Impact of Environmental,Social,and Governance(ESG)Factors on Stock Prices and Investment Performance

This study examines the relationship between Environmental,Social,and Governance(ESG)factors and stock prices as well as investment performance.ESG factors have become increasingly relevant in investment decisions as investors prioritize companies with sustainable practices.Using a sample of publicly-traded companies,this research analyzes the impact of ESG factors on stock prices and investment returns.The findings suggest that companies with strong ESG performance tend to have higher stock prices and better investment performance than those with weak ESG performance.The study also highlights the significance of the individual components of ESG,such as environmental policies and corporate governance practices,on stock prices and investment returns.Overall,this research provides valuable insights for investors seeking to incorporate ESG factors into their investment decision-making processes.

基于PLUS和InVEST模型的合肥市生态系统碳储量时空演变特征

[目的]为寻求“双碳”目标导向下的合肥市城市发展新方案。[方法]依据合肥市2000-2020年5期土地利用数据,在合肥市国土空间规划指引下,运用PLUS模型模拟得到2035年合肥市土地利用时空演变规律,耦合InVEST模型探究多情景下合肥市碳储量时空变化特征,并进一步挖掘土地综合利用程度对碳储量的影响。[结果](1)2000-2020年合肥市土地利用变化特征主要表现为耕地、林地减少,其中耕地为建设用地扩增主要来源。自然发展和农田资源保护情景的土地变化规律大致相同,主要表现为耕地、林地、水体减少;绿色汇增城市发展情景下,林地相比其余2个情景面积由减少转为增加。(2)2000-2020年合肥市碳储量逐年递减,其中2005-2010年碳损失最为剧烈。到2035年,自然发展情景、农田资源保护情景、绿色汇增城市发展情景碳储量分别为138.96×10^(6),140.13×10^(6),139.81×10^(6) t。农田资源保护情景下,碳储量明显增加区域最低,建设用地扩张减缓;绿色汇增城市发展情景下,林地由碳损失转为碳固持,是最具固碳潜力的发展趋势。(3)绿色汇增城市发展情景土地利用率最高,可有效降低土地综合利用程度对碳储量流失的威胁。[结论]农田资源保护情景与绿色汇增城市发展情景均有助于城市固碳发展,实施生态保护与城市发展并行政策,调整土地综合利用模式有助于改善城市碳流失。

基于InVEST模型的京津冀土地利用变化及碳储量时空分异研究

大气中二氧化碳含量的增加是国际社会广泛关注的环境问题,人类活动改变土地利用格局,而土地利用/覆被(land-use/land-cover,LULC)变化影响陆地生态系统结构、功能及碳循环。本文在全球地表覆盖数据GlobeLand30的支持下分析了2000-2020年京津冀土地利用变化,利用InVEST模型模拟了碳储量时空变化,并结合空间自相关分析技术对其进行了分区研究。结果表明:①2000-2020年京津冀地区耕地和人造地表变化面积最大,分别为减少340222.124 hm^(2)和增加246333.493 hm^(2);②京津冀地区2000、2010和2020年碳储量总值分别为1666.47×10^(6)、1654.63×10^(6)、1632.88×10^(6)t,耕地流失和人造地表扩张是碳储量下降的主要原因;③京津冀碳储量高值主要分布在海拔相对较高的山林地区,低值主要分布在北京市中心、津冀海岸带,以及河北省沧州和唐山的东部南部区域;④局部自相关结果表明,碳储量出现高-高聚集的区域在研究区的北部和西部,在出现低-低聚集的区域中天津市东丽区和河北省邯郸市邯山区呈现出较为明显的弱化趋势。

基于PLUS-InVEST模型的呼和浩特市多情景土地利用变化动态模拟及碳储量评估

为探究呼和浩特市土地利用变化对生态系统碳储量的影响,本研究基于InVEST模型与PLUS模型模拟预测呼和浩特市在自然发展、生态保护、耕地保护、城市发展4种情景下的土地利用与碳储量。结果表明:1990-2020年呼和浩特市不透水面、林地、草地、水体等土地利用类型的面积呈增加状态,耕地、裸地、灌木地等土地类型的面积呈减少状态,其中灌木地和裸地的土地转出率较高,分别为93.63%和98.24%。InVEST模型估算结果显示,不透水面不断扩张,侵蚀耕地等高碳密度土地类型,造成呼和浩特市1990-2020年碳储量呈逐年递减趋势。2030年自然发展、生态保护、耕地保护、城市发展情景模拟下的呼和浩特市的碳储量与2020年相比均呈现减少状态,其中耕地保护情景碳储量降幅最小,其次为生态保护情景,说明采取合理的保护措施能够有效抑制碳储量下降。耕地保护情景能够有效减缓城市建筑的扩张趋势,生态保护情景则可有效增加水体、草地等生态类用地面积。研究表明,落实耕地和生态保护政策、优化土地利用结构、提高土地利用效率对呼和浩特市的可持续发展均有重要意义。

Detecting the lead–lag effect in stock markets:definition,patterns,and investment strategies

Human activities widely exhibit a power-law distribution.Considering stock trading as a typical human activity in the financial domain,the first aim of this paper is to validate whether the well-known power-law distribution can be observed in this activity.Interestingly,this paper determines that the number of accumulated lead–lag days between stock pairs meets the power-law distribution in both the U.S.and Chinese stock markets based on 10 years of trading data.Based on this finding this paper adopts the power-law distribution to formally define the lead–lag effect,detect stock pairs with the lead–lag effect,and then design a pure lead–lag investment strategy as well as enhancement investment strategies by integrating the lead–lag strategy into classic alpha-factor strategies.Tests conducted on 20 different alpha-factor strategies demonstrate that both perform better than the selected benchmark strategy and that the lead–lag strategy provides useful signals that significantly improve the performance of basic alpha-factor strategies.Our results therefore indicate that the lead–lag effect may provide effective information for designing more profitable investment strategies.

基于PLUS和InVEST模型的乌鲁木齐市碳储量时空演变与预测

土地利用变化对陆地生态系统的碳储量变化有着重要影响,研究不同发展情景下陆地生态系用碳储量变化情况,有利于优化空间布局,协调土地利用与生态环境保护的关系。本研究结合PLUS和InVEST模型,通过多种驱动因素数据分析了2000—2020年乌鲁木齐市土地利用的变化特征,以此预测模拟2030年自然发展情景、生态保护优先情景和耕地保护优先情景下土地碳储量。结果表明:(1)2000—2020年乌鲁木齐市林地、水域、建设面积、未利用地数量增加,耕地、草地面积减少。(2)2030年,自然发展情景延续了以往发展模式,建设用地面积增幅为18.29%。生态保护优先情景下,建设用地的扩张速度得到有效控制,增幅已经减缓,为4.73%。耕地保护优先情景下耕地面积比自然发展情景下多了171 km^(2),耕地保护效果显著。(3)2000—2020年,碳储量呈下降趋势,共计减少8.5×10^(6)t。2030年自然发展情景下碳储量总量相较于2020年减少了4.065×10^(6)t,生态保护优先情景下比自然增长情景高7.519×10^(5)t,耕地保护优先情景比自然增长情景低1.979×10^(6)t。因此,在未来乌鲁木齐市发展规划中,应当落实耕地保护责任,控制建设用地向林地、草地等高碳密度用地的扩张,优化用地布局,提高区域碳储量水平。

Ratio K: a New Way of Metering and Evaluating the Risk and Return of Stock Investment

Although widely used, both the Markowitz model and VAR (Value at Risk) model have some limitations in evaluating the risk and return of stock investnent.By the analysis of the conceptions of risk and return,together with the three hypotheses of technological analysis, a novelty model of metering and evaluating the risk and return of stock investnent is established.The major indicator of this model , risk-return ratio K, combines the characteristic indicators of risk and return. Regardless of the form of the risk-return probability density functions, this indicator K can always reflect the risk-return performances of the invested stocks clearly and accurately. How to use the model to make optimum investment and how to make portfolio combined with clustering analysis is also explained.

基于InVEST和PLUS模型的江西省土地利用碳储量时空变化与预测

土地利用变化是驱动碳储量变化的主要因素,评估土地利用变化对碳储量的影响对于碳平衡具有重要意义。以江西省为例,基于InVEST-PLUS模型,探究1990—2020年江西省土地利用变化和碳储量时空演变,测算2030年多情景碳储量。(1)江西省1990年、2000年、2010年和2020年的碳储量分别为12.7594、12.7600、12.6912、12.5800亿吨,总体呈现减少态势。林地的减少是造成碳储量损失的主要因素。地上生物量碳库和土壤碳库碳储量最多,占总碳储量的88.82%。(2)至2030年,较2020年,在自然发展与城镇发展情景下,碳储量分别减少380、1330万吨,在生态保护情景下则增加125万吨,表明采取生态保护措施,优化土地利用结构,能有效控制碳储量的减少。(3)碳储量明显较高的地区位于生态用地连片的赣南山区,而碳储量明显较低的地区位于碳密度值较低以及建设用地呈斑块状分布的赣北区域。研究结果将为江西省生态文明建设作出合理生态决策、实现高质量发展提供科学依据。

Westinghouse Electric Corp.plans long-term investment in China

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基于InVEST模型的河池市森林碳储量估测研究

为了探明河池市碳储量变化情况并快速评估分级,以2010年、2020年土地利用数据为数据源,研究基于InVEST模型的河池市森林碳储量估测模型的构建及其空间分布。结果表明,河池市2010和2020年碳储量分别为219.1×10^(6) t和234.8×10^(6) t,呈增长趋势,碳储量在空间分布上表现为北部、中部及南部较高,西北部和东部较低的空间特征;河池市固碳能力与土地利用类型变化密切相关,林地对河池市碳储量增加贡献最大。根据河池市碳储量空间分布对全市碳储量的重要程度进行分级,更为直观地展现全市碳储量在区位上的重要程度。

Turnover Based Illiquidity Measurement as Investment Strategy on Zagreb Stock Exchange

This paper deals with illiquidity measurement of stocks on Croatian Stock market. Illiquidity measures used in this paper are daily ratio of absolute stock return to its dollar volume (ILLIQ) and RCT (Relative change in turnover). Aim of this paper is to show that illiquidity measure RCT makes clear distinction between liquid and illiquid stocks that should be reflected through investment strategy where investment in RCT based illiquid portfolios outperforms investment in ILLIQ based portfolios and CROBEX index. Research was carried out on eighteen stocks from Zagreb Stock Exchange (ZSE) which are constituents of CROBEX index. Portfolios of liquid and portfolios of illiquid stocks based on results of illiquidity measurement were constructed. Behaviour in terms of return and volatility of these portfolios in following one-year period was observed. Results showed that portfolios formed using RCT as measure of illiquidity constantly outperformed CROBEX index and ILLIQ based portfolios. Returns of RCT based portfolios had lower standard deviation and were more stable than ILLIQ based portfolios in whole period. RCT as a measure of illiquidity produces valuable information on stock liquidity that can be exploited as investment strategy reflecting itself in larger expected returns of RCT portfolios in future period than expected returns of ILLIQ based portfolios and market.

REGULATIONS ON THE ALTERATION OF STOCK EQUITY HELD BY INVESTORS OF FOREIGN INVESTMENT ENTERPRISES

Article 1With a view to promoting the healthy development of foreign invest-ment enterprises, protecting the legitimate rights and interests of investorsof the parties concerned and safeguarding the social and economic order,this set of regulations has been formulated in accordance with the Com-pany Law of the People’s Republic of China,Law of the People’s Republicof China on Chinese-Foreign Equity Joint Ventures,Law of the People’sRepublic of China of Foreign on Chinese-Foreign contractual Joint Ven-tures,Law of the people’s of China of Foreign Capital Enterprises,andother relevant laws and regulations.Article 2The alteration of investors’stock equity in foreign investment enter-prises as used hereof refers to the alteration of investors or theirshares(hereinafter referred to as the stock equity) of financialcontribution(inchiding the cooperative conditions offered) in Chinese-for-eign equity joint ventures,Chinese-foreign contractual joint ventures andforeign investment enterprises(hereinafter referred to as the enterprises).

Impacts of Land Cover Changes on Ecosystem Carbon Stocks Over the Transboundary Tumen River Basin in Northeast Asia

Understanding the effects of land cover changes on ecosystem carbon stocks is essential for ecosystem management and environmental protection, particularly in the transboundary region that has undergone marked changes. This study aimed to examine the impacts of land cover changes on ecosystem carbon stocks in the transboundary Tumen River Basin(TTRB). We extracted the spatial information from Landsat Thematic Imager(TM) and Operational Land Imager(OLI) images for the years 1990 and 2015 and obtained convincing estimates of terrestrial biomass and soil carbon stocks with the InVEST model. The results showed that forestland, cropland and built-up land increased by 57.5, 429.7 and 128.9 km2, respectively, while grassland, wetland and barren land declined by 24.9, 548.0 and 43.0 km2, respectively in the TTRB from 1990 to 2015. The total carbon stocks encompassing aboveground, belowground, soil and litter layer carbon storage pools have declined from 831.48 Tg C in 1990 to 831.42 Tg C in 2015 due to land cover changes. In detail, the carbon stocks decreased by 3.13 Tg C and 0.44 Tg C in Democratic People's Republic of Korea(North Korea) and Russia, respectively, while increased by 3.51 Tg C in China. Furthermore, economic development, and national policy accounted for most land cover changes in the TTRB. Our results imply that effective wetland and forestland protection policies among China, North Korea, and Russia are much needed for protecting the natural resources, promoting local ecosystem services and regional sustainable development in the transnational area.

耦合InVEST与FLUS模型的海南岛生态系统碳储量时空演变与预测

[目的]通过研究海南岛城市化扩张下土地利用变化对碳储量的影响,揭示碳储量时空格局演变和预测未来发展趋势,为优化国土空间布局和生态敏感区的保护提供科学依据。[方法]基于1980—2020年土地利用数据,采用InVEST模型碳储量模块反演1980—2020年海南岛碳储量时空变化,并耦合FLUS模型和InVEST模型模拟自然发展情景、快速发展情景和生态保护情景3种发展情景下2030年海南岛的土地利用和碳储量变化情况。[结果](1)海南岛土地利用类型以林地、耕地为主。1980—2020年耕地、草地、林地和未利用地面积均有不同程度减少。建设用地和水域面积增加,尤以建设用地面积增长最快,增幅为83.4%。(2)海南岛碳储量总体呈“中间高,四周低”的特点,1980—2000年碳储量变化较小,降幅约0.03%。2000—2020年海南岛城镇化进程加快,碳储量损失也随之加剧,年均损失约372 t,累计损失碳储量7 439 t。(3)未来建设用地仍会继续扩张,受此影响3个情景下2030年海南岛碳储量均呈现降低的趋势。其中,快速发展情景下建设用地土地利用变化量最大,碳储量最易流失,自然发展情景次之,生态保护情景变化最小。[结论]在海南自由贸易港未来的土地利用规划中,应加强中部山区、自然保护地等重点生态区位的保护力度,优化土地利用格局,严格控制林地、耕地和湿地向建设用地转变,提高固碳增汇效能,实现区域可持续发展。

Positive Study on the Risks of Investment

In this paper, an empirical research on the system risks of the Shenzhen Stock Market using capital asset pricing model is conducted. The typical composition stocks on Shenzhen Stock Market in 1998 are taken as samples. Some quantitative analysis results are got, which can measure the risk of stock market.

Expected Investment Premium in China Capital Market

Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.

基于PLUS-InVEST模型的安徽省碳储量时空变化预测

[目的]分析安徽省2000年以来碳储量的时空变化及空间分布特征,为未来该区土地管理决策和生态系统碳库管理提供有效指导。[方法]以安徽省为例,基于2000,2005,2010,2015,2020年5期土地利用数据,采用PLUS模型模拟2030,2040年不同情景下土地利用格局,并运用InVEST模型定量评估不同情景下陆地生态系统碳储量的空间变化。[结果]①2000—2020年安徽省约有8.03%土地发生了转移,耕地与建设用地之间的转化是该省土地利用变化的主要特征。②2000—2020年陆地生态系统碳储量总体呈下降趋势,下降了1.01×10^(8)t。空间格局上呈现“南高北低”的特征,碳密度高值区主要分布在皖南、皖西山区。③2020—2040年自然发展情景下碳储量下降趋势明显,耕地保护情景下降速度有所减缓,生态保护情景下碳储量明显增加,增量为3.07×10^(7)t。[结论]实施生态保护政策能够有效提高区域生态系统碳储量,增强生态系统服务功能。未来在进行土地利用管理决策时应统筹考虑生态保护和耕地保护,促进区域生态系统良性可持续发展。

Option Strike Price and Managerial Investment Decisions

The manager′s investment decisions is modeled when the manager is risk averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement.

Do Chinese real estate stocks behave differently during bulland bear market conditions?

Stocks have been very fast growing in recent decades in most countries. Investing in the stock market is the best way to achieve ones financial goals, however, people are facing difficult choices on how to pick which stocks to invest in. That's why stock portfolios should be professionally managed to provide low risk, diversified yields.The aim of this research is to examine the timing and selection processes of Chinese stocks using the TM method:(Treynor and Mazuy: 1966). This traditional, unconditional model uses a sample of 69 stocks from the real estate industry for a 10 calendar year period from January 1, 2004 to December 31, 2013. The TM model was used overall to estimate the total effectiveness of both the timing and selection processes for all 69 stock performances.The results of this study revealed that Chinese stock investors do not have the successful ability to time the market and 50 out of67 stocks, or 74.63% of the studied stocks, produced an excess asset return of no more than 0. Therefore, almost all of the stocks in the study did worse in the current bull market than in a bear market!