Market reactions to a cross-border carbon policy: Evidence from listed Chinese companies

The effects of cross-border carbon policy have attracted increasing attention worldwide. We investigate the reaction of the Chinese stock market to the announcements of 12 legislative events associated with the European Union Carbon Border Adjustment Mechanism (EU CBAM). Our results, based on all industrial companies listed on China's Shenzhen or Shanghai Stock Exchanges, show that Chinese companies that export their products to the EU experience a more negative cumulative abnormal return around EU CBAM events than their counterparts (non-export companies and non-EU export companies). A cross-sectional analysis reveals that negative stock market reactions to the legislative events are greater when companies have greater carbon emissions intensity. Our further analyses show that being listed in both A-share and H-share markets, participating in a carbon emissions trading scheme, and having intensive cross-border collaboration mitigate the adverse market reactions. Our results show that the Chinese market is sensitive to legislative announcements associated with this cross-border carbon policy.     

A composite indicator of social inclusion for EU based on the inverted BoD model

In this paper, after reviewing the existing modeling approaches for reverse indicators, we opt for the use of the inverted Benefit-of-the-doubt (IBoD) model when all the considered indicators are reverse, as is the case with composite indicators related to social inclusion. Using EU data for 2014 we provide comparative empirical results using the IBoD model and three data transformations employed by previous studies. We also provide a thorough analysis of the performance of EU countries during the period 2011–2020 in terms of the composite indicator obtained from the IBoD model. Our empirical results indicate that relative performance across the EU has neither improved nor deteriorated and there is evidence supporting local instead of global convergence in social inclusion with certain groups of countries.     

欧盟铁路互联互通技术规范体系动态研究与建议

欧盟铁路互联互通机制及其技术规范体系构建研究对于我国铁路"走出去"具有重要意义。基于欧盟铁路互联互通技术法规的最新内容,分析了形成欧盟铁路互联互通标准体系的欧盟指令、技术规范和欧洲标准体系架构及其内在联系,研究了欧盟铁路固定设施、通信信号、运营管理等方面互联互通技术规范的实施现状和发展趋势。基于欧盟铁路互联互通体系的研究结果及与中国铁路标准体系的对比分析,对我国铁路标准的体系构建、标准国际化路径选择提出合理建议。     

Farmers' participation in the Income Stabilisation Tool: Evidence from the apple sector in Italy

The Income Stabilisation Tool (IST), which was recently added to the European Common Agricultural Policy's risk management toolkit, is a mutual fund that aims at stabilising farmers' income. We investigate the drivers of farmers' participation in an IST for the apple sector in the Autonomous Province of Trento in Italy, which is the only region that has operationalised the IST in the European Union. Our analysis is based on a theoretical framework based on the Unified Theory of Use and Acceptance of Technology. Using a three-year panel dataset of 3268 farm households, we estimated a logit model with the Mundlak–Chamberlain procedure. Our results show that higher crop production specialisation, associated with greater risk exposure, favours participation in the IST. Similarly, previous experience with mutual funds increases the acceptance of the IST. The analysis also provides evidence of how the new tool interacts with existing on-farm protection strategies, leading to a discussion of the presence of adverse and advantageous selection effects. Our paper sheds light on farmers' acceptance of newly implemented sector-specific ISTs and generates better knowledge and understanding of lock-ins and levers that influence participation in such schemes, which are relevant to other EU regions or member states that are considering the introduction of ISTs.     

Emigrants’ missing votes

What are the causal effects of emigration on election outcomes in the country of origin? Large emigration of high-skilled emigrants can lead to changes in the distribution of political preferences, which affect voting outcomes. Using administrative migration and voting data, we show that emigration from Poland following its accession to the European Union in 2004 caused an increase in vote shares for right-wing parties, while decreasing the vote share for left-wing parties due to emigrants’ missing left-leaning votes. To account for endogenous migration patterns, we construct an innovative instrument that measures the distance to the closest open EU border. Our results highlight that emigration enhances stayers’ trust in right-wing governments and increases stayers’ voting for parties with pro-European positions. Exploiting a change in voting rules over time allows to disentangle different mechanisms. These results have important implications for the design of voting policies.