This study examines how classified boards affect workplace safety, an important dimension of employee welfare. Using comprehensive establishment-level injury data from the U.S. Occupational Safety and Health Administration and a novel classified board database, we document that firms with classified boards experience 12-13% lower workplace injury rates. To establish causality, we employ instrumental variable and difference-in-differences approaches exploiting staggered board declassifications. The safety benefits of classified boards operate through increased safety expenditures, reduced employee workloads, and enhanced external monitoring through analyst coverage. These effects are strongest in financially constrained firms and those with weaker monitoring mechanisms. Our findings support the bonding hypothesis that anti-takeover provisions facilitate long-term value creation by protecting stakeholder relationships and provide novel evidence that classified boards benefit rank-and-file employees, not just executives and major customers. The results reveal an important mechanism through which governance structures impact employee welfare and challenge the conventional view that classified boards primarily serve managerial entrenchment.

The healthy operation of the stock market relies on sound liquidity. We utilize the semantic information from disclosure texts of listed companies on the China Science and Technology Innovation Board (STAR Market) to construct a daily corporate network. Through empirical tests and performance analyses of machine learning models, we elucidate the relationship between the similarity of company disclosure text contents and the temporal and spatial correlations of stock liquidity. Our liquidity indicators encompass trading costs, market depth, trading speed, and price impact, recognized across four dimensions. Furthermore, we reveal that the information loss caused by employing Minimum Spanning Tree (MST) topology significantly affects the explanatory power of network topology indicators for stock liquidity, with a more pronounced impact observed at the document level. Subsequently, by establishing a neural network model to predict next-day liquidity indicators, we demonstrate the temporal relationship of stock liquidity. We model a liquidity predicting task and train a daily liquidity prediction model incorporating Graph Convolutional Network (GCN) modules to solve it. Compared to models with the same parameter structure containing only fully connected layers, the GCN prediction model, which leverages company network structure information, exhibits stronger performance and faster convergence. We provide new insights for research on company disclosure and capital market liquidity.

This study investigates whether corruption differentially affects contracting through auctions and negotiations. Using data on Chinese land-market transactions, where corruption is known to be present, we first show that, on average, it exerts similar effects on transactions carried out via auctions and negotiation. However, this finding masks important heterogeneity – auctions featuring healthy competition are less affected by corruption, and significantly less so than negotiation. We then develop a simple model of bidding under the possibility of corruption that rationalizes our findings.

This paper investigates the impact of two global crises, the global financial crisis and the COVID-19 crisis, on herding behavior in the Chinese and U.S. stock markets. We find no evidence of herding behavior during these two global crises in the U.S. stock market, yet significant herding emerges under the COVID-19 crisis in Chinese mainland stock market. Additionally, the observed herding behavior in mainland China is primarily driven by sentiment. Our results reveal and explain the differences in the effects of financial crisis and public health crisis on herding behavior, as well as variations between emerging and developed stock markets.

The development of the wealth management market is based on the needs of investors. The logic of market regulation should also be based on the interests of investors. On the basis of summarizing the regulatory experience of the global wealth management market, suggestions are put forward to improve the system of China's wealth management market . The fundamental driving force for the establishment of a regulatory legal system for the wealth management market comes from the needs of the development of the wealth management market. Moreover, the structure and process of this institutional construction are also closely related to the structure and development of market demand. China's current wealth management market has become a huge financial sector, and the deepening of the market and the diversification of participants all put forward requirements for the construction of a fair and scientific regulatory system. Wealth management business is different from traditional financial business in many aspects such as function, business standard and business model, and its basic legal relationship is also far from traditional business. The commonality of business in China's current wealth management market is in line with the basic elements of the legal relationship of trust. From the perspective of the realistic basis and the nature of the industry, it is appropriate to define the basic legal nature of wealth management business as a trust relationship. Due to factors such as information asymmetry and economic scale, financial investors are in a serious imbalance and imbalance when they trade with financial institutions. Therefore, the financial supervision system should grasp this core contradiction, give investors the status of consumer protection, and establish the concept of protecting wealth consumers. The regulation of wealth management operators should grasp the requirements of the basic trust relationship, take the basic principle of supervising the performance of trustee duties by financial management institutions, and implement a series of rules for trustees to be loyal and prudent in financial management. These rules should focus on risk prevention, and include establishment of access standards for wealth management business, supervision of independent development of wealth management business, supervision of full performance of prudent management duties by wealth management institutions, and guidance for healthy development of wealth management institutions. The experience in the supervision of developed wealth management markets such as the United States, the United Kingdom, Japan, and Singapore shows that the establishment of a legal system for the protection of wealth management consumers is an inevitable result of the development of the financial market, and it is necessary to set up special institutions and mechanisms to implement the concept of wealth management investor protection, and emphasize wealth management products. Providers' fiduciary obligations to investors, and functional supervision based on a unified system in the regulatory system can be used as a reference for China . China's wealth management market regulatory system include inconsistent rules, weak protection, biased guidance, and lack of independence. Due to the separate regulatory system, different game rules apply to homogeneous wealth management business operated by different types of financial institutions, resulting in rule conflicts and market injustice. However, the substantive rights of wealth management investors still exist in a vacuum that cannot be confirmed. At the same time, the status of consumers is far from being officially confirmed, and the consumer protection mechanism cannot truly achieve justice. As regulatory guidance still favors the concept and tools of supervising traditional businesses, wealth management institutions mainly expand extensively by selling products, and wealth management products also present serious "bond-like" characteristics. The "non-neutral " positioning of financial regulatory agencies has externalized into phenomena such as rule conflicts, "policy following suit" and "excessive maintenance of stability". Constructing and continuously improving China's wealth management market supervision system is: the purpose of supervision is to restore the effective operation of the market mechanism. The basic legal relationship in China's wealth management market should be recognized as a trust relationship. This is not only an essential requirement of the wealth management market, but also a practical need to integrate regulatory chaos. It is the trend of financial and economic development that the regulatory system positions the position of wealth management consumers. It should start with legislative policies, make key breakthroughs around consumers' substantive rights and protection mechanisms, and gradually improve investor protection mechanisms. The regulatory system should focus on supervising financial institutions to fulfill their fiduciary obligations, and establish sound access rules, business independence rules, prudent management rules, and strict market exit mechanisms. China's wealth management market supervision system should be based on unified legislation and gradually implement functional supervision in order to achieve effective management and harmonious development of the wealth management market.

A significant number of procurements in both public and private sectors have adopted the practice of splitting the award among multiple bidders in an auction, as an alternative to the one-winner-take-all approach. This aims to encourage participation from small firms and reduce dependency on a single supplier. One prominent example is China’s national drug procurement multiple-winner auction, where the drug supply is divided among several winners, increasing in proportion to the number of participants. Given the societal importance of drug prices, it is crucial to properly examine the rationale for using split-award auctions. However, there is limited theoretical and empirical guidance available in the literature. This paper investigates the competitive impact of split-award auctions on key outcomes, such as participation and procurement costs, using both a theoretical framework and empirical evidence. Theoretically, it demonstrates that split-award auctions consistently boost participation but also increase expected procurement costs in almost all instances. The expected procurement cost decreases only if the split-award auction raises participation from 0 to 1 compared to the winner-take-all auction. Empirically, the paper estimates the direction and magnitude of the effects on participation and expected procurement costs using drug procurement data. The findings reveal that split-award auctions moderately increase average participation by 0.85 bidders (17%), but significantly raise the unit expected procurement cost by 4 CNY (38%). Almost half of the overall increase in expected procurement costs stems from reallocating production to more expensive bidders, while the other half results from increased markups charged by bidders in response to this reallocation.

Background and objective:In southern China, in 2021, there have been being in hot Summer in more than 67 cities, counties or areas, with the hot temperature 30 degrees Celsius and more than 30 degrees Celsius with the highest as 34 degrees Celsius.After the Chinese lunar year and the 24 Solar Term, the beginning of winter has passed 5 days. And there have 23 cities, counties or areas which the temperature have reached the highest 34 degrees Celsius. Which all are rare in the weather history in China in the aspects of the highest temperature as 34 degrees Celsius and in large part of southern China in early Winter. As the World Health Organization, the United Nations and the world have been striving for preventing and curing the climate changes. And have been paying special attention to the health impacts by the climate changes. In China, after the history hottest Summer suffered from by the Chinese in 2022. The Chinese have been continuing to suffer from the hottest temperature like Summer in the early winter. So the weather in China is not normal comparing to the post years. And it is sure that the climate changes impacts on Chinese in China in 2022 have been evidenced. As I have been being a senior doctor treating and preventing patients and promoting the public health more than 35 years. I have the duty and the motive to do something to prevent and cure the climate changes and their impacts on public health. So in this research I especially create and propose a new draft law, the China climate changes prevention law, to speed, administrate and guard China doing well in preventing climate changes in China and the world. Methods: Summarized the public health promotion and environment protection in China and in author own doing. Referenced the present new situation of climate changes in China and the world. Created the China climate changes prevention law in draft and in central strategies. Results: The China climate changes prevention law in central strategies as follows: 1.In order to prevent and cure the climate changes and their impacts on public health and mankind, the China climate changes prevention law must be created as soon as possible. 2.All Chinese people and every government department and any unit must pay special attention to the climate changes and their impacts on public health and mankind. And must be consider it as the first doing job among the all works in any unit. 3.China own scientific research must be done as early as possible and as deeply as possible to find the etiology and mechanism of the climate changes and their impacts on public health and mankind. When the etiology and mechanism research have gained achievements. The application must be done as soon as possible. 4.The present achievements of etiology and mechanism of the climate changes and their impacts on public health and mankind must be applied as soon as possible. 5.All the policies of the United Nations and its organizations for controlling the climate changes must be signed and applied totally and completely as soon as possible. 6.China should be the leader of controlling the climate changes in the world. The significant China strategies must be contributed to the world for controlling the climate changes as soon as possible as China is the biggest country in population. 7.From birth and kindergarten to the time before death,the knowledge of environment protection and climate changes prevention, cure must be educated constantly to every Chinese. 8.The precondition for organizing any new unit and old unit must pass the exam of climate changes prevention. The concrete policies must be created and documented. 9.All over the China, the inspection stations must be built to monitor the climate changes wrongly doing. 10.Regulations and their process must be built to punish any anti law doers who promote the the climate changes. Also, reward any people and units who have contributed significantly to the prevention of climate changes. 11.Cooperation with internationals must be indispensable. 12.As the village of the Earth, open policies must be built to let internationals to inspect, learn,study and cooperation,etc. in China. 13.As the climate changes impacts on the Chinese and the mankind, the medical support, research, prevention, treatment, education and other health promotion policies must be created and built to protect the Chinese and the mankind from harming by the climate changes. The universities, hospitals, institutes should operate the climate changes impacts medical science. 14.Summarizing the doings of the climate changes prevention constantly to make progress further. 15.Liberating the thoughts of the leaders and the ordinary people, throwing away any selfish doing of only pursuing own country economic development at the price of world climate changes impact worse in the Earth and the space. Conclusion: The China climate changes prevention law in draft comes from the candid invention of the author by summarized the present situation of climate changes impacts in China and the world. The 15 paragraphs of the new China climate changes prevention law is valuable, as up to now, China has not built this kind of law. This proposal of the new China climate changes prevention law is worthwhile to referenced by China lawmakers, world countries lawmakers, the UN and its organizations and related others.

Objective: In order to prevent and cure the more and more worse greenhouse effects, climate change impacts and living environment for man kinds, new dangerious factors must be found, identified and prevented. Method: Summarized and research the facts of China as the top consumer of refrigerant. So China is the top consumer and elininater of the Freon and alike chemicals. So call for preventing and curing the worse green house effects, climate change impacts caused by the Freon and alike chemicals. Results: As China is the biggest country in the world with 1.4billions people and top economic power. China should be the leader to control the Freon and alike chemicals, and the green house effect and the global warming. But now, China has been still being the top consumer of the Freon and alike chemicals or the top consumer of refrigerant. We must face squarely what shortcomings we have had. And correct it at once.As the facts tell us the Freon and alike chemicals have been the dangerious factors of the green house effect and the global warming. So we can create new policy and science to reduce and control the Freon and alike chemicals at once. And so on the green house effect and the global warming. Everywhere in China there has been being all air conditioners, ice chestn and refrigerators have been consuming and emitting the Freon and alike chemicals. After China had been producing main part of CFC of Freon in the world. And the CFC of Freon have been banned. China has been changing to HCFC of Freon and HFC of Freon as substitutes. It has been being known to all that every place in China, where people live and work. There must have air conditioners, ice chestn and refrigerators. From family households, factories, government offices, hospitals, tools of transportation, even the spacecrafts have been being equipped with air conditioners, ice chestn and refrigerators. All the air conditioners, ice chestn and refrigerators have been consuming and emitting the HCFC of Freon and HFC of Freon after CFC of Freon. Because the China is the biggest country in the world. The population of China is the much too more than any other country in the world. So the family households, factories, government offices, hospitals, tools of transportation must be much too more than any other country in the world. Therefore, the air conditioners, ice chestn and refrigerators also must be much too more than any other country in the world. At present, China must have been consuming and emitting the HCFC of Freon and HFC of Freon more than other countries. HCFC and HFC of Freon are not green products and environmental protection products Though HCFC of Freon has less effect to deplete the Ozone Layer. But it is not the perfect substances. Some HCFC of Freon have been being banned from usage. Which indicate that the HCFC of Freon are not green products and environmental protection products. While theoretically, the ODP (The Ozone Depletion Potential) of HFC of Freon is 0. But the Global warming potential(GWP) is very high. Therefore, the HFC of Freon are also not green products and environmental protection products. While China has been being the biggest and main producer and consumer of the banned CFC of Freon and the biggest and main producer and consumer of the HCFC and HFC of Freon. So Chinese air conditioners, ice chestn and refrigerators must make more Ozone Depletion and Global warming substances. Conclusion: The concrete policies must be created as soon as possible. Reducing the top consumer and elininater of the Freon and alike chemicals or create new chemicals without the worse green house effects, climate change impacts were China’s and world’s imperative policy.

Objective: In order to prevent and cure the more and more worse greenhouse effects, climate change impacts and living environment for man kinds, new administration strategies must be created. So the research has been done. Methods: Summarized and research the present situations and facts of preventing and curing the worse green house effects, climate change impacts and living environment. And create the new administration strategies. Results: The present situations and facts of preventing and curing the worse green house effects, climate change impacts and living environment are critical and in emergency. And the solutions have not been being effective. There are 8 facts for less effective doing have been summarized. They include the world now, mainly pay attention to CO2 emission reducing, but not all greenhouse gases, etc.. And the 9 new administration strategies have been proposed. The first one is that China, other countries and international professional agencies must change their administration thinking immediately. And pay broad and whole attention to reduce whole greenhouse gases to the aims of zero emission. Not just only play technology of Carbon Capture, Utilization and Storage. The second one is that China, other countries and international professional agencies must put the recovering the worse greenhouse effects and climate change impacts as first duty and responsibility. And the other 7 strategies are in the text. Conclusion: It is imperative to prevent and cure the worse green house effects, climate change impacts and living environment for man kinds as soon as possible. As the man kinds have been suffering from the worse living environment day and night in more and more intensive speed and damage. The research have summarized the 8 principles facts about the shortcomings in controlling the worse green house effects and climate change impacts. Which should be paid attention by the related professionals and administrators. And the 9 proposed new administration strategies should also be referenced by the related professionals and administrators. As this kind of research has not been reported by other professionals.

In the era of digital economy, the development and application of digital intelligence technology are changing rapidly, and human society has entered a new era where digital intelligence technology is rapidly advancing and playing an important role. Workers who master digital intelligence technology play a decisive role in the sustained and healthy development of enterprises, and the human capital possessed by workers has become the driving force for high-quality development of enterprises. The recognition and measurement of the value of human capital possessed by workers is the foundation and prerequisite for motivating workers, and the recognition and measurement of human capital value has become a core issue that urgently needs to be studied in human resource equity accounting. The article briefly introduces the development of human resource accounting theory, expounds that establishing human capital property rights is an important condition for the sustainable development of enterprises in the digital economy era, stimulates the potential of human capital, and is conducive to accelerating economic transformation and upgrading. The dynamic equity distribution mechanism is an important way to stimulate the vitality of human capital.