Industry return lead‑lag relationships between the US and other major countries

In this study,we analyze the lead-lag relationships between the US industry index and those of six other major countries from January 1973 to May 2021.We identify the leading role played by the US internationally by showing that the weekly returns of US industries,especially the US basic materials and energy industries,significantly Granger cause the returns of most other countries’industries,suggesting that non-US industries react with some delay to new information.This delayed reaction is even more notice-able during periods of recession in the US when cross-country correlations are higher.This implies that the ability of the lagged returns of US industries to predict industries’returns from other countries is even more pronounced when the US experienced an economic recession.A similar asymmetric relationship is found between the volatil-ity of US industries and that of industries in other markets.The analysis of causality in the distribution of returns and volatility shows that causality runs mainly from the US to other countries,particularly in the presence of extreme negative shocks.Finally,we demonstrate that our predictions are valuable to real-world investors.Long-short strategies generate sizable and statistically significant alphas,and a constant relative risk-averse investor obtains certainty equivalent returns well above the risk-free rate.

Analysis Report on Prosperity Index of China＇s Natural Gas Industry in 3Q 2017

The following outcomes can be observed according to the statistical analysis on the prosperity index of China’s natural gas industry:In the third quarter of 2017,the prosperity index of China’s natural gas industry was 53.67,which was in a normal business climate,slightly up compared with the prosperity index of 52.27 in the second quarter of 2017.The seasonal

Calculation and Analysis of the Industrial Green Development Index in Hunan Province

In order to realize the purpose of human sustainable development,green development has become a dominant trend in contemporary society. ＂ Green Hunan＂ is the primary slogan of Hunan＇s four cards. Thus,in recent years,what is the practice result of Hunan＇s green development？ Based on the concept of industrial green development index,we selected the related panel data from 14 different cities of Hunan Province in 2012. The energy consumption and carbon emissions were also selected as input indexes,and GDP of secondary industry was used as the output index to build the industrial green development index. The CRS model of DEA was used to calculate and sequence the industrial green development indexes of 14 cities in Hunan Province.

Analysis of Air Pollution Impact Factors in China： A MIMIC Modeling Approach

In this study, we investigate the impact factors on air pollution in terms of CO2, SO2 and NOx emissions simultaneously in China and compare changes in air pollution across provinces from 1998 to 2011 using a Multiple Indicators and Multiple Causes Model （MIMIC） within a Structural Equation Model （SEM） framework. Our findings reveal that GDP per capita and total population have the largest impacts on air pollution, followed by energy intensity, foreign direct investment, population density, and industrialization. The results also reveal that the inverted U-shaped Environmental Kuznets Curve （EKC） hypothesis exists in China. Our findings also demonstrate that Shandong, Jiangxi and Liaoning are the top three provinces with the most deteriorated air quality while Xinjiang, Fujian and Ningxia are with the best. These results not only contribute to advancing the existing literature, but also merit particular attention from policy-makers in China.