This paper develops a model that allows for heterogenous contemporaneous peer effects among different types of agents who are endogenously selected into different peer groups. Using our framework, we characterize the reduced-form coefficient in the peer effect literature and show that it is a...

We investigate how firms adapt to trademark protection, an extensively used but underexamined form of IP protection, by exploring a historical precedent: China’s trademark law of 1923 - an unanticipated and disapproved response to end foreign privileges in China. By exploiting a unique, newly...

This paper develops a model that allows for heterogenous contemporaneous peer effects among different types of agents who are endogenously selected into different peer groups. Using our framework, we characterize the reduced-form coefficient in the peer effect literature and show that it is a...

In the literature on sustainable investing, most studies assume normal market conditions. However, research is limited regarding the specific role of sustainable investing during stressed market conditions. In this paper, we contribute to the literature by investigating the role of ESG investing...

This article analyzes the impact on the return of the stock index in China brought by the traditional Chinese twenty-four solar terms as new anomaly in stock market. Returns on Solar term No.1 and Solar term No.3 display high positive mean value and asymmetry to positive interval whereas on...

The trade war between the US and China is the biggest trade conflict in this century which has a wide impact not only on the two countries but also other partner countries. The purpose of this study was to analyze financial immunity to stock returns due to the US-China trade war using a...

We investigate how firms adapt to trademark protection, an extensively used but underexamined form of IP protection, by exploring a historical precedent: China’s trademark law of 1923—an unanticipated and disapproved response to end foreign privileges in China. By exploiting a unique, newly...

Changes in the characteristics of the primary organic aerosol (POA) tracers in PM 2.5 are closely related to the changes in the corresponding pollution sources. Seven groups of PM 2.5 -bound POA tracers in urban Shanghai were analyzed before (BP), during (CIIE) and after (AP) the second China...

The applicability of the planetary boundary layer (PBL) scheme in the WRF model varies in different regions due to the influences of topography, underlying surface and atmospheric background. As a secondary circulation, when a sea-land breeze (SLB) process is simulated, the numerical result is...

The emissions trading scheme (ETS) has become a flagship climatic initiative for regulating greenhouse gas (GHG) emissions. Under an ETS, the emitting firm must simultaneously deal with changing carbon prices and the number of permits and the trade-off between permit trading (if one should buy,...

An intensive sampling program was conducted at two coastal sites of megacity Shanghai - the emerging town Lingang New Area (LGNA), and the chemical-industry zone Jinshan Area (JSA) from July, 2016 - June, 2017, to study the environmental behavior and fate of atmospheric polycyclic aromatic...

Based on the housing transaction data from Shanghai of China, the difference-in-differences model is taken to evaluate the synchronous enrolment policy which aim to equalize access to public and private schools. The results indicate that the policy pushed up the housing prices of “top class”...

We propose a simple-to-implement dynamic panel data method to evaluate the impacts of place-based policies. The idea is to exploit both the cross sectional dependence and the serial correlation within a panel and implement a semi difference-in-difference decomposition. Different from the method...

We assemble new data on the British and French concessions in Shanghai between 1845 and 1936 to assess the legal origins view of financial development. During this period, two regime changes altered the degree to which the British common and French civil law traditions held jurisdiction over the...

While it is by now well known that the privatization of township- and village-run enterprises (TVREs) has been rapidly and widely taking place in China, it is much less known whether and to what extent privatization has improved resource allocation and productivity. As a first step toward the...

This study seeks to figure out the effects of China’s capital account liberalization on its stock market returns and volatility. We take China’s Shanghai – Hong Kong Stock Connect as a representation of China’s capital account liberalization. We also take the Shanghai Stock Exchange...

This study empirically investigates the effects of options trading on future stock returns. Leveraging the Shanghai Stock Exchange 50 exchange-traded fund (50ETF) options trading data in China, we show that put-call ratios, skewness ratios, and China's Volatility Index exhibit economically and...

A unique survey of Shanghai residents in 1996 that combined labor-market information, appraisals of respondents' beauty, and household expenditures allows us to examine the relative magnitudes of the investment and consumption components of women's spending on beauty-enhancing goods and...

Culture permeates even the most imposing industrial building. Driven by global city making, city leaders see culture as a key to bolstering a new economy and to dealing with decayed urban sites. However, regional practices of creating creative strategies differ, as actors are not ‘‘dancing...

China’s STAR market (Shanghai Stock Exchange Science and Technology Innovation Board) is its newest stock market, which was officially launched in June 2019, and whose index was released in July 2020. It has attracted extensive attention from market players, but almost no coverage from...

We study market pricing of fundamentals at the Shanghai Stock Exchange, incorporating possible irrational pricing behavior with adaptive expectation. Using panel data of listed stocks to overcome the limited information in aggregate time series data, we estimated key parameters of the price...

The widespread contamination of chlorinated paraffins (CPs) of the soil environment has raised global concern due to their highly persistent and toxic properties. However, there is little information is available regarding the spatio-vertical distribution and penetration potentials of these...

The key challenge to assessing the legal origins view of financial development is identifying exogenous changes in legal systems. We assemble new data on the British and French concessions in Shanghai between 1845 and 1936. Two regime changes altered the degree to which the British common and...

In China, Shanghai often serves as a place to introduce and try out new ideas. This is certainly the case with experimental urban planning and design solutions and sustainability transitions. This article identifies and evaluates the role of pilot projects and demonstration zones along the...

As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possibly homemade foreign investors, genuine...

Asset allocation is a critical concern for any investor in the financial market. This paper aims to prioritize five randomly selected firms from the top ten stocks by market capitalization of the Shanghai Stock Exchange (SSE) by opting for adequate financial procedures and practical criteria...

Urban development is key to sustainable development in the world because people have moved from rural areas to urban cities. Mobility and transport have the highest potential to reduce emissions of carbon in urban areas. Local and international companies have been affected by introducing Chinese...

In an environment marked with phenomena such as globalization and creation, open innovation is critical for universities to cooperate with external resources and meet the requirements of the era. To investigate open innovation ecosystem of higher education, we use secondary data and interviews...

As China's opening-up grows wider under the Belt and Road Initiative, the exploration and construction of free trade ports have received increasing attention. In 2018, China's first free trade port was settled in Hainan instead of Shanghai. In 2019, after the Lingang New Area of China (Shanghai)...

With the development of social economy, all industries are constantly reforming and innovating. In the process of enterprise development, human resource has become the key resource for enterprise survival and development. Employee retention has been paid attention by the top management of the...

This paper introduces and analyses China's latest reform of capital markets law in light of its recent launch of the sci-tech innovation board (star market) to facilitate the fundraising of technological and innovative businesses. It evaluates the functions and justifications for the star...

We examine whether China's growing importance to Australia as both a trade partner and engine of growth has been accompanied by financial market interdependence. We consider effects on the overall Australian market as well as the iron ore sector, which has been accounting for over half of...

Purpose - This paper investigates the causal nexus between the exchange rate and foreign equity investors' behavior in Shanghai and Hong Kong by using daily time series data after the Shanghai-Hong Kong Stock Connect scheme was launched.Design/Methodology/Approach - The empirical data period is...

Launched in 2013, the Shanghai Pilot Free Trade Zone (FTZ) was intended to serve as a platform for testing China's new policy to facilitate more open trade and further open up its services sectors, such as finance, through easing restrictions on foreign and domestic companies. By 2018, it had...

Economists often favor market-based mechanisms (e.g., auction) over non-market based mechanisms (e.g., lottery) for allocating scarce public resources on grounds of economic efficiency and revenue generation. When the usage of the resources in question generates negative externalities that are...

Urban development is key to sustainable development in the world because people have moved from rural areas to urban cities. Mobility and transport have the highest potential to reduce emissions of carbon in urban areas. Local and international companies have been affected by introducing Chinese...

As China's opening-up grows wider under the Belt and Road Initiative, the exploration and construction of free trade ports have received increasing attention. In 2018, China's first free trade port was settled in Hainan instead of Shanghai. In 2019, after the Lingang New Area of China (Shanghai)...