do greens drive hummers or hybrids environmental ideology as a determinant of consumer choice this paper uses several california data sets to test for differences in consumption patterns between greens and browns a person s environmentalism is rarely observed in consumer data sets in california a community s share of green party registered voters is a viable proxy for community environmentalism environmentalists are more likely to commute by public transit purchase hybrid vehicles and consume less gasoline than non environmentalists

does the emperor wear clothes or not the final word or almost on the parable of investment management a goal of many institutional investors is hiring active managers that will consistently beat the market the question is how can such managers be identified in advance this article documents one institutional investor s experience with manager selection and offers some thoughts about why successful manager selection is such a challenge

a multi regional input output analysis of the pollution haven hypothesis from the perspective of global production fragmentation pollution haven hypothesis is an important debate on the environmental effects of international trade the pattern of which has been reshaped obviously by global production fragmentation recently the production process is distributed globally and the pollution haven effect of international trade is becoming more complicated for instance intermediate product trade corresponds to the largest share of embodied emissions and the share of emissions induced by the global value chain related trade is increasing gradually the aim of this paper is to make a comprehensive analysis on the pollution haven hypothesis in carbon emissions embodied in three different trade patterns from global bilateral and national perspectives we propose a method to parcel the pollution haven hypothesis in a multi regional input output analysis and discuss the contribution of production fragmentation for global emissions it is found that international production fragmentation generates global emissions savings the intermediate product trade has a negative balance of avoided emissions the final product trade becomes increasingly less environmentally effective during the period 1995 2009 there are significant differences in the environmental effects of different trade patterns for each country

the effect of technology spillover on co2 emissions embodied in china australia trade abstract co2 emissions embodied in international trade have drawn wide attention in the academia and national climate negotiations in this study we estimate the embodied co2 emissions in the trade between china and australia using long time series disaggregated sectoral data based on missions embodied in bilateral trade eebt method and analyse the major driving forces for these emissions changes based on structural decomposition analysis sda method the results show that export volume contributed to these embodied co2 emissions increase while emission intensity could offset these co2 emissions increase we further predict embodied co2 emission in sino australia trade under different scenarios and the results indicate that technology spillover can significantly reduce embodied co2 emissions in trade electricity transportation and cement industries have significant potential to reduce carbon emissions in addition we evaluate future carbon reduction potential till 2030 the results in this study can inform decision makers for australia and china to formulate energy conservation and emission reduction policies

will china s trade restructuring reduce co2 emissions embodied in international exports china s co2 emissions exports embodied in international trade has recently attracted more attention and raises questions on the liability and responsibility for environmental costs associated with chinese produced goods given that embodied emissions exports and imports are normal phenomena during international trade the key question focuses on china s reduction of embodied emissions exports via trade restructuring a trade restructuring optimization model combined with input output analysis and multi objective programming was established in this study in order to analyze the maximum volume of embodied emissions reduction within bearable cost constraints the results suggest that the trade off cost for china to reduce embodied emissions exports is very high additionally the net exports of china s embodied co2 emissions under a reasonable scenario can only be reduced by 3 26 previous policy suggestions on import export structure adjustments have limited effects on the reduction of china s embodied emission exports and unemployment is an important constraint on embodied co2 emissions export reduction even so china can still take advantage of various positive factors that have emerged in recent years to improve the industrial and energy consumption structures given that the increasing trend of china s embodied co2 emission exports has already changed gradually

emissions embodied in chinese exports taking into account the special export structure of china abstract quantification of co 2 emissions embodied in china s trade is important for an informed debate on whom to blame for the recent rise in chinese emissions or the calculation of border carbon adjustments applying input output io techniques we calculate these emissions in 1 a standard model 2 a regionally disaggregated model taking into account that export production is concentrated in more advanced and more emission efficient provinces and 3 in a model with export processing taking into account that almost half of the chinese exports rely on a large share of imported intermediates and little domestic value and emissions added we compare year 2007 emissions embodied in chinese exports in a unified framework we also report emissions embodied in chinese imports used for intermediate production of exports by combining calculations for china with data from global io models we find that both a model with 30 provinces 1730 mt co 2 and a model accounting for export processing 1630 mt yield lower chinese emissions embodied in exports compared to the standard model 1782 mt in the regional model emissions are even lower 1522 mt if interprovincial trade is not taken into account

the diffusion of energy efficiency in building awareness of global warming and the extent of greenhouse gas emissions has focused more attention upon energy efficiency in building moreover the inventory of green office space in the u s has increased dramatically since the introduction of rating schemes that attest to the energy efficiency or sustainability of commercial buildings in some metropolitan areas the supply of certified office buildings has more than doubled in the last decade and there are a few metropolitan areas where green office space now accounts for more than a quarter of the total office stock in this paper we analyze the diffusion of buildings certified for energy efficiency across us property markets using a panel of 48 metropolitan areas msas observed over the last 15 years we trace the diffusion of green building practices across the country we then model the geographic patterns and dynamics of building certification relating industry composition changes in economic conditions characteristics of the local commercial property market and the presence of human capital to the crosssectional variation in energy efficient building technologies and the diffusion of those technologies over time understanding the determinants and the rate at which energyefficient building practices diffuse over space and time is important for designing policies to affect resource consumption in the built environment

embodied carbon in china s foreign trade an online sci e and ssci based literature review abstract this paper systematically presents a survey of the empirical literature studying the embodied co2 emissions in china s foreign trade ecct based on the bibliometric method and the online version of science citation index expanded sci e and social sciences citation index ssci this study summarizes the latest publications regarding ecct in peer reviewed journals in terms of quantities most productive countries institutions authors citations and disciplines by using synthetic analysis of keyword frequency this study reveals the most popular methodologies applied in measuring ecct discusses the variation of numerical results in the literature and reasons and countermeasures for the results uncertainties continuous investigation of the literature releases the methodology employed for measuring ecct becoming more reasonable and the results more critical however the numerical results of ecct are of great discrepancies within given year by different considerations on methodology specification accounting principles and data sources and processing for instance the estimates of co2 embodied in china s exports changed from 478 mt to over 3000 mt and those of in china s imports ranged from 140 mt to over 1700 mt in 2007 therefore overcoming data inherent limitations and reducing discrepancies among available databases should be urgently considered the results imply that the prospective research tendencies on ecct are to 1 improve china s regional input output data and energy intensity data to more precise estimates under global perspective 2 estimate china s carbon emission at firm level by different firm ownerships in production and consumption worldwide 3 assess china s carbon emission from processing or non processing trade by compiling more detailed multi regional input output table 4 evaluate city level carbon mitigation capacity in china under global mrio model 5 explore new carbon management experience in china s carbon trading market and new trade expansion policy of one belt and one road in her new growth era

pricing and risk management of interest rate swaps this paper reformulates the valuation of interest rate swaps swap leg payments and swap risk measures all under stochastic interest rates as a problem of solving a system of linear equations with random perturbations a sequence of uniform approximations which solves this system is developed and allows for fast and accurate computation the proposed method provides a computationally efficient alternative to monte carlo based valuations and risk measurement of swaps this is demonstrated by conducting numerical experiments and so our method provides a potentially important real time application for analysis and calculation in markets

potential cooperation in renewable energy between china and the united states of america abstract china and the united states of america us are developing renewable energy concurrently in this paper we seek the opportunities for potential cooperation between these two countries based on the analysis of annual economic data a mathematical model has been established to characterize correlations among gdp carbon dioxide emissions energy prices and the renewable energy cooperation index based on statistical analyses such cooperation can promote economic development reduce carbon dioxide emissions improve the environment and realize green growth if us monetary and technology resources and chinese markets are combined benefits can be mutually gained

input output analysis of carbon emissions embodied in china japan trade abstractenergy related co2 emissions embodied in international trade have been widely studied by researchers all over the world by using the bilateral trade input output btio approach this study investigates the co2 emissions embodied in china japan trade during 1995 2009 and attempts to identify the driving forces for the change in co2 emissions embodied in china s exports to japan during that period by using structural decomposition analysis sda result shows that co2 emissions embodied in china s exports increased by about 100 from 1995 to 2009 whereas those embodied in china s imports increased by about 500 during the same period result of this research also reveals that the scale effect had a large influence on the increase in co2 emissions embodied in china japan trade the technical effect greatly decreased co2 emissions embodied in china s exports to japan but obviously increased those embodied in imports the influence of the structural effect was relatively small and insignificant in

china s provincial co2 emissions embodied in international and interprovincial trade trades create a mechanism of embodied co2 emissions transfer among regions causing distortion on the total emissions as the world s second largest economy china has a large scale of trade which results in the serious problem of embodied co2 emissions transfer this paper analyzes the characteristics of china s co2 emissions embodied in international and interprovincial trade from the provincial perspective the multi regional input output model is used to clarify provincial co2 emissions from geographical and sectoral dimensions including 30 provinces and 28 sectors two calculating principles production accounting principle and consumption accounting principle munksgaard and pedersen 2001 are applied the results show that for international trade the eastern area accounts for a large proportion in china s embodied co2 emissions the sectors as net exporters and importers of embodied co2 emissions belong to labor intensive and energy intensive industries respectively for interprovincial trade the net transfer of embodied co2 emissions is from the eastern area to the central area and energy intensive industries are the main contributors with the largest amount of direct co2 emissions the eastern area plays an important role in co2 emissions reduction the central and western areas need supportive policies to avoid the transfer of industries with high emissions

is energy efficiency capitalized into home prices evidence from three u s cities abstract we test for evidence that energy efficiency features are capitalized into home prices in three u s metropolitan areas using hedonic regressions and multiple matching procedures we find that energy star certification is associated with higher sales prices in two of the markets the research triangle region of north carolina and portland oregon we find that local green certifications in portland and in austin texas are also associated with higher prices and that the estimated price impacts are larger than those from energy star matching on observables proves to be important in some cases reducing the estimated impacts compared with models without matching we calculate the implied energy savings from the estimated premiums and find that in the research triangle market the energy star premiums approximately equal the savings that program is designed to achieve but in portland the premiums are slightly greater than the program s savings due to low energy costs in the region

will export rebate policy be effective for co2 emissions reduction in china a ceepa based analysis china has adopted cancellation of export tax rebate policies on many occasions to push ahead energy conservation and emission reduction since 2007 by applying a ceepa china energy environmental policy analysis system model this paper simulates the impacts of the cancellation of export rebates on co2 emissions and socio economic consequences in different scenarios so as to figure out whether it works this paper covers three export rebate scenarios and makes comparisons between the impacts of export rebates on emission reduction effects and that of carbon tax policies the conclusions are 1 the current policy which cancels export rebates for key sectors can cut emissions at huge economic cost yet it is unsustainable 2 the policy which cancels export rebates for key sectors and meanwhile subsidizes sectoral outputs yields double dividends in the short term thus can facilitate emission reduction yet the boost is limited 3 the policy which cancels export rebates and boosts domestic demand helps improving residents welfare in the short term while it may inflict pronounced social and economic impacts in the long run so policy of this kind should be adopted with great caution 4 export rebates generate far more economic costs than carbon tax policies in the long term and don t contribute to optimizing the energy mix as well as the latter in summary canceling export rebates should not be regarded as a priority to encourage emission reduction

promises and pitfalls in environmentally extended input output analysis for china a survey of the literature abstract as the world s largest developing economy china plays a key role in global climate change and other environmental impacts of international concern environmentally extended input output analysis ee ioa is an important and insightful tool seeing widespread use in studying large scale environmental impacts in china calculating and analyzing greenhouse gas emissions carbon and water footprints pollution and embodied energy this paper surveys the published articles regarding ee ioa for china in peer reviewed journals and provides a comprehensive and quantitative overview of the body of literature examining the research impact environmental issues addressed and data utilized the paper further includes a discussion of the shortcomings in official chinese data and of the potential means to move beyond its inherent limitations

how economic growth renewable electricity and natural resources contribute to co2 emissions abstract this study explores the relationship between economic growth and co2 emissions in the so called european union 5 eu 5 countries germany france italy spain and the united kingdom for the 1985 2016 period in doing so we employ a carbon emission function to investigate the environmental kuznets curve phenomenon which describes a relationship between economic growth and environmental degradation the empirical results confirm the existence of an n shaped relationship between economic growth and co2 emissions in the eu 5 countries we incorporate additional variables such as renewable electricity consumption trade openness natural resource abundance and energy innovation to augment the carbon emission function renewable electricity consumption natural resources and energy innovation improve environmental quality while trade openness and the interaction between economic growth and renewable electricity consumption exert a positive impact on co2 emissions this study is novel in that it presents an interaction between economic growth and renewable electricity consumption we also confirm the need for renewable energy regulations related to increasing renewable sources and promoting energy innovation to reduce the negative effects of energy and fossil energy resources on environmental degradation

primary energy and greenhouse gases embodied in australian final consumption an input output analysis input output modeling of primary energy and greenhouse gas embodiments in goods and services is a useful technique for designing greenhouse gas abatement policies the present paper describes direct and indirect primary energy and greenhouse gas requirements for a given set of australian final consumption it considers sectoral disparities in energy prices capital formation and international trade flows and it accounts for embodiments in the gross national expenditure as well as the gross domestic product primary energy and greenhouse gas intensities in terms of mj and kg co2 e are reported as well as national balances of primary energy consumption and greenhouse gas emissions

input output analysis of co2 emissions embodied in trade and the driving forces processing and normal exports in recent years energy related co2 emissions embodied in international trade and the driving forces have been widely studied by researchers using the environmental input output framework most previous studies however do not differentiate different input structures in manufacturing processing exports and normal exports using china as an example this paper exemplifies how implications of results obtained using different export assumptions differ the study posits that the utilization of traditional i o model results in an overestimation of emissions embodied in processing exports and an underestimation in normal exports the estimate of co2 emissions embodied in china s exports drops by 32 when the extended i o model is used the choice of export assumption has more impact on the decomposition results for processing exports the study further highlights that for a country with an export structure similar to china it is meaningful to look into the impact of export assumption in embodied emission studies

doing well by doing good green office buildings this paper provides the first credible evidence on the economic value of the certification of green buildings in the commercial sector value derived from impersonal market transactions rather than engineering estimates we match publicly available information on the addresses of energy star and leed rated office buildings to a commercial data source detailing the characteristics of u s office buildings and their rental rates we analyze the micro data on 694 certified green buildings and on 7489 other office buildings located within a quarter mile of the certified buildings we find systematic evidence that rents for green offices are about two percent higher than rents for comparable buildings located nearby effective rents i e rents adjusted for the occupancy levels in office buildings are about six percent higher in green buildings than in comparable office buildings nearby at prevailing capitalization rates conversion of the average non green building to an equivalent green building would add more than 5 million in market value these results are robust to the statistical models employed

evaluating environmental investments a real options approach the paper presents a model that determines when at which output price level it is optimum for a firm to invest in environmental technologies and which are the main parameters that affect this decision our analysis shows that firms require high output price levels to be induced to invest in environmental technologies because they optimally would not want to commit to a heavy irreversible investment that could turn out to be unprofitable in the event of a price fall a comparative static analysis predicts that firms in industries with high output price volatility would be more reluctant to invest in environmental protection technologies and would be more willing to operate at low output levels thus attaining low emission levels increases in the interest rate would also reduce optimal environmental investment levels

estimation and control of spanish energy related co2 emissions an input output approach this article uses input output methods to obtain the energy related co2 intensities for the spanish economy in 1992 based on those intensities it yields a structural decomposition of spanish energy related co2 emissions and an estimation of the price effects of several hypothetical carbon taxes levied on fossil fuel consumption these results are related to the ongoing discussion within eu circles and member states about the consequences of carbon energy taxes and to the simulated effects of such taxes in various countries the paper also responds to the lack of reliable disaggregated data on spanish co2 emissions and to the growing awareness on the limited effectiveness of spanish climate change policies

participation in gvcs and co2 emissions abstract this paper attempts to explore the determinants of co2 emissions in the context of international trade while there exist studies that examine the roles of horizontal specialization and inter industry trade transactions little previous research attention has been paid to the roles of vertical specialization and intra industry trade transactions in affecting co2 emissions to fill the knowledge gap this study uses the panel data of 62 countries and regions for the period of 1995 2011 to estimate the effect of participation in global value chains gvcs on per capita co2 emissions major findings include 1 the relationship between participation degrees in gvcs and per capita co2 emissions is found to be inversely u shaped at the aggregate economy level and for most individual industries 2 per capita gdp shows an n shaped relationship with per capita co2 emissions and 3 benign drivers of co2 emissions include r d energy conservation and population control it can be concluded that countries with low gdp or gvc participation degrees are expected to experience worsening co2 emissions in the short or even medium run this trend however can be moderated or even reversed with more r d investments

trade the pollution haven hypothesis and the environmental kuznets curve examining the linkages abstract this paper examines the extent to which the ekc inverted u relationship can be explained by trade and specifically the migration or displacement of dirty industries from the developed regions to the developing regions the pollution haven hypothesis phh using detailed data on north south trade flows for pollution intensive products the evidence for the phh is assessed emissions of 10 air and water pollutants are then estimated controlling for trade openness structural change and dirty north south trade flows evidence of pollution haven effects is found although such effects do not appear to be widespread and appear to be relatively small compared to the roles played other explanatory variables

input output analysis of co2 emissions embodied in trade competitive versus non competitive imports energy related co2 emissions embodied in international trade have been widely studied by researchers using the environmental input output framework in the literature two different approaches to deal with emissions embodied in a country s imports can be found one of the approaches is based on the assumption of competitive imports while the other is based on the assumption of non competitive imports we show that the implications of the results obtained using different imports assumptions are not the same the approach using the competitive imports assumption gives estimates larger than those obtained using the non competitive import assumption the differences between the two embodiment estimates come from the transition of embodied emissions in china s imports for intermediate consumption to those in china s exports this explains why relatively high estimates of co2 emissions embodied in china s exports are reported in several recent studies appearing in energy policy

the price of innovation an analysis of the marginal cost of green buildings abstract energy efficiency plays an important role in reducing the carbon externality from buildings but economic analyses of more efficient green building have thus far ignored input costs this paper finds that the average marginal cost of green labeled construction projects is smaller than the value premiums documented in the literature however design fees representing just a fraction of development costs but paid largely up front are significantly higher for green construction projects these projects also take longer to complete the results provide some insight into the market barriers and market failures that may explain the relatively slow adoption of otherwise economically rational green construction practices

an empirical examination of the pollution haven hypothesis for india towards a green leontief paradox using input output analysis we examine whether india can be regarded as a pollution haven we calculate the extra co2 so2 and nox emissions induced by 1 billion rupees of additional exports this is compared with the reduction of indian pollution caused by an import increase of equal size in contrast to what the pollution haven hypothesis states for developing countries we find that india considerably gains from extra trade comparing 1996 1997 with 1991 1992 the gains have only increased indicating that india has moved further away from being a pollution haven the outcome is robust to changes in the underlying assumptions

economic growth trade and energy implications for the environmental kuznets curve abstract the environmental kuznets curve ekc hypothesis asserts that pollution follows an inverted u path with respect to economic growth the ekc has been explained in terms of structural changes in the composition of economic output and increased environmental regulation at higher income levels while some authors have incorporated the impact of trade policy orientation on the ekc the impact of the actual movement between countries of goods that embody pollution has not been considered this paper attempts to econometrically quantify the effect using pooled cross country and time series data the ekc hypothesis is examined with respect to commercial energy consumption the source of many serious environmental problems it was found that while both industrializing and industrialized countries have added to their energy requirements by exporting manufactured goods the growth has been substantially higher in the former at the same time industrialized countries have been able to reduce their energy requirements by importing manufactured goods exports of manufactured goods by industrialized countries has thus been an important factor in generating the upward sloping portion of the ekc and imports by industrialized countries have contributed to the downward slope

the structure of the investment management industry revisiting the new paradigm will a new paradigm of investment management lead to concentration of the money management business will the merger trend continue will fees decline and what accounts for product proliferation in an industry that struggles to deliver on the implied promise of its products answers some that may surprise to these questions and more

co2 emissions and economic activity short and long run economic determinants of scale energy intensity and carbon intensity we analyze the short term and the long term determinants of energy intensity carbon intensity and scale effects for eight developed economies and two emerging economies from 1973 to 2007 our results show that there is a difference between the short term and the long term results and that climate policy are more likely to affect emission over the long term than over the short term climate policies should therefore be aimed at a time horizon of at least 8 years and year on year changes in emissions contains little information about the trend path of emissions in the long run capital accumulation is the main driver of emissions productivity growth reduces the energy intensity while the real oil price reduces both the energy intensity and the carbon intensity the real oil price effect suggests that a global carbon tax is an important policy tool to reduce emissions but our results also suggest that a carbon tax is likely to be insufficient decouple emission from economic growth such a decoupling is likely to require a structural transformation of the economy the key policy challenge is thus to build new economic structures where investments in green technologies are more profitable

promoting green productivity growth for china s industrial exports evidence from a hybrid input output model abstract stimulated by low labor cost and loose environmental regulations china s industrial exports have benefited significantly since joining the world trade organization wto however the extensive growth model in the past several decades has led to environmental degradation china is now shifting her development pattern to a more sustainable model using a hybrid input output model this paper found that total energy coefficients fell sharply between 1997 and 2002 and 2007 and 2012 the total energy consumption and co2 emission embodied in china s industrial exports grew by more than 100 from 2002 to 2007 with little variation from 2007 to 2012 subsequently malmquist luenberger productivity index mlpi is employed to assess the green productivity growth in the sector the decomposition of the mlpi is further conducted this suggests that efficiency changes from 2002 to 2007 and 2007 to 2012 are lower than 1 indicating that technical change is the main contributor to mlpi finally policy implications are provided with emphasis on dissemination of new conservation technologies

the effect of trade between china and the uk on national and global carbon dioxide emissions we estimate the amount of carbon dioxide embodied in bi lateral trade between the uk and china in 2004 developing and applying the method of shui and harriss 2006 tile role of co2 embodiment in us china trade energy policy 34 4063 4068 the most recently available data on trade and co2 emissions have been updated and adjusted to calculate the co2 emissions embodied in the commodities traded between china and the uk it was found that through trade with china the uk reduced its co2 emissions by approximately 11 in 2004 compared with a non trade scenario in which the same type and volume of goods are produced in the uk in addition due to the greater carbon intensity and relatively less efficient production processes of chinese industry china uk trade resulted in an additional 117 mt of co2 to global co2 emissions in the same one year period compared with a non trade scenario in which the same type and volume of goods are produced in the uk this represents an additional 19 to the reported national co2 emissions of the uk 555 mt y in 2004 and 0 4 of global emissions these findings suggest that through international trade very significant environmental impacts can be shifted front one country to another and that international trade can but does not necessarily result in globally increased greenhouse gas emissions these results are additional to the environmental consequences of transporting goods which are not robustly quantified here c 2008 elsevier ltd all rights reserved

dirty industries patterns of change in industrial countries this article concerns itself with the environmental role of heavily polluting industries since 1970 analysing its development in 11 basic industries as well as electricity production and road transport in 32 industrial countries it argues for a green industrial policy demonstrating that other mitigations of environmental pressure in industrial countries end of pipe treatment relocation to the third world structural change in the industrial sector and even environmentally oriented modernization have so far been unable to solve the problems of dirty industries although some approaches have shown some promise

understanding the solar home price premium electricity generation and green social status this study uses a large sample of homes in the san diego area and sacramento california area to provide some of the first capitalization estimates of the sales value of homes with solar panels relative to comparable homes without solar panels although the residential solar home market continues to grow there is little direct evidence on the market capitalization effect using both hedonics and a repeat sales index approach we find that solar panels are capitalized at roughly a 3 5 premium this premium is larger in communities with a greater share of college graduates and of registered prius hybrid vehicles

global warming agreements international trade and energy carbon embodiments an input output approach to the italian case abstract in the kyoto protocol the absence of green house gases ghgs commitments of developing countries non annex i and the more flexible terms of implementation which are allowed to countries shifting toward a market economy transition economies naturally lead to the absence or to less constraining national measures and policies of reduction of the ghgs emissions which in turn may determine a comparative advantage in the production of the highest energy carbon intensive commodities for these countries these arguments are valid also considering the future implementation of the european emission allowance trading scheme eats thus developing countries may become a haven for the production of not environmental friendly commodities in this case the so called pollution haven hypothesis stating that due to freer international trade the comparative advantage may change the economic structure and consequently the trade patterns of the countries linked by trade relationships could occur this would lead to the increase of the transfers of energy and carbon embodied in traded commodities from developing countries and transition economies toward kyoto or eats constrained countries the aim of this paper is to verify if for italy as a kyoto and eats complying country evidence of a change in the trade patterns occurred on the basis of the pollution haven hypothesis does exist and to estimate the magnitude of the under estimation of the carbon actually emitted the carbon leakage the input output model has been used to calculate the intensities of energy consumption and the related green house gases emission for each italian economic sector

the economics of green building we analyze the economics of green building finding that recent increases in the supply of green buildings and the volatility in prop erty markets have not affected the returns to green buildings we then analyze a large cross section of office buildings demonstrating that eco nomic returns to energy efficient buildings are substantial finally we relate the economic premiums for green buildings to their relative effi ciency in energy use the attributes rated for thermal efficiency as well as sustainability contribute to premiums in rents and asset values among green buildings increased energy efficiency is fully capitalized into rents and asset values

hot hands in mutual funds short run persistence of relative performance 1974 1988 the relative performance of no load growth oriented mutual funds persists in the near term with the strongest evidence for a one year evaluation horizon portfolios of recent poor performers do significantly worse than standard benchmarks those of recent top performers do better though not significantly so the difference in risk adjusted performance between the top and bottom octile portfolios is six to eight percent per year these results are not attributable to known anomalies or survivorship bias investigations with a different previously used data set and with some post 1988 data confirm the finding of persistence

hot hands in bond funds we investigate persistence in the relative performance of 3549 bond mutual funds from 1990 to 2003 we show that bond funds that display strong weak performance over a past period continue to do so in future periods the out of sample difference in risk adjusted return between the top and bottom decile of funds ranked on past alpha exceeds 3 5 percent per year we demonstrate that a strategy based on past fund returns earns an economically and statistically significant abnormal return suggesting that bond fund investors can exploit the observed persistence our results are robust to a wide range of model specifications and bootstrapped test statistics

energy and carbon embodied in the international trade of brazil an input output approach abstract all goods and services produced in an economy are directly and or indirectly associated with energy use and according to the type of fuel utilized with co2 emissions as well international trade is an important factor in shaping the industrial structure of a country and consequently in affecting a country s energy use and co2 emissions this study applies input output techniques to the brazilian economy to evaluate the total impacts of international trade on its energy use and co2 emissions a commodity by industry io model in hybrid units energy commodities in physical units and non energy commodities in monetary units is applied to the brazilian economy in 1995 results show that total energy embodied in the exports of non energy goods of brazil equals 831 pj while total carbon embodied is 13 5 mtc these amounts are larger than the relevant amounts embodied in the imports of non energy goods respectively 679 pj and 9 9 mtc these figures are better understood by contrasting them with the total energy use and the corresponding total carbon emissions of the brazilian economy in 1995 estimated by this work 6781 pj and 99 4 mtc respectively this means that international inflows and outflows of energy embodied in non energy goods are in the order of 10 and 12 of the total energy use while inflows and outflows of carbon embodied in non energy goods are approximately 10 and 14 of the corresponding total carbon emissions of the brazilian economy in 1995 the general picture is that brazil is not only a net exporter of energy 153 pj and of carbon 3 6 mtc embodied in the non energy goods internationally traded by the country in 1995 but also that each dollar earned with exports embodied 40 more energy and 56 more carbon than each dollar spent on imports these findings suggest that brazilian policy makers should be concerned about the extra impacts international trade policy may have on energy use and carbon emissions of the country

supply demand and the value of green buildings attention to sustainability and energy efficiency rating schemes in the commercial property sector has increased rapidly during the past decade in the uk commercial properties have been certified under the breeam rating scheme since 1999 offering fertile ground to investigate the economic dynamics of green certification in the commercial property market this paper documents that over the 2000 09 period the expanding supply of green buildings within a given london neighbourhood had a positive impact on average rents and prices but reduced rents and prices for environmentally certified real estate the results suggest that there is a gentrification effect from green buildings however each additional green building decreases the marginal effect of certification in the rental and transaction markets by 2 per cent and 5 per cent respectively in addition controlling for lease contract features like contract length and the rent free period modifies the impact of environmental certification on

scale technique and composition effects in trade related carbon emissions in china this study applies structural decomposition analysis to evaluate the scale composition and technique effects of trade related carbon emissions in china mainland from 1987 to 2007 the initial findings indicate that the increasing magnitude of china s trade both in terms of the carbon emissions embodied in exports and the carbon emissions avoided via imports had large scale effects during the whole period the technique effect caused by changes in input mix sector energy intensity fuel mix and carbon coefficients effectively offset part of the scale effect during the entire period but failed to do so during some sub periods changes in trade composition caused a relative small increase in the carbon emissions created by exports but a relative small decrease in the carbon emissions avoided via imports during the whole period

bi lateral co2 emissions embodied in australia china trade abstract this paper quantifies the co 2 emissions embodied in bi lateral trade between australia and china using a sectoral input output model the results revealed 1 that china performs lower than australia in clean technology in the primary manufacturing energy sectors due to their overuse of coal and inefficient sectoral production processes and 2 that china had a 30 94 mt surplus of bi lateral co 2 emissions in 2010 2011 and 3 overall global emissions were reduced by 20 19 mt through australia china trade in 2010 2011 the result indicates that the greater the energy efficient a country among the trading partners the lower will be the overall global co 2 emissions global emissions decreased mainly because china consumed australian primary products rather than producing them australia is an energy efficient producer of primary products relative to china the bilateral trade compositions and trade volume played an important role in lowering global emissions and therefore one can view proposed china australia free trade agreement positively in reducing global emissions however for the sustainable development china should strengthen clean energy use and both countries should adopt measures to create an emission trading scheme in order to avoid protectionism in the form of future border price adjustments

a general index of technical change this paper outlines a procedure for estimating a general index of technical change within the context of a quite general production technology specifically when panel data are available for firms in an industry time specific dummies can be combined in a nonlinear estimation procedure to yield a general index of technical change that may be both nonneutral and scale augmenting this approach offers numerous advantages over the traditional time trend representation of technical change for example the general index can serve as the basis for analysis of the determinants of technical change results for a sample of 30 electric utilities over the period 1951 78 show that the productivity decline of the 1970s can be attributed primarily to sulphur oxide restrictions and secularly declining capacity utilization due to rapidly increasing peak load demands

china s regional co2 emissions characteristics inter regional transfer and emission reduction policies abstract this paper analyzes the characteristics of china s regional co 2 emissions and effects of economic growth and energy intensity using panel data from 1997 to 2009 the results show that there are remarkable regional disparities among eastern central and western areas regional elasticities of per capita gdp and energy intensity on co 2 emissions which reflect the regional differences in economic development economy structure and restraining function of energy intensity decrease on the emission energy intensity reducing is more effective to emission abatement for provinces with higher elasticity of energy intensity but may not be significant for provinces with lower elasticity the inverse distribution of energy production and consumption regional unfairness caused by institutional factors like energy price and tax system result in inter regional co 2 emission transfer embodied in the power transmission the calculation indicates that the embodied emission transfer was gradually significant after 2003 from eastern area to the central and western areas especially energy production provinces in central area which leads to distortion on the emission and emission intensity the regional emission reduction targets and supporting policies should be customized and consistent with the actual situations rather than setting the same target for all the provinces

does historical performance predict future performance an investigation of the persistence of mutual fund performance indicates that investors need more than past performance numbers to pick future winners in this study style analysis was used to separate fund total returns into style and selection components performance was defined in terms of total returns selection returns and information ratios ratios of selection return to selection risk for each fund type two out of sample periods were established to investigate persistence of performance from one period to the next using regression analysis and contingency tables the evidence supported persistence only for fixed income fund performance this persistence is beyond any effects of fund fees and expenses or data base survivorship bias unfortunately this persistence edge cannot overcome the average underperformance of fixed income funds resulting from fees and expenses

carbon emissions from the commercial building sector the role of climate quality and incentives commercial buildings play a major role in determining u s greenhouse gas emissions yet surprisingly little is known about the environmental performance of different buildings at a point in time or how the same buildings perform over time by exploiting a unique panel of commercial buildings from a major electric utility we study the association between a building s electricity consumption and the physical attributes of buildings lease incentive terms indicators of human capital and climatic conditions we find that buildings that are newer and of higher quality consume more electricity contrasting evidence for the residential sector however using our panel data set we document that newer buildings are most resilient when exposed to hotter weather those buildings that have a building manager on site and whose tenants face a positive marginal cost for electricity also demonstrate a better environmental performance

co2 emissions embodied in china us trade input output analysis based on the emergy dollar ratio to gain insight into changes in co2 emissions embodied in china us trade an input output analysis based on the emergy dollar ratio edr is used to estimate embodied co2 emissions a structural decomposition analysis sda is employed to analyze the driving factors for changes in co2 emissions embodied in china s exports to the us during 2002 2007 the results of the input output analysis show that net export of co2 emissions increased quickly from 2002 to 2005 but decreased from 2005 to 2007 these trends are due to a reduction in total co2 emission intensity a decrease in the exchange rate and small imports of embodied co2 emissions the results of the sda demonstrate that total export volume was the largest driving factor for the increase in embodied co2 emissions during 2002 2007 followed by intermediate input structure direct co2 emissions intensity had a negative effect on changes in embodied co2 emissions the results suggest that china should establish a framework for allocating emission responsibilities enhance energy efficiency and improve intermediate input structure

impact of inter sectoral trade on national and global co2 emissions an empirical analysis of china and us abstract this paper attempts to discuss the co2 emissions embodied in sino us international trade using a sector approach based on an input output model established in this study we quantify the impact of sino us international trade on national and global co2 emissions our initial findings reveal that in 2005 the us reduced 190 13 mt co2 emissions through the consumption of imported goods from china while increasing global co2 emissions by about 515 25 mt similarly china reduced 178 62 mt co2 emissions through the consumption of us goods while reducing global co2 emissions by 129 93 mt sino us international trade increased global co2 emissions by 385 32 mt as a whole of which the chemical fabricated metal products non metallic mineral products and transportation equipment sectors contributed an 86 71 share therefore we suggest that accelerating the adjustment of china s trade structure and export of us advanced technologies and experience related to clean production and energy efficiency to china as the way to reduce the negative impact of sino us trade on national and global co2 emissions this behavior should take into account the processing and manufacturing industries as a priority especially the chemical fabricated metal products non metallic mineral products and transportation equipment sectors

the role of co2 embodiment in us china trade abstract this study examines the influence of us china trade on national and global emissions of carbon dioxide co2 the three basic questions are as follows 1 what amount of co2 emissions is avoided in the us by importing chinese goods 2 how much are co2 emissions in china increased as a result of the production of goods for export to the us and 3 what are the impacts of us china trade on global co2 emissions our initial findings reveal that during 1997 2003 1 us co2 emissions would have increased from 3 to 6 if the goods imported from china had been produced in the us 2 about 7 14 of china s current co2 emissions were a result of producing exports for us consumers and 3 us china trade has increased global co2 emissions by an estimated 720 million metric tons we suggest that the export of us technologies and expertise related to clean production and energy efficiency to china could be a win win strategy for both countries for reducing their trade imbalance and mitigating global co2 emissions improved international accounting methodologies for assigning responsibility for co2 emissions must be designed to account for the dynamic nature of international trade