Fiscal matters are the foundation and important pillar of national governance, and enhancing local fiscal resilience is one of the important handles for responding to the 'soft landing' of economic growth. Based on panel data at the prefecture-level-city level from 2013 to 2023, this paper takes the normalized fiscal and accounting supervision reform implemented by the Ministry of Finance in 2020 as an exogenous policy shock, and uses the difference-in-differences method to analyze the effect of fiscal transparency on urban fiscal resilience. The research shows that the normalized fiscal and accounting supervision policy can reduce the government debt ratio, optimize the fiscal expenditure structure, and drive local consumption, thereby effectively improving local fiscal resilience. This effect is more pronounced in cities with high resource allocation efficiency and balanced fiscal execution. Starting from the perspective of fiscal supervision, this study provides a useful reference for resolving local fiscal pressure and preventing local fiscal risks.

Work gamification is widely implemented in internet enterprises. Its potential adverse effects on employees' work-family interface remain underexplored. This study tests a mediating model of work gamification and work-family conflict. The mediating mechanism is love of the job. The construct can capture the individual's deep emotional attachment to work. The study used the questionnaire data of 152 Internet practitioners to test through confirmatory factor analysis and regression analysis. Work gamification directly heightens work-family conflict, and love of the job serves as a partial mediator. This study provides a theoretical contribution to explain the unintended consequences of game-based management by integrating the emotional perspective and the social comparison perspective. Given the widespread use of gamification, understanding its spillover effects on family life is essential for employee well-being and organizational health. In addition, our results suggest that managers should carefully design gamification because excessive work love may blur the work-family boundary. Future research should explore moderating variables to mitigate this negative impact.

As the digital economy continues to expand, the silver generation has been increasingly integrated into its online entertainment ecosystem through the new rapid growth micro-drama market. As such, these short-form videos provide unprecedented access and immediate emotional reward to the middle-aged and elderly user group-but having run unchecked also pose monumental digital addiction and aggressive monetization-related socio-economic issues. This study systematically examines the behavioral characteristics, psychological vulnerabilities, and algorithmic risks of the elderly users when they engage with micro-dramas. Using a mixed-methods approach to analyze industry data and viewing habits, the findings of this article indicate that while micro-dramas provide an online refuge targeting off-line social isolation, they also entrap older viewers into algorithmic labor exploitation, false micro-transaction traps for bogus self-improvement products, and toxic echo chambers of hyped family turmoil. This research, therefore, contributes to the theory of digital aging and media empowerment in the algorithm age. In addition, it provides targeted policy measures for creating an age-friendly digital infrastructure with the intention of helping both policymakers and streaming platforms to foster a safer and more sustainable digital entertainment landscape for older adults.

To reconstruct the monthly S&P 500 membership from 2007 to 2025, this paper employs public records. This work is trying to minimize universe look-ahead bias of a sample limited to the constituents of a universe. The membership snapshot at the end of each month is used for the construction of the portfolio. It is not necessary that stocks have return histories for the whole sample. Licensed archives are more trustworthy than public records. To get a sense of the impact of this data constraint, this work compares point-in-time sample to a survivor panel using ex-post membership lists. Fixed weight assumptions for handling missing returns are also tested. This reconstruction affords an opportunity to focus on two components of the same universe: the performance of four equity strategies during normal months and crisis months, and the evolution of market illiquidity during the two periods. Regime differences in strategy performance. This work calculates the changes in log illiquidity by using a regression fit with HAC standard errors with six lags. Forecasts have moderate predictive power, but the rankings change, so it is not possible to rank the three models. Some sources of selection bias remain unresolved in the case of public reconstruction.

Driven by the dual promotion of the digital economy and consumption upgrading, the influencer economy began to change from an individual influencer phenomenon to a new economic form of high industrialization and industrialization. As the core hub connecting content creators, platforms, brand advertisers, and consumers, MCN institutions play a key role in traffic integration, industrial production, and commercial realization of content. This paper uses the industrial chain system analysis method and the comparative analysis of typical MCN institutions to construct an analysis framework for the industrial chain structure, intermediary power operations, and business model changes. Research shows that the upstream, middle, and downstream of the influencer economy industry chain show a high degree of interdependence, and MCN institutions play a dual role of risk acceptance and value transformation between platform algorithms and creator ecology. Moreover, the business model of MCN institutions is evolving from a single traffic intermediary to a brand-deep service provider and an ecological builder. Finally, in view of the problems faced by the current industry, such as high dependence on talent, commercial homogenization, and compliance risk, this paper puts forward the optimization strategy of ecological synergy and compliance development.

As a classic trend‑following strategy, the time‑series momentum (TSMOM) strategy poses an empirical challenge to the efficient‑market hypothesis. Most existing back‑testing studies focus heavily on index and futures markets, while empirical research specifically targeting individual stocks remains limited, and the impact of trading costs on investment returns tends to be underestimated. Using daily data for S&P 500 constituent stocks covering 2015‑2025, this paper constructs the baseline TSMOM strategy as well as the MVO‑TSMOM strategy integrated with dynamic mean‑variance optimisation. This study adopts a multi‑layer trading‑cost model and conducts tests under diverse market regimes, including bull, bear and range‑bound markets. Empirical results indicate that the mean‑variance optimisation strategy delivers a moderate improvement in risk‑adjusted returns. Nevertheless, excess returns are substantially eroded owing to high portfolio turnover caused by monthly rebalancing. The strategy can only provide limited downside protection in bear‑market environments when the round‑trip transaction cost is extremely low (0.1%). No significant alpha is identified across the full sample period, suggesting that none of the strategies can consistently outperform the SPY index. Firstly, this paper provides empirical evidence for the real‑world performance of the TSMOM strategy in global equity markets amid trade frictions. Secondly, it offers empirical evidence for the boundary conditions of the time‑series momentum anomaly.

The expansion of global Artificial Intelligence (AI) computing power infrastructure has driven a significant increase in 800G/1.6T optical modules, but the expansion of production, cost fluctuations, and the concentration of customers have exacerbated the profit divergence. Based on the financial data of Eoptolink from 2020 to 2025, this paper constructs a five-factor extended DuPont model and decomposes the ROE using the chain substitution method. The results show that the increase in gross profit margin brought about by the optimization of high-end product structure is the primary driving force, asset turnover forms a secondary support, while capacity expansion and fluctuations in raw materials generate phased pressure. Linear Pluggable Optics (LPO) technology, binding with leading customers and global production capacity layout have enhanced the resilience of profitability. The research conclusions can provide decision-making basis for optical module enterprises to optimize product structure, coordinate capacity expansion and profit stability, and strengthen working capital management. They can also offer references for investors to identify the quality and sustainability of enterprise profits and provide references for the formulation of industrial policies and industry risk supervision.

At present, the scale of the domestic new energy vehicle industry is constantly expanding. The industrial chain has evolved from a linear structure into a complex, multi-tiered network spanning multiple regions, rendering the system more susceptible to chain transmission. This study selects NIO Inc. as the focal case, employing a case-study approach informed by supply chain theory to identify and analyze the supply chain risks confronting NEV manufacturers from two perspectives: internal operations and the external environment. It summarizes NIO's strategic responses in supplier configuration, digitalized management, and flexible supply chain design, and distills generalizable strategies applicable to the broader Chinese NEV industry. The research results indicate that single supplier dependence, inefficient collaboration in contract manufacturing, fluctuations in raw material prices, and geopolitical trade shocks are the core risks for NIO and other similar automakers. By establishing a diversified supply system, promoting data exchange between upstream and downstream entities, and building local production reserves, etc., the resilience of the supply chain can be effectively enhanced. This approach can provide practical references for new automotive players and traditional automakers that are transitioning to new energy. This study only conducted an analysis based on the single case of NIO. The lack of cross-case comparisons limits its scope and can serve as a foundation for subsequent multi-case studies.

This paper takes Rhode's dispute over the color matching of pocket powder blusher in 2024 as the core case, and compares Youthforia and Tati Beauty to analyze the dual role of negative public opinion when the founder of online celebrity is highly tied to the brand. The research conducts data triangulation based on peer-reviewed literature, industry data reports, corporate disclosures, and news reports. Analysis shows that negative public opinion can damage brand trust through reputation linkage and attribution of responsibility, and may also bring short-term attention; Whether this attention can be transformed into brand assets depends on the nature of the event, response speed, responsibility, and subsequent rectification. The Rhodes case shows that direct communication, involving critics in product improvement, and verifiable corrective actions can help restore trust, but public information is not sufficient to prove that negative public opinion itself leads to subsequent sales growth. This article proposes a dual path explanatory framework of "reputation damage controversial attention" based on this, and emphasizes the need to be cautious in the causal conclusions of the case.

With the intensification of market competition, consumer psychology and behavior have received attention and importance from enterprises. Relying solely on low prices to shape unique brand advantages, the attached value behind products has become an advantage in market competition. This article is based on a symbolic perspective, exploring how jewelry brands can use brand positioning, IP aesthetics to shape, and personally quantify jewelry. Under the consumption concept of the Z era, the significance of jewelry goes beyond its own value, becoming a carrier of consumers' self-expression of emotional value and a symbol of identity. Taking Chaohongji as an example, this study analyzes the marketing strategy of products based on Chaohongji's brand building as a case, explores the transformation of people's consumption concepts in the new era, the inheritance of intangible cultural heritage, and the practical path of IP character creation. Research has found that aesthetic shaping is not only about product design and aligning stories with consumers, but also about emotional connections between consumers and products. Creating unique product features is the current trend for jewelry brands. This study provides reference for the transformation path of traditional jewelry in the same industry and explores consumer psychology.