Research on the time-varying effects among green finance markets in China: A fresh evidence from multi-frequency scale perspective

Green finance is an essential instrument for achieving sustainable development. Objectively addressing correlations among different green finance markets is conducive to the risk management of investors and regulators. This paper presents evidence on the time-varying correlation effects and causality among the green bond market, green stock market, carbon market, and clean energy market in China at multi-frequency scales by combining the methods of Ensemble Empirical Mode Decomposition Method (EEMD), Dynamic Conditional Correlation (DCC) GARCH model, Time-Varying Parameter Vector Autoregression with Stochastic Volatility Model (TVP-VAR-SV), and Time-varying Causality Test. In general, the significant negative time-varying correlations among most green finance markets indicate a prominent benefit of risk hedging and portfolio diversification among green financial assets. In specific, for different time points and lag periods, the green finance market shock has obvious time-varying, positive and negative alternating effects in the short-term scales, while its time delay and persistence are more pronounced in the medium-term and long-term scales. Interestingly, a positive event shock will generate positive connectivity among most green finance markets, whereas a negative event including the China/U.S. trade friction and the COVID-19 pandemic may exacerbate the reverse linkage among green finance markets. Furthermore, the unidirectional causality of “green bond market - carbon market - green stock and clean energy markets” was established during 2018–2019.     

CRIME PREVENTION PROGRAMS: EVIDENCE FROM CHILE

This paper analyzes the impact of two anti‐crime programs adopted in Chile in the late 1990s. The first (the so‐called Quadrant Plan) is aimed at enhancing the quality of police work and the second (the Secure County Plan), at encouraging the involvement of the community in designing specific projects aimed at reducing the crime rate. It is found that only the Quadrant Plan has been successful in terms of reducing crime rates and has caused an impact through the effect of arrests in deterring crime. The Secure County program does not appear to have had any incidence on crime rates. It is also found that crime is associated with unemployment and that there is persistence in crime rates.     

跨境电商综合试验区对地区经济的影响及差异性分析——基于“反事实”视角

跨境电商综合试验区是国家推进贸易新业态,实现更高水平开放,助推经济高质量发展的重要举措。文章基于"反事实"视角下的合成控制法和面板数据政策评估方法,运用67个城市2001-2019年的面板数据,评估了我国设立的第一批和第二批跨境电商综合试验区的经济效应,并结合不同综试区的产业基础和制度改革的重点,比较分析不同综试区经济效应的地区差异性。结果表明,第一批杭州综试区对地区经济增长,对外贸易水平以及产业结构升级均有显著的促进作用;而第二批综试区的经济效应主要体现为对外贸易水平的促进作用,对地区经济增长和产业结构的效果不明显;在研究的五个综试区中,内陆地区综试区对外贸易的促进作用显著高于沿海地区综试区。文章建议各地区综试区不能简单复制杭州的做法,应该结合当地的产业特征,主动进行制度创新,才能有效发挥综试区对经济发展的促进效应;另一方面,国家应该扩大内陆地区综试区的设立,以克服非沿海城市发展传统国际贸易的区位劣势,促进更高水平的对外开放。     

地方人才引进政策与公司人力资本北大核心

本文以地方人才引进政策的颁布为准自然实验,考察人才引进政策对当地公司人力资本的影响,以检验人才引进政策在微观层面的经济后果。结果发现,地方人才引进政策显著改善了当地公司的人力资本水平;在小城市、竞争性行业、大规模和声誉好的公司中,地方人才引进政策对提高公司人力资本水平的作用更强。效率检验表明,地方人才引进政策显著提高了公司的全要素生产率。但同时也发现,地方人才引进政策降低了公司的薪酬激励和高管流动率,揭示了公司为顺利执行人才引进政策,可能通过弱化激励机制来安抚老员工,导致公司在薪酬治理方面存在局部的效率损失。本文验证了地方人才引进政策的实施效果,揭示了该政策影响公司行为的作用机制,为政策后续执行提供了一定参考。     

Ecotourism branding in protected areas of Iran: Using an efficient hybrid multi-criteria decision-making method model

Ecotourism, as a nature-based sustainable tourism, raises awareness about the protection of natural and cultural landscape values. This study aims to determine the ecotourism criteria to develop strategies for a sustainable ecotourism branding in Golestan, located in the northeast of Iran. To reach this aim, Strengths-Weaknesses-Opportunities-Threats (SWOT) analysis, multi-criteria decision-making methods consisting of Analytic Hierarchy Process (AHP), and Best and Worst Method (BWM) were integrated. The most appropriate ecotourism strategies for the branding of the study area were ranked according to their priorities. The results of this study reveal that among the 5 main and 20 sub ecotourism criteria, “having natural protected areas,” which is an opportunity, and “having ecological values,” which is a strength, were determined as the highest priority strategies for ecotourism branding. The methods and results of this quantitative-based research present an exemplary hybrid model that prioritizes the strategies required for branding ecotourism in similar protected areas.