During geopolitical crises,the price stability of agricultural commodities is critical for national security.Understanding the dynamics of pricing power between the U.S.and China and how it varies over time can help s...During geopolitical crises,the price stability of agricultural commodities is critical for national security.Understanding the dynamics of pricing power between the U.S.and China and how it varies over time can help smaller nations navigate unpredictable moments.This study uses a unified framework and wavelet approach to examine soybean price discovery in the U.S.and China from the standpoints of price interdependence and information flows.We begin by illustrating the integrated link between the soybean futures markets in the U.S.and China,which includes multiple structural breaks.The pricing difference between the two nations acts as the primary information spillover route for their integrated relationship.Furthermore,we show that the direction and degree of information spillover change dramatically in proportion to the strength of the U.S.–Chinese soybean interaction.Finally,we find that China’s recent retaliatory tax on the U.S.soybeans gave the Chinese market a more powerful position in soybean futures price discovery.After the first-stage trade deal was reached,and during the epidemic phase of the coronavirus pandemic,the pricing power of the U.S.soybean market showed no signs of full recovery.展开更多
Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor...Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict.We also examined the heterogeneous effects of this conflict on firms.The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization.Institutional investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade conflict.These findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a micro-perspective.The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.展开更多
In recent years, China＇s international trade has made great actuevements, However, when carefully reviewing its performance in the international market, we have to admit a fact that ＂Chinese businessmen＂ and ＂Made...In recent years, China＇s international trade has made great actuevements, However, when carefully reviewing its performance in the international market, we have to admit a fact that ＂Chinese businessmen＂ and ＂Made in China＂ are encountering great challenges, even aversion in many foreign markets. The so-called ＂Yellow peril theory＂ and ＂China threat theory＂ have caught on once again. Faced with such frequent trade conflicts, we fall into contemplation. Why did trade conflicts so frequently happen？ Do these conflicts merely remain at the commercial level？ Or, are there any deep-seated conflicts leading to trade conflicts？ What are the root causes of these conflicts？ How to overcome and avoid these conflicts in the future？ With these questions, this paper is designed to inquire into the root cause of trade conflicts and the constructive suggestions to settle trade conflicts from a cultural perspective.展开更多
The interests of vulnerable groups can’t be guaranteed due to their weaker capacity and the limited interests demand channels during the water pollution conflicts. The interest protection for the vulnerable people in...The interests of vulnerable groups can’t be guaranteed due to their weaker capacity and the limited interests demand channels during the water pollution conflicts. The interest protection for the vulnerable people in the water pollution conflicts has attracted attentions of the international scholars. The paper tries to construct the market mechanism which can make the vulnerable people to involve in the emission trading. The vulnerable people can buy American put option in the emission trading market. When the price of the emission runs below the contract price, the vulnerable people can get the benefit through executing the option. When the price of the emission runs above the contract price, the vulnerable people can give up the right. The binomial tree option pricing model can help the vulnerable people to make a decision through the analysis of the worth of the American put option.展开更多
文摘During geopolitical crises,the price stability of agricultural commodities is critical for national security.Understanding the dynamics of pricing power between the U.S.and China and how it varies over time can help smaller nations navigate unpredictable moments.This study uses a unified framework and wavelet approach to examine soybean price discovery in the U.S.and China from the standpoints of price interdependence and information flows.We begin by illustrating the integrated link between the soybean futures markets in the U.S.and China,which includes multiple structural breaks.The pricing difference between the two nations acts as the primary information spillover route for their integrated relationship.Furthermore,we show that the direction and degree of information spillover change dramatically in proportion to the strength of the U.S.–Chinese soybean interaction.Finally,we find that China’s recent retaliatory tax on the U.S.soybeans gave the Chinese market a more powerful position in soybean futures price discovery.After the first-stage trade deal was reached,and during the epidemic phase of the coronavirus pandemic,the pricing power of the U.S.soybean market showed no signs of full recovery.
基金the National Natural Science Foundation of China(Nos.71803124 and 72273080)National Social Science Fund of China(No.21&ZD082)the Shuguang Program of Shanghai Education Development Foundation and Shanghai Municipal Education Commission。
文摘Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict.We also examined the heterogeneous effects of this conflict on firms.The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization.Institutional investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade conflict.These findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a micro-perspective.The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.
基金联合国粮食及农业组织(UNFAO)课题“渔业和水产养殖业相关的研究报告、中文翻译及语言质量控制服务”(Provision of Study Reports Associated with Fisheries and Aquaculture Industry and Translation and Language Quality Control Services of Chinese,PO 34934)的阶段性成果。
文摘In recent years, China＇s international trade has made great actuevements, However, when carefully reviewing its performance in the international market, we have to admit a fact that ＂Chinese businessmen＂ and ＂Made in China＂ are encountering great challenges, even aversion in many foreign markets. The so-called ＂Yellow peril theory＂ and ＂China threat theory＂ have caught on once again. Faced with such frequent trade conflicts, we fall into contemplation. Why did trade conflicts so frequently happen？ Do these conflicts merely remain at the commercial level？ Or, are there any deep-seated conflicts leading to trade conflicts？ What are the root causes of these conflicts？ How to overcome and avoid these conflicts in the future？ With these questions, this paper is designed to inquire into the root cause of trade conflicts and the constructive suggestions to settle trade conflicts from a cultural perspective.
文摘The interests of vulnerable groups can’t be guaranteed due to their weaker capacity and the limited interests demand channels during the water pollution conflicts. The interest protection for the vulnerable people in the water pollution conflicts has attracted attentions of the international scholars. The paper tries to construct the market mechanism which can make the vulnerable people to involve in the emission trading. The vulnerable people can buy American put option in the emission trading market. When the price of the emission runs below the contract price, the vulnerable people can get the benefit through executing the option. When the price of the emission runs above the contract price, the vulnerable people can give up the right. The binomial tree option pricing model can help the vulnerable people to make a decision through the analysis of the worth of the American put option.
