影响城市居民碳排放的空间形态要素

城市空间形态对居民交通、建筑碳排放都具一定影响,是一定技术条件下居民碳排放的重要影响因素,因而成为低碳城市研究的热点问题。研究从居民碳排放源头出发,厘清了城市空间形态与居民碳排放的逻辑关联,明确了城市规模、人口密度、建成区形状、中心区状况及邻接性这五个空间形态要素是影响居民碳排放的关键。从理论上看,多数空间形态要素对居民交通及建筑碳排放有着不同的影响,城市空间形态对居民碳排放的综合影响亟需具体的量化研究予以支持。     

Arbitrage with hedging by forward contracts: exploited and exploitable profits

The theoretical conditions for covered interest arbitrage and exploitable profit opportunities out of simple and triangular arbitrage in the absence and presence of market imperfection are enunciated. A distinction is made between pure arbitrage profits and arbitrage-induced total profits attainable under the risk-free environment. Operational feasibility of iterative arbitrage is also examined.     

日本低碳产业国际竞争对策分析

近年来,在全球低碳经济潮流不可逆转的趋势下,日本政府在国内和国际两个层面制定了一整套策略组合,在应对能源安全和气候变化双重压力的同时,增强本国企业低碳技术的开发和部署能力,帮助企业在未来的全球低碳经济竞争中抢占先机.日本的低碳政策具有前瞻性和重大战略意义,值得研究和借鉴.     

我国创业板市场交易制度选择方案研究

创业板是我国金融体制改革和金融创新的极其重要的一环。而创业板交易制度的选择，对创业板能否顺利运行有着极其重要的作用。本文分析了指令驱动交易制度和报价驱动交易制度的优缺点以及影响交易制度的流动性、稳定性、有效性等多种因素，并结合我国国情进行具体研究，对我国创业板市场交易制度的选择进行了探讨。     

欧洲排放交易体系下的中国民航低碳策略研究

随着近几十年来旅客周转量的大幅增加,民航业迎来了快速发展的黄金时期。民航运输过程中产生的二氧化碳对环境的影响也日渐突出。本文介绍了航空排放对全球变暖的影响,分析了欧洲排放交易体系下中国民航业的优势、劣势以及机遇与挑战,提出了旨在节能环保的低碳策略。     

Trading frequency and the efficiency of price discovery in a non-dealer market

The increasing popularity of non-dealer security markets that offer automated, computer-based, continuous trading reflects a presumption that institutionally-set trading sessions are economically obsolete. This theoretical paper investigates the effect of the trading frequency, a key feature of the trading mechanism, on the efficiency of price discovery in a non-dealer market. By tracing the market pricing error to the correlation structures of arriving information and pricing errors of individual traders, the effect of diverging expectations on error-based and overall return volatility is isolated. The analysis reveals that, due to a portfolio effect, an increase in the trading time interval has contradictory effects on the portion of return volatility stemming from pricing errors. The greater accumulation of information increases error-based return volatility, but the greater volume and number of traders per session have the opposite effect. The net effect on overall return volatility can go either way. It is found that the return volatility of heavily traded securities is likely to be minimized under continuous trading, but that of thinly traded securities may be minimized under discrete trading at moderate time intervals. The latter is more likely to occur the greater is the divergence of expectations among traders. These findings challenge the presumption that automated continuous trading in a non-dealer market is more efficient than discrete trading for all securities, regardless of trading volume. The findings are applicable to all economies, but have special importance for developing countries where typically a single market is dominated by small issues and a low volume of trade. As a by-product of the analysis, it is shown how to correct the biased estimate of inter-session price volatility when observations are less frequent than the trading sessions themselves.     

The impact of store hours and redistributive income effects on the retail industry: some projections for Germany

In this paper, the impact of the relaxation of Blue Laws on the retailing industry structure will be examined with regard to the 1996 store-hour expansion in the Federal Republic of Germany.The first part will deal with the historical development of Blue Laws in the US, Canada and the UK. The assessment of Germany's trading time situation and proponents' and opponents' previous arguments about whether or not to implement the proposed legislation will lead to an analysis of relevant conceptual and empirical research to evaluate expected restructuring effects on the German retailing industry.The impact of redistributive effects is determined, predictions with regard to the projected development are established, and directions for future research are generated.     

Origins and Development of the EU ETS

The successful creation of the European Union Emissions Trading Scheme (EU ETS) was not inevitable. Countries such as Canada and Japan which might be thought to have a less complex and more cohesive cultural and institutional context failed to do so. Europe succeeded for a number of reasons: with a Single Market for the economy, the logic of a single market for environment is inexorable; the European Commission—which had failed in its earlier efforts to introduce a carbon energy tax—made the case for trading with great skill and persistence, on the basis of qualified majority voting, which meant no country had a veto; the UK and Denmark initiated their own national schemes, and there was a serious risk of balkanising the market with up to 27 different schemes, with the losses of scale and scope this would entail; meeting the Union’s Kyoto commitments required a substantive pan European response, and EU ETS was the most credible and effective way of doing so. The European Parliament and Environmental Non Governmental Organisations played a constructive role, pushing for more auctioning of allowances and less of them, allocated centrally. Free allocation managed by Member States (MS) was a necessary condition to achieve the support needed, so they failed to achieve these objectives in the initial phase, but they characterize the Commission’s proposals post 2012.     

Stock prices in Japan rise at night

Examining daily data of the Nikkei Average from 23 October 1986 to 20 January 1998, I find that although the mean of the rate of change during the trading hours (RT) is negative, the mean during non-trading hours (RNT) is significantly positive. I also find that (1) RT has a stable relationship with Japanese economic fundamentals while RNT does not, (2) RNT reflects US economic fundamentals, though weakly, and (3) if the previous trading hours reflected bearish trading, then the bearish sentiment is not taken over to opening time, as opposed to when the previous trading hours reflect a more bullish attitude. A possible cause of the positive RNT is optimism of Japanese investors, especially that of securities companies.