Suchergebnisse

This paper discusses the asymmetric effect of air quality (AQ) on stock returns (SR) in China's health industry through the quantile-on-quantile (QQ) regression method. Compared to prior literature, our study provides the following contributions. Government intervention, especially industrial policy, is considered a fresh and essential component of analyzing frameworks in addition to investors' physiology and psychology. Next, because of the heterogeneous responses from different industries to AQ, industrial heterogeneity is thus considered in this paper. In addition, the QQ method examines the effect of specific quantiles between variables and does not consider structural break and temporal lag effects. We obtain the following empirical results. First, the coefficients between AQ and SR in the health service and health technology industries change from positive to negative as AQ deteriorates. Second, AQ always positively influences the health business industry, but the values of the coefficients are larger in good air. In addition, different from other industries, the coefficients in the health equipment industry are negative, but the values of the coefficients change with AQ. The conclusions provide important references for investors and other market participants to avoid biased decisions due to poor AQ and pay attention to government industrial policies.

Ovaj rad ispituje uzročnu vezu između diferencijalne kamatne stope (IRD) i međunarodnog kratkoročnog tijeka kapitala (SCF) kako bi se utvrdilo podržava li takav odnos Mundell-Flemingov model u Kini. Proučavajući postojeće strukturne promjene, ustanovili smo da je dugoročni odnos koji koristi podatke iz cijelog uzorka nestabilan, što sugerira da test uzročnosti nije pouzdan. Slijedom toga, koristimo model pomičnih prosjeka vremenskih serija kako bismo preispitali dinamičku uzročnu vezu, a rezultati pokazuju da diferencijalne kamatne stope (IRD) imaju pozitivan i negativan utjecaj na kratkoročni tijek kapitala (SCF) u nekoliko pod-razdoblja, ali SCF ne utječe na IRD u Kini. Prolazeći kroz vanjske i unutarnje šokove, Kina ne bi trebala kratkoročni tijek kapitala (SCF) ograničavati samo na prilagodbu diferencijalne kamatne stope (IRD). Stoga je ključno da donositelji /kreatori politike obrate pozornost na specifične okolnosti (npr. ekonomsku situaciju, monetarnu politiku) te da i dalje primjenjuju kamatnu i fiskalnu politiku kako bi se reducirao negativni utjecaj SCF-a na kinesko gospodarstvo. ; This paper examines the causal relationship between interest rate differential (IRD) and international short-term capital flow (SCF) to determine whether such a relationship in China supports the Mundell-Fleming model. With structural changes existing, we find that long-run relationship using full-sample data is unstable, suggesting that causality test is not reliable. Consequently, we use a time-varying rolling-window approach to revisiting the dynamic causal relationship, and the results show that IRD has both positive and negative impacts on SCF in several sub-periods, but SCF has no effect on IRD in China. When China suffers external and internal shocks, SCF should not be curbed only by adjusting IRD. Therefore, it is critical for policymakers to pay attention to specific backgrounds (e.g. economic situation, monetary policies) and further employ interest rate and fiscal policies in reducing negative influence from SCF on the Chinese economy.

This article employs asymmetric panel causality test to address the causal nexus between energy consumption (EC) and healthcare insurance premiums (IP) for China's different provinces. The empirical results indicate that there exist asymmetric causality runs from positive EC shocks to positive healthcare IPs in Beijing, Hebei, Tianjin, Shanxi, Inner Mongolia, Shaanxi, Gansu, Qinghai, Ningxia, Shandong, Henan, and Anhui. There is no significant link in southern and northeastern provinces mainly because of their industrial structure, high economic development level, strong insurance consciousness, and climate conditions. Therefore, governments should encourage technological innovation and further improve energy efficiency. Meanwhile, we need to optimize EC structure and raise the proportion of renewable energies. The authorities should carry out stricter environmental protection policies and protect people from pollution that comes from fossil fuel burn. The commercial health insurance should be included in the health system and become an important supplement to public health insurance.