Advances in Economics, Management and Political Sciences

- The Open Access Proceedings Series for Conferences

Volume Info.

  • Title

    Proceedings of the 6th International Conference on Economic Management and Green Development (ICEMGD 2022), Part Ⅰ

    Conference Date




    The aim of ICEMGD is to provide a platform for educators, scholars, managers, and graduate students from different cultural backgrounds to present and discuss research, developments, and innovations in their academic fields. It provides opportunities for the attendees to exchange new ideas and application experiences, establish business or research relations, and look for global partners for future collaborations. 


    978-1-915371-15-7 (Print)

    978-1-915371-16-4 (Online)

    Published Date



    Canh Thien Dang, King's College London

    Javier Cifuentes-Faura, University of Murcia


  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022723

    Blockchain Technology-based Construction Project Management System --A Case from Xiong’an construction funds management blockchain system

    Due to the large amount of funds involved, the large number of participants, and the complicated projects in the construction industry, it is difficult to improve work efficiency. The block chain technology, by which the data cannot be tampered, is decentralized, and intelligence contracts can be applied, so it provides a new way for the construction project management. This article analyzes the current situation of construction project management, points out the current problems, and discusses the application of blockchain technology in the management of construction projects. Finally, it takes the construction fund management blockchain system of Xiong'an New Area in China as an example, to discuss the application prospect of block chain technology in construction project management and the problems that remain to be solved.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022727

    The effectiveness of information disclosure under cyber attack

    With the global economy increasingly relying on electronic transactions, more and more companies are suffering from network attacks, which have a certain impact on the future development of their enterprises. I use the information of cyber attacks suffered by Listed Companies in the United States from 2005 to 2019 to analyze whether the cyber attacks will have a short-term impact on the stock prices of the companies under attack, and whether effective information disclosure can help the companies to stop the loss effectively to a certain extent. I find that effective information disclosure can help enterprises reduce the negative impact to a certain extent, and when the relevant information reaches a higher degree of openness and transparency, it can help enterprises go through the crisis more smoothly compared to the enterprises less so.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022732

    Method optimization research for building a competency model library

    Building a competency model will effectively help Chinese enterprises to realize the scientific and systematic human resources management, enhance the overall comprehensive strength, and complete the transformation of high-level, high-quality development. However, the current competence model in the domestic application of low efficiency and lack of scientific and reasonable construction standards, to solve this problem, I hope that through the introduction of advanced management scientific knowledge, from the practical application of enterprises, comprehensive consideration of individual competence, job competence, and organizational environment requirements, optimize the competency model research methods and overall structure, achieve the standard of competence model, and then establish a competency model library, for the mainstream industry to provide standard templates for various positions, to achieve the perfection of enterprise employment standards and evaluation training system.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022746

    Conceptual Analysis of the 3E System Based on New Human Capital Theory

    The contradiction between energy supply and demand, environmental protection, and economic development is becoming more and more obvious. How to coordinate and balance the relations between energy, environment, and economy has become a common concern of scholars. In this context, the Energy-Environment-Economy (3E) system is gradually maturing, and up to now, the 3E system has been widely used in the evaluation of the development of various regions. In order to make the 3E system closer to the real social situation in the application, the measured results have more practical significance. Based on the new human capital theory, this paper summarizes and analyzes the relevant research literature, and discusses the influence of population on the three subsystems of energy, economy, and environment in the 3E system. It is found that population has an impact on each subsystem, among which it is worth noting that the impact of population on the environmental subsystem is diverse and complex, so the current situation of the 3E system is different from the theory. The article examines the impact of population on the 3E system in order to optimize and complement the 3E system.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022747

    The impact of COVID-19 on the standard of living of Chinese food delivery workers in the gig economy1

    When the Chinese economy stopped amid the coronavirus pandemic, more than 6 million food delivery workers helped to distribute medicine, daily supplies, and meals becoming the crucial link between individual households and society. In light of the positive media attention and the heightened importance of food delivery workers, the researc her wondered if their living standards have actually been improved during COVID-19. Surveying 227 workers and interviewing 11 workers, the author conducted research on the impact of the pandemic on their compensation, ratings, social status and customer respect. After analyzing both the interview and survey data. This study found that although workers experienced a moderate improvement in their ratings, social status and customer respect, they also suffered a drastic income loss during the pandemic. Furthermore, this research found that the reasons behind those changes were mainly temporary and unique features of the pandemic. As the pandemic failed to make lasting systemic improvements in Chinese food delivery workers’ living standards, further research is needed to address their daily challenges.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022752

    Research on the Influence Mechanism of Corporate Social Responsibility on Consumer Behavior from the Perspective of Attribution Theory

    Since prior studies did not focus a lot on the influence mechanism of CSR on consumer behavior from the perspective of consumers, this topic needs to be further researched. Based on the attribution theory, this study takes Hongxing Erke as the representative case using grounded theory to explore the influence mechanism of CSR on consumer behavior. This research finds that CSR strength, CSR consistency and brand image are the three main conditions that affect consumers' attribution pattern, and consumers' perception of marketing is the boundary condition that affects consumers' attribution pattern. Attribution can be divided into prosocial and self-interest. Prosocial attribution has a positive effect on consumers' purchase intention, while self-interest attribution has a negative effect on consumers' purchase intention. This study has certain guiding significance for enterprises' marketing strategy and CSR implementation.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022757

    Status Quo and Improvement Path of Social Responsibility Information Disclosure in Corporate Development Management

    Fundamental is a sound social responsibility information disclosure mechanism to prosper large-scale businesses. This paper dissected the correction between Fosun Pharma s performance of corporate social responsibility and its advances, as corporate social responsibility now has jostled for public attention at home and abroad. Efforts were invested in analyzing the disclosure of social responsibility accounting information by the representative Fosun Pharma on the basis of the theory of corporate social responsibility and stakeholder theory. The company failed to prepare a well-functioning strategic CSR in the process of fulfilling its social responsibility, and showed certain deficiencies such as insufficient disclosure of social responsibility quantitative information, delayed disclose of negative information, onefold disclosure form, and defective control environment, revealed the investigation. Meanwhile, it suggested that progress should be made in cultivating the awareness of corporate social responsibility information disclosure, quantifying indicators as much as possible, enriching information disclosure form, and shaping a good control environment for social responsibility performance. This research not only enriches the research literature on the relationship between CSR and corporate development, but enlarges the variable scope of corporate social responsibility, which is of certain practical significance for corporate development management and the establishment of a sound social responsibility management mechanism.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022764

    NFT Popularity -- Digital Artwork and Baudrillard's Theory of Consumption Alienation

    With the popularity of 2021 NFT digital art, some concepts that people pay little attention to are gradually coming into people’s view. In the transaction process of digital artworks, the introduction of blockchain technology, the application of Non-Fungible Token (NFT) and other technologies or concepts gradually make it possible to sell a large number of digital products with cultural symbol characteristics. Therefore, the post-modernity era, which is composed of simulacra and new technologies, cultures and social forms, has arrived, as the French scholar Jean Baudrillard said. NFT art formally marks the end of the modern era dominated by production, industrial capitalism. This paper will explore the relationship between consumption alienation and the popularity of digital art through the perspective of consumption alienation put forward by Baudrillard

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022765

    The Influence Mechanism of Investor Behavior Deviation on Beta Anomalies in the Perspective of Behavioral Finance

    There are many interference factors in the real capital market, such as the ineffectiveness of the capital asset pricing model, and even the negative correlation between the systematic risk and return. Based on the basic theory of behavioral finance, this paper empirically tests the influence mechanism of investors' behavior deviation on a beta anomaly by taking China's A-share listed companies as samples from 2017 to 2020. It is found that both the strategy of buying the winner and the strategy of contrarian investment are positively related to the beta anomaly, that is, the higher the probability of irrational investors adopting these two strategies, the higher the probability of beta anomaly in the A-share market. The research conclusion provides new empirical evidence for understanding the relationship between investor behavior deviation and beta anomaly and also provides a certain reference for relevant departments to monitor market risk.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022767

    Research on the Countermeasures of Corporate Financing Constraints under the Background of Financial Digital Transformation

    Financial digital transformation is an important means for enterprises to achieve high-quality prosperity under the new development pattern. How to make use of the opportunity of financial digital transformation to relieve the financing constraints is worth pondering. Based on the digital transformation of corporate finance and the current situation of financing capacity in China, this paper puts forward some suggestions on how to deal with the financing constraints in line with China's national conditions. The government should actively introduce policies to promote the development of digital technology and the digital transformation of enterprises while effectively supervising enterprises, third-party data companies and the internet finance industry. The financial market should actively set up and develop small and medium-sized banks and private banks, perfect the enterprise credit system and carry out financial innovation. Enterprises should promptly deploy the digital transformation strategy, standardize the business operations, improve the management level and build diversified financing channels.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022769

    A Sino-US case study of the mobile payment fintech companies

    The popularity of smartphones and mobile networks has led modern people to live in an era of electronic payments and a cashless society. Big tech giants use capital and technology strength in constant penetrating of the financial industry, trying to preempt a first move in mobile finance. By constructing a comparative analysis, this paper attempts to dive into the strategies of recent mobile payment business players both in China and the USA, the newcomers and evolving trend of the competition, key factors that underpin the success of client loyalty, and future competitive advantage and limitations in an economy with multivariate currency media available. The paper concludes that in an economic environment where state-backed and privately issued digital currencies coexist, and the metaverse concept emerges, tech companies should lay out new business forms of mobile payment and seek new roles as a medium that embraces all three types of currencies and continue to benefit the digital economy and society. It is rational to expect that tech tycoons can embrace challenges in the mobile payment marketplace and are ready to thrive in the newly derived metaverse market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022770

    Analysis of the Impact of Fund Behavior on WTI Crude Futures Market

    In recent years, uncertainties in the international community have increased, and the factors affecting crude oil futures prices are often diversified. This paper studies the driving factors of three dimensions that influence the price of crude oil and focuses on the influence of the financial dimension on the price of crude oil. At the same time, the multivariate regression model is constructed to conduct an empirical analysis to judge the factors that can affect the crude oil futures price and the correlation between the occurrence of special events and the crude oil price fluctuation.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022771

    Market Volatility of the Chinese and U.S Stock Based Hospitality Industry during the Pandemic

    The aftermath of the Covid-19 virus has negatively jeopardized nearly the overall industries globally. Many studies have pointed out effluent suggestions to ameliorate the influence of such a disaster. However, without the supplement of well-knitted mathematical models and methodologies, these assertions will be merely invalid and even will result in a negative impact on the global economy. The purpose of this paper is to elaborate on the effects of stock prices in multi-international hotel industries. In particular, the research investigates the performance of four stocks two high ending hotel leading stocks and two average stocks, and each category consists of one Chinese stock and one American stock. In order to demonstrate the rationality and objectivity of this paper, we will utilize the Efficient Market Hypothesis as a prerequisite of this research, and we presume that the market efficiency during the pandemic for the hotel industries in both countries has had a weak form by employing several authentic studies to back up the contention. In addition, we will forthputting various applications of statistic methodologies to illustrate that there is a correlation between the prevail of Covid-19 and the volatility of stocks. In a nutshell, the meaning of this study is that it is able to exhibit the correlation between the spreading of the Covid and the price of those stocks in order to facilitate the process of decision making for potential investors in the near future.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022772

    Trade Globalization and Inequality: Evidence Across Economies

    In recent years, trade globalization has experienced rapid growth, however, within many countries, income gap is also widening. Whether there exists causality needs further investigation. This work uses the panel of 166 countries during 1970-2018 and employs the exogeneous variation of trade globalization in the last period to explore its effect on income inequality. The paper finds trade globalization has a significantly positive effect on income inequality and it is robust when constructing instrument variables, considering long term effects or using changes in the regression. However, the effect varies in economies with different income and development levels, and technology, education, governance, policy and other factors may have important roles. Now, trade globalization is still a promising opportunity for all countries and each should develop discretionary policy to make the most of it.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022773

    The Impact of COVID-19 on International Trade: Differences Between Importing and Exporting Countries

    During the pandemic period, import and export trade has been affected seriously. This study investigates the different implications on importing and exporting countries of international trade under the COVID-19 pandemic. The data in this article include the top five net exporters and top five net importers in 2019 ranked by their account balance. After the comparison, there are four findings have been found. First, the epidemic has had a severe negative impact on international trade for both importing and exporting countries. Second, the impacts of the pandemic on exporting countries are relatively deeper and consist longer than the importing countries. Third, unlike international trade on a global scale, intra-Asian trade has fewer negative impacts on exporting countries. Fourth, the negative impact of the COVID-19 burden on exporters is more pronounced in developing country exports rather than developed countries

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022774

    The Current Situation and Hidden Dangers of Internet Finance in China

    With the advancement of science and technology and the rapid development of China's economy, China's Internet finance is growing rapidly. As China's Internet finance is in its infancy, a suitable regulatory system has not yet been formed, which leads to many risks in third-party payment, Internet lending, and crowd-funding platforms. This research will specifically explore what risks exist and why they arise, then make some recommendations for them. The findings of this study include recommendations for forward-targeted industry supervisory procedures and preventive actions. In conclusion, China's Internet finance has great potential, and the government should introduce legal provisions and build regulatory agencies to prevent these risks.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022776

    The Main Factors Contributing to China’s FDI

    According to the data recently released by OECD, the world's foreign direct investment showed a significant decline of 42% in 2020. However, China's FDI rose against the trend, becoming the world's largest foreign capital inflow country for the first time, and surpassing the United States. This paper uses the data of the Chinese National Bureau of Statistics and Wind data to analyze the main factors contributing to China's FDI. The results show that in the overall multiple linear regression, only the ratio of exports and imports has a negative correlation with FDI, the ratio of foreign trade to GDP, population, and the number of international firms have positive and the trade war between US and China and Covid-19 pandemic are not significant for FDI, the coefficient of two variables is both negative. For the multiple linear regression by year, the significant influencing factors in different years are different and show volatility.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022779

    The Impact of Successful Bid for 2022 Beijing Winter Olympic Games on Local Economic and Social Lives

    Our paper examines the impact of the bid for Beijing Winter Olympic Games on social economy and society with data from 2010 to 2020.In this project, regression discontinuity design (RDD) is applied to analyze the changes of GDP, residential income per capital and CPI's response to the five independent variables related to the successful bid for Winter Olympics: time dummy, infrastructure investment, cultural and athletic expenditures, international travel income and the number of sports venues. Our results show that the effects of bid for Winter Olympics on GDP and residential income per capita are insignificant, while the effects of bid on CPI are significantly positive. The influential path from bid to CPI is through the three variables above: cultural and athletic expenditures, international travel income and the number of sports venues.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022780

    Research on Apple’s Motivational Behavior for Knowledge Workers

    With the progress of society, the factors that affect the development and management of enterprises are also more diversified. Among them, the incentive mechanism for employees is a necessary factor to promote the development of enterprises; and knowledge-based employees, as products of the information age, are an important force to promote enterprises. This paper takes Apple as a case study to study the incentive mechanism of knowledge workers. Based on the definitions of motivational behavior and knowledge workers, the article looks for the application of motivational theories in organizational behavior such as Maslow’s Hierarchical Theory of Needs in Apple. By analyzing the research on the incentive mechanism of knowledge workers, it is found that Apple is more controversial in the two aspects of internal incentives and salary fairness for knowledge workers. Therefore, this article concludes based on the research results: Two-factor theory and fairness theory are what Apple needs to pay special attention to and use when conducting incentive behaviors. The significance of this research is to analyze the motivational behavior of the enterprise, improve it with the theory of organizational behavior, and practice it in the future enterprise management, so that the strengths of knowledge workers can promote the growth of the enterprise.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022781

    The Governance Effect of China's Green Finance Policy from an International Perspective

    Most of the previous studies on the utility of green financial policies have focused on provincial data, exploring the differences between different provinces at the same time; few have focused on China as the main body, focusing on the positive effects of national-level green financial policies on the rapid development of the economy and society effect. Based on the macro data of 43 countries, this paper uses the SBM model of undesired output to measure the main characteristics of social and economic development. It estimates the net effect of China's green financial policy through the non-parametric synthetic control method. The study found that China's green financial policy has a significant positive effect on the improvement of factor productivity. Further exploration of the predictor variables shows that China's industrial structure and technical level are relatively low, and the use efficiency of green financial funds and government green finance need to be optimized.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022782

    The impact of COVID-19 on the US oil stock market and currency

    The purpose of this article is to examine the impact of covid on the U.S. exchange rate and the oil market. Previous scholarly studies have shown that currency and oil markets have a significant impact on the global economy, so the article wants to investigate whether the relationship between the two will be stronger under the influence of pandemics and the impact on each. By building a table of daily U.S. to RMB exchange rates during the pandemic, and a chronologically derived stock index with corresponding graphs and literature data, it concludes that currency exchange rates are an irreplaceable determinant of stock market returns. The 0.534% depreciation of the U.S. dollar under the impact of the epidemic im-proved the average stock market return.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022783

    Multihoming Competition of Delivery Platforms in the Two-sided Market and Its Effects on Social Welfare

    This paper analyzes the platform competition in a differentiated setting (delivery platform) and the effects of social welfare in two-sided markets in the multi-homing platform. Also identifies interdependence between the two sides served by the same platform. Considering the reality of the economy and the diversity of consumer behavior. Single-homing and multihoming in the real economy is relatively small. The vast majority of users in the platforms of two-sided markets belong to partial multi-homing. Through research, it is found that partial multi-homing of delivery platforms is decided by consumer differentiation and platform differentiation. In particular, higher customer loyalty and product differentiation means higher competitiveness in the market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022785

    Research on the Influence of Pension Insurance on the Chinese Elderly’s Subjective Well-Being– Based on Maslow's Hierarchy of Needs

    The acceleration of population aging is a basic national condition in China. To ensure the living condition of the elderly is a strategic issue. Whether pension insurance plays a role in promoting the subjective well-being of the elderly has attracted widespread attention. This paper explores the degree and mechanism of the influence of current pension insurance programs in China on the subjective well-being of the Chinese elderly. The research significance of this paper lies in helping to provide a theoretical basis for relevant policy recommendations in the future. On this basis, this paper searches the literature on CNKI for research materials. Combined with their research questions, 21 articles from the past 20 years are selected to analyze the influence mechanism of pension insurance on the subjective well-being of the elderly, using Maslow's hierarchy of needs as the theoretical basis. The results show that pension insurance has a certain contribution to the subjective well-being of the elderly, acting in economic, psychological, and social aspects, respectively.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022787

    Voice Endorsement and Cyberloafing: The Role of Relative Deprivation and Perceived Over Qualification

    Although the imperical studies about voice endorsement is increasing, but the outcome variables of the voice endorsement are still being ignored to a large extent. According to the relative deprivation theory, this study found that the low voice endorsement have a negative effect which boost the employees’ sense of relative deprivation, including the horizontal and longitudinal compares with other persons or groups, and relative deprivation promote the cyberloafing behavior of employees. Moreover, the indirect effects of relative deprivation on the relationship between voice endorsement and cyberloafing behavior are stronger when employees score high on perceived over qualification. These results fill the gap in the voice endorsement researching area and provide a suggestions for leaders to reduce subordinates’ deviation behaviors in the perspective of psychological feelings.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022789

    Disclosure Quality of U.S. Listed Chinese Companies: A Direct Comparison with U.S. Domestic Companies

    This paper tests whether there is a discrepancy between the disclosure quality of U.S. listed Chinese companies and that of U.S. based companies. In order to numerically measure disclosure quality, six indices are applied to 40 sample companies, including 20 U.S. listed Chinese companies and 20 U.S. domestic companies, and each index is followed by a paired sample t-test or a Chi-square test to quantify if there is a significant difference between the disclosure qualities of the two groups of companies. Based on our sample companies, there is no significant discrepancy between the two sets of companies’ financial reporting qualities. This work contributes to the literature of cross-listed Chinese companies by focusing on the fundamental question whether these companies’ reporting is truthful.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022790

    How Does Environmental Law Affect Companies' R&D Capabilities? ——An Example from Guangdong During 11th Five Year Plan

    Since reform and opening up, China's economy has grown rapidly, while a heavy environmental price has also been paid. Today under the goal of "dual carbon", it is urgent to promote the transformation and upgrading of enterprises to achieve green development. This paper takes the manufacturing enterprises in Guangdong province as the research sample, and takes the environmental regulation of the "Eleventh Five-Year " policy as the quasi-natural experiment, and empirically explores the impact of environmental regulation on the transformation of enterprises through the PSM-DID method. This work finds that what affect companies’ R&D expenses significantly are those nonpolicy factors. And the increase of years of company operation and income will promote the investment in innovation of the enterprise. The paper concludes that increasing the input of R&D by executing environmental restriction policy is not reliable, and environmental regulation may require further intervention in firm internal performance to be effective.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022791

    Research on the Development Strategy of TikTok Based on the Perspective of SWOT Analysis Method

    The short video industry in China has been growing rapidly in recent years, with the number of daily enrolled and active client on the platform illustrating an increasing growth trend. Based on the development of TikTok in recent years, this paper ranks its strengths, weaknesses, opportunities and threats in a SWOT matrix, conducts a comprehensive analysis of the matching results and discusses its future development strategies. The results of the study show that TikTok still has essential strengths and weaknesses in the short video industry and that it needs to change some strategies to improve its competitive-ness in the face of increasingly fierce competition. Furthermore, by understanding the market environment in which the platform operates and combining it with its strengths and opportunities, it can help TikTok's future development.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022792

    Research on Relationship between CPTPP Participation and Japan Agricultural Product Import

    As the leader of “Comprehensive and Progressive Agreement for Trans-Pacific Partnership” (CPTPP), which cuts off majority of tariff for participating countries, action of Japan has been followed with interest, especially in its traditional protecting industries, agricultural business. This paper estimates the relationship between the cyclical component of monthly total import value on agricultural product during 2011-2021 and the participation of CPTPP. It shows that there exist significant before and since distinction, which could be explained in 4 perspectives: inaccurate fitting method, existence of omitted bias, existence of multiple collinearities, and the step-by-step elimination on tariffs.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022793

    Evaluation of the Business Models of Uber Eats and, and the Reasons for Their Differences

    Amidst the thriving food delivery platforms, stand two of the largest food delivery corporations: Uber Eats and, in which are two of the two leading food delivery industries in the U.S and China. Due to the geographical and societal differences between the two countries, their business models deviate from each other. Uber Eats’ core value is to provide quality food and service, while’s core value is to provide cheap and valuable discounts for its customers. Uber Eats’ targets the food deliverers while does not. The reasons for these distinctions are mainly because of the differences between the customers of the U.S market and China’s market, and the infrastructural differences as well. The business model of the companies are successful mainly when accompanied by the right market and right conditions, however, they may not be as successful when under divergent circumstances. This paper shall investigate the differences between the U.S and China to account for their unalike business models.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022794

    Digital transformation of real estate industry: opportunities, challenges and strategic suggestions

    After more than 20 years of rapid development, China's real estate industry has changed from an incremental market to a stock market with a gradual slowdown in growth. As the 14th Five-Year Plan for national information states that China will insist on the strategy of digital transformation, it is the right time for real estate industry to carry on a digital revolution. This paper illustrates the current challenges confronted by real estate enterprises, including the confusion of digital transformation, complex data sources, the lack of professional talents and duplicated organization systems. Also, to overcome these challenges, this paper provides practical suggestions on how the real estate industry can conduct digital transformation. This paper aims to provide significant insights into current situation of real estate industry and give guidance to help the industry process digital transformation.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022796

    Study of New Energy Car Market in China

    From 2016 to 2021, the new energy vehicles start to become unstoppable in its growth and development. This market has been a nonnegligible impact on the traditional market. In order to explore the potential of the new energy market, this paper focus on analyzing Chinese New Energy Car Market from 4 major perspectives: the macro market performance, the influence of the relevant policies, the infrastructure, and the comparison of traditional cars and new energy car. In this work, graphs and tables are made to show the increasing power and potential of the market. The policies and infrastructures are also beneficial for the new energy car. Based on the analysis, this work shows that the market is rapidly and will still be growing in the future. The potential of the new energy vehicles is worth more attention.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022799

    The clash of capital behind the European Super League --- Comparative research on the organisational structure and the business models of European football leagues and the Major Professional Sports Leagues in the United States

    In this study, in retrospection of the concurrent controversies surrounding the formation of the European Super League, the author seeks to uncover the rooted structural problems out of which arising the concerned disputes. With systematic review of existing literatures, the organisational structures and business models of professional sports leagues including European football leagues and US major sports leagues are comparatively analysed with reference to the measurement of organizational efficacy. Comparisons upon the organisational structures, business models and concerned sociocultural context behind the two sets of aforementioned sports leagues are included in the analytical sections. This paper finds that the design of business model and organisational structures of European football leagues and US major sports leagues are deeply influenced by the historical inheritance of the culturally formulated contexts. Functioning of the leagues, based on their incumbent models, dynamically reconstruct the cultural sphere of concerned leagues along the existing track predetermined by the past of the sports within the related societies.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022800

    Implication of Momentum Crash in Covid-19

    This article seeks to investigate momentum strategy from January 2001 to June 2021 and establishes three types of consequences of momentum collapse triggered by covid-19. I demonstrate the validity of three types of implication, which are narrowing the window of positive return for momentum strategies, widening the average return gap between past winners and losers, and diminishing profit in the WML portfolio (winner minus loser) over time. Finally, I do further research in both the covid-19 and normal periods, and find that past winners and losers are more vulnerable to momentum crashes, as evidenced by a big reversal of return.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022801

    Prediction of the Reasons for Losing Credit Card Customers based on Multiple Models

    The data in this article is taken from Kaggle, and the data is publicly available. The data mainly focuses on the nearly 20 different possible reasons that the bank is losing credit card customers, such as their monthly and yearly income or gender. However, some of the data in the original dataset is embodied in words. For this kind of data, the data needs to be converted into numbers and then put into the model for testing. It is also important to check the data whether it has the outliers. Putting the data set into the models to test the accuracy. By sorting the results of different models, the model with the best matching degree is finally obtained. Then, the highly correlated factors in the model are sorted to get the main reasons why banks lose credit card customers. In the end, providing some business advice for banks could be used to identify the same group of credit card customers, and providing some advice to banks could be used to save credit card customers.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022803

    Research on Problems and Optimization Strategies of Chinese Women’s Super Football League

    The Chinese women’s national team won the 2022 Women’s Asian Cup, a great opportunity to develop the Chinese Women’s Football League. However, the Chinese women’s football team has not received widespread attention from society. With the spread of technology, online broadcasting has become an option for more fans and an important match broadcasting and promotion area. Therefore, this paper studies the promotion and broadcasting of the Chinese Women’s Super League through the literature research method, survey method, and statistics method, analyses the current situation of the promotion and broadcasting of the Chinese Women’s Super League, and proposes development strategies. The Inner Mongolia Football Channel is responsible for broadcasting the Chinese Women’s Super League matches. However, with the decline in the frequency of television viewing in China and the popularity of wireless internet TV, Inner Mongolia Football Channel faces low awareness and, consequently, low viewer ship. As a result, there is a need to increase awareness of the channel by bundling it with high traffic content, for example. Broadcasters of matches in the Chinese Women’s Super League need to make full use of the interactive nature of the website by setting up interactive sessions such as prize draws and encouraging commentators to answer pop up questions.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022804

    Insight: The Relationship Between Environmental Protection & Economics Growth in China

    Stepping ahead into the 21st century, one alarming challenge put upon human society is to balance a healthy relationship between protecting mother earth and achieving economic growth. Back in 2017, China, one of the world’s leading superpowers, proposed its answer to the problem with the Dual Control policy package. This passage serves as an explanation of the Chinese Dual Control and as an evaluation of its true effectiveness after 5 years of implementation timespan. The research team considered short-run economic impacts as well as long-run effects of the Dual Control and eventually reached an overall appraisal concerning its rationality. The team then constructed an analytics hierarchy process (AHP) model to consolidate the prior evaluations. Specifically, the research team divided the current status into the economic part and the environmental part. For each part, the team compiled historical statistics and relatable indexes to eventually form the Environmental-Economic Index (EEI). Based on the modeling results, the team also suggested original policy recommendations to further improve the situation. Examples include the woodland preservation policy package, the build-operate-transfer model, and the feasible emission trading system currently in use by several global nations.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022805

    Research on NBA Marketing Strategy Optimization based on the Chinese Market

    With the approach of globalization to the world, human is crossing spatial barriers and hierarchical and cultural restrictions. As a result, we are gradually becoming more united because of globalization. And as such issues reach all aspects of people’s lives, humanity has entered a whole new era. However, since Covid-19, everything around us has been changing. The service industry is impacted the most because they need people to gather, which is not allowed during such period, and thus the depression of these companies begins. In this case, the writer chose the most popular company, NBA, the most influential sports company affected by Covid-19 recently. The writer provides several effective solutions to solve this problem, such as using international media, attracting the best foreign players or teams, and a globalized licensing trademark strategy, which is provided based on the literature research method, survey method, and comparative method. In addition, because the epidemic came so abruptly, there is very little literature on the web about how to help the NBA come out of it the epidemic. Most of them discuss the NBA’s marketing strategies or compare the gap between the CBA and the NBA, so this article plays a small role in helping the NBA eliminate the Covid-19 impact.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022806

    Research on the Influence of CBA Product Packaging on Home Court Culture to Attract Fans

    CBA is currently in a period of rapid development. A good home culture atmosphere improves the excitement of the game and attracts fans, and increases the audience’s enthusiasm. This thesis focuses on how the CBA can attract more fans through product packaging in home court culture. CBA product packaging plays an important role in the whole tournament. A series of packaging of products can stimulate consumer interest, increase the desire to buy, and improve the attendance rate of spectators watching the tournament, thus attracting media attention to the tournament enthusiasm, attracting various sponsors to CBA investment efforts. The CBA competition is a virtuous cycle. This will attract the fans and bring benefits to the club simultaneously. This paper will analyze the current situation of CBA and other leagues through case study and comparative analysis and make suggestions for the improvement of CBA in terms of home court atmosphere. The main value of the CBA league’s home court culture will be reflected to promote the socialization of people and contribute to the orderly operation and development of the society, etc., to contribute to the development of CBA in the world in the near future.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022808

    The Progress of Portfolio Allocation and the Capital Asset Pricing Model

    This paper aims to discuss the fundamental element in finance, which is the property of the portfolio theory. Also, the paper presents an overview of the evolution of the portfolio theory management and capital asset pricing model (CAPM). Harry Markowitz, James Tobin, and William Sharpe, et al play an indispensable role in the contribution of these financial theories. This paper first studies and then describes the expected return and risk of the single asset portfolio. Then, this paper extends the topic to multiple asset portfolios and teaches people to eliminate or lower the risk in the investment by combining different portfolios. The paper finds the efficient frontier and suggests some possible combinations of risk free assets and risky assets. In addition, given the diverse circumstances, this paper introduces the idea of CAPM. Finally, this paper discusses the current skepticism about CAPM and the future expectation of the important idea in finance.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022809

    Comparative Analysis of Interfering Factors of Stock Price Return between Hong Kong and US

    Affected by the outbreak of the COVID-19, the factors affecting equity yields will become changed. This paper aims to analyze the financial information that affects stock returns in the HK market versus the US market from four perspectives-market capitalization, yield rates, correlation of major indices and liquidity. Multiple linear regressions were conducted separately for HK and US stocks and used factor analysis as a supplementary part to further explain these two markets. We show experimentally that the US stock market outperforms the HK stock market in terms of the explanatory degree of model. The solvency indicators are a class of common indicator that affects the expected rate of return in HK and US market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022810

    Have Medical and Political Countermeasures Mitigated Investor Fears during the COVID-19 Pandemic?

    Yes. We contrast the impacts of COVID-19 shocks and medical and political countermeasures in an otherwise standard model of financial market return determinants. During the pandemic, fears about COVID-19 can replace the economic sentiment to have a lasting negative impact on the stock market, especially in the first wave of the virus spreading. Medical research and government policies contribute to the stimulations of financial markets; however, efficient vaccines, when not developed, tend to negatively impact future stock returns and exacerbate the negative influence of COVID-19 sentiment on the stock market. Instead, such situations can be eased once medical research becomes advanced, helping the reconstruction of investor confidence. Public attention to the political support promoting economic and financial recovery has a positive impact on stock market returns and mitigates the shock of COVID-19 sentiment on the stock market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022812

    Determinants of Resident’s Satisfaction from Hostel Facilities

    Resident’s satisfaction of students depends on quality residential facilities, quiet study environment and positive roommate relationships. For this purpose, the present study aims to analyze determinants of residents’ satisfaction with hostel facilities by using a convenience sampling to collect 500 residents of public and private hostels from a metropolitan city of Pakistan i.e. Faisalabad. The logistic regression model was employed to estimate the impact of hostel facilities on resident satisfaction. The Results infer that different facilities; mess, kitchen, washroom, electricity, water supply, cleanliness, staff, security, accommodation, and bedroom, have a significant impact on the resident’s satisfaction. However, a non-significant level of certain variables exposed that these variables are not playing an important role in the resident's satisfaction, so the hostel administration does not need to spend money and time to provide these facilities for hostel residents. The present study results implied that the management should focus on those factors where the residents are assigning positive values to increase resident satisfaction. It will have a significant impact on the revenue streams of the hostel business.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022813

    Age and Hourly Wage: How Aging affect Earning

    In an aging society, people need to focus on the consequence of aging in the labor market. This paper aims to uncover the effect of aging on employees’ wages. To excluded the impact of the COVID-19 and inflation started at the beginning of 2020, the study is based on Current Population Survey (CPS) data collected in 2019. The author explored the issue by adopting the change in people’s age and their hourly wage in the US labor market. The study introduced several regression models, and the analysis of the data shows a positive relationship between people’s age and hourly wage. The findings also suggest that, overall, there is a tendency to raise hourly wage when people’s age increase. In addition, the condition of being White, Asian, or married has a positive effect on people's hourly wage, while being Black, female, or disabled tend to have adverse effects on their hourly wage.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022814

    The Influence of Several Factors on the Sales of New Energy Vehicles in China and the United States During the Covid-19

    Covid-19 has hit various industries around over the world, including the automotive industry in different countries. The high unemployment rate and declining consumer spending due to travel restrictions such as stay-at-home orders related to the epidemic have led to a plunge in auto sale the United States, China and rest of the countries over the past two years. Under this circumstance, governments have increased subsidies for new energy vehicles as a grip to boost the economies, which means the global automotive sales remains a relatively high grow rate during the epidemic. Therefore, new energy vehicle policies as well as sales in different countries, especially in the United States and China, continue to maintain a stimulating pace. To better understand the future sales trends of new energy vehicles, and promote the transformation and upgrading of the automotive industry, the aim of the present study is to investigate the impact of policy, marketing, and supply chain on the sales of new energy vehicles, and to discuss the challenges, opportunities faced by the new energy vehicle industry in China and the United States. After collecting and integrating information from various sources, the data indicate that although the epidemic has had a significant impact on different industries, new energy vehicle industry will continue to benefit fully in the medium to long term in the industry chain of the times. The automotive industry in China and the United States is gradually recovering, but China's pace of progress may be relatively faster.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022819

    A Discussion on the Impact and Management of Longevity Risk on Households, Enterprises and Governments in the Context of Aging in China

    The aging of China's population has become a significant social problem. The resulting longevity risk is a new and growing challenge for households, businesses and governments. This paper discusses the influence of longevity risk on different subjects and management methods by combining theoretical analysis and data analysis. From the perspective of households, based on the life cycle hypothesis, this paper demonstrates that the increase in life expectancy will reduce the total utility by reducing the average consumption level of individuals (families). For the general enterprises and the insurance industry, longevity risk means the rapid accumulation of future operating costs and may even bring liquidity risk. As for the government, they are the manager of the social pension fund, which is faced with the problem of balancing the income and payments under the background of the significant increase in the average life expectancy of the population. As a link, the financial market can transfer and disperse longevity risk among different subjects. However, there is a shortage of investors and issuers in the Chinese financial market. The rate of Chinese households participating financial market is low, and the progress of Longevity risk securitization in financial sectors is slow. Therefore, in managing longevity risk, China should focus on increasing the utilization of capital markets.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022820

    The Enlightenment of German Short-term Work Schedule to China under the Background of COVID-19 Epidemic

    Starting from the concept of German short-term work schedule, this paper fully studies its operation system from various aspects and discusses the changes it made during the COVID-19 epidemic. Based on the actual situation, the ARMA model is used to analyze the data of the five major commodity industries in Germany during the epidemic. By comparing the average relevant data of Germany with those of the European Union, the euro area and OECD during the COVID-19 epidemic, the advantages of Germany's short-term work schedule are high-lighted and the disadvantages are analyzed. Finally, in view of the advanced experience of the schedule, combined with the national conditions of our country, the paper puts forward reasonable suggestions for the unemployment insurance system in our country.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022821

    Does Gamified Marketing Work on Customer Loyalty?

    This paper investigates and analyses the current gamified marketing industry from three aspects: industry development, typical companies and future customer groups. The data is obtained from online data and original surveys, both quantitative and qualitative analysis are used, and the DMC model is applied to analyses the data. This paper summarizes the current development status of the industry and puts forward the view that the industry has a large development space and good development prospects. It also analyses the customer loyalty of Duolingo, a representative company in the industry. Finally, an online questionnaire survey was conducted on consumers of gamified marketing, and ways to attract more consumers to online credit services were proposed.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022822

    Multi-Period Portfolio Optimization under Cash-In Strategies

    Portfolio optimization has been crucial in its applications to finance. Investors allocate capital in terms of various assets and wisely adjust each proportion in quest of higher returns and lower risks. However, common optimization strategies are usually short- sighted, lacking the ability of gaining higher returns over a long period. This paper addresses Multi-Period Portfolio Optimization problem in more applicable settings to provide efficient strategies. Firstly, a summary of conclusions from former works and scholars is given. Since most previous works assume self-financing conditions, this work extends this constraint and considers more complex cash-in and cash-out situations. It also derives the expression of the optimal policy for trading at each period as well as the objective functions. Finally, numerical experiments are done under both self-financing and cash-in situations to prove the validity of conclusions. This work has profound implications in finance because it adopts conditions more consistent with real-world scenarios and provides more farsighted strategies. Moreover, the solution offers a prototype for similar optimization in other fields like electrical engineering and stochastic processes.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022823

    Review of Stock Price Predicting Method Based on LSTM

    Stock market forecasting is a challenging field for investors to make profits in the financial market. Investors need to understand that financial markets are more unstable and affected by many external factors. Time series analysis of daily stock data and the establishment of prediction model are very complex. The development of stock market forecasting technology is changing with each passing day and deep learning method is more and more used in finance field. This paper review the stock predicting method based on LSTM from the year 2015 to 2022.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022824

    Application of Markowitz Model Equipped with Transaction Cost and Turnover Rate in Chinese Stock Market

    Because of the development of Chinese stock market in recent years, more and more investors have entered the market. The classic Markowitz model can provide investors with investment methods that have shortcomings in practical application. Therefore, the classic model is modified to add transaction costs and turnover rate limits suitable for the Chinese market. This paper aims to study the influence of the restriction on the model before and after the application of the model comparison results. The restriction can push the predicted result from time point to time period, and can be adjusted according to the actual situation.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022825

    Shariah Compliance: An Empirical Study on the Perceptions of Islamic Financial Institutions in Pakistan

    This paper examines the importance of Shariah Compliance for Islamic Financial Institutions (IFI) in Pakistan along with the process followed to ensure it. Islamic Banking was initiated in Pakistan in early 2000s and by now a proper network exists with a market share of 13.6 % of Assets and 14.7% of deposits with a network of 21 Islamic Banking institutions, out of which 5 are full-fledged Islamic Banks and 16 conventional banks have standalone Islamic windows. This study contributes as being first of its nature to study the Shariah compliance in the context of Pakistan. For the study, mainly primary data was used. Interviews of Shariah Compliance Heads and Shariah Advisors were conducted. The results indicate that a Shariah Compliance acts as a vital element for Islamic banking in Pakistan and influences the operations carried out by them. Moreover, a proper Shariah Governance System is also implemented and followed by the Islamic Financial Institutions. In addition to this, Shariah Advisors also play a pivotal role in the whole procedure and are responsible for Shariah Compliance in the IFIs.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022827

    Correlation Between Stock Returns of Wine Corporations and Weather Conditions

    Among determinants of wine spot prices, the weather is one of the most influential factors. Previous studies have confirmed the spot price of fine wine is correlated with some weather variables, such as the air temperature. Also, much research illustrates some weather conditions are related to the stock market. In this paper, we focus on the correlation between some weather variables as main determinants of wine prices and the stock returns of wine companies which are listed on NYSE. We have several conclusions: (1) return of equity of wine companies has a negative correlation with the level of precipitation; (2) results are more significant when controlling years; (3) the level of precipitation has greater negative impact on returns during planting season of grapes; (4) the odds of having positive returns in planting season is lower than non-planting season.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022829

    ESG Scoring System Construction: Portfolio Investment Based on Machine Learning

    The majority of existing ESG rating systems in the Chinese market are based on categorical classification ratings, and as a result of the voluntary disclosure system, rating data provided by rating organizations is occasionally absent or delayed. This article employs natural language processing (NLP) to extract keywords such as green, clean, renewable, poverty alleviation, and moral from the financial reports of CSI 300 constituent companies, and then counts their corresponding frequencies in order to construct percentage ESG ratings that address the discontinuity, imprecision, and time lag inherent in the original ratings. This article employs a self-normalized neural network (SNN) to develop a multi factor model based on the suggested ESG ratings and then conducts sector neutral hierarchical back-testing to compare the proposed rating to the traditional ratings. The results indicate that the model generated using the ESG ratings developed in this research yields a higher rate of return than the model built using traditional ESG ratings, and the model constructed without an ESG factor. This may be because deriving ESG ratings directly from financial statements eliminates the risk of corporate falsification or whitewashing of accounts. This work adds to the body of knowledge by proposing a novel approach to constructing an ESG scoring system and incorporating it into portfolio investments to maximize returns.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022830

    An Assessment of Corporate Social Responsibility, Customer Satisfaction and Customer Trustworthiness: Does Corporate Image matter for the Chinese Economy?

    In light of the increased universal interest in corporate social responsibility (CSR), this article investigates how CSR characteristics impact customers’ satisfaction (CS) and customers’ loyalty (CT), as well as whether the corporate image (CI) has a moderating influence on the links among CSR and customer satisfaction (CS) and customer trustworthiness (CT). Consumers in impoverished and affluent economies may have distinct prospects for CSR. Structural equation modelling (SEM) is used for hypothesis testing in this study. According to findings, this study suggested that CSR has a substantial positive impact on CS and CT and that CS has a positive impact on CT. Consumer protection (CP), ethical responsibility (ETR), philanthropic responsibility (PR), green economic responsibility (ECR), and environmental contribution (EC) are conscripted in order of significance. Corporate Image (CI) has a significant moderating effect on the association between CSR and CS. Thus, authorities should execute CSR features from the consumer's perspective, which will persuade customers to be concerned with the businesses sympathetically. The assumption makes commendations for potential future study and marketing practice.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022832

    Analysis of the Factors Affecting the Price Fluctuation of Bitcoin

    According to the monetary theory, this paper believes that the demand for Bitcoin mainly includes two aspects: transaction demand and investment demand. This paper further discusses the impact of different demands on the price of Bitcoin based on two aspects of demand. Transaction demand and investment demand together affect the supply and demand relationship of the Bitcoin market. The empirical results show that the volatility of Bitcoin price is higher than that of international currencies and stocks as investment tools. This article emphasizes that the price of Bitcoin is primarily affected by supply and demand.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022833

    Research Progress of Information Asymmetry in Recent Ten Years

    The assumption of information is the basis of all basic financial ideas (net present value, portfolio theory, capital structure and option pricing). The assumption of information is often inseparable from information asymmetry. Information asymmetry is a rich and diverse content, which can be connected with many fields. Asymmetric information may hurt sellers with more information and superior products, such as agent problems. Research at home and abroad shows that information asymmetry will cause many problems, but there is a lack of specific research evidence. In recent ten years, information asymmetry has had a great impact on both business society and daily life. This article reviews the relevant literature and summarizes the phenomenon of information asymmetry at home and abroad in the recent ten years, so as to increase the understanding of information asymmetry and lay a foundation for the trend prediction of information asymmetry in different environments in the future.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022834

    Is Bitcoin a Safe Haven for US Equity Market? --A Comparison with Gold and the Dollar

    This paper examines whether Bitcoin is an excellent hedge asset by applying the GARCH model. First, the correlation test finds that bitcoin's returns against the US dollar and gold are not significantly correlated. Also, based on comparisons across events, bitcoin returns perform more neutrally, unlike traditional hedges such as gold, which exhibit a significant negative correlation between performance and hedge in an emergency. In addition, the high volatility of Bitcoin compared to other varieties suggests that investors choosing to invest in Bitcoin will expose to high-risk return volatility. Therefore, bitcoin is more of a speculative asset than a safe haven.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022836

    How Do Organisations Adapt Their Marketing Mix in Response to Crises to Navigate Them Successfully?

    The break out of COVID-19 pandemic has caused a violent strike to many enterprises, in such an emergency time, business owners are getting antsy to find ways and even new business models to survive. This article provides a perspective for managers that shows how the current Covid-19 has had a severe impact on global businesses, explains how excellent companies effectively adapt and navigate the marketing mix variables (7Ps), and integrates the fragmented strategy literature.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022837

    Could Renminbi Hedge against Risk? ─ Evidence from Vector Auto-regression Model

    This study attempts to evaluate whether offshore RMB(CNH) is a hedging asset. Current research in this field is few and far between, so the introduction of more data and models would be helpful to enrich relevant studies. We use data that covers the period from 2010 to 2021. Various means of analysis, including vector auto-regression(VAR) model, impulse response function, and heterogeneity test, are deployed to answer our research question. In line with prior research, we found RMB’s inability to function as a safe-haven asset. Nevertheless, we found preliminary evidence that the Renminbi is going global. Another unanticipated result is that inefficiency in the foreign exchange market is observed in terms of two-way trading of RMB to JPY.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022838

    Research on Improving China's Agricultural Development Through High-quality Elderly Labor

    Based on nowadays China's aging population and unbalanced development between urban and rural areas, rural revitalization of the urgent need of development of the status quo, reasonable hypotheses and research, this article through to the National Bureau of Statistics released data of population and the related literature research, as well as on the investigation to the actual situation that the resources of high quality senior citizens can reasonable use to some extent to reduce resource waste, and promote social development.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022839

    Marketing Strategies During the Time of Covid-19--What Role does Customer Behaviour Changes Play?

    This paper discusses both the psychological and physical effects of COVID-19 on customer behavior changes and elaborates on companies approaches to address these changes through marketing strategies and marketing policies. By comparing with the Global Financial Crisis (GFC), the paper analyzes the similar change patterns in customer behavior that COVID-19 shares with GFC and what marketers can leverage from historical experiences. However, the public-health concerns have been playing significant part during this crisis when it comes to customer behavior changes, such as restricted mobilities have been incentivizing customers to shop in different categories and to rely on online services more than ever. In this paper, cases covering different industries have been studied and presented to illustrate how marketers can utilize their technical skills to make the unique charlatanistic of this crisis an opportunity to help the organization to grow.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022842

    Innovation Scheme Design of Personal Income Tax Collection and Administration Based on Blockchain Technology

    This paper sorts out the application status and technical characteristics of blockchain, and aiming at the problems of long and complicated tax payment process, lack of sufficient verification mechanism and serious loss of personal income tax in China's personal income tax collection and management, puts forward the idea of personal income tax collection and management combined with blockchain technology. Then, this paper designs a personal income tax collection and administration scheme based on alliance chain and intelligent contract to assist the tax authorities to conduct efficient, safe and automated tax collection.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022843

    Analysis of the Correlation Between Executive Compensation and Corporate Performance in Listed Companies

    This paper selected a sample of US listed companies and conducted correlation analysis and regression analysis on the relevant data of the sample 2021 with the help of Excel and SPSS statistical software in order to clarify the degree of correlation between executive compensation and corporate performance of listed companies. The findings suggest that the two are not correlated, but the reason for this result may be due to the influence of the irresistible general environmental background and the imperfection of the listed companies' executive compensation policies. In order to improve corporate performance, some suggestions are made so that both companies and executives can achieve a win-win situation.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022844

    Analysis of Nike’s Performance Based on Its Financial Accounts and Ratios

    The COVID-19 epidemic has severely impacted all business activity in 2019-2021, especially the sportswear industry with governments’ lockdown and quarantine policies. Therefore, through this paper, the pandemic’s impact on Nike’s financial performance is explored, and to what extent it has recovered. This paper mainly analyzes the sportswear conglomerate Nike, focusing on presenting its financial performance through ratio analysis between the years 2019, 2020, and 2021, as well as comparing it to major rival competitors in the industry to evaluate its overall performance. Data for this investigation are obtained through the companies’ respective official income statements and balance sheets, from which profitability, efficiency turnover, and liquidity ratios are derived to both vertically and horizontally compare Nike’s financial performance for an accurate evaluation. Through this paper, it is uncovered that Nike has healthily recovered from the losses introduced by the pandemic, and maintains its highly competitive position compared to its rivals, Adidas, and Puma.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022845

    Who can Earn more? Some Factors Affect CEOs’ Income

    This research focuses on the three factors that affect CEOs' income, including age, gender, and network size. We find that age has a significantly negative correlation with CEOs' income for CEOs with older age, while the correlation is insignificant for younger than 52 years old. Gender also significantly affects income, and male CEOs tend to earn more than female CEOs. The last factor is network size. We find that network size is negatively correlated with the CEOs' income. Last, we put forward some potential theoretical mechanisms to explain the empirical results.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022846

    Insights into Cryptocurrency Market Prices Fluctuation Correlated to COVID-19 Pandemic spillovers: Whether Bitcoin Can Act as a Safe Haven

    In this article, I examine the relationship between COVID-19 daily additional cases and Bitcoin daily closing prices by applying Quantile-on-Quantile Regression (QQR) approach. The results reveal that the changing intensity level of COVID-19 does have an impact on Bitcoin prices. What’s more, my research captures the dependence between the distribution of Bitcoin prices and the severity of the COVID-19 pandemic. Levels of COVID-19 cause a rise in Bitcoin prices. I give a fresh look at combining every day confirmed number of new infections of COVID-19 and behavioral economics with fluctuating daily Bitcoin prices. And as the confirmed case has stabilized, although it is still at a relatively high position, investors would develop speculative psychology and take abnormal and seemingly inexplicable actions, e.g., they prefer to invest in Cryptocurrency rather than hold US dollars cash. Bitcoin offers a relatively steady performance in enduring the pandemic shocks; thus, it can be considered a safe-haven asset.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022849

    A Model for Quantifying Investment Decision-making Using Deep Reinforcement Learning (PPO Algorithm)

    Bitcoin has nowadays shown its importance in finance systems. With great interest to all kinds of investors in the financial sector, it is important to analyse the relationship between Bitcoin and gold. We consider bitcoin and gold as two stocks and calculate the correlation between bitcoin and gold. By introducing the calculation of dynamic penalty coefficient, the problem of dual-stock portfolio investment is transformed into the problem of single-stock purchase investment, which greatly reduces the difficulty of feature engineering and model application. In terms of decision-making model, deep reinforcement learning (PPO algorithm) is used to make quantitative investment decisions. Therefore, we use the expected data in SLTM as the input data of deep reinforcement learning, and combine it with deep reinforcement learning for training. Compared with machine learning to quantify investment decisions, after a period of training, the accuracy rate has improved by 10.038%.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022852

    Optimization of Consumer Satisfaction Towards Tourism Attractions through Text Mining

    With the ascension of tourism e-commerce, a growing number of consumers are placing greater emphasis on consumer satisfaction and posting their travel experiences on tourism e-commerce platform. Processing the online information generated by consumers through text mining has also become a key technology applied in E-commerce. In order to identify the factors that impact consumer satisfaction and find the method to optimize consumer satisfaction, this study collected data from and applied topic modeling and regressions to online reviews of tourism attractions. The results show that: (1) consumers with higher involvement in tourism websites are more likely to have lower satisfaction with tourism attractions. (2) online reviews that focus more on Price, Entrance and tickets tend to have lower satisfaction, while online reviews that contain more about Scenery, History and culture, Entertainment and Service are more likely to be higher on consumer satisfaction. These findings show that text mining can be instrumental for E-commerce to optimize management strategies.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022853

    Analysis on the Dominance of Search Cost in Affecting Price Dispersion

    The prevalent phenomenon of price dispersion in goods which was initially proposed by Stigler in 1961, is held accountable for the constantly increasing trading frictions in markets especially with the development of e-commerce, as a violation of the law of one price. This study illustrates how price dispersion is affected by search cost, particularly concerning three specific branches respectively- asymmetric information, customer heterogeneity, and consumer confusion. Analyzing 25 papers chronologically reinforced the causal relationship between these three factors and the level of search cost induced, also with illustrations of how three specific branches within search cost each variously contributes to the occurrence of price dispersion will be provided in this paper. Nevertheless, the extent to which limitations in each branch in affecting price dispersion will be provided. As a result, this paper aims to produce a balanced view of the ways search cost acts as the dominant factor in affecting price dispersion.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022854

    Under Pressure: How Do Housing Prices and Income Affect Birth Preference in China

    With a declining demographic trend nowadays, China is facing a critical challenge in pursuing economic growth. Previous literature has discussed that housing pressure and individual income are the main factors influencing fertility choices in contemporary society. However, very few have focused on how housing markets and income influence fertility behaviors under the specific situation that China faces. In this study, by conducting fixed-effect models, I use datasets from the CGSS survey and the NBS to investigate how housing prices and personal income affect birth preference in China. Results show that wealthier individuals prefer fewer children, and that people are less willing to have children when local housing prices become higher. Regional models show that the correlation between housing prices and birth preference is higher in cities where housing prices are high. Models based on gender differences show that females tend to be more focused on income, while males are more responsive to housing prices. Also, quadratic analysis shows that there is a U-shaped relationship between income and birth preference, which shows a decreasing trend until income is about 280,000 RMB (43,800 USD).

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022857

    Research on Oil and Gas Supply Network Fragility –Taking Russia as an Example

    Oil and natural gas are closely related to people's daily needs and the production of various industries. In recent years, oil and gas price volatility has brought renewed attention to the oil and gas industry. This paper sets out to study how external shocks and internal risks affect the stability of oil and gas supply networks and thus the global energy supply. The structure and fragility of the oil and gas supply network and the impact of the fragility of the supply network on the Russian Federation's oil and gas supply are described through a literature review. Finally, it is found that the composition and scale of the supply network, the harsh mining environment, the unstable financial market, the technical difficulties, the safety of practitioners, and other factors all have a significant negative impact on the global energy supply.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022858

    Analysis of the COVID-19 Pandemic on FAAMG Companies’ Performances Under the Fama-French Five-Factor Model

    The COVID-19 pandemic has led the U.S. stock market to tumble during the last two years. To further discover the effect of the pandemic on specific companies, this paper utilizes the Fama-French five-factor model to analyze the performance changes for FAMMG companies before and after the COVID-19 outbreak. OLS method is applied to the FAAMG companies’ stock returns to examine the fitness of the model, and the fitness is strengthened after the outbreak. The pandemic causes significant changes in betas of the Fama-French five-factor model, specifically Robust minus Week (RMW) and Conservative minus Aggressive (CMA).

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022863

    How Come Tesla’s Market Cap is Greater than other Companies?

    Tesla’s rapid growth has made it in a dominant position in the entire auto industry, and it has successfully unveiled the start of electric vehicles market and played the leading role ever since the beginning.The prevalence and success of electric vehicles have caught the attention of conventional automakers who used to place their focus on producing petrol cars,trying to replicate the Tesla’s success in producing all electric vehicles.with no doubt,Tesla is sure to have the absolute advantage over the entire auto industry,which is generally reflected by its huge market cap compaired to others.In this study, the main focus is the analysis on the reason why Tesla’s market cap is greater than its competitors ,including introduction about Tesla itself and its CEO Elon Musk’s early lifetime and entrepreneurial history , as well as the the efforts Tesla made in developing the most advanced battery technology. The paper will also illustrate the comparison with four competitive automakers —Ford, Volkswagen, Toyota and Nio—using different valuation metrics such as price earnings ratio, price book ratio and stock price.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022864

    Evaluation of US and China's post-pandemic recovery

    We focus on the relationship between inflation and unemployment in the United States and China, the two biggest economic systems in the world before and after the COVID-19 pandemic. We used a comprehensive monthly dataset of two countries’ Consumer Price Index (CPI), unemployment rate, and interest rate from 2019 to 2022 and performed time series regressions to analyze the relations among these variables. We found strikingly different paths for the two countries, with the US path closely matching conventional economic theory, while China’s deviated significantly.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022872

    The current situation of fast fashion industry and how to reduce the waste

    Since entering the 21st century, the development of fast fashion has faced a number of environmental problems. The design of circular economy is the best way to deal with fast fashion pollution, while the existing recycling system, traditional waste disposal methods are inefficiencies and are no longer enough to deal with the pollution caused by today's fast fashion industry. So this paper discusses some cutting-edge technologies to meet the development of circular fashion and achieve the approaches for sustainable development of fashion industry. After a specific analysis of the pollution of the fast fashion industry to the climate, water and the waste caused, this paper introduces the infrared technology to accelerate the sorting of clothing raw materials in the waste, enzymatic technology to process and degrade the raw materials, and the use of new sustainable materials in three steps to obtain an advanced technology support, sustainable fashion circulation system. In the future, this improved fast fashion circulation system still needs more experiments to be tested, also the government and relevant departments need to formulate relevant policies to support the development of this system. On the other side, the fast fashion industry's pollution of the environment, especially water bodies, and its treatment methods need to be studied.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022877

    Reliability Analysis of Tree Topology based on Chinese Banking System

    A tree topology is a special type of structure in which many connected elements are arranged like branches of a tree, and is often used to organize computers in a company's network, or information in a database. Tree topologies and Chinese banking system are both a highly centered and hierarchical structure, sharing a wide range of analogies. This article mainly studies the market value, under the circumstances of crossholdings, of individual banks in a banking system, as well as the reliability of the banks at different tiers of the supply chain. This paper analyzes how the network propagates the reliability discontinuities caused by faults. A tree topology model is exploited to facilitate the interpretation. In this model, each node has two branches and at each tier of the supply chain there is one leaf node that does not expand further. There are cross holdings within the same tier but not between adjacent tiers. This paper finds out the relationship of one’s reliability with the respective position in the financial network. Two variables are taken into consideration: the multisourcing number as well as the complexity amounting to the level in which it is.In a nutshell, the bigger the multisourcing number is, the greater the reliability is. Also, the higher it is in the financial network, the greater the reliability is. In addition, the endogenous configuration of supply network provides a new method for the study of China's banking system.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022878

    Mean-Variance Application of Portfolio Management in Hong Kong Stock Market

    The Hong Kong stock market is one of the world's top financial markets, and some investors want to gain benefits by investing in the Hong Kong stock mar-ket. Some studies have found that reasonable asset management can effectively reduce risks and increase returns. Therefore, the research topic of this paper is the importance of investment portfolio for investors to profit in Hong Kong stock as a financial market. The research methodology of this paper is as follows: firstly, we collect the data of Hong Kong stock market, secondly, we organize and combine the data, and use the mean variance model to calculate the maximum return and risk under the asset portfolio. The results show that the portfolio can effectively improve the return and risk value of investments. The E Commerce and Internet Services sector has always been a large part of the portfolio and can be a prime target for investors.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022880

    Research on Marketing Strategy of the Game Company——Take Nintendo as an Example

    With the development of network technology, games have become a relaxing form of entertainment for people. There are a lot of games that people love, and successful marketing is a big part of that. This paper will review the previous research results adopting Nintendo game company as an example to analyze and study the marketing strategy of game companies, and provide some reference suggestions. This paper will start from three basic points: 3C's (Customer, Competitor and Company), STP (Segmenting, Targeting and Positioning) and 4P's (Product, Price, Place and Promotion) to explain Nintendo's marketing strategy. This paper analyzes Nintendo’s marketing strategy and the accurate positioning of products and customers. It is sound and successful.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022882

    A Study on the Impact of Chinese Monetary Policy on Enterprises' Accrual Earnings Management

    As one of the important means for enterprises to carry out accrual earnings management activities, which mainly relate to the adjustment of accounting estimates and the use of accounting policies to make the values of relevant accounting subjects meet the needs of enterprise managers and reach other stakeholders’ expectations. This paper empirically examines the relationship between changes in monetary policy and corporate accrual earnings management activities, by taking A-share companies from 2010 to 2020 in Shanghai and Shenzhen stock markets as the sample, and by classifying accrual earnings management activities into positive and negative, it more accurately captures the choice of accrual earnings management activities that companies tend to adopt in different periods. At the same time, this paper also analyzes the influence of ownership attributes on the management behavior of companies' accrual earnings management under different monetary policies from two aspects: state and non-state. By studying the influence of monetary policy on corporate accrual earnings adjustment, this dissertation is not only a supplement to previous researches on earnings management and monetary policy, but also points out new ideas for future research.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022885

    How Does the Russia–Ukraine War Affect the Stock Market?--An Empirical Study

    The Russia–Ukraine war is one of the most topical affairs of the first quarter of 2022. This study investigates the responses of stock market indexes and commodities markets to the ongoing war between Russia and the Ukraine. Using daily adjusted index prices from 1 April, 2021 to 19 April, 2022, and drawing data regarding Russian exports from the United Nations’ Comtrade database, we observe a negative relationship between the level of reliance on Russian exports and the change in daily (compound) returns. Our results indicate that this relationship was stronger during the two-week period after 22 April, 2022, than when a long-er impact window (22 February – 19 April, 2022) is used. These results are consistent with existing studies on other major geopolitical events.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022886

    Prediction for Financial Crisis Based on Data from 14 Developed Counties

    This article provides an analytical process for predicting a financial crisis. The article mainly adopt the regression method of limited probability model and logit model on the panel data from 14 developed countries from 1870 to 2008. Causality problems have also been condidered when translating the regression output. The core finding of our research is that our model has a relatively weak ability to predict financial crises due to their low frequency, so the focus should lie on how to make policies to minimize the consequence of financial crises rather than trying to prevent them in advance. A very important assumption within our analysis is that it ignore the spillover effect of the financial crisis between countries, which may simplify our model but is not appropriate in the real world.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022888

    Basic Pricing Models and Some New Relevant Derivatives

    Assets pricing model theories have developed for long period from CAPM to five factor model. Since Sharp proposed CAPM, some scholars performed empirical tests for it. There were many anomalies that CAPM could not explain. So many scholars challenged the application of CAPM and they tried to modified it from many perspectives. Then the researches of asset pricing model focused on multiple factors ranging from some conventional field, to unconventional factors including factors related to human, like human’s behaviors, to describe the return of assets in the market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022889

    Research on the Estee Lauder market positioning based on online shopping applications Taobao and WeChat

    With the proliferation of digital tools, shopping applications and social media occupy a large quantum proportion of people’s daily life. The marketing strategies are being changed and widened through this trend and require more focus on shopping applications. Taobao and WeChat are the top familiar and widespread applications necessary for Estee Lauder to focus on. This study utilizes the survey method, the comparative method, to clarify the strategies that can work for accurate brand positioning and pinpoint their drawbacks. The study discovered the customers’ experiences, including the various appearance on the Taobao website and surveys provided in the WeChat mini program. This study suggests that Estee Lauder should cancel the live streaming on Taobao’s first page, add notices of WeChat services on Taobao as a reminder, change the color of the WeChat mini program, and be consistent with that of Taobao. This research concludes on the strengths and weaknesses of two applications and provides suggestions based on customers’ feedback.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022892

    Is ESG a Novel Pricing Risk Factor for the Chinese Stock Markets during COVID-19?

    This paper examines the potential of ESG as a novel risk factor, explaining different industry portfolio returns from 2018 to 2021 (including two years of the unique COVID-19 window). The ESG factor(SMU) is designed as the spread between the top 30% high-ESG(Sustainable) group and the bottom 30% low-ESG(Unsustainable) group. Based on empirical evidence from the Chinese stock markets, this paper finds: 1) The ESG factor significantly explains industry returns along with Fama-French three factors; 2) Sustainable portfolios consistently outperform unsustainable groups, particularly during the pandemic period; 3) Modified models with ESG factors slightly outperform the classic FF-3 model according to the GRS F-test; and 4) Industry portfolio returns during COVID-19 are surprisingly higher than in normal times, most likely due to the central bank and government’s Quantitative Easing(QE) policies.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022894

    Mean-Variance Model Theory and Its Application in Chinese Stock Market

    This paper examines the effect of the mean and modeled mean volatility on the mean curve of a Markowitz portfolio analysis of major values and simultaneous changes. The average investment value in the future and the predicted trend curve change, the actual effective model mean and the actual volatility are the volatility shown in today’s Mavitz. The Kowitz portfolio model of volatility yields the horse trend curve under changing conditions.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022896

    The Strategy Analysis of Coca-Cola

    The beverage industry shows fierce internal competition, which is aggravated by the significant impact on COVID-19 on the economy. Coca-Cola as one of the leader of multinational beverage companies, its strategy has certain reference values. This paper will start with Porter's Five Forces Model, SWOT analysis and value chain analysis to determine the overall strategy of Coca-Cola. Next, by comparing the financial report information in recent 3-5 years, this paper summarizes the adjustment of company strategy, analysis and processes financial data, and then proves the effect of Coca-Cola's operation and marketing strategy. Finally, make a prediction of the subsequent strategic application and enterprise development trend. It can be affirmed that Coca-Cola’s good profitability and market status are inseparable from its strategy. Hope this paper could provide reference and inspiration for the development of companies in the same industry.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022897

    The Time-varying Impact of COVID-19 Pandemic on Consumption: Evidence from the A-share market

    The COVID-19 pandemic has had an impact on global economics, affecting the development of all industries, and the consumer industry is certainly one of the most obvious sectors. VAR and the ARMA-GARCH model are built based on empirical research to investigate the effects of the COVID-19 newly confirmed cases on the return rate and volatility of the consumption index. The conclusions are as follows: In the short term, global and Chinese consumption will be significantly impacted by the COVID-19 pandemic. However, tt is unclear whether COVID-19 will have a negative long-term effect on the consumer industries.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/3/2022898

    Should we focus more on the offline retail when constructing financial portfolios?

    Modern portfolio theory has been researched and applied widely. This paper shows an application of the modern portfolio theory to choose optimal weights for a composite stock s portfolio. It could help optimize investor’s portfolio by increasing returns and decreasing volatility. Considering returns and volatility at the same time, Sharpe ration is a good indicator. To research portfolio optimization, this article uses Monte Carlo methods to acquire the weights of securities in portfolio that has the highest Sharpe ratio. Current studies about portfolio theory do not take safe securities into consideration. Therefore, this paper first concludes risk-free asset with other risky assets in portfolio. The portfolio in this study includes five stocks (Walmart, Amazon, Dexcom, Warner Bros., T. Rowe) in different sectors and risk-free asset (one-year U.S. Treasury Securities). The result shows that the weight of offline retail increases as the proportion of risk-free asset rises. This has implication that risk-averse investor might prefer offline retail stocks compared with other stocks in portfolio.

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