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Motivated by empirical features that characterize cryptocurrency volatility data, the authors develop a forecasting strategy that can account for both model uncertainty and heteroskedasticity of unknown form. The theoretical investigation establishes the asymptotic optimality of the proposed heteroskedastic model averaging heterogeneous autoregressive (H-MAHAR) estimator under mild conditions. The authors additionally examine the convergence rate of the estimated weights of the proposed H-MAHAR estimator. This analysis sheds new light on the asymptotic properties of the least squares model averaging estimator under alternative complicated data generating processes (DGPs). To examine the performance of the H-MAHAR estimator, the authors conduct an out-of-sample forecasting application involving 22 different cryptocurrency assets. The results emphasize the importance of accounting for both model uncertainty and heteroskedasticity in practice.

Although extensive studies have examined the link between tourism and carbon emissions, the impact of tourism on carbon emissions remains controversial. In contrast to prior studies, this study aims to investigate the effects of tourism on carbon emissions at the city level and the underlying moderating mechanism.

This study designs an econometric model drawing on panel data for 313 city-level regions in China from 2001 to 2019. This study also performs rigorous robustness tests to support the regression results. In addition, the temporal and spatial heterogeneity is analyzed based on which this study discusses the moderators of the effects of tourism on carbon emissions.

The results show that both tourist arrivals and tourism revenue significantly impact carbon emissions. Also, there exists a significant temporal and spatial heterogeneity of these effects. Economic development significantly enhances while green technology and tertiary industry development suppress the positive relationship between tourism and carbon emissions. Moreover, regarding the impact on carbon emissions, an explicit substitution exists between tourism and tertiary industry development.

For the first time, this study quantitatively estimates the moderators of tourism’s impact on carbon emissions and concludes the moderating effects of economic growth, technological progress and industrial structure, thus furthering the theoretical understanding of the heterogeneity of tourism’s association with carbon emissions. The study also fills a technical gap in previous studies by demonstrating the reliability of the findings through various robustness tests. This is also the first empirical study to systematically examine the relationship between tourism and carbon emissions in China.

尽管已经有大量的研究考察了旅游和碳排放之间的联系, 但旅游对碳排放的影响仍有争议。与之前的研究相比, 本研究旨在研究城市层面上旅游业对碳排放的影响以及潜在的调节机制。

本研究基于2001-2019年中国313个城市层面的面板数据, 设计了一个计量经济学模型。本研究还进行了各种严格的稳健性检验以支持基准回归结果。本研究还分析了时空异质性, 并在此基础上讨论了旅游对碳排放影响的调节因素。

研究结果显示, 旅游者人次和旅游收入都对碳排放有明显影响。同时, 这些影响存在明显的时间和空间异质性。经济发展明显增强但是绿色技术和第三产业发展抑制了旅游业与碳排放之间的正向关系。此外, 旅游业和第三产业发展在对碳排放的影响方面存在显著的替代关系。

本研究首次定量估计了旅游业对碳排放影响的调节因素, 并总结出经济增长、技术进步和产业结构的调节作用, 从而进一步推动了对旅游业与碳排放关联的异质性的理论认识。文章还填补了以往研究的技术空白, 通过各种稳健性检验证明了研究结果的可靠性。本研究还是第一个系统地研究中国旅游业与碳排放关系的实证研究。

Este estudio diseña un modelo econométrico basado en datos de panel para 313 regiones a nivel de ciudad en China desde 2001 hasta 2019. Este estudio también aplica rigurosas pruebas de robustez para apoyar los resultados de la regresión. Además, se analiza la heterogeneidad temporal y espacial en base a la cual este estudio discute los moderadores efectos del turismo en las emisiones de carbono.

Aunque numerosos estudios han examinado la relación entre el turismo y las emisiones de carbono, su impacto sigue siendo controvertido. A diferencia de los estudios anteriores, este estudio pretende investigar los efectos del turismo en las emisiones de carbono a nivel de ciudad y el mecanismo moderador subyacente.

Los resultados muestran que tanto las llegadas de turistas como los ingresos por turismo influyen significativamente en las emisiones de carbono. Además, existe una importante heterogeneidad temporal y espacial de estos efectos. El desarrollo económico aumenta significativamente, mientras que la tecnología verde y el desarrollo de la industria terciaria suprimen la relación positiva entre el turismo y las emisiones de carbono. Además, en lo que respecta al impacto sobre las emisiones de carbono, existe una sustitución explícita entre el turismo y el desarrollo de la industria terciaria.

Por primera vez, este estudio estima cuantitativamente los moderadores del impacto del turismo en las emisiones de carbono y concluye los efectos moderadores del crecimiento económico, el progreso tecnológico y la estructura industrial, lo que permite avanzar en la comprensión teórica de la heterogeneidad de la asociación del turismo con las emisiones de carbono. El artículo también resuelve una carencia técnica de los estudios anteriores al demostrar la fiabilidad de las conclusiones mediante diversas pruebas de solidez. Este es también el primer estudio empírico que examina sistemáticamente la relación entre el turismo y las emisiones de carbono en China.

Due to social transformation in China, more than 100,000,000 people are migrating within the country. Many parents are forced to leave their children behind when they migrate. In 2008, 58,000,000 children were living as left‐behind children, mainly in the rural parts of China (Zhang, 2009).Migration and its accompanying stressors may affect the mental health of the left‐behind children. This unique literature review of Chinese literature summarises the present state of knowledge and reviews the influential factors. Possible approaches to intervention and system reforms are discussed.A literature review was performed of published studies between 2001 and 2008. Databases used were Fujian Medical University Library Interface, Chinese National Knowledge Infrastructure, Wanfang Data, and VIP Information. The Chinese word for ‘left‐behind’ was used as a key word. Books, book chapters, monographs and studies on caring were searched electronically and by hand. Altogether, 53 items were found, discussed and grouped together. Migration affected the mental health of the left‐behind children in a passive way, especially their emotions and social behaviour.There is still controversy over how serious mental health problems are among children who have been left behind. Life events, personality, coping strategies and social suppor t can be regarded as four main factors that are predictive of mental health, which provides theoretical guidance for intervention. Suppor t and prevention of mental health problems in schools, in families and in primary care should be developed and studied.

This paper provides a quantitative review of the literature on the repercussions of idiosyncratic information on firms’ cost of equity (CoE) capital. In total, I review the results of 113 unique studies examining the CoE effects of information Quantity, Precision and Asymmetry. My results suggest that the association between firm-specific information and CoE is subject to moderate effects. First, the link between Quantity and CoE is moderated by disclosure types and country-level factors in that firms in comparatively weakly regulated countries tend to enjoy up to four times greater CoE benefits from more expansive disclosure—depending on the type of disclosure—than firms in strongly regulated markets. Second, a negative relationship between Precision and CoE is only significant in studies using non-accrual quality proxies for Precision and risk factor-based (RFB)/valuation model-based (VMB) proxies for CoE. Third, almost all VMB studies confirm the positive association between Asymmetry and CoE, but there is notable variation in the conclusions reached when ex post CoE measurers are used.

In this chapter, we will review the history, deregulation, policy reforms, and airline consolidations and mergers of the Chinese airline industry. The measurement of airline competition in China’s domestic market will also be discussed. Although air deregulation is still ongoing, the Chinese airline industry has become a market-driven business subject to some mild regulations. Then, we will review the impressive development of the high-speed rail (HSR) network in China and its effects on the domestic civil aviation market. In general, previous studies have found that the introduction of HSR services has a significant negative impact on airfare and air travel demand in China. The rapidly expanding network of HSR has important policy implications for Chinese airlines.

The purpose of this paper is to find homoclinic breather waves, rogue waves and soliton waves for a (3 + 1)-dimensional generalized Kadomtsev–Petviashvili (gKP) equation, which can be used to describe the propagation of weakly nonlinear dispersive long waves on the surface of a fluid.

The authors apply the extended Bell polynomial approach, Hirota’s bilinear method and the homoclinic test technique to find the rogue waves, homoclinic breather waves and soliton waves of the (3 + 1)-dimensional gKP equation.

The results imply that the gKP equation admits rogue waves, homoclinic breather waves and soliton waves. Moreover, the authors also find that rogue waves can come from the extreme behavior of the breather solitary wave. The authors analyze the propagation and interaction properties of these solutions to better understand the dynamic behavior of these solutions.

These results may help us to further study the local structure and the interaction of waves in KP-type equations. It is hoped that the results can help enrich the dynamic behavior of such equations.

In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities.

Three main insights arise from our analysis. First, evidence on the economic consequences of internal control quality suggests that the quality of internal control can have a significant effect on decision making by users of financial information. Second, the results of research on the empirical association between ownership structure, certain board characteristics and internal control quality is generally mixed. Empirical evidence concerning the association between audit committee characteristics and internal control quality generally supports a positive and significant association. Finally, while studies in non-US jurisdictions are increasing, opportunities remain to explore the determinants and consequences of internal control in other jurisdictions. Our review provides evidence for policy makers of whether there are benefits from requiring management and auditors to report on internal control over financial reporting.

This chapter proposes semiparametric estimation of the relationship between growth rate of GDP per capita, growth rates of physical and human capital, labor as well as other covariates and common trends for a panel of 23 OECD countries observed over the period 1971–2015. The observed differentiated behaviors by country reveal strong heterogeneity. This is the motivation behind using a mixed fixed- and random coefficients model to estimate this relationship. In particular, this chapter uses a semiparametric specification with random intercepts and slopes coefficients. Motivated by Lee and Wand (2016), the authors estimate a mean field variational Bayes semiparametric model with random coefficients for this panel of countries. Results reveal nonparametric specifications for the common trends. The use of this flexible methodology may enrich the empirical growth literature underlining a large diversity of responses across variables and countries.