Research on interaction of innovation spillovers in the AI,Fin‑Tech,and IoT industries:considering structural changes accelerated by COVID‑19

This paper aims to probe the influence of innovation spillovers in the artificial intelligence(AI)and financial technology(Fin-tech)industries on the value of the internet of things(IoT)companies.Python was utilized to download public information from Yahoo Finance,and then the GARCH model was used to extract the fluctuations of cross-industry innovation spillovers.Next,the Fama–French three-factor model was used to explore the interactive changes between variables.The panel data regression analysis indicates that the more firms accept innovation spillovers from other industries,the better the excess return;however,this effect differs because of industrial attributes and the environmental changes induced by COVID-19.Additionally,this study finds that investing in large-cap growth stocks of IoT firms is more likely to yield excess returns.Finally,the study yields lessons for policy leverage to accelerate the upgrading and transformation of innovation-interactive industries by referring to the practices of Singapore and South Korea.

Extreme dependencies and spillovers between gold and stock markets:evidence from MENA countries

This study addresses whether gold exhibits the function of a hedge or safe haven as often referred to in academia.It contributes to the existing literature by(i)revisiting this question for the principal stock markets in the Middle East and North Africa(MENA)region and(ii)using the copula-quantile-on-quantile and conditional value at risk methods to detail the risks facing market participants provided with accurate information about various gold and stock market scenarios(i.e.,bear,normal,bull).The results provide strong evidence of quantile dependence between gold and stock returns.Positive correlations are found between MENA gold and stock markets when both are bullish.Conversely,when stock returns are bearish,gold markets show negative correlations with MENA stock markets.The risk spillover from gold to stock markets intensified during the global financial and European crises.Given the risk spillover between gold and stock markets,investors in MENA markets should be careful when considering gold as a safe haven because its effectiveness as a hedge is not the same in all MENA stock markets.Investors and portfolio managers should rebalance their portfolio compositions under various gold and stock market conditions.Overall,such precise insights about the heterogeneous linkages and spillovers between gold and MENA stock returns provide potential input for developing effective hedging strategies and optimal portfolio allocations.

Non-Symmetry of China’s and US Monetary Policy Spillovers:Theoretical Modelling and Empirical Analysis

This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.

Internal Polarization Field Induced Hydroxyl Spillover Effect for Industrial Water Splitting Electrolyzers

The formation of multiple oxygen intermediates supporting efficient oxygen evolution reaction(OER)are affinitive with hydroxyl adsorption.However,ability of the catalyst to capture hydroxyl and maintain the continuous supply at active sits remains a tremendous challenge.Herein,an affordable Ni2P/FeP2 heterostructure is presented to form the internal polarization field(IPF),arising hydroxyl spillover(HOSo)during OER.Facilitated by IPF,the oriented HOSo from FeP2 to Ni2P can activate the Ni site with a new hydroxyl transmission channel and build the optimized reaction path of oxygen intermediates for lower adsorption energy,boosting the OER activity(242 mV vs.RHE at 100 mA cm-2)for least 100 h.More interestingly,for the anion exchange membrane water electrolyzer(AEMWE)with low concentration electrolyte,the advantage of HOSo effect is significantly amplified,delivering 1 A cm^(-2)at a low cell voltage of 1.88 V with excellent stability for over 50 h.

Impact of digital economy development on carbon productivity:An empirical analysis based on threshold effect and spatial spillover effect

Utilizing provincial panel data from 2014 to 2020,this study employs a fixed effect model,a threshold effect model,and a spatial lag model to empirically examine the correlation between digital economic development and carbon productivity.The findings indicate that digital economic development significantly contributes to the enhancement of carbon productivity in the long term.Furthermore,through instrumental variable method,replacement of explanatory variables and other methods to test its endogeneity and stability,the results remain robust.In terms of regional heterogeneity,the impact of digital economic development on carbon productivity is less pronounced in the central and western regions compared to the eastern region.Additionally,further investigation reveals that industrial structure upgrading and science and technology investment level exhibit different threshold effects on the influence of digital economy development level on carbon productivity.Moreover,there is a significant spatial spillover effect of digital economy development on carbon productivity with H-H and L-L agglomeration spatial correlation.

Research on the Impact of China’s Foreign Trade Technology Spillover on Green Total Factor Productivity of Countries Along the“Belt and Road”:Based on the Institutional Quality Threshold Effect

China’s growing trade with countries along the“Belt and Road”Initiative is accompanied by a focus on green development.Based on the panel data from 2007 to 2018,this paper establishes a threshold regression model to empirically analyze the institutional quality threshold effect of China’s foreign trade technology spillover on the GTFP of countries along the“Belt and Road.”The results show that China’s foreign trade technology spillover has a significant institutional quality double threshold effect on the green total factor productivity of the countries along the“Belt and Road.”As the institutional quality of the countries along the“Belt and Road”crosses a specific threshold value,the impact of China’s foreign trade technology spillover on the green total factor productivity of the countries along the“Belt and Road”has a significant positive promoting effect,and corresponding suggestions are put forward.

Spatial emission reduction effects of China’s carbon emissions trading:quasi-natural experiments and policy spillovers

Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.

Impact of the COVID‑19 outbreak on the US equity sectors:Evidence from quantile return spillovers

The aim of this study is to examine the extreme return spillovers among the US stock market sectors in the light of the COVID-19 outbreak.To this end,we extend the now-traditional Diebold-Yilmaz spillover index to the quantiles domain by building networks of generalized forecast error variance decomposition of a quantile vector autoregressive model specifically for extreme returns.Notably,we control for common movements by using the overall stock market index as a common factor for all sectors and uncover the effect of the COVID-19 outbreak on the dynamics of the network.The results show that the network structure and spillovers differ considerably with respect to the market state.During stable times,the network shows a nice sectoral clustering structure which,however,changes dramatically for both adverse and beneficial market conditions constituting a highly connected network structure.The pandemic period itself shows an interesting restructuring of the network as the dominant clusters become more tightly connected while the rest of the network remains well separated.The sectoral topology thus has not collapsed into a unified market during the pandemic.

An empirical study of China's regional R&D knowledge spillovers based on GWR

The present paper employs technique of geographical weighted regression （GWR） to make an empirical study of China＇s R＆D knowledge spillovers at city level. Conventional regression analysis can only produce ＂average＂ and ＂global＂ parameter estimates rather than ＂local＂ parameter estimates which vary over space in some spatial systems. Geographically weighted regression （GWR）, on the other hand, is a simple but useful new technique for the analysis of spatial non-stationarity. Results show that there is a significant difference between OLS and GWR in estimating the parameters of R＆D knowledge production, and that the relationships between level of regional innovation activities and various factors show considerable spatial variability.

Global Value Chain Embeddedness,Knowledge Spillovers,and Clustered Firms' Innovation Performance

Empirical evidence of the effects of global value chain( GVC) embeddedness on clustered firms' innovation is presented in this paper. The intermediary roles of the two types of knowledge spillover( explicit and implicit) in GVC embeddedness and clustered firms' innovation are considered, and the effects of structure embeddedness,relationship embeddedness,and acknowledgement embeddedness on clustered firms' innovation are examined. Analysis is based on the sample of 134 export-oriented firms from the Shaoxing industrial cluster in Zhejiang province of China. Results show that although GVC embeddedness is associated with high use of external knowledge sources,clustered firms' innovation is promoted indirectly through explicit knowledge spillover. Intrinsic connections exist among the different dimensions of GVC embeddedness,that is,structure embeddedness not only directly improves relationship embeddedness but also indirectly improves acknowledgement embeddedness through relationship embeddedness.

The Effect of Spillovers on R&D Level

This paper emphasizes the effect of spillovers on R&D (Research and Development) level. When competing firms have spillovers to each other in R&D, cooperation will always increase firms' profits. Only if the positive spillover is large enough, the cooperative R&D level will be larger than the non\|cooperative R&D level. The cooperative level will be smaller than the non\|cooperative level if the positive spillover is small enough. However, the cooperative level is always smaller than the non\|cooperative level while there're negative spillovers to each other. R&D levels are the function of the spillover and will change with the spillover. The changing regularity is related to the sign of spillover and to whether they're cooperative or not. Spillovers made by the competing firms are usually different. When spillovers are small enough, the larger the spillover obtained from the other, the smaller the firm will invest in R&D; inversely, when the spillover is large enough, the larger spillovers obtains from the other, the larger the firm will invest in R&D.

Spillovers among China’s precious and industrial metals markets:Evidence from higher moments and jumps

This study reveals the time-varying spillover effects of higher moments(realized volatility,realized skewness and realized kurtosis)and jumps between China’s precious metals and industrial metals markets.Using 5-min high-frequency data from May 10,2012 to October 21,2021,the dynamic effects of spillovers are uncovered using the time-frequency domain spillover index framework.The results show that the system connectedness weakens as the moment order gets higher whereas the total jumps connectedness is the smallest,and the spillovers of all estimators are more evident in the short term.The overall information spillovers are time-varying and influenced by major market events.Specifically,for realized volatility,copper is the largest net transmitter and silver is always a net transmitter,while zinc is the largest net receiver.For realized skewness,copper is the largest net transmitter and silver is always a net transmitter,while lead is the largest net receiver.For realized kurtosis and jumps,copper is the largest net transmitter,while aluminum is the largest net receiver.Overall,copper and silver play dominant roles in China’s precious and industrial metals markets system.

The social welfare effect of forest certification under environmental spillovers

Forest certification has positive environmental spillovers.Considering environmental spillovers,this study ana‐lyzed the social welfare effects of forest certification using partial and general equilibrium methods.The re‐sults of the partial equilibrium analysis showed that social welfare in producing countries tended to increase under the market expansion of certified forest products.The general equilibrium analysis results indicated that,in autarky,or economic independence,the production amount of certified forest products could increase.If conventional forest products are imported and certified forest products are exported,then the level of utility in free trade condition is greater than that in autarky.If conventional forest products are exported and certi‐fied forest products are imported,then the price of imported products must be compared with the price of the autarky domestic market to determine the utility level of free trade and autarky.If the price of certified prod‐ucts is less than the price at the time of autarky,then the total utility level increases;otherwise,it decreases.The social welfare effect of forest certification can be increased through expanding the market demand of cer‐tified products and giving these products subsidies in production and price incentives in importing.

Effect of China’s technology spillovers on energy intensity in Africa

Empirical studies on the effects of China-African economic relations on energy intensity in Africa are scarce.To fill the gap in the literature,this study investigates the technology spillover effects of the China-Africa trade and investment relations on energy intensity.It uses both linear and nonlinear dynamic panel estimation methods for 42 African countries from 2003 to 2015.The results show that China's technology spillover through imports significantly reduces energy intensity in Africa.The findings are consistent across specifications and sample groups.Moreover,the technology spillover coming from foreign direct investment(FDI)improves energy intensity,particularly in lower-middle-income African countries.The dynamic threshold estimation results show that countries'absorptive ability is important for technology spillover effects of FDI and imports on energy intensity.The results suggest that countries'absorptive capacity should be increased to maximize the benefits of trade and investment technology spillovers.

Spillovers of US unconventional monetary policy:quantitative easing,spreads,and international financial markets

This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.

Tail spillover effects between cryptocurrencies and uncertainty in the gold,oil,and stock markets

This study investigates tail dependence among five major cryptocurrencies,namely Bitcoin,Ethereum,Litecoin,Ripple,and Bitcoin Cash,and uncertainties in the gold,oil,and equity markets.Using the cross-quantilogram method and quantile connectedness approach,we identify cross-quantile interdependence between the analyzed variables.Our results show that the spillover between cryptocurrencies and volatility indices for the major traditional markets varies substantially across quantiles,implying that diversification benefits for these assets may differ widely across normal and extreme market conditions.Under normal market conditions,the total connectedness index is moderate and falls below the elevated values observed under bearish and bullish market conditions.Moreover,we show that under all market conditions,cryptocurrencies have a leadership influence over the volatility indices.Our results have important policy implications for enhancing financial stability and deliver valuable insights for deploying volatility-based financial instruments that can potentially provide cryptocurrency investors with suitable hedges,as we show that cryptocurrency and volatility markets are insignificantly(weakly)connected under normal(extreme)market conditions.

Spillover effects and incentive initiatives of green behavior

Spillover effects play a crucial role in hindering the effective implementation of green behavior.Whether it pertains to enterprises or individuals,engaging in green behavior often leads to increased costs.However,the benefits derived from green behavior cannot be fully recouped but rather spill over and benefit other non-green entities,thereby undermining the incentives for companies or individuals to engage in green practices.The study categorizes the spillover effects of corporate green investment into three aspects based on the channels through which they occur:environmental spillover,inter-industry spillover(vertical spillover),and intra-industry spillover(horizontal spillover).While these three spillover mechanisms work in tandem with green behavior,existing literature has predominantly focused on the "free-rider " effect of environmental spillover and horizontal spillover,neglecting the impact of vertical spillover.Additionally,this paper provides a comprehensive review of measures aimed at incentivizing corporate green investment.Current government-level measures often overlook the multifaceted nature of spillover effects stemming from green behavior and the factors influencing corporate decision-making in this regard,resulting in various limitations and deficiencies.The paper argues that,besides relying solely on direct interventions from external actors such as the government or society,a more significant emphasis should be placed on enhancing the role of enterprises as a fundamental approach.This involves fostering the endogenous capacity of enterprises to generate green investment and facilitating a beneficial interaction that respects corporate autonomy.Consequently,policymakers should consider multiple dimensions of spillover effects and design appropriate mechanisms that leverage the inherent capabilities of enterprises,thus stimulating green investment.This approach represents a crucial area for future research that warrants further in-depth inve stigation.

Identification of the Breach of Short-Term Rental Regulations in Irish Rent Pressure Zones

The housing crisis in Ireland has rapidly grown in recent years. To make a more significant profit, many landlords are no longer renting out their houses under long-term tenancies but under short-term tenancies. Regulating rentals in Rent Pressure Zones with the highest and rising rents is becoming a tricky issue. In this paper, we develop a breach identifier to check short-term rentals located in Rent Pressure Zones with potential breaches only using publicly available data from Airbnb (an online marketplace focused on short-term home-stays) and Irish government websites. First, we use a Residual Neural Network to filter out outdoor landscape photos that negatively impact identifying whether an owner has multiple rentals in a Rent Pressure Zone. Second, a Siamese Neural Network is used to compare the similarity of indoor photos to determine if multiple rental posts correspond to the same residence. Next, we use the Haversine algorithm to locate short-term rentals within a circle centered on the coordinate of a permit. Short-term rentals with a permit will not be restricted. Finally, we improve the occupancy estimation model combined with sentiment analysis, which may provide higher accuracy.

宗族文化、特殊信任与企业寻租支出

本文利用世界银行的《中国投资环境调查》数据和城市族谱数据,考察宗族文化对企业寻租支出的影响。研究表明,地区宗族文化越浓厚,企业寻租支出越多,该结论在解决内生性问题、改变解释变量和被解释变量的度量方式后仍然稳健。进一步分析发现,宗族文化加深对自己人的特殊信任,有助于满足作为违法交易的寻租对信任、承诺和保密机制的要求;宗族文化的影响在不同的所有制、规模、区域和地方政府干预市场程度的企业样本中存在明显区别。本研究从传统文化的视角解释寻租可为反腐败工作提供参考。

农业数字化对中国粮食新质生产力的影响效应研究

加快发展粮食新质生产力对于实现粮食有效供给、保障国家粮食安全意义重大。通过构建农业数字化和粮食新质生产力的指标体系,运用2012—2021年中国31个省份的面板数据,实证分析农业数字化对中国粮食新质生产力的影响效应。结果表明:农业数字化对粮食新质生产力具有显著正向影响,且在粮食主产区更为突出;农业数字化存在门槛效应,其对粮食新质生产力的促进作用在达到一定水平后显著增强;空间溢出效应显示,农业数字化的正向影响能够超越地区界限,促进邻近地区粮食新质生产力的发展。据此,建议通过深化农业数字化应用、激发数字化潜能、采取差异化战略和建立区域间协同机制等方式,促进粮食新质生产力的整体提升,保障国家粮食安全。