Abstract:Neuro information system is the application of cognitive neuroscience theories，methods，and tools in the field of information systems． It studies and solves the problems in information systems from a new methodological perspective． Neuro information system studies focus on three fields: System design and optimization， information service and decision-making，and social networks and interactions． The main research paradigms can be divided into three categories: The paradigm of information system experiment，the application of psychology and decision science in information systems，and the combination of multiple tasks and multiple methods． The methods of neuro information system can effectively make up for the disadvantages of traditional information system studies by controlling response bias，realizing the precise measurement of user’s psychological process，exploring the neural mechanism of user decision-making，and developing the method and theory of information system research． By exploring the problems which traditional information system have not solved or where there are still controversies，neuro information system study can enrich the existing theory，reveal the mechanism of user information decision-making，open the“black box”，and promote the information system to be“more objective”and“more in-depth”． The research theories and methods in neuro information system put forward a new historical mission for the scholars，and create new historical opportunities．

Abstract:This paper examines contemporaneous spillover effects of stock returns ( volatility) among Asian-Pacific markets，as well as the return predictability ( lead-lag relationship) ． With the spillover index，this paper characterizes return and volatility spillover effects，and subsequently tracks time variation in spillover effects with rolling window estimation． The upward trend in the spillover index is consistent with a maintained increase in financial market integration． The return spillover index of Hong Kong stock market shows a leading role and the growing influence in the Asian-Pacific region，and the volatility spillover index of Hong Kong market ranges widely and responds to financial crises． Further analysis shows that the development of Hong Kong stock market and the cooperation with other regions generate spillover，that the financial crisis induces large volatility spillover，and that the political instability reduces the spillover and results in a declining influence of Hong Kong． Moreover，this paper explores the lead-lag relationship among monthly stock returns and identifies a leading role of Hong Kong． Finally，the sub-sample analysis shows that the global financial crisis weakens the leading role of Hong Kong． The empirical results have important policy implications in helping us understand the risk contagion mechanism，how to enhance the macro prudential regulations in each country，and how to maintain the role of global financial center of Hong Kong．

Abstract:A crisis occurs when the financial instability is up to a certain degree． As the important growth point of global economic development，emerging markets suffered from the heavy blow of the financial crisis． Thus，it is imperative to study the financial stability of emerging markets． This paper mainly discusses the financial stability of the major stocks of BＲIC countries ( China，Ｒussia，India，Brazil) ，the representatives of the emerging markets． Different from the traditional methods in this field，this paper focuses on the influence of systemic shock on normal and extreme markets respectively． First，aquantile regression model is used to test the financial stability of the BＲICs． Then a variable coefficient quantile model is proposed to study the timevarying trend of the impact that systematic shock has imposed on their financial stability． Also，a time-varying analysis is conducted subsequently． The empirical result shows that each of the BＲICs has a certain degree of financial instability． China and Brazil suffers more severely from the systematic shock at the 5 percentages compared with India and Ｒussia recently．

Abstract:Based on historical operational loss data in Chinese commercial banks from year 1994 to 2012，a dynamical model containing different-time correlations is established to describe the mechanism of unexpected loss occurrence，transmission and evolution． The model takes into account the interactions among different event types，the spontaneous generation of losses and the economical capital reservation set by banks to cover expected losses． Through simulations of loss evolution model，unexpected operational risk loss scenarios ( low frequency high severity) and calculation of one-year VaＲ of total unexpected aggregate losses can be achieved． The empirical results demonstrate that the dynamical model is good for description of different-time dependence structures among event types and can pass the robustness test． At a high confidence level，additive sum of VaＲ systematically overestimates total risk and the degree of overestimation will go up with rising of confidence level． Internal fraud has become a main type of operational risk in Chinese commercial banks．

Abstract:Being an important global reference rate of the money market，the reliability of LIBOＲ is vital． Nevertheless，the shortcomings of LIBOＲ fixing mechanism came under the spotlight during the LIBOＲ scandal in 2012． This paper focuses on the calculation of LIBOＲ fixing mechanism and compares the differences in the effects of mitigating manipulation under different LIBOＲ calculation methods by a model of LIBOＲ fixing with manipulation behavior． The results provide a theoretical basis for the fixing mechanism of IBOＲ-class rates，especially for Shibor． The main results are: From the perspective of mitigating total manipulation， trimmed mean method is not necessarily better than average mean method; the superiority of calculation methods depends on the market environment; for trimmed mean method，increasing the number of panel banks does not always decrease manipulation．

Abstract:Since 2013，asset backed securitization ( ABS) has developed rapidly in Chin． However，there are few ABS backed with farmers’loans，and few related studies on the valuation of it． It is revealed that farmers’ loans are different from ordinary loans，with the features of small，short-term，and cyclical． The repayment behavior of farmers’loan is significantly seasonal，so that prevalent models are not applicable． The paper uses data comprised of 49 970 loans，issued by a rural commercial bank during the years between 2012 and 2014， as the underlying asset of ABS． Monte Carlo model is adopted to predict the future cash flow of the asset pool， and SV model is applied to fit the yield curve，then the present value of the expected cash flows is derived． The cash flow of the bond is divided into different credit tranches to devise a CMO ( collateralized mortgage obligation) ． It is found that farmers’loan securitization is helpful to relieve the liquidity risk of rural commercial banks．

Abstract:This study applies a role transition approach to examine how the progress of new venture creation affects work-family conflict ( WFC) ． The paper contends that the identity confusion accompanied by the role transition serves as a stressor and intensifies the conflicts between family members and the focal entrepreneur， especially when the new venture is operating at an“in-between”phase． The progress of new venture creation therefore exhibits an inverted U-shape relationship with WFC． Moreover，the impact of role transition on WFC varies with the level of social support to entrepreneurship． Analyses of 201 nascent entrepreneurs from China support the hypotheses．

Abstract:Collecting energy conservation and emission reduction ( ECEＲ) policies in Beijing，Tianjin and Hebei province from 1981 to 2014，this paper establishes an econometric model to analyze the effectiveness of these ECEＲ policies，the evolution of the policies and measures of ECEＲ in Jing-Jin-Ji． In addition，the different effects of various measures of ECEＲ by Jing-Jin-Ji is also explored． The results suggest that the promulgation of ECEＲ policies in Jing-Jin-Ji has experienced a relatively fragmented and continuous process in the early years，a significant increase in the number，and then a gradual increase in the overall strength of policies since the beginning of the new century． However，the increase in the total effectiveness of the policies in Jing- Jin-Ji is mainly due to the increase in the number of ECEＲ policies． In the evolution process of ECEＲ policies， Jing-Jin-Ji tends to achieve short-term goals and the policy-making shows a certain lack of systematicness and authority． The effectiveness of financial，personnel，fiscal and tax，and other economic measures of Jing- Jin-Ji has a significant discrepancy． There are obvious differences among the three regions in the manner and degree of the usage of different policies and measures，which is a huge challenge for Jing-Jin-Ji to coordinate to promote energy conservation and emissions reduction． In the end，this paper puts forward some relevant suggestions on the improvement of the usage of a single ECEＲ policy，the application of market instruments and Jing-Jin-Ji’s regional collaborative governance．