Deregulation,news releases,and price discovery

We hypothesize that the firm’s regulatory environment influences the sensitivity of its equity value to information. Using intraday stock price data of utilities operating in differing regulatory environments we test for systematic differences between the responsiveness of stock prices of utility firms operating in deregulated and regulated environments to a common information set. Our findings reveal sharp differences in responses, with those of utilities operating in deregulated environments the strongest, and the responses of utilities in highly regulated environments the weakest. While the evidence supports our hypothesis, in a broader sense, the evidence suggests that deregulation aids in the process of price discovery. We also find evidence that suggests that deregulation, per se, does not lead to higher stock price volatility.      

Trade and Renewable Resources in a Second Best World: An Overview

We provide an overview and introduction to the emerging field of trade and renewable resources, and discuss the potential impact of trade liberalization on welfare and resource conservation. A key factor determining the effect of trade reform is the institutional context or property rights regime, and our survey is organized such that it loosely follows the development of new insights with respect to institutions in this literature. This implies a transition from the benevolent planners model to the polar opposite benchmark of open access in the 1990s. Currently the pendulum is swinging back towards management and regulation, but institutions are treated as endogenous. We discuss and compare various key models in some detail and search for common ground between protagonists and antagonists of free trade. Paper based on Keynote address by Erwin Bulte, 12th Annual Conference of the European Association of Environmental and Resource Economists, Bilbao (Spain), June 28–30, 2003.     

论强制性环境治理制度的实施效率

In the eco-environmental governance system,the compul-sive institutions are the most important as well as the mostcommonly utilized.A nation utilizes its administrative,lawand economic power to forbid,boost,bestir and help indi-viduals’behavior concerning environmental governance toensure the realization of eco-environment conservation.The fact,however,turns out to be disappointing about theimpulsive institution’s implementation.Actually,the unsatis-factory practices sometimes even lead to“…     

中国上市公司负债比率偏低的影响因素分析

本文在国外资本结构理论的基础上，将西方公司与中国公司的资本结构特点进行比较，从内因和外因两个方面解释了中国上市公司负债比率偏低的现象。     

The research of Chinese karst ecological hydrology

1. Introduction The area of carbonate rocks protruding through the soil level in China is 9.07*105km2. According to the area of carbonate rocks stratum protruding through the soil level, it is 2.06*106km2. With the buried carbonate rocks stratum of the different depths, its total area can reach 3.443*106km2, ap- proximately accounting for 1/3 of the national terri- torial area. Chinese carbonate rock is mainly distributed to the south of the latitude belt of Tianshan Mountain – Yinshan Moun…     

The Change of Ecological Footprint and Its Effect on Sustainable Development in Beijing of China

Speeding up the environmental protection and construction is one of the major issues in ＂Greener Olympic Games＂ held in Beijing in 2008. Making a thorough study to find out the reliable measures to ecological resumption in Beijing has an important scientific and practical significance. It can provide scientific basis for making a better decision for ＂Greener Olympic Games＂ held in capital Beijing and development in harmony for society and economy, as well as management for ecological environment. By studying of change of ecological footprint from 1990 to 2003 in Beijing, the paper shows that ecological footprint per capita has a strong relativity with population and GDP, and both of the correlation coefficient between them is about 0.92, as well as the fossil energy land has a position in the lead in ecological footprint items. The study also shows that the ecological capacity per capita in Beijing occupied about 1.25% in global ecological capacity per capita. Began 1990, the ecological deficit in Beijing was about 0.72 hm2, which is at strong unsustainable development at present. Finally, the paper suggests social and economic structure should be adjusted as soon as possible, resources should be strengthen sustainable used and population increasing should be controlled strictly, as well as arable land also should be under control used for built-up areas. Simultaneity, the utilizing ratio of energy sources should be increased, and the consumption of energy sources and ecological deficit in Beijing should be reduced in order to speed up the society and economy development in harmony and sustainment.     

Régulation School and environment: Theoretical proposals and avenues of research

The article explores the relevance of a particular approach of the institutionalist movement, régulation theory, to deal with the relationship between the economy and the environment. Régulation theory, which appeared in France at the end of the 1970s, is mainly interested in macroeconomic issues. In contrast, until now it has tended to neglect environmental questions. By taking several key concepts of this theory (accumulation regime, mode of régulation, institutional forms), we have sought to assess its significance vis-à-vis the environmental field. More precisely, from the perspective of establishing an environmental regulationist theory, we propose considering the economic relation to the environment as the articulation of three forms: a transhistorical form, a general capitalist form and a specific capitalist form, the latter being variable in capitalist time and space. We give several illustrations of the variability of the relation to the environment, depending on the different accumulation regimes and the different modes of régulation. Two principal avenues of research are proposed: historical analyses for given economic areas, and comparative analyses relating in particular to different capitalist areas.     

民族文化变迁对生态环境保护的影响——以云南为例

我国西部生态环境保护一直是各学科关注的焦点问题,但从生态环境保护的民族文化内在驱动力这一重要角度进行研究的较少。实际上,环境保护的主体是当地居民,而环境保护观念主要受到传统民族文化的影响。本文通过对云南民族文化变迁的分析,指出了对云南民族生态文化产生负面影响的因素主要来自三方面:汉文化、近现代文明、地域权力变更与“左”倾思想。最后,探讨了解决云南民族文化与生态环境保护之间的摩擦的途径。     

民间资本供求与民营企业融资:对陕西的实证分析

本文建立在调研和有关资料基础上对陕西现实及潜在的民间资本供求进行测算分析,从总量和结构等方面实证了民间资本供给充足、而民营经济对民间资本的需求欲望非常强烈这一结论,要解除民间资本供求的市场失灵现象,就必须构建以"民资、民用、民管"为原则的内生性融资机制,建立社区民间金融管理组织和社区民间金融市场,选择内生性融资方式,创新其融资产品,实现民间资本供给与民营经济对其需求的有效对接.     

广西乡村──城市转型与协调发展研究

本文揭示了“八五”期间广西乡村──城市转型发展的特征及其地理动力机制．预测未来15—25年内乡村──城乡转型发展的趋势、提出了促进乡村──城市转型与协调发展的一些对策建议。