This study examines whether companies can manage market expectations by voluntarily making substantial documents on Artificial Intelligence (AI) governance public. Using Meta’s July 18, 2023 release of Llama 2 and its accompanying governance materials (including the Responsible Use Guide and System Card) as the focal event, the study applies an event-study framework and a GARCH(1,1) model to examine abnormal returns and volatility dynamics., conducted an event study to estimate abnormal returns, using the Generalized Autoregressive Conditional Heteroskedasticity (garch) model (1,1), using the volatility comparison and the pseudo event. Variation in the variance of test conditions. The results show a delay in market assimilation. On launch day, the outstanding return is low, but the following trading day shows a significant outstanding return (+ 1.24%). In addition, post-disclosure specific volatility decreased by approximately 39.7% in one week, with a significantly negative GARCH event coefficient, which reduced perceived causal risk. Overall, proactive and detailed disclosure of AI compliance serves as a reliable signal to stabilize prices and reduce risk premiums. This study provides important insights into how positive disclosure of the AI regulatory framework affects market dynamics, especially in high-tech sectors. Focus on Meta's July 18, 2023 disclosure and review subsequent market responses, including exceptional returns and low volatility.

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In the post-financial crisis era, global trade protectionism rises, and the cost of domestic production factors increases. The traditional operation and management mode of "OEM + agency" of small and medium-sized foreign trade enterprises in China can no longer adapt to the new market environment. These enterprises urgently need to transform and upgrade. This study takes Hangzhou Hexun Industrial Co., Ltd. as the research sample. It uses literature research method, PEST macro environment analysis method, SWOT matrix analysis method and case analysis method. The study sorts out four core problems of the traditional operation and management mode of small and medium-sized foreign trade enterprises in China. It analyzes the macro environment and industrial characteristics of China's foreign trade industry in the new trade environment. Combined with the internal resources and capabilities of Hangzhou Hexun, the study puts forward an innovative operation and management model for small and medium-sized foreign trade enterprises. This model takes "customer demand as the core and six dimensions as support". In addition, the study discusses the implementation path, applicable conditions and industry universality of the model. It provides theoretical reference and practical path for small and medium-sized foreign trade enterprises in China to break through development bottlenecks and improve core competitiveness.

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Providing authenticity insurance services for consumers on online platforms can effectively solve the problem of fake goods in online shopping and improve consumers' purchase intention. Based on the supply chain structure composed of brand suppliers and online platforms, this paper takes brand suppliers and online platforms as the main bodies respectively under the influence of fake goods, establishes two decision models before and after the platform joins the authenticity guarantee insurance under different channel modes, considers that the cooperation mode between the platform and insurance companies is fixed insurance commission, compares different modes, obtains the optimal pricing, demand and profit, and analyzes the impact of adding authenticity guarantee insurance services on the supply chain and the channel mode preferences of supply chain members under different situations.

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This study investigates the differential effects of passive index funds and active mutual funds on market efficiency using a comprehensive dataset of 1,407 individual stocks and three major mutual funds in the Chinese stock market from May 1, 2005 to September 10, 2024. First, this paper examines how the presence and trading activities of passive versus active investment vehicles affect price discovery and market efficiency metrics. Second, this study analyze cross-sectional variations in efficiency effects across different market segments and time periods. Third, this study constructs multiple performance proxies including risk-adjusted returns, volatility measures, and higher-moment statistics to comprehensively evaluate the market efficiency implications. The findings reveal that active mutual funds in China generated substantial alpha during the sample period, with 91.4% of individual funds achieving positive alpha and an equal-weighted portfolio generating 11.7% annualized returns with superior risk-adjusted performance (Sharpe ratio 0.416) compared to passive benchmarks (0.206-0.242). These situations of the Chinese market, including structural reforms and regulatory changes, provides evidence that emerging markets offer many opportunities for skilled active management, contrasting with efficient market hypothesis predictions for already developed markets.

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