Descriptive statistics of key variables.

Our paper explores whether Chinese insurance companies exhibit a local preference in deciding their equity portfolios and the incentive of this preference. Our research finds that Chinese insurance institutional investors significantly tilt to invest in local firms geographically close to them, and local investments do not significantly outperform non-local investments. The results indicate that the behavioral aspect of home bias, rather than information advantage, play a more significant role in deciding equity holdings of China’s insurance companies. Additionally, local equity preference is more pronounced in dialect-segmented areas and life insurance firms. This paper incorporates hometown identification into the analysis framework of insurance companies’ portfolio decision-making and enriches the research of their investing strategies from the perspective of behavioral finance.</div

Definitions of variable.

This table provides a detailed and definition and description of the procedures used to construct each variable used in our test analyses. All continuous variables are winsorized at 1% and 99% of the distribution to eliminate any effects caused by outliers.</p

Robustness tests.

Our paper explores whether Chinese insurance companies exhibit a local preference in deciding their equity portfolios and the incentive of this preference. Our research finds that Chinese insurance institutional investors significantly tilt to invest in local firms geographically close to them, and local investments do not significantly outperform non-local investments. The results indicate that the behavioral aspect of home bias, rather than information advantage, play a more significant role in deciding equity holdings of China’s insurance companies. Additionally, local equity preference is more pronounced in dialect-segmented areas and life insurance firms. This paper incorporates hometown identification into the analysis framework of insurance companies’ portfolio decision-making and enriches the research of their investing strategies from the perspective of behavioral finance.</div

Differences in insurers’ business scope and insurance companies’ local preferences.

Differences in insurers’ business scope and insurance companies’ local preferences.</p

Regional cultural differences and insurance companies’ local preferences.

Regional cultural differences and insurance companies’ local preferences.</p

Regression analysis of insurance companies’ local equity preferences and performances.

Regression analysis of insurance companies’ local equity preferences and performances.</p

Regression analysis of local equity preferences of insurance companies.

Regression analysis of local equity preferences of insurance companies.</p

Correlation analysis of key variables.

Our paper explores whether Chinese insurance companies exhibit a local preference in deciding their equity portfolios and the incentive of this preference. Our research finds that Chinese insurance institutional investors significantly tilt to invest in local firms geographically close to them, and local investments do not significantly outperform non-local investments. The results indicate that the behavioral aspect of home bias, rather than information advantage, play a more significant role in deciding equity holdings of China’s insurance companies. Additionally, local equity preference is more pronounced in dialect-segmented areas and life insurance firms. This paper incorporates hometown identification into the analysis framework of insurance companies’ portfolio decision-making and enriches the research of their investing strategies from the perspective of behavioral finance.</div

Presentation_1_Littered cigarette butts in both coastal and inland cities of China: occurrence and environmental risk assessment.pdf

Cigarette butts (CBs) pollution is a critical global environmental issue, yet limited research exists on CBs pollution in both coastal and inland Chinese cities with varying development levels. This study investigated CBs occurrence, contamination, Cigarette Butts Pollution Index (CBPI), and heavy metal leakage in four cities. The results of CBs collected over multiple days revealed higher contamination levels in coastal city of Dalian (0.10 ± 0.03 CBs/m2), inland cities of Baoding (0.06 ± 0.02 CBs/m2) and Meizhou (0.07 ± 0.02 CBs/m2) compared to first-tier coastal city of Guangzhou (0.03 ± 0.02 CBs/m2). Patterns of CBs occurrence and CBPI varied across land usage and cities development level. SEM and EDS analysis identified microplastics and heavy metal particles released from CBs in water environments. ICP-MS detected a total of 629.7 μg/L of 14 heavy metals. Approximately 1.9 ± 0.9 g/km2 of heavy metals are leaked daily in Chinese cities due to CBs, posing a severe threat to soil and water safety given the indiscriminate disposal of CBs. This study offers scientific insights into CBs pollution and underscores the pressing need for effective measures to mitigate environmental hazards, particularly heavy metal and microplastics contamination released from CBs in China.</p

Palladium-Catalyzed Intermolecular Dearomatization Annulation Cascade Reaction of Furans for Stereoselective Access to 2,5-Dihydrofurans

A novel palladium-catalyzed intermolecular dearomatization of furans with alkynes via a three-component formal [3 + 2] spiroannulation/allylic substitution cascade reaction has been successfully developed for the stereoselective assembly of spiro 2,5-dihydrofuran frameworks. High step economy and efficacy as well as excellent stereoselectivity were achieved for a broad substrate scope. Two new C–C bonds and one new C–O bond were generated sequentially in a one-pot manipulation. The yielded spiro 2,5-dihydrofuran skeleton bearing a tetrasubstituted carbon center constitutes the core structure for plenty of useful natural products or corresponding analogues. This work represents a significant advancement in the dearomatization strategy for furan heterocycles and provides a practical methodology for expedited access to complex spiro dihydrofuran scaffolds