Tianjin University of Finance and Economics

Dynamic fund protection in markets with stochastic volatility and frictions: a double Heston model with transaction costs and its applications

This paper develops a pricing framework for Dynamic Fund Protection (DFP) contracts with lookback features under a double Heston stochastic volatility model with proportional transaction costs. The valuation leads to a multidimensional nonlinear partial differential equation (PDE...

Greening thy neighbor: The impact of cross-border high-speed rail network positions on transboundary air pollution in China

Existing studies mainly examine the environmental effects of high-speed rail (HSR) at the regional level, with limited attention to administrative border areas where pollution externalities interact with jurisdictional fragmentation. This study introduces the concept of cross-bor...

Does the national sustainable development plan for resource-based cities promote inclusive green growth in both “quantity” and “quality”?

Purpose In China, resource-based cities, being of vital significance for energy and resources, are confronted with severe threats such as depletion, environmental deterioration, and economic disequilibrium. Inclusive green growth, in response to the two predominant global trends...

The impact of institutional pressures on carbon mitigating behaviors of contractors: moderating roles of environmental leadership and cost perception

Purpose In the face of the escalating global climate change crisis, the construction industry, as an important contributor to carbon emissions, must proactively assume the responsibility of carbon mitigation. This paper aims to examine the influence of institutional pressures on...

Research on cross-industry production based on system dynamics under major emergencies

Purpose This study aims to investigate how supply chain disruptions caused by major public emergencies, such as geopolitical conflicts, affect firm performance and examines whether cross-industry production (CIP) can mitigate losses by repurposing capacity to produce contingency...

Sequencing thought into speech: Hippocampal functions in linguistic linearization

The hippocampus has traditionally been understood as a memory system central to episodic representation, spatial navigation, and relational binding. Recent findings, however, suggest that its functions may extend beyond memory to the organization of sequential information. This r...

Strategic breakthrough under ecological constraints: how biodiversity risk drives corporate mergers and acquisitions in China

Purpose This study examines how exposure to biodiversity risk shapes corporate merger and acquisition activities. Design/methodology/approach Using data on Chinese A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2012 to 2023, this study employs a two-way fi...

Pricing on Carbon Transition Risks: Carbon Emission Trading and Stock Returns

ABSTRACT Relying on the phased rollout of the carbon emission trading (CET) pilot policy, we estimate a staggered difference‐in‐differences (DID) model to identify how transition risks induced by carbon pricing policies are priced in stock returns. Our results show that after CET...

Never off the clock: how after-hours electronic communication affect boundary-spanning behaviors in construction projects

Purpose The purpose of this study is to examine the effect of leader after-hours electronic communication on employees' boundary-spanning behaviors in construction projects, while exploring the mediating role of perception of workplace objectification and the moderating role of p...