Empirical evidence of advances in scrubber technology

Flue gas desulfurization (FGD) units have been employed at US power plants for approximately 25 years to control sulfur dioxide emissions. Although it might be hoped that FGD technology would have improved over that period, theoretical work (e.g., Downing and White [Downing, P.B., White, L.J., 1986, Innovation in pollution control, J. Environ. Econ. Manage., 13, 18–29], and Milliman and Prince [Milliman, S.R., Prince, R., 1989, Firm incentives to promote technological change in pollution control, J. Environ. Econ. Manage., 17, 247–265]) has shown that the type of regulation generally favored in the US (direct regulation of emissions levels) provides poor incentives for technological improvements. Data on the design, performance and costs of FGD units at coal burning plants in the US are used to estimate a model of FGD costs and tests are performed in an attempt to determine whether progress has occurred. Results suggest that no significant progress has occurred in abatement technology, although costs of operating particular units at plants to tend to decrease over the lifetime of the unit.     

村镇银行社会网络资本作用的实证研究

社会网络资本影响网络主体的经营绩效。本文尝试对村镇银行社会网络资本对于其经营绩效的作用进行实证,通过村镇银行经营管理人员的社会网络资本作为替代变量来测度村镇银行的社会网络资本,用信贷额增长率、利润额增长率、当地市场份额增长率三个问题来衡量村镇银行经营绩效。结果表明村镇银行经营管理人员的社会网络资本对其经营绩效正面影响不显著,但可以通过提高村镇银行市场和非市场发展能力来提高其经营绩效。     

国际投资发展周期的地区适应性--对1998-2003年我国各地区的实证分析

我国各地区的经济发展水平在空间上呈现出多元性特征,在利用外资和对外投资的进展中也表现出明显的差异性。本文将投资发展周期理论应用于我国各地区的投资发展实践中,从动态的角度来探求我国处于不同经济发展阶段的地区在国际投资发展中的规律性和经济发展阶段对于国际投资发展的制约性,从而为各地区根据实际情况制定引资和对外投资政策提供参考。     

The effects of customer and supplier involvement on competitive advantage: An empirical study in China

The focus of this paper is on the effects of customer and supplier involvement on competitive advantage in the firm. Using the resource-based view and knowledge-based view of the firm, hypotheses are developed concerning customer involvement, supplier involvement, and competitive advantage. Hierarchical multiple regressions are employed to test the hypothesized relationships. The data used was collected from 139 Chinese manufacturing firms across different industries. Each variable except control variables in the model is measured by a number of scale items. Both reliability and validity (content validity, convergent validity, and discriminate validity) are demonstrated. The results of the regression analysis show that (1) customer involvement has positive impact on product quality, delivery reliability, process flexibility, and customer service; and (2) supplier involvement leads to decreased cost. These findings are interpreted in the context of Chinese manufacturing setting and enhance the understanding of the roles of customer and supplier involvement in China's business environment.     

分部信息披露:经验证据与未来展望

分部信息的强制性披露一直是研究的热点问题之一.围绕着分部信息的披露全面而系统地综述了国外关于该问题的研究成果,研究表明其研究视角主要关注于本国研究,较少设计分部信息有关的国际比较(即横向比较),另外对于业务分部研究较多而对于地理分部的分析较为单薄.在以后的研究中有必要进行分部信息的国际比较研究和地理分部的研究,以推动该领域的研究进程.     

外资银行渗透对中国银行业体系稳定性的影响——基于阶段理论与演化理论的实证研究

基于阶段理论分析方法,本文从演化和发展的角度研究外资银行渗透对于中国银行业体系稳定性的影响,并选取1999～2008年数据进行实证研究。研究发现,中国银行业在开放的过程中,伴随外资银行渗透,银行体系稳定性的演化过程也可粗略地看出倒U形态,与阶段性理论基本相吻合。此外,在危机期间,外资银行在中国采取的微观战略也是影响中国银行业体系稳定性的重要因素。     

Research on the time-varying effects among green finance markets in China: A fresh evidence from multi-frequency scale perspective

Green finance is an essential instrument for achieving sustainable development. Objectively addressing correlations among different green finance markets is conducive to the risk management of investors and regulators. This paper presents evidence on the time-varying correlation effects and causality among the green bond market, green stock market, carbon market, and clean energy market in China at multi-frequency scales by combining the methods of Ensemble Empirical Mode Decomposition Method (EEMD), Dynamic Conditional Correlation (DCC) GARCH model, Time-Varying Parameter Vector Autoregression with Stochastic Volatility Model (TVP-VAR-SV), and Time-varying Causality Test. In general, the significant negative time-varying correlations among most green finance markets indicate a prominent benefit of risk hedging and portfolio diversification among green financial assets. In specific, for different time points and lag periods, the green finance market shock has obvious time-varying, positive and negative alternating effects in the short-term scales, while its time delay and persistence are more pronounced in the medium-term and long-term scales. Interestingly, a positive event shock will generate positive connectivity among most green finance markets, whereas a negative event including the China/U.S. trade friction and the COVID-19 pandemic may exacerbate the reverse linkage among green finance markets. Furthermore, the unidirectional causality of “green bond market - carbon market - green stock and clean energy markets” was established during 2018–2019.     

The impacts of share pledging on firm investment timing and valuation

This paper applies a model in the real options framework to analyze the impacts of controlling shareholder’s share pledging on corporate investment timing and valuation. We find that the optimal investment timing shows an inverted U-shape with the pledge ratio, indicating that share pledging exacerbates firms’ over-investment and worsens firms’ under-investment. Furthermore, share pledging hurts firms’ option value unless active measures are taken to control the pledging risks. The maintenance requirement can keep controlling shareholder from irrational early investments and protect investors from severe wealth losses. In addition, our work can provide testable empirical implications.     

COVID-19 as a stress test: Assessing the bank regulatory framework

The broad economic damage of the COVID-19 pandemic poses the first major test of the bank regulatory reforms put in place after the Global Financial Crisis. Our study assesses the U.S. regulatory framework, with an emphasis on capital and liquidity requirements. Prior to the COVID-19 crisis, banks were well capitalized and held ample liquid assets, which partly reflects enhanced requirements. The overall robust capital and liquidity levels resulted in a resilient banking system, which maintained lending and market making through the early stages of the pandemic. Trading activity was a source of strength for banks, reflecting in part a prudent regulatory approach. That said, leverage requirements are associated with more repo position netting by banks, with potential implications for market making.