The article analyses the various fan engagement drivers in social media, in-arena experiences, and cultural symbolism across the three stages of Attention-Interest-Search- Action-Share (AISAS) in driving sports team brand equity, through the lens of the Los Angeles Clippers and comparing it to that of the legacy Los Angeles Lakers. The analysis framework is a mixed-method case study approach incorporating both qualitative content analysis and quantitative engagement metrics, and is derived from both AISAS as the engagement journey model and Value Co-Creation theory as the brand engagement driver. The research findings suggest that the global brand equity of the Lakers as a legacy brand is significantly higher in comparison to the Clippers, however the Clippers outperformed the Lakers in engagement efficiency that led to higher fan engagement per capita and subsequently resulting in strong fan identity building and incremental brand equity value, with their new immersive arena and cultural symbolism (updated logo, 'LA Our Way’ value tagline) as key identity anchors that transformed fans into co-creators that differentiates the franchise identity from its rival. The outcome of the study highlights the combination of digital engagement journeys and co-creative brand strategies and presents a strategic framework for mid-market franchises to effectively drive brand equity with authentic storytelling, immersive fan engagement, and value-aligned partnerships.

This paper illustrates the valuation of chooser options within the broader intellectual lineage of modern option pricing theory, providing both a theoretical and methodological framework. Our analysis is anchored in the discrete-time valuation methodology proposed by Cox, Ross, and Rubinstein, commonly known as the CRR model, which remains one of the most influential and practical approaches for demonstrating no-arbitrage pricing. While acknowledging the continuous-time paradigm of the Black–Scholes–Merton (BSM) model as a theoretical benchmark, we leverage the intuitive and adaptable nature of the binomial framework to deconstruct the chooser option’s unique structure. Furthermore, by drawing a conceptual parallel to the work on barrier options by Reiner and Rubinstein, we argue that the analytical treatment of path-dependent but contractually fixed boundaries provides a blueprint for decomposing the chooser’s distinctive payoff mechanism. The core contribution of this work lies in the systematic construction of a binomial pricing model tailored to this instrument. We conclude by outlining pathways for future research, including the extension of this framework to the more complex American-style chooser option—a challenge that requires advanced numerical methods such as the Least-Squares Monte Carlo (LSM) algorithm. Finally, this study proposes a testable hypothesis for future validation: that the structural flexibility embedded in the chooser option may justify a higher premium. Further empirical research is needed to confirm this conjecture and to highlight its potential for both practical implementation and continued academic exploration in complex financial contexts.

This study aims to explore whether and how digitalization affects the gender wage gap in China. Using data from six waves of the Chinese General Social Survey (CGSS), namely 2012, 2013, 2015, 2017, 2018, and 2021, and integrating provincial-level digitalization indices, an empirical model is constructed to examine the moderating effect of gender on the impact of digitalization on wages.The research results show that the level of digitalization has narrowed the gender wage gap, and its impact exhibits significant regional heterogeneity. Specifically, the benefits of digitalization in promoting gender equity in wages are more evident in western China, while in the more developed eastern and central regions, digitalization has no significant moderating effect. The root cause of such regional differences lies in the disparities across regions in women’s digital skill reserves, labor market structure, and the alignment between digitalization and local industries. This study provides empirical evidence for understanding the relationship between digitalization and gender equality in China’s labor market.

This study addresses the Fama-French five-factor model’s limitations in explaining stock returns of China’s policy-sensitive new energy vehicle (NEV) industry by introducing a policy factor and applying machine learning techniques. Against global decarbonization goals and intensive domestic policy support, the traditional model fails to capture policy-driven return variations. Using 2019–2024 monthly data from the CSMAR database—including CSI NEV Industry Index returns, market five-factor data (covering major Chinese stock boards), and risk-free rates—we quantified policies across five dimensions (fiscal subsidies, taxation, production technology, infrastructure, end-use incentives) to build two indicators: Fiscal and Taxation Score (FTS) and Policy Type Score (PTS). These were synthesized into a 6:4 weighted Impact Intensity Index, with policy count retained as an auxiliary feature. Key findings: linear models show weak policy-return linearity (OLS R²=0.64), non-linear models (especially Gradient Boosting, R²=0.896) outperform linear ones, and the six-factor model (five factors + policy) exceeds the five-factor model in explanatory power. This study enriches asset pricing theory and offers insights for NEV investors and policymakers.

Using data from Chinese A-share listed firms during 2015-2024, this paper examines how digital transformation shapes corporate green innovation and identifies the mechanisms at play, focusing on how corporate ESG ratings mediate the relationship above. The results indicate that digitalization has a significant positive effect on green innovation, and this positive effect is stable across various robustness tests. Furthermore, ESG performance partially mediates the positive effect: digital transformation encourages green innovation both directly, and indirectly through improving firms’ environmental, social, and governance performance. Additional heterogeneity tests show that the promoting effect is more evident in firms with high R&D investments, firms in heavily polluting industries, and state-owned firms. Overall, this study provides empirical evidence of how digitalization drives corporate green innovation, enabling insights for business decisions and public policy.

This study examines the impact of a series of pension fund divestments on stock price of Telsa in 2025, driven by ESG concerns such as labor rights violation and governance risks associated with Elon Musk’s political activities and the conflict between Musk and Trump generated value-relevant stock-price reactions. Using an event study approach, we analyzed abnormal returns around seven key events employing the CAPM, Fama-French three-factor model, and a matching-firm comparison with BYD. Results indicate mixed but indicate that significant short-run losses around the Musk-Trump conflict, while most divestment announcements have a small or insignificant impact on Tesla stock price. The BYD matching shows Tesla’s relative underperformance in five of seven events, suggesting an ESG-specific channel beyond sector-wide shocks. These findings highlight Tesla’s vulnerability in stock price related to ESG-driven capital reallocation and CEO political exposure and they highlight the role of event salience and sequencing in shaping market reactions.

This study bridges a gap in behavioral finance by integrating Salience Theory with Hidden Markov Models to develop adaptive long-short strategies. Existing salience-based approaches, while effective predictors of mispricing, remain static and vulnerable to shifting market regimes. The hybrid framework dynamically adjusts signals between momentum (in Bull states) and reversal (in Bear states), while applying a refined salience metric. The results demonstrate that this synthesis significantly improves performance stability and reduces drawdowns during volatile periods, but it does not consistently outperform the CRSP benchmark after accounting for transaction costs. The hybrid strategy provides a distinct risk-return profile, making it suitable for certain market conditions but not universally superior. The study confirms the cross-market applicability of Salience Theory and suggests a framework for future adaptive models combining behavioral insights with dynamic market timing.

Previous Study on Relativity between China's Nominal GDP and the Shanghai Securities Composite Index is used to provide a theoretical basis and reference for investors to grasp market trends and for policymakers to formulate relevant policies. Nevertheless, previous research emphasizes linear relations, few address the impact of external shocks. By taking consideration of changes before, during and after COVID-19, we have following conclusions. Using quarterly data from 2015Q1–2023Q4, Pearson’s correlation and Granger causality tests are applied. Results show that GDP weakly predicted stock returns pre-COVID, the relationship disappeared during COVID, and stock returns significantly predicted GDP post-COVID. This suggests major shocks can alter the dominant direction of the economy–finance nexus.

This study explores the correlation between the scalper for premium phenomenon in popular concerts and the distribution mechanism of the event organizers. This research we want may improve the rules and give more benefit for consumers. And we research perspective from premium phenomenon concerts for different singers and the series of concerts system. And we find that for the market of concerts. The basic contradiction of supply and demand haven’t been solved. The supply means the quantity of goods and services that producers are willing and able to give price level at a specific period. Demand means the quantity of goods and services that consumers are willing and able to purchase at prices level of specific period. And scalpers avoid the real-name process that take different path and sale tickets for high prices. We find the data for three singers as a high resale price group. We also research the Jay Chou’s concert in Wuhan and Liu Yuning’s concert in Shenzhen. But these data also have the limitation for this research that the force on top artists may not fully represent dynastic of the live performance. We hope that the concerts market in China can be fairer for consumers to compete and make more benefit for them.

Rapid population aging threatens the sustainability of China’s pension system. The first pillar faces mounting deficits while the second and third pillars remain underdeveloped. This paper examines whether financialization can enhance asset efficiency, ease fiscal pressure, and strengthen resilience. Analysis of China’s current framework shows structural imbalances and limited progress in market-based investment. By comparing international experiences, two main approaches to pension financialization emerge: equity-oriented investment strategies, exemplified by U.S. target-date funds, and collective risk-sharing mechanisms, as in the Netherlands and Nordic countries. The results suggest that moderate financialization can raise returns and diversify risks, but excessive market reliance may amplify volatility, erode equity, and weaken legitimacy. Policy recommendations include advancing national pooling, improving tax incentives, introducing automatic stabilizers, and designing effective default options for personal accounts. Overall, the study argues that financialization should remain measured and anchored in public interest, providing a pathway for China to balance sustainability and fairness under demographic pressures.