Contemporary research documents a positive but weak price premium from environmental performance （EP）. The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have...Contemporary research documents a positive but weak price premium from environmental performance （EP）. The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 （SIX 300） companies listed on the Stockholm Stock Exchange （OMX Stockholm）. Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is, however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.展开更多
In August 1950, the nuclear physicist Bruno Pontecorvo suddenly left Rome for Stockholm and disappeared without leaving any trace. Pontecorvo had joined the British atomic bomb project. His abrupt disappearance quickl...In August 1950, the nuclear physicist Bruno Pontecorvo suddenly left Rome for Stockholm and disappeared without leaving any trace. Pontecorvo had joined the British atomic bomb project. His abrupt disappearance quickly became an international affaire, causing much concern to the western intelligence services, who were worried about the escape of atomic secrets to the Soviet Union, especially after Fuchs＇ famous case. In the Union of Soviet Socialist Republics （USSR）, Pontecorvo was welcomed with honour, but also isolated from the rest of the world for many decades. He always denied any direct involvement in the Soviet nuclear programme. According to him, he moved to Russia because of his socialist beliefs, working only on particle physics and peaceful applications of atomic energy. Who was really Bruno Pontecorvo？ A pacifist like Robert Oppenheimer or a communist agent like Klaus Fuchs？ Did he have access to any information about the Manhattan Project during the war, thanks to his friendship with Enrico Fermi？ Did he spy on the Anglo-Canadian programme like Igor Gouzenko, before moving to Russia？ Did he join Soviet military projects across more than 30 years in Dubna？ The author will discuss how the perception of Pontecorvo＇s case changed in the public opinion from the 1950s until the 1990s, as a mirror of the tensions between the two blocks. The whole affaire was object of harsh political confrontation in Italy for almost 50 years. Therefore, the author will also focus on the role played by the Italian communists in Pontecorvo＇s defection to the USSR as well as on such a local debate, which reflects the history of the post-war Italian Communist Party （PCI） until the end of the Cold War.展开更多
The existence of opportunistic behavior by contractors or sub-contractors in the bidding process encouraged by the governance structure of construction companies as well as the kind of relationship that exist between ...The existence of opportunistic behavior by contractors or sub-contractors in the bidding process encouraged by the governance structure of construction companies as well as the kind of relationship that exist between contractors and clients is thought to have some bearing on the rising construction cost observed in some regions of Sweden. Three hypotheses that are intended to test the impact that long run relationship between contractors and developers, vertically integrated firms, and the increase of international competition could have on the construction cost increase levels were tested on a predetermined number of projects from six cities in different regions. The semi-structured survey produces inconclusive results. Long run and collaborative relationship was prevalent in small region though respondents in this region did not draw strong connection between construction cost increase levels and the kind of observed relationship. In Stockholm region, short-term relationship was mostly prevalent. Vertical integration and foreign competition impacts on construction costs were not significant in either region.展开更多
Chlorobenzenes （CBs） are a group of organic pollutants that pose a high environmental risk due to their toxicity, persistence and possible transfer in the food chain. Available data in literature show that CBs axe d...Chlorobenzenes （CBs） are a group of organic pollutants that pose a high environmental risk due to their toxicity, persistence and possible transfer in the food chain. Available data in literature show that CBs axe detected in different environmental compartments such as soil, water, air and sediment. The widespread presence of CBs in the environment is related to their former extensive use in agriculture and industry. Some CBs are ranked in the list of priority pollutants by the Stockholm Convention, and their reduction or elimination from the environment is therefore of high importance. Environmental risk assessment of CBs requires knowledge on the role and importance of the main environmental fate processes, especially in soil. Furthermore, development of remediation strategies for reduction or elimination of CBs from the environment is related to the enhancement of fate processes that increase their dissipation in various environmental compartments. The main objectives of the current review were to present up-to-date data on fate processes of CBs in the soil environment and to explore possible remediation strategies for soils contaminated with CBs. Dechlorination of highly-chlorinated benzenes is the main degradation pathway under anaerobic conditions, leading to the formation of lower-chlorinated benzenes. Biodegradation of lower-chlorinated benzenes is well documented, especially by strains of adapted or specialized microorganisms. Development of techniques that combine dechlorination of highly-chlorinated benzehes with biodegradation or biomineralization of lower-chlorinated benzenes can result in useful tools for remediation of soils contaminated with CBs. In addition, immobilization of CBs in soil by use of different amendments is a useful method for reducing the environmental risk of CBs.展开更多
文摘Contemporary research documents a positive but weak price premium from environmental performance （EP）. The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 （SIX 300） companies listed on the Stockholm Stock Exchange （OMX Stockholm）. Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is, however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.
文摘In August 1950, the nuclear physicist Bruno Pontecorvo suddenly left Rome for Stockholm and disappeared without leaving any trace. Pontecorvo had joined the British atomic bomb project. His abrupt disappearance quickly became an international affaire, causing much concern to the western intelligence services, who were worried about the escape of atomic secrets to the Soviet Union, especially after Fuchs＇ famous case. In the Union of Soviet Socialist Republics （USSR）, Pontecorvo was welcomed with honour, but also isolated from the rest of the world for many decades. He always denied any direct involvement in the Soviet nuclear programme. According to him, he moved to Russia because of his socialist beliefs, working only on particle physics and peaceful applications of atomic energy. Who was really Bruno Pontecorvo？ A pacifist like Robert Oppenheimer or a communist agent like Klaus Fuchs？ Did he have access to any information about the Manhattan Project during the war, thanks to his friendship with Enrico Fermi？ Did he spy on the Anglo-Canadian programme like Igor Gouzenko, before moving to Russia？ Did he join Soviet military projects across more than 30 years in Dubna？ The author will discuss how the perception of Pontecorvo＇s case changed in the public opinion from the 1950s until the 1990s, as a mirror of the tensions between the two blocks. The whole affaire was object of harsh political confrontation in Italy for almost 50 years. Therefore, the author will also focus on the role played by the Italian communists in Pontecorvo＇s defection to the USSR as well as on such a local debate, which reflects the history of the post-war Italian Communist Party （PCI） until the end of the Cold War.
文摘The existence of opportunistic behavior by contractors or sub-contractors in the bidding process encouraged by the governance structure of construction companies as well as the kind of relationship that exist between contractors and clients is thought to have some bearing on the rising construction cost observed in some regions of Sweden. Three hypotheses that are intended to test the impact that long run relationship between contractors and developers, vertically integrated firms, and the increase of international competition could have on the construction cost increase levels were tested on a predetermined number of projects from six cities in different regions. The semi-structured survey produces inconclusive results. Long run and collaborative relationship was prevalent in small region though respondents in this region did not draw strong connection between construction cost increase levels and the kind of observed relationship. In Stockholm region, short-term relationship was mostly prevalent. Vertical integration and foreign competition impacts on construction costs were not significant in either region.
基金financially supported by the Outstanding Youth Fund of the Natural Science Foundation of Jiangsu, China (No. BK20150050)the National Science and Technology Major Project of China (No. 2016YFD08000204)+2 种基金the National Key Basic Research Program of China (No. 2014CB441105)the National Natural Science Foundation of China (Nos. 21277148, 21677149 and 41671236)the National Council for Science and Technology of Kenya (No. NCST/ST&I/RCD/2ND CALL/POST DOC/039)
文摘Chlorobenzenes （CBs） are a group of organic pollutants that pose a high environmental risk due to their toxicity, persistence and possible transfer in the food chain. Available data in literature show that CBs axe detected in different environmental compartments such as soil, water, air and sediment. The widespread presence of CBs in the environment is related to their former extensive use in agriculture and industry. Some CBs are ranked in the list of priority pollutants by the Stockholm Convention, and their reduction or elimination from the environment is therefore of high importance. Environmental risk assessment of CBs requires knowledge on the role and importance of the main environmental fate processes, especially in soil. Furthermore, development of remediation strategies for reduction or elimination of CBs from the environment is related to the enhancement of fate processes that increase their dissipation in various environmental compartments. The main objectives of the current review were to present up-to-date data on fate processes of CBs in the soil environment and to explore possible remediation strategies for soils contaminated with CBs. Dechlorination of highly-chlorinated benzenes is the main degradation pathway under anaerobic conditions, leading to the formation of lower-chlorinated benzenes. Biodegradation of lower-chlorinated benzenes is well documented, especially by strains of adapted or specialized microorganisms. Development of techniques that combine dechlorination of highly-chlorinated benzehes with biodegradation or biomineralization of lower-chlorinated benzenes can result in useful tools for remediation of soils contaminated with CBs. In addition, immobilization of CBs in soil by use of different amendments is a useful method for reducing the environmental risk of CBs.
