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.

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.

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.

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.

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.

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.

Research on the Spillover Effects of Digital Transformation on the Sustainable Growth of Green Schools

The development of society and the advancement of science and technology have led to the widespread integration of digital transformation in the field of education.However,the current establishment of green schools faces various challenges,including non-environmental building facilities,high renovation costs,low organizational management efficiency,high energy consumption,outdated office tools,and insufficient environmental awareness among teachers and students.Through thorough research and analysis,it becomes evident that digital technology can play a pivotal role in addressing these challenges and contribute to all aspects of green school establishment.The incorporation of digital thinking concepts is essential for the construction of ecologically civilized campuses and inclusive innovation.The process of digital design and transformation proves instrumental in optimizing both software and hardware facilities within the campus,thereby reducing energy consumption.Simultaneously,comprehensive digital teaching management enhances overall efficiency in management and service delivery.Innovative digital teaching and learning models emerge as transformative tools,providing new avenues to create low-carbon,green classrooms for both teachers and students.By exploring the application of digital transformation in establishing green schools and examining the resulting spillover effects,valuable insights can be gained.These insights,in turn,serve as reference points for building diversified digital technology paths on campus and fostering the creation of green schools.

Magic of hydrogen spillover: Understanding and application

The hydrogen spillover effect(HSPE)plays an important role in heterogeneous catalysis and hydrogen storage as an interfacial phenomenon,which facilitates the improvement of hydrogen storage properties of porous nanomaterials and indirectly or directly affects the reaction performance of multiphase catalytic reactions.The setting-up of the word“hydrogen spillover”opened up a new area to gain insight into the dynamic behavior of migrating hydrogen atoms on a catalyst surface.However,a comprehensive understanding of the HSPE is still lacking.Today,the development of advanced characterization techniques provides increasingly valuable information to further our understanding of the HSPE.Based on these considerations,in this review,we hope to provide some answers to the question“What is hydrogen spillover and how do we recognize it?”.To do this,we will rely on advanced characterization techniques as well as experimental and theoretical studies.Then,we discuss in detail the influences of the HSPE on hydrogen storage performance and the important catalytic effects of the HSPE in catalysis.These effects will be reviewed by looking through the catalytic results obtained in many reactions in thermal catalysis,electrocatalysis,and photocatalysis.Furthermore,based on the application potential of hydrogen spillover,we present some preliminary research proposals and discuss the opportunities and challenges that remain to be faced in this research area.

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.

A spillover network analysis of the global crude oil market:Evidence from the post-financial crisis era

The frequent occurrence of geopolitical crises in the post-financial crisis era is driving the rethinking behind whether the global crude oil market is still a highly connected"great pool".Using the spillover network model suggested by Baruník and Krehlík(2018),and the daily data of 31 global crude oil markets from 2009 to 2019,this study examines the return and volatility spillover effects and their timevarying behavior in six crude oil market segments at different timescales.The findings indicate that heterogeneity exists in the co-movements between global crude oil markets in the post-financial crisis era.In the medium term,both return and volatility spillover effects are not significant,which makes the diversified portfolio strategy useful.Prices in the Europe and Central Asian regions take the lead in return spillovers.In contrast,Asia-Pacific regional prices contribute the most in terms of volatility spillovers.Long-term volatility spillovers increase sharply when confronted with oil-related events in the postfinancial crisis era.Therefore,policymakers should take effective measures to prevent any large-scale risk transmission in the long run.

Dynamics of volatility spillover between stock market and foreign exchange market: evidence from Asian Countries

Background:The purpose of this study is to examine volatility spillover effects between stock market and foreign exchange market in selected Asian countries;Pakistan,India,Sri Lanka,China,Hong Kong and Japan.This study considered daily data from 4th January,1999 to 1st January,2014.Methods:This study opted EGARCH(Exponential Generalized Auto Regressive Conditional Heteroskedasticity)model for the purpose of analyzing asymmetric volatility spillover effects between stock and foreign exchange market.Results:The EGARCH analyses reveal bidirectional asymmetric volatility spillover between stock market and foreign exchange market of Pakistan,China,Hong Kong and Sri Lanka.The results reveal unidirectional transmission of volatility from stock market to foreign exchange market of India.The analysis reveals no evidence of volatility transmission between the two markets in reference to Japan.Conclusions:The result of this study provide valuable insights to economic policy makers for financial stability perspective and to investors regarding decision making in international portfolio and currency risk strategies.

Regime specific spillover across cryptocurrencies and the role of COVID‑19

The aim of this study is to examine the daily return spillover among 18 cryptocurrencies under low and high volatility regimes,while considering three pricing factors and the effect of the COVID-19 outbreak.To do so,we apply a Markov regime-switching(MS)vector autoregressive with exogenous variables(VARX)model to a daily dataset from 25-July-2016 to 1-April-2020.The results indicate various patterns of spillover in high and low volatility regimes,especially during the COVID-19 outbreak.The total spillover index varies with time and abruptly intensifies following the outbreak of COVID-19,especially in the high volatility regime.Notably,the network analysis reveals further evidence of much higher spillovers in the high volatility regime during the COVID-19 outbreak,which is consistent with the notion of contagion during stress periods.

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.

Spillover on a Platinum Electrode Modified by MWNTs

The spillover phenomenon is observed on the platinum (Pt) disk electrode modified bymulti-wall carbon nanotubes (MWNTs). The rate of the spillover of oxygen-containing speciesproduced on Pt surface to and from MWNTs is fast. However for hydrogen-adatoms, thespillover is very weak. The selective spillover on the Pt/MWNTs electrode may provide a novelway to design catalysts.

The Spillover Effect between Futures and Spot Price of Agricultural Products:A Case Study of Soybean Products of China

Taking soybean products as an example and using the daily price data of 2007-2015,this paper established the error correction model and BEKK-GARCH model,and made an empirical study on the spillover effect of futures and spot price of agricultural products of China. According to this study,there were mean spillover effect and two-way volatility spillover effect in futures and spot price of soybean,soybean oil,and soybean meal; soybean futures prices significantly guided the spot price; in the price linkage between the types,the price relationship between the soybean meal and soybean was closer than between the soybean oil and soybean.

Volatility spillover effect between financial markets:evidence since the reform of the RMB exchange rate mechanism

The volatility spillover effect between the foreign exchange and stock markets has been a major issue in economic and financial studies.In this paper,GC-MSV model was used to study the spillover effect between the foreign exchange market and the stock market after the reform of the RMB exchange rate mechanism.The empirical results show that there is a negative correlation of dynamic price spillovers between the foreign exchange and stock markets.There are asymmetric volatility spillover effects between these two markets for both RMB stages—continued RMB appreciation or constant RMB shock(a significant reduction in appreciation).However,this has been reduced over time.In conclusion,The RMB exchange rate is a key variable that can affect the internal and external equilibrium of the national economy in an open economic environment,and the stock market is capable of quickly reflecting subtle changes in the real economy.In order to keep the stability of the financial markets and the healthy and rapid development of national economy,some suggestions were proposed.

Cue the volatility spillover in the cryptocurrency markets during the COVID-19 pandemic:evidence from DCC-GARCH and wavelet analysis

This study investigates the dynamic mechanism of financial markets on volatility spillovers across eight major cryptocurrency returns,namely Bitcoin,Ethereum,Stellar,Ripple,Tether,Cardano,Litecoin,and Eos from November 17,2019,to January 25,2021.The study captures the financial behavior of investors during the COVID-19 pandemic as a result of national lockdowns and slowdown of production.Three different methods,namely,EGARCH,DCC-GARCH,and wavelet,are used to understand whether cryp-tocurrency markets have been exposed to extreme volatility.While GARCH family models provide information about asset returns at given time scales,wavelets capture that information across different frequencies without losing inputs from the time horizon.The overall results show that three cryptocurrency markets(i.e.,Bitcoin,Ethereum,and Litecoin)are highly volatile and mutually dependent over the sample period.This result means that any kind of shock in one market leads investors to act in the same direction in the other market and thus indirectly causes volatility spillovers in those markets.The results also imply that the volatility spillover across cryptocurrency markets was more influential in the second lockdown that started at the beginning of November 2020.Finally,to calculate the financial risk,two methods—namely,value-at-risk(VaR)and conditional value-at-risk(CVaR)—are used,along with two additional stock indices(the Shanghai Composite Index and S&P 500).Regardless of the confidence level investigated,the selected crypto assets,with the exception of the USDT were found to have substantially greater downside risk than SSE and S&P 500.

Energy consumption,air quality,and air pollution spatial spillover effects:evidence from the Yangtze River Delta of China

Based on analysis of the theoretical impact of energy consumption on air quality,taking 20 heavily polluted cities in the Yangtze River Delta of China as the object,we construct a Spatial Dubin Model,and estimate the effect of energy consumption on air quality and the spatial spillover effects of air pollution.We come to the following conclusions:First,the regional air quality has significant spatial dependence and spatial heterogeneity.Second,under three kinds of spatial associated mode,energy consumption has a negative impact on air quality,and the air pollution arising from energy consumption has a negative intra-regional spillover effect.The effect is strongest under the spatial distance weight matrix,followed by the economic distance,and the adjacent spatial weight matrix,which are−0.7926,−0.4547,and−0.4539,respectively.Third,in addition,under the adjacent space and economic distance space matrix,energy consumption has a significant negative effect on air quality,and the inter-regional spillover effects are−0.1513 and−2.5736,respectively.Meanwhile,considering spatial distance and economic development,the inter-regional spillover effect is much larger than is the intra-regional spillover effect.In general,the total spillover effect is at−0.6053 and−3.0284.