Social media addiction has been a hot issue in scientific research in recent years, its antecedents and consequences have been extensively studied. Among these studies, Bergen Social Media Addiction Scale (BSMAS) is one of the most commonly used instruments. However, little is known about whether this scale has the equivalent psychometric properties for men and women. The purpose of the current study is to examine the measurement invariance (including configural invariance, metric invariance, scalar invariance, and error variance invariance) of the BSMAS across genders. In total, 1,120 participants were recruited from 5 universities. R program was applied to conduct the single-group and multiple-group confirmatory factor analysis (CFA) based on the social media addiction symptom ratings. The results demonstrated that BSMAS was a valid and psychometrically robust instrument for assessing the risk of social media addiction among university students, and that the four types of measurement invariance of the BSMAS across genders were confirmed. Consequently, gender differences in the BSMAS scores are likely to reflect the genuine differences between men and women, and comparisons on the level of social media addiction of university students between gender groups can be interpreted meaningfully.
A novel photonic scheme of binary modulated microwave signals generation based on a dual-polarization quadrature phase-shift keying (DP-QPSK) modulator is proposed and experimentally demonstrated. The scheme is highly reconfigurable, amplitude keying signal (ASK), phase-shift keying signal (PSK) or frequency-shift keying (FSK) signal can be generated by appropriately setting the amplitude of the binary coding signal. The coding signal and local oscillator (LO) signals are independent with each other, binary modulated microwave signals can be generated with arbitrary coding rate and carrier frequency. The frequency deviation of the FSK signal can also be adjusted flexibly. No filter is used in the scheme and the tuning range is large. A proof-of-concept experiment is carried out to verify the feasibility of the proposed system. A 1-Gbps 8-GHz microwave ASK signal, a 0.5-Gbps 6-GHz microwave PSK signal, and a 0.5-Gbps 8/12-GHz microwave FSK signal are g[enerated in the experiment.
This study's aim is to investigate systemic risk in the Chinese stock market. To this end, we analyze risk contributions to the Chinese stock market from 2007 to 2018 at the sector level using the Conditional Value at Risk (CoVaR) approach proposed by Adrian and Brunnermeier (2016). For the full sample period, we find that the information technology sector is the top contributor to systemic risk in the Chinese stock market. To distinguish the risk contribution of each sector under different market regimes, we propose an adjusted Bry-Boschan program to identify turning points in the stock market, which captures regime shifting between bull and bear markets. We find that the risk contribution of each sector in a bear market is significantly higher than that in the following bull market. We also find that the top contributor to systemic risk in the Chinese stock market changes across market regimes. Our findings have important policy implications. First, policymakers may use the early identification of systemically risky sectors of the stock market to improve the pertinence of economic policy-making. Second, it may allow security regulators to foster an environment in which incentives for risk taking by financial practitioners are reduced. Contribution/ Originality:This study is one of very few studies which have investigated the systemic risk in the stock market by employing the systemic risk method to estimate ten stock sectors' risk contributions to the Chinese stock market.
In this paper, we develop a dynamic stochastic general equilibrium (DSGE) model with financial frictions, to explore how the exogenous global low-interest-rate shock affect the small open economies, and study the effects of two macroprudential policies for protecting the external sector and financial system. We find that, when there are negative world interest rate shocks to ultra-low levels, small open economies will experience capital inflow surge, amplified domestic business cycles and increased financial leverage, leading to accumulation of financial vulnerability. However, the liability-side macroprudential policy depending on foreign debt leverage is effective in smoothing the fluctuations of economic variables. The other asset-side macroprudential policy depending on bank's total asset expansion works in a similar but less effective way. The research results support that it is reasonable for emerging economies to adopt macroprudential policies in the current low-interest-rate environment, and the liabilityside macroprudential policy linking with foreign debt leverage is more effective.Contribution/ Originality: This study contributes to the existing literature by developing a dynamic stochastic general equilibrium (DSGE) model with financial frictions, to explore how the exogenous global low-interest-rate shock affect the small open economies, and study the effects of two macroprudential policies for protecting the external sector and financial system. INTRODUCTIONThe Global Financial Crisis (GFC) and the slow recovery from its aftermath promoted ultra-loose monetary policies among central banks over the past decade. Many central banks in advanced economies quickly lowered policy interest rates to zero or near zero levels, to restart growth and combat persistent deflationary risks. Ten years later after the GFC, with the current sluggish world economy, many central banks started to lower interest rates again 1 and some even used unconventional monetary policies (UMPs), pushing policy interest rates even into negative territory. Moreover, together with persistent macroeconomic headwinds since the GFC (like demographic 1 In the year of 2019, more than 30 central banks started to lower policy interest rates,
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