Abstract:With the development of internet technology and e-commerce，the effect of network externality on the sales of products becomes more and more important． Against this background，we explore the effect of network externality on pricing strategy． In this paper，we separate network externality into self-network externality and interactive network externality． We study on the impacts of different kinds of network externalities on the optimal market prices，market shares and profits． The main conclusions can be drawn as follows． Firstly，if only self-network externality exists，it has no effect on the optimal prices，while a significant influence on market shares and profits of different products． Secondly，if self and interactive network externality co-exist，the prices，market shares and profits of different products are all influenced by network externality．

Abstract:Management of megaprojects is a typical complex system． The characteristics of megaproject complexity，and how to solve such complexity，are popular in the field of project management． A conceptual model is established to study the effects of complex factors，such as decision relevance，cognitive ambiguity and bias，and limited knowledge，on megaproject management． Then，in a complexity framework of decision relevance and incomplete information，the complexities associated with megaproject management decisions are divided into four types: “chaos”，“conflict”，“relevance”，and “hybrid”complexities． In accordance with those four types of complexity，this paper proposes a“complexity degradation”theory that consists of four basic logical strategies: complexity exploration，complexity absorption，complexity decomposition，and complexity tolerance． The complexity degradation theory reveals a complex self-organization law in the practice of megaproject management decision-making，and illustrates the endogenous and dynamic evolutionary characteristics of the complexities involved in megaproject management decisions． Finally，the complexity degradation theory is verified through the management decision-making practices of a deck pavement project for the Hong Kong-Zhuhai-Macao Bridge，which provides an enlightening illustration of the complexity degradation theory and its application to megaproject management．

Abstract:This paper studies the mechanism of how handmade clues influence product quality evaluation．Three experiments conducted by the research find that: 1) consumers consider handmade clues as symbols of higher product quality than machine-made cues，indicating that handmade effects exist; 2) the above-men-tioned handmade effect is mediated by affective responses and cognitive associations; 3) the display fixtures moderate the influence of handmade clues on affective responses and cognitive associations compared with machine-made clues，and moderate the mediating effects of affective response and cognitive association on handmade effects; 4) consumers may attach a higher quality to handmade products in the separate evaluation model ( i． e． ，when handmade products are displayed by themselves) relative to the joint evaluation model ( i． e． ，when handmade and machine-made products are displayed together) ． The conclusions of this study may be helpful to improve the handmade effect theory，and improve enterprise’s handmade product marketing．

Abstract:On the basis of Becker and Murphy’s theory of rational addiction，this paper makes an extended study． Under the assumption that the life expectancy of addicts is limited，a rational addiction model with finitetime horizon is constructed，and the explicit expressions of optimal addictive consumption and addictive capital are obtained by using the optimal control theory． Studies show that with the increase of life expectancy，rational addicts will reduce their addictive consumption． The addictive consumption is related to the addict’s risk preference and degree of patience and the depreciation rate of addictive capital． The optimal consumption paths demonstrate two typical patterns-monotonically increasing or first slowly decreasing and then rapidly increasing with age． Based on the data of cigarette and alcohol consumption from CHNS，the new model is briefly investigated from an empirical perspective． The study also indicates that in the process of controlling and eliminating harmful addictive behavior，more attention should be paid to the individual characteristics of addicts and addictive goods themselves．

Abstract:In this paper，regulatory penalty and regulatory forbearance are incorporated into the deposit insurance pricing model under the framework of Merton ( 1978) ． The relationship between deposit insurance price and risk preference of bank is analyzed． Initially，there is a negative relation between premium rate of deposit insurance and the asset-deposit ratio of bank． When the intensity of regulatory penalty is larger，the risk preference of bank becomes smaller and the premium rate of deposit insurance is smaller． It means that regulatory penalty plays an important role in keeping the finance system stable． In addition，the risk preference of banks and the premium rate of deposit insurance are both larger when the coefficient of regulatory forbearance is smaller． Moreover，the premium rate of deposit insurance of city banks was greatly affected by both the subprime crisis in 2008 and the stock market crash in 2015，while that of state-owned banks was almost not affected，and that of joint-stock banks was affected to a very minor degree．

Abstract:Tail risks of portfolios measured by the lower partial moment ( LPM) can be decomposed into idiosyncratic tail risk，systematic tail risk and hybrid tail risk． This paper studies the pricing functions of the three types of tail risks on the expected return of assets． The evidences from China A-share market show that: 1) idiosyncratic tail risk has a significantly negative correlation with the expected return of cross-sectional assets．2) There is a significantly positive correlation between hybrid tail risk and the expected returns of assets．Hence，hybrid tail risk has a strong positive pricing power which is stronger than the market beta and downside beta． 3) Systemic tail risk has the weakest impact on the expected return of assets． 4) The portfolio returns difference series based on the idiosyncratic tail risk and hybrid tail risk are tested by the four-factor model，and the time series regression shows significant four-factor alphas for both tail risks． This shows that the relationship between idiosyncratic and hybrid tail risk and the expected returns of assets cannot be explained by the four-factor model．

Abstract:Based on listed firms in China A-share market from 2003 to 2015，this paper investigates how different types of income smoothing affect future crash risk． Our empirical results show that income smoothing has no impact on future crash risk． However，after decomposing income smoothing into informative income smoothing and garbling income smoothing，informative income smoothing significantly reduce crash risk while garbling income smoothing significantly increase crash risk． In additional tests，our results show that the information environment has a significant impact on the effect of income smoothing on future crash risk． When the information environment is poor，informative income smoothing ( garbling income smoothing) has more significant negative ( positive) impact on crash risk． This paper not only provides evidence on what factors affect crash risk but also helps us to better understand how income smoothing works in capital markets，which is meaningful to reduce crash risk and maintain the safety and soundness of capital markets．

Abstract:Shanghai-Hong Kong Stock Connect is a major innovation for the liberalization of China’s capital market，which has drawn wide attention from the society and academia recently． Considering Shanghai-Hong Kong Stock Connect as a natural experiment and employing the database of Chinese listed firms from 2009 to 2016，the propensity-score-matching and difference-in-difference model ( PSM-DID) are used to examine how capital market liberalization influences stock price crash risk． The results show that，firstly，compared with the non-Shanghai-Connect stock，the implementation of the Shanghai-Hong Kong Stock Connect significantly reduces the stock price crash risk of Shanghai-Connect firms listed in Shanghai Stock Exchange． Second，this negative effect mainly exists in firms with lower liberalization degree． Third，the mechanism that Shanghai-Hong Kong Stock Connect can reduce stock price crash risk lies in that Shanghai-Hong Kong Stock Connect enhances the information transparency of the Shanghai-Connect stocks and lowers the degree of noise trading．At last，additional evidence shows that Shanghai-Hong Kong Stock Connect has no significant effect on the stock price crash risk in Hong Kong market． These findings show that the openness of the capital market helps to promote its stable and healthy development． The conclusion of this paper not only extends the research on stock price crash risks，but also provides important implications for the regulatory authorities to further promote the openness of the capital market．