谈低碳经济环境下公路建设材料的循环利用

在国际经济社会发展的新形势下,广西公路事业迎来了新的历史发展机遇。全球在因气候变化而提倡低碳经济的背景下,对公路建设材料提出了新的要求。文章认为,传统的公路建设材料生产不断消耗人类赖以生存的自然资源,因此必须依靠科技进步,开发出新的替代材料,如循环利用某些废弃物,让其再生为公路建设材料,以实现可持续发展的目的。     

Measurement and Analysis of Affecting Factors of Wuxi＇ s Industrial Carbon Emission

采用IPCC关于碳排放的计算方法，计算了无锡市1992--2010年的工业碳排放量。结果显示，近18年来无锡市工业碳排放量增长迅速，并表现出明显的阶段性特征，大致呈S型曲线。接着，应用回归分析模型，分析了影响无锡工业碳排放的主要因素，结果表明人均工业增加值是工业碳排放的主要促进因素，产业结构系数和能源效率是工业碳排放的主要抑制因素，工业利用外资对无锡工业碳排放增长也具有较大贡献。然后，运用灰色预测模型对无锡市工业碳排放量进行预测，显示无锡市未来5年工业碳排放量将继续缓慢增长，平均年增长率为2．8％，但由于基数庞大，工业碳排放增加的绝对量仍然很大，减排任务艰巨。最后，提出无锡市减少工业碳排放的对策措施，即加快产业结构调整、加强工业低碳技术研发、提高能源效率、积极利用清洁能源和合理引进外商投资。     

浅析氢能的开发与应用前景

随着社会的不断发展,人类对化石资源的索取也不断增强,目前已经导致化石资源的严重短缺、环境急剧恶化。如果再不找出可以替代化石资源的能源,人类将会陷入能源危机,氢具有取之不尽,燃烧热值大,并且对环境无污染等优点,成为最理想的替代品。而实现氢能开发利用的技术关键就是廉价高效的制氢技术和安全高效的储运技术。文章就目前储氢技术和储氢材料的研究进展做了简单的探讨与对比。     

Japan and Hong Kong Exchange-Traded Funds (ETFs): Discounts, Returns, and Trading Strategies

Foreign exchange-traded funds (ETFs) trade on U.S. exchanges but provide broad exposure to foreign markets. ETFs are designed to minimize the deviation between price and value of the underlying securities. However, nonoverlapping trading hours between the United States and many foreign markets inhibit this mechanism. The data for Japan and Hong Kong iShares show that deviations exist between the ETF price and the value of the underlying securities. The deviations are positively related to subsequent ETF returns creating potential profit opportunities. A simple trading rule based on this observation produces impressive gross returns when compared to a buy-and-hold strategy.     

Institutional Herding in the ADR Market

This study examines institutional herding in the ADR market between 1985 and 1998. We find a significant positive relation between changes in institutional ownership and ADR returns over the same period. The positive relation persists after we control for the momentum effect in the US stock markets. We also find that in the ADR market, past winners (losers) in the herding period continue to be the winners (losers) in the post-herding period. The lack of a returns reversal suggests institutional herding is related to momentum trading. However, the positive relation between institutional ownership changes and ADR returns remains after controlling for momentum trading in the ADR market. Our results also rule out that positive feedback trading is related to institutional herding in the ADR market.     

A Structured Financial Statement Analysis and the Direct Prediction of Stock Prices in Korea

Using a large sample of firms listed on the Korea Stock Exchange, this paper evaluates the usefulness of a structured, programmable financial statement analysis for investment decisions. In doing so, we develop a firm valuation model which links a firm's market value with fundamental variables such as the ability of a firm to generate cash flows, growth potentials, and risk. We predict a firm's intrinsic value directly from an extensive set of financial statement variables which proxy for the theoretical variables implied by the model. We then construct a series of trading strategies with zero net investment (called D-strategies) on the basis of D-values which measure percentage differences between predicted intrinsic values and observed market values. We observe that the market-adjusted and size-adjusted (hedge-portfolio) returns to the most conservative D-strategy turn out to be in the order of 16.92% and 11.44%, respectively,for the 12-month holding period. When our sample is stratified into two sub-samples based on firm size, the D-strategy yields higher excess return for the small-firm sub-sample than for the large-firm sub-sample. The above evidence, taken as a whole, strongly indicates that one can construct a profitable trading strategy by directly predicting intrinsic values through a structured financial statement analysis such as ours.     

Universal Portfolios

We exhibit an algorithm for portfolio selection that asymptotically outperforms the best stock in the market. Let x_i= (x_i, x_i2,…, x_im)^t denote the performance of the stock market on day i, where x_ii is the factor by which the jth stock increases on day i. Let b_i= (_bi1 b_i2, b_im)^t, b;_ij? 0, b_ij= 1, denote the proportion b_ij of wealth invested in the j th stock on day i. Then S_n= II_iⁿ= bi^tx_i is the factor by which wealth is increased in n trading days. Consider as a goal the wealth S_n*= max_b II_iⁿ=₁ b^tx_i that can be achieved by the best constant rebalanced portfolio chosen after the stock outcomes are revealed. It can be shown that Sn * exceeds the best stock, the Dow Jones average, and the value line index at time n. In fact, S_n* usually exceeds these quantities by an exponential factor. Let x₁, x₂, be an arbitrary sequence of market vectors. It will be shown that the nonanticipating sequence of portfolios db yields wealth such that , for every bounded sequence x₁, x₂…, and, under mild conditions, achieve where J, is an (m - 1) x (m - I) sensitivity matrix. Thus this portfolio strategy has the same exponential rate of growth as the apparently unachievable S*_n.     

Games of Climate Change with International Trade

We analyse games of greenhouse gas emission reduction in which the emissions and the emission reduction costs of one country depend on other countries' emission abatement. In an analytically tractable model, we show that international trade effects on costs and emissions can either increase or decrease incentives to reduce emissions and to cooperate on emission abatement; in some specifications, optimal emission reduction is unaffected by trade. We therefore specify the model further, calibrating it to larger models that estimate the costs of emission reduction, trade effects, and impacts of climate change. If trade effects are driven by total emission reduction costs of other countries cooperation is slightly more difficult than in the case without trade effects. If trade effects are determined by relative emission reduction efforts in other countries, cooperation becomes easier. Carbon leakage does not affect our qualitative insights, although it does change the numbers.     

国际碳排放贸易与循环经济的协调

环境保护通过影响成本对国际碳贸易产生影响，这对于经济的可持续发展是有效的。我国循环经济的发展要求必须处理：好国际产业转移与国家能源结构调整的关系，并合理利用市场机制与政府作为的双效作用，为《京都议定书》第三轮承诺期谈判做好准备。     

Optimal intensity targets for greenhouse gas emissions trading under uncertainty

Uncertainty is an obstacle for commitments under cap and trade schemes for emission permits. We assess how well intensity targets, where each country’s permit allocation is indexed to its future realized GDP, can cope with uncertainties in international greenhouse emissions trading. We present some empirical foundations for intensity targets and derive a simple rule for the optimal degree of indexation to GDP. Using an 18-region simulation model of a cooperative, global cap-and-trade treaty in 2020 under multiple uncertainties and endogenous commitments, we show that optimal intensity targets could reduce the cost of uncertainty and achieve significant increases in global abatement. The optimal degree of indexation to GDP would vary greatly between countries, including super-indexation in some advanced countries, and partial indexation for most developing countries. Standard intensity targets (with one-to-one indexation) would also improve the overall outcome, but to a lesser degree and not in all individual cases. Although target indexation is no magic wand for a future global climate treaty, gains from reduced cost uncertainty and the potential for more stringent environmental commitments could justify the increased complexity and other potential downsides of intensity targets.