This study aims to explore the volatility spillover benefits between two major stock markets in Hong Kong and Shanghai, namely the Hang Seng Index and the Shanghai Composite Index. Empirical analysis is conducted using a Vector Autoregressive (VAR) model and Granger causality test based on daily return data from 2013 to 2023. The research finds a significant volatility interaction between the Hang Seng Index and the Shanghai Composite Index, which is more pronounced during periods of global economic instability. Impulse response analysis reveals that positive shocks in Hang Seng Index lead to increased volatility in the short term for the Shanghai Composite Index but gradually weaken to a weak negative effect in the long term. Conversely, positive shocks in the Shanghai Composite Index have a short-term inhibitory effect on the Hang Seng Index but transform into a weak promoting effect in the long term. These findings have important implications for investors and policymakers in risk management, forecasting future stock market trends, and capital allocation.

In recent years, due to the bad global economic environment caused by the epidemic, many companies are on the verge of bankruptcy, but companies engaged in luxury goods have hardly received too much impact, which is a problem worth studying. Most luxury brands design products that are compelling enough for customers to keep spending. Because every luxury brand has its own long history, special brand style and brand long-term concept. This is crucial for the long-term development of luxury brands. But because of the long history of the luxury market, it is difficult to make some new changes to increase the number of consumers beyond loyal customers. Some brands choose traditional methods, do not carry out large-scale marketing, do not add new customers, choose to continue to sell goods to those loyal customers, and some brands choose to cooperate with other brands to increase awareness and expand the consumer base.

With the development of the digital economy and the internet, the internet financial information service industry has shown strong momentum. Different from traditional enterprises, internet financial information service companies possess characteristics of low assets, high risks, and difficulties in measuring non-financial indicators. As a result, traditional valuation methods exhibit inaccuracies in application and require the introduction of non-financial valuation models for validation. Therefore, considering the industry's characteristics from a user perspective, we introduce the Metcalfe valuation model—the DEVA valuation model. Simultaneously, we improve this model and, using Hithink Royalflush Information Network Co., Ltd. as a case study, estimate the value at the evaluation point using both the original DEVA model and the revised new model. Finally, we analyze and compare the differences between the various valuations and Royalflush's total market value at the evaluation point, concluding that the improved DEVA model yields more fair and accurate valuation results.

This paper will begin by formulating an optimal tariff model between China and the U.S., leading us to an equilibrium point. From this vantage point, we will deduce the consequences of U.S. tariffs on China's exports and the ramifications of U.S. carbon tariffs on China's societal welfare. Next, we will develop an economic model considering the existing China-U.S. tariffs and their trading relationship. This model will help determine the influence of U.S. tariffs on China's export volume and societal welfare. In addition, we will compute the impact of U.S. tariffs on China's societal welfare and export to the U.S., factoring in China's carbon emissions per 100 yuan of GDP, and finally, concern the industrial impact of such carbon tariffs. Third, using two distinct game models, we would probe into the viability and possibility of the U.S. levying a carbon tariff on Chinese exports. The evolutionary game models reflect real-world scenarios, which point out that the U.S. will eventually apply a carbon tariff on China. Next, the dynamic game model considers different parties, China’s government and firms, and different factors, environmental costs, and green subsidies. The model provides the circumstances in which the U.S. will levy a carbon tariff, whether China should provide a green subsidy, and whether the company should implement green production technology. Finally, we would discuss potential strategies China might adopt to navigate the challenges of the U.S. carbon tariff and examine the broader implications of such a move.

This paper explores the design and analysis process of a campus service mini program. As known, an increasing number of mini program platforms are emerging in the market, and the unique community of schools, consisting of teachers and students, also requires a dedicated mini program to cater to their needs. This paper covers aspects such as the functional design, page layout, technical implementation, market analysis, and future planning of the mini program. Through our research, we have found that the design and development of a mini program is a complex and meticulous task, requiring thorough consideration of user needs, technical implementation capabilities, and market demands. Utilizing front-end development technologies, the mini program achieved a simple and user-friendly interface, consolidating multiple scattered platforms commonly used by users, enhancing the platform's practicality, and improving user experience. This research article provides a detailed introduction to the design philosophy, functional modules, technical implementation, and market analysis of the mini program. Additionally, the paper outlines future development trends and offers development recommendations, enabling the mini program to better face future challenges.

This comprehensive study explores the Kelly Criterion, a strategy devised for betting but with significant implications in economic decision-making and wealth management. The criterion, initially developed to maximize long-term growth in independent repeated bets with positive expected net returns, has evolved to encompass a broad range of applications. Through the use of mathematical modeling and probability theory, this research demonstrates how the Kelly Criterion can be effectively applied to enhance wealth accumulation. The societal benefits of this approach are manifold, extending to the reduction of problem gambling rates and promoting responsible gaming. The research also delves into the broader implications of the Kelly Criterion for society, suggesting that its judicious application can significantly shape the future of gambling as a recreational activity. By ensuring informed decision-making, the criterion benefits both individuals and society as a whole, offering a structured approach to managing financial risks and rewards. The expanded scope of this study highlights the versatility of the Kelly Criterion, showing its potential as a pivotal tool in modern economic scenarios, characterized by uncertainty and fluctuating financial markets.

As the applications and their scope developed by several major technology firms such as Alphabet and Meta advance, these companies are found to be facing compliance issues due to increasing user concerns about privacy. The research investigates the tactical strategy utilized by these companies in addressing the relevant problems and allegations and then offers recommendations for effective tactics. Based on the principles of novel and previous tracking tools, the research analyzes the disadvantages of current innovative tools and discovers a developing orientation according to the main dimensions of user psychological analysis, transparency issues, and problems linked to advertising arrangements. The implication highlights the possible factors that contribute to users' concerns and the essential aspects to enhance the safety measures of these extensively utilized platforms.

Against the backdrop of the Digital China initiative, exploring how "Specialized, Refined, Unique, and New" (SRUN) enterprises can effectively undergo digital transformation to enhance innovation capabilities is a crucial and urgent topic. For these enterprises, accelerating digital transformation is key to addressing contemporary challenges, improving efficiency, reducing costs, showcasing unique advantages, and leading the trend of intelligent manufacturing. Throughout the transformation process, these enterprises face multiple dilemmas and challenges: despite a strong willingness to transform, they lack corresponding capabilities; infrastructure is improving, but the technological environment is not yet ideal; willingness to collaborate is increasing, but effective synergy is lacking; policy support is growing, but needs to be more precise. In order to better promote the digital transformation of SRUN enterprises, appropriate strategies must be adopted to address these challenges. This includes enhancing awareness and strengthening talent development, improving infrastructure, optimizing the transformation environment, fostering a favorable digital ecosystem, enhancing collaborative cooperation, and optimizing institutional design to elevate service standards. These measures collectively provide a pathway for SRUN enterprises to drive digital transformation.

This paper aims to explore the complex interrelationships between the prices of cryptocurrency, specifically Ethereum (ETH), and five top Non-Fungible Token (NFT) collections: Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Moonbirds, and Otherdeed. Motivated by the intertwining dynamics of these digital assets and the unexplored nature of their interdependencies, this study employs a Vector Autoregressive (VAR) model and utilizes Granger Causality to dissect the multifaceted interactions. The analysis period ranges from April 2021 to January 2023, a critical window of exponential growth and fluctuation in the digital asset market. The results demonstrate a statistically significant impact of ETH prices on NFT collection prices, but not vice versa, revealing the strong dependence of the NFT market on cryptocurrency volatility. Specifically, the research finds that changes in ETH’s value are predictive of shifts in NFT prices, whereas NFT price fluctuations lack predictive power for ETH prices. In conclusion, this research represents an advancement in understanding price dynamics in the rapidly evolving digital economy. By innovatively analyzing the co-movement of cryptocurrencies and NFTs, it not only enriches existing knowledge but also paves the way for further exploration, offering practical insights for diverse stakeholders navigating this exciting, ever-changing field.

With consumerism sweeping the globe today, anti-consumption groups are also gradually rising, and young people, as the main force of consumption and an important participant in anti-consumption, have attracted much attention for their consumption behaviours and consumption psychology. Therefore, from the perspective of anti-consumption theory, this study will explore the behavioural characteristics of anti-consumption behaviours of Chinese youth groups, their motives and psychological motivations under anti-consumption behaviours. Through the combination of semi-structured interviews and participant observation, it can be found that the anti-consumption groups of Chinese youths emphasize on "rational consumption" in their anti-consumption behaviours, and have a strong personal and financial tendency. In terms of the reasons for their behaviours, the motivation is based on personal emotions and economic considerations, but the psychological motivation is for the purpose of enhancing consumer well-being. Therefore, the anti-consumption behaviour of the youth group is mainly formed under the combined effect of personal reality, spiritual needs and social environment, with the social environment being the precondition for anti-consumption behaviour, personal reality being the direct cause, and spiritual needs being the root cause, and anti-consumption behaviour will only arise if these three factors are present at the same time.