Quantifying the impact of the COVID-19 pandemic on US airline stock prices

This paper uses data at the trading day frequency and the method of local projections to quantify the dynamic responses of U.S. airline stock prices to a COVID-19 shock. We show that airline stock prices decline immediately by 0.1 percentage point in response to a 1% COVID-19 shock. In addition, the effect of the shock persists beyond the day on which it occurs, with most airline stock prices falling by as much as 0.6 percentage points after fifteen days. This negative response of airline stock prices to a COVID-19 shock is not explained by a COVID-19-induced increase in airlines’ variable costs, but rather by a COVID-19-induced decrease in air travel, which, in turn decreases revenues, profitability, and stock prices of U.S. airlines.     

Influential factors on Chinese airlines’ profitability and forecasting methods

We establish profit models to predict the performance of airlines in the short term using the quarterly profit data collected on the three largest airlines in China together with additional recent historical data on external influencing factors. In particular, we propose the application of the LASSO estimation method to this problem and we compare its performance with a suite of other more modern state-of-the-art approaches including ridge regression, support vector regression, tree regression and neural networks. It is shown that LASSO generally outperforms the other approaches in this study. We concluded a number of findings on the oil price and other influential factors on Chinese airline profitability.     

Strategic Behavior and Consolidation in the Agricultural Biotechnology Industry

We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key results derive from the benefits of coordinated actions, distinction between transferable and nontransferable payoffs, the substitutability, complementarity, and the importance of the managers' noncontractible investments, and access and expansion of markets. Results from the model are used to examine the cooperation and consolidation activities for four major players in the agricultural biotechnology industry, DuPont , Dow Chemical , Monsanto , and Novartis .     

论市场经济中的艺术收藏

在我国上市公司的重组与并购活动中 ,地方政府一直扮演着一个非常重要的角色 ,这是有其深刻的经济和历史原因的 ,本文就上述问题进行简单的介绍和分析。     

基于能值理论的整理区土地集约利用研究

土地作为不可替代的稀缺经济要素,其空间位置的不可移动性、使用的排他性,决定了我们在土地利用过程中,必须集约利用。本文利用能值理论,分析整理区农业生态系统的能值结构变化,进而反映土地整理的土地集约利用效果。研究结果是土地整理工作较大地改善了项目区农业生产条件,项目区总能值投入比整理前提高了25%,净能值产出率提高了11%,能值使用强度提高了25%,提高了土地生产力和土地资源的集约利用水平;暴露的主要问题是化肥的使用量较大,有机肥投入比例较低,建议应加大对农家肥的投入,提倡种植绿肥,以利于土壤有机质的保持,为农业持续发展提供物质基础。     

岩溶山地土地整理模式研究

西南岩溶山地是典型的脆弱生态环境,与经济发达地区相比,有其自身的土地资源特点、生态特点和社会特点。文章以此为基础,提出岩溶山地土地整理的原则、思路,认为岩溶山地的土地整理应从高标准基本农田建设、阶梯式还林退耕和辐射式生态重建、实行土地双轨制、直接对农户投资着手等,提出不同空间尺度如县市、乡镇、村组、农户土地整理的具体模式。非耕地资源开发是岩溶山地土地整理的重点。     

用科学发展观指导城市土地整理

用科学发展观指导城市土地整理工作,处理好城市发展与城市用地总量与结构平衡、生态环境保护的关系,统筹人与自然的和谐发展。为此,要建立健全城市土地整理市场准入机制,完善城市土地整理市场规则,实行政企分开、政事分开,体现市场经济公开、公平、有序、竞争原则,以实现城市土地整理区的社会经济协调发展。     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.     

Co-ordination of land exploitation,exploitable farmland reserves and national planning in China

Land exploitation, as an important strategy to mitigate farmland loss and stabilize grain production, has been adopted to compensate farmland loss due to rapid urbanization in China. Bounded by the limited capacity and obvious spatial variations of national farmland reserves, it is essential to arrange land exploitation activities timely and reasonably. In this study, we propose an indicator for the status of regional land exploitation, the Exploitation Degree, to facilitate an overview of land exploitation programs in China at both provincial and prefectural levels based on project data from 2006 to 2012. To further our understanding of the regional features of land exploitation activities, we employ the Lasso model to identify and quantitatively assess influencing factors on land exploitation. Our study shows that: (1) contemporary land exploitation practices in China are significantly inconsistent across exploitable farmland reserves. Some areas are greatly over-exploited and such irrational land exploitation has been persistent; (2) related national land plans designed to guide land exploitation efforts centered on resource-rich regions and critical areas do not function as intended. Therefore, we suggest that China⿿s land exploitation policy shall be improved by reconsidering the orientation of land exploitation policy, coordinating land exploitation activities with productivity improvements and eco-system protection, and enhancing the power and scope of the plans in controlling and guiding land resource management.