Environmental Policy,Sustainable Development,Governance Mechanisms and Environmental Performance

We investigate the effects of environmental policy (Climate Change Act – CCA), sustainable development frameworks (Global Reporting Initiative – GRI; UN Global Compact – UNGC) and corporate governance (CG) mechanisms on environmental performance (carbon reduction initiatives – CRIs; actual carbon performance – GHG emissions) of UK listed firms. We use the generalized method of moments (GMM) estimation technique to analyse data consisting of 2245 UK firm‐year observations over the 2002–2014 period. First, we find that the CCA has a positive effect on CRIs, and this effect is stronger in better‐governed firms. Second, we find that the GRI‐based framework is positively associated with CRIs. Third, we find that firms with poor CG structures have lower actual carbon performance compared with their better‐governed counterparts. Overall, our evidence suggests that firms can symbolically conform to environmental policy (CCA) and sustainable development frameworks (GRI, UNGC) by engaging in CRIs without necessarily improving actual environmental performance (GHG emissions) substantively. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Measuring Inflation Anchoring and Uncertainty: A U.S. and Euro Area Comparison

We use several U.S. and euro‐area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time‐varying uncertainty. We obtain survey‐consistent distributions of future inflation at any horizon, both in the U.S. and the euro area. Equipped with this model, we propose a novel measure of the anchoring of inflation expectations that accounts for inflation uncertainty. Our results suggest that following the Great Recession, inflation anchoring improved in the United States, while mild de‐anchoring occurred in the euro area. As of our sample end, both areas appear to be almost equally anchored.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

城镇群空间结构与要素集聚

依据城镇化发展过程中要素空间集聚理论，展开区域经济发展的空间经济结构研究。通过城市引力、克鲁格曼指数计算，比较分析城镇群内部城市吸引力和城市产业分布的差异性，通过人口与生产空间分布集中度指标和不一致系数的测算，分析了山西省城镇群空间要素集聚效应。研究表明，山西省的城镇群规划与要素空间集聚趋势整体一致，城市间产业分工体系基本形成，城镇群的要素集聚效应明显，但人口与生产分布仍存在不一致性。研究认为，山西省城镇群发展应该继续明确各城市的产业分工和特色，引导劳动力和资本要素的合理流动，实现人口与生产空间分布的一致。     

How Owners Matter? An Examination of Ownership Type in Corporate Disaster Relief Giving

Little research has investigated the effect of ownership identity (or type) and corporate philanthropy experience on giving. In this research, relying on legitimacy theory, we first assess the effect of ownership identity on corporate philanthropy (CP) in the context of the 2008 earthquake in China. Then we explore moderation effects of firms' prior CP experience and size as proxies for perceived legitimacy on owners' efforts at increasing giving and legitimacy. We find that state and CEO ownership are deterrents, while non‐SOE and institutional ownership enhances giving probability and amount. In addition, there is evidence that firm size and prior CP weaken the effects of institutional ownership on CP. This study provides a complete assessment of owner behaviour. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Farm size and productivity growth in the United States Corn Belt

In recent decades, agricultural production in the U.S. has continued to shift to large-scale operations, raising concerns about the economic viability of small and midsized farms. To understand whether economies of size provided an incentive for the consolidation of production, the study estimates the total factor productivity (TFP) of five size classes of grain-producing farms in the U.S. Heartland (Corn Belt) region. Using quinquennial Agricultural Census data from 1982 to 2012 the study also compares TFP growth rates across farm sizes to gain insight into whether observed productivity differences are likely to persist. The finding of a strong positive relationship between farm size and TFP suggests that consolidation of production has contributed to recent aggregate productivity growth in the crop sector. The study estimates the extent to which sectoral productivity growth can be attributed to structural change versus other factors including technological change. The study also explores some tradeoffs associated with policies that raise the productivity of small versus large farms.