Fixed-price or performance-based? Contract design with renegotiation for IT outsourcing
March 2026
Renegotiation after software development is widely adopted by firms to mitigate uncertainties in IT outsourcing. This study examines the design and choice of fixed-price versus performance-based contracts...
Strategic choice of KOL and AI live-streaming considering network externality of differentiated firms
March 2026
The rapid development of network technology and live-streaming sales has facilitated the emergence of artificial intelligence digital human (AI) live-streaming technology, posing new challenges to traditional...
Local information demand and the cross-section of stock returns
March 2026
Using internet search data, we examine how geographic proximity shapes individual investors’ information acquisition behavior. Focusing on the Chinese stock market, we document a pronounced local bias...
Dynamic robust contract and incentive strategy under model uncertainty
December 2025
This study extends the robust contract model proposed by Ling et al. (2021) by incorporating entrepreneur concerns about model uncertainty. We find that the robust contract becomes increasingly intricate...
Market sentiment and crude oil option prices: Sentiment measurement based on language models
December 2025
This paper constructs market sentiment indices via language models and systematically examines their impact mechanisms on crude oil option prices. First, through developing multidimensional market sentiment...
Systemic risk and macroeconomic activity: International evidence
December 2025
In this paper, we propose an easily implementable combination forecast method to examine whether systemic risk can predict macroeconomic activity. Our method uses various weighting schemes to combine...
Risk response decision model using risk scenario decomposition for large-scale problems
December 2025
Effective risk response decision-making in complex contexts often necessitates addressing multiple interacting risk events under resource constraints. However, existing models have predominantly focused...
Research on the contribution of systemic risk by non-financial corporations: Evidence from A-share listed companies
December 2025
The role of non-financial corporations in systemic financial risk is critical. Using A-share listed companies as the research sample, this paper measures firms’ MES (marginal expected shortfall) and...
Endogenous mechanism of money creation in China's real estate market: Financial accelerator effect
December 2025
We argue that China's housing market volatility is driven by a unique institutional nexus of local government ‘land financing’ and novel central bank monetary policy tools, distinguishing it from Western...
Identifying and classifying data risk sources and triggering events: A conceptual two-stage method for risk-aware data governance
December 2025
In a data-intensive environment, the ability to accurately identify and manage data risks is essential for maintaining cybersecurity, preventing potential threats, supporting decision-making, and enabling...
Why do investors pay for additional expenses? A limited learning simulation for the expense ratio dispersion of active mutual funds
December 2025
The literature confirms the existence of expense dispersion in active funds that cannot be fully explained by known factors. Why would investors pay for unexplained additional expenses? We develop a...
Absolute and relative performance-based incentive mechanism: Objective competition or subjective concerns?
December 2025
This study proposes an absolute and relative performance evaluation (ARPE) framework integrating both objective (group size) and subjective (competition concern) incentives. In homogeneous settings,...
Forecasting the value at risk of the crude oil futures market: Do high-frequency data help?
September 2025
This paper presents the first formal comparison of Value at risk (VaR) forecasting performance across various high-frequency volatility models and conventional benchmarks using daily data in the crude...
Spatial effects of transport on healthcare efficiency: Evidence from China
September 2025
Concerns have been raised regarding the equity and efficiency of Chinese healthcare systems, where improved transportation is expected to be a significant factor. The positive externalities of transport...
The peer effects of corporate social responsibility performance on innovation outputs: Evidence from China
September 2025
This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms, along with the underlying mechanism that drives the peer...
Improving supply chain Transparency: The role of blockchain technology and its impact on return shipping insurance
September 2025
Using return shipping insurance (RSI) to address product returns is common in e-commerce, while adopting blockchain technology (BCT) for product traceability not only significantly reduces the inspection...
Systemic financial risk analysis of the U.S. based on the complex network
September 2025
This paper proposes a new framework for measuring systemic financial risk, which combines the Diebold and Yilmaz spillover index model, complex network, and dimensionality reduction method. This framework...
Climate policy uncertainty and dynamic volatility spillovers in Chinese stock market: Based on sectoral evaluation
September 2025
This study examines volatility spillovers among climate-policy-relevant sectors in the Chinese stock market across both time and frequency domains. It further explores the impact of climate policy uncertainty...
Navigating the tightrope:The art of balancing for better performance
September 2025
Effective supervisory mechanisms enable both monitoring and regulation of employee behavior, ensuring behavioral compliance and performance stability. However, continuous supervision can increase employees'...
Regression-based estimators in difference-in-differences with time-varying covariates
September 2025
This study proposes a regression-based estimation method in difference-in-differences settings in the presence of time-varying covariates – a scenario commonly encountered in applications. We impose...
Damping effect of the percentage-based scheme: A novel resilient salesforce compensation to battle market turbulence
June 2025
This study examines the resilience of two salesforce compensations—the quantity-based (Q-type) and percentage-based (P-type)—under market turbulence. These two compensations are used to incentivize...
Bundled vs. unbundled: Impact of payment scheme on performance in a healthcare downstream referral program
June 2025
Healthcare downstream referral programs, where patients are transferred to a community hospital after surgical treatment in a tertiary hospital for rehabilitation treatment, have been widely advocated....
Early warning of bubbles in the agricultural commodity market: Evidence from LPPLS confidence indicators
June 2025
This study leverages the Log-Periodic Power Law Singularity (LPPLS) confidence indicator to effectively identify bubbles in agricultural commodity markets. We analyze five major grain price indices...
