Multifractal Analysis of the Interaction between Chinese and American Stock Markets

In this paper, we select yield series of the SSE index and the S & P 500 index as the research object. Firstly, we take the financial crisis as the dividing point, and decompose the whole sample period into three periods: before the financial crisis, during the financial crisis, and after the financial crisis. Secondly, the degree of interaction between Chinese and American stock markets was tested and calculated in stages, and the cross-correlation relationship became more significant after the financial crisis. Then the MF-DCCA method is used to analyze the multifractal interaction of the whole period. It is found that the interaction relationship is multifractal in the short-term and long-term, and shows stronger in the short-term. In addition, the interaction relationship is persistent for small fluctuations in the short-term, and it is anti-sustainability in the case of large fluctuations;it is persistent in all fluctuations in the long run. Finally, the multifractal analysis was carried out for the three periods. It was found that during the financial crisis, the interaction had stronger multifractality and volatility, and the risk was higher.

The Application of Robust Statistics to China’s Stock Market

Portfolio theory is used to measure the expected return and risk on the basis of the return ratio, but in fact there is always excessively high or low return ratio caused by some short-term fundamental good or bad news in the history data of return ratio. We introduce the robust statistic idea into the portfolio theory in this paper, thus reduce outliers’ influence on portfolio decision in the history data of return ratios, and bring back the portfolio on its long-term investment value track. We focused on the robust estimate method and apply them to solution processing in the portfolio model and obtained good results.

Double-Penalized Quantile Regression in Partially Linear Models

In this paper, we propose the double-penalized quantile regression estimators in partially linear models. An iterative algorithm is proposed for solving the proposed optimization problem. Some numerical examples illustrate that the finite sample performances of proposed method perform better than the least squares based method with regard to the non-causal selection rate (NSR) and the median of model error (MME) when the error distribution is heavy-tail. Finally, we apply the proposed methodology to analyze the ragweed pollen level dataset.

Dynamics and Inequalities in Energy Efficiency in China

As rapid economic growth in China in recent decades, the quality of economic growth through improvement of energy efficiency has attracted great attention. This paper evaluated energy efficiency of 29 provinces in China between 2000 and 2016 based on a global non-radial directional distance function. Moreover, the dynamics of energy efficiency were investigated using the non-radial global Malmquist-type efficiency index. The paper also sheds light on the evolution of inequalities in energy efficiency by decomposing interprovincial inequality into its within-region and between-region components. The findings of the study are as follows. First, the national energy efficiency was 0.49 in 2016, which indicated that 51% improvement could be made to reach the global technology frontier. Tianjin, Shanghai, Jiangsu, Shandong and Guangdong had the best energy efficiency in 2016, while Ningxia and Xinjiang had the lowest performance. Second, the national annual growth rate of energy efficiency was 3.4% between 2011 and 2016, which was a positive sign of energy efficiency improvement. Shandong made the biggest improvement in energy efficiency from 2011 to 2016, with 26.2% annual growth rate. Lastly, within-region inequality saw a decreasing trend after 2010 and was overtaken by between-region inequality in 2016.

A Three-Stage Stochastic Dynamic Pricing Game Model Affected by New Products into the Market

In real-life marketing, a common phenomenon is that the prices of current product will have been cut down even the new product has not gone into market yet. Thus, it is very important for merchant to set the strategy which can make the excepted revenue maximum. So, this paper constructs a three-stage stochastic dynamic pricing game model for analyzing the influence of the uncertainty of entry timing of the new products on pricing of products being sold. By analyzing of the pricing strategy, there are big differences in the predictions of new product going into market between merchant and customers;the merchant will adopt cutting price for promotion strategy to reduce negative influence of the new products on the demand of the products sold now. Otherwise, the merchant will adopt the strategy of maximizing current period’s profit.

The Environmental Impacts and Economic Benefits on Comprehensively Promoting Alternative Fuel Buses in China: Life-Cycle and Scenario Analysis Based on LEAP Model

With the continuous development of urban public transportation, the harmful GHG emissions and pollutants generated by itself and the consequent issues such as the losses of residents’ health, economic value and residents’ welfare have become the focus of social attention. In order to study the impacts of promoting new energy vehicles on public transportation pollution mitigation and residents’ health benefits, this paper adopts the LEAP model to build some scenarios that fulfill different development needs to quantitatively analyze the ownership of new energy buses, the reduction of pollutants and the losses of residents’ health welfare. It is concluded that promoting new energy buses comprehensively can significantly reduce the emissions of atmospheric pollutants and the economic losses of residents’ health, but cannot fully realize the targets of greenhouse gas reduction under Life Cycle Analysis.

How Does Environmental Regulation Affect Carbon Emissions? —Evidence from China

In this paper, the increment of CO2 emissions from 285 prefecture-level cities in China from 2004 to 2013 is decomposed into scale effect, composition effect and technique effect. Based on the decomposition results, the effects of different environmental regulation on carbon emission increment and its decomposition effect were studied by using multiple regression methods. The results show that carbon emission environmental regulation, sulfur dioxide emission environmental regulation and electricity prices also significantly reduce the city’s carbon emissions, in which carbon emission reduction environmental regulation has the best effect, followed by sulfur dioxide emission reduction environmental regulation. Different environmental regulations do not significantly reduce urban carbon emissions in terms of composition effects, and even increase carbon emissions of cities. In addition, the impacts of different environmental regulations on the cities in the two control zones and the non-control zone were studied. Compared with non-control zone cities, environmental regulations for carbon emission and SO2 have a better effect on carbon emission reduction in cities of two control zones.

Spatial Effect Research on Educational Output and Economic Growth in China

This thesis is to study spatial effect of education output on economic growth through the use of spatial measurement technique. According to the study: there’s the presence of spatial spillover effects in human capital, economic growth, and others;in previous years, human capital depended on mainly the employers with junior school education or below;in recent years, with the reduction of employers with junior school education or below, employers with regular higher education can best promote the economic growth. However, it’s very difficult for human capital with vocational education to promote economic growth, especially in recent years. Therefore, from the perspective of long-term economic growth, China should focus on culturing professional talents and put more resources into the development of vocational education while developing the higher education.

Promoting Energy Cooperation between China and Countries along the Belt and Road by Improving the Business Environment

Energy cooperation is an important part of the Belt and Road Initiative.Countries along the Belt and Road are complementary with China in resources.Therefore,energy cooperation cannot only expand diversified channels for energy import in China,but also effectively drive the economic development of countries along the Belt and Road.At present,the energy cooperation between China and countries along the Belt and Road is still thwarted by China and foreign business environment.Based on the analysis of the current situation of energy cooperation,this paper makes a further analysis of problems and puts forward measures to promote energy cooperation from the perspective of improving the business environment.

The Geographical Rotation of Local Officials and Enterprise Cross-city Mergers and Acquisitions in China

The economic impact of the geographical rotation of local officials is important in China's official management system.This study used a zero-inflated Poisson regression model and found that the geographical rotation of local officials significantly increased cross-city mergers and acquisitions(M&As)of enterprises.The impact of local officials'geographical rotation on M&As was more pronounced under certain conditions.These conditions included:(i)when officials were transferred from cities with a higher development level to cities with a lower development level;(ii)when the outflow cities were municipalities directly governed by the central government,provincial capitals,or separately listed cities;(iii)when the transfers of officials occurred within the same province;(iv)when the transfers took place before 2012;and(v)when the transfers happened in the years following significant central government conferences,which provided strong political incentives for M&As.

Construction and Regularity of Transition Functions on Polish Spaces under Measurability Conditions

This paper concerns the construction and regularity of a transition （probability） function of a nonhomogeneous continuous-time Maxkov process with given transition rates and a general state space. Motivating from a lot of restriction in applications of a transition function with continuous （in t ≥0） and consewative transition rates q（t, x, A）, we consider the case that q（t, x, A） axe only required to satisfy a mild measurability （in t ≥ O） condition, which is a generalization of the continuity condition. Under the measurability condition we construct a transition function with the given transition rates, provide a necessary and sufficient condition for it to be regular, and further obtain some interesting additional results.

An Ethical Evaluation Index System for Clinical Approval of Medical Technology in China:A Structural Equation Model Study

Objective： To construct a quantitative ethical evaluation index system for the clinical approval of medical technology in China. Methods： Exploratory factor analysis （EFA） and first-order confirmatory factor analysis （CFA） based on a structure equation model （SEM）, higher-order CFA and normalisation were used to establish an ethical evaluation index system for the clinical approval of medical technology. Data were processed in SPSS 13.0 and Lisre 15.3. Results： There were 52 third class indices, 15 second class indices, and 3 first class indices in this ethical evaluation index system. The weight of each index was calculated by normalisation. Conclusion： This study developed a three-level ethical evaluation index system, comprising 70 indices, for the clinical approval of medical technology.

Measurement of energy efficiency based on frontier approaches

The improvement of energy efficiency has played an important role in the global low-carbon economy and the sustainable development process.There are many methodologies for estimating energy efficiency in academia.This article introduces four frontier methods for energy efficiency evaluation:nonparametric data envelopment analysis(DEA),parametric linear programming,stochastic frontier analysis(SFA),and the meta-frontier approach.The advantages and disadvantages of these methods are discussed.Finally,suggestions for model selection in energy efficiency measurement are offered.

Informed Trading, Heterogeneity Investment, Liquidity Shocks and the Valuation of Credit Default Swaps

This paper explores the effect of informed trading, heterogeneity investment and liquidity shocks on the valuation of credit default swaps(CDSs). Under the condition of asymmetric information, the informed trading plays an important role in the valuation of CDS. Instruction order flow has a significant influence on CDS price.And the scope of influence changes in accordance with different time interval, company status and the size of bid-ask spread. Heterogeneity of investors seriously affects the market liquidity and subsequently affects the CDS price. The bigger heterogeneity of the investment philosophy, investment habits, investment preference and so on is the bigger risk for market liquidity, and the higher price for CDS shall be. On the contrary, the conclusion is also consistent. The effectiveness of liquidity, whether it is before or after the financial crisis, dominates the fluctuation of CDS price. The premium of liquidity accounts for 36% to 50% of the CDS price.

Monetary Policy,Liquidity and Bank Risk-Taking

The great impact of monetary policy on bank risk-taking,facilitated by a liquidity mechanism,significantly complicates the macro-prudential supervision process.Surprisingly,limited scholarly research has delved into this particular issue.Hence,in this paper,the liquidity variable is introduced into the dynamic linear model to depict the liquidity mechanism by which monetary policy affects bank risk-taking.Based on micro-data from 133 commercial banks in China,this paper empirically tests using systematic Gaussian mixture models estimation and a panel smooth transition regression model.The findings reveal that while monetary policy does not exhibit a significant risk-shifting effect.A marked liquidity transmission effect,however,is observed,whereby easy monetary policy noticeably exacerbates bank risk-taking.This impact becomes more pronounced as liquidity levels improve.The most significant negative impact of monetary policy on bank risk-taking occurs when bank liquidity reaches approximately 43%.Moreover,when banks maintain high levels of liquidity,the statutory deposit reserve ratio exerts a greater regulatory effect than other monetary policy tools.Contractionary monetary policy imposes noticeably weaker restraints than expansionary monetary policy,particularly in banks with higher liquidity levels.Moreover,the interplay between monetary policy and bank risk-taking is contingent upon not just the liquidity level of banks,but also their asset size and capital adequacy.

空间外溢与区域经济增长趋同——基于长江三角洲的案例分析(英文)

空间俱乐部趋同是指经济增长初始条件和结构特征相似且空间上相邻的一组区域的经济增长收敛于相同的稳态,是区域经济增长俱乐部趋同的一个新研究领域,其发生机制是空间外溢促成区域经济出现地方化增长,进而导致空间俱乐部趋同。运用包含空间外溢的区域经济增长理论模型可以证明,空间外溢有可能导致空间俱乐部趋同。对中国长江三角洲1990—2007年区域经济增长过程所做的经验分析也表明,空间外溢对区域经济增长确有影响,空间俱乐部趋同客观存在。在考虑空间外溢的情况下,长江三角洲的空间俱乐部趋同速度为1.57%。

主持人的话(英文)

The rapid and continuous growth of the Chinese economy is closely associated with its dynamic regional and urban economies.We note that the regional and urban economies that sustain the growth of the Chinese economy display marked spatial clustering;in other words,the continuous and rapid growth of the Chinese economy largely derives from a few regions or urban clusters such as the Yangtze River Delta and the Pearl River Delta.How did this come about?In this issue,we have selected four articles that offer a valuable

Study on Coupling Coordination between Sci-Tech Innovation and High-Quality Economic Development in the Guangdong-Hong Kong- Macao Greater Bay Area

Sci-tech innovation is an important measure for the Guangdong-Hong Kong-Macao Greater Bay Area to achieve high-quality economic development.Theoretically,there is a coupling coordination relationship between sci-tech innovation and high-quality economic development,and coordinating the relationship between the two is beneficial to building the Guangdong-Hong Kong-Macao Greater Bay Area into an international innovation and technology hub and promoting high-quality economic development.At present,the Guangdong-Hong Kong-Macao Greater Bay Area has seen a year-on-year increase in both the level of sci-tech innovation and the level of high-quality economic development,with a sound development trend.Its coupling coordination degree between sci-tech innovation and high-quality economic development has steadily improved from a slightly uncoordinated stage to a primarily coordinated stage,but the overall degree of coordination is still not high,with some gaps from realizing the excellently coordinated stage.From the perspective of spatial distribution,the internal development of the Guangdong-Hong Kong-Macao Greater Bay Area is unbalanced,with obvious differences in development level and coupling coordination degree among cities.The convergence analysis shows that the differences in the coupling coordination degree among the cities in the Guangdong-Hong Kong-Macao Greater Bay Area have stabilized after narrowing during the study period.However,the difference among the cities with higher coupling coordination degrees tends to widen in recent years.Therefore,necessary measures should be taken to promote the coordination between sci-tech innovation and high-quality economic development in the Guangdong-Hong Kong-Macao Greater Bay Area.