Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms

This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an (short-term) event study approach that is based on both a modern asset pricing model, namely the three-factor model according to Fama and French [24], and additionally a t-GARCH(1,1) model. Our empirical results suggest that stock markets may penalize the inclusion of a firm in sustainability stock indexes. This finding is mainly driven by a strongly negative effect of the inclusion in the DJSI World. In contrast, we do not find significant average cumulative abnormal returns for the inclusion in the DJSI STOXX. This suggests that the inclusion in a more visible sustainability stock index may have larger negative impacts.     

提高碳汇潜力：量化树种和造林模式对碳储量的影响

全球气候变化背景下,造林再造林固定的碳可以抵消温室气体减限排量。通过造林再造林增加森林面积可以增加林业碳汇,在土地面积有限的情况下,提高造林质量——在有限的造林面积上固定更多的碳是十分必要的。树种和造林模式的选择是增加森林生态系统碳汇的重要管理决策。文章综述了树种和造林模式对生态系统的碳储量的影响。树种从生物量的积累,凋落物和土壤碳储存,以及木材密度、碳贮存量等几个方面探讨其对生态系统碳库的影响。混交林能充分利用立地条件、改善树木营养状况,并且可以减少病虫害和森林火灾。同时分析了我国在森林经营方面存在的问题和改善途径,以期为该领域的研究提供参考。     

Predicting future quantities of obsolete household appliances in Nanjing by a stock-based model

China has become one of the largest producers of obsolete household appliances (HAs) in the world. However, information on discarded HAs in China is deficient owing to the unavailability of reliable data. The estimation of future obsolete streams is a crucial issue for the establishment of efficient waste collection and recycling systems. The present study describes a prediction model to forecast future obsolete HAs on the basis of information of in-use stocks of HAs in households. The model was applied to a forecasting analysis of quantities of obsolete HAs from 2009 to 2050 in Nanjing, China. The results show that a total of about 76 million units (2.8 million tonnes) of obsolete HAs will be generated in Nanjing over the next 40 years. Discarded air conditioners, color TV sets, and personal computers will be the major contributors. The total discarded amount of major kinds of HAs will increase from nearly 1.0 million units in 2009 to a maximum of 2.1 million units in 2040, and then decrease slightly to 2.0 million units in 2050. Urban households will generate significantly more obsolete HAs (about 56 million units) than rural households, due to the difference in their HA possession levels. The results of this study should help the Nanjing municipality to develop the collection and recycling systems and facilities needed for the obsolete HAs generated in the future. From a methodological perspective, the stock-based model provides a suitable tool to predict the generation of discarded HAs in the future.     

The normalisation of terror: the response of Israel's stock market to long periods of terrorism

Man‐made disasters such as acts of terrorism may affect a society's resiliency and sensitivity to prolonged physical and psychological stress. The Israeli Tel Aviv stock market TA‐100 Index was used as an indicator of reactivity to suicide terror bombings. After accounting for factors such as world market changes and attack severity and intensity, the analysis reveals that although Israel's financial base remained sensitive to each act of terror across the entire period of the Second Intifada (2000–06), sustained psychological resilience was indicated with no apparent overall market shift. In other words, we saw a ‘normalisation of terror’ following an extended period of continued suicide bombings. The results suggest that investors responded to less transitory global market forces, indicating sustained resilience and long‐term market confidence. Future studies directly measuring investor expectations and reactions to man‐made disasters, such as terrorism, are warranted.     

农业合作生产对华北农牧交错区水资源存量和经济效益的影响

针对华北农牧交错区错季蔬菜生产对水资源消耗的争议,通过试验和调查研究相结合的方法,研究了农业“生产－消费”合作生产背景下区域发展错季蔬菜的耗水效果及其对农民收入、水资源存量的影响。结果表明,错季蔬菜生产田间耗水量为农区粮食作物的31.3%~93.3%,而水资源价值为农区粮食作物的4.2~10.7倍;与区域内粮油作物生产相比,错季蔬菜生产少耗水330~754m³/hm²,且其水资源价值为粮油作物的4.0~13.9倍。通过实施粮－菜交换的市场农业战略,区域能用0.175~0.196m³的水交易获得外区域1 m³的水资源,并且实现了研究区用0.93hm²的菜地解决发展错季蔬菜前需要6.9~13.8hm²耕地才能解决的粮食问题。调查表明,通过高效地输出水资源,区域农民收入仅蔬菜一项比全国同期农村人均收入高出了23%。故华北农牧交错区发展错季蔬菜生产是节约和扩大本区域的水资源存量,促进农村脱贫致富、自我发展的有效途径。     

城市生活垃圾填埋场的物质存量特征及其环境影响:以粤港澳大湾区为例

填埋场中的生活垃圾成分复杂,即使在封场后其存量垃圾仍将持续产生温室气体、恶臭、地下水污染等环境问题,是城市生态环境修复的重点领域之一.生活垃圾填埋场物质存量、组成成分和理化特征是掌握其潜在环境影响的关键.但是目前关于填埋场物质存量及其环境影响的研究还不多见.本研究以我国城市化程度最高、人口最为密集的粤港澳大湾区城市群为例,基于国内外报道的科技信息和统计数据,对11个城市的生活垃圾产生量、处理量、组成成分、填埋场存量及关键元素碳存量进行分析.结果表明:①粤港澳大湾区2017年生活垃圾产生量为26. 4 Tg,平均每年增长0. 8 Tg,其中卫生填埋处置占58. 9%;②总生活垃圾填埋处置量为230. 1 Tg,其中食物、塑料和纸类垃圾的累计填埋处置量最多,分别为109. 6、38. 9和29. 6 Tg;③2001～2017年,大湾区城市生活垃圾填埋场总碳输入量为50. 0 Tg,通过填埋气排放的碳为7. 1 Tg,通过渗滤液排放的碳为1. 5 Tg,累积碳存量为41. 4 Tg.本研究可为研究城市生活垃圾填埋场的环境影响提供基础数据,为大湾区城市生态环境修复提供科学依据.     

薇甘菊入侵对深圳湾红树林生态系统碳储量的影响

外来植物入侵对生态系统碳过程的影响已经成为入侵生态学研究的热点问题。采用比较研究的方法分析了薇甘菊（MikaniamicranthaH．B．K．）入侵对深圳湾红树林生态系统碳储量的影响,分别设置红树林（Kandelia candel）群落、红树林．薇甘菊群落、薇甘菊群落以及光滩等样地,采集植被、凋落物和土壤剖面样品,分析生态系统各组分的碳储量变化。结果表明,薇甘菊入侵对红树林生态系统碳储量有着显著的影响,碳储量从未被入侵下215．73tC／hm^2减少到轻、高度入侵下的197．56tC／hm2和166．70tC／hm2,分别减少8．42％和22．72％。其中植被和土壤碳储量显著减少,凋落物碳储量显著增加。薇甘菊入侵一方面导致红树林枯萎,减少植被生物量,增加凋落物量,另一方面促进了土壤微生物活动,使土壤有机碳分解释放,降低土壤碳储量。薇甘菊入侵后红树林碳储量的降低将大大削弱生态系统的碳汇功能。     

典型铬渣简易掩埋场铬渣及土壤铬污染特征和处置分析

通过钻孔采样分析,研究了典型铬渣简易掩埋场地下铬渣及土壤铬中Cr6 、总Cr的分布特征和污染状况,结果表明,铬渣简易掩埋场铬污染程度严重,引起了周边和地下深部较大面积的土壤污染,深度达到了地下的基岩.铬含量在土壤层剖面中分布呈现规律性变化,即随土壤深度增加,Cr6 、总Cr含量逐渐下降,但绝大多数超过了危险废物毒性鉴别标准.从铬污染程度上看,总体上存在铬渣>土壤>人工填土.在此基础上,提出了铬渣及污染土壤的处置方式,为铬渣污染治理和资源化利用提供科学依据.     

黄浦江水系水质变化及原因分析

根据1986—2010年的水质监测数据,研究了黄浦江水系水质变化,并对影响水质的主要因素进行了探讨。结果表明,近25年的黄浦江水系水质变化基本可分为3个阶段:1986—1996年,上海市的畜牧业高速发展,生活污水量逐年上升,工业废水量较大而处理率低,水环境压力加大,水质持续恶化;1996—2002年,上游来水水质、生活污水量和畜牧业污染量均基本稳定,为水质改善创造必要条件,随着工业废水量的下降及废水处理能力的加强,水质持续改善;2002—2010年,上游来水水质在2002—2004年明显恶化,生活污水量再次进入快速上升期,加大了水环境改善的难度,水质改善趋势放缓并渐趋稳定。     

产业园区外存量工业用地环境准入管控研究—以上海市为例

为探索在新产业布局及发展形势下的产业园区外存量工业用地环境准入分类管控模式,采用空间叠图分析和承载力评估方法,基于“三线一单”分区管控要求对上海市产业园区外存量工业用地的空间布局约束、资源环境承载和环境风险防控进行评估。综合评估结果、新法规要求和规划方向的指引,梳理典型区环境准入管理的试点经验,提出以下建议：生态环境及产业、规划相关部门对产业园区外存量工业用地的现状及规划实施动态排摸;结合各地块资源环境特征、规划发展意向等因素,对不同规划导向的地块实施差异化分类管控;针对近中期保留的产业园区外存量工业用地,通过开展区域环评强化环境准入。