Heterogeneous expectations,IPO Underpricing and issuing mechanism

Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing has become a major challenge for China's securities market.Methods:In this paper,using behavioral finance theory and game theory,we build the Initial public offering(IPO)pricing and underpricing models with investors’heterogeneity based on different issuing mechanisms and provide a comparative analysis.Results:Firstly,our models show that IPO underpricing will not be eliminated by using either fixed-price or bookbuilding mechanisms,but when the investors’heterogeneity expectation is the same,lower IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price.Secondly,the IPO underpricing may be larger than that under fixed price if the heterogeneity of investors under bookbuilding is larger than that under fixed price.Thirdly,the numerical analysis results provide strong support for our model.Conclusions:These findings further explains the cause of the high IPO underpricing long-standing in China.

OBLIVIOUS TRANSFER WITH ACCESS CONTROL AND IDENTITY-BASED ENCRYPTION WITH ANONYMOUS KEY ISSUING

In ACM'CCS 2009,Camenisch,et al.proposed the Oblivious Transfer with Access Control(AC-OT) in which each item is associated with an attribute set and can only be available,on request,to the users who have all the attributes in the associated set.Namely,AC-OT achieves access control policy for conjunction of attributes.Essentially,the functionality of AC-OT is equivalent to the sim-plified version that we call AC-OT-SV:for each item,one attribute is associated with it,and it is requested that only the users who possess the associated attribute can obtain the item by queries.On one hand,AC-OT-SV is a special case of AC-OT when there is just one associated attribute with each item.On the other hand,any AC-OT can be realized by an AC-OT-SV.In this paper,we first present a concrete AC-OT-SV protocol which is proved to be secure in the model defined by Camenisch,et al..Then from the protocol,interestingly,a concrete Identity-Based Encryption(IBE) with Anonymous Key Issuing(AKI) is given which is just a direct application to AC-OT-SV.By comparison,we show that the AKI protocol we present is more efficient in communications than that proposed by Chow.

Press Conference for Issuing National Standard——Target Text Quality Requirements for Translation Services

On June 2nd,the press conference for issuing the national standard—Target Text Quality Requirements for Translation Services was held in Beijing,jointly hosted by China Association for Standardization (CAS),Translator Association of China (TAC),China Translation and Publishing Corporation (CTPC) and China Shipol Information Center.

Dynamic Quantity Theory of Money:Research on Monetary Cycle and Business Cycle Based on the Concepts of Issuing Money and Operating Money

The Quantity Theory of Money and the Theory of Credit Creation have been the major streams in the study of the quantity of money.Nowadays,monetary theory is dominated by the Quantity Theory of Money because the Monetarist School and the Rational Expectation School are both the advocates of the Quantity Theory of Money,which has resulted in a sharp decrease of scholars studying the Theory of Credit Creation.Nevertheless,the two theories will ultimately converge.Given that reason,we propose a new theory-Dynamic Quantity Theory of Money in this paper,by which the unification of the Quantity Theory of Money and the Theory of Credit Creation can be achieved.Based on the Dynamic Quantity Theory of Money,we further put forward the Theory of Money Operation Cycle,the Theory of Monetary Compensation and Theory of Investment Compensation targeting economic crises,expound why Quantitative Easing monetary policy fails and why Quantitative Easing does not cause inflation in the short term under the premise of these theories,and demonstrate the necessity of fiscal investment for rescuing economic crisis from the perspective of theories of money.

Enhancing Multicriteria-Based Recommendations by Alleviating Scalability and Sparsity Issues Using Collaborative Denoising Autoencoder

A Recommender System(RS)is a crucial part of several firms,particularly those involved in e-commerce.In conventional RS,a user may only offer a single rating for an item-that is insufficient to perceive consumer preferences.Nowadays,businesses in industries like e-learning and tourism enable customers to rate a product using a variety of factors to comprehend customers’preferences.On the other hand,the collaborative filtering(CF)algorithm utilizing AutoEncoder(AE)is seen to be effective in identifying user-interested items.However,the cost of these computations increases nonlinearly as the number of items and users increases.To triumph over the issues,a novel expanded stacked autoencoder(ESAE)with Kernel Fuzzy C-Means Clustering(KFCM)technique is proposed with two phases.In the first phase of offline,the sparse multicriteria rating matrix is smoothened to a complete matrix by predicting the users’intact rating by the ESAE approach and users are clustered using the KFCM approach.In the next phase of online,the top-N recommendation prediction is made by the ESAE approach involving only the most similar user from multiple clusters.Hence the ESAE_KFCM model upgrades the prediction accuracy of 98.2%in Top-N recommendation with a minimized recommendation generation time.An experimental check on the Yahoo!Movies(YM)movie dataset and TripAdvisor(TA)travel dataset confirmed that the ESAE_KFCM model constantly outperforms conventional RS algorithms on a variety of assessment measures.

Managing the surge:A comprehensive review of the entire disposal framework for retired lithium-ion batteries from electric vehicles

Anticipating the imminent surge of retired lithium-ion batteries(R-LIBs)from electric vehicles,the need for safe,cost-effective and environmentally friendly disposal technologies has escalated.This paper seeks to offer a comprehensive overview of the entire disposal framework for R-LIBs,encompassing a broad spectrum of activities,including screening,repurposing and recycling.Firstly,we delve deeply into a thorough examination of current screening technologies,shifting the focus from a mere enumeration of screening methods to the exploration of the strategies for enhancing screening efficiency.Secondly,we outline battery repurposing with associated key factors,summarizing stationary applications and sizing methods for R-LIBs in their second life.A particular light is shed on available reconditioning solutions,demonstrating their great potential in facilitating battery safety and lifetime in repurposing scenarios and identifying their techno-economic issues.In the realm of battery recycling,we present an extensive survey of pre-treatment options and subsequent material recovery technologies.Particularly,we introduce several global leading recyclers to illustrate their industrial processes and technical intricacies.Furthermore,relevant challenges and evolving trends are investigated in pursuit of a sustainable end-of-life management and disposal framework.We hope that this study can serve as a valuable resource for researchers,industry professionals and policymakers in this field,ultimately facilitating the adoption of proper disposal practices.

RESTlogic: Detecting Logic Vulnerabilities in Cloud REST APIs

logical testing model and resource lifecycle information,generate test cases and complete parameters,and alleviate inconsistency issues through parameter inference.Once again,we propose a method of analyzing test results using joint state codes and call stack information,which compensates for the shortcomings of traditional analysis methods.We will apply our method to testing REST services,including OpenStack,an open source cloud operating platform for experimental evaluation.We have found a series of inconsistencies,known vulnerabilities,and new unknown logical defects.

Helping People and Changing the World with CS

What should academic institutions be doing in order to benefit students,the community at large,and society in the new era?Particularly,as computing is impacting all aspects of human society,it also brings many challenges and opportunities for the academic departments of computer science.Some of these challenges include the increasing impact of software on society,issues involving privacy and data abuse,and ethical issues concerning AI.Towards addressing these challenges,the Korea Advanced Institute of Science and Technology(KAIST)leverages its position as an educator in order to train the future computing workforce to be more aware of these issues.To achieve this goal,KAIST mainly adopts three strategies:Combining science&technology and humanities together;putting academy and industry together;training software experts while making them understand people and the world.

MAINTAINING THE MOMENTUM

The World Bank has issued the World Economic Prospects report for 2024,which shows global GDP growth will not differ significantly from 2023.It estimates global GDP will grow 2.4 percent in 2024,down from 2.6 percent in 2023.The Organization for Economic Cooperation and Development(OECD)expects a global growth rate of 2.7 percent for 2024,a decrease from the anticipated 2.9 percent growth in 2023.

Comparative Study on the Policy of Multiplicity Issues in Clinical Trials at Home and Abroad

Objective To study the content of China’s guiding principles on multiplicity issues in clinical trials,and to provide reference for the revision of China’s relevant guiding principles.Methods Based on ICH E9,the similarities and differences of the guiding principles of US Food and Drug Administration(FDA),European Medicines Agency(EMA),and National Medical Products Administration(NMPA)on the multiplicity issues in clinical trials were compared one by one.Results and Conclusion In general,NMPA guidelines are based on ICH E9,but in detail,the guidelines of FDA and EMA focus differently on the multiplicity issues.Therefore,NMPA guidelines need to be detailed and comprehensive.NMPA guidelines can be refined by referring to foreign guidelines to improve the practical guiding significance for clinical research and promote the level of domestic clinical trials in line with international standards.

Anode Interfacial Issues in Solid-State Li Batteries:Mechanistic Understanding and Mitigating Strategies

All-solid-state Li metal batteries(ASSLBs)using inorganic solid electrolyte(SE)are considered promising alternatives to conventional Li-ion batteries,offering improved safety and boosted energy density.While significant progress has been made on improving the ionic conductivity of SEs,the degradation and instability of Li metal/inorganic SE interfaces have become the critical challenges that limit the coulombic efficiency,power performance,and cycling stability of ASSLBs.Understanding the mechanisms of complex/dynamic interfacial phenomena is of great importance in addressing these issues.Herein,recent studies on identifying,understanding,and solving interfacial issues on anode side in ASSLBs are comprehensively reviewed.Typical issues at Li metal/SE interface include Li dendrite growth/propagation,SE cracking,physical contact loss,and electrochemical reactions,which lead to high interfacial resistance and cell failure.The causes of these issues relating to the chemical,physical,and mechanical properties of Li metal and SEs are systematically discussed.Furthermore,effective mitigating strategies are summarized and their effects on suppressing interfacial reactions,improving interfacial Li-ion transport,maintaining interfacial contact,and stabilizing Li plating/stripping are highlighted.The in-depth mechanistic understanding of interfacial issues and complete investigations on current solutions provide foundations and guidance for future research and development to realize practical application of high-performance ASSLB.

Polyanionic hydrogel electrolyte enables reversible and durable Zn anode for efficient Zn-based energy storage

Aqueous Zn-ion energy storage systems,which are expected to be integrated into intelligent electronics as a secure power supply,suffer poor reversibility of Zn anodes,predominantly associated with dendritic growth and side reactions.This study introduces a polyanionic strategy to address these formidable issues by developing a hydrogel electrolyte(PACXHE)with carboxyl groups.Notably,the carboxyl groups within the hydrogel structure establish favorable channels to promote the transport of Zn^(2+)ions.They also expedite the desolvation of hydrated Zn^(2+)ions,leading to enhanced deposition kinetics.Additionally,these functional groups confine interfacial planar diffusion and promote preferential deposition along the(002)plane of Zn,enabling a smooth surface texture of the Zn anode.This multifaceted regulation successfully achieves the suppression of Zn dendrites and side reactions,thereby enhancing the electrochemical reversibility and service life during plating/stripping cycles.Therefore,such an electrolyte demonstrates a high average Coulombic efficiency of 97.7%for 500 cycles in the Zn‖Cu cell and exceptional cyclability with a duration of 480 h at 1 mA cm^(-2)/1 mA h cm^(-2)in the Zn‖Zn cell.Beyond that,the Zn-ion hybrid micro-capacitor employing PACXHE exhibits satisfactory cycling stability,energy density,and practicality for energy storage in flexible,intelligent electronics.The present polyanionic-based hydrogel strategy and the development of PACXHE represent significant advancements in the design of hydrogel electrolytes,paving the way for a more sustainable and efficient future in the energy storage field.

Call for Papers:Special Issue of China Finance Review International Artificial Intelligence and Finance:Modern Approaches and Implications

Special Issue Guest Editors·Michael Gofman,Senior Lecturer in Finance at the Hebrew University of Jerusalem·Zhao Jin,Assistant Professor of Finance,CKGSB Special Issue Information Artificial intelligence(AI)is becoming an increasingly important tool for fund managers,CFOs,regulators,traders,investors,and entrepreneurs.The generative AI revolution that started with the ChatGPT.

Call for Papers:Special Issue of China Finance Review International Artificial Intelligence and Finance:Modern Approaches and Implications

Special Issue Guest Editors·Michael Gofman,Senior Lecturer in Finance at the Hebrew University of Jerusalem·Zhao Jin,Assistant Professor of Finance,CKGSB Special Issue Information Artificial intelligence (AI) is becoming an increasingly important tool for fund managers,CFOs,regulators,traders,investors,and entrepreneurs.The generative AI revolution that started with the ChatGPT,has spurred a gale of creative destruction that poses risks and opportunities to most firms in theworld.This general-purpose technology changes the tools that professional and retail investors use to collect,analyze,and process structured and unstructured data.

An Introduction to Shiology

The character"shi"in Chinese has a dual meaning including the verb"eat",as well as the noun"food".Thus,a new word"shi"which comes from Chinese character is created.And a formula is used to explain"shi":shi=eat+food."Shiance"is a new term meaning the phenomena and activities of human food acquisition and utilization.Why"food is the paramount necessity of the people"but not"farming"?Because farming focuses on food while shiance focuses on eaters.Agronomy is a knowledge system established from the perspective of food production,while shiology is a knowledge system established from the perspective of eaters'needs.The content of agronomy is food domestication in the past 10000 years,and the content of shiology is the survival and health of human individuals,the harmonious coexistence of groups and the sustainable development of populations for 5.5 million years.Agronomy represents a partial understanding of shiance,and shiology is the whole cognition of shiance.Shiology is a larger knowledge system covering all human shiance issues,and it is a global public product to solve human shiance issues.In modern society,the separation of cognition between food acquisition and utilization has led to a lot of serious social issues,which have drawn great attention from the academic community.Shiology is short for"shiance science".This paper discusses the basic contents of building an independent shiology knowledge system,introduces the basic scientific system of shiology(3-13-36)with its definition,task and structure,and explains the important significance of building it.

Lithium-Sulfur Batteries at Extreme Temperatures:Challenges,Strategies and Prospects

High-energy-density-batteries working at a wide-temperature range are urgently required in many performance-critical areas.Lithium-sulfur batteries(LSB)are promising high-energy-density batteries that have the potential to maintain high performance at extreme temperatures.However,some problems like severe shuttling and safety issues at high temperatures or sluggish reaction kinetics and charge-transfer process at low temperatures decrease the performance and hinder their practical uses in extreme temperature conditions.Therefore,broadening the working temperature of LSB with stable electrochemical performance becomes a crucial topic.In this paper,the key stumbling blocks for high and low-temperature LSB are comprehensively discussed.The solutions from the aspects of electrolyte and electrode materials are discussed to solve the aggravating shuttle effect and thermal safety issues under high temperature and the sluggish reaction kinetics under low temperature.Moreover,some specific promising solutions to extend the operating temperature range of LSB are also proposed and highlighted,which provide potential research directions on the practical LSB application in future.

Meaning in Life and Mental Health Issues in Older Adults:A Meta-Analysis

This study aims to be the first to use meta-analysis to explore the relationship between meaning in life(MIL)and mental health issues among older adults.A meta-analysis was conducted using six databases,resulting in 16 studies with 5,074 participants in total.The“metacor”and“forestplot”packages in R-Studio were used for data analysis.The total effect was calculated using a random-effects model,with I2=86%in the heterogeneity test.The results showed a moderate negative correlation between MIL and mental health issues among older adults,with an average effect of−0.37.Five potential moderating variables were examined:the conceptualization of MIL(value vs.purpose),region(Asian vs.Western countries),residence status(community vs.nursing home vs.hospital),types of mental health issues,and evaluation methods(clinical vs.non-clinical).The first four had no significant moderating effect.The mean correlation coefficients between mental health issues and value/purpose were−0.49/−0.33;the mean correlation coefficients in Asian countries and Western countries were−0.48 and−0.34;the mean correlation coefficients among participants living in community/nursing home/mixed status were−0.33/−0.40/−0.40;the mean correlation coefficients between MIL and depression/others were−0.37/−0.35;however,the negative relationship between MIL and mental health issues was stronger when non-clinical evaluations(self-report only)were used.Specifically,the mean correlation coefficient for non-clinical evaluations was−0.42 and for clinical evaluations was−0.29.This study is the first meta-analysis to identify the negative correlation between older adults’MIL and mental health issues.Significant moderating effects of evaluation methods were found.

Design of Evolutionary Algorithm Based Unequal Clustering for Energy Aware Wireless Sensor Networks

Wireless Sensor Networks(WSN)play a vital role in several real-time applications ranging from military to civilian.Despite the benefits of WSN,energy efficiency becomes a major part of the challenging issue in WSN,which necessitate proper load balancing amongst the clusters and serves a wider monitoring region.The clustering technique for WSN has several benefits:lower delay,higher energy efficiency,and collision avoidance.But clustering protocol has several challenges.In a large-scale network,cluster-based protocols mainly adapt multi-hop routing to save energy,leading to hot spot problems.A hot spot problem becomes a problem where a cluster node nearer to the base station(BS)tends to drain the energy much quicker than other nodes because of the need to implement more transmission.This article introduces a Jumping Spider Optimization Based Unequal Clustering Protocol for Mitigating Hotspot Problems(JSOUCP-MHP)in WSN.The JSO algorithm is stimulated by the characteristics of spiders naturally and mathematically modelled the hunting mechanism such as search,persecution,and jumping skills to attack prey.The presented JSOUCPMHP technique mainly resolves the hot spot issue for maximizing the network lifespan.The JSOUCP-MHP technique elects a proper set of cluster heads(CHs)using average residual energy(RE)to attain this.In addition,the JSOUCP-MHP technique determines the cluster sizes based on two measures,i.e.,RE and distance to BS(DBS),showing the novelty of the work.The proposed JSOUCP-MHP technique is examined under several experiments to ensure its supremacy.The comparison study shows the significance of the JSOUCPMHP technique over other models.

Preface to the Special Issue on the 2019—2023 China National Report on Geodesy

This Special Issue presents the progress of research and development on geodesy in China during the time period from January 2019 to June 2023.It was submitted,on behalf of the Chinese National Committee for International Association of Geodesy(CNC-IAG),to the IAG General Assembly at the 28th IUGG General Assembly held in Berlin,Germany,July 11—20,2023.It is hoped that this national report would be of help for Chinese scientists in exchanging the results and ideas in the research,development and application of geodesy with scientists all over the world.