Mass media effects on trading activities: television broadcasting evidence from Japan

This study examines how information broadcasting through television (TV) media influences stock market activities. Consistent with the effect of TV information to attract investor attention, we find that increased information flow through TV is significantly associated with greater trading volume and larger price change. For information type, hard news from business-oriented programmes and earnings-related news strongly contributes to the attention effect, while the effect of soft news is weaker. Bid–ask spread widens for more TV information flows, suggesting that new information arrival in the market expands information asymmetry. Finally, the impact of TV is more influential for stocks with more individual shareholders than those with institutional shareholders.     

Heterogeneous Mortgage Markets: Implications for Business Cycles and Welfare in the EMU

This paper evaluates business cycle effects of asymmetric cross‐country mortgage market developments in a monetary union. By employing a two‐country New Keynesian DSGE model with collateral constraints tied to housing values, we show that a change in institutional characteristics of mortgage markets, such as the loan‐to‐value (LTV) ratio, is an important driver of asymmetric developments in housing markets and economic activity. Our analysis suggests that the home country where credit standards are lax booms, while the rest of European Monetary Union faces a negative output gap. Overall welfare is lower if LTV ratios are higher.     

中国资本账户开放进程中跨境证券投资对国内金融市场的影响*

随着中国资本项目开放进程的推进,跨境证券投资对国内金融市场的冲击日益增强。在此背景下,本文首先通过构建考虑了资本市场收益率以及有管理浮动汇率制度的IS LM BP模型对跨境证券投资与中国国内金融市场的相互影响机理进行了理论探究,并基于中国2005年7月—2016年8月的月度数据,运用马尔科夫区制转移向量自回归模型对中国资本账户开放进程中跨境证券投资与人民币汇率、股票市场收益率、短期利率的联动关系进行了实证分析。研究结果表明：第一,四者的关联性存在明显的区制特征,区制1主要包括次贷危机时期（2007—2008年）、欧债危机时期（2010—2012年）以及后金融危机时期（2015—2016年）,经济呈现“股票市场收益率较低、跨境证券投资较少、短期利率较高、金融市场波动性大”的状态;区制2主要包括次贷危机前夕（2005—2006年）、次贷危机后的量化宽松时期（2009—2010年）以及欧债危机后的调整期（2013—2014年）,经济呈现“股票市场收益率较高、跨境证券投资较多、短期利率较低、金融市场波动性小”的状态。第二,当处于资本市场化进程较快、金融市场波动性较大的区制阶段（区制1）时,跨境证券投资与国内金融市场的联动关系更加明显。本文研究结论对于我国进一步开放资本市场具有借鉴价值和政策启示。     

林权流转价格及其影响因素分析

以林农拥有的活立木为研究对象,利用2007—2017年浙江省1546宗活立木流转样本,采用多元线性回归实证分析了是否在林权交易中心交易对活立木流转价格存在影响。结果表明:关键解释变量是否在林权交易中心进行交易对活立木流转价格具有显著的正向影响;流转面积、单位面积蓄积、区域虚拟变量、坡度等对流转价格都产生一定程度的影响;流转期限对流转价格的影响不大。因此,需要加强对林权交易中心的宣传,降低相关的交易成本,从而吸引更多的小规模林农参与交易。     

自然资源资产全民所有权的实现逻辑及机制完善

研究目的：围绕新时代人民日益增长的美好生活需要,揭示自然资源资产全民所有权的实现逻辑,提出完善全民 所有权实现机制的建议。研究方法：归纳法,演绎法。研究结果：自然资源资产生态属性决定生态产品是自然资源资 产所有权实现的重要内容;全民所有权行使主体直接行使所有权意义上的资源资产管理权利,实现自然资源资产保值 增值;通过自然资源保护和市场交易实现生态产品供给及经济收益最大化,通过公益支出实现公共服务均等化,从而满 足人民日益增长的美好生活需要,构成自然资源资产全民所有权实现的基本逻辑。研究结论：自然资源资产全民所有 权实现,需在改善自然资源资产本底基础上,通过权利赋予、市场流转、收益分配和配套制度建设,为全体公众谋利益。     

碳交易政策对中国造纸业碳排放影响——基于合成控制法

基于中国16个造纸大省2003—2016年面板数据,利用合成控制法构造反事实虚拟控制组,分析碳交易政策对试点地区造纸业碳排放量的影响,并采用排序法检验评估结果稳健性。结果表明:由于地区碳市场环境不同,碳交易政策对造纸业减排效应具有区域异质性和不确定性。碳交易试点政策实施后,湖北试点的造纸业碳减排受到持续正向影响,随着时间的推移,该影响逐渐增大;重庆试点造纸业碳排放有短暂下降,但这种变动并非试点政策造成。     

Trade-offs in sulfur emission trading in Europe

How to implement emission trading is one question in the current negotiations on a new sulfur protocol in Europe. Whereas the current protocol stipulates a 30 percent uniform reduction, national emission ceilings included in the proposed new protocol imply differentiated reductions. In addition, emission and fuel standards are proposed. This paper examines the costs and environmental impacts of emission trading. Emission trading combined with regulations is a new element in the paper. Calculations using the RAINS (Regional Acidification INformation and Simulation) model suggest that overlaying emission trading on regulations not only reduces the cost savings but has beneficial impacts as well: ecosystem protection is not changed and significant decreases in environmental benefits for countries are largely avoided. Emission trading can also be used to decrease emissions and increase ecosystem protection. If combined with existing legislation, emission trading minimizes losses in expected environmental benefits for some countries, and most countries gain. However, the initial distribution of emission ceilings has to be used so that some countries are not confronted with higher costs. Trade-offs appear to exist between the use of emission trading to achieve cost savings on the one hand, and ecosystem protection and distributional equity on the other.     

国际碳金融市场发展对我国的启示及借鉴

碳金融市场的发展为控制温室气体排放提供了市场化的手段,同时也促进了金融交易的拓展与金融产业的升级。介绍了国际碳金融市场的市场结构、发展现状及主要经验,认为我国应该借鉴国际碳金融市场发展的经验,从健全法律法规、完善碳交易制度、培育碳金融服务中介、建立碳金融产品体系等方面入手构建我国的碳金融市场。     

Do real estate investors trade on momentum?

Real estate markets are known to be less-than-efficient for many reasons, but what roles short-term trading plays are unclear. Do short-term investors bring additional risk to the market and cause prices to deviate from fundamental values? Based on an extensive dataset of property transactions and a policy shock that substantially raised the cost of short-term trading in Hong Kong, we estimate ‘real estate risk’ with and without short-term trading based on return predictability, return volatility, and price dispersion. Our results show that as short-term investors exit the market, market returns are less predictable and less volatile, while prices are less dispersed cross-sectionally. Consistent with herding models in behavioral finance, the findings suggest that short-term investors are momentum traders who do not enhance price efficiency.