Over the years,many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market,and the conclusions are obviously different.Among them,two progra...Over the years,many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market,and the conclusions are obviously different.Among them,two program trading models based on RSI and CCI indicators achieve an annual return rate of more than 180%in the empirical research of palm oil futures program trading,but the amount of data used in this study is too small,and the transaction cost is not considered.As the actual trading process has the characteristics that investors pay more attention to the sustainability of the model's profitability,and that investors’trading varieties are diverse and with high transaction cost,this paper further verifies the sustainability and general applicability of these two models:using the closing price of 1-day and 30-minute K-line of 18 kinds of commodity futures in recent 10 years to investigate the changes of annual return rate,maximum withdrawal ratio etc.under different transaction costs and K-line cycles.The results show that the model’s profitability is time-varying,and the transaction cost has a greater influence on the rate of return of 30-minute K-lines than that of 1-day K-lines.展开更多
Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified b...Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified by pilot programs for low-carbon provinces and cities,referred to as“Low-Carbon Pilot Provinces/Cities”,while the market-based mechanism is reflected in pilot programs for carbon emissions trading markets,or“Carbon Trading Pilot Programs”.This paper employs event study analysis to compare the carbon emission reduction impacts of these two approaches.Our findings reveal that the Low-Carbon Pilot Provinces/Cities achieved emissions reduction primarily by curbing economic output,without significantly reducing carbon emissions intensity.In contrast,the Carbon Trading Pilot Programs led to an increase in total carbon emissions by driving economic growth,even as they reduced carbon emissions intensity.A heterogeneity analysis further indicates that the emissions reductions observed in the Low-Carbon Pilot Provinces/Cities were predominantly concentrated in economically less-developed regions,whereas the increase in carbon emissions associated with the Carbon Trading Pilot Programs was more significant in regions with lower initial carbon emissions intensity.Against the backdrop of China’s efforts to achieve its carbon peak and neutrality goals,this paper offers valuable insights for the design of effective climate policies.展开更多
The purpose of this study is merely to review the current situation in the designing and implementation of the emission trading programs in Europe. Historical data show that although there is a series of shortcomings ...The purpose of this study is merely to review the current situation in the designing and implementation of the emission trading programs in Europe. Historical data show that although there is a series of shortcomings in their current functioning, employing such instruments for GHG reduction policy making is strongly expected to be efficient and effective. The European Union Emission Trading Scheme (EU ETS), Clean Development Mechanism (CDM) and Joint Implementation (JI) are just a few examples of the ambitious EU initiative that heavily relies on such instruments. We dwell on their operations and achievements by far and all the content in this article is expected to convince the Chinese government and regional public authorities to take positive actions and attitudes in promoting these instruments.展开更多
基金This research is partially supported by:(1)Key R&D Plan of Guangxi(Project No.:2017AB17011)Basic Competency Promotion Project for College and University Young Teachers of Guangxi(Project No.:2017KY0600)Academic Research Project of Guangxi University of Finance and Economics(Project No.:2016YBKT14).
文摘Over the years,many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market,and the conclusions are obviously different.Among them,two program trading models based on RSI and CCI indicators achieve an annual return rate of more than 180%in the empirical research of palm oil futures program trading,but the amount of data used in this study is too small,and the transaction cost is not considered.As the actual trading process has the characteristics that investors pay more attention to the sustainability of the model's profitability,and that investors’trading varieties are diverse and with high transaction cost,this paper further verifies the sustainability and general applicability of these two models:using the closing price of 1-day and 30-minute K-line of 18 kinds of commodity futures in recent 10 years to investigate the changes of annual return rate,maximum withdrawal ratio etc.under different transaction costs and K-line cycles.The results show that the model’s profitability is time-varying,and the transaction cost has a greater influence on the rate of return of 30-minute K-lines than that of 1-day K-lines.
文摘Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified by pilot programs for low-carbon provinces and cities,referred to as“Low-Carbon Pilot Provinces/Cities”,while the market-based mechanism is reflected in pilot programs for carbon emissions trading markets,or“Carbon Trading Pilot Programs”.This paper employs event study analysis to compare the carbon emission reduction impacts of these two approaches.Our findings reveal that the Low-Carbon Pilot Provinces/Cities achieved emissions reduction primarily by curbing economic output,without significantly reducing carbon emissions intensity.In contrast,the Carbon Trading Pilot Programs led to an increase in total carbon emissions by driving economic growth,even as they reduced carbon emissions intensity.A heterogeneity analysis further indicates that the emissions reductions observed in the Low-Carbon Pilot Provinces/Cities were predominantly concentrated in economically less-developed regions,whereas the increase in carbon emissions associated with the Carbon Trading Pilot Programs was more significant in regions with lower initial carbon emissions intensity.Against the backdrop of China’s efforts to achieve its carbon peak and neutrality goals,this paper offers valuable insights for the design of effective climate policies.
文摘The purpose of this study is merely to review the current situation in the designing and implementation of the emission trading programs in Europe. Historical data show that although there is a series of shortcomings in their current functioning, employing such instruments for GHG reduction policy making is strongly expected to be efficient and effective. The European Union Emission Trading Scheme (EU ETS), Clean Development Mechanism (CDM) and Joint Implementation (JI) are just a few examples of the ambitious EU initiative that heavily relies on such instruments. We dwell on their operations and achievements by far and all the content in this article is expected to convince the Chinese government and regional public authorities to take positive actions and attitudes in promoting these instruments.
