Market Efficiency and Investor Sentiment: Evidence from the Pricing Dynamics between Futures and Spot Markets

This study shows that investor sentiment plays an important role in affecting the pricing dynamics between the spot and futures markets. The empirical evidence suggests that investor sentiment has a positive impact on price volatility and the bid–ask spread on both the spot and futures markets, which induces higher arbitrage risk and trading costs during high sentiment periods. As a consequence, during high sentiment periods, informed traders become less willing to leverage their information advantages on the futures market, which diminishes the futures markets’ leading informational role and contributions to price discovery. My findings provide support for the theory of limits to arbitrage

广东电力生产的温室气体排放趋势和演变特征

A ＂top-down＂ method based on the latest energy consumption and emission factors from the literature was employed to estimate direct and indirect greenhouse gas （GHG） emissions from electricity generation in Guangdong Province, China, from 1995-2011. The

Characteristics and Trends of Electricity-Related Greenhouse Gas Emissions in Guangdong Province, China

A ＂top-down＂ method based on the latest energy consumption and emission factors from the literature was employed to estimate direct and indirect greenhouse gas （GHG） emissions from electricity generation in Guangdong Province, China, from 1995-2011. The

广东货船水运的温室气体排放和低碳发展对策

作为我国港口大省和低碳试点省,广东需先行测算船舶水运的GHG(温室气体)排放量基线,以探究低碳水运对策. 通过文献调研收集适用数据和资料,基于引擎功率法,测算了广东抵港货船在2010年的GHG排放量. 结果表明:广东专属经济区海域内货船水运的GHG总排放量为2887×10~4t,不确定性在-36%~45%之间,其中在领海区域内的排放量为730×10~4t；远洋集装箱船是GHG最大排放源,占总排放量的43%；集装箱船、干散货船、油轮和其他货船的GHG排放量不确定性均介于-30%~50%之间,远洋货船的主引擎在正常航行模式下输出功率是最主要的不确定性源. 基于分析船舶水运的GHG排放特征,提出船舶减速、向远洋货船供应岸电和内河货船主引擎转用天然气共3项低碳节能措施,共可减排40%的GHG排放量.该研究结果不仅为广东低碳水运发展提供基础性的GHG排放数据,也可为其他港口地区提供估算水运业GHG排放量的技术方法参考和实践经验