CO_(2) emissions(CEs)pose a growing threat to environmental changes and global warming,attracting extensive attention.Here,we leveraged near-real-time monitoring data spanning 2019 to 2022 to investigate spatiotempora...CO_(2) emissions(CEs)pose a growing threat to environmental changes and global warming,attracting extensive attention.Here,we leveraged near-real-time monitoring data spanning 2019 to 2022 to investigate spatiotemporal heterogeneity,sectoral contributions,provincial spatial correlation,and driving factors influencing CEs at the provincial level in China.Our analysis,integrating Moran’s Index analysis,Spearman correlation analysis,and the Geographically Weighted Regression model,unveiled China’s consistent world-leading CEs,surpassing 10,000 Mt over the study period.Spatially,CEs exhibited a heterogeneous distribution,with markedly higher emissions in eastern and northern regions compared to western and southern areas.Temporally,CEs displayed significant fluctuations,peaking in the fourth quarter before declining in subsequent quarters.Chinese NewYear and COVID-19 had the biggest effects on CEs,with average daily reductions of-20.8%and-18.9%,respectively,compared to the four-year average and the same period in 2019.Sectoral analysis highlighted the power and industry sectors as primary contributors to CEs in China,jointly accounting for 37.9%-40.2%and 43.5%-46.4%of total CEs,respectively.Spatial clustering analysis identified a distinct High-High agglomeration region,predominantly encompassing provinces such as Inner Mongolia,Shandong and Jiangsu.Furthermore,total energy consumption and electricity consumption emerged as significant drivers of CEs,exhibiting correlation coefficients exceeding 0.9,followed by exhaust emissions,population size,and gross domestic product.Moreover,the influence of drivers on provincial CEs exhibited notable spatial heterogeneity,with regression coefficients displaying a decreasing gradient from north to south.These findings provide scientific and technological support to realize the provincial dual-carbon goals in China.展开更多
This study analyzes the influence of green bonds on carbon neutrality.It examines the daily data of sectoral CO_(2) emissions of the top five CO_(2)-emitting nations from January 2,2019 to December 30,2022 using wavel...This study analyzes the influence of green bonds on carbon neutrality.It examines the daily data of sectoral CO_(2) emissions of the top five CO_(2)-emitting nations from January 2,2019 to December 30,2022 using wavelet transform coherence,quantile-onquantile regression,Granger causality in quantiles,and quantile regression approaches.The results revealed that(i)green bonds are strongly related to sectoral CO_(2) emissions;(ii)green bonds reduce transport sector CO_(2) emissions in China,the US,and Japan while causing an upsurge in India and Russia;(iii)green bonds reduce industrial sector CO_(2) emissions only in the US;(iv)green bonds have a declining influence in energy sector CO_(2) emissions at lower quantiles in India,China,and the US,whereas the impact increases at higher quantiles;and(v)green bonds decrease residential sector CO_(2) emissions in the US,Russia,and Japan.The study revealed that green bonds help reduce CO_(2) emissions in the residential sector in various quantiles.Therefore,the US,Russia,and Japan should raise household awareness of green energy utilization by promoting them with green bonds.In addition,green bonds can effectively reduce transportation sector CO_(2) emissions in China and the US.Therefore,the policymakers of the two global powers should contribute to global CO_(2) reduction by promoting green transportation and clean energy transition in the transportation sector through green bonds.Thus,green bonds can play an effective role in the fight against global warming.展开更多
Climate change may have detrimental effects on different sectoral growth in global economy and according to the Intergovernmental Panel on Climate Change,the impacts of climate change will be more vigorous in the comi...Climate change may have detrimental effects on different sectoral growth in global economy and according to the Intergovernmental Panel on Climate Change,the impacts of climate change will be more vigorous in the coming years.The climatic and non-climatic driving forces behind the economic sectoral performances involve short-and long-run interconnections among variables.This study attempts to investigate the effect of climatic factors(temperature and precipitation)along with non-climatic factors,including foreign direct investment(FDI),human capital index(HCI),natural capital(NC),and information and communication technology(ICT)on three major sectors of the economy(agricultural sector,industrial sector,and service sector)through non-linear model framework by employing cross-sectionally augmented autoregressive distributed lag(CS-ARDL)estimation technique.It considers a panel of 56 selected countries from different income groups,including high-income countries,upper-middle-income countries,lower-middle-income countries,and low-income countries,covering the period 1985-2022.The confirmation of slope heterogeneity,cross-sectional dependence,stationarity,and cointegration among variables lends support to the robustness of results.The augmented mean group(AMG)robustness test was applied to check robustness and the results were found mostly consistent with estimation method.The results revealed that upper-middle-income countries are more vulnerable to extreme temperatures compared to high-income countries.The results also confirmed an inverted U-shaped relationship between each sector’s output and precipitation in upper-middle-income countries.In contrast,for upper-middle-income,lower-middle-income,and low-income countries,this relation exists in industrial sector only in long run.This indicates that precipitation is initially beneficial for production activities.However,beyond a certain threshold of precipitation,this trend reverses,i.e.,the output of the economic sectors tends to decline.Furthermore,there is no supporting evidence that confirms a short-run non-linear relation between precipitation and agricultural yields.In upper-middle-income countries,the results confirmed that FDI is a driving factor behind both agricultural sector and service sector in long run while short-run results indicated a negative association but insignificant.This study also showed that in long run,an increase in HCI contributes to improving the output of the three sectors for high-income countries.The empirical findings provide valuable insights for policy-makers and governments to formulate coherent adaptation and mitigation strategies,thereby accelerating the transition of sectoral productivity from low to high levels in the sample countries.展开更多
This study assessed the connectedness between oil shocks and industry stock indexes in the United States(US).We consider the normal and extreme conditions across different frequency horizons,and the quantile time–fre...This study assessed the connectedness between oil shocks and industry stock indexes in the United States(US).We consider the normal and extreme conditions across different frequency horizons,and the quantile time–frequency connectedness method is used to determine the tail risk contagion under different frequency horizons.Our results reveal that the short-term frequency connectedness significantly exceeds the long-term frequency connectedness.We also indicate that the connectedness in the lower and upper quantiles is greater than at the conditional mean.Importantly,oil risk shock is the biggest net transmitter of shocks to the US sectors in normal and extreme conditions,highlighting that oil risk shocks cause substantial variations in US sector stock returns in the short,medium,and long term.Finally,QAR(3)model demonstrates the significant impact of oil risk shocks on US sector stock returns during extreme and normal conditions.Therefore,our study underscores the role of asymmetry in the reaction of US sector stock returns to oil-related shocks,and we suggest that policies aimed at overcoming the adverse effects of oil shocks on stock markets and promoting financial stability should incorporate asymmetric features.展开更多
The treatment of isolated segmental, sectoral and right hepatic bile duct injuries is controversial. Nineteen patients were treated over a 26-year period. Group one was comprised of 4 patients in whom the injury was p...The treatment of isolated segmental, sectoral and right hepatic bile duct injuries is controversial. Nineteen patients were treated over a 26-year period. Group one was comprised of 4 patients in whom the injury was primarily repaired during the original surgery; 3 over a T-tube, 1 with a Roux-en-Y. These patients had an uneventful recovery. The second group consisted of 5 patients in whom the duct was ligated; 4 developed infection, 3 of which required drainage and biliary repair. Two patients had good long-term outcomes; the third developed a late anastomotic stricture requiring further surgery. The fourth patient developed a small bile leak and pain which resolved spontaneously. The fifth patient developed complications from which he died. The third group was comprised of 4 patients referred with biliary peritonitis; all underwent drainage and lavage, and developed biliary fistulae, 3 of which resolved spontaneously, 1 required Roux-en-γ repair, with favorable outcomes. The fourth group consisted of 6 patients with biliary fistulae. Two patients, both with an 8-wk history of a fistula, underwent Roux-en-γ repair. Two others also underwent a Roux-en-γ repair, as their fistulae showed no signs of closure. The remaining 2 patients had spontaneous closure of their biliary fistulae. A primary repair is a reasonable alternative to ligature of injured duct. Patients with ligated ducts may develop complications. Infected ducts require further surgery. Patients with biliary peritonitis must be treated with drainage and lavage. There is a 50% chance that a biliary fistula will close spontaneously. In cases where the biliary fistula does not close within 6 to 8 wk, a Roux-en-γ anastomosis should be considered.展开更多
This paper aims to identify the main driving force for changes of total primary energy consumption in Beijing during the period of 1981-2005.Sectoral energy use was investigated when regional economic structure change...This paper aims to identify the main driving force for changes of total primary energy consumption in Beijing during the period of 1981-2005.Sectoral energy use was investigated when regional economic structure changed significantly.The changes of total primary energy consumption in Beijing are decomposed into production effects,structural effects and intensity effects using the additive version of the logarithmic mean Divisia index (LMDI) method.Aggregate decomposition analysis showed that the major contributor of total effect was made by the production effect fol- lowed by the intensity effect,and the structural effect was rela- tively insignificant.The total and production effects were all posi- tive.In contrast,the structural effect and intensity effect were all negative.Sectoral decomposition investigation indicated that the most effective way to slow down the growth rate of total primary energy consumption (TPEC) was to reduce the production of the energy-intensive industrial sectors and improving industrial en- ergy intensity.The results show that in this period,Beijing's economy has undergone a transformation from an industrial to a service economy.However,the structures of sectoral energy use have not been changed yet,and energy demand should be in- creasing until the energy-intensive industrial production to be reduced and energy intensity of the region reaches a peak.As sequence energy consumption data of sub-sectors are not available, only the fundamental three sectors are considered:agriculture, industry and service.However,further decomposition into secon- dary and tertiary sectors is definitely needed for detailed investi- gations.展开更多
This issue of Asian Pacific Journal of Tropical Medicine has published a case report[1].This report detailed an atypical fatal case of fox-mediated human rabies.It once again reemphasized the importance of zoonotic di...This issue of Asian Pacific Journal of Tropical Medicine has published a case report[1].This report detailed an atypical fatal case of fox-mediated human rabies.It once again reemphasized the importance of zoonotic disease transmission by animals(including wildlife),and a need to look introspectively in order to consider innovative solutions aimed at reducing the burden of zoonoses.Rabies continues to significantly impact human lives.展开更多
Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the curre...Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the current level of emissions.Therefore,it is necessary to estimate how much the policy affects the current level of CO_(2) emissions.This makes sure the policy doesn’t increase the level of CO_(2) emis-sions.This study aims to analyze the effect of the One Bil-lion Trees program on CO_(2) emissions in New Zealand by employing the 2020 input–output table analysis.This inves-tigation examines the direct and indirect effects of policy on both the demand and supply sides across six regions of New Zealand.The results of this study for the first year of plantation suggest that the policy increases the level of CO_(2) emissions in all regions,especially in the Waikato region.The direct and indirect impact of the policy leads to 64 kt of CO_(2) emissions on the demand side and 270 kt of CO_(2) emis-sions on the supply side.These lead to 0.19 and 0.74%of total CO_(2) emissions being attributed to investment shocks.Continuing the policy is recommended,as it has a low effect on CO_(2) emissions.However,it is crucial to prioritize the use of low-carbon machinery that uses fossil fuels during the plantation process.展开更多
This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism...This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.展开更多
The exact and approximate expressions for the field components of the TE modes in a sectoral waveguide are presented. Using the equivalence principle, the electric field distribution on the aperture surfaces of a narr...The exact and approximate expressions for the field components of the TE modes in a sectoral waveguide are presented. Using the equivalence principle, the electric field distribution on the aperture surfaces of a narrow transverse slot cut in the curved broad wall of a sectoral waveguide is solved by the moment method (Galerkin's method). lmportant results such as the scattering parameter, the normalized equivalent series impedance, the resonant resistance and resonant length are studied.展开更多
This study examines the time-varying asymmetric interlinkages between nine US sectoral returns from January 2020 to January 2023.To this end,we used the time-varying parameter vector autoregression(TVP-VAR)asymmetric ...This study examines the time-varying asymmetric interlinkages between nine US sectoral returns from January 2020 to January 2023.To this end,we used the time-varying parameter vector autoregression(TVP-VAR)asymmetric connectedness approach of Adekoya et al.(Resour Policy 77:102728,2022a,Resour Policy 78:102877,2022b)and analyzed the time-varying transmitting/receiving roles of sectors,considering the positive and negative impacts of the spillovers.We further estimate negative spillovers networks at two burst times(the declaration of the COVID-19 pandemic by the World Health Organization on 11 March 2020 and the start of Russian-Ukrainian war on 24 February 2022,respectively).Moreover,we performed a portfolio back-testing analysis to determine the time-varying portfolio allocations and hedging the effectiveness of different portfolio construction techniques.Our results reveal that(i)the sectoral return series are strongly interconnected,and negative spillovers dominate the study period;(ii)US sectoral returns are more sensitive to negative shocks,particularly during the burst times;(iii)the overall,positive,and negative connectedness indices reached their maximums on March 16,2020;(iv)the industry sector is the largest transmitter/recipient of return shocks on average;and(v)the minimum correlation and connectedness portfolio approaches robustly capture asymmetries.Our findings provide suggestions for investors,portfolio managers,and policymakers regarding optimal portfolio strategies and risk supervision.展开更多
For the first time, the separating issues of the Tenir-Too mountains into sectors in contrast to the accepted schemes of physical geography as a province and sub-province were discussed. Since the term province is mor...For the first time, the separating issues of the Tenir-Too mountains into sectors in contrast to the accepted schemes of physical geography as a province and sub-province were discussed. Since the term province is more acceptable in political science than in physical geography, the main factors in the process of sector formation were determined. The purpose of this article is not only to describe the high altitudes of the Tenir-Too mountains, but theoretically substantiate their formation, ecological and genetic features, and distribution patterns. Until today the Tenir-Too mountain area is not divided into sectors and subsectors with significant changes to the stencil scheme, which has been used to date in the physical geographical zoning. Research methods in this work are based on the recent study materials collected from meteorological stations of Tenir-Too region. Hypsometric and topographic maps were used to identify high altitude ranges, and climatic factors were separated by zones. Plant species and genus divisions were identified. In some areas of the Tenir-Too the range of altitudes along the routes was studied.展开更多
River is a new open access international peer-reviewed journal.One may ask why a new journal is necessary when there are at least 150 water-related journals published from different parts of the world in the English l...River is a new open access international peer-reviewed journal.One may ask why a new journal is necessary when there are at least 150 water-related journals published from different parts of the world in the English language alone.There are several reasons why we believe such a journal can play important roles in promoting sustainable management and development of rivers,including all the ecosystems linked with them,as well as their direct and indirect economic,social,political,environmental,and cultural impacts.展开更多
This study examines volatility spillovers among climate-policy-relevant sectors in the Chinese stock market across both time and frequency domains.It further explores the impact of climate policy uncertainty on the ri...This study examines volatility spillovers among climate-policy-relevant sectors in the Chinese stock market across both time and frequency domains.It further explores the impact of climate policy uncertainty on the risk spillover effect in the Chinese stock market and its underlying mechanisms.The results reveal strong risk spillovers among climate-policy-relevant sectors across both time and frequency scales and emphasise that these are primarily driven by short-term risk contagion in the lower frequency bands.Additionally,climate policy uncertainty significantly reduces the risk spillover effect among climate-policy-relevant sectors.Further analysis demonstrates that investors'risk perception and adjustments in investment strategies are key channels through which climate policy uncertainty affects sectoral volatility spillovers.Overall,this study high-lights the nonlinear and complex relationship between climate policy uncertainty and stock market spillovers,offering valuable practical insights for investors and policymakers.展开更多
This paper investigates the time-frequency dependence,return and volatility connectedness,dynamic linkages,and portfolio diversification gains among oil and China’s sectoral commodities,namely,Petrochemicals(CIFI),Gr...This paper investigates the time-frequency dependence,return and volatility connectedness,dynamic linkages,and portfolio diversification gains among oil and China’s sectoral commodities,namely,Petrochemicals(CIFI),Grains(CRFI),Energy(ENFI),Non-ferrous metals(NFFI),Oil&Fats(OOFI),and Softs(SOFI),utilizing a proposed research framework that contains the wavelet coherence,novel TVP-VAR based connectedness,and the cDCC-,DECO-FIAPARCH(1,d,1)model.The empirical results demonstrate that global oil market exhibits a relatively higher(lower)coherence with ENFI,NFFI,and OOFI(CRFI)on the long-term time horizon and the oil market leads China’s sectoral commodities during most sample periods.The crude oil market transmits significant connectedness to China’s sectoral commodities,especially the energy commodity sector(ENFI).The dynamic return and volatility total spillovers tend to intensify and exhibit significant fluctuations during the GFC and the oil price collapse.Further,the time-varying linkages among oil and China’s sectoral commodities are positive and fluctuant,mainly at a relatively low level.The dynamic return and volatility connectedness,multi-view linkages,optimal portfolio weights,and hedging ratios display significant time-varying features.The oil-commodity nexus offers diversification benefits and the optimal-weighted portfolio presents the best variance and downside risk reduction performance.Furthermore,risk management effectiveness is market-condition-dependent and heterogeneous across different commodity sectors and sub-samples.This paper can not only help investors and market regulators to capture the complex interconnectedness and risk transmission trajectory among oil and China’s sectoral commodities but also benefits for investors and portfolio managers to construct optimal portfolios and hedging strategies.展开更多
This paper gives the directivity Function of a sectoral multi-element cylinder array, analyze its phase factor, explain in detail the sidelobe rejection by selecting the number of elements , baffling and amplitude wei...This paper gives the directivity Function of a sectoral multi-element cylinder array, analyze its phase factor, explain in detail the sidelobe rejection by selecting the number of elements , baffling and amplitude weighting. They are particularly useful for directional tracking of acoustical signal and target locating .展开更多
China＇s export performance is marked by large regional disparities which affect trade patterns at the national level. This paper uses data from input-output tables to estimate the comparative advantage of Chinese pro...China＇s export performance is marked by large regional disparities which affect trade patterns at the national level. This paper uses data from input-output tables to estimate the comparative advantage of Chinese provinces in the three main economic sectors over the period 1992-2007. In contrast to existing studies, we include the services sector in the analysis and construct not only indices of revealed comparative advantage for overall trade, but also bilateral indices for interprovincial trade. The results indicate that West and Central China have a comparative advantage in agriculture/mining, coastal provinces in manufacturing, and metropolitan provinces in services. However, interprovincial trade exhibits a more complex pattern. Regression analysis identifies labor endowments as the key determinant of comparative advantage in total trade, while physical capital is the driving force in domestic trade. Human capital and government spending have a positive effect, whereas industrial loans and taxes, along with provincial trade barriers, impair comparative advantage.展开更多
基金supported by the National Natural Science Foundation of China(No.52200120)the R&D Program of Beijing Municipal Education Commission(No.KM202310011003).
文摘CO_(2) emissions(CEs)pose a growing threat to environmental changes and global warming,attracting extensive attention.Here,we leveraged near-real-time monitoring data spanning 2019 to 2022 to investigate spatiotemporal heterogeneity,sectoral contributions,provincial spatial correlation,and driving factors influencing CEs at the provincial level in China.Our analysis,integrating Moran’s Index analysis,Spearman correlation analysis,and the Geographically Weighted Regression model,unveiled China’s consistent world-leading CEs,surpassing 10,000 Mt over the study period.Spatially,CEs exhibited a heterogeneous distribution,with markedly higher emissions in eastern and northern regions compared to western and southern areas.Temporally,CEs displayed significant fluctuations,peaking in the fourth quarter before declining in subsequent quarters.Chinese NewYear and COVID-19 had the biggest effects on CEs,with average daily reductions of-20.8%and-18.9%,respectively,compared to the four-year average and the same period in 2019.Sectoral analysis highlighted the power and industry sectors as primary contributors to CEs in China,jointly accounting for 37.9%-40.2%and 43.5%-46.4%of total CEs,respectively.Spatial clustering analysis identified a distinct High-High agglomeration region,predominantly encompassing provinces such as Inner Mongolia,Shandong and Jiangsu.Furthermore,total energy consumption and electricity consumption emerged as significant drivers of CEs,exhibiting correlation coefficients exceeding 0.9,followed by exhaust emissions,population size,and gross domestic product.Moreover,the influence of drivers on provincial CEs exhibited notable spatial heterogeneity,with regression coefficients displaying a decreasing gradient from north to south.These findings provide scientific and technological support to realize the provincial dual-carbon goals in China.
文摘This study analyzes the influence of green bonds on carbon neutrality.It examines the daily data of sectoral CO_(2) emissions of the top five CO_(2)-emitting nations from January 2,2019 to December 30,2022 using wavelet transform coherence,quantile-onquantile regression,Granger causality in quantiles,and quantile regression approaches.The results revealed that(i)green bonds are strongly related to sectoral CO_(2) emissions;(ii)green bonds reduce transport sector CO_(2) emissions in China,the US,and Japan while causing an upsurge in India and Russia;(iii)green bonds reduce industrial sector CO_(2) emissions only in the US;(iv)green bonds have a declining influence in energy sector CO_(2) emissions at lower quantiles in India,China,and the US,whereas the impact increases at higher quantiles;and(v)green bonds decrease residential sector CO_(2) emissions in the US,Russia,and Japan.The study revealed that green bonds help reduce CO_(2) emissions in the residential sector in various quantiles.Therefore,the US,Russia,and Japan should raise household awareness of green energy utilization by promoting them with green bonds.In addition,green bonds can effectively reduce transportation sector CO_(2) emissions in China and the US.Therefore,the policymakers of the two global powers should contribute to global CO_(2) reduction by promoting green transportation and clean energy transition in the transportation sector through green bonds.Thus,green bonds can play an effective role in the fight against global warming.
文摘Climate change may have detrimental effects on different sectoral growth in global economy and according to the Intergovernmental Panel on Climate Change,the impacts of climate change will be more vigorous in the coming years.The climatic and non-climatic driving forces behind the economic sectoral performances involve short-and long-run interconnections among variables.This study attempts to investigate the effect of climatic factors(temperature and precipitation)along with non-climatic factors,including foreign direct investment(FDI),human capital index(HCI),natural capital(NC),and information and communication technology(ICT)on three major sectors of the economy(agricultural sector,industrial sector,and service sector)through non-linear model framework by employing cross-sectionally augmented autoregressive distributed lag(CS-ARDL)estimation technique.It considers a panel of 56 selected countries from different income groups,including high-income countries,upper-middle-income countries,lower-middle-income countries,and low-income countries,covering the period 1985-2022.The confirmation of slope heterogeneity,cross-sectional dependence,stationarity,and cointegration among variables lends support to the robustness of results.The augmented mean group(AMG)robustness test was applied to check robustness and the results were found mostly consistent with estimation method.The results revealed that upper-middle-income countries are more vulnerable to extreme temperatures compared to high-income countries.The results also confirmed an inverted U-shaped relationship between each sector’s output and precipitation in upper-middle-income countries.In contrast,for upper-middle-income,lower-middle-income,and low-income countries,this relation exists in industrial sector only in long run.This indicates that precipitation is initially beneficial for production activities.However,beyond a certain threshold of precipitation,this trend reverses,i.e.,the output of the economic sectors tends to decline.Furthermore,there is no supporting evidence that confirms a short-run non-linear relation between precipitation and agricultural yields.In upper-middle-income countries,the results confirmed that FDI is a driving factor behind both agricultural sector and service sector in long run while short-run results indicated a negative association but insignificant.This study also showed that in long run,an increase in HCI contributes to improving the output of the three sectors for high-income countries.The empirical findings provide valuable insights for policy-makers and governments to formulate coherent adaptation and mitigation strategies,thereby accelerating the transition of sectoral productivity from low to high levels in the sample countries.
基金supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2024S1A5A2A01028034).
文摘This study assessed the connectedness between oil shocks and industry stock indexes in the United States(US).We consider the normal and extreme conditions across different frequency horizons,and the quantile time–frequency connectedness method is used to determine the tail risk contagion under different frequency horizons.Our results reveal that the short-term frequency connectedness significantly exceeds the long-term frequency connectedness.We also indicate that the connectedness in the lower and upper quantiles is greater than at the conditional mean.Importantly,oil risk shock is the biggest net transmitter of shocks to the US sectors in normal and extreme conditions,highlighting that oil risk shocks cause substantial variations in US sector stock returns in the short,medium,and long term.Finally,QAR(3)model demonstrates the significant impact of oil risk shocks on US sector stock returns during extreme and normal conditions.Therefore,our study underscores the role of asymmetry in the reaction of US sector stock returns to oil-related shocks,and we suggest that policies aimed at overcoming the adverse effects of oil shocks on stock markets and promoting financial stability should incorporate asymmetric features.
文摘The treatment of isolated segmental, sectoral and right hepatic bile duct injuries is controversial. Nineteen patients were treated over a 26-year period. Group one was comprised of 4 patients in whom the injury was primarily repaired during the original surgery; 3 over a T-tube, 1 with a Roux-en-Y. These patients had an uneventful recovery. The second group consisted of 5 patients in whom the duct was ligated; 4 developed infection, 3 of which required drainage and biliary repair. Two patients had good long-term outcomes; the third developed a late anastomotic stricture requiring further surgery. The fourth patient developed a small bile leak and pain which resolved spontaneously. The fifth patient developed complications from which he died. The third group was comprised of 4 patients referred with biliary peritonitis; all underwent drainage and lavage, and developed biliary fistulae, 3 of which resolved spontaneously, 1 required Roux-en-γ repair, with favorable outcomes. The fourth group consisted of 6 patients with biliary fistulae. Two patients, both with an 8-wk history of a fistula, underwent Roux-en-γ repair. Two others also underwent a Roux-en-γ repair, as their fistulae showed no signs of closure. The remaining 2 patients had spontaneous closure of their biliary fistulae. A primary repair is a reasonable alternative to ligature of injured duct. Patients with ligated ducts may develop complications. Infected ducts require further surgery. Patients with biliary peritonitis must be treated with drainage and lavage. There is a 50% chance that a biliary fistula will close spontaneously. In cases where the biliary fistula does not close within 6 to 8 wk, a Roux-en-γ anastomosis should be considered.
文摘This paper aims to identify the main driving force for changes of total primary energy consumption in Beijing during the period of 1981-2005.Sectoral energy use was investigated when regional economic structure changed significantly.The changes of total primary energy consumption in Beijing are decomposed into production effects,structural effects and intensity effects using the additive version of the logarithmic mean Divisia index (LMDI) method.Aggregate decomposition analysis showed that the major contributor of total effect was made by the production effect fol- lowed by the intensity effect,and the structural effect was rela- tively insignificant.The total and production effects were all posi- tive.In contrast,the structural effect and intensity effect were all negative.Sectoral decomposition investigation indicated that the most effective way to slow down the growth rate of total primary energy consumption (TPEC) was to reduce the production of the energy-intensive industrial sectors and improving industrial en- ergy intensity.The results show that in this period,Beijing's economy has undergone a transformation from an industrial to a service economy.However,the structures of sectoral energy use have not been changed yet,and energy demand should be in- creasing until the energy-intensive industrial production to be reduced and energy intensity of the region reaches a peak.As sequence energy consumption data of sub-sectors are not available, only the fundamental three sectors are considered:agriculture, industry and service.However,further decomposition into secon- dary and tertiary sectors is definitely needed for detailed investi- gations.
文摘This issue of Asian Pacific Journal of Tropical Medicine has published a case report[1].This report detailed an atypical fatal case of fox-mediated human rabies.It once again reemphasized the importance of zoonotic disease transmission by animals(including wildlife),and a need to look introspectively in order to consider innovative solutions aimed at reducing the burden of zoonoses.Rabies continues to significantly impact human lives.
基金Open Access funding enabled and organized by CAUL and its Member Institutions
文摘Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the current level of emissions.Therefore,it is necessary to estimate how much the policy affects the current level of CO_(2) emissions.This makes sure the policy doesn’t increase the level of CO_(2) emis-sions.This study aims to analyze the effect of the One Bil-lion Trees program on CO_(2) emissions in New Zealand by employing the 2020 input–output table analysis.This inves-tigation examines the direct and indirect effects of policy on both the demand and supply sides across six regions of New Zealand.The results of this study for the first year of plantation suggest that the policy increases the level of CO_(2) emissions in all regions,especially in the Waikato region.The direct and indirect impact of the policy leads to 64 kt of CO_(2) emissions on the demand side and 270 kt of CO_(2) emis-sions on the supply side.These lead to 0.19 and 0.74%of total CO_(2) emissions being attributed to investment shocks.Continuing the policy is recommended,as it has a low effect on CO_(2) emissions.However,it is crucial to prioritize the use of low-carbon machinery that uses fossil fuels during the plantation process.
文摘This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.
文摘The exact and approximate expressions for the field components of the TE modes in a sectoral waveguide are presented. Using the equivalence principle, the electric field distribution on the aperture surfaces of a narrow transverse slot cut in the curved broad wall of a sectoral waveguide is solved by the moment method (Galerkin's method). lmportant results such as the scattering parameter, the normalized equivalent series impedance, the resonant resistance and resonant length are studied.
文摘This study examines the time-varying asymmetric interlinkages between nine US sectoral returns from January 2020 to January 2023.To this end,we used the time-varying parameter vector autoregression(TVP-VAR)asymmetric connectedness approach of Adekoya et al.(Resour Policy 77:102728,2022a,Resour Policy 78:102877,2022b)and analyzed the time-varying transmitting/receiving roles of sectors,considering the positive and negative impacts of the spillovers.We further estimate negative spillovers networks at two burst times(the declaration of the COVID-19 pandemic by the World Health Organization on 11 March 2020 and the start of Russian-Ukrainian war on 24 February 2022,respectively).Moreover,we performed a portfolio back-testing analysis to determine the time-varying portfolio allocations and hedging the effectiveness of different portfolio construction techniques.Our results reveal that(i)the sectoral return series are strongly interconnected,and negative spillovers dominate the study period;(ii)US sectoral returns are more sensitive to negative shocks,particularly during the burst times;(iii)the overall,positive,and negative connectedness indices reached their maximums on March 16,2020;(iv)the industry sector is the largest transmitter/recipient of return shocks on average;and(v)the minimum correlation and connectedness portfolio approaches robustly capture asymmetries.Our findings provide suggestions for investors,portfolio managers,and policymakers regarding optimal portfolio strategies and risk supervision.
文摘For the first time, the separating issues of the Tenir-Too mountains into sectors in contrast to the accepted schemes of physical geography as a province and sub-province were discussed. Since the term province is more acceptable in political science than in physical geography, the main factors in the process of sector formation were determined. The purpose of this article is not only to describe the high altitudes of the Tenir-Too mountains, but theoretically substantiate their formation, ecological and genetic features, and distribution patterns. Until today the Tenir-Too mountain area is not divided into sectors and subsectors with significant changes to the stencil scheme, which has been used to date in the physical geographical zoning. Research methods in this work are based on the recent study materials collected from meteorological stations of Tenir-Too region. Hypsometric and topographic maps were used to identify high altitude ranges, and climatic factors were separated by zones. Plant species and genus divisions were identified. In some areas of the Tenir-Too the range of altitudes along the routes was studied.
文摘River is a new open access international peer-reviewed journal.One may ask why a new journal is necessary when there are at least 150 water-related journals published from different parts of the world in the English language alone.There are several reasons why we believe such a journal can play important roles in promoting sustainable management and development of rivers,including all the ecosystems linked with them,as well as their direct and indirect economic,social,political,environmental,and cultural impacts.
基金support from the National Natural Science Foundation of China(Grant No.72203092,72403266)the Major Project of Philosophy and Social Science Research of Colleges and Universities in Jiangsu Province(Project No.2024SJZD051)the Fundamental Research Funds for the Central Universities(No.NR2024003,NR2024008).
文摘This study examines volatility spillovers among climate-policy-relevant sectors in the Chinese stock market across both time and frequency domains.It further explores the impact of climate policy uncertainty on the risk spillover effect in the Chinese stock market and its underlying mechanisms.The results reveal strong risk spillovers among climate-policy-relevant sectors across both time and frequency scales and emphasise that these are primarily driven by short-term risk contagion in the lower frequency bands.Additionally,climate policy uncertainty significantly reduces the risk spillover effect among climate-policy-relevant sectors.Further analysis demonstrates that investors'risk perception and adjustments in investment strategies are key channels through which climate policy uncertainty affects sectoral volatility spillovers.Overall,this study high-lights the nonlinear and complex relationship between climate policy uncertainty and stock market spillovers,offering valuable practical insights for investors and policymakers.
基金supported by the National Natural Science Foundation of China under Grant No.71573042the Natural Science Foundation of Fujian Province under Grant No.2017J01794。
文摘This paper investigates the time-frequency dependence,return and volatility connectedness,dynamic linkages,and portfolio diversification gains among oil and China’s sectoral commodities,namely,Petrochemicals(CIFI),Grains(CRFI),Energy(ENFI),Non-ferrous metals(NFFI),Oil&Fats(OOFI),and Softs(SOFI),utilizing a proposed research framework that contains the wavelet coherence,novel TVP-VAR based connectedness,and the cDCC-,DECO-FIAPARCH(1,d,1)model.The empirical results demonstrate that global oil market exhibits a relatively higher(lower)coherence with ENFI,NFFI,and OOFI(CRFI)on the long-term time horizon and the oil market leads China’s sectoral commodities during most sample periods.The crude oil market transmits significant connectedness to China’s sectoral commodities,especially the energy commodity sector(ENFI).The dynamic return and volatility total spillovers tend to intensify and exhibit significant fluctuations during the GFC and the oil price collapse.Further,the time-varying linkages among oil and China’s sectoral commodities are positive and fluctuant,mainly at a relatively low level.The dynamic return and volatility connectedness,multi-view linkages,optimal portfolio weights,and hedging ratios display significant time-varying features.The oil-commodity nexus offers diversification benefits and the optimal-weighted portfolio presents the best variance and downside risk reduction performance.Furthermore,risk management effectiveness is market-condition-dependent and heterogeneous across different commodity sectors and sub-samples.This paper can not only help investors and market regulators to capture the complex interconnectedness and risk transmission trajectory among oil and China’s sectoral commodities but also benefits for investors and portfolio managers to construct optimal portfolios and hedging strategies.
文摘This paper gives the directivity Function of a sectoral multi-element cylinder array, analyze its phase factor, explain in detail the sidelobe rejection by selecting the number of elements , baffling and amplitude weighting. They are particularly useful for directional tracking of acoustical signal and target locating .
文摘China＇s export performance is marked by large regional disparities which affect trade patterns at the national level. This paper uses data from input-output tables to estimate the comparative advantage of Chinese provinces in the three main economic sectors over the period 1992-2007. In contrast to existing studies, we include the services sector in the analysis and construct not only indices of revealed comparative advantage for overall trade, but also bilateral indices for interprovincial trade. The results indicate that West and Central China have a comparative advantage in agriculture/mining, coastal provinces in manufacturing, and metropolitan provinces in services. However, interprovincial trade exhibits a more complex pattern. Regression analysis identifies labor endowments as the key determinant of comparative advantage in total trade, while physical capital is the driving force in domestic trade. Human capital and government spending have a positive effect, whereas industrial loans and taxes, along with provincial trade barriers, impair comparative advantage.
