We provide the first comprehensive and robust evidence on the relationship between CSR disclosure quality and the costs of corporate bonds in China. We find that firms with high CSR disclosure quality are associated with lower costs of corporate bonds. Our findings are robust to endogeneity issues arising from reverse causality, omitted variable bias, and the interdependencies between price and non-price terms. The negative relationship between CSR disclosure quality and the costs of corporate bonds is stronger in weak corporate governance (...) firms and in firms located in regions with weak institutional environments. We also find that firms’ misconduct significantly mitigates the influence of CSR disclosure quality. In the additional analyses, we provide evidence that CSR disclosure can offer incremental information beyond the credit ratings. Regarding non-price terms, we conclude that firms with higher quality of CSR information are less likely to be subject to collateral terms, but they tend to include more restrictive covenants. Further analyses also show that compared with low-quality or mandatory CSR disclosure firms, bond investors perceive firms with CSR disclosures rated above “A” categories or voluntary CSR disclosure as less likely to cause asymmetric information problems and thus charge lower risk premiums. Overall, this study demonstrates that CSR disclosure quality is an important determinant that affects both price and non-price bond contract terms. (shrink)

Using data from China, where the identity of engagement auditors is disclosed, we find significant relationships between engagement auditors’ negative experiences and the costs of corporate bonds. Further tests differentiate field and review auditors’ experiences, and we find that both field and review auditors’ negative experiences are significantly related to higher costs of corporate bonds. In addition, we find that the above results are significant only when the engagement auditors are affiliated with non-Big10 audit firms. Using path analysis, we find (...) that credit rating is a possible channel through which information on engagement auditors’ negative experiences can transfer to bond investors. Regarding non-price terms, we conclude that engagement auditors with negative experiences are associated with smaller bond sizes, shorter bond maturities, a higher likelihood of requiring collateral, and more restrictive covenants. Further analyses also show that the effects of engagement auditors’ negative experiences on the costs of corporate bonds are less pronounced for well-governed firms. To show that our results obtained from China’s corporate bond market are relevant to loan markets, we replicate the above tests using a Chinese sample, and the results from the loan market are consistent with those from the corporate bond market. Overall, our empirical results suggest that investors are indeed concerned with engagement auditors’ negative experiences. (shrink)

Brain structural covariance network can delineate the brain synchronized alterations in a long-range time period. It has been used in the research of cognition or neuropsychiatric disorders. Recently, causal analysis of structural covariance network, winner-take-all and cortex–subcortex covariance network, and modulation analysis of structural covariance network have expended the technology breadth of SCN. However, the lack of user-friendly software limited the further application of SCN for the research. In this work, we developed the graphical user interface toolkit of brain structural (...) covariance connectivity based on MATLAB platform. The software contained the analysis of SCN, CaSCN, MOD-SCN, and WTA-CSSCN. Also, the group comparison and result-showing modules were included in the software. Furthermore, a simple showing of demo dataset was presented in the work. We hope that the toolkit could help the researchers, especially clinical researchers, to do the brain covariance connectivity analysis in further work more easily. (shrink)

Purpose: We aimed to find out the distributed functional connectome of white matter in patients with functional dyspepsia.Methods: 20 patients with FD and 24 age- and gender-matched healthy controls were included into the study. The functional connectome of white matter and graph theory were used to these participants. Two-sample t-test was used for the detection the abnormal graph properties in FD. Pearson correlation was used for the relationship between properties and the clinical and neuropshychological information.Results: Patients with FD and healthy (...) controls showed small-world properties in functional connectome of white matter. Compared with healthy controls, the FD group showed decreased global properties. Four pairs of fiber bundles that are connected to the frontal lobe, insula, and thalamus were affected in the FD group. Duration and Pittsburgh Sleep Quality Index positively correlated with the betweenness centrality of white matter regions of interest.Conclusion: FD patients turned to a non-optimized functional organization of WM brain network. Frontal lobe, insula, and thalamus were key regions in brain information exchange of FD. It provided some novel imaging evidences for the mechanism of FD. (shrink)

Due to the advent of deglobalization and regional integration, this article aims to adopt LASSO-based network connectedness to estimate the multiscale tail risk spillover effects of global stock markets. The results show that tail risk varies across frequencies and shocks. In static analysis, the risk is centered mostly on the developed European and North American markets at a low frequency, and regionalization is imposed on the moderate frequency. Moreover, emerging markets could be sources of risk spillover, especially at the highest (...) frequency where there is no absolute risk center. In dynamic analysis, we use rolling window estimation and find that different frequencies identify distinct episodes of shocks, which provides us with the reason for the diverse risk centers at different time scales in static analysis. Our findings provide heterogeneous financial practitioners, regulators, and investors with diverse characteristics of stock markets under multiple time horizons and help them operate their own trading strategies. (shrink)

Business Ethics: A European Review, EarlyView.

Link trustworthiness evaluation is a crucial task for information networks to evaluate the probability of a link being true in a heterogeneous information network. This task can significantly influence the effectiveness of downstream analysis. However, the performance of existing evaluation methods is limited, as they can only utilize incomplete or one-sided information from a single HIN. To address this problem, we propose a novel multi-HIN link trustworthiness evaluation model that leverages information across multiple related HINs to accomplish link trustworthiness evaluation (...) tasks inherently and efficiently. We present an effective method to evaluate and select informative pairs across HINs and an integrated training procedure to balance inner-HIN and inter-HIN trustworthiness. Experiments on a real-world dataset demonstrate that our proposed model outperforms baseline methods and achieves the best accuracy and F1-score in downstream tasks of HINs. (shrink)

Based on a notion of "companions to stit formulas" applied in other papers dealing with astit logics, we introduce "choice formulas" and "nested choice formulas" to prove the completeness theorems for dstit logics in a language with the dstit operator as the only non-truth-functional operator. The main logic discussed in this paper is the basic logic of dstit with multiple agents, other logics discussed include the basic logic of dstit with a single agent and some logics of dstit with multiple (...) agents each of which corresponds to a semantic condition concerning the number of possible choices for agents. (shrink)

We propose a theory of events and causes against the background of branching time. Notions discussed include possibility based on reality, transitions, events, determinacy, contingency, causes and effects. The main idea in defining causal relations is to introduce a certain preconditioning circumstance under which one event follows another. We also briefly compare this theory with some other theories.

The discourse on Confucianism during the early Republican Era has predominantly revolved around debates among intellectuals and societal elites. This study shifts the focus to the grassroots reconstruction of Confucianism undertaken by Wang Fengyi, a peasant theorist, practitioner, and educator who played a pivotal role in the “the Way of the Virtuous” (shanrendao) movement in Northeastern China during the late nineteenth and early twentieth centuries. Wang was a staunch advocator for the education and literacy of peasant women, who occupied the (...) lowest rungs of society. This chapter delves into his moral philosophy of education, which centers around the idea that women’s literacy is a moral issue. Furthermore, this chapter examines the convergence between Wang Fengyi’s gendered moral philosophy of education and the wartime educational ideology and mobilization efforts of the Japanese colonial administration in Manchukuo. This alignment was conducive – during the last years of Wang’s life – to the co-optation of his initiatives by the colonial administration, in their efforts to reach the impoverished underclass in Manchukuo. (shrink)

With the rapid growth of various complex networks, link prediction has become increasingly important because it can discover the missing information and predict future interactions between nodes in a network. Recently, the CAR and CCLP indexes have been presented for link prediction by means of different triangle structure information. However, both indexes may lose the contributions of some shared neighbors. We propose in this work a new index to make up the weakness and then improve the accuracy of link prediction. (...) The proposed index focuses on a new triangle structure, i.e., the triangle formed by one seed node, one common neighbor, and one other node. It emphasizes the importance of these triangles but does not ignore the contribution of any common neighbor. In addition, the proposed index adopts the theory of resource allocation by penalizing large-degree neighbors. The results of comparison with CN, AA, RA, ADP, CAR, CAA, CRA, and CCLP on 12 real-world networks show that the proposed index outperforms the compared methods in terms of AUC and ranking score. (shrink)

Increasing gender diversity in the boardroom has been promoted as a way to enhance corporate governance and risk management. This study empirically examines whether boards with more female directors play a role in reducing R&D risk. We first show that female directors help to reduce the positive relationship between R&D investment and future performance volatility. We then report that firms with more gender-diverse boards exhibit a lower adverse effect of R&D on the cost of debt. These results are robust to (...) endogeneity analysis, alternative measures of gender diversity and risky investment, and other sensitivity tests. Overall, our results suggest that female directors improve board effectiveness in risk management with respect to R&D investment. (shrink)

The subtle and complex relation between Confucianism and modern democracy has long been a controversial issue, and it is now again becoming a topical issue in the process of political modernization in contemporary China. This paper argues that there are some quite basic early Confucian values and principles that are not only compatible with democracy, but also may become the theoretic foundation of modern democracy in China. Early Confucianism considers 'the people's will' as the direct representative of 'Heaven's will', with (...) which it legitimizes political power. Confucian theory of 'human nature is good' endorses equal potential good for every man. These principles can be used in reasoning towards a system of democracy. In terms of decision-making, the Confucian 'Doctrine of the Mean' accords with certain democratic principles. The independent personality and committed individualism advocated by early Confucianism is a required civic merit in a democratic society. These fundamental Confucian principles, through contemporary hermeneutics, may provide a philosophic grounding for democracy and support the construction of a democratic system with a Chinese dimension. To get democracy rooted in the spirit of traditional Chinese culture will benefit the healthy and smooth development of democracy in China. (shrink)

We explored the home learning environments of 173 Mexican preschool children (aged 3–6 years) in relation to their numeracy performance. Parents indicated the frequency of their formal home numeracy and literacy activities, and their academic expectations for children’s numeracy and literacy performance. Children completed measures of early numeracy skills. Mexican parent–child dyads from families with either high- or low-socioeconomic status (SES) participated. Low-SES parents (n= 99) reported higher numeracy expectations than high-SES parents (n= 74), but similar frequency of home numeracy (...) activities. In contrast, high-SES parents reported higher frequency of literacy activities. Path analyses showed that operational (i.e., advanced) numeracy activities were positively related to children’s numeracy skills in the high- but not in the low-SES group. These findings improve the understanding of the role of the home environment in different contexts and provide some insights into the sources of the variable patterns of relations between home learning activities and children’s numeracy outcomes. They also suggest that SES is a critical factor to consider in research on children’s home numeracy experiences. (shrink)

This study examines the influence of underwriter–auditor relationship on pre-initial public offering earnings management. Using a sample of Chinese to-be-listed firms, we find that a close UAR, as reflected in repeated collaborations between an underwriter and an audit firm in IPOs, is positively associated with pre-IPO earnings management. This association is more pronounced for firms with politically connected auditors/underwriters, firms with less reputable auditors/underwriters, firms located in provinces with weak legal environment, firms to-be-listed on boards with lax listing requirements, and (...) firms whose auditors are with low industry specialization, and legal liability exposures. We provide further evidence that UAR is associated with greater likelihood of irregular activities in post-IPO period and poorer post-IPO financial performance. To the extent that we control for alternative explanations and potential endogeneity, our results suggest that the collusion incentive is likely to drive repeated collaborations between underwriters and auditors in the Chinese IPO market. Our findings provide interesting implications for auditors, investors, and regulators seeking to understand the Chinese IPO market. (shrink)

Resumen: La filosofía China es una filosofía de la ecología. El problema fundamental de la filosofía China es la relación entre el cielo y el hombre, es decir, la relación entre la naturaleza y el hombre. Esto es evidente en las principales escuelas de la filosofía China, como el confucianismo y el taoísmo. Una correcta comprensión y evaluación de la filosofía ecológica China tiene un importante significado práctico para nosotros para reflexionar sobre el desequilibrio ecológico y el deterioro ambiental causado (...) por la civilización industrial creada bajo la guía del concepto mecánico de naturaleza y antropocentrismo, y para reexaminar la forma de la existencia humana, el desarrollo, el pensamiento y los valores. Este artículo tiene como objetivo explorar los elementos de la eco-filosofía en la filosofía China y analizar su influencia en el concepto, el valor y la práctica de la civilización ecológica. (shrink)

The policy of government procurement of elderly care services has the vulnerability characteristics that all complex systems have. To maintain the policy’s robustness, this paper studies the vulnerability of government procurement of elderly care services from the perspective of complex network. Case analysis and sample statistics are used to obtain the vulnerability influencing factors of the policy. Then, complex network diagram of vulnerability influencing factors is constructed through Pajek software. The compatibility coefficient is used to investigate the network’s overall vulnerability (...) from a macro perspective. From a micro perspective, a vulnerability index of the complex network is applied to measure each node’s vulnerability value, and the vulnerability priority of the nodes is established. Results show that government purchasing power and supervisory bodies’ diversity are at the first priority. The remaining vulnerability influencing factors are at the second and the third priority. (shrink)

This paper examines how drawing classes can contribute to moral education in primary schools. This paper uses class observation, interviews with teachers and students, and analysis of students’ wor...

Background: Losing one’s only child may lead to post-traumatic stress disorder, of which re-experiencing is the core symptom. However, neuroimaging studies of sex differences in re-experiencing in the context of the trauma of losing one’s only child and PTSD are scarce; comparisons of the functional networks from the hippocampal subfields to the thalamus might clarify the neural basis.Methods: Thirty couples without any psychiatric disorder who lost their only child, 55 patients with PTSD, and 50 normal controls underwent resting-state functional magnetic (...) resonance imaging. The functional connectivity from the hippocampal subregions to the thalamus and the correlations of FC with re-experiencing symptoms were analyzed within and between the sexes.Results: Compared with husbands without PTSD, wives without PTSD had higher re-experiencing symptoms and weaker FC between the right hippocampal cornu ammonis 3 and the right thalamus. Moreover, only the correlation between the RCA3-RT FC and re-experiencing in wives without PTSD was significant. Among the three groups, only the RCA3-RT FC in female subjects was markedly different. Additionally, the RCA3-RT FC in wives without PTSD was remarkably lower relative to female patients with PTSD.Conclusion: Wives without PTSD who lost their only child had worse re-experiencing symptoms relative to their husbands, which was associated with the FC alteration between the hippocampal subregions and the thalamus. Importantly, the low level of the RCA3-RT FC may play a potentially protective role against the development of PTSD in wives who have lost their only child. (shrink)

This study develops a short Creative Expression Interest Scale among Chinese freshmen based on the perspective of item response theory. Nine hundred fifty-nine valid Chinese freshmen participated in the Creative Expression Interest survey. Researchers applied the initial data for unidimensionality, item fit, discrimination parameter, and differential item functioning to obtain a short CEIS. The results show that the Short CEIS meets the psychometric requirements of the IRT. Pearson correlation coefficient of theta between the short and long CEIS is 0.922. The (...) marginal reliability of the short CEIS is 0.799. These indicate that the short CEIS developed in this study among Chinese freshmen, meets the psychometric requirements. Although the Short CEIS can eliminate redundant, uninformative items, save time, and improve the quality of data collection. However, the validity of this short scale needs further validation. (shrink)

NIMBY projects are easily stigmatized due to their environmental risk. Stigmatization enlarges residents’ risk perception, urges residents to spread information, and takes actions to resist project implementation, causing environmental mass emergency. Taking paraxylene project as an example, information dissemination model of NIMBY project under stigmatization based on SEIR model in small world network was established, and the information dissemination process and characteristics of NIMBY project under stigmatization were simulated and analysed. The results show that the public risk perception deviation caused (...) by stigmatization promotes residents to disseminate information; stigmatization has a greater impact on the information dissemination of NIMBY project with low environmental risk; stigmatization accelerates the speed of information dissemination and increases the number of residents participating in information dissemination in different dissemination environment. The contribution of this paper is that SEIR model in small world network is used to verify the role of stigmatization in promoting information dissemination of NIMBY project by comparing the information dissemination before and after stigmatization. (shrink)

The study examined the development of Chinese as a second language learners’ formulaic knowledge through comparing the processing of Chinese idioms versus non-idiomatic formulaic sequences (FSs) by advanced-level learners (ALs), super-advanced learners (SLs), and native speakers (NSs). Using two phrase acceptability judgment tasks with and without think-aloud protocols, we collected data on participants’ processing accuracy, processing speed, and processing strategies of reading the two types of FSs. Four processing patterns emerged from the analyses of the datasets. First, learners’ processing accuracy (...) and speed increased along with their proficiency. Second, learners’ idiom processing ability was generally lower than that of non-idiom processing ability, but they demonstrated an improving trend as their proficiency level increased. Third, learners’ use of processing strategies did not change much as proficiency rose and demonstrated a categorical difference from NSs. Fourth, all three groups exhibited poorer productive idiom knowledge than productive non-idiom knowledge. The overall findings denote that second language learners’ formulaic knowledge can evolve beyond the lexical plateau as learners move from the advanced to a higher proficiency level, but the productive idiom knowledge can be a long-term problem. The findings provide implications for measuring and teaching Chinese formulaic knowledge at the higher-than-advanced stage. (shrink)

This study proposes a novel fractional-order sliding-mode control strategy with robust switching gain to achieve reliable and high quality of wind-powered microgrid systems. Three fractional-order sliding mode controllers are designed to generate continuous control signals and regulate the outer DC-link voltage loop and inner current loop in the grid-side inverters. High robustness and stability of the grid-side inverter can be guaranteed even in the presence of parameter variations and external disturbances. Owing to the fractional-order sliding manifold and fractional-order integral control (...) law, the chattering is attenuated. The fractional-order robust adaptive switching gain is designed to avoid overestimating the upper bound of matched/unmatched uncertainties, save the control energy, and guarantee the rapidity and robustness of the convergence. Simulations validate the proposed method. (shrink)

Counterfactual thinking is presumed to play a preparatory function in promoting people’s behavioural intentions. This study specifically addresses the impacts of COVID-19 severity, tourists’ counterfactual thinking about the pandemic, and tourists’ perceived duty-free consumption value on the effect of a duty-free policy on travel intentions. Four hundred and ten participants took part in this study, which involved a 2 × 2 design. Results reveal the following patterns: compared to the absence of a duty-free policy in tourist destinations, enactment of a (...) duty-free policy leads to stronger visit intentions through greater perceived value and the effect of a duty-free policy on travel intention is moderated by tourists’ counterfactual thinking and COVID-19 severity. (shrink)

In this article, we introduce a hierarchy on the class of non-archimedean Polish groups that admit a compatible complete left-invariant metric. We denote this hierarchy by $\alpha $ -CLI and L- $\alpha $ -CLI where $\alpha $ is a countable ordinal. We establish three results: (1) G is $0$ -CLI iff $G=\{1_G\}$ ; (2) G is $1$ -CLI iff G admits a compatible complete two-sided invariant metric; and (3) G is L- $\alpha $ -CLI iff G is locally $\alpha $ (...) -CLI, i.e., G contains an open subgroup that is $\alpha $ -CLI. Subsequently, we show this hierarchy is proper by constructing non-archimedean CLI Polish groups $G_\alpha $ and $H_\alpha $ for $\alpha <\omega _1$, such that: (1) $H_\alpha $ is $\alpha $ -CLI but not L- $\beta $ -CLI for $\beta <\alpha $ ; and (2) $G_\alpha $ is $(\alpha +1)$ -CLI but not L- $\alpha $ -CLI. (shrink)

Time-varying formation-containment problems for a second-order multiagent system are studied via pulse-modulated intermittent control in this paper. A distributed control framework utilizing the neighbors’ positions and velocities is designed so that leaders in the multiagent system form a formation, and followers move to the convex hull formed by each leader. Different from the traditional formation-containment problems, this paper applies the PMIC framework, which is more common and more in line with the actual control scenarios. Based on the knowledge of matrix (...) theory, algebraic graph theory, and stability theory, some sufficient conditions are given for the time-varying formation-containment problem of the second-order multiagent system. Some numerical simulations are proposed to verify the effectiveness of the results presented in this paper. (shrink)

To solve a series of pension problems caused by aging, based on the emotional recognition of the Internet of Things, the control method and system research of smart homes are proposed. This article makes a detailed analysis and research on the necessity, feasibility, and how to realize speech emotion recognition technology in smart families, introduces the definition and classification of emotion, and puts forward five main emotions to be recognized in speech emotion recognition based on smart family environment. Then, based (...) on this, it analyses the acquisition methods of emotional speech data. On this premise, this article discusses and analyses the related problems of voice data acquisition in smart homes, such as the voice characteristics and acquisition methods, puts forward three rules for voice text design, and determines the relatively suitable hybrid recording acquisition method applied in a smart home environment. At the same time, the design and establishment process of intelligent family emotional speech database is described in detail. The related problems of feature extraction in speech emotion recognition are studied. Starting from the definition of feature extraction, this article expounds on the necessity of feature extraction in the process of recognition and analyses the characteristics of the speech signals. For the specific environment of the smart family, the speech signal required to be processed needs to be close to the auditory characteristics of the human ears, and the speech signal contains enough information. Finally, the Mel frequency cepstrum coefficient is selected as the feature parameter applied in this article, and the extraction process of MFCC is introduced in detail. (shrink)

Residual useful lifetime prediction plays a key role of failure prediction and health management in equipment. Aiming at the problems of residual life prediction without comprehensively considering multistage and individual differences in equipment performance degradation at present, we explore a prediction model that can fit the multistage random performance degradation. Degradation modeling is based on the random Wiener process. Moreover, according to the degradation monitoring data of the same batch of equipment, we apply the expectation maximization algorithm to estimate the (...) prior distribution of the model. The real-time remaining life distribution of the equipment is acquired by merging prior information of real-time degradation data and historical degradation monitoring data. The accuracy of the proposed model is demonstrated by analyzing a practical case of metalized film capacitors, and the result shows that a better RUL estimation accuracy can be provided by our model compared with existing models. (shrink)

This study enriches the literature on entrepreneurial decisions by investigating the antecedents of the synergetic use of causal and effectual logic. Based on entrepreneurial metacognition and emotional complexity theories, we argued that the emotional complexity of an entrepreneur, referred to as the granular experience of, or variety in, experienced emotions during the entrepreneurial task, would contribute to the synergetic use of decision logic. With survey data gathered from 218 Chinese entrepreneurs, we found that entrepreneurs with higher emotional complexity are more (...) likely to adopt two types of entrepreneurial logic in tandem, and cognitive flexibility mediates this positive relationship. Thereby, this study helps to unravel some of the complexities behind the choice of decision logic of entrepreneurs. (shrink)