With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between c...With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.展开更多
As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while pro...As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.展开更多
To address climate change,the world needs deep decarbonization to achieve carbon neutrality(CN),which implies net-zero human-caused CO_(2) emissions in the atmosphere.This study used emission-side drivers,including so...To address climate change,the world needs deep decarbonization to achieve carbon neutrality(CN),which implies net-zero human-caused CO_(2) emissions in the atmosphere.This study used emission-side drivers,including socioeconomic and net primary productivity(NPP)-based factors,to determine the changes in CN based on vegetation carbon sequestration in the case of China during 2001-2015.Spatial exploratory analysis as well as the combined use of production-theoretical decomposition analysis(PDA)and an econometric model were also utilized.We showed that CN was significantly spatially correlated over the study period;Yunnan,Heilongjiang,and Jilin presented positive spatial autocorrelations,whereas Guizhou showed a negative spatial autocorrelation.More than half of CN declined over the period during which potential energy intensity(PEIE)and energy usage technological change were the largest negative and positive drivers for increasing CN.PEIE played a significantly negative role in increasing CN.We advise policymakers to focus more on emission-side drivers(e.g.,energy intensity)in addition to strengthening NPP management to achieve CN.展开更多
Systematic risks in cryptocurrency markets have recently increased and have been gaining a rising number of connections with economics and financial markets;however,in this area,climate shocks could be a new kind of i...Systematic risks in cryptocurrency markets have recently increased and have been gaining a rising number of connections with economics and financial markets;however,in this area,climate shocks could be a new kind of impact factor.In this paper,a spillover network based on a time-varying parametric-vector autoregressive(TVP-VAR)model is constructed to measure overall cryptocurrency market extreme risks.Based on this,a second spillover network is proposed to assess the intensity of risk spillovers between extreme risks of cryptocurrency markets and uncertainties in climate conditions,economic policy,and global financial markets.The results show that extreme risks in cryptocurrency markets are highly sensitive to climate shocks,whereas uncertainties in the global financial market are the main transmitters.Dynamically,each spillover network is highly sensitive to emergent global extreme events,with a surge in overall risk exposure and risk spillovers between submarkets.Full consideration of overall market connectivity,including climate shocks,will provide a solid foundation for risk management in cryptocurrency markets.展开更多
Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of...Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of companies with better environmental performance earn significantly higher excess returns,indicating the existence of green returns in the Chinese stock market.We further reveal that heightened climate-change concerns can boost the stock market’s green returns,while tightened climate policies decrease green returns by increasing long-term carbon risk.Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers.展开更多
The past two decades have witnessed the burgeoning of enormous digital technologies and data collected via countless channels.They are combined in numerous ways in different fields,including epidemiology,mHealth and m...The past two decades have witnessed the burgeoning of enormous digital technologies and data collected via countless channels.They are combined in numerous ways in different fields,including epidemiology,mHealth and modeling of health systems,with the intention to improve human health(e.g.,clinical decision support,electronic medical record management)[1-6].However,this is a new interdisciplinary area where no single scientific discipline knows how to take full advantage of these data and technologies to solve health problems[1].展开更多
Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails...Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails in order to strengthen preparedness for the future global crisis.More than 70 countries and regions have pledged to achieve the goal of carbon neutrality by 2050(ICAP,2020).While the momentum toward adopting carbon neutrality targets continue to build,a growing body of countries and subnational governments move toward carbon pricing through rolling out,speeding-up,or strengthening the construct of emission trading scheme(ETS)and carbon financial market.Notwithstanding the laudable objectives of ETS to enable emission reduction,the potential of ETS is still largely untapped,largely stemming from poor financial innovation.This special issue is,therefore,aimed at promoting research on the carbon financial innovations,financial derivatives services,the use of Fintech and the optimization on architectures of the ETS such that ETSs could drive the transformation toward low-carbon development path and the achievement of Carbon Neutrality targets.展开更多
Given the serious situation of food safety in China, the Chinese government has followed the policy of diverting resources to certain competitive firms and thus increasing market concentration as a means to improve fo...Given the serious situation of food safety in China, the Chinese government has followed the policy of diverting resources to certain competitive firms and thus increasing market concentration as a means to improve food safety. This policy departs from the common practice in advanced economies of encouraging competition and restraining excessive corporate expansion. Based on the theoretical analysis framework of game theory, this paper investigates the impact of increased industry concentration on food safety. Our study finds that in a market environment where quality food enjoys a high premium, greater evenness of corporate size across firms will be conducive to mutual cooperation among firms for the provision of quality and safe food. Yet if the market is less sophisticated and the premium for quality food is low, it will be difficult to form mutual cooperation among firms and easier for low quality food manufacturers to take a free ride. In these circumstances, the larger size of quality food firms will make them less vulnerable to be affected by free rides and more motivated to manufacture quality and safe food. The latter scenario is consistent with China's market reality. Hence, increasing industry concentration in the current stage is conducive to mitigating the food safety crisis. Yet with the gradual improvement in market conditions, a competitive policy will be a better option in the long run.展开更多
Based on a representative survey of new college graduates in China,we present a job location choice model that allows for a self-selection effect in college regions by considering region-dependent heterogeneous prefer...Based on a representative survey of new college graduates in China,we present a job location choice model that allows for a self-selection effect in college regions by considering region-dependent heterogeneous preference for job locations and unobservable location features.We also treat endogenous housing costs using the method developed by Berry et al.(1995).Our estimation results show that college education significantly increases graduates'likelihood of working in the city where their college is located.However,a model that does not consider the self-selection effect overestimates this impact.The impact of college location on a graduate's migration decision varies considerably across cities.There is significant heterogeneity between students from universities of dijferent tiers and rural versus urban areas.Meanwhile,the graduates show a marked home preference when choosing their job locations,and they tend to avoid working in cities with high housing costs.These findings shed light on debates on place-based higher education policies and spatial distribution of human capital with a high level of education.展开更多
This paper studies the impact of increased travelling efficiency on“innovation collaboration”between cities.It exploits China's recent high-speed railway(HSR)connections in the Beijing-Tianjin-Hebei urban agglom...This paper studies the impact of increased travelling efficiency on“innovation collaboration”between cities.It exploits China's recent high-speed railway(HSR)connections in the Beijing-Tianjin-Hebei urban agglomeration.The paper instrumented HSR connections using the postal routes of the Yuan Dynasty and measured innovation collaboration using detailed information on patent applicants and citations.The results show that HSRs led to an increase in innovation collaboration by 121.7 percent from 1998 to 2016,and their overall quality increased by 111.3percent.In comparisonwith universities(public sector),thepaperfound that private sector firms'patent outcomes showed a larger increase in both quantity and quality after the HSR connection.Interestingly,we found that the teams of researchers whose members changed after the HSR connection benefited the most in comparison with both continuing teams and newly formed teams.Additional results prove that HSRs contributed to the coordinated development of the Beijing-Tianjin-Hebei urban agglomeration.The results remained robustusingalternativemodel specifications.展开更多
This study investigated the efects of boarding at school on students'prosocial behaviors in rural China using data from the National Children's Study of China.The instrumental variable(IV)approach was used to ...This study investigated the efects of boarding at school on students'prosocial behaviors in rural China using data from the National Children's Study of China.The instrumental variable(IV)approach was used to control for potential endogeneity,and the IVs were the proportion of boarding students in higher grades and the school area per student.The ordinary least squares and IV estimates showed that boarding students exhibited more prosocial behaviors,including compliance with rules,positive traits,and altruistic attitudes.These results were robust.Heterogeneity analyses suggested that students from low-income families,children who were not"left behind,"high-grade students,and female students were more likely to benefit from boarding.We found that these effects were primarily due to boarding students developing stronger feelings of trust and support from their peers and teachers and participating in more school-organized events and team activities.展开更多
基金support was obtained from the Fundamental Research Funds for the Central Universities[Grant No.JBK2307090].
文摘With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.
基金This paper was supported by the Fundamental Research Funds for the Central Universities[Grant number:JBK2202018].
文摘As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.
文摘To address climate change,the world needs deep decarbonization to achieve carbon neutrality(CN),which implies net-zero human-caused CO_(2) emissions in the atmosphere.This study used emission-side drivers,including socioeconomic and net primary productivity(NPP)-based factors,to determine the changes in CN based on vegetation carbon sequestration in the case of China during 2001-2015.Spatial exploratory analysis as well as the combined use of production-theoretical decomposition analysis(PDA)and an econometric model were also utilized.We showed that CN was significantly spatially correlated over the study period;Yunnan,Heilongjiang,and Jilin presented positive spatial autocorrelations,whereas Guizhou showed a negative spatial autocorrelation.More than half of CN declined over the period during which potential energy intensity(PEIE)and energy usage technological change were the largest negative and positive drivers for increasing CN.PEIE played a significantly negative role in increasing CN.We advise policymakers to focus more on emission-side drivers(e.g.,energy intensity)in addition to strengthening NPP management to achieve CN.
基金the support of a financial grant from the National Natural Science Foundation of China No.72348003,72022020,71974159,71974181the Fundamental Research Funds for the Central Universities and MOE Social Science Laboratory of Digital Economic Forecasts and Policy Simulation at UCAS.
文摘Systematic risks in cryptocurrency markets have recently increased and have been gaining a rising number of connections with economics and financial markets;however,in this area,climate shocks could be a new kind of impact factor.In this paper,a spillover network based on a time-varying parametric-vector autoregressive(TVP-VAR)model is constructed to measure overall cryptocurrency market extreme risks.Based on this,a second spillover network is proposed to assess the intensity of risk spillovers between extreme risks of cryptocurrency markets and uncertainties in climate conditions,economic policy,and global financial markets.The results show that extreme risks in cryptocurrency markets are highly sensitive to climate shocks,whereas uncertainties in the global financial market are the main transmitters.Dynamically,each spillover network is highly sensitive to emergent global extreme events,with a surge in overall risk exposure and risk spillovers between submarkets.Full consideration of overall market connectivity,including climate shocks,will provide a solid foundation for risk management in cryptocurrency markets.
基金Supports from the National Natural Science Foundation of China under Grant Nos.72348003,72022020,72203016,71974181 and 71974159 are acknowledged.
文摘Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of companies with better environmental performance earn significantly higher excess returns,indicating the existence of green returns in the Chinese stock market.We further reveal that heightened climate-change concerns can boost the stock market’s green returns,while tightened climate policies decrease green returns by increasing long-term carbon risk.Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers.
基金funded in part by research grants from the USbased China Medical Board (16-262)the United Nations International Children’s Emergency Fund (2018-Nutrition-2.1.2.3)+2 种基金the National Natural Science Foundation of China (11771240, 91746205, 71673199)funding from Xi’an Jiaotong UniversityUniversity of Twente
文摘The past two decades have witnessed the burgeoning of enormous digital technologies and data collected via countless channels.They are combined in numerous ways in different fields,including epidemiology,mHealth and modeling of health systems,with the intention to improve human health(e.g.,clinical decision support,electronic medical record management)[1-6].However,this is a new interdisciplinary area where no single scientific discipline knows how to take full advantage of these data and technologies to solve health problems[1].
文摘Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails in order to strengthen preparedness for the future global crisis.More than 70 countries and regions have pledged to achieve the goal of carbon neutrality by 2050(ICAP,2020).While the momentum toward adopting carbon neutrality targets continue to build,a growing body of countries and subnational governments move toward carbon pricing through rolling out,speeding-up,or strengthening the construct of emission trading scheme(ETS)and carbon financial market.Notwithstanding the laudable objectives of ETS to enable emission reduction,the potential of ETS is still largely untapped,largely stemming from poor financial innovation.This special issue is,therefore,aimed at promoting research on the carbon financial innovations,financial derivatives services,the use of Fintech and the optimization on architectures of the ETS such that ETSs could drive the transformation toward low-carbon development path and the achievement of Carbon Neutrality targets.
基金Youth Program of the National Natural Sciences Foundation(Grant No.71503209)General Program of the National Natural Sciences Foundation(Grant No.71373210)+3 种基金Major Program of the National Social Sciences Foundation(Grant No.14ZDA052)Major Program of the Philosophical and Social Sciences Planning of Sichuan Province(Grant No.SC13ZD10)"New Century Outstanding Talent Support Program"the Special Fund for Fundamental Research of Central Universities(Grant No.JBK130502)
文摘Given the serious situation of food safety in China, the Chinese government has followed the policy of diverting resources to certain competitive firms and thus increasing market concentration as a means to improve food safety. This policy departs from the common practice in advanced economies of encouraging competition and restraining excessive corporate expansion. Based on the theoretical analysis framework of game theory, this paper investigates the impact of increased industry concentration on food safety. Our study finds that in a market environment where quality food enjoys a high premium, greater evenness of corporate size across firms will be conducive to mutual cooperation among firms for the provision of quality and safe food. Yet if the market is less sophisticated and the premium for quality food is low, it will be difficult to form mutual cooperation among firms and easier for low quality food manufacturers to take a free ride. In these circumstances, the larger size of quality food firms will make them less vulnerable to be affected by free rides and more motivated to manufacture quality and safe food. The latter scenario is consistent with China's market reality. Hence, increasing industry concentration in the current stage is conducive to mitigating the food safety crisis. Yet with the gradual improvement in market conditions, a competitive policy will be a better option in the long run.
基金the National Natural Science Foundation of China(No.71773009)the Key Program of the National Social Science Fund of China(No.21AZD028).
文摘Based on a representative survey of new college graduates in China,we present a job location choice model that allows for a self-selection effect in college regions by considering region-dependent heterogeneous preference for job locations and unobservable location features.We also treat endogenous housing costs using the method developed by Berry et al.(1995).Our estimation results show that college education significantly increases graduates'likelihood of working in the city where their college is located.However,a model that does not consider the self-selection effect overestimates this impact.The impact of college location on a graduate's migration decision varies considerably across cities.There is significant heterogeneity between students from universities of dijferent tiers and rural versus urban areas.Meanwhile,the graduates show a marked home preference when choosing their job locations,and they tend to avoid working in cities with high housing costs.These findings shed light on debates on place-based higher education policies and spatial distribution of human capital with a high level of education.
基金supported financially by the Humanities and Social Sciences Project Funded by the Ministry of Education of China(No.22XJC790006)Fundamental Research Funds for the Central Universities(No.JBK2202028).
文摘This paper studies the impact of increased travelling efficiency on“innovation collaboration”between cities.It exploits China's recent high-speed railway(HSR)connections in the Beijing-Tianjin-Hebei urban agglomeration.The paper instrumented HSR connections using the postal routes of the Yuan Dynasty and measured innovation collaboration using detailed information on patent applicants and citations.The results show that HSRs led to an increase in innovation collaboration by 121.7 percent from 1998 to 2016,and their overall quality increased by 111.3percent.In comparisonwith universities(public sector),thepaperfound that private sector firms'patent outcomes showed a larger increase in both quantity and quality after the HSR connection.Interestingly,we found that the teams of researchers whose members changed after the HSR connection benefited the most in comparison with both continuing teams and newly formed teams.Additional results prove that HSRs contributed to the coordinated development of the Beijing-Tianjin-Hebei urban agglomeration.The results remained robustusingalternativemodel specifications.
基金by the Science and Technology Project of Chongqing Municipal Education Commission(Nos.KJQN202100309 and KJZD-K202200307)the Chongqing Education Science Project(No.2018-GX-006)the Southwestern University of Finance and Economics under the 111 Project Research Base(No.B16040).
文摘This study investigated the efects of boarding at school on students'prosocial behaviors in rural China using data from the National Children's Study of China.The instrumental variable(IV)approach was used to control for potential endogeneity,and the IVs were the proportion of boarding students in higher grades and the school area per student.The ordinary least squares and IV estimates showed that boarding students exhibited more prosocial behaviors,including compliance with rules,positive traits,and altruistic attitudes.These results were robust.Heterogeneity analyses suggested that students from low-income families,children who were not"left behind,"high-grade students,and female students were more likely to benefit from boarding.We found that these effects were primarily due to boarding students developing stronger feelings of trust and support from their peers and teachers and participating in more school-organized events and team activities.
