Narcissism,political tenure,financial indicators and the effectiveness of environmental regulation

This article explores the factors that determine the effectiveness of environmental regulation in the United States and Australia. Unlike prior literature, in which lagging performance measures (such as carbon emissions) are used, we use financial data to develop effectiveness scores and identify the determinants of effectiveness, including narcissistic behaviour, tenure of political leaders and financial indicators. Consistent with the emerging literature on environmental finance, we find that abnormal returns are associated with environmental regulation and that effectiveness is adversely affected when narcissistic leaders are in power. Our results remain robust when we control for various event windows and models.     

Endogenous cyclical corporate tax burden in China: The role of tax quotas and growth targets

Using data from China Annual Survey of Industrial Firms and addressing potential endogeneity problem, we find that corporate tax burden in China is procyclical during recessions and countercyclical during booms. The cyclicality is stronger for enterprises whose corporate income taxes are levied by Local Tax Bureau (LTB). Procyclicality of corporate tax burden during recessions is larger for enterprises located in county, non-state-owned enterprises (non-SOEs), non-high-tech enterprises and large-medium enterprises. Furthermore, tax quotas and growth targets of local governments enhance procyclicality during recessions and the countercyclicality of corporate tax burden during booms. Tax collection and government spending are important channels through which tax quotas and growth targets affect the cyclicality of corporate tax burden, respectively. This paper provides important policy implications for China during economic recessions.     

外侨之窗

正吴康明赴渝中区、两江新区开展兴调研转作风促落实行动3月13日、15日,市政府外事侨务办党组书记、主任吴康明先后赴渝中区、两江新区开展调研,听取外事工作情况介绍,提出外事工作服务各区的具体举措。吴康明说,渝中是重庆的母城,对推动全市建设内陆开放高地和山清水秀美丽之地,实现高质量发展和高品质生活具有重要作用。市政府外事侨务办将发挥外事资源广、活动品牌多的优势,为     

“一带一路”跨国技术溢出网络空间演化与路径识别——加权复杂网络分析视角

运用加权复杂网络分析法对“一带一路”跨国技术溢出网络的空间格局演化、板块间技术溢出机制及国家间主要技术溢出路径进行分析，结果发现：①网络技术溢出强度提升显著，但呈偏态分布，仅有少数国家存在技术溢出，多数国家扮演着技术吸收者的角色；②网络呈现“核心-边缘”结构，中国、韩国和俄罗斯发挥着“发动机”、“传导”和“桥梁”的功效；③由中国、韩国等5国构成的板块一是“一带一路”跨国技术溢出的核心阵地，由俄罗斯等11国构成的板块二接收来自板块一的技术溢出，并将技术溢出动能向其它板块传递，由其余114国构成的板块三作为净受益者，是技术溢出动能传递路径的最终环节；④技术溢出路径既有空间依赖也有新的路径创造。技术主要被核心国家和发达国家吸收转化，体现出固定区域技术溢出的自我强化和反势能技术流特点。新增路径主要指向欠发达国家，表明越来越多的欠发达国家与核心国家产生技术联系并从中受益。     

一览

正2017中欧班列(重庆)开行数量实现重大突破,今年将开行1000班以上市政府官网发布数据,中欧班列(重庆)2017年开行数量实现突破,开行663班,提前两个月实现开行500班目标。累计开行超过1500班,约占中欧班列开行总量的四分之一。同时,进一步开拓霍尔果斯、满洲里、二连浩特3个进出境口岸,并实现常态运行,集结点和分拨点增加到10余个国家30多个城市;国际邮包业务常态化、规模化。另据重庆市物流办统计,2018年1月,     

The impact of COVID-19 on seasoned equity offering: Evidence from China

This study examines the impact from the COVID-19 pandemic on the association between Chinese firms' SEO announcements and market reaction afterwards. Our findings indicate that market investors would respond more negatively to the SEO announcements and undergo more SEO underpricing for firms from regions significantly affected by the pandemic than those from the less-affected regions. Furthermore, higher CSR scores and more involvements in accounting conservatism could mitigate these effects. The main mechanism of the moderating effect from CSR performance and accounting conservatism is that CSR investment and accounting conservatism could lessen information asymmetry between the SEO announced firms and outside investors. Finally, we document that the main motivation of SEO issuance during the pandemic is market timing.     

系统传导与多元适应:北京控规单元的演进与探索

控规单元是控制性详细规划的基本要素,是规划管控的空间网格和实施管理的基本平台.系统梳理了北京控规及控规单元从定量迈向统筹的发展历程,总结了两级单元的规划要点及其面临的需求与挑战,并立足国土空间规划体系构建的时代背景,创新提出了街区、街坊、地块的三级控规单元,详细论述了新一轮控规编制与管理的基本思路与模式方法,以全面加强控规在规划体系中有序传导以及面向实施、面向治理的多元适应能力.控规单元的探索实践有助于加深对特大城市国土空间发展建设的规律认知,为详细规划的改革探索提供思路借鉴.     

Business characteristics and efficiency of rural tourism enterprises: an empirical study from China

The booming rural tourism (RT) has broadened ways for rural revitalization and poverty alleviation strategy in China. Rural tourism enterprises (RTEs), as the core operator and a hinge delivering its benefits to rural communities, play a critical role in the achievement of RT expectation on rural revitalization. To address the research gap in business characteristics and efficiency of RTEs, and make the theoretical contribution to rural business and tourism management, this study collected and analyzed the business data with investors or managers of 60 national-class RTEs in Jiangsu Province, north Yangtze River Delta of China. The results showed that business characteristics of RTEs varied with their property, business strategy, and rural industrial base. Flexible and sustainable business operation and comprehensive regional development have a profound influence on business efficiency that presented multi spatial disparity from inter-regional and intra-regional views, respectively. In addition, the political and practical implications on rural business and RTEs for research and practice were also discussed.     

Conditional density forecast of China’s energy demand via QRNN model

We propose a new method for conditional density forecast of China’s energy demand through quantile regression neural network (QRNN). This method has at least two advantages. First, it is flexible to explore the true nonlinearity in the energy demand system via neural network structure. Second, it is able to describe the whole conditional distribution of energy demand via quantile regression. In the empirical study on China’s energy demand, QRNN outperforms several classical methods in terms of forecast accuracy both in-sample and out-of-sample. Considering China’s economic and social environment, we set a scenario for predictors and forecast the conditional density of China’s energy demand from 2015 to 2020. The empirical results show that the conditional density curve moves to right and its dispersion increases over time, which indicates that the energy demand in China will keep growing with an average annual rate of 9.672% and its uncertainty is enlarged with 42.210%.