Carbon capture and storage investment strategy towards the dual carbon goals

This paper develops a real option model combined with the Monte Carlo simulation to analyze the impact of the “dual carbon goals” on the CCS investment timing in China. The trajectory of CO₂ prices is predicted to follow a geometric Brownian motion with jump. The CO₂ prices are predicted on the basis of three scenarios: high, medium, and low shocks, respectively. Furthermore, the real option method is adopted to derive the appropriate incentive schemes and corresponding target CO₂ prices that sustain CCS operations to assist China’s dual carbon goals. Notably, portfolios of two government incentive policies are compared, including clean electricity tariff and carbon tax. The results show that building an efficient national carbon emissions trading scheme (ETS) is crucial to catalyzing the deployment of CCS technology, shortening the waiting time of CCS investment to 5.9 years at best. Government incentives could further bring the threshold CO₂ prices down and the expected waiting time of CCS investment forward.     

Timing the factor zoo via deep learning: Evidence from China

This paper proposes a factor timing strategy with information from 146 characteristic-based factors and a deep learning approach to capture the nonlinear predictability. The deep learning-based factor timing strategy generates the highest economic value compared with the unconditional and alternative linear machine learning-based portfolios and remains robust after controlling for traditional factor models and transaction costs. With the unique market structure of the Chinese stock market, we find that mispricing-based theory helps explain the factor timing via deep learning.     

On the short-term persistence of mutual fund performance in Europe

In this article, we examine the short-term persistence in mutual fund performance in the main European markets between January 1990 and December 2022. The mutual fund industry in Europe has experienced significant growth in recent years as a consequence of the integration of its markets. However, the European mutual fund industry is still an unexplored area of research with only a small number of significant studies compared to the US industry. Using a sample of daily survivorship bias-free data on the five most important European mutual fund countries, which includes 2734 mutual funds across all countries, we find statistically significant persistence in the post-ranking quarter across different performance models for all countries. This evidence is present across all deciles including the top-decile and bottom-decile mutual funds. Further, we also extend our analysis to high inflation periods.     

Flexibility in share repurchases: Evidence from UK

Although firms cite flexibility as important when repurchasing shares, we know little about how or why firms vary repurchases. We use an extensive sample of daily repurchase transactions from the United Kingdom to investigate how the number of repurchase days and volumes of shares repurchased change based on several known motivations. We find that stock price changes, liquidity, leverage, takeover activity and earnings per share targets impact share repurchasing patterns. Further, we compare actual repurchases to alternative share accumulation strategies and find that firms utilize flexibility without paying higher costs.     

It is time for optimal distinctiveness: Corporate social responsibility engagement under dynamic competitive effects during the COVID-19 crisis

Firms tend to seek optimal distinctiveness when choosing CSR engagement timing. Building on the perspectives of optimal distinctiveness and competitive dynamics, this paper explains why firms' CSR engagement timing toward a certain event is affected by dynamic competitive effects. That is, to achieve optimal distinctiveness, focal firms pay more attention to their main competitors that are similar in market, size and resources. We apply a discrete-time survival analysis of 869 Chinese listed firms' CSR engagement action toward the COVID-19 pandemic during the first half of 2020. The results support the mechanism that when a highly similar competitor engages in CSR activities, it raises the probability that the focal firm engages itself beyond levels based solely on its own characteristics and common time-dependent factors.     

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.     

Does investor sentiment affect fund crashes? Evidence from Chinese open-end funds

This paper aims to detect the impact of investor sentiment on the open-end fund crashes, drawing on the open-end stock funds and partial stock funds of China for the 2009–2019 period. The results show that the rise of investor sentiment will significantly increase the risk of the open-end fund crashes, which remains valid after robustness tests. Further researches indicate that the market timing and stock selection abilities of fund managers weaken the positive impact of investor sentiment on the open-end fund crashes, and the market illiquidity promotes the positive impact of investor sentiment on the open-end fund crashes.     

新型城镇化与都市农业发展耦合关系及时序特征研究——以武汉市为例

[目的]新型城镇化引致都市农业实现高质量发展,都市农业发展倒逼新型城镇化协同高效推进;探究新型城镇化与都市农业发展的耦合互动关系,对加快推动两系统协调发展具有重要意义。[方法]文章基于2006—2017年武汉市新型城镇化与都市农业发展水平的评价指标测度数据,运用耦合协调度模型定量分析了新型城镇化与都市农业发展的耦合关系。[结果](1)新型城镇化与都市农业总体发展水平均呈上升态势,耦合关系显著;(2)两者耦合度C值在0.490左右变化浮动,2008年和2013年耦合度出现最低值和最高值,分别为0.475和0.500;(3)耦合协调度D值处在0.290～0.627,耦合协调等级从中度失调转变为初级协调阶段,且时序演变呈现出小幅波动性、差异性和阶段性特征。[结论]武汉市新型城镇化与都市农业发展水平的耦合协调程度处于不断完善中,时序特征变化明显。为此,武汉市应坚持贯彻实施"以人为本"及城乡融合发展的新型城镇化发展道路,挖掘农业的多种功能以打造都市农业高质量发展的升级版,强化政策扶持的支持力度以保障新型城镇化与都市农业耦合协调发展。     

多模终端待机低功耗设计

如今的移动通信网络是由多种制式及多个频段融合而成的多模网络，对于商用终端而言，多种难题交织在一起，其中待机时长是必须要解决的一个关键问题。为此，不同于传统增大电池容量的方法，采用降低待机功耗的策略：时域的时隙控制、频域的电流控制、睡眠和唤醒的电源门控制、低频时钟高频化，其中高频时钟校准低频时钟是降低睡眠态功耗的关键措施。这一系列方案的实施，使得终端在多模实际网络环境下的待机电流小于5 mA，终端的待机低功耗达到了有竞争力的商用水平。     

新型船舶自动识别系统设计及其同步算法分析

为了提高船舶自动识别系统（AIS）的容量，提出了基于正交频分复用技术（OFDM）的新型AIS系统设计方案。新系统设计主要包括系统参数设计、系统帧结构设计。新系统链路容量和信道传输速率均较传统AIS系统提高了6倍，实现了频域资源的有效利用。该系统对符号定时偏差和载波频率偏差特别敏感，因此对接收信号的同步处理必不可少，在设计的新系统基础之上提出了一种新的盲估计算法，利用包含在循环前缀内的冗余信息，在多径信道信息未知的情况下，直接通过对接收信号做相关构造一个归一化的相关特性函数，通过此函数可得到符号时延位置和多径信道长度，进而得到载波频率偏差。仿真结果表明在多径信道下该算法也具有较好的性能。