Internet Financial Risks and Investors’Risk Awareness--Evidence from Transaction Data of Online Lending Platforms

For the first time,this paper uses the operation data of 575 online P2P lending platforms to test whether investors have a strong risk awareness of online lending products.It is found that investors’behavior shows a certain risk awareness,both for the individual risk of specific platforms and for the overall market risk of the industry.On the one hand,raising interest rates and shortening the term does attract more investment,but for potentially problematic platforms,the effect of attracting investment is significantly worse,with excessive interest rates on the platforms even causing investors to invest less.On the other hand,when there are more online lending platforms in the market,investors will behave more cautiously.

Farmers' Perception and Awareness and Factors Affecting Awareness of Farmers Regarding Crop Insurance as a Risk Coping Mechanism Evidence from Pakistan

This study has been conducted in three districts of Punjab Province namely, Dera Ghazi Khan, Rajan Pur and Bahawalpur of Pakistan. The study showed the results of a survey of 300 farmers which was organized to assess awareness level of farmers regarding crop insurance, factors affecting the awareness level among farmers and the perception of farmers about crop insurance. Based on exploratory research work upon the responses of farmers, the average and standard deviation were calculated. Probit model was applied to explore the factors affecting the awareness level of farmers. SPSS was used for the analysis of the collected data. The results revealed that out of 300 farmers, 184 farmers were aware with crop insurance and rests of the 116 farmers were not aware. Banks and E-media were found to be the two most important sources of the awareness for the respondent farmers. In the study area, the climatic risks were reported as the most severe risks faced by the farmers. The results also revealed the existence of negative perceptions of the farmers about crop insurance i.e. farmers perceived crop insurance as a kind of tax and they believed premium was so high that it was out of range of poor farmers and only large scale farmers could afford it. Results obtained by applying Probit model revealed that ＂education＂ and ＂previously availed agricultural credit＂ were the two most important factors which affected the awareness of the farmers regarding crop insurance.

Knowledge and Awareness towards Chronic Kidney Disease Risk Factors in Saudi Arabia

Background: The risk of CKD is high in Saudi Arabia due to increasingly growing prevalence of its risk factors, such as diabetes, hypertension and obesity. Therefore, the objective of this study was to assess the level of awareness of Saudi population towards CKD risk factors in order to generate platform for future planning. Methodology: This study included 940 apparently healthy Saudi volunteers, their ages ranging from 17 to 65 years old with a mean age of 35 years. A purposeful questionnaire was designed and used for obtaining data about the CKD risk factors. Results: Out of 940 participants, 293 (31.2%) were males and 647 (68.8%) were females, giving males “females” ratio of 1.00:2.21. About 62.3% of the participants were found to believe that DM is one of the main risk factors for CKD, of whom, 74% were males and 57% were females. Approximately 60% of the participants were found believing that hypertension is one of the main risk factors for CKD, of whom 79.5% were males and 51.6% were females. Conclusion: There is an increasing in the prevalence of CKD risk factors among Saudi population. Although, the levels of awareness toward some CKD risk factors are relatively increasing, but more health education efforts are deemed importance.

Reachability-Based Confidence-Aware Probabilistic Collision Detection in Highway Driving

Risk assessment is a crucial component of collision warning and avoidance systems for intelligent vehicles.Reachability-based formal approaches have been developed to ensure driving safety to accurately detect potential vehicle collisions.However,they suffer from over-conservatism,potentially resulting in false–positive risk events in complicated real-world applications.In this paper,we combine two reachability analysis techniques,a backward reachable set(BRS)and a stochastic forward reachable set(FRS),and propose an integrated probabilistic collision–detection framework for highway driving.Within this framework,we can first use a BRS to formally check whether a two-vehicle interaction is safe;otherwise,a prediction-based stochastic FRS is employed to estimate the collision probability at each future time step.Thus,the framework can not only identify non-risky events with guaranteed safety but also provide accurate collision risk estimation in safety-critical events.To construct the stochastic FRS,we develop a neural network-based acceleration model for surrounding vehicles and further incorporate a confidence-aware dynamic belief to improve the prediction accuracy.Extensive experiments were conducted to validate the performance of the acceleration prediction model based on naturalistic highway driving data.The efficiency and effectiveness of the framework with infused confidence beliefs were tested in both naturalistic and simulated highway scenarios.The proposed risk assessment framework is promising for real-world applications.

Consumers' Perception of Risks,Awareness of Products and Willingness to Pay: A Case Study of Organic Milk

Based on survey data from Ji'nan city and some other cities in Shandong province,this paper conducted a research on consumers' perception degree of the food safety risk,and the awareness degree about organic food. Then taking organic milk as an example,the factors affecting the customers' buy willingness to pay for organic milk were analyzed by binary logit model and the willingness to pay was also calculated. The results show that the consumers' food safety risk perception degree is high,and the awareness about organic food is low. The consumers' age,level of education,whether the family has children below 12 years old,whether the family has a man( woman) older than 60years,health situation self-evaluation,organic food cognition and food safety risk perception have significant effect on customers' willingness to pay organic food. According to the calculation,the consumers were willing to pay a price premium of 60% for organic milk above ordinary milk.

Toxoplasmosis among Saudi Female Students in Al-Ahssa, Kingdom of Saudi Arabia: Awareness and Risk Factors

Background: Toxoplasmosis is a worldwide disease that severely affects the fetuses and immunocompromised patients and results in many critical and life threatening conditions. The present study aimed to evaluate the awareness of toxoplasmosis and its preventive behaviors among female students in King Faisal University in Al-Ahssa. Subjects and methods: A cross sectional study was conducted in April 2014 among female students in KFU. The data were collected by a questionnaire from 88 participants. Results: Results showed that 65.4% were not aware of toxoplasmosis, and only 28.2% were aware of its complications or risk factors. This study showed that some people are at risk to get toxoplasmosis as they do not wash their hands with water and soap before eating (48.8%), do not wash the fruits and vegetables with water and soap (78.2%), drink tank water (51.3%) and cat owners don’t follow the proper measures for their cats. However, some people practice some of the preventive behaviors as they do not raise the cats (93.6%) and do not consume unpasteurized or unboiled milk (100%) or undercooked meat (92.3%). Conclusion: The current study proved the low awareness of toxoplasmosis which emphasized the need to educate the people in Al-Ahssa about the preventive methods, especially the pregnant women to prevent the severe complications of congenital infections.

Awareness of Lung Cancer Symptoms and Risk Factors in General Population

Introduction: Lung cancer is often diagnosed in a late stage, which might be related to lack of risk factors and symptoms awareness. Aim of this study was to evaluate these factors. Methods: A survey was conducted to assess the awareness of lung cancer risk factors and symptoms. Kruskal-Wallis, Fisher and chi-square tests were used to compare the groups. Results: Altogether 403 participants (108 male;median age 29 (range 13 to 74) years;98 smokers, 90 ex-smokers and 212 non-smokers) completed the survey (321 filled in online questionnaire, 82 were interviewed face-to-face). Three per cent of the respondents were unable to name any lung cancer risk factor, 36% named one and 61% named two or more. Smoking was mentioned most commonly, others far less often. When presented with a list of lung cancer risk factors, 99.7% of respondents recognised two or more;most commonly smoking (99%) and second-hand smoking (95%). Concerning symptoms, 17% were unable to name any, 21% named one and 62% named two or more. Prolonged cough was mentioned most often (59%), followed by dyspnea (45%) and chest pain (30%). When presented with a list, 99% of respondents recognised two or more symptoms;most often prolonged cough (86%), weakness (85%) and chest pain (82%). There were no statistical differences in lung cancer symptom, risk factor or prognosis awareness among smokers, ex-smokers and non-smokers. There were some differences related to age, sex, education and type of used questionnaire. Conclusions: Awareness of lung cancer risks and symptoms is moderate in general population without major differences between smokers and non-smokers.

Awareness about Early Detection Methods, Symptoms and Risk Factors towards Breast and Cervical Cancer among the Female Students of Mawlana Bhashani Science and Technology University (MBSTU), Santosh, Tangail, Bangladesh

The study was conducted to ensure knowledge, attitude, awareness about breast and cervical cancer among the female students of Mawlana Bhashani Science and Technology University. This study was carried out from July to September, 2015 among the participants of university female halls, different female hostels and different faculty of the university by using a validated questionnaire which was developed for this study. A total 250 female students, at the age of (18 - 26) years were participated. Collected information was analyzed using SPSS, Graph-pad Prism and MS Excel. The results showed that about 87.6% participants were undergraduate. Most of them come from village (45.6%) and city (36.0%). About 90% were Muslims and the socioeconomic level of most of the participants was middle (90.4%). In case of food intake patterns, it was observed that 35.6% participants eat chips, soft drinks, popcorn everyday;40.4% eat meat regularly;24% eat sugar everyday;27.6% eat fruits and vegetables every day. Among them, 55.6% girls maintained daily 1 hour physical activity;37.2% did exercise rarely;34.8% participants rarely do strenuous exercise. About 84.4% respondents have not any family history of cancer;6% participants have sister or mother having breast tumor and 7.2% have at least more than one close relative who have cancer. Among the participants, only 0.8% drank alcohol;1.2% have addiction of smoking cigarette;15.6% girls wear tight bra;3.6% have benign breast disease and 2.8% participants have attended in breast or cervical cancer screening programs. The moderate numbers of girls have breast cancer screening practice. Among them, only 28.8% participants have ever heard about BSE (Breast self-examination) and 40.4% have not any knowledge about breast cancer treatment. About 50.8% respondents don’t have any knowledge about cervical cancer treatment. The village people are the most risky group. About 17.02% girls recognized weakened immune system as a risk factor of cervical cancer. It can be concluded that, knowledge of participants regarding breast and cervical cancer is poor. Targeted education should be implemented to improve the knowledge of respondents about early detection methods and symptoms of breast and cervical cancer.

Overcoming Investment Risks Chinese investors need to thoroughly understand local conditions before investing in Africa

With abundant labor resources and the increase in policy sup port for economie development and loreign investment, Africa is becoming a new sought-after destination for investment by multinational companics.

Investor Attention,Analyst Optimism,and Stock Price Crash Risk

This paper used the A-shares listed companies in China as samples,constructed a comprehensive indicator of investor attention,and conducted an empirical analysis on the correlations among investor attention,analyst optimism,and stock price crash risk.The results indicated that investor attention aggravates the stock price crash risk and has a positive effect on analyst optimism.Meanwhile,the analyst optimism plays a mediating role in the positive correlation between investor attention and stock price crash risk.In addition to that,institutional investor attention also has direct and indirect effects on the crash risk.

经济政策不确定性、投资者情绪与银行系统性风险传染

面对经济政策不确定性和投资者情绪,银行业需承担应对经济衰退、化解银行风险和实现经济高质量稳定增长的责任。本文利用MVMQ-CAViaR模型测度了2008—2021年所有上市银行的系统性风险,构建面板门限回归模型和面板平滑转换模型,研究在投资者情绪转换作用下经济政策不确定性影响银行系统性风险多重传染的边际效应结构变化。研究表明:投资者情绪具有显著的区制转换效应,使经济不确定性影响银行系统性风险多重传染的净边际效应,以指数转换模式发生结构变化。据此提出正确处理经济政策不确定性与银行系统性风险的关系,投资者要保持理性情绪以及监管部门要加强监管的建议。

经营投资责任追究与国有企业投融资期限错配改善

经营投资责任追究作为国有企业改革的重要举措,对投融资决策行为有着重要影响。文章选取2011—2021年我国沪深A股上市企业为样本,实证检验了经营投资责任追究对国有企业投融资期限错配的影响。结果表明,经营投资责任追究能够显著改善国有企业投融资期限错配;机制检验显示,经营投资责任追究通过提高投资决策质量和强化管理层风险规避意识,改善国有企业投融资期限错配;异质性分析发现,在管理层过度自信程度较高、股权激励水平较低和内源融资能力较差时,经营投资责任追究改善国有企业投融资期限错配的作用更明显。研究结果有助于规范和约束管理层非理性决策行为,推动国有企业做强做优做大,对加快建设世界一流企业具有重要借鉴意义。

交易所问询监管与股权融资成本--基于投资者风险感知视角

本文以2013—2021年中国沪深A股上市公司为样本,从投资者风险感知视角实证检验交易所问询监管对股权融资成本的影响。结果显示:公司收到定期报告问询函后股权融资成本显著上升,并且同年收到定期报告问询函数量越多、同一份定期报告被问询次数越多、定期报告问询函中的问题总数量越多,股权融资成本上升幅度越大,说明交易所问询监管会增加投资者的风险感知,进而导致股权融资成本升高。异质性检验结果显示,当投资者专业能力较强、交易风险较大、市场化程度较低和审计质量较低时,投资者对定期报告问询函所披露风险的感知能力更强,交易所问询监管对股权融资成本的正向影响更大。进一步研究发现,作为一种非处罚性监管,交易所问询监管是处罚性监管的有力补充,二者都具有良好的市场监管效果。本文的研究结论为证券监管部门依法保护投资者合法权益和防范市场风险提供了政策参考。

风险动物园(Ⅴ):基于文化认同的风险隐喻理论实践与启示

为加强理解风险动物园在风险文化建设中的贡献,挖掘其实践和应用价值,基于文化认同理论探索风险动物园的文化认同机制与实践路径。风险动物园作为风险文化建设的重要载体,其文化认同路径同样遵循风险文化认同体系框架,从个体与群体2个方面介绍风险动物园文化认同体系。结果表明:个体认同沿着价值认同→情感认同→行为认同的路径而递进式展开;群体认同沿着风险理念→风险沟通→风险参与的路径层进式展开。文化认同是开展风险动物园实践应用的基础,风险动物园实践应用框架应按照文化认同体系展开,通过打造线上与线下结合、专业性与传播性并重的科普推广平台,积极引导个体塑造健康的风险意识,引领群体营造良好的风险文化。

基于深度学习的投资者情绪挖掘及其对股价崩盘风险的影响

本文基于网络爬虫挖掘东方财富股吧中个股的发帖文本,搭建卷积神经网络和长短时记忆神经网络特征融合模型(LSTM-CNN),对样本股的股吧发帖文本进行情感识别,构建投资者情绪指标并分析了其对股价崩盘风险的影响效应及其机制。实证发现,当期投资者情绪对下一期股价崩盘风险存在显著的正向影响效应,投资者情绪高涨加剧了未来股价崩盘风险;不同市场环境下,情绪对股价崩盘风险影响具有不对称性,熊市状态下投资者情绪对崩盘风险的正向影响效应更为明显。进一步的异质性分析表明,规模较小、股权集中度较低、卖空限制大、公司所在地市场化水平低的样本公司中投资者情绪对股价崩盘风险的影响更为明显。此外,我们发现股票流动性是投资者情绪影响股价崩盘风险的一个重要的中介变量。研究结论有助于从投资者情绪视角来解释股价崩盘风险的形成机理,丰富了对股价崩盘风险影响因素的认识。

共同机构所有权与客户集中度

高客户集中度加大了公司经营风险和供需链断裂可能性,这显然不利于“国内国际双循环”发展格局的构建。本文利用2007-2021年中国上市公司数据,从理论和实证上分析了共同机构所有权对公司客户集中度的影响。研究发现,共同机构所有权通过提高公司议价能力和信息透明度来降低过高客户集中度,且其联结程度越高、联盟数量越多,降低效果越明显。进一步分析发现,当企业主要客户出现业绩下滑或经营不善时,共同机构所有权才会发挥协同监督效应以干预企业客户集中度,且该效应的发挥在西部地区公司和非高新技术公司中更显著。本文为降低企业对单一大客户依赖程度、加强政府相关部门在企业客户资源配置优化管理方面的作用提供了政策启示。

我国资本市场开放能否促进企业自主创新?——基于“沪深港通”交易制度的经验证据

自主创新能力提升是增强企业核心竞争力的关键因素,深入探究资本市场开放如何支持企业自主创新对于培育创新型经济发展至关重要。本文基于“沪深港通”交易制度的实施构造准自然实验,以识别资本市场开放对企业自主创新的影响。结果表明,我国资本市场开放通过优化投资者结构,降低企业风险承担,促使劳动力技能升级,最终助推企业自主创新能力提升。异质性分析表明,在融资约束较高、外部融资依赖程度较高、行业竞争度较高、全要素生产率较高、内部治理效率和外部监督水平较高的企业中,资本市场开放对其自主创新能力的助推效应更为凸显。“沪深港通”交易制度实施对标的企业周边非上市企业的自主创新及当地的创新创业活动均具有显著的正向溢出效应。本研究不仅为促进实体经济创新型发展提供新经验证据,也为完善金融支持创新体系提供重要的理论指导。

自愿披露客户信息影响了债券违约风险吗?

以2010—2021年沪深A股上市公司发行的公司债为样本,实证检验了自愿披露客户信息对债券违约风险的影响。研究发现,自愿披露客户信息产生的额外风险加剧了债券违约风险,这种影响在高专有成本和高融资约束的企业中表现更为显著,但企业发行的绿色债券并未受到影响。机制检验表明,经营风险增加和机构投资者持股降低是自愿披露客户信息影响债券违约风险的重要途径。研究表明,企业需要慎重考虑披露客户信息带来的风险,审慎制定信息披露策略。