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Considering that listed companies are the main body of natural resource consumption and pollutant emission, this study aims to explore the stock price effect and source channels of green bond issuance of listed companies. This is extremely necessary to promote listed companies to actively fulfill their environmental responsibilities so as to achieve sustainable economic and social development.

In this paper, the companies that issued green bonds in Shanghai and Shenzhen stock markets in China from 2016 to 2018 are used as samples. First of all, the authors adopt the event study method and match the two models to prove that there is a stock price effect in green bond issuance. Then, the authors introduce the general regression model to analyze the sources of the stock price effect of green bond issuance in detail through three channels: “financing cost,” “investor attention” and “fundamental.”

In the above three channels, the “investor attention” channel can well explain the stock price effect of green bond issuance. Meanwhile, the authors also find that the stock price effect of the subsequent issuance of green bonds is more significant than that of the first time, non-financial companies are more pronounced than financial companies, public issuance are more obvious than private issuance, state-owned companies are more notable than non-state-owned companies, small-scale companies are more evident than large-scale companies and companies with high equity concentration are clearer than those with low equity concentration.

Taking China as the research object for the first time, this paper comprehensively employs the capital asset pricing model and Fama–French five-factor model to discuss the stock price effect of green bond issuance of listed companies. Secondly, this paper also studies whether the way of green bond issuance, the type and size of the company, as well as the degree of ownership concentration will have different effects on the stock prices of listed companies. The research results provide new ideas and methods for the stock price effect of green bond issuance.

The presence of political corruption possibly predates the historical record. For years, it was viewed as an artifact of political development, a common malignancy that nations would naturally reject as a function of their respective national maturations; this was one of the underlying theses of the American progressive movement. However, this cleansing has been neither as straightforward nor as natural as its proponents would argue. An anti-corruption coalition established in the 1990 under the umbrella of Transparency International (TI) has brought a new light on the world of political corruption. TI annually publishes a Corruption Perception Index that in 2001 ranked over 90 nations in terms of their perceived political corruptions. Peter Eigen, the TI Chairman, observed that “There is no end in sight to the misuse of power by those in public office – and corruption levels are perceived to be as high as ever in both the developed and developing nations” (Transparency International Press Release, 2001).¹

The purpose of this study is to find a control method for three-phase four-wire shunt active power filters, which uses a load-equivalent conductance for obtaining a reference signal for compensating non-active current.

Changes of energy stored in an active filter’s reactance elements are monitored to find the active component of the load current. It is then used as a current reference to be realised as a supply source current. Computer simulation methods were used to verify the presented control method.

To calculate the reference signal for the active filter action, it is enough to measure the active filter’s DC-side capacitors’ voltages. It has been proved that P regulators are sufficient to realise compensating current and to stabilise active filter capacitors’ voltages. The supply source-neutral conductor current can be zeroed even for nonlinear and unbalanced load-generating DC-component in its neutral conductor. In addition, the active filter can buffer load-active power changes and act simultaneously as a local energy accumulator.

This paper provides an alternative approach to address the problem of the three-phase four-wire shunt active power filter control methods.

This study examines the fiscal impact of tax and expenditure limitations (TELs) on state spending by expanding the popular, narrow view of examining TELs and taking into account the scope, purpose, and restrictiveness of individual state TELs. Using an efficient estimator, called fixed effect vector decomposition I employ a set of panel data from all fifty states for the period 1997 - 2006. While a number of studies have been inconclusive about the impact of state TELs on spending, this study finds that having a TEL is not what matters. Rather, the impact of TELs depends on the actual features of the individual TEL. Further, TELs impact different categories of spending in different ways and, under the right conditions, TELs can have the desired impact and effectively reduce state spending.

Black’s Law Dictionary defines law as a body of rules of action or conduct that govern behavior of individuals within society. A contemporary definition of ethical leadership is leadership that engages in ethical conduct that is based on right or wrong behavior towards members of society. Therefore, a common nexus between law and ethical leadership is a concern for the well‐being of members of society. The purpose of this article is to explore the relationship between law and ethical leadership. Specifically, through analysis of several legal cases, the author seeks to illustrate how applying principles of transformational leadership: idealized influence, intellectual stimulation, inspirational motivation and individualized consideration, to the ethical dilemmas faced by managers in the respective cases, would have diminished the need for involvement by the courts. Consequently, this article concludes that applying principles of transformational leadership will more likely than not lead to less litigation and better ethical outcomes than the more common transactional leadership style.

The paper has the following objectives in mind: to examine whether or not “green” developments have any significant effect on the Real Estate Investment Trust's (REIT) operational and financial performance; to examine whether or not the effects of “green” developments on the REIT's performance is consistent across the different property types namely office, retail and residential.

The paper introduces two variables to measure “greenness” of REIT's. These variables include the percentage of square feet of certified properties and the average “greenness” score. Firm's size as measured by taking natural logarithm of total assets was also included as it serves as an indirect measurement of “greenness”. Other financial variables were added to control for the differences in firm's characteristics. This is meant to isolate the variation in performance variable that could be explained by the “green” variables. Following which, regressions (OLS) were estimated for each of the performance variables as measured by ROA, FFO/total revenue and ROE.

The general findings of this paper are: “Green” buildings do impact both the operational and financial performance of REITs. However, different measures of “greenness” of REIT's property portfolio will yield different set of results; the observed impacts of “green” buildings are mainly significant for both the K‐REIT and Capitamall Trust (CMT) whereas that for City Developments Limited (CDL) are insignificant; the observed effects vary across the different property types namely office, retail and residential as represented by K‐REIT, CMT and CDL. The paper provides evidence to show that “green” buildings are better options given the various benefits, as compared to their counterparts.

The findings of this paper should serve as a meaningful guide to look at how investments in “green” and sustainable buildings will create value for real estate investors at the REIT's level.

The paper offers insightful information for REIT's managers when they make decisions on the acquisition of “green” properties or retrofitting of the existing properties in their direct real estate portfolios. As such, this paper is meant to extend the body of literature on “green” buildings by investigating the significance of “green” buildings on REIT's performance.

The findings of the Steering Group on Food Freshness in relation to the compulsory date marking of food contained in their Report, reviewed elsewhere in this issue, has brought within measurable distance the Regulations which were, in any case, promised for1975. The Group consider that the extension of voluntary open date marking systems will not be sufficiently rapid (or sufficiently comprehensive) to avoid the need or justify the delay in introducing legislation.