Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in tr...Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in transition,as an example,and using cases and large-sample tests,we present empirical evidence of selective enforcement.The results show that the China Securities Regulatory Commission(CSRC) takes into account whether companies violating the rules have a state-owned background and the strength of that background when investigating and punishing non-compliance.After controlling for the degree of violation,state-owned-enterprises(SOEs) are punished less severely than private companies;and the higher the hierarchy of the SOE in question,the less severe the punishment.It also takes longer for SOEs to be punished.We also find that companies that violate the rules less seriously have a greater tendency to apply for refinancing than those that violate the rules more seriously.This may be because the severity of the violation can affect listed companies' expectations of obtaining refinancing.The analysis and conclusions of this study prove useful in understanding the causes and consequences of selective enforcement in transition economies.展开更多
This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disast...This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disaster System concept is developed: large-scale disaster risk(RL) is a function of the disaster triggering hazard(H), the vulnerability of the concerned objects(V), and the stability of the contextual hazard-formative environment(E), or RL = f(H, V, E). Based on our discussions, we propose that large-scale disaster risk transfer in China should be supported by governments at all levels, operated by insurance companies, and the responsibilities should be shared by all stakeholders. At the global level, large-scale disaster risk transfer should employ a uniform definition and be characterized by government support, market operation, public participation, disaster mitigation, and risk sharing.展开更多
TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the Unite...TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the United States to promote American hegemony.What is the true aim of TPP? Why does the United States push forward it? This article will offer some insights.展开更多
Hydrogen has been hailed as a promising energy carrier for decades.But compared to the thriving success of hybrid and plug-in electric cars,the prospects for cars powered by hydrogen fuel cells have recently diminishe...Hydrogen has been hailed as a promising energy carrier for decades.But compared to the thriving success of hybrid and plug-in electric cars,the prospects for cars powered by hydrogen fuel cells have recently diminished,mostly due to challenges in bringing down the costs of fuel cells and developing a broad network of fueling stations.Beginning in March 2020,three major auto manufacturers—Daimler AG[1],Volkswagen[2],and General Motors(GM)[3]—followed the April 2019 move by Honda[4]to back out of the hydrogen-powered passenger car market.Instead,these companies and others are looking to develop the technology as an emission-free solution to power heavy commercial and military vehicles,with refueling taking place at centralized locations.展开更多
This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level...This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.展开更多
Spinal cord injury(SCI)involves an initial traumatic phase,followed by secondary events such as ischemia,increased blood-spinal cord barrier permeability,ionic disruption,glutamate excitotoxicity,and metabolic alterat...Spinal cord injury(SCI)involves an initial traumatic phase,followed by secondary events such as ischemia,increased blood-spinal cord barrier permeability,ionic disruption,glutamate excitotoxicity,and metabolic alterations.A pe rsistent and exagge rated inflammato ry response within the spinal cord accompanies these events(Lima et al.,2022).The complexity and interplay of these mechanisms exacerbate the initial injury,leading to a degenerative process at the injury site.While the initial trauma is unavoidable,the secondary injury begins within minutes and can last for months,creating an optimal window for therapeutic intervention.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
基金supported by the National Social Science Foundation(08CJY2009)the National Nature Science Foundation of China(70732002 and 70602011)+4 种基金the International Accounting PHD Program(IAPHD)scheme of Nanjing University for its supportthe Accounting and Finance Research Institute of the Shanghai University of Finance and the Center for Economic Transformation and Developmentthe Study of Economic Growth and Structural Transformationthe 985 plan topics of Nanjing University,the New Century Excellent Talents Projectthe First Scholarship Award for Excellent Doctoral Students of the Education Ministry for their support
文摘Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in transition,as an example,and using cases and large-sample tests,we present empirical evidence of selective enforcement.The results show that the China Securities Regulatory Commission(CSRC) takes into account whether companies violating the rules have a state-owned background and the strength of that background when investigating and punishing non-compliance.After controlling for the degree of violation,state-owned-enterprises(SOEs) are punished less severely than private companies;and the higher the hierarchy of the SOE in question,the less severe the punishment.It also takes longer for SOEs to be punished.We also find that companies that violate the rules less seriously have a greater tendency to apply for refinancing than those that violate the rules more seriously.This may be because the severity of the violation can affect listed companies' expectations of obtaining refinancing.The analysis and conclusions of this study prove useful in understanding the causes and consequences of selective enforcement in transition economies.
基金This research was sponsored by the International(Regional)Exchange Project of the National Natural Science Foundation of China,Case Study on Core Science Projects of IHDP-IRG(40821140354)the International Cooperation Project of the Ministry of Science and Technology,Global Climate Change and Catastrophe Governance(2008DFA20640).
文摘This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disaster System concept is developed: large-scale disaster risk(RL) is a function of the disaster triggering hazard(H), the vulnerability of the concerned objects(V), and the stability of the contextual hazard-formative environment(E), or RL = f(H, V, E). Based on our discussions, we propose that large-scale disaster risk transfer in China should be supported by governments at all levels, operated by insurance companies, and the responsibilities should be shared by all stakeholders. At the global level, large-scale disaster risk transfer should employ a uniform definition and be characterized by government support, market operation, public participation, disaster mitigation, and risk sharing.
文摘TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the United States to promote American hegemony.What is the true aim of TPP? Why does the United States push forward it? This article will offer some insights.
文摘Hydrogen has been hailed as a promising energy carrier for decades.But compared to the thriving success of hybrid and plug-in electric cars,the prospects for cars powered by hydrogen fuel cells have recently diminished,mostly due to challenges in bringing down the costs of fuel cells and developing a broad network of fueling stations.Beginning in March 2020,three major auto manufacturers—Daimler AG[1],Volkswagen[2],and General Motors(GM)[3]—followed the April 2019 move by Honda[4]to back out of the hydrogen-powered passenger car market.Instead,these companies and others are looking to develop the technology as an emission-free solution to power heavy commercial and military vehicles,with refueling taking place at centralized locations.
基金supported by Program for New Century Excellent Talents in University
文摘This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.
基金funded by national funds,through the Foundation for Science and Technology(FCT)-project UIDB/50026/2020,UIDP/50026/2020(to NAS),EXPL/MEDPAT/0931/2021(to SM)Financial support was provided by Prémios Santa Casa Neurociências-Prize Melo e Castro for Spinal Cord Injury Research(MC-18-2021)+2 种基金Wings For Life Spinal Cord Research Foundation(WFL-PT-14/23)"la Caixa"Foundation(HR23-00484)(to NAS)the FCT for the Scientific Employment Stimulus to NAS and SM(CEECIND/04794/2017 and CEECIND/01902/2017)。
文摘Spinal cord injury(SCI)involves an initial traumatic phase,followed by secondary events such as ischemia,increased blood-spinal cord barrier permeability,ionic disruption,glutamate excitotoxicity,and metabolic alterations.A pe rsistent and exagge rated inflammato ry response within the spinal cord accompanies these events(Lima et al.,2022).The complexity and interplay of these mechanisms exacerbate the initial injury,leading to a degenerative process at the injury site.While the initial trauma is unavoidable,the secondary injury begins within minutes and can last for months,creating an optimal window for therapeutic intervention.
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.
