We examine the influence of social capital in the municipal bond market. Defined as the norms and networks that encourage cooperation, social capital is a social construct which captures a region’s level of altruism, trustworthiness, and propensity to honor obligations. We expect that municipalities with high social capital are more trustworthy and likely to honor their debt obligations, which will result in lower bond yields. Our findings confirm that the bonds issued by municipalities located in high social capital counties exhibit (...) lower yields compared to the municipalities located in low social capital counties. Our findings are also supported by bond prices in the secondary market, which shows that bonds from the municipalities located in high social capital regions have higher prices. Additional tests reveal that the influence of social capital is stronger for general obligation bonds, suggesting that social capital matters more for bonds where the willingness of municipalities to pay taxes is an important factor. Lastly, we document that the bonds of municipalities in high social capital areas are less likely to have insurance, suggesting that social capital may act as a substitute for bond insurance. (shrink)

In this article, based on the previous works, a new fractional-order financial model is put up. The chaotic behavior of the fractional-order financial model is suppressed by designing an appropriatePDϑcontroller. By choosing the delay as the bifurcation parameter, we establish the sufficient condition to guarantee the stability and the existence of Hopf bifurcation of fractional-order financial model. Also, the influence of the delay and the fractional order on the stability and the existence of Hopf bifurcation of fractional-order financial model is (...) revealed. An example is given to confirm the effectiveness of the analysis results. The main findings of this article play an important role in maintaining economic stability. (shrink)

BackgroundCoronary heart disease is closely associated with cognitive impairment, especially in severe cases of heart failure. However, it is unclear whether cardiac systolic function plays a role in the relationship between pre-existing CHD and cognitive impairment in subjects without clinical heart failure.MethodsIn total, 208 subjects from the First Affiliated Hospital of Xi’an Jiaotong University were recruited from June 2014 to January 2015, and were divided into CHD and non-CHD groups according to the inclusion and exclusion criteria. The global cognitive function (...) of all subjects was assessed by the Mini-Mental State Examination and cognitive impairment was defined as the score lower than the cutoff value. Left ventricular ejection fraction was measured using transthoracic echocardiograms. The relationship among pre-existing CHD, LVEF, and cognitive impairment was analyzed by multivariate logistic regression.ResultsIn total, 34 subjects met the criteria of cognitive impairment. Univariate analysis showed that the cognitive impairment prevalence in the CHD group was significantly higher than that in the non-CHD group. Multivariate logistic analysis revealed that CHD was significantly associated with a higher risk of cognitive impairment after adjusting for confounds except for LVEF. However, the OR of CHD decreased when LVEF was further corrected as a continuous variable, and LVEF was negatively associated with the risk of cognitive impairment.ConclusionPre-existing CHD is associated with a higher risk of cognitive impairment, and such an association can be considerably explained by reduced LVEF. An impaired cardiac systolic function may play a key role in the relationship between CHD and cognitive impairment among patients with pre-heart failure conditions. (shrink)

Due to the outbreak of the Coronavirus Disease-2019 pandemic and consequent confinement measures, young people are vulnerable to mental health problems. The current study compared a group of 440 young adolescents and a group of 330 emerging adults to investigate the extent to which perceived social support and psychological capital were differentially associated with mental health problems. Participants were asked to report their current psychosocial adaptation status during the COVID-19 pandemic, and data were collected via online questionnaires during a relatively (...) severe period of COVID-19 in China. Results of the multi-group path analysis indicated that the effect of perceived social support on mental health problems was mediated by PsyCap for young adolescents, but not for emerging adults. These results were discussed with respect to the mechanism of how social support and PsyCap serve as protective mental health factors for youth in the context of the COVID-19 pandemic. (shrink)

Workplace aggression has been established as a prevalent and detrimental issue in organizations. While numerous studies have documented the important role of leaders in inhibiting or accelerating workplace aggression, a systematic overview of the associations between different leadership styles and workplace aggression as well as its boundary conditions is still lacking. This study reports a meta-analysis investigating the associations between leadership and workplace aggression. Drawing on data from 165 samples, our results revealed that change-oriented, relational-oriented, and values-based and moral leadership (...) were associated with reduced workplace aggression. In contrast, passive and destructive leadership were associated with increased workplace aggression. Importantly, relative weights analyses revealed that ethical leadership was most strongly negatively associated with workplace aggression. Additionally, moderation analyses revealed that the associations between leadership and workplace aggression were, in some cases, moderated by power distance and rating sources, but independent of measurement time lag. Overall, the findings of this meta-analysis highlight the important associations between leadership and workplace aggression. Implications for future research and policy recommendations aiming to reduce workplace aggression are discussed. (shrink)

PurposeSpectators have a significant impact on match performances in soccer, but to what extent crowd support contributes to the technical and physical performances remains unclear. This study aimed to investigate the differences in terms of technical and physical performances with and without spectators; and identify the key factors differentiating between win and loss when playing with and without the presence of an audience.MethodsOur study examined 794 performance records from 397 matches during the 2019–2020 seasons in the Chinese Soccer Super League. (...) The least absolute shrinkage and selection operator -logistic regression was utilized to select significant predictors. Using an independent t-test and the Mann–Whitney non-parametric test explores the difference between matches with and without spectators. Key factors between win and loss were explored using univariate and multivariate logistic regression analyses.ResultsOur study found that cross, shots, and shot accuracy displayed decreasing trends whereas sprint distances presented an increasing trend without spectators comparing with the crowd support. Moreover, the above three technical variables were the main factors differentiating between wins and losses. Similarly, team and opponent quality remained important potential factors affecting the match outcome.ConclusionMatch outcome or team performance is determined by a myriad of factors, but there are clear differences in technical and physical performances between matches with and without the presence of an audience. Similarly, our study provides a better explanation for the impact of crowd support on match performances whereby coaches can deploy players and adjust match strategies for ultimate success. (shrink)

PurposeGiven the digital transformation of service businesses by providing online food services and the influence of online reviews on consumers’ purchasing decisions, this study examines how service recovery attributes in different stages influence relationship marketing strategies, i.e., relationship quality and customer loyalty after service failure. This study is built upon a revised service recovery cycle model by accounting for three stages and their corresponding attributes; whereon a conceptual stage model of service recovery is proposed. This conceptual stage model incorporates stages (...) of service recovery, their respective attributes, and how they influence relationship marketing strategies.Design/methodology/approachAn online marketing company was employed for data collection in 2019, which resulted in 301 valid responses. A Structural Equation Model was conducted with all the data to test the relationships between the constructs. The individual measurement model was tested using the Exploratory Factor Analysis and Confirmatory Factor Analysis. A structural model was estimated using AMOS to test all the hypotheses.FindingsThe findings demonstrate that the attributes paired with the first two stages of service recovery can significantly influence consumer loyalty in a positive state. The findings also manifest the intermediary role that relationship quality has played in the association of service recovery and consumer loyalty, which implies that the food delivery businesses could attain a more comprehended relationship quality with consumers through active and timely compensatory service recovery consumer loyalty to the food businesses.Originality/valueThis study examines how these different stages of the service recovery cycle influence the decision-making of relationship marketing strategies on the prerequisite of service failure. This study aspires to expand the service recovery research by objectifying a conceptual stage model of service recovery, incorporating stages’ recovery attributes and how these recovery attributes reciprocally influence relationship quality and customer loyalty. (shrink)

With the increase in depth of coal mining, the hydrogeological complexity largely increases and water inrush accidents happen more frequently. For the safety of coal mining, horizontal directional drilling and grouting techniques have been implemented to detect and plug the fractures and conduits that deliver high-pressure groundwater to coal mine. Taking the grouting engineering performed at Xingdong coal mine at 980 m below sea level as an example, we collected the data of grouting quantity, the loss of drilling fluid, gamma (...) value, water temperature, average water absorption, distance between grouting loss points, water pressure on coal seam floor, and aquifuge thickness at 90 boreholes in the mine to conduct grey relational analysis, first. The analysis showed that the grouting quantity was highly correlated with all other factors. Subsequently, grey system evaluation was used to evaluate the risk of water inrush from the coal seam floor. The results of risk analysis illustrated that three water inrushes from Ordovician limestone occurred in mining face 2127, 2125, and 2222 in the study area were all located in the area with a risk score higher than 65. Through grouting, the identified cracks were effectively blocked and waterproof layers beneath the coal seam floors were constructed to reduce the threat of water inrush. By comparing the risk assessment results with three water inrush cases before grouting operation, we found that water inrush areas were consistent with the area of higher risk. (shrink)

ABSTRACT Although scholars have long been interested in distinguishing gift giving from bribery, the impact of the degree of guanxi between a giver and a recipient on this distinction remains unclear. Drawing on a bystander perspective, this paper investigates how people distinguish between two types of giving behavior: gift giving and bribing. In three studies, we examined how guanxi, the price of a present, and the motivation for giving a present influence people’s perception of a present. The results largely supported (...) our expectation that presents were more likely to be considered a bribe when guanxi utility was high, if the present held high economic value, and if the giving motivation was instrumental-oriented. Implications of our findings for future research and business practitioners in Chinese culture are discussed. (shrink)

In the era of economic globalization, the competitiveness of products on a global scale is increasingly achieved through effective and sustainable strategies for brand development by the leaders. This paper conducts an empirical study on regional brand competitiveness influencing factors. A research model was proposed and tested by employing structural equation modeling. Data analysis was conducted using 214 valid questionnaires from two major producing areas in Jilin Province, China. Research results show that Brand Market and Government Guidance directly and positively (...) impact the regional BC. Regional Resource and industrial development indirectly impact the regional BC through the mediating role of BM and GG. BM is the most important factor affecting the regional BC. Based on this, the path to improve the competitiveness of traditional agricultural products under economic globalization is determined, and targeted countermeasures and suggestions are formulated for the existing problems. (shrink)

For enhancing the stability of the microgrid operation, this paper proposes an optimization model considering the small-signal stability constraint. Due to the nonsmooth property of the spectral abscissa function, the droop controller parameters’ optimization is a nonsmooth optimization problem. The Sequential Quadratic Programming with Gradient Sampling is implemented to optimize the droop controller parameters for solving the nonsmooth problem. The SQP-GS method can guarantee the solution of the optimization problem globally and efficiently converges to stationary points with probability of one. (...) In the current iteration, the gradient of the nonsmooth function can be evaluated on a set of randomly generated nearby points by computing closed-form sensitivities. A test on the microgrid system shows that the optimality and the efficiency of the SQP-GS are better than those of the heuristic algorithms. (shrink)

Research has revealed that child abuse experience can increase pathological Internet use; however, few studies have focused on the influence of child abuse experience on pathological Internet use. This study examined the mediating roles of security and maladaptive cognitions in the association between child abuse and pathological Internet use. A total of 918 Chinese university students participated in the study, with measurements of child abuse, security, maladaptive cognitions, and pathological Internet use being employed. Structural equation modeling results indicated that child (...) abuse could positively predict pathological Internet use, pathological Internet use through the mediating role of security, pathological Internet use through the mediating role of maladaptive cognitions, and pathological Internet use through the chain mediating role of security and maladaptive cognitions. These results indicated that security and maladaptive cognitions were the primary factors in the association between child abuse and pathological Internet use. (shrink)

The Securities and Exchange Commission (SEC) sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated company (...) has a sophisticated investor base that is expected to scrutinize ratings. The effect is not conditional on the risk profile of the rated companies. Taken together, our findings suggest that a conflict of interest stemming from investors’ preferences is likely to bias ratings under investor-pays business models, but scrutiny by the company’s investor base can counteract this bias. (shrink)

Ben shu nei rong bao kuo:zhong hua min zu dao de sheng huo zong lun,Yuan gu zhi zhan guo dao de sheng huo de ji ben zhuang kuang,Dao de guan xi ji wu zhong ji ben lun chang de que li,Li yi gui fan he li wen hua de xing qi yu hong yang,De hua tian xia yu dao de jiao yu zhi kai zhan deng.

With the rapid development of information age, various social groups and corresponding institutions are producing a large amount of information data every day. For such huge data storage and identification, in order to manage such data more efficiently and reasonably, traditional semantic similarity algorithm emerges. However, the accuracy of the traditional semantic similarity algorithm is relatively low, and the convergence of corresponding algorithm is poor. Based on this problem, this paper starts with the conceptual structure of language, analyzes the depth (...) of language structure and the distance between nodes, and analyzes the two levels as the starting point. For the information of a specific data resource description frame type, the weight of interconnected edges is used for impact analysis so as to realize the semantic similarity impact analysis of all information data. Based on the above improvements, this paper also systematically establishes the data information modeling process based on language conceptual structure and establishes the corresponding model. In the experimental part, the improved algorithm is simulated and analyzed. The simulation results show that compared with the traditional algorithm, the algorithm has obvious accuracy improvement. (shrink)