Background:Non-timber forest products(NTFPs)are an important part of forest biodiversity,and the subsistence and trade of local people,especially in less developed countries.Because of the high ecological and economic...Background:Non-timber forest products(NTFPs)are an important part of forest biodiversity,and the subsistence and trade of local people,especially in less developed countries.Because of the high ecological and economic value,NTFPs have faced the problem of over-exploitation,and the key to solve this problem is to determine the feasible way of sustainable utilization of NTFPs.Harvest intensity is one of the most important and easily controlled utilization factors,which can greatly influence the plant individual survival,growth and reproductive performances,and even the population structure and dynamics.Therefore,we chose two common and important NTFPs species with different marketable parts(i.e.,Acanthopanax senticosus with tender leaves and Aralia elata with tender buds)as our study objects.Aiming to determine the optimum harvest intensity for sustainably utilizing both NTFPs species,five levels of harvest intensity treatments(i.e.,control,light,medium,high and severe)were designed to assess the effects of harvest intensity on their marketable organ yield,plant growth and reproductive performances.Results:The biomass growth rates of marketable organ and plant growth of A.senticosus under light harvest intensity treatment were significantly higher than those under other harvest intensities.The plant height growth and 1000-seed weight of A.elata under severe harvest intensity treatment were significantly lower than those under control treatment.Conclusions:The light harvest intensity with 25% leaf removal and the high harvest intensity with all terminal buds harvested are the optimum harvest intensity to maintain the sustainable utilization of A.senticosus and A.elata,respectively.These findings could provide managers with basic but practical guidance for making decisions about the sustainable harvest management plan for the cultivated NTFPs species,and further provide a theoretical basis for managers to establish the harvest regulations for wild NTFPs species.Consequently,the local residents or communities can improve their income while ensure the sustainable development of wild NTFPs.展开更多
THE BUSINESS OF EMOTION Neweekly 1 August From lucky charms promising safety to addictive blind boxes,from milk tea-fuelled social frenzies to concert tickets fetching 10 times their original price,a new wave of consu...THE BUSINESS OF EMOTION Neweekly 1 August From lucky charms promising safety to addictive blind boxes,from milk tea-fuelled social frenzies to concert tickets fetching 10 times their original price,a new wave of consumption is reshaping our daily lives.At the heart of this trend is the“emotion economy,”a rapidly expanding industry that turns feelings into marketable goods.展开更多
The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for th...The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for the market service for green energy consumers.This study proposed a two-stage feature extraction approach for green energy consumers leveraging clustering and termfrequency-inverse document frequency(TF-IDF)algorithms within a knowledge graph framework to provide an information basis that supports the green development of the retail electricity market.First,the multi-source heterogeneous data of green energy consumers under an actual market environment is systematically introduced and the information is categorized into discrete,interval,and relational features.A clustering algorithm was employed to extract features of the trading behavior of green energy consumers in the first stage using the parameter data of green retail electricity contracts.Then,TF-IDF algorithm was applied in the second stage to extract features for green energy consumers in different clusters.Finally,the effectiveness of the proposed approach was validated based on the actual operational data in a southern province of China.It is shown that the most significant discrepancy between the retail trading behaviors of green energy consumers is the power share of green retail packages,whose averaged values are 25.64%,50%,39.66%,and 24.89%in four different clusters,respectively.Additionally,power supply bureaus and electricity retail companies affects the behavior of the green energy consumers most significantly.展开更多
At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since th...At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since the carbon market launched in 2021.The analysis suggests that the primary reason for the recent decline in carbon prices is the reversal of supply and demand dynamics in the carbon market,with increased quota supply amid a sluggish economy.It is expected that downward pressure on carbon prices will persist in the short term,but with more industries being included and continued policy optimization and improvement,a rise in China’s medium-to long-term carbon prices is highly probable.Recommendations for enterprises involved in carbon asset operations and management:first,refining carbon asset reserves and trading strategies;second,accelerating internal CCER project development;third,exploring carbon financial instrument applications;fourth,establishing and improving internal carbon pricing mechanisms;fifth,proactively planning for new industry inclusion.展开更多
The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespre...The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespread use of smart grid technologies and outlines the specific roles and obligations of different stakeholders,such as government entities,utility companies,technology suppliers,and consumers.Government activities and regulations are crucial in facilitating the implementation of smart grid technology by offering financial incentives,regulatory assistance,and strategic guidance.Utility firms have the responsibility of implementing and integrating smart grid infrastructure,with an emphasis on improving the dependability of the grid,minimizing losses in transmission and distribution,and integrating renewable energy sources.Technology companies offer the essential hardware and software solutions,which stimulate creativity and enhance efficiency.Consumers actively engage in the energy ecosystem by participating in demand response,implementing energy saving measures,and adopting distributed energy resources like solar panels and electric vehicles.This study examines the difficulties and possibilities in India’s smart grid industry,highlighting the importance of cooperation among stakeholders to build a strong,effective,and environmentally friendly energy future.展开更多
After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally alte...After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally altered how energy is consumed,traded,and utilized.This change signifies a crucial shift as the power system evolves from its traditional hierarchical organization to a more decentralized approach.At the heart of this transformation are innovative energy distribution models,like peer-to-peer(P2P)sharing,which enable communities to collaboratively manage their energy resources.The effectiveness of P2P sharing not only improves the economic prospects for prosumers,who generate and consume energy,but also enhances energy resilience and sustainability.This allows communities to better leverage local resources while fostering a sense of collective responsibility and collaboration in energy management.However,there is still no extensive implementation of such sharing models in today’s electricitymarkets.Research on distributed energy P2P trading is still in the exploratory stage,and it is particularly important to comprehensively understand and analyze the existing distributed energy P2P trading market.This paper contributes with an overview of the P2P markets that starts with the network framework,market structure,technical approach for trading mechanism,and blockchain technology,moving to the outlook in this field.展开更多
With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market...With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market,many foreign dairy companies are focusing on China."China is the best market to debut breakthrough products,"said Bruno Chevot,food and beverage multinational Danone China’s president for North Asia and Oceania.展开更多
Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Ins...Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Inspiration Island”and the“TopKlout Summit,”which showcased its technological breakthroughs and practical experience in the fields of intelligent content generation,cyber celebrity marketing,and cross-border digital marketing.展开更多
This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estim...This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estimating methods,including ordinary least squares(OLS)and Vasicek’s Bayesian shrinkage estimator,and assess their impact on portfolio variance reduction across cryptomarket indices.Our findings indicate that while standard OLS betas explain significantly less of the variation in future betas for cryptoassets compared to US stocks,slope winsorization and Bayesian shrinkage improve prediction accuracy.The results suggest that beta-hedged portfolios reduce variance for approximately 17%of the universe,with the Broad Digital Market Index demonstrating the best hedging efficiency.These findings underscore the significant challenges of developing effective hedging strategies in the cryptocurrency market,emphasizing the importance of idiosyncratic risk in crypto returns and the need for appropriate market index representation.展开更多
With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains...With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains predominantly spot-based,facing challenges such as limited financial products,restricted market participants,immature carbon pricing mechanisms,and insufficient liquidity,which constrain its resource allocation and risk management functions.Based on the spirit of the“Opinions on Promoting Green Low-Carbon Transformation and Strengthening National Carbon Market Construction”issued by the General Office of the CPC Central Committee and the General Office of the State Council,this paper focuses on the challenges faced during the implementation of the dual control system for carbon emissions in the“Fifteenth Five-Year Plan”period,with emphasis on analyzing the development bottlenecks of the carbon market.It proposes accelerating the launch of carbon futures,carbon options and other derivatives,expanding the scope of financial institution participation,improving carbon market infrastructure,and establishing a cross-departmental coordinated policy framework.By drawing on international experience and combining domestic pilot practices,this aims to provide an operational and implementable pathway for the development of China’s carbon market,further enhancing the supporting role of the carbon market in green low-carbon transformation.展开更多
Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibilit...Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibility to substantial losses.In this study,we investigate the limitations of these strategies and propose a solution.Our literature review reveals that the volatile profits are due to statistical analyses that assume the persistence of past patterns,leading to unreliable results in out-of-sample scenarios when underlying mechanisms evolve.Statistical analysis,the predominant method in financial economics,often proves inadequate in explaining market fluctuations and predicting crashes.To overcome these limitations,a paradigm shift towards dynamic approaches is essential.Drawing inspiration from three groundbreaking economists,we introduce the extended Samuelson model(ESM),a dynamic model that connects price changes to market participant actions.This paradigm transition uncovers several significant findings.First,timely signals indicate momentum initiations,cessations,and reversals,validated using S&P 500 data from 1999 to 2023.Second,ESM predicts the 1987 Black Monday crash weeks in advance,offering a new perspective on its underlying cause.Third,we classify sequential stock price data into eight distinct market states,including their thresholds for transitions,laying the groundwork for market trend predictions and risk assessments.Fourth,the ESM is shown to be a compelling alternative to EMH,offering potent explanatory and predictive power based on a single,realistic assumption.Our findings suggest that ESM has the potential to provide policymakers with proactive tools,enabling financial institutions to enhance their risk assessment and management strategies.展开更多
Bangladesh's apparel industry needs a sharpturnaround in business diversification.With thegrowing global demand for sweaters,especiallyin European markets,the country has a goldenopportunity to excel in this high-...Bangladesh's apparel industry needs a sharpturnaround in business diversification.With thegrowing global demand for sweaters,especiallyin European markets,the country has a goldenopportunity to excel in this high-value segment.Once considered a seasonal garment,sweatershave evolved into a year-round fashion itemn,fur-ther tncreasing their market potential.展开更多
2024 saw a lot of changes,marked by the European elections and the arrival of the new institutions.CEN and CENELEC reaffirmed the commitment to a strong and resilient European Standardization System,highlighting the s...2024 saw a lot of changes,marked by the European elections and the arrival of the new institutions.CEN and CENELEC reaffirmed the commitment to a strong and resilient European Standardization System,highlighting the strategic role of standards in strengthening the Single Market and supporting Europe’s competitiveness.展开更多
The annual China International Import Expo(CIIE)has become a platform for businesses to showcase their offerings to the world,and a gateway for their products to enter a larger market.China is now the world’s second-...The annual China International Import Expo(CIIE)has become a platform for businesses to showcase their offerings to the world,and a gateway for their products to enter a larger market.China is now the world’s second-largest market for consumption and imports,and the only developing country to host a national-level international import expo annually,continuously opening its market to the rest of the world.展开更多
According to the"China Baby Diaper Industry Market Supply-Demand Survey and Investment Potential Research Report(2025-2030)"released by CIRN,China's baby diaper market is projected to reach RMB 41.2 bill...According to the"China Baby Diaper Industry Market Supply-Demand Survey and Investment Potential Research Report(2025-2030)"released by CIRN,China's baby diaper market is projected to reach RMB 41.2 billion in 2025,reflecting a 3.2% year-on-year contraction.However,the average unit price will exceed RMB 3.2 (a 42%increase from 2020),with penetration rates stabilizing at 9 8%in tier-1 cites and countylevel markets growing at 8% annually.展开更多
Downloads of national standards exceed 10 million times in the first half of 2025 In response to social needs,State Administration for Market Regulation(SAMR)had steadily promoted the full-text disclosure and free dow...Downloads of national standards exceed 10 million times in the first half of 2025 In response to social needs,State Administration for Market Regulation(SAMR)had steadily promoted the full-text disclosure and free download of over 30,000 national standards that do not adopt international standards since the beginning of this year.In the first half of 2025,downloads exceeded 10 million times,providing strong support for the construction of a unified national market.Social groups accessing national standards for free increased significantly.In the first half of this year,the average monthly downloads of national standards surged tenfold from 190,000 times last year to 2.03 million times.Online reading reached nearly 15 million times,and page views hit 89 million times.The disclosure of national standards for free has effectively broken information barriers in standards,ensuring equal rights for business entities to read and download national standards.展开更多
At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual op...At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual opportunities driven by both policy empowerment and market forces.Recently,the Ministry of Commerce,jointly with multiple departments,issued the"Notice on Carrying Out the'Eastern Silk,Western Consolidation'Work in the Cocoon and Silk Industry,"anchoring the core directions of"optimizing the industrial chain,strengthening innovation-driven development,and promoting coordinated development"to push the industry's gradient relocation to central and western regions.This profound adjustment in regional layout not only injects strong momentum into the cocoon and silk sector but also serves as a vivid practice of implementing"regional coordination and dual improvement of quality and efficiency"in the textile field.展开更多
The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market A...The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.展开更多
We investigate high-frequency traders’behavior in the context of the fastest and most extreme price movements(EPMs)that can be observed in the market,specifically ultrafast flash events,challenging the methodologies ...We investigate high-frequency traders’behavior in the context of the fastest and most extreme price movements(EPMs)that can be observed in the market,specifically ultrafast flash events,challenging the methodologies employed in the academic and practitioner literature for identifying sudden liquidity black holes.To refine the price-shock identification methodology,we introduce a new approach called sequence-based flash events(SFEs),which relies on tick sequences instead of predetermined fixed-time intervals within which all flash events in the sample are assumed to occur.This alternative methodology offers the advantage of pinpointing the exact time and duration of a crash,which,in turn,provides a way to more accurately define the observation windows around it.We compare our sample of SFEs with both the so-called“mini flash crashes”,as identified by the Nanex detection algorithm,and the so-called EPMs,as identified by Brogaard et al.(2018).We use close and open prices,as well as high and low prices.Based on our sample of SFEs,we find no evidence that HFTs trigger extreme price shocks.However,we find that HFTs exacerbate SFEs by increasing the net imbalance in the direction of these shocks as they occur.Finally,we show that the choice of the price-shock identification methodology is critical.Thus,we urge regulators to exercise caution and avoid hasty conclusions regarding HFTs’contribution to price stability in stressful market conditions.展开更多
基金supported by grants from the National Key R&D Program of China(2016YFC0500302)the National Natural Science Foundation of China(U1808201)+1 种基金Strategic Leading Science&Technology Programme,CAS(XDA23070100)the Liaoning Revitalization Talents Program(XLYC1807102).
文摘Background:Non-timber forest products(NTFPs)are an important part of forest biodiversity,and the subsistence and trade of local people,especially in less developed countries.Because of the high ecological and economic value,NTFPs have faced the problem of over-exploitation,and the key to solve this problem is to determine the feasible way of sustainable utilization of NTFPs.Harvest intensity is one of the most important and easily controlled utilization factors,which can greatly influence the plant individual survival,growth and reproductive performances,and even the population structure and dynamics.Therefore,we chose two common and important NTFPs species with different marketable parts(i.e.,Acanthopanax senticosus with tender leaves and Aralia elata with tender buds)as our study objects.Aiming to determine the optimum harvest intensity for sustainably utilizing both NTFPs species,five levels of harvest intensity treatments(i.e.,control,light,medium,high and severe)were designed to assess the effects of harvest intensity on their marketable organ yield,plant growth and reproductive performances.Results:The biomass growth rates of marketable organ and plant growth of A.senticosus under light harvest intensity treatment were significantly higher than those under other harvest intensities.The plant height growth and 1000-seed weight of A.elata under severe harvest intensity treatment were significantly lower than those under control treatment.Conclusions:The light harvest intensity with 25% leaf removal and the high harvest intensity with all terminal buds harvested are the optimum harvest intensity to maintain the sustainable utilization of A.senticosus and A.elata,respectively.These findings could provide managers with basic but practical guidance for making decisions about the sustainable harvest management plan for the cultivated NTFPs species,and further provide a theoretical basis for managers to establish the harvest regulations for wild NTFPs species.Consequently,the local residents or communities can improve their income while ensure the sustainable development of wild NTFPs.
文摘THE BUSINESS OF EMOTION Neweekly 1 August From lucky charms promising safety to addictive blind boxes,from milk tea-fuelled social frenzies to concert tickets fetching 10 times their original price,a new wave of consumption is reshaping our daily lives.At the heart of this trend is the“emotion economy,”a rapidly expanding industry that turns feelings into marketable goods.
基金support by the Science and Technology Project of Guangdong Power Exchange Center Co.,Ltd.(No.GDKJXM20222599)National Natural Science Foundation of China(No.52207104)Natural Science Foundation of Guangdong Province(No.2024A1515010426).
文摘The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for the market service for green energy consumers.This study proposed a two-stage feature extraction approach for green energy consumers leveraging clustering and termfrequency-inverse document frequency(TF-IDF)algorithms within a knowledge graph framework to provide an information basis that supports the green development of the retail electricity market.First,the multi-source heterogeneous data of green energy consumers under an actual market environment is systematically introduced and the information is categorized into discrete,interval,and relational features.A clustering algorithm was employed to extract features of the trading behavior of green energy consumers in the first stage using the parameter data of green retail electricity contracts.Then,TF-IDF algorithm was applied in the second stage to extract features for green energy consumers in different clusters.Finally,the effectiveness of the proposed approach was validated based on the actual operational data in a southern province of China.It is shown that the most significant discrepancy between the retail trading behaviors of green energy consumers is the power share of green retail packages,whose averaged values are 25.64%,50%,39.66%,and 24.89%in four different clusters,respectively.Additionally,power supply bureaus and electricity retail companies affects the behavior of the green energy consumers most significantly.
文摘At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since the carbon market launched in 2021.The analysis suggests that the primary reason for the recent decline in carbon prices is the reversal of supply and demand dynamics in the carbon market,with increased quota supply amid a sluggish economy.It is expected that downward pressure on carbon prices will persist in the short term,but with more industries being included and continued policy optimization and improvement,a rise in China’s medium-to long-term carbon prices is highly probable.Recommendations for enterprises involved in carbon asset operations and management:first,refining carbon asset reserves and trading strategies;second,accelerating internal CCER project development;third,exploring carbon financial instrument applications;fourth,establishing and improving internal carbon pricing mechanisms;fifth,proactively planning for new industry inclusion.
文摘The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespread use of smart grid technologies and outlines the specific roles and obligations of different stakeholders,such as government entities,utility companies,technology suppliers,and consumers.Government activities and regulations are crucial in facilitating the implementation of smart grid technology by offering financial incentives,regulatory assistance,and strategic guidance.Utility firms have the responsibility of implementing and integrating smart grid infrastructure,with an emphasis on improving the dependability of the grid,minimizing losses in transmission and distribution,and integrating renewable energy sources.Technology companies offer the essential hardware and software solutions,which stimulate creativity and enhance efficiency.Consumers actively engage in the energy ecosystem by participating in demand response,implementing energy saving measures,and adopting distributed energy resources like solar panels and electric vehicles.This study examines the difficulties and possibilities in India’s smart grid industry,highlighting the importance of cooperation among stakeholders to build a strong,effective,and environmentally friendly energy future.
基金funded by the National Natural Science Foundation of China(52167013)the Key Program of Natural Science Foundation of Gansu Province(24JRRA225)Natural Science Foundation of Gansu Province(23JRRA891).
文摘After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally altered how energy is consumed,traded,and utilized.This change signifies a crucial shift as the power system evolves from its traditional hierarchical organization to a more decentralized approach.At the heart of this transformation are innovative energy distribution models,like peer-to-peer(P2P)sharing,which enable communities to collaboratively manage their energy resources.The effectiveness of P2P sharing not only improves the economic prospects for prosumers,who generate and consume energy,but also enhances energy resilience and sustainability.This allows communities to better leverage local resources while fostering a sense of collective responsibility and collaboration in energy management.However,there is still no extensive implementation of such sharing models in today’s electricitymarkets.Research on distributed energy P2P trading is still in the exploratory stage,and it is particularly important to comprehensively understand and analyze the existing distributed energy P2P trading market.This paper contributes with an overview of the P2P markets that starts with the network framework,market structure,technical approach for trading mechanism,and blockchain technology,moving to the outlook in this field.
文摘With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market,many foreign dairy companies are focusing on China."China is the best market to debut breakthrough products,"said Bruno Chevot,food and beverage multinational Danone China’s president for North Asia and Oceania.
文摘Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Inspiration Island”and the“TopKlout Summit,”which showcased its technological breakthroughs and practical experience in the fields of intelligent content generation,cyber celebrity marketing,and cross-border digital marketing.
基金financial support from the Czech Science Foundation under the project`Deep dive into decentralized finance:Market microstructure,and behavioral and psychological patterns’[Grant No.23-06606S]supported by Charles University Research Centre program No.24/SSH/020+1 种基金the Cooperatio Program at Charles University,research area Economicsfinancial support from the Charles University Specific University Research scheme[Grant No.SVV 260843].
文摘This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estimating methods,including ordinary least squares(OLS)and Vasicek’s Bayesian shrinkage estimator,and assess their impact on portfolio variance reduction across cryptomarket indices.Our findings indicate that while standard OLS betas explain significantly less of the variation in future betas for cryptoassets compared to US stocks,slope winsorization and Bayesian shrinkage improve prediction accuracy.The results suggest that beta-hedged portfolios reduce variance for approximately 17%of the universe,with the Broad Digital Market Index demonstrating the best hedging efficiency.These findings underscore the significant challenges of developing effective hedging strategies in the cryptocurrency market,emphasizing the importance of idiosyncratic risk in crypto returns and the need for appropriate market index representation.
文摘With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains predominantly spot-based,facing challenges such as limited financial products,restricted market participants,immature carbon pricing mechanisms,and insufficient liquidity,which constrain its resource allocation and risk management functions.Based on the spirit of the“Opinions on Promoting Green Low-Carbon Transformation and Strengthening National Carbon Market Construction”issued by the General Office of the CPC Central Committee and the General Office of the State Council,this paper focuses on the challenges faced during the implementation of the dual control system for carbon emissions in the“Fifteenth Five-Year Plan”period,with emphasis on analyzing the development bottlenecks of the carbon market.It proposes accelerating the launch of carbon futures,carbon options and other derivatives,expanding the scope of financial institution participation,improving carbon market infrastructure,and establishing a cross-departmental coordinated policy framework.By drawing on international experience and combining domestic pilot practices,this aims to provide an operational and implementable pathway for the development of China’s carbon market,further enhancing the supporting role of the carbon market in green low-carbon transformation.
文摘Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibility to substantial losses.In this study,we investigate the limitations of these strategies and propose a solution.Our literature review reveals that the volatile profits are due to statistical analyses that assume the persistence of past patterns,leading to unreliable results in out-of-sample scenarios when underlying mechanisms evolve.Statistical analysis,the predominant method in financial economics,often proves inadequate in explaining market fluctuations and predicting crashes.To overcome these limitations,a paradigm shift towards dynamic approaches is essential.Drawing inspiration from three groundbreaking economists,we introduce the extended Samuelson model(ESM),a dynamic model that connects price changes to market participant actions.This paradigm transition uncovers several significant findings.First,timely signals indicate momentum initiations,cessations,and reversals,validated using S&P 500 data from 1999 to 2023.Second,ESM predicts the 1987 Black Monday crash weeks in advance,offering a new perspective on its underlying cause.Third,we classify sequential stock price data into eight distinct market states,including their thresholds for transitions,laying the groundwork for market trend predictions and risk assessments.Fourth,the ESM is shown to be a compelling alternative to EMH,offering potent explanatory and predictive power based on a single,realistic assumption.Our findings suggest that ESM has the potential to provide policymakers with proactive tools,enabling financial institutions to enhance their risk assessment and management strategies.
文摘Bangladesh's apparel industry needs a sharpturnaround in business diversification.With thegrowing global demand for sweaters,especiallyin European markets,the country has a goldenopportunity to excel in this high-value segment.Once considered a seasonal garment,sweatershave evolved into a year-round fashion itemn,fur-ther tncreasing their market potential.
文摘2024 saw a lot of changes,marked by the European elections and the arrival of the new institutions.CEN and CENELEC reaffirmed the commitment to a strong and resilient European Standardization System,highlighting the strategic role of standards in strengthening the Single Market and supporting Europe’s competitiveness.
文摘The annual China International Import Expo(CIIE)has become a platform for businesses to showcase their offerings to the world,and a gateway for their products to enter a larger market.China is now the world’s second-largest market for consumption and imports,and the only developing country to host a national-level international import expo annually,continuously opening its market to the rest of the world.
文摘According to the"China Baby Diaper Industry Market Supply-Demand Survey and Investment Potential Research Report(2025-2030)"released by CIRN,China's baby diaper market is projected to reach RMB 41.2 billion in 2025,reflecting a 3.2% year-on-year contraction.However,the average unit price will exceed RMB 3.2 (a 42%increase from 2020),with penetration rates stabilizing at 9 8%in tier-1 cites and countylevel markets growing at 8% annually.
文摘Downloads of national standards exceed 10 million times in the first half of 2025 In response to social needs,State Administration for Market Regulation(SAMR)had steadily promoted the full-text disclosure and free download of over 30,000 national standards that do not adopt international standards since the beginning of this year.In the first half of 2025,downloads exceeded 10 million times,providing strong support for the construction of a unified national market.Social groups accessing national standards for free increased significantly.In the first half of this year,the average monthly downloads of national standards surged tenfold from 190,000 times last year to 2.03 million times.Online reading reached nearly 15 million times,and page views hit 89 million times.The disclosure of national standards for free has effectively broken information barriers in standards,ensuring equal rights for business entities to read and download national standards.
文摘At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual opportunities driven by both policy empowerment and market forces.Recently,the Ministry of Commerce,jointly with multiple departments,issued the"Notice on Carrying Out the'Eastern Silk,Western Consolidation'Work in the Cocoon and Silk Industry,"anchoring the core directions of"optimizing the industrial chain,strengthening innovation-driven development,and promoting coordinated development"to push the industry's gradient relocation to central and western regions.This profound adjustment in regional layout not only injects strong momentum into the cocoon and silk sector but also serves as a vivid practice of implementing"regional coordination and dual improvement of quality and efficiency"in the textile field.
文摘The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.
文摘We investigate high-frequency traders’behavior in the context of the fastest and most extreme price movements(EPMs)that can be observed in the market,specifically ultrafast flash events,challenging the methodologies employed in the academic and practitioner literature for identifying sudden liquidity black holes.To refine the price-shock identification methodology,we introduce a new approach called sequence-based flash events(SFEs),which relies on tick sequences instead of predetermined fixed-time intervals within which all flash events in the sample are assumed to occur.This alternative methodology offers the advantage of pinpointing the exact time and duration of a crash,which,in turn,provides a way to more accurately define the observation windows around it.We compare our sample of SFEs with both the so-called“mini flash crashes”,as identified by the Nanex detection algorithm,and the so-called EPMs,as identified by Brogaard et al.(2018).We use close and open prices,as well as high and low prices.Based on our sample of SFEs,we find no evidence that HFTs trigger extreme price shocks.However,we find that HFTs exacerbate SFEs by increasing the net imbalance in the direction of these shocks as they occur.Finally,we show that the choice of the price-shock identification methodology is critical.Thus,we urge regulators to exercise caution and avoid hasty conclusions regarding HFTs’contribution to price stability in stressful market conditions.
