We derive stock returns for firms producing nonrenewable commodities by employing the investment-based asset pricing approach. By identifying the appropriate time-varying discount rate the investment-based approach allows an alternative test of the Hotelling Valuation Principle. The empirical...

This study is a first-ever attempt to gain a 360 degree panoramic view of spending in the entire global water sector to better understand the financing and funding gaps in relation to sector goals, and consequently guide thinking on alternative ways to close them. It estimates total water...

Driven by unprecedented economic development, China has experienced a rapid urbanization for more than four decades. Such a record speed and scale of China’s urbanization has posed significant challenges to urban sustainability, which are especially critical for ecological fragile cities in...