bluuebunny/crossref_metadata_2025 huggingface dataset:
Uncovering the stellar structure of the dusty star-forming galaxy GN20 at z = 4.055 with MIRI/JWST
Authors: Colina L. , Crespo Gómez A. , Álvarez-Márquez J. , Bik A. , Walter F. , Boogaard L. , Labiano A. , Peissker F. , Pérez-González P. , Östlin G. , Greve T. R. , Nørgaard-Nielsen H. U. , Wright G. , Alonso-Herrero A. , Azollini R. , Caputi K. I. , Dicken D. , García-Marín M. , Hjorth J. , Ilbert O. , Kendrew S. , Pye J. P. , Tikkanen T. , van der Werf P. , Costantin L. , Iani E. , Gillman S. , Jermann I. , Langeroodi D. , Moutard T. , Rinaldi P. , Topinka M. , van Dishoeck E. F. , Güdel M. , Henning Th. , Lagage P. O. , Ray T. , Vandenbussche B.
Published: April 2023

Luminous infrared galaxies at high redshifts (z > 4) include extreme starbursts that build their stellar mass over short periods of time, that is, of 100 Myr or less. These galaxies are considered to be the progenitors of massive quiescent galaxies at intermediate redshifts (z ∼ 2) but their stellar structure and buildup is unknown. Here, we present the first spatially resolved near-infrared (rest-frame 1.1 μm) imaging of GN20, one of the most luminous dusty star-forming galaxies known to date, observed at an epoch when the Universe was only 1.5 Gyr old. The 5.6 μm image taken with the JWST Mid-Infrared Instrument (MIRI/JWST) shows that GN20 is a very luminous galaxy (M1.1 μm,  AB = −25.01, uncorrected for internal extinction), with a stellar structure composed of a conspicuous central source and an extended envelope. The central source is an unresolved nucleus that carries 9% of the total flux. The nucleus is co-aligned with the peak of the cold dust emission, and offset by 3.9 kpc from the ultraviolet stellar emission. The diffuse stellar envelope is similar in size (3.6 kpc effective radius) to the clumpy CO molecular gas distribution. The centroid of the stellar envelope is offset by 1 kpc from the unresolved nucleus, suggesting GN20 is involved in an interaction or merger event supported by its location as the brightest galaxy in a proto-cluster. Additional faint stellar clumps appear to be associated with some of the UV- and CO-clumps. The stellar size of GN20 is larger by a factor of about 3 to 5 than known spheroids, disks, and irregulars at z ∼ 4, while its size and low Sérsic index are similar to those measured in dusty, infrared luminous galaxies at redshift 2 of the same mass (∼1011 M⊙). GN20 has all the ingredients necessary for evolving into a massive spheroidal quiescent galaxy at intermediate redshift: it is a large, luminous galaxy at z = 4.05 involved in a short and massive starburst centred in the stellar nucleus and extended over the entire galaxy, out to radii of 4 kpc, and likely induced by the interaction or merger with a member of the proto-cluster.
Testing the Compatibility of the Depth of the Shower Maximum Measurements performed at Telescope Array and the Pierre Auger Observatory
Authors: Bergman Douglas , Bellido Jose , de Souza Vitor , Engel Ralph , Gerber Zane , Kim JiHyun , Mayotte Eric , Tkachenko Olena , Unger Michael , Yushkov Alexey ,   for the Telescope Array,   Pierre Auger,   Collaborations
Published: April 2023

The Telescope Array and the Pierre Auger Observatory estimate the composition of ultra-high-energy cosmic rays by observing the distribution of depths of air-shower maxima, X max. Both experiments directly observe the longitudinal development of air showers using fluorescence telescopes with surface particle detectors used in conjunction to provide precision in determining air-shower geometry. The two experiments differ in the details of the analysis of events, so a direct comparison of X max distributions is not possible. The Auger – Telescope Array Composition Working Group presents their results from a technique to compare X max measurements from Auger with those of Telescope Array. In particular, the compatibility of the first two moments of the X max distributions of Auger with the data from the Black Rock Mesa and Long Ridge detectors of the Telescope Array is tested for energies above 1018.2 eV. Quantitative comparisons are obtained using air-shower simulations of four representative species made using the Sibyll 2.3d high-energy interaction model. These are weighted to fit the fractional composition seen in Auger data and reconstructed using the Telescope Array detector response and analysis methods.
CRPropa high statistics simulations for UHECR anisotropy studies
Authors: Rossoni Simone , Sigl Günter
Published: April 2023

Despite the great progress made by modern cosmic ray observatories, the origin and acceleration mechanism of ultra-high-energy cosmic rays (UHECRs) remains unsolved problems to this day. However, there is experimental evidence for an anisotropic component in the UHECR arrival direction at energies greater than few EeV. The search for UHECR sources is further complicated by two main factors: during extragalactic propagation UHECRs interact with background photon fields (like the CMB and the EBL) and, since they are electrically charged, they are deflected by extragalactic and galactic magnetic fields (EGMF and GMF). Moreover, the strength, structure and origin of the EGMF are still not well known, causing reconstructing the deflection of UHECRs to be a non-trivial task. In this work we consider several EGMF models obtained from constrained MagnetoHydroDynamics (MHD) simulations of our local Universe to study the propagation of UHECRs through such a structured environment. We simulate propagation, interactions and observation of UHECRs by using the Monte Carlo code CRPropa3. We also take into account the effect of the GMF by adopting a lensing procedure of the arrival UHECR sky map. We explore several combination of source distribution, EGMF structure and mass composition. As a reference, we also simulate scenarios without the EGMF and with a statistically homogeneous field. We use our simulation results to compute UHECR observables, such as the energy spectrum, the angular power spectrum and the arrival direction map (before and after the GMF) in order to obtain constraints on possible combinations of source distributions and EGMF models.
Ultra-High-Energy Cosmic Rays from a Population of Non-identical Sources
Authors: Ehlert Domenik , Oikonomou Foteini , Unger Michael
Published: April 2023

Astrophysical candidates for the sources of ultra-high-energy cosmic rays (UHECRs) exhibit a large diversity in terms of their properties relevant for the acceleration of charged particles, such as luminosity, Lorentz factor, size and magnetic field. Yet, fits of the observed UHECR spectrum and composition often assume identical sources. Here we investigate a population of sources with a power-law distribution of maximum energies. We show that the allowed source-to-source variance of the maximum energy must be small to describe the UHECR data. Even in the most extreme scenario, with a very sharp cutoff of individual source spectra and negative redshift evolution of the accelerators, the maximum energies of 90% of sources must be identical within a factor of three – in contrast to the variance expected for astrophysical sources. However, the overall population variance can be large when maximum rigidities are distributed as a broken power law, with a steep decline above the break and with hard source spectra. In this scenario, most of the observed UHECR flux is produced by sources near the break.
Diffuse flux of ultra-high energy photons from cosmic-ray interactions in the disk of the Galaxy and implications for the search for decaying super-heavy dark matter
Authors: Bérat Corinne , Bleve Carla , Deligny Olivier , Savina Pierpaolo , Montanet François , Torrès Zoé
Published: April 2023

When propagating to Earth, UHECRs can interact with the gas in our Milky Way and produce secondary particles including photons. This can impact the search for UHE photons as we face a diffuse flux of UHE photons resulting from their propagation. This flux, together with the photon flux expected from the GZK interactions, participates in the diffuse photon flux which is limiting the detection of UHE-gamma sources. We present an estimate of the diffuse flux resulting from the interactions of UHECRs in our galaxy above 1017 eV, using results from the Pierre Auger Collaboration concerning the flux and its composition, and two different interstellar gas density models. We also discuss the impact of the evaluated diffuse flux of UHE photons on SHDM searches, as the former can be considered as a floor below which other signals would be overwhelmed. Similarly, the neutrino flux produced during the same process can be evaluated, by accounting for the neutrino mixing.
Self-healing abilities of cement mortars containing microorganisms produced in the process of sewage sludge treatment
Authors: Askar Muath Abu , Zdeb Tomasz , Chwastowski Jarosław , Ferrara Liberato
Published: April 2023

The enormous quantity of sewage water produced each day continues to present a serious challenge for its treatment and management. Sewage water is one of the most abundant sources of biomass, such as bacteria. Concrete, on the other hand, is the second most widely employed substance on the planet, after freshwater. Cracking of concrete is a major factor affecting the strength and durability of the material. The development of a crack pattern can contribute to increasing the permeability of concrete, which is typically associated with a significant decrease in its durability. Under specific circumstances, bio concrete is a self-healing biomaterial. Bacteria have the ability to precipitate calcite in concrete or form a layer of calcite precipitation, which plays a crucial role in the remediation of plastic shrinkage microcracks, thereby enhancing the structural integrity and durability of concrete over the long term. This paper summarises the study of investigating the possibility of using sewage water as a self-healing agent, using bacteria from different stages of treatment to heal cracks in concrete samples, and evaluating the effect of sewage water from different stages of treatment on fresh and hardened concrete properties. Based on the data collected from the experiments. Complete replacement of ordinary tap mixing water with sewage water from the Biological Reactor oxygen Zone achieved cracks healing of a crack width of 200 μm in less than 14 days without compromising the binder and mortar properties such setting time, slump value, compressive and flexural strength when compared to a reference sample made with tap mixing water.
Novelty in bacteria source production and concrete binders in self-healing cementitious samples
Authors: Acarturk B. Cansu , Straathof Judith , Liu Yijing , Hull Natalie , Bundur Zeynep Basaran , Burris Lisa E.
Published: April 2023

One of the challenges associated with creating bacterial-concrete systems capable of biomineralizing CaCO3 to fill cracks is the high pH environment of the hydrated cement paste. In this study two approaches to address this challenge were investigated: (i) the use of calcium sulfoaluminate (CSA) cement, which develops a naturally lower pH, and (ii) the use of non-axenic bacterial cultures, which may facilitate growth of bacterial strains more resilient to harsh alkaline conditions. Axenic B. subtilis and a non-axenic bacterial system from soil were produced and utilized in ordinary portland cement (OPC) and CSA samples. The mechanical properties, water absorption, calcium carbonate precipitation capability, and survivability of bacteria were investigated. The highest B. subtilis and soil bacteria viability was obtained through use of CSA cement and may enable greater later age crack healing potential than mixtures using OPC. Incorporation of axenic bacteria resulted in increased bacteria survivability in the mortar samples when compared to non-axenic bacteria mixes. However, in both cementitious systems, use of B. subtilis and soil bacteria led to similar improvements, suggesting that non-axenic cultures may be used in concrete effectively.
Methodology proposition for performance evaluation of crystalline admixtures in portland cement concrete
Authors: Arndt Josué Augusto , Masuero Angela Borges , Dal Molin Denise Carpena Coitinho , Pereira Fernanda Macedo
Published: April 2023

Permeability reducing admixtures (crystalline admixtures) have been widely used to prevent water percolation through concrete structures and in addition providing self-healing properties to the concrete, and even though these admixtures are already used in several jobs around the world, there is still no established methodology for its evaluation and characterization. Several techniques to evaluate the water permeability reduction and self-healing properties of concrete have been tested and used, but still with limited use. The purpose of this study is to propose a simple methodology that can be easily used to compare and evaluate the performance of crystalline admixtures in terms of reducing concrete permeability and its ability to seal cracks. The standard test of pressurized water penetration in concrete (ABNT NBR 10787:2011) has proven effective to evaluate the effectiveness of these admixtures regarding the water percolation through the concrete. And to evaluate the reduction of water flux through the concrete, pre-cracked specimens, at 56 days, were submitted to a constant water flow to simulate a structure exposed to a wet environment. In this study, five concrete mixes with a w/c ratio of 0.65 were evaluated, one as a reference and the others mixes with crystalline admixtures from different manufacturers. Every week, the water flux through the specimens was measured to check its decrease. The mixes with crystalline admixtures presented a significant water flux reduction after four weeks, while the reference concrete continued to show water percolation after nine weeks.
Autogenous healing of hollow natural fiber (HNF)-reinforced reactive magnesium cement (RMC)
Authors: Wu Bo , Qiu Jishen
Published: April 2023

This work investigated the autogenous healing of interface bond between hollow natural fiber (HNF) (e.g., sisal fiber) and reactive magnesium cement (RMC). Preloading -reloading test was conducted to single fiber embedded specimens, the results suggested that the interface bond can be improved by over 300% after wetting-air cycles conditioning, and hot water conditioning demonstrated greater healing efficiency compared to room temperature conditioning. Based on SEM-EDS characterization, this prominent restoration of interface bond is due to: 1) further hydration and carbonation of RMC, which partially fills the microcracks between fiber and matrix; 2) the migration and precipitation of expansive agents in lumens, which improves the contact between sisal fiber and matrix. Furthermore, the interface bond healing resulted in a significant recovery of the fiber-bridging strength of sisal fiber-reinforced RMC, the fiber-bridging strength doubled after healing compared with that of preloading.
Self-Waterproofing Performance of Repair Mortars With Inorganic Healing Agents
Authors: Kumar Padmapriya Arul , Rengaraju Sripriya , Al-Tabbaa Abir
Published: April 2023

In Europe, about 55% of concrete bridges are about 50 years old and require non-structural rapid repair strategies to reinstate the aesthetic and durability performances. Existing strategies focus primarily on superficial restoration that continues to demonstrate premature deterioration due to inevitable micro-crack formations that further propagate to macro-cracks leading to the ingress of moisture along with harmful ions. In this study, the benefits of self-healing technology to control moisture ingress at the microscale were investigated. For this, tailored microcapsule with inorganic healing agent, specifically, commercially available water-repellent agent (SIKAGARD 705L) was added to mortar with two types of commonly used binders namely CEMI 52.5N and CEMI 52.5R. The compatibility assessment in terms of capsule integration, fresh and hardened properties was done. The baseline healing efficiency of the mortars without any healing additions was obtained to understand the autogenous healing capacity of the reference mortars. Subsequently, the reference mortar mixes were compared with mixes containing varying fractions of microcapsules (3, 5, and 10%) for autonomous healing efficiency with capillary absorption as the main durability function. The healing efficiency was further investigated for two different crack mouth widths (<250 μm and >350 μm); representative of non-structural residual crack widths. In mortars with microcapsules, a maximum reduction of sorptivity coefficients up to 82% and 78% with CEMI 52.5N and CEMI 52.5R mortars, respectively, for specimens cracked after 7 days of curing was observed. Subsequently, a synergetic effect of autogenous healing action and autonomous water-repellent action for durability recovery was identified and proved useful for repair mortar applications. The healing agent investigated, capsule content, and healing environment considered in the current study lay a foundation for further optimisation to improve the performance and to suit different applications.
Repair of concrete existing micro-cracks by use of microbially induced carbonate precipitation
Authors: Wang Jianyun , Gao Ruixiao , Ma Jinhu
Published: April 2023

Micro-crack is the start of concrete deterioration and failure, though it does not decrease the bearing capacity in the beginning. In order to prolong the service life of existing concrete structures, it is important to repair the existing micro-cracks before they develop into large cracks, which are much more harmful. Bio-genic CaCO3 from microbially induced carbonate precipitation (MICP) process is proved to be a promising crack repair material due to its environmental friendliness and super compatibility with cementitious matrix. In this study, MICP based repair technology was applied to repair micro-cracks. The influence of crack environment and repair technique on the precipitation of bio-CaCO3 was investigated. Results shown that moderate alkali pH had limited effect on the properties of bio-CaCO3. Bacteria could still induce the CaCO3 precipitation in crack if it was saturated with Ca2+ containing deposition medium. Crack of a width 0.5mm can be fully sealed within 3 days by use of a controlled injection technique.
Combined experimental and numerical ultrasonic assessment of self-healing within cementitious materials
Authors: Lefever Gerlinde , Van Hemelrijck Danny , Snoeck Didier , Aggelis Dimitrios G.
Published: April 2023

Self-healing cementitious mixtures have been studied extensively as a solution to labour-intensive and costly manual repairs. The implementation of such materials within the construction industry requires an adequate assessment of the regained mechanical properties, ensuring a safe environment for the user. While most standardized methods are limited in their characterization potential, ultrasound allows to monitor the healing progress in a non-destructive manner and provides a direct link to the elastic properties of the member under study. Still, an assessment of the mechanical properties of the healing products is not straightforward, as the ultrasonic waves propagate not only through the healing layer, but through the intact mortar around this zone as well. To isolate the healed layer from the intact material, numerical simulations were performed. By a comparison between experimental and numerical results, the elastic modulus of the healing products deposited inside the crack was determined.
Piezoresistivity in self-compacting concrete mixes with hybrid additions of carbon fibers and nanofibers
Authors: Puentes Javier , Palomar Irene , Barluenga Gonzalo
Published: April 2023

Self-sensing properties of concrete structures can be achieved through the incorporation of additions in carbon-based materials (CBM) that modify electrical properties and provide piezoresistive (PZR) properties to the cement paste. PZR in pastes and mortar mixes with different types of carbon-based materials such as fibers of different sizes has been extensively tested. However, very limited studies on self-sensing properties in concrete are available due to the lower content of paste volume that leads to a decrease of concrete PZR. However, self-compacting concrete (SCC) can be an ideal candidate to implement PZR, due to two fundamental traits: the larger amount of paste of SCC compared to a conventional concrete and larger volumetric fraction of fiber can be incorporated due to a reduced effect on SCC workability and consistency. The present study aims to assess PZR properties of SCC with carbon-based components of different sizes. Combining carbon nanofibers (NFC) and carbon fibers (CF), in hybrid systems, could lead to obtain SCC with self-sensing properties identifying their effectiveness thresholds. The self-detection performance of PZR-SCC samples under mechanical stress was verified by resistivity and PZR experimental tests.
Investigation of the interfacial bonding effect on self-sensing cementitious coatings for infrastructure monitoring
Authors: Vlachakis Christos , Su Yen-Fang , Al-Tabbaa Abir
Published: April 2023

In the field of structural health monitoring, self-sensing cementitious binders have gained great attention over the past decades due to their high sensing performance and durability. In particular, self-sensing cementitious coatings have seen increased interest due to their high compatibility with concrete structures and their ability to monitor existing infrastructure while using low amounts of material and at lower costs. Geopolymer coatings display favorable characteristics for this application due to their innate electrical properties and high bond strength with concrete structures. Despite the research that has been carried out on self-sensing coatings, the effect of the interfacial bond between the coating and substrate on the coating’s sensing performance has not been investigated. Poor bonding between the two materials can lead to low-quality sensing measurements and data misinterpretation. In this paper, we aim to investigate the bonding effect on the sensing performance of self-sensing geopolymer coatings. For this study fly ash-metakaolin geopolymer coatings were applied onto concrete substrates; the concrete surfaces were treated by employing three different surface preparation methods: mechanical brooming, chemical treatment and the untreated cast surface. The bond strength for each preparation technique was measured with the splitting tensile bond test and the sensing response for the geopolymer coatings under repeated loading was also characterized. Through proper understanding of the interface between cementitious materials, sensing coatings can be tailored accordingly to achieve high sensing performance and thus allowing high-quality monitoring and proactive maintenance in civil infrastructure.
An analysis of the commercialisation barriers of self-healing concrete
Authors: Bandeira Barros Laís , Knockaert Mirjam , Tenório Roberto
Published: April 2023

Interest in more sustainable construction has grown in recent years. Evidence indicates that larger societal trends and the economic climate have an impact on the transfer of new technologies in the construction sector from university to industry. The transition to sustainability and concerns regarding climate change represent pressing issues to innovate in the sector. In order to decrease CO2 emissions from cement production, strategies have been developed to reduce the environmental burdens, such as the use of smart materials. The goal is to use more durable materials. Significant research has been performed into the development of self-healing technologies for concrete as a smart material. The advantages of self-healing concrete are many and can be significant to all stakeholders, including researchers, companies and end users. In spite of the progress made by past research, the commercialisation of self-healing concrete is still in its infancy. To fulfil this need, our study examines the commercialisation of self-healing concrete as a process complicated by divergent barriers. By carrying out semi-structured interviews with stakeholders, this study generates its contribution: the development of the self-healing concrete value chain identifying the commercialisation barriers as well as the analysis of these barriers that the innovation encounters along its value chain.
Development of OCMNO algorithm applied to optimize surface quality when ultra-precise machining of SKD 61 coated Ni-P materials
Authors: Duc Le Anh , Hieu Pham Minh , Minh Quang Nguyen
Published: April 2023

In this paper, a new algorithm developing to solve optimization problems with many nonlinear factors in ultra-precision machining by magnetic liquid mixture. The presented algorithm is a collective global search inspired by artificial intelligence based on the coordination of nonlinear systems occurring in machining processes. Combining multiple nonlinear systems is established to coordinate various nonlinear objects based on simple physical techniques during machining. The ultimate aim is to create a robust optimization algorithm based on the optimization collaborative of multiple nonlinear systems (OCMNO) with the same flexibility and high convergence established in optimizing surface quality and material removal rate (MRR) when polishing the SKD61-coated Ni-P material. The benchmark functions analyzing and the established optimization polishing process SKD61-coated Ni-P material to show the effectiveness of the proposed OCMNO algorithm. Polishing experiments demonstrate the optimal technological parameters based on a new algorithm and rotary magnetic polishing method to give the best-machined surface quality. From the analysis and experiment results when polishing magnetic SKD 61 coated Ni-P materials in a rotating magnetic field when using a Magnetic Compound Fluid (MCF). The technological parameters according to the OCMNO algorithm for ultra-smooth surface quality with Ra = 1.137 nm without leaving any scratches on the after-polishing surface. The study aims to provide an excellent reference value in optimizing the surface polishing of difficult-to-machine materials, such as SKD 61 coated Ni-P material, materials in the mould industry, and magnetized materials.
Research on Village Collective Economic Income Insurance——Based on a Survey of Huai’an
Authors: Chen Caihong
Published: April 2023

Village collective economic income insurance takes “administrative village” as applicant and insured and “collective economic income of village” as insured object. When village collective economic income is lower than the target income due to natural disasters, accidents, liability for breach of contract, market conditions and economic environment, the insurance company will be liable for the compensation according to the contract. A survey of Huai’an, the first pilot city of this insurance, shows that the village collective economic income insurance has played a certain role in promoting the village collective economic development, but still has some problems need to be overcame, such as limited insured, imperfect design, inadequate publicity, backward technology and means, and chaotic management. In the future, more attentions should be paid to differentiated design, precise publicity, digital application, standardized operation and scientific management, in order to improve the effect of guarantee of the village collective economic income insurance.
Analyzing Local Dynamics in House Pricing During COVID-19
Authors: Zhang Ruijia
Published: April 2023

Covid-19 has made it possible for people to work from home. As a result, there has been an increase in the demand for space. Since many positions now allow for the possibility of working online, people realize that having a larger space at home is necessary. This paper will use mathematical methods of data analysis and regression analysis in the context of the COVID-19 outbreak to discuss whether California house prices are suffering from an epidemic of infectious diseases.
Correlation between Economic Development and Regime Types
Authors: Li Xianlong , Xu Sishi
Published: April 2023

Democracy is considered by many to be the ultimate form of government. This paper tries to identify the effects of choosing certain regime types over others on the economic development of that society. Through careful review of several scholars’ works on this topic, this study finds that several key factors, such as how long has the newly created democracy existed, how well democratic institutions are established (free and fair elections, control over economy, rule of law etc.). Simply transitioning into a democracy does not guarantee economic growth, but maturing as a democracy does. This study seeks to provide a meaningful discussion and help its audience understand the more specific details of each type of regime, thus allowing for a closer examination of the debate of democracy versus autocracy. Through this paper, readers will be able to understand what makes a mature democracy, and how does a mature democracy help economic development.
Divergent Investor Perspectives and Volatility Risk -- Research Based on Stock Bar Public Opinion Data
Authors: Liao Shiyu
Published: April 2023

Retail investors are the primary participants in the A-share market, with a large number, large differences in economic levels, and uneven accumulation of financial professions, so it is manifested in the large differences in opinion and investment behavior of individual investors, which influence the risk of stock market volatility. Due to the rise in popularity of mobile clients, browsing stock bar post content has become an essential way for retail investors to get investment trend. This paper analyzes the impact of public opinion on the fluctuation of Oriental Wealth Internet Stocks by focusing on micro-level individual stocks. In addition, the paper supplements empirical studies on stock volatility from the micro level of differences in investor opinion, providing market regulators with a reference for better understanding investor psychology and managing network public opinion. The empirical results show that: (1) Stock volatility is positively correlated with divergent investor opinions;(2) Post sentiment value is positively correlated with post comment volume;(3) Investor sentiment in different sectors affects stock prices to varying degrees.
Corporate Sustainability and Trade Credit: Evidence from ESG
Authors: Wang Shiyu
Published: April 2023

ESG is an extension of the concept of green investment and reflects the concept of sustainable development of enterprises. More and more enterprises are using trade credit financing for their business which is an important part of debt financing. But the influence of corporate ESG performance on trade credit financing has not been explored entirely. We investigate whether and how ESG rating affect the amount of trade credit financing, using a sample of more than 3000 Chinese listed firms from 2011 to 2020. The results show that enterprises with good ESG performance can obtain more trade credit financing. In addition, the results remain significant after a series of robustness tests. The above conclusions not only enrich the research on the economic consequences of corporate ESG performance, but also provide empirical evidence for enterprises to effectively improve trade credit financing.
Research on the Impact of Local Public Debt on Enterprise Investment Structure
Authors: Yu Ying
Published: April 2023

The paper studies the impact of local public debt on the investment structure of enterprises. Specifically, this paper selects the local public debt data at the prefecture-level and the financial data of Shanghai and Shenzhen A-share listed companies from 2007 to 2015 as research samples. Based on the tax burden theory and financing constraint theory, using the fixed effect model of panel data, empirically tests the impact of local public debt on enterprise investment structure. The research shows that the expansion of local public debt will increase the investment in fixed assets of state-owned enterprises and decrease the investment in financial assets; the investment in fixed assets of private enterprises will decrease and the investment in financial assets will increase. Therefore, the impact of local public debt should be managed according to the classification of different enterprises.
The Practicality of Vasicek Model in China’s Financial Market
Authors: Ding Yanwen
Published: April 2023

In the changing financial market, the price of financial products fluctuates continuously over time. The study of the static term structure of the interest rate on the market can no longer satisfy the actual needs, and the dynamic model is imperative. Compared with the static term structure, the dynamic model introduces a stochastic differential term on the basis of the static term structure model of interest rate. This paper shows some relevant models including Vasicek Model, Single-Factor Dynamic Model, Multi-Factor Dynamic Model, and Kalman Filter method. To conclude, in the multi-factor dynamic interest rate term structure model, Kalman Filter has many benefits. However, it still has actual limitations. The multi-factor Vasicek model still needs some analysis to find the error and do the correction. In the research of bond pricing, risk management, and other aspects, the multi-factor model should be the main direction.
A Study on the Trade Potential between Northeast China and Countries along the Northeast Passage of the Arctic
Authors: Shou Jianmin , Yu Han
Published: April 2023

The navigation of the Arctic Channel has brought certain impact on the traditional international trade environment. Northeast China is the closest to the Arctic, so it is of great significance to study whether the future navigation of the new Arctic channel will have a positive impact on the cargo trade and transportation in Northeast China. This paper uses the panel data from 2010-2020, uses the expanded trade gravity model to conduct empirical tests, analyzes the influencing factors of the bilateral trade between the Northeast China and the countries of the Arctic Northeast Passage, and compares the trade potential of the Suez Canal Passage and the Arctic Northeast Passage. The results show that there is a significant negative relationship between shipping distance and trade volume; the opening of the Arctic Northeast Channel will increase the export potential and import potential of the Northeast China to the countries from the channel by 30.76% and 31.52% on average. Our results shed light on government policies aiming to improve the level of foreign trade in Northeast China.
Coordinated Development Strategy of the Beijing-Tianjin-Hebei Region and Regional Economic Convergence
Authors: Zhang Chaohua , Yang Weizheng
Published: April 2023

This paper selected panel data of Beijing-Tianjin-Hebei and other eastern regions except Beijing- Tianjin-Hebei from 1999 to 2018. The economic convergence model, double difference method and twoway fixed effect model are used to study the influence of Beijing-Tianjin-Hebei coordinated development strategy on regional economic convergence. It is found that (1) the Beijing-Tianjin-Hebei coordinated development strategy has a negative effect on the economic growth of Beijing-Tianjin-Hebei as a whole, Tianjin city and Hebei province, the positive effect on Beijing is gradually significant, and the intra-regional economy shows a fluctuating dispersion trend; (2) the economic gap between Tianjin and Hebei Province and the rest of the east, as well as between the rest of the east and Beijing, has narrowed. The economy of the eastern region as a whole shows convergence, but the speed of convergence is relatively slow; (3) the Beijing-Tianjin-Hebei coordinated development strategy strengthens the role of human capital in driving regional economic growth, while the effect on the economic growth of other factors is insignificant or negative. Therefore, the policy dividend needs to be further stimulated.
The Virtuous Cycle between Digital Technology, Enterprise Digital Transformation and Digital Economy Development -- A Study of the Dynamic Relationship Based on the PVAR Model
Authors: Mengke Zhang , Yan Huang , Yuan Bao , Yifan Jin
Published: April 2023

Digital transformation of enterprises is not only a choice to comply with the economic development trend, but also the use of digital technology to reduce costs and increase efficiency is a necessary path for enterprise development. Under the TOE framework, this paper takes digital technology, enterprise digital transformation and digital economy development level as the main variables. By constructing a PVAR model to incorporate the three into the same analytical framework, the dynamic interrelationship and the degree of influence between the three in the time series are empirically examined. The research results show that (1) digital technology, digital transformation of enterprises and the level of digital economy development are causally related to each other and have a mutually reinforcing influence. (2) There are inertia development and self-reinforcement mechanisms among the three variables. (3) Although the interaction among the three variables gradually decreases and tends to zero over time, it still has a strong lag. The research results enrich the dynamic relationship between digital technology, enterprise digital transformation and digital economy development, and provide strategic references for enterprise transformation and upgrading.
Summary of Macro-Economic Research Direction Based on Electric Power Data
Authors: Chen Guang , Fu Cheng Cheng , Yin Wan Ting , Gao Xiao Nan
Published: April 2023

The main problem of the development of the power industry is whether it can accurately grasp the growth trend of power demand combined with the background of China’s economic development, and provide a reliable basis for the rational development of the power industry. In recent years, economists and policy makers have increased their attention and research on the relationship between economic growth and the development of the power industry, and give a brief review in detail to provide a reference for the research of power and economic relations.
Progress in Industry Chain Resilience Research
Authors: Gong Meixin , Huang Xinzao
Published: April 2023

In order to cope with economic globalization and informatization and the increasing risks of global economy, the resilience of industrial chain has become a hot topic. This paper summarizes the existing industrial chain, toughness and relevant domestic and foreign literature on industrial chain toughness, analyzes the connotation and characteristics of industrial chain toughness, summarizes the measurement method of industrial chain toughness, and refines the path to improve industrial chain toughness. Therefore, the paper analyzes the problems existing in the study of industry chain toughness and provides some references for future research.
Digital Finance, Interbank Market Friction and Credit Channel Transmission of Monetary Policy
Authors: Shen Lei , Yao Shuna
Published: April 2023

At present, China’s digital economy is booming, and the digitization of the financial system is gradually changing the internal structure of macro economy and finance, which has an impact on the first market of monetary policy transmission, the interbank market, and affects the transmission of monetary policy. Based on the case of inter-bank market friction, this paper constructs an IS-LM-CC model to deeply analyze the micro-effect mechanism of digital finance affecting credit channel transmission. The panel data of China’s provincial level from 2011 to 2020 are selected to construct a fixed effect model to empirically test the impact of digital finance on monetary policy through credit channels. Using micro data at the enterprise level, we further test whether the development of digital finance affects the dependence of enterprises on bank credit. The results show that the development of digital finance has alleviated the friction in the interbank market, significantly weakened the transmission effect of monetary policy bank credit, and reduced the dependence of enterprises on bank credit. Therefore, this paper proposes to rationally plan the statistical scope of credit scale and correctly guide the development of digital finance.
Production Structure and Multiple Equilibria - A DSGE Perspective
Authors: Hu Quan , Wang Siwei
Published: April 2023

This paper integrates the Austrian school’s production structure theory and financial market theory, considers the impact of heterogeneity of firms’ production cycles on economic fluctuations, constructs a DSGE model that incorporates production structure, and uses the model to analyse the existence of multiple equilibria and endogenous financial economic cycles. Compared with previous DSGE models, this paper highlights the asymmetry of firms’ responses due to the existence of different production cycles and considers emotional shocks as the main source of economic volatility, as Keynes’ “animal spirits” suggest.
RMB Internationalization Promotes the Transformation Analysis of Import and Export Enterprises
Authors: Zhang Tianyue
Published: April 2023

In 2009, the pilot project of RMB settlement for cross-border trade was started, which started the process of RMB internationalization. Later, China has made a series of progress in cross-border trade and investment settlement, RMB offshore market, and monetary government cooperation. In 2016, China joined the Special Drawing Rights currency basket, and great progress was made in the internationalization of the RMB. However, in 2014, RMB’s exchange rate entered into two-way fluctuation channel, increasing the uncertainty; In 2015, the share of RMB internationalization because of the depreciation of RMB decreased significantly, and the RMB balance in Hong Kong decreased by nearly 40% in 2018 compared with 2015. The outbreak of COVID-19 in 2019 and the global economic recession have made it increasingly difficult for China’s foreign trade enterprises. But with the in-depth implementation of the strategy of “Belt and Road”, and the outbreak gradually normalized, and economic recovery, the foreign trade enterprises will usher in a new step of development opportunities, how to seize the opportunity under the new situation, with the deepening of RMB internationalization, open their market, stimulate enterprise vitality, improve profits, at the same time promote the country’s economic growth. Becaming a question which worths discussing.
Can analyst coverage improve green innovation?- Empirical research based on China’s heavy polluting enterprises
Authors: Zhao Xin , Yang Mianzhi
Published: April 2023

Due to the externality of green innovation and the profit-seeking nature of capital, heavy polluting enterprises usually lack effective incentives for green innovation and ignore the long-term sustainable development. In order to explore the impact of analyst coverage on the green innovation, this paper establishes a fixed effects model using panel data of heavy polluting listed enterprises in China from 2015 to 2021. We find that the analyst coverage can significantly improve the green innovation of heavy polluting enterprises. Compared with state-owned enterprises, analyst coverage has a more significant improving effect on green innovation performance in private heavy polluting enterprises. Compared with enterprises in central and western regions, analyst coverage can better promote green innovation of heavy polluting enterprises in eastern regions. This study provides empirical evidence for the guiding role of analyst coverage on the sustainable development of heavy polluting enterprises.
APP design and research based on Sichuan Intangible Cultural Heritage
Authors: Yi Huang , Long Yang , Yujiao Guo , Yi Huang , Zaihong Ye , Wei Zhang
Published: April 2023

The market of Sichuan intangible cultural heritage APP and mini program based on mobile terminal is lacking. The “Internet+” mode is used to expand the modern living space of intangible cultural heritage, stimulate the social and economic benefits of intangible cultural heritage resources, and realize their activation and inheritance. By showing the relevant cultural deposits and materials of the intangible cultural heritage, and including the existing intangible cultural heritage resources at all levels in Sichuan province, more people will notice the beauty of Sichuan’s intangible cultural heritage resources. This project realizes the digital inheritance of intangible cultural heritage resources through “productive protection” through the Internet platform. In accordance with the law of the market, the appropriate production, use, derived into a rich Sichuan regional characteristics of products. At the same time, the intangible cultural heritage resources of Sichuan Province as the cornerstone, continuous development and ultimately build a national intangible cultural heritage platform.
Study on the Prospects for the Development of China, Japan and Korea Economic and Trade Cooperation under RCEP
Authors: Wang Chenyun
Published: April 2023

Since the COVID-19 outbreak in 2020, global trade and economic activities have been severely harmed, and changes in the global economic and trade landscape have accelerated. The dramatic reduction in global trade volumes and the development of global industrial chains have been hampered and even partially disrupted, leading to a new wave of “deglobalisation”. Against this backdrop, the signing of RCEP, the largest FTA in the Asia-Pacific region, demonstrates the region’s confidence and determination to uphold the multilateral trading system, build an open economy, promote the Asia-Pacific integration process, and stabilize the global economy. For a long time, China’s economic trade and interests have been tightly intertwined with those of Japan and Korea. By 2020, the combined GDP of the East Asian economic circle represented by China, Japan, and Korea will have surpassed that of the United States, and the global economic center will be shifting to Asia. The RCEP, the first FTA signed by China, Japan, and Korea, creates new opportunities for trade cooperation, industrial chain optimization, and FTA construction in the three countries, but it also increases competition among the three. However, it also introduces potential issues for the three countries, such as the impact on related industries following the opening up and international currency competition. As the world undergoes an unprecedented change in a century, the three countries should strengthen multilateral trade cooperation under the RCEP framework, follow the trend of global economic integration, and contribute to the global economy’s sustainable and healthy development.
Oriental Water Control Culture and the co-construction of Community of Life between man and nature
Authors: Yu Xin , Liao Chengxi , Zhang Zhichao
Published: April 2023

With the steady progress of the “Belt and Road” Initiative construction, the economic and cultural ties between China, Japan, and South Korea have be-come increasingly close. When faced with the global issue of water control, the spirit of harmonious coexistence between human and nature shared by the three countries based on the agricultural culture of the ancient oriental farming civilization will be the key to solving the problem. This paper sum-marizes the internal relationship, scientific nature and modernity of the ori-ental water control culture of China, Japan and Korea, and proposes to carry out cross-cultural communication not only between the three countries but also beyond the border of East Asia.