Market Order Research Articles

Research on the Protection of Minority Shareholders' Rights in the Context of Major Shareholders' Expropriation: A Case Study of Pangda Group

In the context of the rapid development of the capital market and the frequent occurrence of expropriation incidents by major shareholders, this paper analyzes the process and methods by which the major shareholder of Pangda Group expropriates the listed company. Using event study methodology, the excess returns and cumulative excess returns are calculated to assess the negative impact of major shareholders' expropriation behavior on the capital market. The paper also proposes a series of suggestions for the protection of minority shareholders' rights under the expropriation of major shareholders, including the identification of warning signals and strengthening supervision, improving the collective litigation system, and introducing institutional investors to assist minority shareholders in participating in corporate governance and defending their rights. These suggestions aim to provide guidance for the protection of minority shareholders' interests in listed companies and contribute to the maintenance of order and healthy development of the capital market.

Research on the Identification and Prevention Mechanism of Accounting Fraud in Listed Companies

This study aims to deeply analyze the phenomenon of accounting fraud in listed companies, and build a set of effective identification and prevention mechanism through the comprehensive discussion of their causes, means and influences. This paper analyzes the common form and concealment characteristics of accounting fraud, and reveals the serious damage of fraud to the companies financial situation, investors interests and market order. Furthermore, from the dimensions of internal control, external supervision, legal punishment and so on, targeted preventive measures and suggestions are put forward, in order to provide strong theoretical support and practical guidance for listed companies, regulatory agencies and investors, and jointly maintain the healthy and stable development of the capital market.

Research on the Problems and Countermeasures of Internal Control Information Disclosure of Listed Companies under Short Selling Mechanism

As an important mechanism for safeguarding the stability and integrity of enterprises and resolving risks, the transparency and accuracy of internal control disclosure plays a crucial role in maintaining market order and protecting investors' interests. This study takes Luckin Coffee and Starbucks Coffee as case studies, examining the disclosure behavior of listed companies under the short-selling mechanism and makes suggestions on the problems of corporate internal control. The study finds that the quality of internal control disclosure of listed companies under the short-selling mechanism is generally characterized by problems such as inadequate and untimely disclosure. In order to address these problems, this study makes a series of feasible suggestions: listed companies should strengthen and improve their corporate governance structure and establish a complete and efficient internal control system.

A Financial Fraud Prediction Framework Based on Stacking Ensemble Learning

With the rapid development of the capital market, financial fraud cases are becoming increasingly common. The evolving fraud strategies pose significant threats to financial regulation, market order, and the interests of ordinary investors. In order to combine the generalization performance of different machine learning methods and improve the effectiveness of financial fraud prediction, this paper proposes a novel financial fraud prediction framework based on stacking ensemble learning. This framework, based on data from listed companies, comprehensively considers financial ratio indicators and non-financial indicators. It uses the stacking ensemble technique to integrate numerous base models of machine learning algorithms for predicting financial fraud. Furthermore, the proposed framework has high versatility and is suitable for various tasks related to financial fraud prediction, addressing the problem of model selection difficulties in previous research due to different scenarios and data. We also conducted case studies on specific companies and industries, confirming the significant interpretability and practical applicability of the proposed framework. The results show that the recall rate and Area Under Curve (AUC) of our framework reached 0.8246 and 0.8146, respectively, surpassing mainstream machine learning models such as XGBoost and LightGBM in existing studies. This research study is of great significance for predicting the increasing number of financial fraud cases, providing a reliable tool for financial regulatory institutions and investors.

A Spatiotemporal Feature-Based Approach for the Detection of Unlicensed Taxis in Urban Areas.

Unlicensed taxis seriously disrupt the transportation market order, and threaten passenger safety. Therefore, this paper proposes a method for identifying unlicensed taxis based on travel characteristics. First, the vehicle mileage and operation time are calculated using traffic surveillance bayonet data, and variance analysis is applied to identification indicators for unlicensed taxis. Secondly, the mathematical model for identifying unlicensed taxis is established. The model is validated using the Hosmer-Lemeshow test, confusion matrix and ROC curve analysis. Finally, by applying methods such as geographic information matching, the spatiotemporal distribution characteristics of suspected unlicensed taxis in a city in Anhui Province are identified. The results show that the model effectively identifies suspected unlicensed taxis (ACC = 99.10%). The daily average mileage, daily average operating time, and number of operating days for suspected unlicensed taxis are significantly higher than those for private cars. Additionally, the suspected unlicensed taxis exhibit regular patterns in their travel origin-destination points and temporal distribution, enabling traffic management authorities to implement targeted regulatory measures.

Cosmopolitan nationalism as higher education policy? Converging and diverging discourses from China, Japan, and Korea

ABSTRACT This critical discourse analysis explores cosmopolitan nationalism as neoliberal reform within East Asian higher education (HE). Placing cosmopolitan nationalism within the Foucauldian genealogical oeuvre, we draw comparisons between Chinese, Japanese, and Korean HE policy to expand the theoretical basis of this emerging framework. Against this background, HE policy draws our gaze towards the tensions inherent to State-level demands for ‘enterprising’ units of human capital, or homo œconomicus. By producing graduates that are simultaneously internationalized and nationally-bound, HE pressures learners to incorporate the de-facto dispositions, skills, and credentials deemed necessary to the global market order. Here, policy maneuvers demonstrate a broadly analogous yet, unique predilection for nationalistic rhetoric during their resistance and accommodation of Western-led neoliberalism. Nonetheless, State responses to said hegemony demonstrate conflicting approaches to the knowledge economy and, for that matter, which citizens are deemed ‘worthy’ of the ‘right kind of’ education. Results indicate that, despite a shared cultural legacy, the socio-political realities of each HE provider engender, to varying degrees, friction between the intended and material outcomes of HE marketization. Thus, we seek to provide greater insight for scholars of educational markets to interpret the forces and mechanisms shaping neoliberal character-building, both regionally and in alternative contexts.

Cosmos-Politanism: Transhumanist Visions of Global Order from the First World War to the Digital Age

Inspired by developments in artificial intelligence, space engineering, and genetics, discussion of post-human visions of the future is now widespread, especially in the tech world. This reflective essay analyses various ideological configurations of “transhumanism,” a body of thought centred on the pursuit of radical human improvement through technoscientific intervention. It focuses on the political values and world-making projects transhumanists have advocated since the early twentieth century. We argue that transhumanism constitutes a significant strand of international political thought: transhumanists have articulated extraordinarily ambitious visions of global order. Through analysing the work of key transhumanists from the interwar era to the present, we show that assorted socialist and liberal iterations have aimed to overcome the irrationality of a state-centric international order, with projects ranging from Marxist accounts of a world state to anarcho-capitalist visions of market order through to dreams of space colonization. Analysing transhumanist world-making visions helps to clarify the political ideas underlying current techno-utopian projects and debates about existential risks to humanity.

The makings of the debtor: Morality tales and economic reasoning in contemporary neoliberal societies

This article explores both how the debtor became a key actor in contemporary society and relatedly how indebtedness went from being a deplorable, exceptional condition to be avoided to a normal everyday precondition of modern life. Personifying the credit side of futurity, possibilities, enjoyment or accumulation, the debtor is an ambivalent and precarious actor, never an end unto itself, but always a means to something else. The debtor is always embedded in cautionary tales. She or he needs to redeem and discipline her-/himself to become economically sound and accepted within the free market order. In line with this, while crucial for the functioning of neoliberal society, the debtor has not been a project or focus of neoliberal theory. This article explores how the debtor – despite debt being a prominent part of neoliberalism, was not theorized by neoliberals but by their critics both within academia and in activist circles.

Is “Collaborative Governance” or “Competitive Collusion” the effect of cross-ownership on corporate innovation

PurposeUsing Chinese A-share listed firms between 2007 and 2020 with 21,380 observations, we aim to examine the impact of cross-ownership on firms’ innovation output and explore the underlying mechanisms.Design/methodology/approachTo test the influence of cross-ownership on firms’ innovation output, this paper constructs an ordinary least square regression model. The explained variables are firms’ innovation output, including the total number of patent applications (Apply) and the number of invention patent applications (Apply_I). Considering the long period of patent R&D, we take the value of the explained variables in the following year for regression. Cross-ownership (Cross) is the explanatory variable; Control is the control variable; and ε is the regression residual term.FindingsWe find that cross-ownership significantly promotes corporate innovation output, indicating that cross-owners play an important role in “collaborative governance.” This finding remains unchanged after conducting a series of robustness tests. We also find that cross-ownership contributes to innovation output mainly through two plausible channels: the relaxation of financing constraints and reducing both types of agency costs. Further analysis shows that cross-ownership has a more pronounced influence on innovation output in those firms with higher equity restriction ratios and facing more competitive markets. Moreover, cross-ownership has a profound impact on firms’ innovation quality and innovation efficiency, thereby increasing firm value.Research limitations/implicationsThis study provides important policy implications. First, cross-owners should actively play their resource and supervision advantages to improve firms’ long-term development capability through the “collaborative governance” effect. Second, listed companies in China should be fully aware of the value of the cross-ownership and use the cross-ownership as a bridge to strengthen the cooperative relationship with firms in the same portfolio. Meanwhile, they need to pay attention to cross-ownership’s “collaborative governance” effect to provide an impetus for the healthy development of enterprises. Finally, government regulators should maintain appropriate supervision of the cross-ownership linkage in the market.Originality/valueOur findings show that cross-ownership significantly contributes to firms’ innovation output, indicating that cross-owners play the role of “collaborative governance.” While paying attention to the collusion effect of the cross-ownership, they shall not ignore its governance effect, for example, the promotion effect on the innovation level. Government regulators should appropriately supervise the cross-ownership linkage, which is conducive to maintaining the market order and driving the healthy development of the capital market.

Local multi-modal energy market for thermal–electric energy systems with consideration of temperature flexibility in heating subnetworks

District heating systems are critical in this transition towards climate-neutral energy systems as they enable a close coupling of thermal and electric energy systems. However, the operation of these multi-modal energy systems and adequate representation of conversion dependencies, such as from heat pumps, remain challenging.To address this challenge, a novel method is presented that incorporates the temperature of subnetworks of district heating systems into the market matching of a local energy market for thermal–electric energy systems. This market-based coordination approach includes a linear formulation of market orders tailored to the needs of consumers, producers, and prosumers in local multi-modal energy systems. Emphasis is put on the temperature flexibility of heat pumps that concurrently participate in both heat and electricity markets. Complementary market commodities are introduced to account for temperature constraints set by the market participants. The physical models of the district heating network and electric distribution grid are formulated linearly and incorporated into the market-matching.The proposed method is applied in a case study representing a German district heating system. We conclude that the temperature flexibility of heating subnetworks, and dependencies involved in energy conversion can be incorporated within a linear market-matching problem.

Development Problems and Suggestions for the Giant Salamander Industry

The Chinese giant salamander (<i>Andrias davidianus</i>), the American giant salamander (<i>Cryptobranchus alleganiensis</i>), and the Japanese giant salamander (<i>A. japonicum</i>) are precious aquatic protected animals that currently exist in the world. The latter two cannot be traded locally, whether wild or cultivated, and can only be protected, so they have not formed an industry. However, China allows the second generation of artificially bred offspring giant salamander to be traded and has already formed a factory scale breeding. The Chinese giant salamander has high economic value in food, health, medicine, beauty and other fields. In recent years, its artificial breeding industry has been widely developed in China and has a certain industrial scale. However, there are also many problems in the development of the giant salamander industry. In order to promote the high-quality development of the giant salamander industry and improve its quality, this article conducts research on the giant salamander industry, identifies existing problems, and provides suggestions. Firstly, this article analyzes the problems in the development process of giant salamanders from multiple perspectives, including management, service, market, research and development, and brand awareness. Secondly, corresponding industrial development strategies are proposed, including increasing regulatory efforts, enhancing service awareness, building market order, expanding sales channels, increasing research and development investment, reducing disease occurrence, extending the industrial chain, and strengthening brand awareness. Finally, the prospects for the development of the giant salamander industry are discussed.

Development and optimization of the qPCR-based rapid detection method for Chinese species of Sanghuangporus

Sanghuangporus, well known as ‘Sanghuang’, is a macrofungal genus accommodating 11 edible and medicinal species in China. With the prosperous development of ‘Sanghuang’ business in China, the fraudulent practice naming the products of other morphologically and phylogenetically related species as ‘Sanghuang’ happens frequently, which disturbs the market order of ‘Sanghuang’ business. To promote the healthy industrial development of Sanghuangporus and also prevent the loss of this macrofungal resource, we develop a qPCR-based rapid detection method in this study. Internal transcribed spacer sequences of Fuscoporia, Inonotus, Phellinus, Sanghuangporus and Tropicoporus were aligned to design Sanghuangporus-specific amplification primers and probe, which can specifically distinguish all 11 Chinese species of Sanghuangporus from species of other closely related genera. The concentrations of Sanghuangporus-specific primers and probe were optimized as 0.7 μmol/L and 0.5 μmol/L, respectively, where the qPCR has the minimum detectable DNA template concentration of 10−3 ng/μL. In summary, the current qPCR-based detection method was specific, sensitive and rapid for Chinese species of Sanghuangporus.

Data fraud in the carbon emissions trading market: A tripartite evolutionary game analysis from China

Data fraud affects the carbon emissions trading market order. This paper constructs a tripartite evolutionary game model among environmental authorities, power generation enterprises, and third-party verification agencies; systematically analyzes the evolutionary laws and evolutionary stabilization strategies of the three parties; conducts simulation analysis and parameter impact analysis of four carbon emission accounting scenarios, explores the causes of data fraud and puts forward policy implications. The research can provide the theoretical basis for the Chinese government to improve the carbon emission regulation system and can also be used as a reference for other countries' carbon emission data quality control.

Study on the Problems and Countermeasures of Tourism Market Supervision in Ethnic Areas

Ethnic regions are increasingly capturing the attention of tourists, thanks to their unique cultural heritage and natural resources, thus becoming indispensable growth points in the tourism market. However, the rapid expansion of the tourism sector has imposed heightened demands on regulatory mechanisms. Currently, the tourism market in these regions faces a myriad of challenges, including insufficient oversight, a lack of transparency in information, and varying quality among market participants. These issues not only diminish the visitor experience but also impede the advancement of sustainable tourism development. Consequently, there is an urgent need for a comprehensive and effective regulatory strategy to standardize market order and ensure tourism quality. This study analyzes the current state and challenges of the tourism market in ethnic areas and proposes a series of targeted recommendations, including the enhancement of the regulatory framework, increased enforcement efforts, improved information transparency, and the elevation of participant quality. These strategies aim to foster the robust development of the tourism market, enhance visitor satisfaction, and achieve sustainable growth in the tourism industry of ethnic regions.

Analysis on Innovation and Application of Anti-counterfeiting Technology of Printed Matter

This paper deeply focuses on the innovation and application of printed matter anti-counterfeiting technology, through a variety of advanced anti-counterfeiting technology principle, characteristics and rich application examples to carry out a detailed study, a comprehensive and in-depth analysis of its protection of product safety, resolutely prevent counterfeiting and fully maintain market order and other aspects of the key and important role. At the same time, the future development trend of anti-counterfeiting technology and the current severe challenges are deeply discussed, aiming at providing a very valuable and meaningful reference for the in-depth research and practical operation in related fields.

Common Institutional Ownership and Auditor Risk Response

Based on the data of China's Shanghai and Shenzhen A-share listed companies from 2010 to 2021, this paper investigates the relationship between a company's common institutional ownership and auditors' risk response behavior. The study shows that common institutional ownership drives auditors to increase audit investment and audit fees, which supports the collusive fraud effect. Further analysis reveals that the effect of common institutional ownership on auditor risk response behavior is more pronounced in firms with a higher degree of industry competition as well as in state-owned enterprises, and that Big Four auditors will be more sensitive to the collusive fraud effect of common institutional ownership and respond to this risk mainly by increasing audit investment. This paper not only enriches the research literature on the factors influencing auditors' risk response behavior and the economic consequences of common institutional ownership but also sheds light on how to improve corporate governance and regulate the market order in practice.

Neoliberalism Against Society? Spontaneous Order and Governance of Desire in Digital Societies

Critical scholarship often argues that neoliberalism has caused the ‘crisis’ or ‘destruction’ of society. Drawing on Foucault’s concept of power as ‘productive’ and focusing on digital societies, we argue that neoliberalism seeks not to dismantle society but to create societies that govern desires through market freedom. We explore Friedrich Hayek’s idea that a free society is not based on social well-being or equality, but on spontaneous norms arising from the market order. Digital societies, we contend, are neoliberal but not spontaneous; they emerge from the market order yet are shaped by algorithmic codes that intercept, manipulate, amplify, and promote the voluntary self-exploitation of individual desires. The article combines the latest critical scholarship on neoliberalism with a fresh interpretation of Hayek’s thought and recent work on digital societies and algorithmic governance, highlighting the often-overlooked role of desire in the neoliberal governance of the digital age.

Inspiration from the Deferred Prosecution Agreement: Based on Its Comparison with Chinas Compliance Non-prosecution System

Since the break out of the financial crisis in 2008, the US has attached more importance to economic surveillance. In order to avoid and fight against crimes which take place in big enterprises effectively, meanwhile, release the burden that the prosecution process might bring to companies, the legislature has come up with a new system called deferred prosecution and promoted its application in real practice. In recent years, the legislation has been widely used in many cases to tackle with the corruption problem, especially those happen in MNEs, who is powerful enough to play an essential role in global trade and economic growth, and has proved to be a success for it creates a balance between the benefit of MNEs and that of the country, purifying the market atmosphere and optimizing the market order. Similarly, China has a relevant system named Compliance Non-prosecution. However, there are some differences between two systems, also, application is still strictly limited in China. This essay aims at identifying the contrast of two systems and analysis the essence behind the differences, using cases from both China and the US as an example.

Geographical origin identification of cinnamon using HPLC-DAD fingerprints and chemometrics

The commercial value of cinnamon depends largely on its geographical origin. This study proposed high-performance liquid chromatography-diode array detection (HPLC-DAD) fingerprints combined with chemometrics to identify geographical origins of cinnamons. Alternating trilinear decomposition (ATLD) algorithm was applied to extract meaningful chemical information from the HPLC fingerprint data. Then, non-targeted HPLC fingerprints and chemical component information were used as chemical descriptors to distinguish geographical origins using principal component analysis (PCA) and partial least squares-discriminant analysis (PLS-DA)/N-way partial least squares-discriminant analysis (NPLS-DA). Satisfactory classification results were acquired for each discriminant model and the correct classification rates (CCRs) of training and test sets were 100%. Moreover, four characteristic variables were screened by variable importance in projection (VIP) method, three of which were reasonably identified as cinnamic acid, cinnamaldehyde and 2-methoxycinnamaldehyde, which can be regarded as potential markers to distinguish cinnamon from different geographical origins. The results indicated that HPLC-DAD fingerprints combined with chemometrics can be a promising means to identify the geographical origins and screen potential markers of cinnamon samples, especially in the absence of high-cost and sophisticated analytical instrumentals (e.g., high-resolution mass spectrometry and nuclear magnetic resonance spectroscopy). This work can help to prevent cinnamon fraud practices and maintain the normal order of the cinnamon market.

An agent-based approach to the limits of economic planning

AbstractMises’ and Hayek’s arguments against central economic planning have long been taken as definitive proof that a centrally planned economy managed by the government would be impossible. Today, however, the exponential rise in the capacities of AI has opened up the possibility that supercomputers could have what it takes to plan the national economy. The ‘economic calculation debate’ has thus reignited. Arguably, this is because neither Mises nor Hayek have given a clear and conclusive argument why central planning of the economy is impossible in principle. The paper frames the problem of economic planning as an agent–environment interaction, offering a taxonomy of the different sets of agents at play a) in a market economy and b) in a centrally planned economy equipped with the most sophisticated AI technology. The argument is that public institutions as planning bodies cannot replace the market order, no matter the AI technology behind them, for the elimination of the market entails the elimination of crucial kinds of agents that cannot be recreated or emulated through AI or careful social planning: the proactive action of entrepreneurs driving market allocation.