Financing energy efficiency retrofits in Chilean households: The role of financial instruments,savings and uncertainty in energy transition

High firewood consumption for heating produces high levels of pollution in cities in central and southern Chile, with serious consequences for health and quality of life. Energy efficiency measures (EEMs) have been identified as the best strategy to reduce air pollution and maximize social benefits. However, their adoption has been slow. The objective of this article is to investigate household preferences for financial incentives needed to promote private investments in EEMs in Central-Southern Chilean households and study the role of energy savings and the uncertainty about potential savings in the investment decision, with the aim of finding solutions to increase the adoption of these technologies. We use a choice experiment to explore the trade-off between the investment costs, financial instruments, energy savings, and the uncertainty about achieving the theoretical savings provided by engineering and architectural models. The results show that financial instruments play the most important role in this decision, followed by the savings achieved by the retrofit. Householders prefer to finance their investments with a mix of their personal resources and medium-term credits, trying to avoid long-term commitments. Although uncertainty was found to be a significant variable, it seems to play a small role in the investment decision.     

东部地区十省市规模以上工业企业研发投入绩效评价

选取2021年度数据，采用数据包络分析（DEA）方法对中国东部地区10个省份规模以上工业企业的研发投入绩效进行评价，并采用灰关联分析方法分析确定各项研发投入产出指标相对于DEA效率的灰色关联度。研究结果表明，80%的省份规上工业企业研发投入产出处于非DEA有效状态，存在不同程度的投入冗余或产出不足；规上工业企业发明专利申请数与研发投入产出效率的关联度最高，其次是新产品销售收入和R&D经费内部支出。     

Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?

This paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with lower (higher) stock price synchronicity. The results also show that the negative effect of long-term institutional investors is more accentuated for firms in less competitive markets and with high analyst coverage. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices.     

游客感知视角下乡村旅游质效提升维度研究——以西双版纳傣族园为例

发展乡村旅游是实施乡村振兴战略的重要途径，对促进乡村经济发展具有重要作用。以西双版纳傣族园为案例研究地，通过SPSS和AMOS实证探究游客感知视角下乡村旅游质效提升的维度。结果表明：游客感知视角下的乡村旅游质效提升包含旅游地感知、地方认同感、主观幸福感、环境责任行为4个维度；地方认同感和旅游地感知对乡村旅游质效提升的影响力较强，其次是主观幸福感和环境责任行为。     

IFRS adoption and stock misvaluation: Implication to Korea discount

Analyzing publicly traded stocks in Korea surrounding IFRS adoption in 2011, we find that the gap between stock price and firm value, value-to-price (V/P) ratio, narrows following the IFRS adoption and that this narrowed gap is observed only for higher V/P firms. We further find that the return predictability of V/P decreases in the post-IFRS period. Using a path analysis, we report further evidence that mandatory IFRS adoption decreases idiosyncratic volatility and improves trading volume and market liquidity, thereby contributing to the narrowed gap between value and price. We conclude that IFRS adoption contributes to resolution of Korea discount.     

政府投资工程总承包项目设计优化认定与收益归属研究

工程总承包模式以设计与施工的高度融合,日益在建筑业受到青睐。但由于政府投资项目中存在有关结余资金上缴国库等规定,容易导致政府投资工程总承包项目下设计优化产生的成果是进行分成或作为结余资金上缴界定不清。鉴于此,本文通过政策文件,并结合政府投资项目特点,分析政府投资工程总承包项目设计优化的情形认定以及在不同结算依据和合同计价方式下设计优化收益归属的界定,为有效激励总承包单位积极进行设计优化奠定基础。     

Adaptive market hypothesis: The story of the stock markets and COVID-19 pandemic

Since the level of markets’ information efficiency is key to profiteering by strategic players, Shocks; such as the COVID-19 pandemic, can play a role in the nature of markets’ information efficiency. The martingale difference and conditional heteroscedasticity tests are used to evaluate the Adaptive form of market efficiency for four (4) major stock market indexes in the top four affected economies during the COVID-19 pandemic (USA, Brazil, India, and Russia). Generally, based on the martingale difference spectral test, there is no evidence of a substantial change in the levels of market efficiency for the US and Brazilian stock markets in the short, medium, and long term. However, in the long term, the Indian stock markets became more information inefficient after the coronavirus outbreak while the Russian stock markets become more information efficient. Intuitively, these affect the forecastability and predictability of these markets’ prices and/or returns. Thereby, informing the strategic and trading actions of stock investors (including arbitrageurs) towards profit optimization, portfolio asset selection, portfolio asset adjustment, etc. Similar policy implications are further discussed.     

纳税信用评级结果披露与研发投入

以纳税信用评级披露作为一个天然外生冲击,并基于2013—2016年1214家A股上市公司的微观数据构造准自然实验,使用双重差分法系统评估纳税信用评级结果披露对上市公司研发投入的影响。结果发现:纳税信用评级结果披露显著增加了上市公司的研发投入。基于PSM-DID方法的估计结果与上述结论无明显差异。稳健性检验也表明上述结论的正确性。机制检验表明,纳税信用评级结果披露通过降低企业的融资约束,进而促进企业增加研发投入。此外,分样本回归发现纳税信用评级结果披露只能对中小型企业和民营企业的研发投入产生促进作用。     

区域森林公园生态效率实证分析——以华东地区为例

采用Malmquist-Luenberger指数法对华东地区森林公园生态效率值进行测定的结果表明:从时序范围看,2011—2016年华东地区森林公园生态效率的均值为1. 006,但从2015年起进入下滑态势,说明华东地区森林公园的生态效率已经达到有效水平,但在扩大森林公园规模的同时忽视了对环境的有效保护以及资源的合理配置;从空间差异角度看,只有浙江与安徽两省的森林公园生态效率值未达到有效水平(分别为0. 851和0. 871),其余各省(市)的森林公园生态效率值均大于1,说明区域内存在一定的差异性;技术进步指数下降是制约MalmquistLuenberger指数提升的主要原因。由此可见,加大技术投入,促成交流合作机制,形成特有的竞争优势等,对提高区域森林公园生态效率是十分重要的。