Real Estate Wealth Management Subsidiaries (REWMS) typically refer to subsidiaries established by real estate companies, specializing in wealth management services. These services often include investment advice, family wealth planning, and more. With the relevant licenses, wealth management subsidiaries can assist clients with asset management and real estate fund management. The primary goal is to provide individual or institutional investors with real estate-related investment products and solutions, helping clients to allocate and appreciate assets in the real estate market.

In existing literature, scholars have discussed internal and external factors affecting corporate resilience, with a focus on the crisis response of various industries in the face of challenges posed by the COVID-19 pandemic. External factors include relational networks and economic policy uncertainty, while internal factors such as digital transformation, corporate culture, management characteristics, and corporate social responsibility are also considered.

This thesis examines the relationship between tax avoidance and firm value, emphasizing the roles of social trust and regulatory enforcement pursuant to tax. Amidst debates on the benefits of tax avoidance to shareholders and increasing regulatory scrutiny, the study identifies a non-linear, inverted U-shaped relationship, where moderate tax avoidance enhances firm value, but excessive avoidance diminishes it. Social trust appears to allow firms in high-trust regions to benefit more from tax avoidance before the tipping point leads to lower firm value. Similarly, strong regulatory enforcement defers the tipping point. Weaker institutional factors add nuance to the relationship as the importance of them as moderators diminishes. These findings, validated through robustness tests, contribute to understanding the interplay between tax strategies, social trust, and regulatory enforcement, offering insights for policymakers and corporate leaders on optimizing tax strategies in different institutional contexts.

The majority of theory and research to date on leader departure focus on antecedents and consequences. I pivot my attention to the period of instability during the transition period. The phenomenon of a leader departure has become more common in the business environment as the leader may face increased pressure, challenges, or external opportunities in their role. When the subordinates perceive the leader departure, this shock often affects the subordinates’ behaviours at work, affecting their proactivity, and this might impact the success of an organization. I investigated the effect of leader departure on subordinates’ voice behaviours, in the form of promotive and prohibitive voice. Utilizing insights from research on uncertainty management theory, social identity theory, and social cognitive theory, I examined the mediating effect of perceived uncertainty, organizational identification, voice efficacy, and voice instrumentality belief between the leader departure and voice behaviours. In addition, I examined how leader-member exchange (LMX) moderates these relationships. The survey study revealed that leader departure intention reduces promotive and prohibitive voice through diminished voice efficacy, with LMX further moderating these effects. On the contrary, the result of a scenario-based experiment revealed that leader departure lowers promotive voice via voice instrumentality belief and LMX moderated this effect further. The findings contribute to the existing literature by providing valuable insights into periods of leadership instability and fostering employee proactivity during periods of change.

Art market value refers to the economic value of artworks as reflected in the data of artwork trading in the market. Art market data is not only a basic indicator to measure the development trend of primary and secondary market of artworks in a certain region, but also an important embodiment to measure whether the artist's works have economic value. Since the reform and opening up, China's art trading market has become increasingly mature, and with the increase of domestic and international exchanges, it has now achieved synchronous convergence with the world.

According to the industry observation and combing research on related literature, it is found that the market has a double-edged sword influence on artists‘ creation, on the one hand, artists improve their economic income through the works trading in the primary and secondary markets, and their works also realise the economic value-added; on the other hand, artists’ entry into the market means that they have entered the field of production, and once their creative outlook has changed, they will also face a certain kind of market test. However, the existing studies generally focus on the market transaction data of a particular artist or style, or only make academic research on style change, so as to predict the trend or summarise it, lacking the consideration of style change factors in the market change, and unable to be placed in the context of the society for comprehensive analysis.

This study examines cryptocurrency regulations in major countries, discussing regulatory certainty of crypto currencies or virtual asset for market participants enhance crypto activity engagement. The finding of this study mainly indicates that the impact of clear and holistic regulations within which cryptocurrencies operate as enablers for attracting participation from various stakeholders. The regulation is not a barrier to innovation as some common understanding, but the regulation may create an environment for participants that feel safter and more reliable. A clear and certain regulation of cryptocurrencies will become a strong facilitator for crypto involvement, and the innovation needs to be weighed against risk when it comes to public policy. In addition, international cooperation plays a more and more important role in virtual asset regulation. We observe that opinions of stakeholders and market participants differ substantially. Government officials embrace cryptocurrencies to upgrade industry, draw talent, and boost innovation and reputation. However, regulators are more cautious, citing unclear laws and resource constraints. Business players are more adventurous, they care mainly business opportunity, prove business model but feel unsafe if rules are being unclear since they are easy to cross the red lines. It appears that almost all stakeholders or market participants keen to have more certainty of crypto regulation so things can operate under the sun. However, according to our analysis, it appears that the crypto activity engagement in response to the crypto regulation certainty behaves differently from countries to countries or from jurisdictions to jurisdictions.

Stock repurchases, or share buybacks, have gained global attention in corporate finance for their role in enhancing shareholders’ value, allocating resources, and signaling confidence in future prospects.

The China Securities Regulatory Commission (CSRC) has recently implemented policies to encourage public firms to engage in stock repurchases for capital market stabilization. This policy shift could potentially impact individual stock returns and the performance of the China A-share market index.

This study utilizes data from the A-share stock repurchase database on the Wind, covering the period from January 1, 2005, to April 30, 2025. A total of 12,725 completed repurchase cases were successfully identified as the subjects for empirical analysis. The findings of this research are as follows:

This study explores how RL can enhance factor investing for portfolio management. It follows the Design-Science Research (DSR) framework, and by leveraging Design Science principles, my research not only addresses a critical challenge in factor investing but also highlights the transformative potential of machine learning in financial decision-making.

My empirical study demonstrates that portfolios optimized with RL algorithms (A2C, PPO, and DDPG) significantly outperform traditional factor-based portfolios in terms of annualized returns, volatility, and risk-adjusted metrics. These findings underscore the adaptability and effectiveness of RL in refining investment strategies under dynamic market conditions, offering a novel methodology for portfolio investment.

In the context of globalization and rapid technological evolution, Non-Practicing Entities (NPEs) exhibit a dual role in patent markets: they exacerbate conflicts of interest while simultaneously acting as catalysts for innovation through competitive pressure, knowledge spillovers, and market signaling mechanisms.

Leveraging patent and litigation data from the U.S. Patent and Trademark Office (USPTO) and Stanford’s NPE Litigation Database, this study employs dynamic panel models and fixed-effects Poisson regression to empirically examine the multifaceted effects of NPEs’ patent litigation on corporate innovation. Key findings include: (1) Enhanced Innovation Output: NPEs’ litigation pressure significantly boosts innovation among peer firms of defendants. A one-standard-deviation increase in litigation intensity correlates with a +5% rise in patent applications by peer firms. (2) Improved Patent Quality: Litigation drives patent value appreciation (+12%–18%) and citation impact (+24.8%) through technological screening and knowledge spillovers, while also enhancing the originality and cross-domain applicability of patents. (3) Long-Term Effects and Heterogeneity: NPEs’ litigation reshapes R&D strategies, increasing cumulative patent output by +27% over three years. This effect is amplified in firms facing strong financial constraints or operating in technology-intensive industries. (4) Dual Impact of Policy Intervention: Staggered Difference-in-Differences (DiD) analysis of U.S. state-level anti-NPE laws confirms that such policies spur short-term innovation in directly targeted firms (+27% patent growth) but reduce innovation efficiency in peer firms (-32% decline in scaled patent output) by weakening NPEs’ signaling function. Considering the relatively small number of sued firms (3,123) and the large number of peer firms (20,874), the industry should not overlook this effect.