Biodiversity,large trees,and environmental conditions such as climate and soil have important effects on forest carbon stocks.However,recent studies in temperate forests suggest that the relative importance of these f...Biodiversity,large trees,and environmental conditions such as climate and soil have important effects on forest carbon stocks.However,recent studies in temperate forests suggest that the relative importance of these factors depends on tree mycorrhizal associations,whereby large-tree effects may be driven by ectomycorrhizal(EM)trees,diversity effects may be driven by arbuscular mycorrhizal(AM)trees,and environment effects may depend on differential climate and soil preferences of AM and EM trees.To test this hypothesis,we used forest-inventory data consisting of over 80,000 trees from 631 temperate-forest plots(30 m×30 m)across Northeast China to examine how biodiversity(species diversity and ecological uniqueness),large trees(top 1%of tree diameters),and environmental factors(climate and soil nutrients)differently regulate aboveground carbon stocks of AM trees,EM trees,and AM and EM trees combined(i.e.total aboveground carbon stock).We found that large trees had a positive effect on both AM and EM tree carbon stocks.However,biodiversity and environmental factors had opposite effects on AM vs.EM tree carbon stocks.Specifically,the two components of biodiversity had positive effects on AM tree carbon stocks,but negative effects on EM tree carbon stocks.Environmental heterogeneity(mean annual temperature and soil nutrients)also exhibited contrasting effects on AM and EM tree carbon stocks.Consequently,for the total carbon stock,the positive large-tree effect far surpasses the diversity and environment effect.This is mainly because when integrating AM and EM tree carbon stock into total carbon stock,the opposite diversity-effect(also environment-effect)on AM vs.EM tree carbon stock counteracts each other while the consistent positive large-tree effect on AM and EM tree carbon stock is amplified.In summary,this study emphasized a mycorrhizal viewpoint to better understand the determinants of overarching aboveground carbon profile across regional forests.展开更多
We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction...We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.展开更多
In the middle and later stages of urbanization development,the growth of the real estate industry will stagnate,and urban renewal will become the mainstream.With the advancement of urban renewal,there are still proble...In the middle and later stages of urbanization development,the growth of the real estate industry will stagnate,and urban renewal will become the mainstream.With the advancement of urban renewal,there are still problems in improving the quality of cities in the stock era and their design strategies.This paper analyzed the Linping Old City organic renewal project and the Xishui River ecological governance project in the stock era of urban quality improvement by sorting out the current development status,historical background,planning types,and design strategies of quality improvement in the stock era from the perspective of urban renewal,combining with project overview,main problems,design methods,and design content.Urban renewal is the leading direction for promoting urban development and construction on a global scale,and countries formulate different plans and practices based on their local characteristics.Urban renewal strategies should be diversified,and focus on livable environments,urban characteristics,etc.,while considering human factors,green innovation,etc.,in order to achieve smart community management and enhance the economic and social benefits brought by urban attractiveness.For successful cases such as the Linping Old City and Xishui River ecological governance project,corresponding urban quality improvement strategies and implementation plans should be formulated according to local conditions,with emphasis on social participation and people’s livelihood improvement.This study can help urban planning pay more attention to rational utilization and upgrading of existing urban resources,adapt to the current urban development situation,and promote sustainable urban development.展开更多
This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary ...This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.展开更多
Chinese sturgeon(Acipenser sinensis) is the flagship species of the Changjiang River.The migration route of this species is blocked by the first dam,the Gezhou Dam,and its reproduction is affected by the Three Gorges ...Chinese sturgeon(Acipenser sinensis) is the flagship species of the Changjiang River.The migration route of this species is blocked by the first dam,the Gezhou Dam,and its reproduction is affected by the Three Gorges Dam(TGD),one of the largest dams in the world.We studied the impact of the impoundment of the Three Gorges Reservoir(TGR) since 2003 on the spawning stock and the natural reproduction of the Chinese sturgeon by using our monitoring data from 1997 to 2013.Results indicate that TGR impoundment has delayed the first spawning dates of the fish from middle-late October to late November,decreased the amount of spawning activities from twice to only once each year,and significantly reduced egg production.In particular,the fish did not demonstrate any spawning activities in 2013.Therefore,TGR impoundment significantly affects the natural reproduction of the fish downstream of the TGD.The spawning stock size of the fish is also predicted to further decrease in the future,which will lead to a risk of population extinction.Ecological regulations must be imposed on decreasing the water temperature to 20℃before mid-October and increasing water discharge downstream of the TGD in October to induce spawning of the Chinese sturgeon.展开更多
Oxygen and carbon isotope ratios(δ^(18)O and δ^(13)C) in otoliths were used to identify the stock structure of small yellow croaker,Larimichthys polyactis.Otoliths were collected from fish at five locations ac...Oxygen and carbon isotope ratios(δ^(18)O and δ^(13)C) in otoliths were used to identify the stock structure of small yellow croaker,Larimichthys polyactis.Otoliths were collected from fish at five locations across the Yellow Sea and the Bohai Sea representing most of their distributional range and fisheries areas.The significant differences in the isotopic signatures showed that the five locations could be chemically distinguished and clearly separated,indicating stock subdivision.Correlation of δ^(18)O and δ^(13)C values suggested that population of L.polyactis could be divided into the Bohai Sea group,the southern Yellow Sea group and the central Yellow Sea group.Discriminant analysis of δ^(18)O and δ^(13)C values demonstrated a high significant difference with 85.7% classification accuracy.The spatial separation of L.polyactis indicated a complex stock structure across the Yellow Sea and the Bohai Sea.These results indicate that optimal fisheries management may require a comprehensive consideration on the current spatial arrangements.This study has provided further evidence that measurement of the stable isotopes ratios in otolith can be a valuable tool in the delineation of fishery management units.展开更多
Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and envi- ronmental protection, particularly in the transboundary region that has undergone marked chang...Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and envi- ronmental protection, particularly in the transboundary region that has undergone marked changes. This study aimed to examine the impacts of land cover changes on ecosystem carbon stocks in the transboundary Tureen River Basin (TTRB). We extracted the spatial information from Landsat Thematic Imager (TM) and Operational Land Imager (OLI) images for the years 1990 and 2015 and obtained convincing estimates of terrestrial biomass and soil carbon stocks with the INVEST model. The results showed that forestland, cropland and built-up land increased by 57.5, 429.7 and 128.9 km2, respectively, while grassland, wetland and barren land declined by 24.9, 548.0 and 43.0 km2, respectively in the TTRB from 1990 to 2015. The total carbon stocks encompassing aboveground, belowground, soil and litter layer carbon storage pools have declined from 831.48 Tg C in 1990 to 831.42 Tg C in 2015 due to land cover changes. In detail, the carbon stocks de- creased by 3.13 Tg C and 0.44 Tg C in Democratic People's Republic of Korea (North Korea) and Russia, respectively, while increased by 3.51 Tg C in China. Furthermore, economic development, and national policy accounted for most land cover changes in the TTRB. Our results imply that effective wetland and forestland protection policies among China, North Korea, and Russia are much needed for protecting the natural resources, promoting local ecosystem services and regional sustainable development in the transnational area.展开更多
Abstract: The water quality of Dianshan Lake in Shanghai Municipality, China, is impacted by nutrient losses from agricultural lands around the lake. In this study, nine types of agricultural land use were monitored ...Abstract: The water quality of Dianshan Lake in Shanghai Municipality, China, is impacted by nutrient losses from agricultural lands around the lake. In this study, nine types of agricultural land use were monitored in 2010 and 2011, and a correlation analysis between nutrient losses from agricultural non-point sources (NPS) and nutrient stocks in the lake was conducted over monthly and seasonal time periods. The results indicate that the monthly average concentration of total nitrogen (TN) ranged from 1.41 to 7.34 mg/L in 2010 and from 1.52 to 5.90 mg/L in 2011, while the monthly average concentration of total phosphorous (TP) ranged from 0.11 to 0.26 mg/L in 2010 and from 0.13 to 0.30 mg/L in 2011. The annual loss of TN from agricultural NPS was 195.55 tons in 2010 and 208.40 tons in 2011. The cultivation of water oat made the largest contribution to the loss of TN. The annual loss of TP was 44.58 tons in 2010 and 48.12 tons in 2011, and multi-vegetable cultivation made the largest contribution to the loss of TP. The results of correlation analysis show that the monthly stocks of TN and TP in the lake have a positive correlation with the monthly losses of TN and TP from agricultural NPS. According to the seasonal data, the stocks of TN and TP in the lake both have a much stronger correlation with the losses of TN and TP from agricultural NPS in summer than in other seasons. Agricultural NPS pollution control should be the main focus for the water resource conservation in this area.展开更多
We investigate a stage-structured delayed predator-prey model with impulsive stocking on prey and continuous harvesting on predator. According to the fact of biological resource management, we improve the assumption o...We investigate a stage-structured delayed predator-prey model with impulsive stocking on prey and continuous harvesting on predator. According to the fact of biological resource management, we improve the assumption of a predator-prey model with stage structure for predator population that each individual predator has the same ability to capture prey. It is assumed that the immature and mature individuals of the predator population are divided by a fixed age, and immature predator population does not have the ability to attach prey. Sufficient conditions are obtained, which guarantee the global attractivity of predator-extinction periodic solution and the permanence of the system. Our results show that the behavior of impulsive stocking on prey plays an important role for the permanence of the system, and provide tactical basis for the biological resource management. Numerical analysis is presented to illuminate the dynamics of the system.展开更多
Hydrothermal carbonization(HTC) is a valuable approach to convert furfural residue(FR) into carbon material. The prepared biochars are usually characterized comprehensively, while the stock process water still remains...Hydrothermal carbonization(HTC) is a valuable approach to convert furfural residue(FR) into carbon material. The prepared biochars are usually characterized comprehensively, while the stock process water still remains to be studied in detail. Herein, a NMR study of the main components in stock process water generated at different HTC reaction conditions was reported. Various qualitative and quantitative NMR techniques(~1H and ^(13)C NMR,~1H-~1H COSY and ~1H-^(13)C HSQC etc.) especially 1D selective gradient total correlation spectroscopy(TOCSY NMR) were strategically applied in the analysis of HTC stock process water. Without separation and purification, it was demonstrated that the main detectable compounds are 5-hydroxymethylfurfural, formic acid, methanol, acetic acid, levulinic acid, glycerol, hydroxyacetone and acetaldehyde in this complicate mixture. Furthermore, the relationship between the concentration of major products and the reaction conditions(180-240 ℃ at 8 h, and 1-24 h at 240 ℃) was established. Finally, reasonable reaction pathways for hydrothermal conversion of FR were proposed based on this result and our previously obtained characteristics of biochars. The routine and challenging NMR methods utilized here would be an alternative other than HPLC or GC for biomass conversion research and can be extended to more studies.展开更多
This research explored the effects of the coronavirus disease(COVID-19)outbreak on stock price movements of China’s tourism industry by using an event study method.The results showed that the crisis negatively impact...This research explored the effects of the coronavirus disease(COVID-19)outbreak on stock price movements of China’s tourism industry by using an event study method.The results showed that the crisis negatively impacted tourism sector stocks.Further quantile regression analyses supported the non-linear relationship between the government’s responses and stock returns.The results present that the resurgence of the virus in Beijing did bring about a short-term negative impact on the tourism industry.The empirical results can be used for future researchers to conduct a comparative study of cultural differences concerning government responses to the COVID-19.展开更多
Understanding the dynamics of soil organic carbon(SOC) is of fundamental importance in land use and management, whether in the current researches or in future scenarios of agriculture systems considering climate chang...Understanding the dynamics of soil organic carbon(SOC) is of fundamental importance in land use and management, whether in the current researches or in future scenarios of agriculture systems considering climate change. In order to evaluate SOC stock of the three districts(Delmiro Gouveia, Pariconha, and Inhapi districts) in the semi-arid region of Brazil in rainfed and irrigated agriculture systems under different climate scenarios using the Century model, we obtained RCP4.5 and RCP8.5 climate scenarios derived from the Eta Regional Climate Model(Eta-Had GEM2-ES and Eta-MIROC5) from the National Institute for Space Research, and then input the data of bulk density, p H, soil texture, maximum temperature, minimum temperature, and rainfall into the soil and climate files of the Century model. The results of this study showed that the Eta-Had GEM2-ES model was effective in estimating air temperature in the future period. In rainfed agriculture system, SOC stock under the baseline scenario was lower than that under RCP4.5 and RCP8.5 climate scenarios, while in irrigated agriculture system, SOC stock in the almost all climate scenarios(RCP4.5 and RCP8.5) and models(Eta-Had GEM2-ES and Eta-MIROC5) will increase by 2100. The results of this study will help producers in the semi-arid region of Brazil adopt specific agriculture systems aimed at mitigating greenhouse gas emissions.展开更多
The Wiborg rapakivi batholith (1.64 Ga) in southeastern Finland with documented occurrences of REE, indium and Zn-Cu-Pb sulphide mineralization was studied. Hydrothermal greisen and quartz vein type Fe-Sn and Zn-Cu-Pb...The Wiborg rapakivi batholith (1.64 Ga) in southeastern Finland with documented occurrences of REE, indium and Zn-Cu-Pb sulphide mineralization was studied. Hydrothermal greisen and quartz vein type Fe-Sn and Zn-Cu-Pb are found in the Kymi granite stock as intrusions. They are enriched with indium and rare earth elements, with roquesite (CuInS2) being a major indium- carrier, whereas monazite (Ce), allanite (Ce), bastnäesite (Ce), xenotime-(Y) and thorite are the main REE carriers. Combination of optical and field emission scanning electron microscopy (FE-SEM) and electron probe microanalysis (EPMA) were used to study the indium and REE-bearing mineral assemblages. EPMA of roquesite found in galena had a composition of 26.16% S, 0.02% Fe, 25.06% Cu, 0.03% Zn, 1.06% As, 0.31% Sb and 47.14% In. Substitution reaction Pb2+S2-Cu+In3+S2- is the cause of the incorporation of indium in the galena structure. The majority of the LREE are carried by monazite, bastnäesite and allanite, and the HREE by xenotime and zircon. There is a partial solid solution between monazite and xenotime with minor or trace amounts of LREE in xenotime grains (6.0 wt%). LREE (>95 mol% LREE) and less than 5 mol% HREE + Y reflects the enrichment of chondrite-normalized REE of the monazite grains of the Kymi granite stock. The xenotime grains (small and irregular) main composition contains 71 - 76 mol% YPO4, 16 - 27 mol% HREE, and 6 - 8 mol% LREE. It is believed that indium and REE-mineralization presence is due to the combination of magmatic and postmagmatic processes, particularly at later stages by fluid fractionation.展开更多
In stock market forecasting,the identification of critical features that affect the performance of machine learning(ML)models is crucial to achieve accurate stock price predictions.Several review papers in the literat...In stock market forecasting,the identification of critical features that affect the performance of machine learning(ML)models is crucial to achieve accurate stock price predictions.Several review papers in the literature have focused on various ML,statistical,and deep learning-based methods used in stock market forecasting.However,no survey study has explored feature selection and extraction techniques for stock market forecasting.This survey presents a detailed analysis of 32 research works that use a combination of feature study and ML approaches in various stock market applications.We conduct a systematic search for articles in the Scopus and Web of Science databases for the years 2011–2022.We review a variety of feature selection and feature extraction approaches that have been successfully applied in the stock market analyses presented in the articles.We also describe the combination of feature analysis techniques and ML methods and evaluate their performance.Moreover,we present other survey articles,stock market input and output data,and analyses based on various factors.We find that correlation criteria,random forest,principal component analysis,and autoencoder are the most widely used feature selection and extraction techniques with the best prediction accuracy for various stock market applications.展开更多
The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of acc...The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart (2006), Utama and Santoso (1998) and Restraningsih (2007).展开更多
This paper demonstrates a significant,long-running relationship between stock prices and domestic interest rates in Turkey’s financial markets for the period of 2001 M1-2017 M4.Cointegration analysis is investigated ...This paper demonstrates a significant,long-running relationship between stock prices and domestic interest rates in Turkey’s financial markets for the period of 2001 M1-2017 M4.Cointegration analysis is investigated using the autoregressivedistributed lag bounds(ARDL Bounds)test and vector autoregressive cointegration.Additionally,cointegrating equations such as the fully modified ordinary least square,dynamic ordinary least squares,and canonical cointegrating regression are applied to check the long-run elasticities in the concerned relationship.The ARDL Bounds and Johansen Cointegration test results show that,dynamically,both prices are significantly related to each other.The cointegrating equation outcomes demonstrate elasticities whereby both coefficients have negative signs.Additionally,the same results are corroborated by the impulse response where all variables respond negatively to each other.展开更多
This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whethe...This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.展开更多
Accurate prediction of stock market behavior is a challenging issue for financial forecasting.Artificial neural networks,such as multilayer perceptron have been established as better approximation and classification m...Accurate prediction of stock market behavior is a challenging issue for financial forecasting.Artificial neural networks,such as multilayer perceptron have been established as better approximation and classification models for this domain.This study proposes a chemical reaction optimization(CRO)based neuro-fuzzy network model for prediction of stock indices.The input vectors to the model are fuzzified by applying a Gaussian membership function,and each input is associated with a degree of membership to different classes.A multilayer perceptron with one hidden layer is used as the base model and CRO is used to the optimal weights and biases of this model.CRO was chosen because it requires fewer control parameters and has a faster convergence rate.Five statistical parameters are used to evaluate the performance of the model,and the model is validated by forecasting the daily closing indices for five major stock markets.The performance of the proposed model is compared with four state-of-art models that are trained similarly and was found to be superior.We conducted the Deibold-Mariano test to check the statistical significance of the proposed model,and it was found to be significant.This model can be used as a promising tool for financial forecasting.展开更多
基金supported by the Key Research Program of Frontier Sciences,Chinese Academy of Sciences(Grant ZDBS-LY-DQC019)the National Key Research and Development Program of China(2023YFE0124300)+4 种基金the National Natural Science Foundation of China(32301344)Major Program of Institute of Applied EcologyChinese Academy of Sciences(IAEMP202201)supported by grants from the U.S.National Science Foundation(DEB 2240431)the Seeding Projects for Enabling Excellence and Distinction(SPEED)Program at Washington University in St.Louis。
文摘Biodiversity,large trees,and environmental conditions such as climate and soil have important effects on forest carbon stocks.However,recent studies in temperate forests suggest that the relative importance of these factors depends on tree mycorrhizal associations,whereby large-tree effects may be driven by ectomycorrhizal(EM)trees,diversity effects may be driven by arbuscular mycorrhizal(AM)trees,and environment effects may depend on differential climate and soil preferences of AM and EM trees.To test this hypothesis,we used forest-inventory data consisting of over 80,000 trees from 631 temperate-forest plots(30 m×30 m)across Northeast China to examine how biodiversity(species diversity and ecological uniqueness),large trees(top 1%of tree diameters),and environmental factors(climate and soil nutrients)differently regulate aboveground carbon stocks of AM trees,EM trees,and AM and EM trees combined(i.e.total aboveground carbon stock).We found that large trees had a positive effect on both AM and EM tree carbon stocks.However,biodiversity and environmental factors had opposite effects on AM vs.EM tree carbon stocks.Specifically,the two components of biodiversity had positive effects on AM tree carbon stocks,but negative effects on EM tree carbon stocks.Environmental heterogeneity(mean annual temperature and soil nutrients)also exhibited contrasting effects on AM and EM tree carbon stocks.Consequently,for the total carbon stock,the positive large-tree effect far surpasses the diversity and environment effect.This is mainly because when integrating AM and EM tree carbon stock into total carbon stock,the opposite diversity-effect(also environment-effect)on AM vs.EM tree carbon stock counteracts each other while the consistent positive large-tree effect on AM and EM tree carbon stock is amplified.In summary,this study emphasized a mycorrhizal viewpoint to better understand the determinants of overarching aboveground carbon profile across regional forests.
文摘We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.
文摘In the middle and later stages of urbanization development,the growth of the real estate industry will stagnate,and urban renewal will become the mainstream.With the advancement of urban renewal,there are still problems in improving the quality of cities in the stock era and their design strategies.This paper analyzed the Linping Old City organic renewal project and the Xishui River ecological governance project in the stock era of urban quality improvement by sorting out the current development status,historical background,planning types,and design strategies of quality improvement in the stock era from the perspective of urban renewal,combining with project overview,main problems,design methods,and design content.Urban renewal is the leading direction for promoting urban development and construction on a global scale,and countries formulate different plans and practices based on their local characteristics.Urban renewal strategies should be diversified,and focus on livable environments,urban characteristics,etc.,while considering human factors,green innovation,etc.,in order to achieve smart community management and enhance the economic and social benefits brought by urban attractiveness.For successful cases such as the Linping Old City and Xishui River ecological governance project,corresponding urban quality improvement strategies and implementation plans should be formulated according to local conditions,with emphasis on social participation and people’s livelihood improvement.This study can help urban planning pay more attention to rational utilization and upgrading of existing urban resources,adapt to the current urban development situation,and promote sustainable urban development.
文摘This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.
基金Supported by the Three Gorges Project Eco-Environmental Monitoring System(No.JJ[2015]-010)the National Natural Science Foundation of China(No.31201727)the China Three Gorges Corporation(No.0799533)
文摘Chinese sturgeon(Acipenser sinensis) is the flagship species of the Changjiang River.The migration route of this species is blocked by the first dam,the Gezhou Dam,and its reproduction is affected by the Three Gorges Dam(TGD),one of the largest dams in the world.We studied the impact of the impoundment of the Three Gorges Reservoir(TGR) since 2003 on the spawning stock and the natural reproduction of the Chinese sturgeon by using our monitoring data from 1997 to 2013.Results indicate that TGR impoundment has delayed the first spawning dates of the fish from middle-late October to late November,decreased the amount of spawning activities from twice to only once each year,and significantly reduced egg production.In particular,the fish did not demonstrate any spawning activities in 2013.Therefore,TGR impoundment significantly affects the natural reproduction of the fish downstream of the TGD.The spawning stock size of the fish is also predicted to further decrease in the future,which will lead to a risk of population extinction.Ecological regulations must be imposed on decreasing the water temperature to 20℃before mid-October and increasing water discharge downstream of the TGD in October to induce spawning of the Chinese sturgeon.
基金The National Basic Research Program(973 Program)of China under contract Nos 2015CB453300 and 2010CB428900
文摘Oxygen and carbon isotope ratios(δ^(18)O and δ^(13)C) in otoliths were used to identify the stock structure of small yellow croaker,Larimichthys polyactis.Otoliths were collected from fish at five locations across the Yellow Sea and the Bohai Sea representing most of their distributional range and fisheries areas.The significant differences in the isotopic signatures showed that the five locations could be chemically distinguished and clearly separated,indicating stock subdivision.Correlation of δ^(18)O and δ^(13)C values suggested that population of L.polyactis could be divided into the Bohai Sea group,the southern Yellow Sea group and the central Yellow Sea group.Discriminant analysis of δ^(18)O and δ^(13)C values demonstrated a high significant difference with 85.7% classification accuracy.The spatial separation of L.polyactis indicated a complex stock structure across the Yellow Sea and the Bohai Sea.These results indicate that optimal fisheries management may require a comprehensive consideration on the current spatial arrangements.This study has provided further evidence that measurement of the stable isotopes ratios in otolith can be a valuable tool in the delineation of fishery management units.
基金Under the auspices of the National Key Research and Development Project(No.2016YFA0602301)National Natural Science Foundation of China(No.41730643,41671219,41771109,31500400)
文摘Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and envi- ronmental protection, particularly in the transboundary region that has undergone marked changes. This study aimed to examine the impacts of land cover changes on ecosystem carbon stocks in the transboundary Tureen River Basin (TTRB). We extracted the spatial information from Landsat Thematic Imager (TM) and Operational Land Imager (OLI) images for the years 1990 and 2015 and obtained convincing estimates of terrestrial biomass and soil carbon stocks with the INVEST model. The results showed that forestland, cropland and built-up land increased by 57.5, 429.7 and 128.9 km2, respectively, while grassland, wetland and barren land declined by 24.9, 548.0 and 43.0 km2, respectively in the TTRB from 1990 to 2015. The total carbon stocks encompassing aboveground, belowground, soil and litter layer carbon storage pools have declined from 831.48 Tg C in 1990 to 831.42 Tg C in 2015 due to land cover changes. In detail, the carbon stocks de- creased by 3.13 Tg C and 0.44 Tg C in Democratic People's Republic of Korea (North Korea) and Russia, respectively, while increased by 3.51 Tg C in China. Furthermore, economic development, and national policy accounted for most land cover changes in the TTRB. Our results imply that effective wetland and forestland protection policies among China, North Korea, and Russia are much needed for protecting the natural resources, promoting local ecosystem services and regional sustainable development in the transnational area.
基金supported by the Project of the Shanghai Science and Technology Committee(Grants No.08DZ1203200 and 08DZ1203205)
文摘Abstract: The water quality of Dianshan Lake in Shanghai Municipality, China, is impacted by nutrient losses from agricultural lands around the lake. In this study, nine types of agricultural land use were monitored in 2010 and 2011, and a correlation analysis between nutrient losses from agricultural non-point sources (NPS) and nutrient stocks in the lake was conducted over monthly and seasonal time periods. The results indicate that the monthly average concentration of total nitrogen (TN) ranged from 1.41 to 7.34 mg/L in 2010 and from 1.52 to 5.90 mg/L in 2011, while the monthly average concentration of total phosphorous (TP) ranged from 0.11 to 0.26 mg/L in 2010 and from 0.13 to 0.30 mg/L in 2011. The annual loss of TN from agricultural NPS was 195.55 tons in 2010 and 208.40 tons in 2011. The cultivation of water oat made the largest contribution to the loss of TN. The annual loss of TP was 44.58 tons in 2010 and 48.12 tons in 2011, and multi-vegetable cultivation made the largest contribution to the loss of TP. The results of correlation analysis show that the monthly stocks of TN and TP in the lake have a positive correlation with the monthly losses of TN and TP from agricultural NPS. According to the seasonal data, the stocks of TN and TP in the lake both have a much stronger correlation with the losses of TN and TP from agricultural NPS in summer than in other seasons. Agricultural NPS pollution control should be the main focus for the water resource conservation in this area.
基金the National Natural Science Foundation of China(No.10771179)the Emphasis Subject of Guizhou Province of China
文摘We investigate a stage-structured delayed predator-prey model with impulsive stocking on prey and continuous harvesting on predator. According to the fact of biological resource management, we improve the assumption of a predator-prey model with stage structure for predator population that each individual predator has the same ability to capture prey. It is assumed that the immature and mature individuals of the predator population are divided by a fixed age, and immature predator population does not have the ability to attach prey. Sufficient conditions are obtained, which guarantee the global attractivity of predator-extinction periodic solution and the permanence of the system. Our results show that the behavior of impulsive stocking on prey plays an important role for the permanence of the system, and provide tactical basis for the biological resource management. Numerical analysis is presented to illuminate the dynamics of the system.
基金Supported by Shanxi Scholarship Council of China (2015-123)the Natural Science Foundation of China (51602322)the Key Research and Development Program of Shanxi Province (International Cooperation) (201703D421041) for financial support
文摘Hydrothermal carbonization(HTC) is a valuable approach to convert furfural residue(FR) into carbon material. The prepared biochars are usually characterized comprehensively, while the stock process water still remains to be studied in detail. Herein, a NMR study of the main components in stock process water generated at different HTC reaction conditions was reported. Various qualitative and quantitative NMR techniques(~1H and ^(13)C NMR,~1H-~1H COSY and ~1H-^(13)C HSQC etc.) especially 1D selective gradient total correlation spectroscopy(TOCSY NMR) were strategically applied in the analysis of HTC stock process water. Without separation and purification, it was demonstrated that the main detectable compounds are 5-hydroxymethylfurfural, formic acid, methanol, acetic acid, levulinic acid, glycerol, hydroxyacetone and acetaldehyde in this complicate mixture. Furthermore, the relationship between the concentration of major products and the reaction conditions(180-240 ℃ at 8 h, and 1-24 h at 240 ℃) was established. Finally, reasonable reaction pathways for hydrothermal conversion of FR were proposed based on this result and our previously obtained characteristics of biochars. The routine and challenging NMR methods utilized here would be an alternative other than HPLC or GC for biomass conversion research and can be extended to more studies.
基金This research was supported by the Jiangxi Humanities and Social Sciences Project of University(NO.JJ20125).
文摘This research explored the effects of the coronavirus disease(COVID-19)outbreak on stock price movements of China’s tourism industry by using an event study method.The results showed that the crisis negatively impacted tourism sector stocks.Further quantile regression analyses supported the non-linear relationship between the government’s responses and stock returns.The results present that the resurgence of the virus in Beijing did bring about a short-term negative impact on the tourism industry.The empirical results can be used for future researchers to conduct a comparative study of cultural differences concerning government responses to the COVID-19.
基金supported by the the National Council for Scientific and Technological Development of Brazil and Ministry of Science,Technology,Innovation(MCTI)of Brazil(383697/2015-8)Brazilian Research Network on Global Climate Change(Rede Clima),which provided the scholarship to Renato Américo ARAúJO-NETO。
文摘Understanding the dynamics of soil organic carbon(SOC) is of fundamental importance in land use and management, whether in the current researches or in future scenarios of agriculture systems considering climate change. In order to evaluate SOC stock of the three districts(Delmiro Gouveia, Pariconha, and Inhapi districts) in the semi-arid region of Brazil in rainfed and irrigated agriculture systems under different climate scenarios using the Century model, we obtained RCP4.5 and RCP8.5 climate scenarios derived from the Eta Regional Climate Model(Eta-Had GEM2-ES and Eta-MIROC5) from the National Institute for Space Research, and then input the data of bulk density, p H, soil texture, maximum temperature, minimum temperature, and rainfall into the soil and climate files of the Century model. The results of this study showed that the Eta-Had GEM2-ES model was effective in estimating air temperature in the future period. In rainfed agriculture system, SOC stock under the baseline scenario was lower than that under RCP4.5 and RCP8.5 climate scenarios, while in irrigated agriculture system, SOC stock in the almost all climate scenarios(RCP4.5 and RCP8.5) and models(Eta-Had GEM2-ES and Eta-MIROC5) will increase by 2100. The results of this study will help producers in the semi-arid region of Brazil adopt specific agriculture systems aimed at mitigating greenhouse gas emissions.
文摘The Wiborg rapakivi batholith (1.64 Ga) in southeastern Finland with documented occurrences of REE, indium and Zn-Cu-Pb sulphide mineralization was studied. Hydrothermal greisen and quartz vein type Fe-Sn and Zn-Cu-Pb are found in the Kymi granite stock as intrusions. They are enriched with indium and rare earth elements, with roquesite (CuInS2) being a major indium- carrier, whereas monazite (Ce), allanite (Ce), bastnäesite (Ce), xenotime-(Y) and thorite are the main REE carriers. Combination of optical and field emission scanning electron microscopy (FE-SEM) and electron probe microanalysis (EPMA) were used to study the indium and REE-bearing mineral assemblages. EPMA of roquesite found in galena had a composition of 26.16% S, 0.02% Fe, 25.06% Cu, 0.03% Zn, 1.06% As, 0.31% Sb and 47.14% In. Substitution reaction Pb2+S2-Cu+In3+S2- is the cause of the incorporation of indium in the galena structure. The majority of the LREE are carried by monazite, bastnäesite and allanite, and the HREE by xenotime and zircon. There is a partial solid solution between monazite and xenotime with minor or trace amounts of LREE in xenotime grains (6.0 wt%). LREE (>95 mol% LREE) and less than 5 mol% HREE + Y reflects the enrichment of chondrite-normalized REE of the monazite grains of the Kymi granite stock. The xenotime grains (small and irregular) main composition contains 71 - 76 mol% YPO4, 16 - 27 mol% HREE, and 6 - 8 mol% LREE. It is believed that indium and REE-mineralization presence is due to the combination of magmatic and postmagmatic processes, particularly at later stages by fluid fractionation.
基金funded by The University of Groningen and Prospect Burma organization.
文摘In stock market forecasting,the identification of critical features that affect the performance of machine learning(ML)models is crucial to achieve accurate stock price predictions.Several review papers in the literature have focused on various ML,statistical,and deep learning-based methods used in stock market forecasting.However,no survey study has explored feature selection and extraction techniques for stock market forecasting.This survey presents a detailed analysis of 32 research works that use a combination of feature study and ML approaches in various stock market applications.We conduct a systematic search for articles in the Scopus and Web of Science databases for the years 2011–2022.We review a variety of feature selection and feature extraction approaches that have been successfully applied in the stock market analyses presented in the articles.We also describe the combination of feature analysis techniques and ML methods and evaluate their performance.Moreover,we present other survey articles,stock market input and output data,and analyses based on various factors.We find that correlation criteria,random forest,principal component analysis,and autoencoder are the most widely used feature selection and extraction techniques with the best prediction accuracy for various stock market applications.
文摘The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart (2006), Utama and Santoso (1998) and Restraningsih (2007).
文摘This paper demonstrates a significant,long-running relationship between stock prices and domestic interest rates in Turkey’s financial markets for the period of 2001 M1-2017 M4.Cointegration analysis is investigated using the autoregressivedistributed lag bounds(ARDL Bounds)test and vector autoregressive cointegration.Additionally,cointegrating equations such as the fully modified ordinary least square,dynamic ordinary least squares,and canonical cointegrating regression are applied to check the long-run elasticities in the concerned relationship.The ARDL Bounds and Johansen Cointegration test results show that,dynamically,both prices are significantly related to each other.The cointegrating equation outcomes demonstrate elasticities whereby both coefficients have negative signs.Additionally,the same results are corroborated by the impulse response where all variables respond negatively to each other.
文摘This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.
文摘Accurate prediction of stock market behavior is a challenging issue for financial forecasting.Artificial neural networks,such as multilayer perceptron have been established as better approximation and classification models for this domain.This study proposes a chemical reaction optimization(CRO)based neuro-fuzzy network model for prediction of stock indices.The input vectors to the model are fuzzified by applying a Gaussian membership function,and each input is associated with a degree of membership to different classes.A multilayer perceptron with one hidden layer is used as the base model and CRO is used to the optimal weights and biases of this model.CRO was chosen because it requires fewer control parameters and has a faster convergence rate.Five statistical parameters are used to evaluate the performance of the model,and the model is validated by forecasting the daily closing indices for five major stock markets.The performance of the proposed model is compared with four state-of-art models that are trained similarly and was found to be superior.We conducted the Deibold-Mariano test to check the statistical significance of the proposed model,and it was found to be significant.This model can be used as a promising tool for financial forecasting.