Strategic currency hedging and global portfolio investments upside down

The literature on the convenience of currency hedging of international portfolio investments has not reached a final verdict. There are arguments for (Perold and Schulman [Perold, A.F. and Schulman, E.C. (1988). The free lunch in currency hedging: implications for investment policy and performance standards, Financial Analysts Journal, May/June Vol. 44, No. 3: 45-52]) and against (Froot [Froot, K. (1993). Currency hedging over long horizons. NBER Working Paper 4355.] and Campbell et al. [Campbell, J.Y., Viceira, L.M. and White, J.S. (2003). Foreign currency for long-term investors. The Economic Journal, Volume 113, Number 486, (March), pp. C1-C25(1)]). This paper analyzes the perspective of global investors based in emerging markets, for which hedging should imply increasing expected returns. The question thus is whether currency hedging is a “free lunch” in this case. No free lunch exists, as it turns out. Hard currencies act as natural hedges against global (and local) portfolio losses, since they tend to appreciate with respect to emerging market currencies when the world portfolio return is negative. Therefore, in this case currency hedging increases volatility—although also increasing expected returns. This result is likely to hold generally for relatively open economies with flexible exchange rate regimes.     

Reshaping the global agricultural landscape: perspectives from Brazil

This article highlights the main changes observed in Brazilian agriculture and analyzes the connections of the observed changes in global agriculture. My approach to the analysis focuses the main drivers of changes, where institutions play a central role. Three driving forces are are considered: first, the effects of global demand for food, fiber, and energy; second, the sustainability debate; and third, the bio‐energy paradigm. Each driver presents both local as well as global effects. The article does not emphasize the impact changes in Brazil had on the global agricultural landscape but argues that the impacts run from local and global changes, which cannot be discussed separately.     

全球价值链视角下的产业集群创新成长战略——以柳州汽车产业集群为例

本文通过集群创新相关概念的澄清,结合对柳州汽车产业集群创新实例的分析,指出地方产业集群的创新瓶颈;提出了制定以增强自主创新能力为目的的产业集群发展政策,以及加大基础研究资助力度等建议。     

中美高技术制造业双边贸易分解及潜力分析

本文利用最新版WIOT数据、WWZ模型以及扩展引力模型对中美高技术制造业双边贸易进行了分解和潜力分析.结果 表明:(1)中美高技术制造业贸易具有较强的互补性,且美国高技术制造业贸易越来越依赖于中国市场.(2)中国高技术制造业出口获益能力低于美国,其中中国高技术制造业出口主要用于最终需求,而美国高技术制造业出口主要用于中...     

Does Size Matter? Evaluating Corporate Environmental Disclosure in the Australian Mining and Metal Industry: A Combined Approach of Quantity and Quality Measurement

There are an increasing number of companies in the mining and metals sector disclosing environmental sustainability information in their annual reports, sustainability reports and corporate internet web pages. However, there is ongoing debate about the relationship between the quantity and the quality of environmental disclosure. That is, does an increase in number equate to an increase in quality? This study investigates the relationship between the quantity and the quality of environmental disclosure reports. Using content analysis, we examine the environmental disclosure of 55 Australian mining and metal companies which are listed among the Australian Securities Exchange's (ASX) Top 100 mining and metal sector companies. We find that the size of firms influences both the quantity and the quality of corporate environmental disclosure. That is, we find that market capitalization is positively and significantly correlated to the quantity (number of words) and the quality of disclosure. We also confirm that there is a very highly significant, positive correlation between quantity (number of words) and quality of environmental disclosure. In order to investigate any differences between the top performing group and the bottom performing group in terms of environmental disclosure quality, further analysis also confirms that there is a positive relationship between the quantity and the quality of environmental disclosure. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

跨越竞争丛林与范式重构：全球治理改革进程中的疫苗产业创新治理

疫苗作为新冠疫情防控的最关键手段之一,已在各国抗疫中发挥积极影响。疫苗研发、生产、注射意愿以及全球分配的公平性与可及性等一系列问题日益受到世界关注。分析全球治理改革中,疫苗作为一种全球公共产品的创新治理问题,讨论疫苗产业发展特征与创新规律演化,剖析西方国家疫苗产业创新治理困境以及“竞争丛林”逻辑,阐释中国行动方案及对全球治理改革的贡献。最终提出疫苗产业创新治理机制对推动全球治理改革的政策含义。