Risk transmission between natural gas market and stock markets: portfolio and hedging strategy analysis
作者：
Lin Ling;Zhou Zhongbao* ;Liu Qing;Jiang Yong
期刊：
Finance Research Letters ,2019年29:245-254 ISSN：1544-6123
通讯作者：
Zhou Zhongbao
作者机构：
[Lin Ling] Hunan Agr Univ, Sch Econ, Changsha 410128, Hunan, Peoples R China.;[Liu Qing; Zhou Zhongbao; Jiang Yong] Hunan Univ, Sch Business Adm, Changsha 410082, Hunan, Peoples R China.
通讯机构：
[Zhou Zhongbao] H;Hunan Univ, Sch Business Adm, Changsha 410082, Hunan, Peoples R China.
关键词：
Chinese and America stock markets;Hedging strategy;Long memory and asymmetry GARCH;Natural gas market;Regime switching;Risk transmission
摘要：
This paper investigates the risk transmission and hedging strategies between natural gas market and stock markets. We propose a multivariate GARCH framework which combines regime switching with multivariate long memory and asymmetry GARCH. Results show that there exists granger causality from natural gas market to the Chinese stock markets in crisis regime. Dynamic correlations between these markets are vulnerable to extreme weather, government policies and financial crisis. When looking at the optimal design of a natural gas-stock portfolio, we find that investors in stock markets should have more stocks than natural gas asset in order to reduce their portfolio risk. © 2018 Elsevier Inc.
语种：
英文
展开
Does international oil volatility have directional predictability for stock returns? Evidence from BRICS countries based on cross-quantilogram analysis
作者：
Zhou, Zhongbao;Jiang, Yong;Liu, Yan;Lin, Ling* ;Liu, Qing
期刊：
Economic Modelling ,2019年80:352-382 ISSN：0264-9993
通讯作者：
Lin, Ling
作者机构：
[Jiang, Yong; Liu, Yan; Zhou, Zhongbao; Liu, Qing] Hunan Univ, Sch Business Adm, Changsha 410082, Hunan, Peoples R China.;[Lin, Ling] Hunan Agr Univ, Sch Econ, Changsha 410128, Hunan, Peoples R China.
通讯机构：
[Lin, Ling] H;Hunan Agr Univ, Sch Econ, Changsha 410128, Hunan, Peoples R China.
关键词：
BRICS countries;Cross-quantilogram;Directional predictability;Oil volatility;Quantile dependence;Stock returns
摘要：
While numerous studies have investigated the relationship between oil volatility and stock returns, it is surprising that little research has examined the quantile dependence and directional predictability from oil volatility to stock returns in BRICS (Brazil, Russia, India, China, and South Africa) countries. We address this issue by using the cross-quantilogram model proposed by Han et al. (2016). The empirical results show that, overall, oil volatility has a directional predictability for the stock returns in BRICS countries. When the oil volatility is in a low quantile (lower than its 0.1 quantiles), it is less likely to show either a large loss or a large gain in the stock market. In contrast, there is an increased likelihood of either large loss or a large gain in the stock market when the oil volatility is in a high quantile (higher than its 0.9 quantiles). The directional predictability from the oil volatility to stock returns depends on the net position of oil imports and exports of these BRICS countries in the oil market. The net oil exporters (Russia and Brazil) are less likely to have large gains and large losses in the stock market than are the net oil importers (India, China, and South Africa) when the oil volatility is in a low quantile. The net oil exporters are more likely to have large gains and large losses than are the net oil importers when the oil volatility is in a high quantile. The results are robust to change in the variable of oil volatility and the sample interval. © 2018 Elsevier B.V.
语种：
英文
展开
Impacts of off-farm employment on groundwater irrigation in North China
作者：
Yin, Ning;Huang, Qiuqiong;Wang, Yumeng*
期刊：
ENVIRONMENT AND DEVELOPMENT ECONOMICS ,2018年23(2):161-183 ISSN：1355-770X
通讯作者：
Wang, Yumeng
作者机构：
[Yin, Ning] Hunan Agr Univ, Econ Coll, Changsha, Hunan, Peoples R China.;[Huang, Qiuqiong] Univ Arkansas, Dept Agr Econ & Agribusiness, Fayetteville, AR 72701 USA.;[Wang, Yumeng] Renmin Univ China, Sch Agr Econ & Rural Dev, Beijing, Peoples R China.
通讯机构：
[Wang, Yumeng] R;Renmin Univ China, Sch Agr Econ & Rural Dev, Beijing, Peoples R China.
关键词：
Groundwater;irrigation;local off-farm employment;migration;North China;water-saving technology
摘要：
This study examines the relationship between groundwater irrigation and off-farm employment with a set of household level data collected in North China. The results provide evidence that off-farm employment reduces both time spent on irrigation in terms of total hours of irrigation and the amount of groundwater pumped. However, these effects have not resulted in losses of crop production. In fact, water productivity measured as output value produced per m3 of groundwater pumped is higher among households with off-farm employment. These seemingly contradictory findings are explained by the increased use of water-saving technologies such as furrow irrigation, underground pipes and/or lined canals. These technologies reduce seepage losses during the conveyance of groundwater as well as during irrigation of the fields. As a result, less groundwater needs to be pumped to achieve the same level of groundwater irrigation application rate in the field. Copyright © Cambridge University Press 2018.
语种：
英文
展开
Construction of the industry chain of ecological agriculture combined with big data
作者：
Shuo, Qing*
期刊：
Agro Food Industry Hi-Tech ,2017年28(1):2499-2503 ISSN：1722-6996
通讯作者：
Shuo, Qing
作者机构：
[Shuo, Qing] Hunan Agr Univ, Sch Econ, Changsha 410128, Hunan, Peoples R China.;[Shuo, Qing] Wuzhou Univ, Sch Econ & Management, Wuzhou 543000, Guangxi, Peoples R China.
通讯机构：
[Shuo, Qing] H;[Shuo, Qing] W;Hunan Agr Univ, Sch Econ, Changsha 410128, Hunan, Peoples R China.;Wuzhou Univ, Sch Econ & Management, Wuzhou 543000, Guangxi, Peoples R China.
关键词：
Agricultural production;Big data;Ecology;Industrial chain
摘要：
With the rapid development of China's economy, the agricultural industry chain has a new mode of operation. The rise of big data technology can collect the relevant information of the agricultural industry chain in all aspects more rapidly, accurately and comprehensively, so that the agricultural production, logistics and information flow can be unified, so as to realize the optimization of the resource structure of the industrial chain, and the operation efficiency is higher. In this paper, the analysis method combined with big data was used to construct the industrial chain of ecological agriculture. The ecological agriculture industry in Wuwei was regarded as the specific research object, and a large amount of empirical data was collected by means of consulting literatures and field surveys. The input analysis and output analysis of the agricultural production in Wuwei were carried out and the original industrial chain model was evaluated, and the deficiency of the influence factors was improved. The agricultural industry chain was the developmental situation of a dynamic organization, which had important methodological significances. This paper attempted to put forward some suggestions for the rational development of the agricultural industry chain.
语种：
英文
展开
Research on English network language based on linguistic economics
作者：
Fang, Li*
期刊：
Agro Food Industry Hi-Tech ,2017年28(3):2015-2020 ISSN：1722-6996
通讯作者：
Fang, Li
作者机构：
[Fang, Li] Changsha Univ, Coll English Dept, Changsha 410022, Hunan, Peoples R China.;[Fang, Li] Hunan Agr Univ, Coll Econ, Changsha 410128, Hunan, Peoples R China.
通讯机构：
[Fang, Li] C;[Fang, Li] H;Changsha Univ, Coll English Dept, Changsha 410022, Hunan, Peoples R China.;Hunan Agr Univ, Coll Econ, Changsha 410128, Hunan, Peoples R China.
关键词：
Economic value;English network language;Linguistic economics
摘要：
With the continuous development of economy and the integration of the Internet information network, the network language is playing an increasingly important role in people's lives. Since the economists put forward the linguistic economics in 1965, the economic value of language has become the consensus of the people of all countries, and now it is a new and hot topic to study and analyze the English network language. In this paper, a system for evaluating the economic value of English network language was designed. Analytic hierarchy process (AHP) and qualitative methods were used, and the economic value of network language was quantified.
语种：
英文
展开
Idiosyncratic risk, the private benefits of control and investment timing
作者：
Wen, Chunhui;Xia, Xin* ;Yang, Jinqiang
期刊：
Economics Letters ,2017年153:65-71 ISSN：0165-1765
通讯作者：
Xia, Xin
作者机构：
[Wen, Chunhui] Hunan Agr Univ, Sch Econ, Changsha, Peoples R China.;[Yang, Jinqiang; Wen, Chunhui; Xia, Xin] Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China.;[Yang, Jinqiang] Shanghai Univ Finance & Econ, Shanghai Key Lab Financial Informat Technol, Shanghai, Peoples R China.
通讯机构：
[Xia, Xin] S;Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China.
关键词：
Agency conflicts;Incomplete-markets;Investment timing;Investor protection
摘要：
This paper develops an incomplete-markets model of investment timing by a firm's controlling shareholder, who is exposed to idiosyncratic risk and pursues private benefits at the expense of outside shareholders. We show that the timing of investment selected by the controlling shareholder reflects a tradeoff between his incentives to pursue private benefits and the costs of nondiversification. The firm may overinvest or underinvest depending on the magnitude of the agency conflicts. Moreover, our theoretical model predicts that increasing the cash flow ownership of the controlling shareholder will decease the total social welfare, which provides novel testable empirical implications for investment. © 2017 Elsevier B.V.
语种：
英文
展开
