Peer Effects of Internet Business Models:Strategic Drive or Conceptual Catering?

In recent years,the internet business model has become a popular concept,and has been adopted by an increasing number of traditional enterprises.However,the question remains whether this adoption is a strategy-driven decision or a blind follow of trends.Therefore,this study is conducted on Chinese listed companies from 2007 to 2020 to examine the existence,underlying motives,and economic consequences of peer effects in traditional enterprises adopting internet business models.The results show significant peer effects among traditional enterprises adopting internet business models.The examination of driving mechanisms reveals that peer effects of internet business models are more significant in enterprises with asset-light structures,higher degrees of virtualization,lower market valuations,and greater financing pressure,supporting the conceptual catering hypothesis rather than the strategic drive hypothesis.Further tests reveal that while adopting internet business models enables enterprises to receive some government subsidy and market reaction in the short term,it only promotes tactical innovation rather than real innovation and does not improve the financial performance of these enterprises.This further indicates that peer effects of internet business models are not a strategic drive but rather a matter of conceptual catering.

Peer effects in decision-making:Evidence from corporate investment

We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associated with a 4% increase in firm i's investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms' investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.

Firm-level Strategic Competition and Peer Effects in Corporate Investment among Chinese Firms

This study investigates the influence of strategic competition on peer effects in corporate investment by using a sample of 28,522 observations of Chinese listed companies from 2008 to 2020.The study develops a linear-in means model and uses an instrumental variables approach,and uses the competitive strategy measure(CSM)and Lerner index as proxies of competitive strategies and competitive positions to capture the firm-level competition.The empirical results demonstrate that when firms compete as strategic substitutes and when firms are in higher competitive positions,the peer effects in corporate investment are significant and positive.In addition,in circumstances of high information asymmetry,firms competing as strategic substitutes and firms in high competitive positions rely more on information related to investment from peer firms.Moreover,industry policies and barriers do not significantly influence peer effects in investment.This study offers new empirical evidence regarding peer effects in corporate investment in China.

PE-EDD:An efficient peer-effect-based financial fraud detection approach in publicly traded China firms

Financial fraud arises from the exaggeration of business interests,and an accurate detection or prediction is a useful tool for both corporate management and capital market systems.A collection of computer technologies has been made on this problem so far,and one of the most important solutions is unsupervised learning algorithms.Among them,most approaches work by analysing the internal relations in financial data and finding a new description of non-fraud firms.However,current studies focus a lot on the geometry attribute of financial data,while overlooking the obvious behaviour patterns and peer effects among firms.This has limited the accuracy of representation and furthermore the detection performance.In this work,a very general class of functions is allowed to represent firms,constraining them by peer effects between firms and presenting an error-distribution-based financial fraud firm detection approach.Experimental results have shown great performance of the proposed approach.

Neighbour Peer Selection Scheme Based on Effective Capacity for Mobile Peer-to-Peer Streaming

For Peer-to-Peer (P2P) streaming services in mobile networks, the selection of appropriate neighbour peers from candidate peers with demanding data is an important approach to improve Quality-of-Service (QoS). This paper proposes a novel Effective Capacity Peer Selection (ECPS) scheme based on effective capacity. In the ECPS scheme, the neighbour peer selection problem was modeled using the Multiple Attribute Decision Making (MADM) theory, which considered multiple factors of candidate peers, including Signal to Interference and Noise Ratio (SINR), residency time, power level, security, moving speed, and effective capacity. This model could increase the suitability of ECPS for wireless mobile environments. Then, the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) was used to solve the MADM problem and identify the preferred neighbour peers. Simulation results show that the ECPS scheme can improve the network throughput, reduce packet delay by about 82%, and almost double the packet delivery ratio of the mobile P2P streaming service.

An effective Australian-Chinese peer education program on HIV/AIDS/STDs for university students in China

IntroductionCurrently, there are at least 850,000 people living with human immuno-deficiency virus (HIV) and acquired immuno-deficiency syndrome (AIDS) in China. Among them 16-29 years old account for about 65%. According to the Chinese health authorities, if the preventive measures are not effective, the figure could reach as many as 10 million by the year 2010[1]. Since there are currently no cure or vaccines for HIV/AIDS, changing people's high-risk behaviors is the main approach that is taken to slow down the epidemic. This can be done through effective HIV/AIDS education, especially for young people. In 1997, a 4-year adolescent HIV/AIDS peer education program was introduced to in Beijing and Shanghai, which was based on a successful Australian model developed by Professor Roger Short, in which senior medical students were trained and used as peer educators to teach their junior peers about HIV/AIDS[2].……

Spatial Structure of Peer Networks and Academic Achievement Based on a Random Control Trial Experiment

This paper investigates whether changing the seating arrangement in a classroom can facilitate positive spillovers from top-performing students to others,using a field experiment conducted in a Chinese high school.Among study groups with balanced abilities,the treatment altered the spatial distribution by assigning the two top students to seats in the spatial center of each group.In the reference groups where students were allowed to choose their own seating arrangements,the lowest performing were significantly less likely to sit next to a top student than they would be under a random assignment.The results suggest that,in the treated groups,there could be enhanced academic spillovers from the top students.The treatment especially benefited the two lowest performing students in science subjects.In contrast,the treatment exerted negative effects on the test scores of the two middle-performing students,due to a disruption mechanism.The results suggest that the spatial layout of a peer network can have a significant impact on learning outcomes.

Peer effect on climate risk information disclosure

In this study,we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China.We find that industry peers influence target firms’climate risk information disclosure through active(passive)imitation resulting from cost-benefit considerations(institutional pressures).Leader companies are more likely to be emulated by within-industry follower companies and target firms prefer to learn from similar withinindustry firms.Executive overconfidence and performance pressure negatively affect target firms’willingness to emulate their peers.Finally,the peer effect of climate risk information disclosure demonstrates a regional aspect.Our findings have implications for reasonable climate risk information disclosure at the micro level and effective regulation to move toward achieving carbon peak/neutrality at the macro level.

Escaping Low-Level Equilibrium of Urbanization——Institutional Promotion,Social Interaction and Labor Migration

The policies resulting in urban-rural segmentation have not only directly impeded the transfer of labor from rural to urban areas,but also trapped the process of urbanization in a low-level equilibrium,as the negative effects are amplified by interdependencies between interpersonal decisions.This paper finds from the CHIPS2002 data that there is interdependence of rural residents' decision-making on labor migration from rural to urban areas,and the interdependence is strengthened by the exchange of information between rural residents.According to the simulation results of the models in this paper,China's rural-urban labor migration is indeed at a low-level equilibrium.To get rid of the low-level equilibrium,in addition to improving the level of education and promotion of information exchange among rural residents,it is more important to implement "big push " policies to eliminate institutional barriers to labor mobility and accelerate urbanization with the social interaction.