气候变化与中国的应对战略

进入2013年,全国多地持续的雾霾天气引起了国内外关注。期间,亚洲开发银行与世界资源研究所专家在京表示,雾霾天气的直接原因是汽车尾气的排放,而能源生产和工业生产已是中国空气污染物的主要来源。专家们是在亚行、清华大学、世界资源     

Squandering the future—Climate change,policy failure and the water crisis in Australia

Since European arrival (1788), statist developmentalism¹ has driven natural resource use in Australia. Despite evidence of a systematic decline in the quality of Australia's ecosystems, policy-making still reflects the exploitative paradigm upon which statist developmentalism relies. This paper will draw on recent policy changes within the water sector in Australia as a case study, allowing the authors to consider the types of social, economic and ecological consequences that can come from statist developmentalism. Fuelled by climate change, water availability is looming as an extremely serious problem for Australia. Despite this, recent policy changes within the water sector are not likely to achieve sustainable water use in the short-term, and may do little to subvert statist developmentalism as the dominant paradigm within natural resource use in Australia in the foreseeable future.     

Climate change,risk factors and stock returns: A review of the literature

This article reviews how climate change could be considered an additional source of market risk. I discuss the types of data needed to analyse the climate risk drivers that shape the dynamics of the equity market. I present empirical evidence at both the macro and micro-level, analysing whether and to what extent the equity market prices climate change and related risks. Top-down and bottom-up approaches are compared to understand which climate risk is more likely to affect the cross-section of stock returns, both within and across sectors. Emphasis is also placed on investors’ beliefs about climate change risks, and the related asset pricing implications are analysed. I conclude by illustrating further directions for both empirical and theoretical research in the field of climate finance.     

Climate change disclosure and the information environment in the initial public offering market

We investigate whether climate change disclosures in initial public offering (IPO) prospectuses affect the information environment in the IPO market. We find that climate change disclosures are associated with lower IPO underpricing. Further analyses reveal that reputable underwriters and the Securities Exchange Commission's Commission Guidance Regarding Disclosure Related to Climate Change enhance the information role of climate change disclosures in the IPO market. We demonstrate that firms with more extensive climate change disclosures provide stronger hedging benefits against climate change risks in the post-IPO period. Overall, our results support the crucial role of climate change disclosures in improving the information environment of the IPO market.     

Climate change in the British press: the role of the visual

The present investigation identifies the key images that British newspapers use to represent climate change risks. In doing so, it widens the scope of the burgeoning literature analysing textual content of climate change media information. This is particularly important given visual information's ability to arouse emotion, and the risk perception literature's increasing focus on the importance of affect in shaping risk perception. From a thematic analysis of newspaper images, three broad themes emerged: the impact of climate change, personification of climate change and representation of climate change in graphical form. In particular, the depiction of climate change as an issue affecting domestic populations rather than just other areas of the world brings the threat closer to home. Challenging the perception that climate change is still a long‐term and future‐orientated threat, visual images concretise the risk by providing viewers with tangible examples of climate change's impact.     

Climate change news sensitivity and mutual fund performance

In the presence of rising concern about climate change that potentially affects risk and return of investors' portfolio companies, active investors might have dispersed climate change risk exposures. We compute mutual fund covariance with market-wide climate change news index and find that high (positive) climate news beta funds outperform low (negative) climate news beta funds by 0.24% per month on a risk-adjusted basis. High climate news beta funds tilt their holdings toward stocks with high potential to hedge against climate change news risk. In the cross section, such stocks yield higher excess returns, which are driven by greater pricing pressure and superior financial performance over our sample period.     

A change of focus: Stock market reclassification in the UK

Abstract

This paper examines the impact of a change of focus by a firm, as signified by a firm's stock market reclassification. It distinguishes between a firm's sector reclassification motivated by information specific to that firm and one that results from the redefinition and reorganisation of a sector. The direction of the price effects following reclassification depends significantly upon this distinction. Furthermore, a stock's return comovement with the FTSE All-Share Index is affected by its reclassification into a new sector, consistent with the allocation of stocks into categories by investors. Reclassification can induce common factors in the returns to stocks in an index without there being any change in these stocks’ fundamental cash flows.     

Disclosure on climate change: Analysing the UK ETS effects

The objective of this paper is to explore the nature of disclosure on climate change in annual and standalone reports of organisations who took part in the UK Emissions Trading Scheme (UK ETS). This article uses content analysis to codify disclosure in order to compare disclosure in different media as well as the possible effect that membership in an emissions trading scheme may have had on reporting. The results suggest the UK ETS was associated with differences in disclosure. This study contributes to the literature by providing a longitudinal study in two disclosure media in the UK ETS context.     

Climate change impacts and its implications on future water resource management in the Meghna Basin

Copious precipitation in the Meghna Basin has remarkable consequences for floods in the north-eastern region of Bangladesh. In addition, due to climate change more frequent extreme precipitation may also increase the frequency and intensity of flash floods. In this study, a hydrologic model H08 has been applied over the basin at a relatively fine grid resolution (10 km). The impacts of climate change are assessed by using the super-high-resolution MRI-AGCM3.2S with A1B scenario through three time-slice experiments; the base-period (1979–2003), the near-future (2015–2039), and the far-future (2075–2099) periods. This study investigates the spatio-temporal changes and the changes in the frequency of precipitation and runoff with different magnitude ranges and finds the implications for water resources management under climate change. Results show that, (a) the projected maximum increment of mean annual precipitation (runoff) is +23% (+34%) and +31% (+39%) during the near-future and the far-future, respectively, (b) the projected increment of median value of monthly discharges at basin outlet is significantly high in wet period (May-July), ranging from 38 to 44% and 25–104% in the near-future and the far-future, respectively. Moreover, the monsoonal peaks are expected to come about 1 ∼ 1.5 month earlier, which ultimately lead to higher possibility of earlier flash flood in the future. This anticipated higher increment in peak discharge as well as future shifting of seasonal cycle of river discharge will have significant implications for agriculture and flood disaster management. Findings will also contribute to enhance water resource management in the basin and improve the design of adaptive measures.     

Climate change financial risks: Implications for asset pricing and interest rates

In addition to tail macroeconomic events (e.g. wars, financial crises and pandemics), climate change poses a threat to financial stability — with extreme climatic events increasing in frequency and intensity and policy risks putting pressure on asset valuations. We study the effect of a changing climate on asset prices and interest rates through the lens of a dynamic CAPM with rare disasters, time-varying risk and recursive preferences. In our model, a changing climate makes tail events more frequent and less predictable, increasing the premium of climate risk; interestingly, this change may not be fully reflected in the overall market risk premium that includes both components of risk: macroeconomic and environmental. Our results also support the hypothesis of a declining real rate of interest as the planet warms, while the increasing risk of climate policy reduces the participation of brown assets in the market portfolio.     

Climate change reporting and multinational companies: Insights from institutional theory and international business

Multinational companies (MNCs) have an important impact on climate change, but knowledge on the greenhouse gas (GHG) reporting practices of MNCs is limited. A theoretical framework is developed to provide an explanation of GHG emissions reporting by MNCs. The framework combines institutional theory with the notion of MNC typology from International Business and explains how institutional pressure acting on each typology of MNC influences standardization of reporting practices and GHG emissions data quality. Propositions are developed and empirically investigated using a case study. Global MNCs are predicted to have better quality GHG emissions reporting compared to multi-domestic or transnational MNCs.     

Practical cancer genetics, genomics and proteomics

Functional genomics is the science that defines the function of newly identified genes and translates this knowledge into related health and disease. Functional genomics is complex, involving multiple scientific disciplines including computational biology, genetics, physiology, structural biology, and molecular and cell biology. Due to its inherent complexity, the National Institutes of Health (NIH) has termed functional genomics "the science of collaboration." This paper will review microarray gene expression analysis, proteomics, and the impact of molecular medical genetics on medical care.     

Board composition,grey directors and corporate failure in the UK

This study examines the effect of board composition on the likelihood of corporate failure in the UK. We consider both independent and non-independent (grey) non-executive directors (NEDs) to enhance our understanding of the impact of NEDs' personal or economic ties with the firm and its management on firm performance. We find that firms with a larger proportion of grey directors on their boards are less likely to fail. Furthermore, the probability of corporate failure is lower both when firms have a higher proportion of grey directors relative to executive directors and when they have a higher proportion of grey directors relative to independent directors. Conversely, there is a positive relationship between the likelihood of corporate failure and the proportion of independent directors on corporate boards. The findings discussed in this study support the collaborative board model and the view that corporate governance reform efforts may have over emphasised the monitoring function of independent directors and underestimated the benefits of NEDs' affiliations with the firm and its management.     

Transitions in the stock markets of the US,UK and Germany

In an analysis of the US, the UK and German stock market, we find a change in the behaviour based on the stocks’ beta values. In the years 1995–2006, trades of stocks with high beta and large volume were concentrated in the IT and technology sector, whereas in 2006–2012 those trades are dominated by stocks from the financial sector. We show that an agent-based model can reproduce such a transition. We further show that the initial impulse for the transition might stem from the increase of high-frequency trading at that time.     

Investment policy,internal financing and ownership concentration in the UK

This paper investigates whether investment spending of firms is sensitive to the availability of internal funds. Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent. The relation between corporate investment and free cash flow is investigated using the Bond and Meghir [Review of Economic Studies, 61 (1994a) 197] Euler-equation model for a panel of 240 companies listed on the London Stock Exchange over a 6-year period. This method allows for a direct test of the first-order condition of an intertemporal maximisation problem. It does not require the use of Tobin's q, which is subject to mismeasurement problems. Apart from past investment levels and generated cash flow, the model also includes a leverage factor which captures potential bankruptcy costs and the tax advantages of debt. More importantly, we investigate whether ownership concentration by class of shareholder creates or mitigates liquidity constraints. When industrial companies control large shareholdings, there is evidence of increased overinvestment. This relation is strong when the relative voting power (measured by the Shapley values) of the combined equity stakes of families and industrial companies and the Herfindahl index of industrial ownership are high. This suggests that a small coalition of industrial companies is able to influence investment spending. In contrast, large institutional holdings reduce the positive link between investment spending and cash flow relation and, hence, suboptimal investing. Whereas there is no evidence of over- or underinvesting at low levels of insider shareholding, a high concentration of control in the hands of executive directors reduces the underinvestment problem.     

Taxes,dividend yields and returns in the UK equity market

The higher rate of taxation on dividend income relative to capital gains has been offered as an explanation for the positive relation between stock returns and dividend yields among US firms. In the UK the relative tax rates are the reverse of those in the US. Thus, UK data provides an independent test of the tax-based approach to explaining the relation between stock returns and dividend yields. We find that high yielding stocks earn positive risk adjusted returns, whereas low yielding stocks earn negative risk adjusted returns. We also detect evidence of non-linearity in the performance of zero-dividend stocks. Controlling for firm size, seasonality and market risk we find a significant positive relation between dividend yields and returns. We conclude that the evidence is inconsistent with a tax-based explanation.     

COVID-19 Pandemic and firm-level dynamics in the USA,UK, Europe,and Japan

This paper examines the impact of the coronavirus pandemic during its first and second waves for the USA, UK, Europe, and Japan. We explore the firm-level dynamics and exhibit the impact of coronavirus events on large and small firms and firms' idiosyncratic risk. We find that the intensity of the impact of the coronavirus pandemic events is not uniform for firms. The Blank Swan events in March 2020 exhibit stronger impact the second wave till April 2021. The second wave analysis reveals the sign of recovery and receding effect of the pandemic. The idiosyncratic analysis shows the positive impact of the coronavirus and stringency measures on the idiosyncratic risk.     

Justifying accounting change through global discourses and legitimation strategies. The case of the UK central government

Accounting has been viewed, especially through the lens of the recent managerial reforms, as a neutral technology that, in the hands of rational managers, can support effective and efficient decision-making. However, the introduction of new accounting practices can be framed in a variety of ways, from value-neutral procedures to ideologically charged instruments. Focusing on financial accounting, budgeting and performance management changes in the UK central government, and through extensive textual analysis and interviews in three government departments, this paper investigates: how accounting changes are discussed and introduced at the political level through the use of global discourses; and what strategies organisational actors subsequently use to talk about and legitimate such discourses at different organisational levels. The results show that in political discussions there is a consistency between the discourses (largely New Public Management) and the accounting-related changes that took place. The research suggests that a cocktail of legitimation strategies was used by organisational actors to construct a sense of the changes, with authorisation, often in combination with, at the very least, rationalisation strategies most widely utilised. While previous literature posits that different actors tend to use the same rhetorical sequences during periods of change, this study highlights differences at different organisational levels.