Abstract:It is widely acknowledged that there is a high failure rate of entrepreneurship across the world． Although entrepreneurial failure brings emotional and financial costs for entrepreneurs，such experiences also provide them with unique entrepreneurial learning opportunities． Thus，a key factor to reduce social costs of entrepreneurship is to activate venture losers’passion of persisting in their entrepreneurial endeavor． Using 306 020 samples selected from three panel databases including GEM，the World Bank and the Gelfand，the current study investigates the impact of entrepreneurs’prior entrepreneurial failure experience on the choice of entrepreneurship across different countries with different cultural and institutional environments． It is found that compared with entrepreneurs without failure experiences，entrepreneurs with prior entrepreneurial failure experiences are more likely to start entrepreneurship again． Such relationship is further amplified in countries with a looser culture and superior institutional environment． A three-way interaction among gender，culture and prior entrepreneurial failure is identified，which implies female entrepreneurs are more likely to restart entrepreneurship in countries with a looser culture． Our study embedded gender differences into entrepreneurial failure analysis，thereby extending prior studies from the perspective of culture and institutional environment．

Abstract:This paper explores how sequel movies can increase consumers willingness to watch and improve This paper explores how sequel movies can increase consumers willingness to watch and improve Internet Movie Database( IMDb) ， the paper finds that consumers are more willing to watch named sequels( vs．numbered sequels) ， and that consumers imagery accessibility plays a mediating role in this effect． However，this effect is moderated by movie themes． Specifically， for prospective sequels， consumers are more willing to watch named sequels( vs． numbered sequels) ; while for retrospective sequels， they are more willing to watch numbered sequels( vs． named sequels) ． This paper has strategic implications on how to build film brands by adopting different naming strategy， and on brand marketing for the whole cultural industry．

Abstract:Under the guidance of the national strategy of innovation-driven development， there have been a number of Ｒ＆D alliances among Chinese companies in recent years． Taking as the research object the companies of the ChiNext market that are both active in Ｒ＆D alliances and innovation activities， the paper analyzes the mechanism of Ｒ＆D alliances and their impact on innovation． Our results， derived from propensity score matching method and difference-in-differences regressions， show that Ｒ＆D alliances have a positive effect on technological innovations． Companies that have Ｒ＆D alliances are better than companies that have not measured in different indicators that reflect innovation capability: The patent， the invention， technological diversification and innovative breakthroughs metrics all show a positive and robust effect of a Ｒ＆D alliance on innovation capability． Moreover， Ｒ＆D alliances have a lagging effect on technological innovation which increases first and then decreases with time． In addition， the governance structure of the Ｒ＆D alliance has a moderating effect． Compared with joint ventures， non-joint ventures have a greater role in promoting innovation． This paper provides theoretical and empirical evidence for the synergies of Ｒ＆D alliances in Chinese companies， as well as meaningful policy implications for the government and firms to enhance innovation capability．

Abstract:This paper studies the optimal licensing scheme for a partially privatized public innovator under information asymmetry． It is confirmed that the separating contract strictly dominates the pooling contract for any level of partial privatization． Compared to the excluding contract，the separating contract is superior and emerges as the ultimate equilibrium when the privatization ratio is low; otherwise，the excluding contract becomes the ultimate equilibrium． Given the optimal contract，the public innovator is more likely to prefer a fixed fee when the privatization ratio is relatively small，but is more likely to prefer a royalty when the privatization ratio becomes large． From the perspective of welfare，the separating contract is often associated with the highest social welfare，while the excluding contract never yields the highest social welfare．

Abstract:Assuming that both theon-grid electricity volume of power generation companies and carbon price follow Geometric Brownian Motion， two real option models for carbon emission reduction investment considering revenue floors are proposed for the two cases of with no operating cost and with operating cost respectively．Then the optimal revenue floor and the implementation duration for emission reduction are discussed． The results of the empirical analysis show that: 1) The revenue floor can incentivize power generation companies to invest in carbon emission reduction， but the optimal implementation duration may be less than the operating life of the equipment; 2) The optimal revenue floor is consistent with the lowest investment threshold of carbon emission reductions of power generation companies; 3) In the absence of operating costs， the revenue floor policy can save subsidy funds compared with the direct subsidies policy． However， whether subsidies funds can be saved depends on factors like on-grid electricity volumes in the case of operating costs．

Abstract:Secretary problem involves a sequential of observations and related selection，and describes a dynamic information search and decision-making process． To overcome the limitations of existing heuristics in finding satisfactory solutions，the paper proposes a new heuristic based on the relative ranking of the current option in the observed options，the number of subsequent options，and the decision makers’aspiration level which can be set flexibly to determine the result orientation of the heuristic． Deduced results and simulation evidence show that the proposed heuristic is superior to the existing heuristic methods in terms of the expected ranking，stability of the final selected option，and the avoidance of the risk solution．

Abstract:Volatility forecasting attracts extensive attentions in both finance and computation areas． However，high frequency CNY exchange rates with main stream currencies have not been thoroughly studied due to the lack of the dedicated forecasting model that can capture the dynamics of CNY rates． This paper fills the knowledge gap by，firstly，proposing a two-component hybrid volatility model based on a neural network，which is composed of a low-pass filter，the machine-learning algorithm，and the traditional autoregressive model，and secondly，studying the forecasting performance thoroughly using the one-hour and one-day realized volatility constructed from high frequency rates of six major rates: GBP /CNY，USD/CNY，AUD/CNY，EUＲ/CNY，JPY/CNY，and CHF /CNY． The predicting results are compared with component GAＲCH，EGAＲCH and neural network only models． The experimental evaluations show that our proposed model outperforms the traditional models in CNY forecasting volatility significantly and consistently across all forecasting horizons．

Abstract:Credit rating is to differentiate the risk of different customers． However，most existing methods either fail to guarantee that the credit rating meets the criteria “the higher the credit rating，the lower the loss rate”，or fail to differentiate the customers with different default possibilities to the greatest possible degree．Therefore，the existing credit rating method cannot be used as an effective tool for loan decisions． This study gives credit grades according to the above criteria． The innovations are: firstly，credit grades are divided by taking the maximum difference between the cumulative frequency of non-defaulting customers and that of defaulted customers as the objective function and taking“the higher the credit rating，the lower loss rate”as the main constraint，so that the credit grades meet the above dual criteria; Secondly，a new algorithm for credit rating by setting the intervals of random segmentation points is proposed． The algorithm avoids that problem that a front division point may be designated to customers in the back，resulting in the failure of grading customers in the back． Finally，this study uses 3 045 small businesses from a Chinese bank for empirical study，and the results show that the credit grades thus derived meet the above dual criteria．