Permit markets,carbon prices and the creation of innovation clusters

Innovation clusters combining public and private effort to develop breakthrough technologies promise greater technological advances to slow down climate change. We use a multi-country model with an emission trading system to examine whether and how international climate policy can incentivize countries to create such innovation clusters. We find that a minimal carbon price is needed to attract applied research firms, but countries may nevertheless fail to invest in complementary research infrastructure. We construct a mechanism that leads to innovation clusters when emissions targets are set before uncertainty surrounding technological developments is resolved. It is a combination of low permit endowments for the country with the lowest costs to build the needed infrastructure, compensation for this country by profits from permit trade, and maximal possible permit endowments for the remaining countries. We outline how the EU-ETS can be further refined according to this mechanism.     

股价信息含量与投资-股价敏感性——基于融资融券的准自然实验

本文利用2006-2015年间的数据研究了融资融券对投资-股价敏感性的影响。利用融资融券作为股价信息含量的一个外生冲击变量,本文研究发现,我国A股市场确实存在反馈效应,融资融券政策的实施增强了标的公司投资-股价敏感性,这个结论在采用倾向得分模型(PSM)配对后依然成立,说明融资融券使股价融入了更多有利于管理层投资决策的信息。其次,融资融券对投资-股价敏感性的影响在机构投资者比例高、流动性高、处于新兴行业的这类管理层反馈效应更强的股票组中更显著。参照以往研究考虑了融资约束对反馈效应的调节作用,同样发现融资融券对投资-股价敏感性的影响在国有企业和规模较大的企业组中更显著。最后,融资融券交易规模越大,投资对股价的敏感性越强。     

Capital market trading volume: an overview and some preliminary conclusions

This paper suggests an explanation for the heavy trading volumeobserved on the US capital markets, the world's largest. Heterodoxeconomic theory puts much of this volume down to speculation.Mainstream theory tends to support this thesis, either directlyor indirectly, by giving space to the idea that trading activityis for the most part exogenous to the functioning of the capitalmarkets. The central hypothesis of this paper is that the tradingvolumes observed are an endogenous feature of the capital markets,because they are to a great extent determined by the needs ofthe institutional investors who predominate on these markets.This endogeneity of trading is posited in connection with theemergence of a new ‘core–satellite’ paradigmin institutional investment, a development that essentiallymanifests the asset-management industry's transformation froma small industry serving a few wealthy clients to a mass industryserving large sections of the population.     

证券交易信息系统与交易运行模式辨析

首先对证券交易信息系统的特性进行了阐述,介绍了证券公司交易系统的主要模式。现行的证券交易系统主要分为两类:以单营业部为基础的独立式交易系统和以中心营业部为基础的集中式交易系统。两种不同特性的交易系统又决定了不同的证券交易运行模式,文章的重点在于对不同的交易模式进行对比分析,并结合实际运行情况,找出能适应证券公司发展的、行之有效的交易模式。最终的结论是集中式交易模式是适应市场发展和公司经营的正确选择。     

Natural resource accounting for Indian states — Illustrating the case of forest resources

Our main objective is to set out and apply a SEEA-based methodology to reflect the true value of forest resources in India's national and state accounts. We establish that a “top-down” approach using available national databases is both feasible and desirable from a policy perspective. In this paper, we address four components of value creation in forests: timber production, carbon storage, fuelwood usage, and the harvesting of non-timber forest products. The results of our analysis suggest that prevailing measures of national income in India underestimate the contribution of forests to income. The income accounts of the Northeastern states in particular are significantly understated by these traditional (GDP/GSDP) measures. We are also able to identify some states which performed poorly in the context of our sustainability framework, reflecting natural capital losses due to degradation and deforestation. Our results highlight the need to integrate natural resource accounting into the national accounting framework in order to generate appropriate signals for sustainable forest management and for the conservation of forest resources which are widely used by the poor in India, as well as being significant stores of national wealth.     

总收益最大的交易策略求解算法

本文应用动态规划的原理,讨论了多期投资决策中基于总收益率最大的交易策略的设计和实现问题。通过比较随机交易方法、局部最优方法和全局最优方法下的投资表现,在交易费用存在的情况下,基于动态规划的算法给出问题的全局最优解,该方法的优越性随着交易费用的增长而加强。     

Impacts of an EC carbon/energy tax and deregulating thermal power supply on CO2, SO2 and NOx emissions

Emission of CO₂, SO₂ and NO_x are all closely linked to the burning of fossil fuels. Here we report on simulations done by linking a Sectoral European Energy Model (SEEM), covering energy demand in nine Western European countries, with the emission-transport-deposition model RAINS developed by IIASA. The study analyses emissions of CO₂, SO₂ and NO_x, deposition of sulphur and nitrogen and the extent of areas where the critical load for sulphur is exceeded in year 2000 under four different energy scenarios. Two different sets of future behavioural patterns for the thermal electric power production sector are considered. In one regime, called the plan-efficient regime, the sector is assumed to follow official plans with regard to investment in new capacity. In the other regime, called the cost-efficient regime, the thermal power sector is assumed to behave in a cost minimizing manner. The effects of the proposed EC carbon/energy tax are studied under both regimes, giving rise to altogether four scenarios.In both regimes the effect of the EC tax is to reduce emissions by between 6 and 10 per cent in year 2000 relative to the scenarios without the tax. A change of regime, from the regulated, plan-efficient regime to the market-based, cost-efficient regime, will, by itself, reduce emissions of CO₂ and NO_x by approximately 3 per cent, while SO₂ emissions are reduced by 13 per cent. The EC tax will reduce sulphur deposition by more than 5 per cent in the nine model countries under the plan-efficient regime. A change of regime further reduces the total deposition by 9 per cent. The area where depositions exceed the critical load is reduced by approximately 6 per cent in year 2000 by the tax in both regimes. Changing from the plan-efficient to the cost-efficient regime has a similar impact.Although the emission reductions due to the EC tax may seem modest, they are shown to have a sizeable effect on the technological abatement costs of reaching targets like those prescribed in the Sofia protocol on the stabilisation of NO_x emissions, and the Helsinki protocol on SO₂ emission reductions. This is part of what can be considered to be secondary benefits of the EC carbon/energy tax.     

投资者股利政策偏好及其交易行为

本文选取了2002-2004年深沪两市派发股利的公司作为研究样本,通过T检验和一元线性田归模型发现,投资者偏好混合股利和股票股利主要是由于这两种股利形式带来较之现金股利更高的回报率.同时,在回报率较高时往往伴随有显著的交易量增加,调整后的判定系数在1%的水平上显著,但是也表现出一定的滞后性.     

企业间专业化分工与产业集群组织发展——基于交易费用的分析视角

从劳动的专业化分工入手,本文通过揭示产业集聚降低区域企业交易费用,指出发生在产业关联企业间而不是企业内的专业化分工是产业集群组织发展的基本动力。大量的产业关联企业在区域内聚集发展,不仅能够降低企业内生交易费用,而且能够降低外生交易费用,使人们劳动的专业化分工深化沿着大量地理接近的企业间而不是数量有限的企业内进行,从而为产业集群发展给出了一个具有新制度经济学含义的理论解释。     

碳纤维加固技术在实际工程中的应用

由于具有自重轻、强度高、工期短、造价低、施工简便等优点,碳纤维复合材料(CFRP)在建筑梁、板、柱、墙等的加固工程中得到广泛应用.文中在对长春市生物制品研究所制药车间因增加设备荷载进行评估的基础上,提出了采用碳纤维布加固技术对其而需对框架梁进行加宽加固,以满足该车间要求的使用功能的需要.其加固工艺可为同类型框架梁加固提供参考.