This study investigates how energy and stock markets affect the dynamics of green stock price returns consid ering recent periods of crises and increased uncertainty. Particularly, following the 21st Conference of the Parties (COP21)-Paris agreement and global financial crisis, it is important to assess the causal relationship between energy market, stock market, and green stock returns. Accordingly, this study employed different quantile causality approaches to conduct a detailed analysis of the asymmetric causal relationship associated with different market regimes (normal, bad, and good). Overall, our parametric Granger-causality findings show that clean energy markets react to crude oil and stock markets depending on the market regime. Additionally, the cross-correlogram test revealed that there are negative and significant cross relations when the stock market is in bullish condition and clean energy indices in bearish conditions. These findings have important implications for portfolio diversification and hedging decisions of environmentally concerned investors. This also supports pol icymakers in articulating policies that seek to avoid the contagion risk to ensure financial stability.
This paper investigates how transportation infrastructure projects facilitate research collaboration across cities and promote innovation. Exploiting the construction of high-speed rail (HSR) network as a plausibly exogenous shock, we find that innovation in less-developed cities significantly and quantitatively improves after the cities are connected to more developed cities through the HSR network. Of all mechanisms considered, incremental research collaboration can explain 2% to 12% of the innovation improvement. The empirical results imply that even under the “promotion tournament model “of spatial competition structure, cities can still mutually benefit through research collaboration.
We study the acquisition and production planning problem for a hybrid manufacturing/remanufacturing system with core acquisition at two (high and low) quality conditions. We model the problem as a stochastic dynamic programming, derive the optimal dynamic acquisition pricing and production policy, and analyze the influences of system parameters on the acquisition prices and production quantities. The production cost differences among remanufacturing high- and low-quality cores and manufacturing new products are found to be critical for the optimal production and acquisition pricing policy: the acquisition price of high-quality cores is increasing in manufacturing and remanufacturing cost differences, while the acquisition price of low-quality cores is decreasing in the remanufacturing cost difference between high- and low-quality cores and increasing in manufacturing and remanufacturing cost differences; the optimal remanufacturing/manufacturing policy follows a base-on-stock pattern, which is characterized by some crucial parameters dependent on these cost differences.
Consider a supply chain where the retailer faces a stochastic demand and orders from the supplier, while the supplier manufactures new products and also remanufactures early returns to meet the order. The order and manufacturing quantity decisions are studied under three decentralised cases: (1) the Stackelberg case, where the manufacturing quantity is determined by the supplier after realising the order quantity from the retailer; (2) the Nash case, where the manufacturing and order quantities are determined simultaneously; (3) the inaccessible return information case, where the retailer does not have the distribution information of upstream returns. We find that in the Stakelberg case the order and manufacturing quantities are larger than in the inaccessible return information case, and the profits for the supplier and retailer are also higher. In contrast, the quantities and profits in the Nash case are the lowest of the three cases when the returns are negatively correlated to the demand. The centralised system is also explored by solving a two-step dynamic program. Computational results are reported to show the effects of system parameters.
This study presents a new method to analyse the impact of exogenous shock and its transmission mechanism within the global production network, based on scenarios of the COVID-19 pandemic. We decompose domestic and international technology spillovers and introduce them into an economic growth model to investigate the elasticities of factor inputs and knowledge spillovers through industrial linkages, and eventually estimate a model with spatial specifications. The results from the scenario simulations suggest that the global total output is projected to fall by 3.60% and 8.41% under the V-shaped and L-shaped recovery scenarios, respectively, and that the propagation through input-output linkages is an important channel that causes global economic fluctuations. Economies at the hub of the production network, that is, the United States, China, and Germany, are the most seriously affected. Structural decomposition analysis results indicate that the shortage of intermediate inputs supply is the main driver of output decline, followed by the blockage of technology diffusion, and lastly, the reduction of labour supply.
In recent years, increasing interests have arisen in adding product value through the provision of service. This study considers the problem in which a demand-enhancing service can be provided by different supply chain parties, resulting in four alternative service channels: (a) manufacturer undertaking service, namely M-channel, (b) retailer undertaking service, namely R-channel, (c) manufacturer outsourcing service to third-party (3P), namely M-3P-channel, and (d) retailer outsourcing service to 3P, namely R-3P-channel. We quantitatively model these service channels and derive the optimal decisions with the following observations: When the service costs are equal for the different parties, there is a conflict in service channel choice since both the manufacturer and the retailer prefer to undertake the service or hire the 3P by themselves, although M-channel generates the highest market demand and system profit; When the service costs are different among these parties, R-channel and 3P-channels are more preferable if the service cost is less sensitive to the service level and if the market demand is more sensitive to the service level. We also conduct an empirical study to test some of the insights developed from the analytical models; our empirical findings support the analytical results.
This paper extends a global slack-based productivity indicator and constructs a unified framework that consists of global and factor levels of total factor productivity (TFP) to evaluate the performance of regional industries, thus enabling global productivity improvement based on factor-level sources. Evaluating regional industrial performance in China during 1995–2014, the findings reveal that rapid growth of industry in China is not only driven by a huge amount of input, but also by TFP improvement, with industrial productivity driven mainly by technology progress and presenting a gradually increasing trend. Regional productivity performances are imbalanced, in which the east ranks first due to its dual advantages of input and output factors. For source identification, input and output jointly contribute to industrial productivity improvement, but output has a much higher contribution ratio to industrial productivity improvement than input, because it is mainly rooted in desirable output. Finally,
on the input side, labor is the primary factor driving input productivity improvement followed by energy, while capital productivity shows very slight growth.
As with the previous volumes, this book aims to present a timely portrait of the rapid growth of China's logistics market and the status quo of its logistics industry. It provides an in-depth analysis of critical issues involved in the ongoing dynamic and multi-faceted development and serves as a valuable reference resource for interested readers in the academic and professional fields.
The opening chapter offers an in-depth look at the high-quality development of China's logistics industry within the framework of modernization. The book then covers macro-factors related to logistics technologies and facilities, region-specific policies and plans, industry-wide transformation in transport, manufacturing, commerce, and agriculture.
The book also addresses the current state and challenges of China's aviation logistics and examines the new initiatives and trends in the nation's bulk commodities logistics within the realm of its national security strategy. Furthermore, the book offers insights into the development and future prospects of China–ASEAN international logistics under the Regional Comprehensive Economic Partnership (RCEP) agreement.
https://link.springer.com/book/10.1007/978-981-97-6839-4
As with the previous volumes, this book aims to present a timely portrait of the rapid growth of China's logistics market and the status quo of its logistics industry. It provides an in-depth analysis of critical issues involved in the ongoing dynamic and multi-faceted development and serves as a valuable reference resource for interested readers in the academic and professional fields.
The opening chapter offers a comprehensive overview of the impressive advancements and accomplishments made by China's logistics industry in the last twenty years, and the following chapters cover macro-factors related to logistics technologies and facilities, region-specific policies and plans, industry-wide transformation in transport, manufacturing, commerce, and agriculture.The book explores two important topics: "Industrial and Supply Chain Safety and Stability" and "Low-Carbon Transformation," highlighting the latest trends and initiatives in China's logistics industry. It also sheds lights on the development and prospects of logistics in the Hainan Free Trade Port, including a detailed analysis of the opportunities and challenges faced by this emerging logistics hub.
Ruizhi Pang，Xuejie Bai，Knox Lovell
This book provides interpretation of China's logistics development in a new development paradigm and the rural logistics construction under the Rural Revitalization Strategy. Subjects covered in this book encompass the macro-factors pertaining to the overall development in logistics technologies and facilities, region-specific policies and plans, industry-wide transformation in transport, manufacturing, commerce and agriculture. Specifically, this book highlights the impact of COVID-19 on China’s logistics industry, and demonstrates the efforts and contributions of China’s logistics in the fight against COVID-19 in 2020. Aligns with the previous volumes, the ultimate aim of this book is to present a timely portrait of the rapid growth of China’s logistics market and the status quo of its logistics industry. In so doing, the book offers an in-depth analysis of critical issues involved in the ongoing dynamic and multi-faceted development and provides a valuable reference resource for interested readers in the academic and professional fields.
