Abstract:In this paper，we focus on public-private partnership projects whose revenue depends on charges collected from users．We investigate whether the government should extend the private sector’s operation period when the demand unexpectedly declines so that Pareto improvement can be achieved for both the private sector and consumers．Our results show that ( 1) in some scenarios the Pareto-improvement can be achieved by solely dropping price without need for an extension of the operation period; ( 2) when an extension is needed to realize the Pareto-improvement，the added period depends on the operation costs and renegotiation costs of the government and the private sector，respectively．Our study intends to provide theoretical support for the government when making operation period extension decisions．

Abstract:Considering the characteristics of volatility with regime switching of the stock market and the misspecification of the parametric model，the paper proposes a nonparametric GARCH model with Markov regime switching，and uses nonparametric estimating technique to estimate the volatility．We classify the volatility of China’s stock market into three states: the fall，the consolidation and the rise．We estimate and forecast the volatility of both Shanghai and Shenzhen stock markets using parametric and nonparametric GARCH models with Markov regime switching，and then we evaluate the performances of these models using MSE1，MSE2 and QLIKE．The result shows that the parametric and nonparametric MRS-GARCH model in which the error term follows a normal distribution is more accurate．Based on these models，we estimate the dynamic VaR of the return of Shanghai composite index and Shenzhen component index of China’s stock market．Then，using Kupiec back testing，we evaluate the performances of these models to predict the market risk．It is concluded that the parametric and nonparametric MRS-GARCH models can both estimate the VaR of China’s stock market well，and what is more，the performance of the nonparametric MRS-GARCH model is better than that of the parametric MRS-GARCH model．

Abstract:We develop a CDM-TM-FF3 and a CDM-HM-FF3 model to investigate the mutual funds’timing ability by dividing the mutual funds into three segments and incorporating the information variables to reflect the changes of Beta． The results demonstrate that the proposed timing ability models are suitable to reveal the fund’s timing ability in various segments of funds．In the stock market and bond market，many mutual funds show significant timing ability．The stock oriented mutual funds have a better timing ability in the bond market while the bond oriented mutual funds have a better timing ability in the stock market．The hybrid mutual funds show a strong timing ability in both the stock market and bond market since their portfolios are less restricted．

Abstract:Public confidence on the warning message of unconventional emergency events is critical for emergency response and the minimum loss of life and property．Through a survey，differences of the warning effect of Web channels of unconventional emergencies information are compared．Based on organizational trust integration models and researches about media credibility，a conceptual model of web media credibility is proposed and estimated by means of structural equation modeling with partial least square method．The findings show that the significant factors of credibility are different for the channels．The result provides implications for unconventional emergency events information dissemination．

Abstract:Two important gaps exist in the business and information technology ( IT) alignment ( BIA) research．First，the social dimension of BIA implied the context with the hypothesis of CIO-CEO proximity cannot explain the new context without CIO-CEO proximity．Second，the intellectual dimension of BIA focuses on the“realized IS strategy”while ignoring the“intentional IS strategy”．In this paper，we address both of these gaps by considering the social dimension of BIA under the context without CIO-CEO proximity．A novel BIA framework，antecedents-prior alignment-realized alignment，is proposed based on strategic management theory． Case studies in China show that both business implementation success and CEO beliefs influence prior alignment，remedy the deficiency of IT success history and shared knowledge，and form the crucial path to realize business-IT alignment in the new situation．The paper reveals the mechanism to realize the social dimension of BIA without CIO-CEO proximity，which provides a useful guidance for Chinese companies．

Abstract:Knowledge networks can be divided into local knowledge networks and ultra-local knowledge networks from the geographical perspective，both of them provide different kinds and natures of knowledge for clustered firms commonly．Based on the extant literatures of knowledge networks，knowledge integration and innovation，the paper empirically tests the relationship between dual embeddings and innovation capability by utilizing the data collected from five clusters of Zhejiang province，and the empirical results show that dual embeddings positively affects innovation capability，and clustered firms should achieve an organic integration of different networks to get heterogeneous resources and capabilities through embedding into both local and ultralocal networks．we also explore the mediation effect of knowledge integration between dual embeddings and innovation capability from the complementary knowledge integration and supplementary knowledge integration．

Abstract:Based on current job positions，job experiences and job knowledge，the research divides the directors into advisory directors and monitoring directors，and tests the effects of advisory and monitoring directors on board effectiveness in a sample of 1868 A-share stock market firms in China．The results suggest: the number of advisory directors is positively and significantly associated with board advising performance; the relationship between advising directors and advising effectiveness is positively moderated by the directors’firm-specific knowledge，firm’s advising needs and the CEO’s willingness to accept strategic advising from directors．Moreover，advisory directors may not diminish the effectiveness of board monitoring．Further，monitoring is associated with better board monitoring performances but weaker advising．Findings have important implications for both theory and practice regarding how to enhance board governance effectiveness．