The price of going green: the role of greenness in green bond markets

In this paper, we empirically investigate how greenness information is priced in the green bond market. Our comparison of liquidity-adjusted yield premiums of green bonds versus synthetic conventional bonds indicates that, on average, there is no robust and significant yield premium or discount on green bonds. However, green bonds certified by an external reviewer enjoy a discount of about 6 bps. Furthermore, green bonds that obtain a Climate Bonds Initiative certificate show a discount of around 15 bps. The findings suggest that a universally accepted greenness measure can benefit the development of the green bond market.     

McCloskey, economics as conversation, and Sprachethik

In writing about the 'rhetoric of economics' - particularlyabout the standards which prevent situations where 'anythinggoes' in argument - McCloskey takes an eclectic approach totwo philosophical positions, based on Rorty and Habermas respectively.But these positions, despite sharing some common aspects, alsodifferentiate themselves from each other sharply in importantways. In this paper, it is argued that this eclecticism of McCloskeyis not coherent, as a result of her not completely graspingthe fundamental differences between these two positions, andthat this incoherence has damaging implications for her projectof the rhetoric of economics.     

Supplier Selection Practices among Small Firms in the United States: Testing Three Models

One of the issues investigated in recent studies on small business enterprises involves the role of supply chain management. Supply chain management has become an important part of strategic planning in both large and small businesses in the 1990s as firms increasingly choose outsourcingas an externally-driven strategic growth path. This study examines the supplier selection practices among 78 small business executives in the midwest United States by testing three models: rational/normative, external control, and strategic choice. Although the results show support for all three models, the rational/normative model emerges as the most significant model for predicting the supplier selection practices of small firms.     

加快燕大科技园建设和发展步伐 为推动区域经济社会发展作贡献

燕山大学国家大学科技园(以下称"燕大科技园")是依托燕山大学的人才.科技成果等综合智力资源优势兴办并发展起来的.经过几年的努力,已经成为燕山大学实现社会服务功能和产学研互动的重要平台,是燕山大学及地方科技企业重要的孵化基地,同时也是区域经济发展和技术进步的主要创新源泉之一.     

The British and American Rules: an Experimental Examination of Pre-trial Bargaining in the Shadowof the Law

A commonly held view is that the frequency and value of pre-trial settlements in civil disputes are greatly influenced by the cost allocation regime that is in place if the case goes to trial. There is a large and growing theoretical literature on this subject but almost no empirical evidence. This is due simply to the scarcity of relevant data owing to the confidentiality generally associated with such matters. However, the area is an ideal one to analyse experimentally. In this paper we consider the effect of the British and American rules for cost allocation using such an experimental methodology. We find that the two rules produce no difference in the frequency of pre-trial settlements but that the British rule produces higher settlements (pro-pursuer) if the probability of the pursuer winning is large.     

Monitoring and Structure of Debt Contracts

This paper presents a theory of optimal debt structure when the moral hazard problem is severe. The main idea is that the optimal debt contract delegates monitoring to a single senior lender and that seniority allows the monitoring senior lender to appropriate the full return from his monitoring activities. The theory explains (i) why debt contracts are prioritized, (ii) why short-term debt is senior to long-term debt, and (iii) why financial intermediaries usually hold short-term senior debt whereas long-term junior debt is widely held. Another implication of the theory is that covenant and maturity structures will be set to conform to the seniority structure.     

坚持优化环境 自主创新 实现云南省大学科技园跨越发展

昆明国家高新区云南省大学科技园是经云南省人民政府批准设立的科技孵化器,2001年5月被国家科技部.教育部认定为"国家级大学科技园".建园以来,云南省大学科技园依托高校现有教学、科研设施和研究成果.充分发挥昆明国家高新区体制、机制、政策的优势和社会服务功能,以高新技术成果的商品化.产业化和国际化为目标.实现了高校、科研机构的智力资源与社会资源的有机结合.云南省国家大学科技园现已成为昆明高新区技术创新体系的重要组成部分.成为云南省.昆明市重要的创新平台.     

Marriage Market,Parents’ Bargaining Powers,and Children's Nutrition and Education*

Test of resource pooling and test of effect of sex ratio in the marriage market on intrahousehold resource allocation are combined to test the unitary household model. The consistency condition between the two tests is derived to test the Nash household bargaining and Pareto‐efficient household models. I examine intrahousehold resource allocation to children's nutrition and education in Indonesia. For children's nutrition, the unitary household model is rejected in favour of the non‐unitary models. The results for investment in education are mixed. The decision‐making process may differ depending on the type of decision being made.