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.