Shanghai University of Finance and Economics

On the generalized McKean–Vlasov stochastic differential equations driven by time-changed Brownian motion

In this paper, we investigate a class of generalized time-changed McKean–Vlasov stochastic differential equations with two drift terms, one driven by the random change Et and the other driven by nonrandom time t. Firstly, we consider the existence and uniqueness of the solution t...

New Results on the Polyak Stepsize: Tight Convergence Analysis and Universal Function Classes

Abstract. In this paper, we revisit a classical adaptive stepsize strategy for gradient descent: the Polyak stepsize (PolyakGD), originally proposed in Polyak [ USSR Comput. Math. Math. Phys., 9 (1969), pp. 14–29]. We study the convergence behavior of PolyakGD from two perspectiv...

Global Regularity for the Three‐Dimensional Boussinesq System Involving One Velocity Component

ABSTRACT This article is devoted to the study of the Cauchy problem for the three‐dimensional Boussinesq system in Sobolev spaces. We first establish the global regularity of classical solutions to the fully dissipative system. Furthermore, we derive a new blow‐up criterion for t...

Staged Multi-step UTXO Workflows via Recursive Invariants

Stateless UTXO-style execution validates transactions using local and referenced data, enabling parallel validation and predictable serialized-size/weight accounting. However, multi-step workflows must thread state across outputs, and a prepared next-step transaction may become s...

Post-graduation identity work of Chinese international students in Madrid, Spain

This article examines the post-graduation identity work of a cohort of Chinese international students in Madrid, Spain. Drawing on 15 semi-structured interviews and longitudinal qualitative research with four focal cases, this study explores these participants’ feelings of anxiet...

Corporate environmental credit rating and social stability: Evidence from capital-labor conflicts in China's polluting industries

Mitigating capital-labor conflicts is essential for maintaining social stability. Using China's Enterprise Environmental Credit Evaluation System (EECES) as a quasi-natural experiment, this study examines the impact of corporate environmental credit rating on capital-labor confli...

Examining the Role of Race and Sector of Employment in Public Participation

With the racial gap in political-electoral participation well established in the U.S., less is known about racial disparities in other forms of public engagement in governance. This study examines racial differences across nine distinct public participation strategies. It also in...

Full-process control enables emissions trading to promote synergistic reductions in carbon emissions and pollution in China

This study examines the entire process of carbon and pollution reduction and assesses the effects of the emissions trading scheme (ETS) on the integrated outcomes of carbon and pollution reduction. The findings indicate that the introduction of the ETS not only leads to a decreas...

Public Charging Infrastructure Deployment and Credit Risk of Rural Commercial Banks in China: Evidence from Sustainable Mobility Infrastructure

This study examines the relationship between public electric-vehicle charging-infrastructure deployment and the credit risk of rural commercial banks in China. Using an unbalanced panel dataset of 180 RCBs across 10 provinces from 2016 to 2022, this paper employs a two-way fixed-...

Review of sharing economy studies using the bibliometrics method

Bibliometric methodologies have been employed in the field of the Sharing Economy (SE). This study aims to examine the evolutionary trends of SE research, particularly its integration with sustainable development and alignment with the Sustainable Development Goals (SDGs), utiliz...

Religiosity and Debt Maturity: International Evidence

ABSTRACT This paper examines the association between country‐level religiosity and corporate debt maturity. We develop competing predictions reflecting creditor‐ and borrower‐side channels through which religiosity may favor either shorter or longer maturity. Using 407,399 firm‐y...

The state-led reproductive boundary: Divisions and income disparity in mainland China's paid care work

This study examines how the state and the market shape income divisions among paid care workers in China's domestic service economy. We develop the concept of the state-led reproductive boundary to examine how state intervention, through certification, training, work arrangement,...

An \({hp}\)-Version Time Stepping Spectral Monte Carlo Method for Semi-linear Parabolic Equations

Abstract. In this paper, we present an [Formula: see text]-version time-stepping spectral Monte Carlo method for solving semilinear parabolic equations. The key innovation lies in constructing an exponentially accurate stochastic algorithm that integrates a residual iteration sch...

Phase-Engineered 1 T /2H-MoS2/SnS p–n Heterointerfaces for Enhanced Piezocatalytic Sulfamethoxazole Degradation

Abstract Piezocatalytic conversion of mechanical energy into chemical reactivity is attractive for water treatment, but rapid recombination limits strain-induced carrier utilization. Here, a phase-engineered 1T/2H-MoS2/SnS p–n heterojunction integrated metallic-phase conduction,...

Risk Transmission and Cascade Failures in Digital Economy Industrial Networks Under Emergency Impacts

With the background of emergencies and the digital economy industry as the core, this study collected data from China’s 2020 input-output table, used network analysis technology to establish digital economy industrial networks, analyzed the structural characteristics of industria...

How does public data openness strengthen urban economic resilience? Evidence from Chinese cities

Public data openness (PDO) has become an important component of digital government, but its effect on urban economic resilience (UER) remains insufficiently understood. Using panel data for 279 Chinese prefecture-level cities from 2011 to 2022, this paper exploits the staggered l...

Predictable Relative Forward Performance Processes: Multi-agent and Mean Field Games for Portfolio Management

Abstract. We introduce predictable relative forward performance processes (PRFPP) as a new framework for studying portfolio management within a competitive and incomplete market environment. Each agent trades a distinct stock following a binomial distribution with probabilities f...

How ESG performance alleviates corporate financing constraints: evidence from China’s A-share market

Using data on Chinese A-share listed firms from 2009 to 2023, this study examines whether and how ESG performance affects corporate financing constraints. The results show that better ESG performance significantly alleviates financing constraints. This conclusion remains valid af...

Digital technology innovation and supply‑chain risk: evidence from financial and operational channels

Firms commonly manage supply‑chain risk by tightening trade credit, holding safety stocks and maintaining spare capacity. These buffers, however, restrict transactions and tie up working capital. This article examines, through the lens of information frictions, how digital techno...

Quantifying informational illiquidity in corporate bond markets

We develop a structural credit-risk model to quantify the impact of information asymmetry on corporate bond pricing. In the model, bondholders (i) sell their bonds either to meet liquidity needs or to exploit informational advantages and (ii) have the option to credibly reveal th...