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This study aims to systematically review the literature in the fields of liquidity, informational efficiency and default risk. The authors outline the key research streams and provide possible pathways for future research.

The study adopts bibliographic mapping to identify the most influential studies in the research fields of liquidity, informational efficiency and default risk from 1984 to 2021.

The study identifies four key research themes that include efficiency and transparency of markets; corporate yield spreads; market interactions: bonds, stocks and cryptocurrencies; and corporate governance. By assessing publications published from 2018 to 2021, the authors also document seven key emerging research trends: cross markets, managerial learning and corporate governance, state ownership and government subsidies, international evidence, machine learning (FinTech approaches), environmental themes and financial crisis. Drawing on these emerging trends, the authors highlight the opportunities for future research.

Keyword searches have limitations since some studies might be overlooked if they do not match the specified search criteria, even though their relevance to the topic is under investigation. Adopt the R project to expand this review by incorporating more literature from other databases, such as the Scopus database could be a possible solution.

The four key research streams contribute to a comprehensive understanding of liquidity, informational efficiency and default risk. The emerging trends integrate existing knowledge and leave the chance for innovative research to expand the research frontier.

This study fulfills the systematic literature review streams in the fields of liquidity, informational efficiency and default risk, and provides fruitful opportunities for future research.

This paper aims to explore how intra-industry entrepreneurial experience and failure entrepreneurial experience affect novelty-centered business model design in a new venture. Moreover, the authors also consider whether the contingent value of entrepreneurial experience may differ according to competitive intensity.

A survey via questionnaire was conducted with 290 entrepreneurs and top managers from Chinese new ventures that provided the research data. Hierarchical regression analysis was used to test the proposed theoretical hypotheses.

The empirical results indicate that intra-industry entrepreneurial experience has an inverted U-shaped effect on novelty-centered business model design, whereas failure entrepreneurial experience has a negative effect on novelty-centered business model design. Furthermore, the authors also find that competitive intensity weakens the inverted U-shaped effect of intra-industry entrepreneurial experience on novelty-centered business model design.

This study offers new insights into the effects of intra-industry entrepreneurial experience and failure entrepreneurial experience on novelty-centered business model design and provides useful suggestions for new ventures to promote business model design.

Technical advantages embraced by blockchain, such as distributed ledger, P2P networks, consensus mechanisms and smart contracts, are highly compatible with addressing the security issues of transferring and storing judicial documents and obtaining the feedback and evaluation of judicial translation services in cases with foreign elements. Therefore, based on this, a consortium blockchain-based model for supervising the overall process of judicial translation services in cases with foreign elements is proposed.

Some judicial documents are required to be translated when there are language barriers in cases with foreign elements. The purpose of this paper is expected to address security issues, which is ignored, in the process of translating judicial documents.

The experimental results show that the model constructed in this paper can effectively guarantee the security and privacy of transferring and storing translated judicial documents in cases with foreign elements, and realize the credibility and traceability of feedbacks and evaluations of judicial translation services. In addition, the underlying network communications is stable and the speed for processing data can meet the requirements of practical application.

The research in this paper provides an innovative scheme for judicial translation services in cases with foreign elements. The model constructed is conducive to protecting the security of the transfer and storage of judicial documents and improving the efficiency and modernization ability of hearing cases with foreign elements.

This study aims to investigate the basic public service level in the Beijing-Tianjin-Hebei region under the impact of COVID-19.

This study constructed a basic public service-level evaluation system from the five dimensions of education, culture, health, social security and infrastructure and environment, and measures the basic public service level in 13 cities in Beijing, Tianjin and Hebei using the entropy method. The spatial pattern and dynamic evolution of the public service level are analysed from the perspective of dynamic trends in time series and spatial distribution, along with the reasons for the evolution of spatial distribution.

(1) The basic public service level in the 13 cities is generally on the rise, but the trend is unstable. (2) The basic public service level in space shows a general trend of attenuation from northeast to southwest, with significant spatial imbalance and orientation. (3) The regional differences first increase and then decrease. (4) The inter-group mobility of different basic public service levels is low, and cities with lower initial levels find it difficult to achieve leapfrog development. Moreover, the health service level of the region is still at a low stage, which is not conducive to effectively preventing and controlling the epidemic.

From the perspective of this research, the spatial pattern and dynamic evolution of basic public service were adopted to analyse the coordinated development of the Beijing-Tianjin-Hebei region. Furthermore, this study discusses how to improve the basic public service level to ensure sustainable operation in the region under the impact of COVID-19.

This study aims to examine how the interactions between the entrepreneur’s technical and market knowledge and the intra- and extra-industry ties affect resources acquisition.

The authors made a questionnaire from a sample of 300 high-technology companies located in the incubator in Xi’an, of which 165 were usable, and the final response rate was 55 per cent, the authors used optimal scaling regression analyses to analyze the data and test the hypotheses.

There is a positive relationship between the entrepreneurs’ knowledge and the resources acquisition. The effects of the technical knowledge and the market knowledge are contingent on the intra-industry ties and the extra-industry ties in different ways. In particular, an entrepreneur with technical knowledge has an easier access to required resources from the intra-industry ties than extra-industry ties. In contrast, an entrepreneur with market knowledge can obtain more easily the needed resources from the extra-industry ties than the intra-industry ties.

The paper conducted an empirical test of how the interactions between the entrepreneurs’ knowledge and industry ties affect the resources acquisition in the context of China’s emerging economy, which has not been studied in the current literature. This paper provides implications for entrepreneurs with technical and market knowledge in finding the right way to obtain needed resources through their industry ties.

Researchers continue to address the concept of self-disclosure because it is foundational for helping social networking sites (SNS) function and thrive. Nevertheless, the authors' literature review indicates that uncertainty remains around the underlying mechanisms and factors involved in the self-disclosure process. The purpose of this research is to better understand the self-disclosure process from the lens of dual-process theory (DPT). The authors consider both the controlled factors (i.e. self-presentation and reciprocity) and an automatic factor (i.e. social influence to use an SNS) involved in self-disclosure and broaden The authors proposed a model to include the interactive facets of enjoyment.

The proposed model was empirically validated by conducting a survey among users of WeChat Moments in China.

As hypothesized, this research confirms that enjoyment and automatic processing (i.e. social influence to use an SNS) are complementary in the SNS self-disclosure process and enjoyment negatively moderates the positive relationship between controlled factor (i.e. self-presentation) and self-disclosure.

Theoretically, this study offers a new perspective on explaining SNS self-disclosure by adopting DPT. Specifically, this study contributes to the extant SNS research by applying DPT to examine how the controlled factors and the automatic factor shape self-disclosure processes and how enjoyment influences vary across these processes – enriching knowledge about SNS self-disclosure behaviors. Practically, the authors provide important design guidelines to practitioners concerning devising mechanisms to foster more automatic-enjoyable value-added functions to improve SNS users' participation and engagement.

The problematic use of social media progressively worsens among a large proportion of users. However, the theory-driven investigation into social media addiction behavior remains far from adequate. Among the countable information system studies on the dark side of social media, the focus lies on users' subjective feelings and perceived value. The technical features of the social media platform have been ignored. Accordingly, this study explores the formation of social media addiction considering the perspectives of users and social media per se on the basis of extended motivational framework and attachment theory.

This study investigates the formation of social media addiction with particular focus on WeChat. A field survey with 505 subjects of WeChat users was conducted to investigate the research model.

Results demonstrate that social media addiction is determined by individuals' emotional and functional attachment to the platform. These attachments are in turn influenced by motivational (perceived enjoyment and social interaction) and technical (informational support, system quality and personalization) factors.

First, this study explains the underlying mechanism of how users develop social media addiction. Second, it highlights the importance of users' motivations and emotional dependence at this point. It also focuses on the technical system of the platform that plays a key role in the formation of addictive usage behavior. Third, it extends attachment theory to the context of social media addictive behavior.

The purpose of this study is to explore the transient characteristics of mixed-flow pumps during startup process.

This study uses a full-flow field transient calculation method of mixed-flow pump based on a closed-loop model.

The findings show the hydraulic losses and internal flow characteristics of the piping system during the start-up process.

Large computational cost.

Improve the accuracy of current numerical simulation results in transient process of mixed-flow pump.

Simplify the setting of boundary conditions in the transient calculation.

Merton’s model of capital market equilibrium under incomplete information predicts that contemporaneous stock returns are positively related to investor recognition and that future stock returns are negatively related to investor recognition. The purpose of this paper is to empirically investigate whether Merton’s theory holds true for the Chinese stock market.

This paper proposes the degree of shareholder base growth (SBG) as a proxy for investor recognition and examines the relationship between investor recognition and stock returns through a univariate analysis and Fama-Macbeth cross-sectional regressions based on A-Share listed firms.

The results show that investor recognition is nonlinearly and positively related to contemporaneous stock returns and is negatively related to future stock returns in contrast to the conclusions of Merton’s theory. A long-short trading strategy that involves buying stocks with the lowest SBG rate and that sells stocks with the highest SBG rate will earn an average monthly return of 3.615 percent.

Though Merton’s theory is not fully reflected in the Chinese stock market, investor recognition is considered an important risk factor in the Chinese stock market.

No works have yet investigated the validity of Merton’s “investor cognition hypothesis” in relation to the Chinese stock market. This paper strives to fill this gap.

Electrical capacitance tomography (ECT) and electrical resistance tomography (ERT) are promising techniques for multiphase flow measurement due to their high speed, low cost, non-invasive and visualization features. There are two major difficulties in image reconstruction for ECT and ERT: the “soft-field”effect, and the ill-posedness of the inverse problem, which includes two problems: under-determined problem and the solution is not stable, i.e. is very sensitive to measurement errors and noise. This paper aims to summarize and evaluate various reconstruction algorithms which have been studied and developed in the word for many years and to provide reference for further research and application.

In the past 10 years, various image reconstruction algorithms have been developed to deal with these problems, including in the field of industrial multi-phase flow measurement and biological medical diagnosis.

This paper reviews existing image reconstruction algorithms and the new algorithms proposed by the authors for electrical capacitance tomography and electrical resistance tomography in multi-phase flow measurement and biological medical diagnosis.

The authors systematically summarize and evaluate various reconstruction algorithms which have been studied and developed in the word for many years and to provide valuable reference for practical applications.