The study’s main focus is on the Fama-French Three-Factor Model’s capacity to account for cross-sectional volatility in stock returns. The Fama-French Three-Factor Model was used to assess a sample of 720 equity funds and determine each fund’s excess returns and three-factor risk exposures. The exposure of each element was then tested using linear regression to see if it could predict the excess returns. The study’s focus is on the shortcomings of the traditional Capital Asset Pricing Model (CAPM) and the possibility that the 3-factor model could offer a more precise and thorough explanation of stock returns. The empirical results indicate that it may not be robust all the time, and there could be other factors functioning meanwhile, which are not captured by the model. Furthermore, the Efficient Market Hypothesis (EMH) may not be effective and accurate in its strictest form. The study’s empirical examination of the Three-Factor Model and its implications for the Efficient Market Hypothesis (EMH) and other related ideas are what give it its value.

The halo effect is a cognitive bias that twists people’s judgment in the rating process and has a significant influence on HRM(human resource management) practices. However, as a heuristic, the halo effect has shown much potential for improving the economic outcomes of corporate business and management as well. This essay gives a review of the halo effect and its applications at the corporate level based on the literature from 1920 to 2022. While the concept of the halo effect has been fully developed throughout the century, the problem of distinguishing true halo from illusory halo remains unsolved, which leads to the stagnation of further research on HRM practice. However, the study of the halo effect in brand marketing is rather mature, providing diverse advertising, sales, and crisis strategies for corporations to increase long-term gain. Furthermore, the literature on the halo effect has been focusing on more contemporary fields of application, such as the promotion of cultural products in the context of globalization, which could be a trend for researchers in the near future.

With the development of technology, digital twin has played a non-negligible positive impact on the development of smart cities. From the mutually influential nature of digital twin and smart city, this paper analyzes the progress of digital twin technology in smart city applications through theory and case studies. The author examines three key cases: city brain, IoT cloud platform, and smart hub, to explore the application of digital twin technology in smart cities. In addition, the paper presents the potential problems of digital twin in smart cities, such as insufficient infrastructure, insufficient systematic data integration and few application scenarios. In future research, the author suggests that digital twin technology holds promise for enabling innovative applications in areas such as environmental protection, security, energy, healthcare, and tourism within smart cities.

As a fundamental solution to block the intergenerational transmission of poverty, poverty alleviation through education is still the direction and focus of Chinese poverty governance in the post-poverty era. Faced with the existing problems in poverty alleviation through education concerning the young and middle-aged rural teachers could be introduced but cannot stay, as well as various psychological and living needs problems of rural teachers. In order to ensure the continuous inflow of fresh blood in the construction of rural teachers, it urgently needs strong and precise support from financial policies. This paper takes an example of education poverty alleviation in poor counties of Shanxi Province. With the help of literature review and interviewing methods, this paper demonstrates the actual internal and external problems faced by the construction of rural teachers, such as the personal promotion of rural teachers, psychological problems, and the organizational structure of teachers. From the perspective of financial solutions, this paper explores the basic ideas of the construction of rural teachers and then puts forward new ideas on the construction of rural teachers in terms of structural adjustment of fiscal policy implementation.

Sustainability has become a key concern for businesses and government agencies around the world. Companies are increasingly recognizing that achieving the Sustainable Development Goals (SDGs) not only has a positive impact on the environment and society, but also has a significant impact on their own performance and competitiveness. Therefore, this thesis aims to explore in depth the impact of SDGs on business performance and analyze the key factors for achieving SDGs. Through comprehensive analysis of relevant literature and case studies, this thesis concludes that actively promoting the realization of SDGs is an effective way to improve corporate performance. In pursuing SDGs, companies can ensure the relevance of their business activities to SDGs through the rational formulation and implementation of sustainability strategies and integrate sustainability into core business decisions and processes. At the same time, enhancing stakeholder engagement is one of the key factors in achieving the SDGs. Working closely with stakeholders, including employees, consumers, suppliers, communities, and governments, can help companies gain broader support and cooperation to jointly drive sustainability. In summary, the findings of this thesis suggest that actively promoting the achievement of SDGs is critical to improving business performance. To successfully achieve SDGs, companies need to develop and implement sustainability strategies, enhance stakeholder engagement, and adopt innovative business models and technology solutions. This will provide companies with a long-term sustainable competitive advantage and make a positive contribution to society and the environment.

The financial industry has long been a source of fluctuation and instability, and the recent events have further complicated post-COVID economic performances. This paper generalizes the theory of bank failures, the banking crisis, and the following economic consequences from past literature. It then analyses recent bank collapses and government responses, paying particular attention to Silicon Valley Bank and Credit Suisse. Finally, the conclusion draws on the validity of the theories in terms of being applied to the post-COVID banking system, yet current prudential policies and rescue plans need to be reviewed and upgraded.

China's economic progress has been meteoric in recent years, leading numerous students to pursue their academic majors overseas. The objective of this article is to investigate the influence of international study experiences on the career prospects of Chinese students upon their return, encapsulating both the beneficial and detrimental effects. This research aims to provide robust guidance for Chinese students contemplating international study. Utilizing extensive data and market research, this paper initially elucidates the contemporary circumstances of Chinese international students returning home to seek employment. Subsequently, it delves into the various pros and cons of an international study experience with respect to job hunting, amalgamating existing data and literature. Lastly, detailed interviews with two returnee students shed light on their job-hunting experiences. This research shows that learning abroad cannot be categorized as univocal good or bad; the benefits of studying abroad come with accompanying challenges. The most important thing is to choose the path that suits students based on their circumstances rather than follow popular trends.

By combining economics, psychology, and neuroscience, behavioral finance aims to analyze how human emotions and biases influence financial decision-making. The research utilizes the Investor Sentiment Index (CICSI) as a tool to measure market sentiment and examines its correlation with variables such as IPO first-day returns, turnover rate, and new account openings. The findings demonstrate that investor sentiment significantly impacts market behavior. This suggests that individual emotions and cognitive biases play a crucial role in shaping market trends. These conclusions provide valuable insights for investors, financial analysts, and policymakers seeking to better understand and predict market behavior. By incorporating behavioral finance insights into traditional financial models, a more comprehensive understanding of financial markets can be achieved, enabling informed decision-making.

Children’s academic backgrounds can vary widely because of the different resources that come with income inequality. Thus, children can become increasingly stressed academically. Under pressure that is difficult to regulate, young people’s mental health can easily be af-fected. Therefore, we need to understand such a situation and take countermeasures. This article explores the relationship between income inequality, sources of competitive stress, anxiety, and suicidal behavior, and potential psychological treatments for these problems. Finally, this work concludes that income inequality is associated with significant social class differences that can increase children’s academic competitive stress and affect their mental health.

With the development of the global economy and the improvement of the technology level, the integration of information technology and the manufacturing industry has accelerated. The global manufacturing sector is moving in major directions as a result of digitalization, networking, and intelligence. The auto industry is also innovating, and artificial intelligence and new energy have accelerated the innovation and change of the auto industry. How automotive companies can improve their profitability and gain advantages in the competition during the transition period has become a key issue. This paper takes Volkswagen (VW) Group as the research object and analyzes its relevant indicators in FY2022, and also selects enterprises in the same industry for comparison. The current financial situation of VW Group is analyzed in terms of solvency, operating capacity, and profitability. The financial indicators such as total debt ratio, profit margin, total asset turnover ratio, and return on equity are used to make a comprehensive assessment of VW Group's financial status. With the gradual diversification of corporate sales revenue, revenue measurement, and recognition have become more complex. This paper also accounts for elements such as revenue and intangible assets of VW Group to make sure accounting data is accurate. The analysis is conducted from the perspective of corporate strategy to understand the strategic objectives and future direction of the VW Group. The VW Group's risks and difficulties are evaluated and projected within the framework of the overall company plan.

As the head of the new energy vehicle industry, whether Tesla's market value is overvalued compared to the industry average, and whether the new energy vehicle market outlook is optimistic has been a hot topic. This paper firstly compares and analyzes the business performance and several financial statement indicators of Tesla and other companies involved in the production of new energy vehicles, points out the huge difference between Tesla's valuation and its performance, and secondly analyzes the reasons for the difference in Tesla's valuation through the industrial structure and strategy of Tesla, and points out that Tesla's market value hides the capital market's special premium for technological innovation industry, high threshold industry, and environmental protection energy development. Tesla's market capitalization has a special premium for technological innovation, high-threshold industries, and environmental energy development. Finally, this paper judges the considerable development potential of the new energy vehicle industry in the new era of environmental awareness and points out that it should analyze the industry with future expectations as the main indicator and view the valuation from a long-term investment perspective.

In order to alleviate environmental pollution, many countries have launched a campaign to try to induce factories and other enterprises to reduce emissions of pollutants. One of the most important industries is the automobile industry, because automobile exhaust emission is one of the main causes of environmental pollution. So study the impacts of responding to environmental policy on the development of motor corporation, because it determines whether car companies are positive about environmental policy and the effectiveness of environmental policy. Through the review and summary of past literature, policy regulations and other information, as well as the analysis of the Toyota's development status and financial status. From the aspects of customers and enterprises, this paper explores the influence of policies on customers' intention to buy energy-saving cars and the influence of policies on enterprises' intention to research and develop energy-saving cars. Finally, the study finds that automobile companies' response to environmental protection policies has positive impacts on themselves

In real life, humans tend to maintain the status quo, although other options or choices are better than the original ones. This phenomenon is quite common in decision-making, and businesses will also cleverly use it. The paper analyzes the applications of status quo bias in catering services, medical treatment, and health care based on existing literature and experimental results. The result shows that status quo bias impacts the consumer’s decision-making. Lastly, the paper provides advice to solve the problems of how consumers can avoid falling into the trap, which is called the status quo bias: they should take their time to make decisions, for example, by weighing the advantages and disadvantages. Try to spend as much time discussing both the benefits and drawbacks of the suggested change as possible; this will prevent people from favoring one side of the argument.

This research explores BMW’s international marketing strategies, illuminating the company’s dynamic approach to global expansion and local market adaptation. Renowned for its luxurious and high-performance vehicles, BMW has successfully established a prestigious brand image worldwide. This study investigates the pillars of this international success, emphasizing its innovative product strategy, effective localization, comprehensive customer engagement, and commitment to sustainability. The study further dissects BMW’s market segmentation, positioning, and targeting approaches, which have helped the company build customer loyalty and generate a competitive advantage in diverse markets. The adaptability of BMW’s marketing mix—product, price, place, and promotion—across different geographic regions is also examined, underlining how the company balances standardization and customization. Additionally, the research reveals BMW’s increasing reliance on digital marketing and its impact on the brand’s global reach and customer experience. Lastly, the paper discusses BMW’s sustainability initiatives, shedding light on how the company addresses emerging global concerns and market demands, particularly the transition towards electric vehicles. This comprehensive study provides insights that may guide other multinational corporations in designing and implementing their international marketing strategies. It also contributes to the academic literature on international business and marketing by providing a nuanced understanding of how a premium automotive brand like BMW navigates complex and diverse global markets.

The ABACUS deal involving Goldman Sachs was a significant event with profound consequences for Goldman Sachs and far-reaching implications for the financial industry. This paper will primarily analyze the impact of the ABACUS deal on Goldman Sachs and demonstrate the application of SWOT analysis in case studies. The entire paper will be divided into three sections according to the subheadings, with each section progressively building upon the previous to substantiate the viewpoints mentioned in the following paper. In the introduction section, the paper provides readers with a transaction overview, including the background, key players, and regulatory responses of the ABACUS Scandal, giving them a preliminary understanding of the research subject. Following that, the paper presents the process of demonstrating the internal and external impacts of the ABACUS Scandal on Goldman Sachs using the SWOT analysis, including considering the strengths, weaknesses, opportunities, and threats of the event. Lastly, the paper will summarize the findings regarding the aforementioned issues in the conclusion section, along with reviewing some shortcomings and limitations concerning research approaches, logical coherence, and other aspects. At the end of the paper, you will see both positive and negative effects on Goldman Sachs throughout the ABACUS deal from four aspects: strengths, weaknesses, opportunities, and threats.

Based on the supply shocks in the 1970s and 2020s, this study discusses the similarities and differences between the two periods qualitatively. While both periods experienced price increases due to reliance on imported oil and stock market crashes, there are distinct factors that make a repeat of stagflation unlikely. The current labor market remains strong, and inflation is showing signs of slowing down. In addition, the bargaining power is weaker now than in the 1970s; higher productivity resulting from innovative technology and the trend of a more integrated global economy, which help to mitigate the impact of inflation. Policy solutions are proposed to address the challenges of easing supply pressure, promoting industrial development, and ensuring employment. The three key policy suggestions are as follows: energy transition incentives, research and development grants, skills development initiatives. By adopting these policies, it is believed that governments will address supply pressure, foster industrial development and promote employment.

Along with the growing trade conflict between China and the America, many Chinese industries have been affected by it. The impact on the Chinese chip industry is particularly dramatic. Depending on some studies, due to the deteriorating relationship between these two big countries, the United States has implemented many restrictive policies on Chinese chip industry, such as limiting technical support from U.S. companies to Chinese companies and requiring licenses for related companies to cooperate with Chinese companies. This series of initiatives on the Chinese chip industry is a huge impact, but also greatly influence the trend of the Chinese chip stock market. This study uses the ARIMA model to estimates the chip index without U.S.-China trade conflict The model based on weekly data finds that in the ultra-short term, the influence of the trade war on the chip index is relatively small. The model based on monthly data finds that in the short term (4 months) the average effect of this conflict on the chip index is about -3.29%.

As the Chinese real estate industry has experienced a rapid development phase, hidden risks and issues have started to emerge in its industry. Factors such as insufficient population demand, the issue of industry bubbles, companies facing insolvency, and the global economic downturn have led to the closure of many private real estate enterprises and a downturn in the overall real estate market. Taking Yuexiu Property as an example, this study analyzes and summarizes its financial performance and strategic operational direction, in order to derive operational strategies applicable for real estate companies to cope with the new situation. The study found that the growth momentum of the real estate market under the new circumstances is insufficient, and companies cannot rely on high leverage to acquire more land reserves. Deep transformation and development into integrated development operators, as well as diversifying the business chain, are the optimal strategies for all companies in the current situation.

This paper investigates the impact of the COVID-19 pandemic on the hospitality industry, with a specific focus on Airbnb as a case study. Through an in-depth analysis, this paper uncovers the disruptions and transformations experienced by the hospitality industry due to COVID-19. Examining the case of Airbnb sheds light on the complexities and vulnerabilities inherent in the sharing economy model. The study showcases the unique challenges Airbnb faces in the Chinese context and evaluates the effectiveness of the strategies employed to sustain operations. It provides valuable insights into Airbnb’s decision-making processes and gives alternative solutions that could be helpful. By combining the findings from this case study, this paper offers practical assessments and recommendations for the future development of the hospitality industry. In conclusion, this paper provides a comprehensive examination of the impact of COVID-19 on the hospitality industry through the lens of Airbnb.

This research delves into the different types of household investors, based on a comparison of short-term and long-term investment strategies. The study uses the ADX and APO indicators to simulate the active short-term trading strategy of the investment portfolio of ['AGG', 'GLD', 'SHY', 'SPY'] and SSE as the treatment group. Meanwhile, the long-term fixed holding strategy of 10 years from 2013 to 2022 and 5 years from 2018 to 2022 serves as the control group. The evaluation indicators include cumulative annualized return, standard deviation, Sharpe ratio, and Sortino ratio. The research discovered that for conservative investors, the active short-term trading strategy based on the ADX indicator may be more appropriate for them who have an investment portfolio of ['AGG', 'GLD', 'SHY', 'SPY']. At the same time, the active short-term trading strategy based on the APO indicator may be more suitable for those investing in the SSE. For household investors pursuing high returns, the long-term holding strategy may be more advantageous for investment portfolios of ['AGG', 'GLD', 'SHY', 'SPY'] and the SSE. And for those seeking a high benefit-risk ratio, the active short-term trading strategy may be more fitting. This research places emphasis on considering the risk tolerance of various investors, providing a reference for household investors to choose appropriate investment strategies for different investment targets. In terms of policy recommendations, household investors should select an investment strategy that suits their risk tolerance and investment goals by drawing comparisons with this research.