information, and the proposed method in this paper can be used by investors to obtain an excellent hedging effect.
摘要：
The fractional grey model and its deformation forms have been appealed interest of research in practice due to its strong adaptability by merits of falling from the integer-order form into the fractional. This paper proposes an optimised time power-based grey model by the introduction of conformable fractional derivative into the conventional model. As a result, a newly-designed approach, namely the time power-based grey model with conformable fractional derivative (referred to as CFGM( phi, 1 , t alpha)), is proposed thereby. Specifically, the model establishment, system parameter estimation and explicit expression are comprehensively implemented. In particular, several properties for the proposed approach are emphasized to interpret the superiority of the newly-designed model from a theoretical analysis perspective. The particle swarm optimization technique is then employed to determine the emerging coefficients such as the order of the conformable fractional derivative and time-power coefficient. Finally, four real-world cases are chosen to certify the applicability of the proposed model in contrast with other benchmark models and, the empirical results show that the newly-designed model outperforms other competing models, thus obtaining some managerial insights from these numerical experiments.(c) 2021 Elsevier Ltd. All rights reserved.
摘要：
Improving energy efficiency and lowering carbon emissions are of great importance to realize the "dual carbon" goal of carbon peak and carbon neutrality. Digital economy is a new engine of economic development, but whether or how it affects energy efficiency and carbon emissions are unclear. Utilizing panel data of China's 30 provinces from 2012 to 2019, this study empirically explores the relationships among digital economy, energy efficiency, and carbon emissions. Meanwhile, from the perspective of energy efficiency, applying mediation models and panel threshold model, it analyzes the direct, indirect, and nonlinear influencing mechanisms of digital economy on carbon emissions. The results reflect that the development of digital economy in China intensifies carbon emissions. Energy efficiency serves as a vital partial mediator between the two. The enhancement of energy efficiency can lower carbon emissions. However, the development of digital economy is not conducive to improving energy efficiency, thereby, indirectly increasing carbon emissions. The mediating effect of energy efficiency accounts for 30.58 % of the total effect of digital economy on carbon emissions. Meanwhile, taking energy efficiency into account, the impact of digital economy on carbon emissions has a significant double-threshold effect and presents an N-shaped trend. [0.824, 0.912] is the optimal range of energy efficiency, within which the growth of the digital economy can empower carbon emission abatement to some extent. In addition, the expansion of population size, the coal-based energy consumption structure, and the industrial structure significantly increase carbon emissions. The improvements in living standards and environmental regulations can help to decrease carbon emissions, but the emission abatement effects are not significant. Those conclusions reveal the importance of optimizing the level and quality of digital economy and adopting differentiated digital economy development policies based on energy efficiency to achieve carbon emission reduction.
期刊：
International Journal of Environmental Research and Public Health,2022年19(14):8351- ISSN：1661-7827
通讯作者：
Yuanfang Zhan
作者机构：
[Han, Shaoqin] Wuhan Univ Technol, Sch Entrepreneurship, Wuhan 430070, Peoples R China.;[Zhan, Yuanfang] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430070, Peoples R China.;[Zhang, Lu; Mu, Renyan] Wuhan Univ Technol, Sch Management, Wuhan 430070, Peoples R China.
通讯机构：
[Yuanfang Zhan] S;School of Economics and Business Administration, Central China Normal University, Wuhan 430070, China<&wdkj&>Author to whom correspondence should be addressed.
关键词：
upward social comparison of received help;envy;interpersonal citizenship behavior;social comparison orientation
作者机构：
[Wei, Cong] Zhejiang Univ Finance & Econ, Sch Econ, Hangzhou 310018, Peoples R China.;[Kong, Jiayang] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Kong, Jiayang] Cent China Normal Univ, Sch Math & Stat, Wuhan 430079, Peoples R China.
通讯机构：
[Jiayang Kong] T;These authors contributed equally to this work.<&wdkj&>School of Economics and Business Administration, Central China Normal University, Wuhan 430079, China<&wdkj&>School of Mathematics and Statistics, Central China Normal University, Wuhan 430079, China<&wdkj&>Author to whom correspondence should be addressed.
关键词：
innovation city construction;carbon emissions;program evaluation
摘要：
Innovation, as a driving force to economic growth, has been referred to as an important development strategy by the central government of China. In order to improve the innovative capability of cities, Chinese officials started to construct innovation cities in 2008. Previous studies have investigated the ecological and economic effects of innovation city construction; however, the environmental effect of the project remains unclear. In this study, we constructed an annual panel of 285 cities in China, from 2007 to 2015, to assess the effect of innovation city construction on carbon emissions. Our baseline results are obtained from a difference-in-differences estimator, comparing cities with and without introducing innovation city construction, whose results show that innovation city construction reduces carbon emissions by about 2% on average. We found a similar effect of innovation city construction on carbon emissions when we controlled for the estimated propensity of a city to launch the innovation city construction based on a series of urban characteristics, such as gross regional product and population. We obtained comparable estimates when we used the propensity score as weights to balance urban characteristics between cities with and without launching the innovation city construction. Our results also show that innovation city construction has a larger effect on carbon emissions in western, poorer, and fewer population cities than in those with opposite characteristics. We found suggested the persistence of the effect that innovation city construction had on carbon emissions, implying that the Chinese government should encourage innovation to reduce carbon emissions. Besides, we performed a series of robustness tests, including the leave-one-city-out test, the bootstrapping test, and the permutation test, to illustrate the robustness of our results.
期刊：
JOURNAL OF PRODUCT AND BRAND MANAGEMENT,2022年32(6):789-798 ISSN：1061-0421
作者机构：
[Xie, Zhipeng] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China.;[Zhao, Jing; Wang, Tao] Wuhan Univ, Econ & Management Sch, Wuhan, Peoples R China.;[Qin, Huanyu] Univ Sci & Technol China, Sch Management, Hefei, Peoples R China.
关键词：
Letter shape;Cuteness;Brand relationship;Cognitive priming
摘要：
PurposeThis study aims to test the possible correlation between the letter height-to-width ratio and consumers' perception of cuteness. Design/methodology/approachThrough the design of three groups of experimental questionnaires, this paper carried out experiments on subjects with different professional backgrounds. FindingsThe result shows that perceived cuteness is only beneficial for consumers who adopt communal relationship (rather than exchange relationship) with the brand. Compared to consumers who adopt communal relationship with brands, letters of lower height-to-width ratio are perceived as cuter and thus more preferable than thinner ones, whereas for consumers who adopt exchange relationship with brands, thinner letters are preferred. Research limitations/implicationsTo rule out interference, this study focuses only on the height-to-width ratio of the letters. In the future, researchers can pay more attention to the mobility of brand relationships, consumers' reading strategy and logos' visual elements that influence consumers' brand perception (besides height-to-width ratio). Practical implicationsThe research reminds scholars that the height-to-width ratio of letters/logos is not only of aesthetic value but also imposes a great impact on consumer perception. And the result of this research explains the contradiction in consumers' preference for wide vs thin letter shapes and provides evidence for the interaction between brand relationship norms and letter preferences. Originality/valueTo the best of the authors' knowledge, this research is the first to explore the influence of letter height-to-width ratio in marketing.
期刊：
International Journal of Fuzzy Systems,2022年24(2):1112-1130 ISSN：1562-2479
通讯作者：
Zhou, Yuanyuan
作者机构：
[Zhou, Yuanyuan; Zheng, Chengli] Cent China Normal Univ, Financial Engn Res Ctr, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
通讯机构：
[Zhou, Yuanyuan] C;Cent China Normal Univ, Financial Engn Res Ctr, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
关键词：
Consensus reaching process;Multi-criteria group decision-making;Consensus improving algorithm;Interval fuzzy number judgment matrix
摘要：
Consensus reaching process is a useful decision tool to reduce the preference conflict among experts in multi-criteria group decision-making (MCGDM). Often, the consensus is reached by the experts adjusting their assessments to the extent of mutual agreement. Accordingly, the purpose of this article is to develop an improved consensus-based method with interval fuzzy number judgment matrix (IFJM). To determine the disputes between experts, the consensus measure of IFJM based on objective and subjective compatibility degrees is defined. According to the consensus measure, a consensus improving algorithm is presented to assist each IFJM in reaching acceptable consensus. Subsequently, an optimization model based on the criterion of minimizing the consensus measure of IFJM with acceptable consensus is established to determine weights of experts in MCGDM. To rank and select alternatives, the possibility degree matrix is used to obtain the priority vector. Thus, a new consensus-based approach is put forward to solve MCGDM with IFJM. In this context, a case of express packaging recycling in circular economy and some comparisons are analyzed to demonstrate the availability and effectiveness of the proposed method.
期刊：
International Journal of Environmental Research and Public Health,2022年19(21):13989- ISSN：1661-7827
通讯作者：
Renyan Mu
作者机构：
[Zhang, Lu; Fentaw, Nigatu Mengesha; Mu, Renyan; Zhang, Feng] Wuhan Univ Technol, Sch Management, Wuhan 430070, Peoples R China.;[Zhang, Lu] Tohoku Univ, Grad Sch Engn, Sendai 9808579, Japan.;[Zhang, Lu; Mu, Renyan] Hubei Prod Innovat Management Res Ctr, Wuhan 430070, Peoples R China.;[Zhan, Yuanfang] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Zhang, Jixin] Hubei Univ Technol, Sch Econ & Management, Wuhan 430068, Peoples R China.
通讯机构：
[Renyan Mu] S;School of Management, Wuhan University of Technology, Wuhan 430070, China<&wdkj&>Hubei Product Innovation Management Research Center, Wuhan 430070, China<&wdkj&>Author to whom correspondence should be addressed.
摘要：
The achievement of China’s low-carbon development and carbon neutrality depends heavily on the decrease of manufacturing carbon emissions. From coagglomeration’s dynamic evolution perspective, by using panel-threshold-STIRPAT and mediation-STIRPAT models, this study examines the relationships among industrial coagglomeration, green innovation, and manufacturing carbon emissions and explores the direct and indirect function mechanisms. Panel data of China’s 30 provinces from 2010 to 2019 are employed. The results imply that, first, the impact of industrial coagglomeration on manufacturing carbon emissions is nonlinear and has significant threshold effects. Industrial coagglomeration negatively affects manufacturing carbon emissions, and as the coagglomeration level deepens, the negative effect has a diminishing trend in marginal utility. Once the coagglomeration degree exceeds a certain threshold, the negative impact becomes insignificant. At present, for 90% of China’s regions, an increase in industrial coagglomeration level can help reduce manufacturing carbon emissions. Second, green innovation is a vital intermediary between industrial coagglomeration and manufacturing carbon emissions. It is a partial intermediary when industrial coagglomeration is at a relatively lower-level stage and a complete intermediary when industrial coagglomeration is at a relatively higher-level stage. These findings reveal the significance of optimizing industrial coagglomeration and the level and efficiency of green innovation to decrease carbon emissions.
