Digital finance has provided informal financial support to small- and medium-sized enterprises (SMEs) and solved the dilemma of acquiring formal financial support in emerging economies such as China. However, this may lead to structural changes in entity enterprises' asset allocations. Based on...

This paper adopts the tail-event driven network (TENET) framework to explore the connectedness and systemic risk of the banking industry along the Belt and Road (B&R) based on weekly returns of 377 publicly-listed banks from 2014 to 2019. We conduct the connectedness analysis from four levels...

Forecasting stock returns is extremely challenging in general, and this task becomes even more difficult given the turbulent nature of the Chinese stock market. We address the stock selection process as a statistical learning problem and build cross-sectional forecast models to select individual...

Learning is crucial to organizational decision making but often needs to be delegated. We examine a dynamic delegation problem where a principal decides on a project with uncertain profitability. A biased agent, who is initially as uninformed as the principal, privately learns the profitability...

This study evaluated the organizational resilience of Chinese listed companies under extreme heat events based on the cumulative abnormal return of stocks during severe environmental disturbances. Based on institutional, stakeholder, and risk management theories, the extreme heat event in August...

This study aims to resolve the difficult problem of manufacturers’ service outsourcing strategy decision-making, with services divided into two types: hygienic and motivational. We build a value creation model for the manufacturer, service contractor, and customer under different outsourcing...

This study investigates the multidimensional connectedness between various Fourth Industrial Revolution assets and global commodities to analyze their role in portfolio diversification. Using dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity (DCC-GARCH),...

In response to the Covid-19 pandemic, the Chinese government has utilized and pragmatically adjusted existing welfare institutions to ensure social and economic stability. This report describes the Chinese social policy responses in 2020 to mitigate the effects of the coronavirus crisis and...