In recent studies, numerous anomalies against the weak and semi-strong-forms of efficient market hypothesis have been found insignificant after controlling the small-firm effect. We investigate whether the insider trading anomaly, a major anomaly against the strong-form of EMH, can survive after excluding small firms with a novel data set and document several new findings. We find a substantially larger number of insider purchases than sales, while the average volume of insider sales is much higher than the average volume of insider (...) purchases. Echoing recent US studies, we find that insider sales generate more abnormal returns than insider purchases do. We find much lower abnormal returns from insider trading than documented in the literature and the associated trading costs, which suggests that the market efficiency of individual stocks may depend on their sizes, and even the strong-form of EMH holds to a larger extent than previously recognized. (shrink)

Conflicts in land exploration are incisive social problems which have been the subject in many studies. Risk assessment of land conflicts is effective to resolve such problems. Specifically, fuzzy mathematics and the analytic hierarchy process were combined together to evaluate risk in land conflicts in our work, which is proved useful to solve uncertainty and imprecision problems. Based on the analysis of the principles for the risk assessment of a land conflicts index system, a set of risk assessment indexes using (...) the fuzzy analytic hierarchy process was presented. The results show that the overall risk is at medium level, and the risk of the feasibility index and controllability index need to be paid more attention to. The contribution of this article is reflected in two aspects: the application of FAHP in risk assessments of land conflicts is effective and valid; it is helpful for governments to establish a stricter management system of work safety for conflicts in land exploration based on the risk assessment results. (shrink)

Ecological innovation is an inevitable trend for firms to enhance competitiveness and sustainably operate in the context of green economy. The previous literature has rarely discussed the influence of ambidextrous learning on the eco-innovation performance of startups and ignored the moderating effect of top management’s environmental awareness from the perspective of microscopic psychology. We have conducted a questionnaire survey on 212 firms established within 4 years in the Pearl River Delta of China, using the structure mode and the PROCESS by (...) Hayes (2013) to analyze the influence of ambidextrous learning, such as exploratory learning and exploitative learning, by startups on eco-innovation performance and verify the moderating effect of top management’s environmental awareness. The results show that: exploratory learning and exploitative learning have a positive and significant influence on eco-innovation performance, indicating that the organizational learning of startups is conducive to improving eco-innovation performance; under the moderating effect of top management’s environmental awareness, the influence of exploratory learning and exploitative learning on eco-innovation performance may differ. The results also show that in the process of organizing ambidextrous learning, startups should help raise the environmental awareness of top management to improve the eco-innovation performance, thus providing guidance for startups to carry out eco-innovation activities and for local governments to make decisions on green economy. (shrink)

The present expression of radiation of an accelerated point charge is only approximately valid. The exact expression of radiation of an accelerated point charge is derived based on special relativity, and using the Larmor formulation for the radiation of an charged particle being accelerated, but instantaneously at rest. The totaled radiation power obtained by the exact expression is the same as Liénard’s generalization of the Larmor formula.

This study attempts to investigate the relationships among the ethical beliefs of Chinese consumers and orientations based on attitudinal attributes: materialism and moral philosophies (idealism and relativism). In addition, this study examines Chinese consumers' ethical beliefs in relation to five selected demographic characteristics (gender, age, religion, family income and education). Based on this exploratory study of 284 Chinese consumers, the following statistically significant findings were discovered. First, Chinese consumers regard that a passively benefiting activity is more ethical, but actively benefiting (...) from an illegal or a questionable activity is unacceptable. Second, the two dimensions of passively benefiting and no harm/no foul can be used to distinguish the consumers who endorse higher levels of idealism or relativism. Third, Chinese consumers with a high level of materialism are more likely to actively benefit from illegal and questionable activities, and the passively benefiting actions. Finally, the more ethical Chinese consumers seem to be younger, be religious, and have a lower family income. (shrink)

This meta-analysis examines the relationship between materialism and subjective wellbeing in the Chinese population. Fifty-six relevant studies covering the period from 1998 to 2022 were included in the meta-analysis. Fifty-eight independent effect sizes from a total of 52,368 participants were obtained to calculate the mean effect sizes. Materialistic values correlated with significantly lower subjective wellbeing, while the mean effect size for extrinsic aspirations was found to be not significant. The effect sizes varied across different types of wellbeing outcomes. The associations (...) were also moderated by certain demographic factors, methodological factors, publication features, and economic indicators. We discuss our limitations and the implications for future research. (shrink)

Chinese consumers comprise a unique subculture that exerts a considerable influence on the market and are treated as a collective group by researchers. However, few studies have examined the effects of collectivism and consumer attitudinal attributes on consumer ethics. Although the practice of religion was prohibited in China before economic reforms in the late 1970s, religion remains a major factor that affects the ethical judgment of consumers. The present study, based on the Hunt–Vitell model, examines the influence of culture and (...) personal characteristics on consumer ethics. A total of 284 Chinese consumers were surveyed. Structural equation modeling was used to test hypothesized relationships in the research model. The results indicate that collectivism had a significant explanatory power for four dimensions of consumer ethical beliefs: actively benefiting from illegal activities; passively benefiting from questionable activities; actively benefiting from deceptive legal activities; and engaging in no harm and no foul activities. However, consumer attitude toward business significantly explained only the passive dimension of consumer ethics, and religious beliefs significantly explained only the active dimension of consumer ethical beliefs. (shrink)

It has been widely assumed and proven that a firm’s research and development investment is limited if the availability of cash flow is constrained. The purpose of this study is to verify the opposite proposition: whether firms invest heavily in R&D when more cash flow is available. This paper discusses the heterogeneous relationship between cash flow from different sources and the R&D investment of firms. The study divides the firm’s cash flow into three categories according to the business activities that (...) generate firm finance: cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. On this basis, a dynamic R&D investment model is constructed, and the relevant data for Chinese listed firms are used for the empirical research. The study finds that Chinese listed firms do not necessarily spend more cash on R&D investment, even if the availability of cash flow is not constrained. For young firms, CFO and CFI do not significantly correlate with R&D investment, and CFF significantly negatively correlates with R&D investment. For mature firms, the correlations between cash flow generated from different activities and R&D investment are nonsignificant. (shrink)

Objective: Based on how the identity of doctoral students is recognized and understood in the context of Chinese culture, we developed a doctoral identity scale using both qualitative and quantitative analyses.Methods: The initial project of the Scale was formed through qualitative analyses and expert consultation. Nine hundred and ninety-one doctoral students were officially tested, and 982 valid questionnaires were obtained. They were randomly divided into two parts, and 491 of which were assessed for item Response Theory and exploratory factor analysis (...) and 491 of which were assessed for confirmatory factor analysis. The Subjective Well-Being Scale, the Rosenberg Self-Esteem Scale, and the Psychological Sense of School Membership Scale were used to test its the criterion-related validity. One hundred and forty-one students were selected for retesting after 8 weeks.Results: The doctoral student identity questionnaire consisted of two factors identity exploration and identity commitment, explaining 57% of the total variance. The results of CFA showed that the two-factor model fitted the data well. The two dimensions of the Doctoral Student Identity Scale were significantly and positively correlated with the two dimensions of the SWB scale, the latent factor of the RSE scale, and the latent factor of the PSSM scale. Composite reliability values for exploration and commitment were 0.79 and 0.83 respectively, and the values of McDonald’s omega for exploration and commitment were 0.81 and 0.85 respectively. The test-retest reliability of the total questionnaire was 0.842.Conclusion: The Doctoral Student Identity Scale was developed with good reliability and validity, and can be used as a reliable tool for measuring the doctoral student identity. In addition, the questionnaire will provide corresponding ideas and methods for studying the identity issues of specific groups. (shrink)

It is believed in many studies that the servitization of manufactures is driven by internal economy, but the situation in China may be somewhat different. In this study, we consider the influence of external institutional environment on manufacturers’ servitization and the final performance, and discuss the moderating effect of organizational identity orientation on firms’ response to external institutional pressures. We conduct a survey where we collect responses from 312 manufacturers in China. Regression analyses are performed to test whether institutional pressures (...) coming from the external institutional environment have a positive effect on the level of manufacturing servitization or not. Moreover, we study if this positive effect is moderated by the individualistic identity orientation and the relational identity orientation. We also examine the impact of servitization strategy on manufacture’s market performance and financial performances. Furthermore, we separate out the influences comes from institutional pressures by using a new estimated method and try to explain the cause of “servitization paradox.” Our study is innovative in that it bridges the servitization and institutional theory, and provides practical guidance for the adoption of manufacturing servitization strategy. (shrink)

The fuzzy clustering algorithm has been widely used in the research area and production and life. However, the conventional fuzzy algorithms have a disadvantage of high computational complexity. This article proposes an improved fuzzy C-means algorithm based on K-means and principle of granularity. This algorithm is aiming at solving the problems of optimal number of clusters and sensitivity to the data initialization in the conventional FCM methods. The initialization stage of the K-medoid cluster, which is different from others, has a (...) strong representation and is capable of detecting data with different sizes. Meanwhile, through the combination of the granular computing and FCM, the optimal number of clusters is obtained by choosing accurate validity functions. Finally, the detailed clustering process of the proposed algorithm is presented, and its performance is validated by simulation tests. The test results show that the proposed improved FCM algorithm has enhanced clustering performance in the computational complexity, running time, cluster effectiveness compared with the existing FCM algorithms. (shrink)

The issue of left-behind children has become a key focus in China. In this study, we investigate the mediating role of social support between social anxiety and the subjective quality of life among left-behind children in China. A total of 710 junior high school students were recruited using clustering random sampling from five middle schools in China and investigated using the Social Anxiety Scale for Children, Social Support Rating Scale for Adolescents, and Inventory of Subjective Life Quality. The results show (...) that social anxiety is negatively associated with social support and subjective quality of life, and social support is positively correlated with subjective quality of life. In addition, social support partially mediates the relationship between social anxiety and subjective quality of life. In conclusion, these findings provide new insights to improve the subjective quality of life of left-behind children. The focus should be on alleviating social anxiety and increasing social support in order to help left-behind children improve their subjective quality of life. (shrink)

Genes induced by the plant hormone auxin are probably involved in the execution of vital cellular functions and developmental processes. Experimental approaches designed to elucidate the molecular mechanisms of auxin action have focused on auxin perception, genetic dissection of the signaling apparatus and specific gene activation. Auxin‐responsive promoter elements of early genes provide molecular tools for probing auxin signaling in reverse. Functional analysis of several auxin‐specific promoters of unrelated early genes suggests combinatorial utilization of both conserved and variable elements. These (...) elements are arranged into autonomous domains and the combination of such modules generates uniquely composed promoters. Modular promoters allow for auxin‐mediated transcriptional responses to be revealed in a tissue‐ and development‐specific manner. (shrink)

In this first original collection of essays on Catholic Biblical Ethics ever done in English, renowned Jesuit moral theologian James Keenan brings together distinct voices from numerous cultures and language groups. The result is a volume representing a truly global community of Catholic ethics scholars. The Bible and Catholic Theological Ethics deepens contemporary understandings of the relationship between the Holy Bible and the world of Catholic ethical reflection. Like the four other books in the prestigious CTEWC Series, this volume aims (...) at offering a more systematic, comprehensive, and global perspective than typical Anglo-centric or North American-focused offerings. (shrink)

Hydromechanical continuously variable transmission is capable of bearing large torque and has wide transmission range, which is suitable for high-power tractors. Dynamic characteristics could influence the tractor life, especially in a high-power tractor. Wet clutch is the crucial component in the HMCVT, which could smooth and soft power transmission. Therefore, it is important to study the dynamic characteristics and implement the wet clutch test of HMCVT. In this paper, AMESim is used to establish virtual models of gearbox, pump-controlled hydraulic motor (...) system, and shifting hydraulic system. Then, a simulation study of tractor operation under working condition is carried out. The internal and external meshing forces of the planetary row are analyzed. Finally, the wet clutch engagement process of HMCVT in the high-power tractor is tested to verify the oil pressure. The simulation results show that the values of internal and external meshing force become larger as the throttle opening increases. At the moment of shifting change, the meshing forces of the planetary gear have great impact. The clutch test shows that the trend of the oil filling curve obtained from the bench test is similar to that obtained from the theoretical curve, which verifies the simulation results. (shrink)

Some previous studies have explored the impact of family function on school belonging. However, little is known about the parallel mediating relationship underlying them. This study aims to investigate the formation mechanism of school beginning in a sample of Chinese adolescents and examined the parallel mediating role of interpersonal self-support and individual self-support in the link between family function and school belonging. A cross-sectional study was conducted in four schools of the district of Hunan province in China, and 741 students (...) were surveyed using cluster sampling. Family cohesion and adaptability scale (FACES), Adolescent students self-supporting personality scale (SSPS-AS), School belonging scale were applied. The results indicated that interpersonal self-support and individual self-support, together, and uniquely, parallel mediated the relationship between family function and school belonging. It can be concluded that family function not only has direct effects on school belonging but also has indirect effects through interpersonal self-support and individual self-support. (shrink)

Quotations from Lu Xun's criticism of Confucianism.