The Value of Backers’ Word-of-Mouth in Screening Crowdfunding Projects: An Empirical Investigation

Reward-based crowdfunding is an emerging financing channel for entrepreneurs to raise money for their innovative projects. How to screen the crowdfunding projects is critical for crowdfunding platform, project founder, and potential backers. This study aims to investigate whether backers’ word-of-mouth (WOM) is a valuable input to generate collective intelligence for project screening. Specially, we answer three questions. First, is backers’ WOM an effective signal for implementation performance of crowdfunding projects? Second, how do the WOM help screen projects during the fund-raising process? Third, which kind of comments (positive or negative) is more effective in screening crowdfunding projects? Research hypotheses were developed based on theories of collective intelligence and WOM communication. Using a cross section dataset and a panel dataset, we get the following findings. First, backers’ negative WOM can effectively predict project implementation performance, however positive WOM does not have that prediction power. The prediction power of positive and negative WOM differs significantly. One possible reason is that negative WOM does contain more information of project quality. Second, project with more accumulative negative WOM tend to attract fewer subsequent backers. However, accumulative positive WOM is not helpful for attracting more potential backers. We conclude that negative WOM is useful for project screening project, because it is a signal of project quality, and meanwhile it could prevent backers make subsequent investments

Examining the Factors Influencing Tourists’ Destination: A Case of Nanhai Movie Theme Park in China

The present study used a stimulus-organism-response (S-O-R) theoretical framework to examine the relationship between theme park tourists’ experience, brand identity, brand satisfaction, and brand loyalty in China. By using the structural equation model (CB-SEM), this paper illustrates the process of forming destination brand loyalty for sustainable tourism on theme parks. The results suggested a second-order structure of tourism experience. The first-order four factors have different impacts on the second-order tourism experience. Activity experience is the most important factor influencing tourism experience, followed by environment experience, then facility experience, and finally interaction experience. In terms of tourism experience, individual brand identity-brand satisfaction-brand loyalty is the most important path of a theme park on tourists’ behavioral intention, among which brand satisfaction plays the most significant partial mediation effect in the relationship between individual identity and destination loyalty. It is expected that the results of this study provide a reference for improving tourists’ brand loyalty to achieve sustainable development of theme parks

Low-Cost Efficient Magnetic Adsorbent for Phosphorus Removal from Water

Adsorption using magnetic adsorbents makes the phosphorus removal from water simple and efficient. However, most of the reported magnetic adsorbents use chemically synthesized nanoparticles as magnetic cores, which are expensive and environmentally unfriendly. Replacing the nanomagnetic cores by cheap and green magnetic materials is essential for the wide application of this technique. In this paper, coal-fly-ash magnetic spheres (MSs) were processed to produce a cheap and eco-friendly magnetic core. A magnetic adsorbent, ZrO2 coated ball-milled MS (BMS@ZrO2), was prepared through a simple chemical precipitation method. Careful structural investigations indicate that a multipore structural amorphous ZrO2 layer has grown on the MS core. The specific surface area of BMS@ZrO2 is 48 times larger than that of the MS core. The highest phosphorus adsorption is tested as 16.47 mg g-1 at pH = 2. The BMS@ZrO2 adsorbent has a saturation magnetization as high as 33.56 emu g-1, enabling efficient magnetic separation. Zeta potential measurements and X-ray photoelectron spectroscopy analysis reveal that the phosphorus adsorption of BMS@ZrO2 is triggered by the electrostatic attraction and the ligand exchange mechanism. The BMS@ZrO2 adsorbent could be reused several times after proper chemical treatment

Related-Key Almost Universal Hash Functions: Definitions, Constructions and Applications

Universal hash functions (UHFs) have been extensively used in the design of cryptographic schemes. If we consider the related-key attack (RKA) against these UHF-based schemes, some of them may not be secure, especially those using the key of UHF as a part of the whole key of scheme, due to the weakness of UHF in the RKA setting. In order to solve the issue, we propose a new concept of related-key almost universal hash function, which is a natural extension to almost universal hash function in the RKA setting. We define related-key almost universal (RKA-AU) hash function and related-key almost XOR universal (RKA-AXU) hash function. However almost all the existing UHFs do not satisfy the new definitions. We construct one fixed-input-length universal hash functions named RH1 and two variable-input-length universal hash functions named RH2, RH3. We show that RH1 and RH2 are both RKA-AXU, and RH3 is RKA-AU for the RKD set $\Phi^\oplus$. Furthermore, RH1, RH2 and RH3 are nearly as efficient as previous similar constructions. RKA-AU (RKA-AXU) hash functions can be used as components in the related-key secure cryptographic schemes. If we replace the universal hash functions in the schemes with our corresponding constructions, the problems about related-key attack can be solved for some RKD sets. More specifically, we give four concrete applications of RKA-AU and RKA-AXU in related-key secure message authentication codes and tweakable block ciphers