NWA 16080 is a representative reduced CV carbonaceous chondrite(CV_(red)),consisting mainly of chon-drules(47 vol%)and matrix(42 vol%),along with minor quantities of calcium-and aluminum-rich inclusions(CAI)and amoebo...NWA 16080 is a representative reduced CV carbonaceous chondrite(CV_(red)),consisting mainly of chon-drules(47 vol%)and matrix(42 vol%),along with minor quantities of calcium-and aluminum-rich inclusions(CAI)and amoeboid olivine aggregates(AOA)(CAI+AOA,6 vol%)and opaque minerals(5 vol%).The chondrules exhibit well-preserved outlines and can be categorized into Type Ⅰ(Fa<10)and Type Ⅱ(Fa>10).They primarily consist of magnesium-rich olivine,along with both low-Ca and high-Ca pyroxenes,and contain minor amounts of secondary plagioclase.Olivines present in chondrules display compositional zoning characterized whereas the matrix is composed of fine-grained olivine.Nickel-rich metal and nickel-poor sulfides are also present,along with trace amounts of magnetite.In contrast to standard oxidized CV chondrites(CV_(ox)),the presence of high metal,Ni-poor sulfides,and reduced magnetite in NWA 16080 indicates a more reduced parent-body environment.Shock metamorphism is classified as mild(S1),while terrestrial weathering is characterized as low(W2).Raman spectroscopy indicates a diverse spectrum of organic matter(OM)maturity:certain areas exhibit characteristics akin to other CV_(red) chondrites,whereas others reach maturity levels comparable to those observed in CV_(ox) chondrites.The Raman parameters indicate that this meteorite is classified as approximately type 3.4 to 3.5.The overlapping OM maturity with certain CV_(ox) chondrites provides a contradiction to the anticipated depth-thermal layering outlined in the onion-shell model.This suggests that the CV parent body probably experienced more intricate processes,including impacts and fluid-rock interactions,rather than merely depth-dependent heating.展开更多
This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sampl...This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sample of Chinese listed firms from 2010 to 2020,the analysis shows that higher corporate social responsibility performance among peer firms is associated with a reduction in the innovation outputs of focal firms.This outcome in-dicates that peer firms with superior corporate social responsibility performance hold competitive advantages that limit essential innovation resources for focal firms.Fur-thermore,the results demonstrate that customer demand partially mediates the negative peer effect.However,the adverse impact diminishes when focal firms maintain stable relationships with suppliers and customers.展开更多
In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We ...In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We find that the predictive information for short-term changes in profitability is not subsumed by the profitability level in the Chinese stock market.We also find that short-term profitability changes generate an asymmetrical premium across different market states.Furthermore,we find that the beta anomaly is embedded in the premium generated by a short-term change in profitability.In addition,we explore the underlying mechanisms of the profitability premium and propose a heterogeneous investor belief channel to explain the profitability premium.We find that riskbased q-theory also helps explain the profitability premium.Therefore,the profitability premium comes from a mixed source and cannot be entirely explained by a single theory.展开更多
This paper analyzes the influence of downside risk on defaultable bond returns.By introducing a defaultable bond-trading model,we show that the decline in market risk tolerance and information accuracy leads to tradin...This paper analyzes the influence of downside risk on defaultable bond returns.By introducing a defaultable bond-trading model,we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions.Our empirical analysis indicates that downside risk can explain a large proportion of the variation in yield spreads and contains almost all valid information on liquidity risk.As the credit level decreases,the explanatory power of downside risk increases significantly.We also investigate the predictive power of downside risk in cross-sectional defaultable bond excess returns using a portfolio-level analysis and Fama-Mac Beth regressions.We find that downside risk is a strong and robust predictor for future bond returns.In addition,due to the higher proportion of abnormal transactions in the Chinese bond market,downside risk proxy semi-variance can better explain yield spreads and predict portfolio excess returns than the proxy value at risk.展开更多
基金supported by National Natural Science Foundation of China(grant no.42403041)Scientific Base and Talent Special Projects of Guangxi(grant no.AD23026084)Scientific Research Foundation of Guilin University of Technology(GUTQDJJ6614023).
文摘NWA 16080 is a representative reduced CV carbonaceous chondrite(CV_(red)),consisting mainly of chon-drules(47 vol%)and matrix(42 vol%),along with minor quantities of calcium-and aluminum-rich inclusions(CAI)and amoeboid olivine aggregates(AOA)(CAI+AOA,6 vol%)and opaque minerals(5 vol%).The chondrules exhibit well-preserved outlines and can be categorized into Type Ⅰ(Fa<10)and Type Ⅱ(Fa>10).They primarily consist of magnesium-rich olivine,along with both low-Ca and high-Ca pyroxenes,and contain minor amounts of secondary plagioclase.Olivines present in chondrules display compositional zoning characterized whereas the matrix is composed of fine-grained olivine.Nickel-rich metal and nickel-poor sulfides are also present,along with trace amounts of magnetite.In contrast to standard oxidized CV chondrites(CV_(ox)),the presence of high metal,Ni-poor sulfides,and reduced magnetite in NWA 16080 indicates a more reduced parent-body environment.Shock metamorphism is classified as mild(S1),while terrestrial weathering is characterized as low(W2).Raman spectroscopy indicates a diverse spectrum of organic matter(OM)maturity:certain areas exhibit characteristics akin to other CV_(red) chondrites,whereas others reach maturity levels comparable to those observed in CV_(ox) chondrites.The Raman parameters indicate that this meteorite is classified as approximately type 3.4 to 3.5.The overlapping OM maturity with certain CV_(ox) chondrites provides a contradiction to the anticipated depth-thermal layering outlined in the onion-shell model.This suggests that the CV parent body probably experienced more intricate processes,including impacts and fluid-rock interactions,rather than merely depth-dependent heating.
基金supported by the National Natural Science Foundation of China(Grant Nos.72171167).
文摘This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sample of Chinese listed firms from 2010 to 2020,the analysis shows that higher corporate social responsibility performance among peer firms is associated with a reduction in the innovation outputs of focal firms.This outcome in-dicates that peer firms with superior corporate social responsibility performance hold competitive advantages that limit essential innovation resources for focal firms.Fur-thermore,the results demonstrate that customer demand partially mediates the negative peer effect.However,the adverse impact diminishes when focal firms maintain stable relationships with suppliers and customers.
基金funded by the National Natural Science Foundation of China.(grant numbers:72171167,71532009,71471129,71501140).
文摘In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We find that the predictive information for short-term changes in profitability is not subsumed by the profitability level in the Chinese stock market.We also find that short-term profitability changes generate an asymmetrical premium across different market states.Furthermore,we find that the beta anomaly is embedded in the premium generated by a short-term change in profitability.In addition,we explore the underlying mechanisms of the profitability premium and propose a heterogeneous investor belief channel to explain the profitability premium.We find that riskbased q-theory also helps explain the profitability premium.Therefore,the profitability premium comes from a mixed source and cannot be entirely explained by a single theory.
基金supported by the National Natural Science Foundation of China under Grant No.71471129,71501140
文摘This paper analyzes the influence of downside risk on defaultable bond returns.By introducing a defaultable bond-trading model,we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions.Our empirical analysis indicates that downside risk can explain a large proportion of the variation in yield spreads and contains almost all valid information on liquidity risk.As the credit level decreases,the explanatory power of downside risk increases significantly.We also investigate the predictive power of downside risk in cross-sectional defaultable bond excess returns using a portfolio-level analysis and Fama-Mac Beth regressions.We find that downside risk is a strong and robust predictor for future bond returns.In addition,due to the higher proportion of abnormal transactions in the Chinese bond market,downside risk proxy semi-variance can better explain yield spreads and predict portfolio excess returns than the proxy value at risk.
