PurposeThe purpose of this paper is to explore the impact of product information on impulse purchases in a cross-border electronic commerce (CBEC) setting from the perspective of cue stimulation.Design/methodology/approachThis study proposes a research model of impulse purchases in CBEC based on the cue utilization theory and Stimulus-Organism-Response (S-O-R) model. The research model was tested using covariance-based structural equation modelling. Data were collected from the consumers of a popular CBEC platform in China.FindingsA high-quality product description has a significant positive effect on concentration but not on curiosity and autotelic experience. A high-quality product display has a significant positive effect on concentration, curiosity and autotelic experience. High-quality product content has a significant positive effect on curiosity and autotelic experience but not on concentration. Curiosity and autotelic experience both have a significant positive effect on impulse purchases; however, concentration has no such effect on an impulse purchase. Curiosity and autotelic experience have a full mediation effect between product display and impulse purchases and between product content and impulse purchases, respectively.Originality/valueThis study integrates the S-O-R model and cue utilization theory to construct a theoretical model of product information-flow experience-impulse purchases. According to the model, we can understand how product information influences consumers' impulse purchases in CBEC.

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The outbreak of novel coronavirus disease 2019 (COVID-19) has brought great challenges to the improvement of global smart city services. To date, few studies have been conducted on the effects of service quality on citizen engagement in smart cities in a public emergency. Based on the stimulus-organism-response (SOR) model and uncertain management theory, this study analyses the impact of the service quality of smart city system on citizen engagement in a public emergency. Data were collected in Chinese smart cities. Three valuable and novel results are identified. First, high-quality information content, highly reliable systems and highly responsive systems have a significant positive effect on citizens' continuous experiences, but not on citizens' immediate experiences. Second, both the immediate and continuous experiences of citizens have a significant positive effect on citizen engagement. Third, continuous experiences impose a full mediation effect between information content and citizen engagement, between reliability and citizen engagement and between responsiveness and citizen engagement. As its main contribution, this study focuses on the construction of a theoretical model. Based on this model, smart city managers can understand citizens' reactions in public emergencies from stimulation to experience and their behaviours in relation to smart city services.

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In recent years, many institutional investors use algorithmic trading to complete their investment decisions. This method reduces the transaction costs, improves the investment return. Algorithmic trading is a new transaction mode. This paper introduces the algorithmic trading and the development process, presents the development process of transactions costs, reviews the latest research literatures of algorithmic trading strategy, and introduces the literatures of investment portfolio selection. Based on the present research and the current situation of algorithmic trading in our country, this paper develops the application and suggestion for algorithmic trading.

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In recent years, the extreme risk events occurred frequently in the financial market have not only brought huge losses to investors and inflicted heavy losses on the market, but also posed a severe challenge for the traditional effective market hypothesis. These extreme risk events are often accompanied by sudden plummeting of liquidity. Different from the efficient market hypothesis(EMT), firstly, this paper studies the nonlinear fluctuation characteristics and causes of contracts with different maturity periods in China stock index futures market under the framework of fractal market theory and using the multifractal detrended fluctuation model Secondly, under the framework of the fractal market theory, the existence of the liquidity spillover effect between the stock index futures and spot is tested, the direction, intensity, and contribution of spillover between stock index futures and spot are analyzed. Finally, there is a robustness test. The study finds that both stock index futures and stock index spot in China have obvious nonlinear fractal fluctuation characteristics, and stock index futures have higher degree of multifractal, the characteristics are related to correlated multifractal and distributed multifractal; the longer the maturity period of the stock index futures contract, the lower the multifractal degree; there are significant asymmetric liquidity spillover effects between the stock index futures and spot; the multifractal degree has an important influence on the intensity and contribution of the liquidity spillover effect, and the multifractal degree is inversely proportional to the intensity of liquidity spillover and the contribution of spot to futures fluctuations.