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An alliance portfolio can help latecomer firms to acquire the necessary knowledge and resources to catch up with market leaders. However, how latecomer firms construct an alliance portfolio in terms of the nature of windows of opportunity has not been fully analyzed. This paper aims to explore how latecomer firms can build appropriate coalitions according to the nature of the window of opportunity to achieve technological catch-up in different catch-up phases.

Based on a longitudinal case study from 1984 to 2018 of Sunny Group, now a leading manufacturer of integrated optical components and products, this paper explores the process of technological catch-up of latecomer firms building different types of alliance portfolio in different windows of opportunity.

This paper finds that there is a sequence when latecomers build an alliance portfolio in the process of catch-up. When the uncertainty of opportunity increases, the governance mechanism of the alliance portfolio will change from contractual to equity-based. Also, latecomer firms build market-dominated and technology-dominated alliance portfolios to overcome their market and technology disadvantages, respectively.

These conclusions not only enrich the theory of latecomer catch-up from the perspective of windows of opportunity but also expand research on alliance portfolio processes from a temporal perspective.

Emerging-market multinational enterprises (EMNEs) can choose focused or ambidextrous strategies to catch up with global market leaders through overseas foreign direct investment (OFDI). The Belt and Road Initiative (BRI), launched by the Chinese government in 2013, had a profound impact on Chinese multinational enterprises’ international behavior. This paper analyses how EMNEs select focused or ambidextrous catch-up strategies before and after the BRI, integrating ambidexterity and catch-up theories to provide a more nuanced understanding of the evolution of EMNE strategy.

A case study is well suited for deriving rich descriptions of empirical phenomena for which little theory exists. Because the existing literature has not yet fully explored and conceptually modeled the influence of windows of opportunity on international catch-up strategies, we use qualitative research to explore the mechanisms of strategy evolution in EMNEs.

The results show that the choice of catch-up strategy is influenced by the nature of windows of opportunity and the firm's accumulated technological capability. Specifically, the opening of institutional windows as a result of the BRI could give significant momentum to the international catch-up process by providing incentives and opportunities for EMNEs to enter more markets and new technology fields. The EMNEs studied underwent a transition from a focused strategy in the catch-up stage to an ambidextrous strategy in the beyond catch-up stage.

These conclusions can not only deepen our understanding of the dynamics of catch-up strategies in the global context but also enrich the research on the ambidexterity of EMNEs, especially in the context of the BRI.

Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries.

From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation.

The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information.

China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.

The purpose of this paper is to put forward countermeasures to ensure China's energy security based on an analysis of the world energy security situation and challenges China faces in the future in terms of energy security.

An induction approach is adopted to analyze the energy security situation of the world and that of China.

Although available energy resources can meet the medium and long‐term global energy demand, the world energy security faces lots of severe challenges in the aspects of demand and supply factors, infrastructure, geopolitics and strict environmental protection requirements, etc. China's energy supply security faces many challenges in the coming 20 ∼ 30 years or even in the long term. Taking external factors into consideration, the primary challenge is to ensure a stable and sustainable oil supply with reasonable prices. Though the external conditions are of great importance to China's energy security, the influences of domestic factors also need to be well recognized. With energy resources supply being the bedrock of energy security, the establishment of domestic energy market system and energy management framework will exert momentous impact upon the energy security. In addition, while the petroleum supply security is emphasized, attentions should at the same time be paid to the supply security of other energy products, especially to the supply of China's fundamental energy resource of coal.

The paper provides useful and timely analysis of world energy resources, world energy security situation and world economic performances.

To answer the questions: what roles windows of opportunity act in the catchup process of latecomers, what strategies latecomer enterprises should adopt to size windows of opportunity to catch-up with incumbents even going beyond?

This paper studies the catch-up history of the Chinese mobile phone industry and proposes a sectoral innovation system under scenario of technology paradigm shifts. Then a history-friendly simulation model and counterfactual analysis are conducted to learn how different windows of opportunity and catch-up strategies influence the catch-up performance of latecomers.

Results show latecomers can catch up with technology ability by utilizing technology window and path-creating strategy. However, catching up with the market is not guaranteed. Demand window can help latecomers to catch up with market as it increases their survival rates, different sized windows benefit different strategies. However, it also enlarges incumbents' scale effect. Without technology window technology catch up is not guaranteed. Two windows have combination effects. Demand window affects the “degree” of change in survival rates, while the technology window affects the “speed” of change. Demand window provides security; technology window provides the possibility of a breakthrough for technology ability.

The findings of this paper provide theoretical guidance for latecomer enterprises to choose appropriate catch-up strategies to seize different opportunity windows.

This paper emphasizes the abrupt change of industrial innovation system caused by technology paradigm shifts, which makes up for the shortcomings of previous researches on industrial innovation system which either studied the influence of static factors or based on the influence of continuous changes.

This study aims to investigate how high-speed railway (HSR) development affects urban construction investment (UCI) bond yield spreads based on China’s background.

This study constructs a quasi-natural experiment and adopts regression analyses to empirically examine the relation between HSR development and UCI bond yield spreads. The empirical analysis is based on a Chinese sample of 15,109 bond offering observations from 2008 to 2019.

The results show that HSR development reduces UCI bond yield spreads. Mechanistic analysis shows that HSR development increases land prices and the level of urbanization, which in turn lowers the UCI bond yield spreads. In addition, the impact of HSR development on UCI bond yield spreads is more significant at higher marketization levels and lower degrees of dependence on land finance cities where UCI corporations are located.

The results imply that transportation infrastructure improvement, such as HSR development, helps to enhance the credit of local governments and the solvency of UCI corporations and ultimately reduces the financing cost of UCI bonds.

This paper provides theoretical support and empirical evidence for the impact of transportation infrastructure construction on the implicit debt risks of local governments in China, which enriches the research on the “HSR economy” from a micro perspective and expands the research on the influencing factors of local governments’ debt risk.

The purpose of this paper is to investigate the economic relationship with recent changes in China’s land use policy and rural development through innovation and entrepreneurship.

The first issue of economic importance is in understanding the market value of land use rights (LUR) transactions. To examine this, the authors build an argument around the idea of economic and marginal rents from Ricardo. The second issue relates to the extent by which deepening the rural financial landscape by allowing the mortgaging of LUR will promote and advance much needed entrepreneurial activity. To explore this issue, the authors draw on Schumpeter. The empirical contribution is based on a survey of 1,465 farm households in Gansu, Henan, Shaanxi and Shandong provinces.

In an endogenous Two-Stage Least Squares model, the authors find a positive and significant relationship between a willingness to mortgage LUR and entrepreneurship, which suggest that the new policy may well meet that objective. However, the authors do not find that entrepreneurs alone will have a willingness to mortgage LUR; non-entrepreneurs – traditional farmer types – would also be willing to mortgage LUR, but with a caveat that either group already has a disposition or demand for credit.

The value of the analysis is to provide an evidence to understand the market value of LUR transactions and to study the relationship between mortgage of LUR and entrepreneurial activity.

The objective of this study is to examine how formal and informal institutional environment influences managers’ fair value opinion shopping behaviour in the largest International Financial Reporting Standards adopter, China.

To test the hypotheses, I conduct a 2 × 2 between-subject randomised experiment since the inferences about cause and effect are important in this study. The between-subject experimental situations are manipulated on the basis of the financial condition of companies and boards’ oversight.

I find that managers are likely to seek favourable fair value opinions from external valuation professionals when they are under the weak boards’ oversight and high stress to meet the regulation target of the China Securities Regulatory Commission. These results are more pronounced for managers with higher both rent-seeking and favour-seeking guanxi orientations are more likely to engage in fair value opinion shopping.

Consistent with theoretical analysis of Balfoort et al. (2017), this study provides empirical evidence that guanxi influences the neutrality and faithful representation in fair value measurement in China. In addition, the findings extend Salzsieder’s study (2015) and reflect the context-embeddedness nature of accounting.

The purpose of this paper is to study the influence of lubricant temperature-viscosity on the performance for a hydrodynamic journal floating ring bearing (FRB), including ring-journal speed ratio and stability.

The finite difference method was used to solve computational models of Reynolds equation, energy equation and temperature–viscosity equation. Dynamic coefficients were obtained based on the floating ring balance. The dynamic model of journal and floating ring was established to deduce the stability criterion of single mass symmetrical rigid FRB rotor system by the Routh–Hurwitz method. The outlet temperature and ring-journal speed ratio under different journal speeds were compared to experimental data.

The temperature–viscosity effect reduces the ring-journal speed ratio and stability of rotor system. According to theoretical and experimental results, the outlet temperature rises and ring-journal ratio drops when the journal speed rises.

The temperature–viscosity effect is combined with dynamic characteristics to analyze the stability of the rotor system and lubrication mechanism for an FRB. Influence of temperature–viscosity on the ring-journal ratio and multi-stable regions of system are studied.