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This study analyzes the effect of stock index futures trading on the price volatility and liquidity of spot markets, It is found that spot price volatility increases significantly after stock index futures are listed, This study partitions the trading activity series of sPOt markets into expected and unexpected components, and documents that unexpected spot-trading activities are associated with smaller sPOt price movements subsequent to the introduction of futures trading, This imolies that spot market liquidity has been increased by the intraduction of futures trading, Furthermore, this study examines the effect of futures-trading activity on the liquidity of spot markets, Results show that active futures markets enhance the liquidity of soot markets.

TransLighting Group, Inc. consists of two companies all centered around the transportation industry. The original company, TransLighting, was started in 1962 by Henry Phillips. Henry was an engineer with Ford Motor Company specializing in braking wiring systems. Over an eight-year period, he designed and patented several wiring and harness systems that are used in cars as of the 2006 model year. Back in the 1950s Henry had the opportunity to learn about and use LED technology. He even came up with a process using this technology to increase brake light visibility (i.e., the third or middle brake light on most cars). In June 1961 over dinner with another engineering buddy, Bill Acken, Bill figured that they could use this same technology to display roadside messages for motorists. Following license approval from Ford, Bill and Henry started TransLighting in White Lake, Michigan.

Trade and environment are essential issues closely related to the development of the national economy and the improvement of people’s livelihood in the new era. The Report to the 19th National Congress of the Communist Party of China (CPC) listed the construction of a strong trading power as an important part of building a modern economic system and pollution prevention and treatment as one of the three key battles to win the decisive victory of building a moderately prosperous society in all respects. However, the relationship between trade and environmental pollution is still very controversial in the existing literature, and there is a paucity of literature on the relationship between trade and environmental pollution based on micro data.

This paper merged China’s Firm-Level Pollution Database with China’s Industrial Enterprise Database and China’s industry tariff rates. Additionally, by virtue of the quasi-natural experiment of China’s accession to the World Trade Organization (WTO), a difference in difference (DID) model was constructed to alleviate the endogeneity issue.

According to the results, the trade barrier decrease (trade liberalization) significantly reduces the intensity of SO₂ emissions, a major pollutant of enterprises, as the intensity of SO₂ emissions decreased 2.16% for each unit decrease of the trade barrier. The analysis of the mechanisms shows that the SO₂ emission intensity of enterprises is mainly due to the decrease of enterprises’ pollution emission rather than the decrease of output, and the decrease of enterprises’ pollution emission is mainly caused by the enterprises’ cleaner production process rather than the end treatment of pollution emission. The decrease of coal use intensity is an important mechanism of the decrease of SO₂ emission intensity caused by the decrease of trade barriers. Among the technical effects of the change of the trade barrier affecting enterprises’ pollution emission, biased technical change rather than neutral technical change dominates.

The findings of this paper imply that expanding openness can enhance China’s social welfare not only through the economic growth mechanisms identified in the classical literature, but also through environmental improvements. This provides useful policy insights for promoting the construction of a strong trading power and winning the battle against pollution in the new era.

The purpose of this paper is to present a complex pyrolysis computational fluid dynamics (CFD) model of timber protection exposed to fire in a medium size enclosure. An emphasis is placed on rarely used temperature-dependent thermal material properties effecting the overall simulation outputs. Using the input dataset, a fire test model with oriented strand boards (OSB) in the room corner test facility is created in Fire Dynamics Simulator (FDS).

Seven FDS models comprising different complexity approaches to modelling the burning of wood-based materials, from a simplified model of burning based on a prescribed heat release rate to complex pyrolysis models which can describe the fire spread, are presented. The models are validated by the experimental data measured during a fire test of OSB in the room corner test facility.

The use of complex pyrolysis approach is recommended in real-scale enclosure fire scenarios with timber as a supplementary heat source. However, extra attention should be paid to burning material thermal properties implementation. A commonly used constant specific heat capacity and thermal conductivity provided poor agreement with experimental data. When the fire spread is expected, simplified model results should be processed with great care and the user should be aware of possible significant errors.

This paper brings an innovative and rarely used complex pyrolysis CFD model approach to predict the behaviour of timber protection exposed to fire. A study on different temperature-dependent thermal material properties combined with multi-step pyrolysis in the room corner test scenario has not been sufficiently published and validated yet.