How do stock price indices absorb the COVID-19 pandemic shocks?

To assess the resiliency of stock price indices during the COVID-19 crisis, this study provides a distinctive perspective; that is, we evaluate the ability of stock price indices to absorb COVID-19 shocks. We construct the measures of absorptive intensity and duration to identify a stock price’s absorptive capacity. We then employ the Granger causality test and a topology network approach to investigate the interactions of absorptivity among stock price indices. Our results show that stock price absorptivity varies over time and across countries and industries. The US and the Brazil stock indices have relatively high absorptive intensity while short duration. The health care industry shows distinctive trend in absorptive intensity from the other industries. The intensity of the non-cyclical industries such as utilities and consumer staples is high, while the cyclical industries such as banking, real estate, and energy have lower absorptive intensity. Moreover, the utilities, consumer staples, and financials industries are the main resiliency transmitters.     

创新模式与知识产权保护对医药企业研发创新的影响:国际比较

不同创新模式下医药企业研发创新存在着较大的差距。本文探究了创新模式、知识产权保护及其交互作用对医药企业研发创新的影响。研究表明:(1)加强医药行业知识产权保护对整体医药企业研发创新具有显著的促进作用。(2)不同创新模式对医药企业研发创新的影响不同,英美创新模式与医药行业知识产权保护的交互作用对医药企业研发创新的促进效应依次大于欧洲大陆和中国。(3)英美创新模式下医药行业知识产权保护与医药企业研发人员强度的交互作用对医药企业研发创新的促进作用最大。据此,需要完善中国知识产权保护体系,推动中国创新模式转型,以发挥医药行业知识产权保护与创新模式的协调作用,并通过提升我国医药企业研发人员强度来增强创新活力。     

电商异质性与线上价格离散

线上价格没有如预期一般走向收敛，反而普遍存在价格离散的情况。文章利用京东、国美、苏宁、天猫经营的六大类家电的价格数据来衡量线上价格离散度，并从电商异质性角度探讨其对于线上市场效率的影响。结果发现：首先，差异化的电商经营模式会通过调价行为、价格黏性以及消费者搜寻活动来加大价格离散程度。其次，电商平台通过其行业占有率以及市场渗透率来提高细分市场的可能性，从而加剧价格离散、降低市场效率。最后，相比平台式电商，自营式电商并没有通过增加调价频次和价格黏性来促进价格离散，反而有可能削弱自营电商的正向加剧效应。文章为线上统一市场的研究提供了新的研究思路，也为政府在电商平台监管和治理方面上提供了有益的借鉴。     

The impact of green finance on the level of decarbonization of the economies: An analysis of the United States', China's,and Russia's current agenda

With growing global concern for mainstreaming of environmental protection measures, the promotion of climate change and sustainable development policies, the international community, represented by international organizations, research institutions, and world-wide businesses, has focused on green finance. Existing research on green finance in the context of environmental trends has been reviewed in terms of the products and determinants of green finance. This study aims to assess the impact of green finance on the decarbonization of economies in the context of a review of current and potential problems and prospects. Based on the examples of the People's Republic of China, the Russian Federation, and the United States of America, the study suggests that today green finance has not yet demonstrated a tangible effect in these countries. Based on the results of the study, it can be argued that in the three countries, the main tool of green finance in the field of decarbonization is green bonds; other types of green finance are used to a limited extent. The progress of the United States and China is not so obvious, but based on the overall involvement of relevant government agencies and businesses in the green bond market, it can be assumed that the results will be observed in the near future.     

Identifying the effects of sanctions on the Iranian economy using newspaper coverage

This paper focuses on the identification and quantitative estimation of sanctions on the Iranian economy over the period 1989–2019. It provides a new time series approach and proposes a novel measure of sanctions intensity based on daily newspaper coverage. In absence of sanctions, Iran's average annual growth could have been around 4–5%, as compared to the 3% realized. Estimates of the proposed sanctions-augmented structural VAR show that sanctions significantly decrease oil export revenues and result in substantial depreciation of Iranian rial, followed by subsequent increases in inflation and falls in output growth. Keeping other shocks fixed, 2 years of sanctions can explain up to 60% of output growth forecast error variance, although a single quarter sanction shock proves to have quantitatively small effects.     

Agricultural productivity-environmental sustainability nexus through the lens of digitalization and energy intensity in BRICS countries

The agricultural sector holds paramount implications in the economies of BRICS (Brazil, Russia, India, China, and South Africa) countries. Nevertheless, the escalating effect of climate change shows a significant and alarming threat to the actual environmental conditions required to sustain agricultural production. This study examines the potential contribution of demographic dividends, digitalization, and energy intensity in facilitating the attainment of environmental sustainability and agricultural productivity by BRICS economies from 1996 to 2020. The study first tested cross-sectional dependence, then unit roots, cointegration, and long-run elasticities using suitable econometric approaches to explore possible links between the study variables. The empirical results from the long-run estimators stated that digitalization improves agricultural production and the environment; contrarily, demographic dividend and energy intensity contribute to environmental degradation. Furthermore, the long-term improvement of agricultural production is supported by demographic dividend, GDP per capita, energy intensity, and digitalization. Also, the study reached a broad inference emphasizing bidirectional causal associations between demographic dividend, energy intensity, GDP per capita, the environment, and agricultural production. In conclusion, the study has identified robust policy options for BRICS economies that can serve as valuable guidance for policymakers in making informed decisions and implementing effective practices.     

北京市城市土地利用强度空间结构研究

研究目的：剖析北京市城市土地利用强度的空间结构形态，揭示其特征及影响因素，检验和丰富城市经济学的空间结构理论。研究方法：利用1993 — 2006年北京市国有土地使用权出让数据，借助GIS分析工具，定性分析与定量分析相结合。研究结论：总体上北京市城市土利用强度空间结构与西方市场经济国家城市存在一定的一致性，呈现出符合级差地租理论的特征；但具体看，受多种因素的影响，远比城市空间结构理论模型预测的结果复杂，表现出鲜明的个性特征；除市场力量以外，人口政策、容积率控制和交通格局的影响最为重要。     

碳达峰碳中和背景下广东省电力行业降碳路径研究

电是现代能源系统的中心，能源电力绿色低碳发展对实现碳达峰、碳中和目标至关重要。分别从碳排放总量、碳排放强度、单位供电平均二氧化碳排放量等方面对广东电力行业碳排放情况进行多角度剖析。在此基础上，研判碳达峰目标和碳中和愿景对电力行业发展提出的新要求。最后从优化电源结构，构建新型电力系统，构建电力科技自主创新体系，推动电力产业集聚发展，统筹推进电力交易、碳排放权交易、用能权交易市场建设等5个方面提出广东电力行业降碳路径，助力广东碳达峰目标和碳中和愿景的实现。     

自然资源资产离任审计、环境注意力与环境治理效率

领导干部自然资源资产离任审计是加强生态文明建设的一项制度安排。以部分地区开展自然资源资产离任审计试点为契机，采用多期双重差分法探讨自然资源资产离任审计对环境治理效率的影响。研究结果表明，审计试点后，环境治理效率得到显著提升；机制检验结果表明，自然资源资产离任审计能够有效提高政府环境注意力强度和持续性，进而提升环境治理效率；分样本检验结果表明，因官员变更、任期、年龄、制度环境以及地理区位的差异，审计试点对环境治理效率产生了异质性影响；拓展性检验结果表明，在审计试点期间，试点城市官员晋升概率与环境治理效率提升存在正相关关系，且更多表现为实职晋升。研究结论对加强自然资源资产离任审计和完善环境治理机制具有重要的理论与实践意义。     

Reverse innovation and firm value in emerging markets: Evidence from China

Reverse innovation (RI) patents, which apply to intellectual property that is created in an emerging country but patented in a developed country, are better representatives of innovation value than domestic patents in emerging economies. We argue that RI patents contribute to firm value by proxying for the private value of innovation, generating product market value, and signalling firms’ capabilities. Using a sample of Chinese-listed companies, we find RI patents positively relate to firms’ short- and long-term market value. This effect is stronger for firms with high innovative intensity and managerial ability. We also explore the mechanisms behind the relationship between RI and firm value. We demonstrate that, in addition to the domestic patent functions of creating value and capturing innovation rent, RI patents can further leverage firm value by signalling firm quality to customers and investors in developed markets, a function that is unique to RI patents.