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Employee Stock Ownership Plans and Stock-price Informativeness

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China & World Economy 2024年第3期32卷 162-190页

作者： Yuehua Zuo Xin Huang Xiaojun Liu Yunhao Dai School of economics Huazhong University of Science and TechnologyChina School of economics and Modern economics Research center Huazhong University of Science and TechnologyChina

This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock *** findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price *** plans improved stock-price informativeness through increased external attention and *** event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with *** with more positive signals exerted a greater ***,ESOPs that prioritized management incentives gained more recognition in the *** the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished *** findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.

关键词： announcement effect corporate governance employee stock ownership plan stock-price informativeness

Industrial Carbon Emission Distribution and Regional Joint Emission Reduction:A Case Study of Cities in the Pearl River Basin,China

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Chinese Geographical Science 2024年第2期34卷 210-229页

作者： JIANG Hongtao YIN Jian ZHANG Bin WEI Danqi LUO Xinyuan DING Yi XIA Ruici center for Western China Modernization Guizhou University of Finance and EconomicsGuiyang 550025China College of Big Data Application and Economic Guizhou University of Finance and EconomicsGuiyang 550025China Key Laboratory of Green Fintech Guizhou University of Finance and EconomicsGuiyang 550025China

China’s low-carbon development path will make significant contributions to achieving global sustainable development *** to the diverse natural and economic conditions across different regions in China,there exists an imbalance in the distribution of car-bon ***,regional cooperation serves as an effective means to attain low-carbon *** study examined the pattern of carbon emissions and proposed a potential joint emission reduction strategy by utilizing the industrial carbon emission intens-ity(ICEI)as a crucial *** utilized social network analysis and Local Indicators of Spatial Association(LISA)space-time trans-ition matrix to investigate the spatiotemporal connections and discrepancies of ICEI in the cities of the Pearl River Basin(PRB),China from 2010 to *** primary drivers of the ICEI were determined through geographical detectors and multi-scale geographically weighted *** results were as follows:1)the overall ICEI in the Pearl River Basin is showing a downward trend,and there is a significant spatial imbalance.2)There are numerous network connections between cities regarding the ICEI,but the network structure is relatively fragile and unstable.3)Economically developed cities such as Guangzhou,Foshan,and Dongguan are in the center of the network while playing an intermediary role.4)Energy consumption,industrialization,per capita GDP,urbanization,science and techno-logy,and productivity are found to be the most influential variables in the spatial differentiation of ICEI,and their combination in-creased the explanatory power of the geographic variation of ***,through the analysis of differences and connections in urban carbon emissions under different economic levels and ICEI,the study suggests joint carbon reduction strategies,which are centered on carbon transfer,financial support,and technological assistance among cities.

关键词： industrial carbon emission intensity carbon emission social network analysis Location Indicators of Spatial Association(LISA) geographical detector multi-scale geographically weighted regression Pearl River Basin(PRB),China

Evolution of China's Role in the Structure of Global Carbon Emission Transfers:An Empirical Analysis Based on Network Governance

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China & World Economy 2024年第1期32卷 130-166页

作者： Bingbing Zhang Lelan Kong Zhehong Xu Chuanwang Sun School of economics and Management Nanjing Agricultural University Jiangsu Provincial center for Agricultural Foreign Cooperation and Communication China Paula and Gregory Chow Institute for Studies in economics Xiamen UniversityChina China center for Energy economics Research School of Economics and MOE Key Laboratory of EconometricsXiamen UniversityChina

This paper reconsiders the roles of China and some developed countries in the network of carbon emission transfers via international trade in value added from a new perspective of network *** search intensity(NSI)and the extended gravity model are used with cross-country panel data to analyze the mechanism of China's engagement in network governance of carbon emission *** results show that from 2000 to 2009,China was a net exporter of carbon emissions,even though it shifted from the semi-periphery to the core in the network of carbon emissions embodied in ***,NSI had a significant positive impact on carbon emissions embodied in *** China's important role in the global production network and division of labor,NSI may also affect industrial structure and the quality of the ecological environment to a large *** study analyses the network governance mechanism of China's participation in global carbon *** results suggest that the technical complexity of export products and product heterogeneity do not change the positive impact of NSI on carbon emissions.

关键词： carbon emission transfers gravity model network governance network search intensity

Development and validation of a prediction model for early screening of people at high risk for colorectal cancer

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World Journal of Gastroenterology 2024年第5期30卷 450-461页

作者： Ling-Li Xu Yi Lin Li-Yuan Han Yue Wang Jian-Jiong Li Xiao-Yu Dai Department of General Surgery Ningbo No.2 HospitalNingbo 315000Zhejiang ProvinceChina center for health economics Faculty of Humanities and Social SciencesUniversity of NottinghamNingbo 315100Zhejiang ProvinceChina Department of Global health Ningbo Institute of Life and Health IndustryUniversity of Chinese Academy of SciencesNingbo 315000Zhejiang ProvinceChina School of Public health Medical College of Soochow UniversitySuzhou 215123Jiangsu ProvinceChina

BACKGROUND Colorectal cancer(CRC)is a serious threat *** early screening is suggested to be the most effective method to prevent and control CRC,the current situation of early screening for CRC is still not *** China,the incidence of CRC in the Yangtze River Delta region is increasing dramatically,but few studies have been ***,it is necessary to develop a simple and efficient early screening model for *** To develop and validate an early-screening nomogram model to identify individuals at high risk of *** Data of 64448 participants obtained from Ningbo Hospital,China between 2014 and 2017 were retrospectively *** cohort comprised 64448 individuals,of which,530 were excluded due to missing or incorrect *** 63918,7607(11.9%)individuals were considered to be high risk for CRC,and 56311(88.1%)were *** participants were randomly allocated to a training set(44743)or validation set(19175).The discriminatory ability,predictive accuracy,and clinical utility of the model were evaluated by constructing and analyzing receiver operating characteristic(ROC)curves and calibration curves and by decision curve ***,the model was validated internally using a bootstrap resampling *** Seven variables,including demographic,lifestyle,and family history information,were *** logistic regression analysis revealed that age[odds ratio(OR):1.03,95%confidence interval(CI):1.02-1.03,P<0.001],body mass index(BMI)(OR:1.07,95%CI:1.06-1.08,P<0.001),waist circumference(WC)(OR:1.03,95%CI:1.02-1.03 P<0.001),lifestyle(OR:0.45,95%CI:0.42-0.48,P<0.001),and family history(OR:4.28,95%CI:4.04-4.54,P<0.001)were the most significant predictors of high-risk *** lifestyle was a protective factor,whereas family history was the most significant risk *** area under the curve was 0.734(95%CI:0.723-0.745)for the final validation set ROC curve and 0.735(95%CI:0.728-0.742)for the training s

关键词： Colorectal cancer Early screening model High-risk population Nomogram model Questionnaire survey Dietary habit Living habit

Will fuel switching ever happened in China’s thermal power sector?The rule of carbon market design

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Frontiers of Engineering Management 2024年第2期11卷 207-230页

作者： Anqi HE Huarong PENG Wuhan University Institute for International Studies Wuhan UniversityWuhan 430072China Climate Change and Energy economics Study center Economics and Management SchoolWuhan UniversityWuhan 430000China Collaborative Innovation center for Emissions Trading System by Ministry of Education and Hubei Provincial Government Hubei University of EconomicsWuhan 430200China

o assess the effectiveness of China’s emissions trading scheme(ETS)in facilitating energy structure optimization,we constructed a fuel-switching model utilizing data from 1067 generating units under the Chinese ETS *** model simulates the fuel-switching price in China’s thermal power sector,taking into account various allowance allocation *** results show the following:1)Thermal power plants will transition from coal to gas if the current ETS auction rate surpasses 26%.2)Furthermore,in scenarios where the ETS operates independently,a transition will occur if the carbon allowance market is entirely auction-based and the carbon price attains 119.50 USD/tCO_(2).3)In a collaborative scenario involving both the ETS and a gas feed-in tariff subsidy,a carbon price of 9.39 USD/tCO_(2)will effect a transition from coal to gas,provided both the auction ratio and subsidy price are maximized.

关键词： ETS thermal power plant fuel switching allowance allocation method feed-in tariff subsidy

Does community-based health insurance affect lifestyle and timing of treatment seeking behavior?Evidence from Ethiopia

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Global health Journal 2024年第2期8卷 83-90页

作者： Zecharias Fetene Anteneh Anagaw D.Mebratie Zemzem Shigute Getnet Alemu Arjun S.Bedi center for health economics University of YorkYorkUnited Kingdom School of Public health College of Health SciencesAddis Ababa UniversityAddis AbabaEthiopia International Institute of Social Studies Erasmus University Rotterdamthe Haguethe Netherlands Institute of Development and Policy Research Addis Ababa UniversityAddis AbabaEthiopia

Objectives This paper aims to investigate the effects of enrollment in the Ethiopian community-based health insurance(CBHI)scheme on household preventive care activities and the timing of treatment-seeking behavior for illness *** is growing concern about the financial sustainability of CBHI schemes in developing ***,few empirical studies have identified potential contributors,including ex-ante and ex-post moral *** We implement a household fixed-effect panel data regression model,drawing on three rounds of household survey data collected face to face in districts where CBHI scheme is operational and in districts where it is not operational in *** The findings show that enrolment in CBHI does not significantly influence household behaviour regarding preventive care activities such as water treatment before drinking and handwashing before ***,CBHI significantly increases delay in treatment-seeking behaviour for diseases ***,on average,we estimate about 4-6 h delay for malaria symptoms,a little above 4 h for tetanus,and 10-11 h for tuberculosis among the insured *** While there is evidence that CBHI improve the utilization of outpatient or primary care services,our study suggests that insured members may wait longer before visiting health *** delay could be partly due to moral hazard problems,as insured households,particularly those from rural areas,may consider the opportunity costs associated with visiting health facilities for minor ***,it is essential to identify the primary causes of delays in seeking medical services and implement appropriate interventions to encourage insured individuals to seek early medical attention.

关键词： Community-based health insurance Financial sustainability Preventive care Treatment-seeking behavior Household fixed effect Ethiopia

Inference for high-dimensional streamed longitudinal data

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Acta Mathematica Sinica,English Series 2024年

作者： Senyuan ZHENG Ling ZHOU center of Statistical Research and School of Statistics Southwestern University of Finance and Economics

With the advent of modern devices, such as smartphones and wearable devices, high-dimensional data are collected on many participants for a period of time or even in perpetuity. For this type of data,dependencies between and within data batches exist because data are collected from the same individual over time. Under the framework of streamed data, individual historical data are not available due to the storage and computation burden. It is urgent to develop computationally efficient methods with statistical guarantees to analyze high-dimensional streamed data and make reliable inferences in practice. In addition, the homogeneity assumption on the model parameters may not be valid in practice over time. To address the above issues, in this paper, we develop a new renewable debiased-lasso inference method for high-dimensional streamed data allowing dependences between and within data batches to exist and model parameters to gradually change. We establish the large sample properties of the proposed estimators, including consistency and asymptotic normality. The numerical results, including simulations and real data analysis, show the superior performance of the proposed method.

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Spatiotemporal characteristics of cultivated land use eco-efficiency and its influencing factors in China from 2000 to 2020

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Journal of Arid Land 2024年第3期16卷 396-414页

作者： LI Shaoting MU Na REN Yanjun Thomas GLAUBEN College of economics and Management Northwest A&F UniversityYangling 712100China Sino-German center for Agricultural and Food economics Northwest A&F UniversityYangling 712100China Leibniz Institute of Agricultural Development in Transition Economies(IAMO) Halle 06120Germany

Improving cultivated land use eco-efficiency(CLUE)can effectively promote agricultural sustainability,particularly in developing countries where CLUE is generally *** study used provincial-level data from China to evaluate the spatiotemporal evolution of CLUE from 2000 to 2020 and identified the influencing factors of CLUE by using a panel Tobit *** addition,given the undesirable outputs of agricultural production,we incorporated carbon emissions and nonpoint source pollution into the global benchmark-undesirable output-super efficiency-slacks-based measure(GB-US-SBM)model,which combines global benchmark technology,undesirable output,super efficiency,and slacks-based *** results indicated that there was an upward trend in CLUE in China from 2000 to 2020,with an increase rate of 2.62%.The temporal evolution of CLUE in China could be classified into three distinct stages:a period of fluctuating decrease(2000-2007),a phase of gradual increase(2008-2014),and a period of rapid growth(2015-2020).The major grain-producing areas(MPAs)had a lower CLUE than their counterparts,namely,non-major grain-production areas(non-MPAs).The spatial agglomeration effect followed a northeast-southwest strip distribution;and the movement path of barycentre revealed a"P"shape,with Luoyang City,Henan Province,as the *** terms of influencing factors of CLUE,investment in science and technology played the most vital role in improving CLUE,while irrigation index had the most negative *** should be noted that these two influencing factors had different impacts on MPAs and ***,relevant departments should formulate policies to enhance the level of science and technology,improve irrigation condition,and promote sustainable utilization of cultivated land.

关键词： cultivated land use eco-efficiency(CLUE) slacks-based measure(SBM)model barycentre model standard deviation ellipse(SDE) panel Tobit model carbon emissions nonpoint source pollution

Could the EU carbon border adjustment mechanism promote climate mitigation?An economy-wide analysis

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Advances in Climate Change Research 2024年第3期15卷 557-571页

作者： Kun ZHANG Yun-Fei YAO Xiang-Yan QIAN Yu-Fei ZHANG Qiao-Mei LIANG Yi-Ming WEI College of economics and Management Beijing University of TechnologyBeijing 100124China center for Energy and Environmental Policy Research Beijing Institute of TechnologyBeijing 100081China School of Management and economics Beijing Institute of TechnologyBeijing 100081China Beijing Key Laboratory of Energy economics and Environmental Management Beijing 100081China Sinopec Research Institute of Petroleum Engineering SinopecBeijing 100101China College of economics and Management Nanjing Agricultural UniversityNanjing 210095China

Due to concerns about carbon leakage and sectoral competitiveness,the European Union(EU)proposed implementing the carbon border adjustment mechanism(CBAM).The effectiveness and potential negative consequences of CBAM have aroused extensive *** the perspective of the economy-wide analysis,this study uses a global computable general equilibrium model to explore the rationality of CBAM from the aspects of socioeconomic impact and the effects of promoting climate ***,the potential alternative mechanism of CBAM is *** results show that CBAM can reduce the EU's gross domestic product(GDP)loss;however,the GDP loss in all other regions ***,CBAM raises household welfare losses in most regions,including the ***,although CBAM can reduce the marginal abatement cost in eight regions,it comes at the cost of greater economic ***,the economic and household welfare cost of raising emissions reduction targets in regions like the USA and Japan is substantially higher than the impact of passively accepting the CBAM;therefore,CBAM's ability to drive ambitious emission reduction initiatives may be ***,for the potential alternative mechanism,from the perspective of reducing economic cost and household welfare losses,the EU could implement domestic tax cuts in the short-term and promote global unified carbon pricing in the long-term.

关键词： Border adjustment mechanism Computable general equilibrium model Carbon price Climate policy Global carbon pricing