This paper analyzes the signaling effect of bidding in a two-round elimination contest. Before the final round, bids in the preliminary round are revealed and act as signals of the contestants' private valuations. Depending on his valuation, a contestant may have an incentive to bluff or sandbag...

Porter hypothesis states that environmental regulation may lead to win-win opportunities, that is, improve the productivity and reduce the undesirable output simultaneously. Based on directional distance function, this paper proposes a novel dynamic activity analysis model to forecast the...

The conflict among natural resources, environment and economic development is one of the major problems to be solved in the current world. Sustainable development is a powerful tool on the way toward seeking for harmonious development. Due to a lack of resources and fragility in ecosystems, the...

Predicting default risk is important for firms and banks to operate successfully. There are many reasons to use nonlinear techniques for predicting bankruptcy from financial ratios. Here we propose the so-called Support Vector Machine (SVM) to predict the default risk of German firms. Our...

Economists have long argued that market-based environmental policy such as an environmental tax is beneficial to abate pollution emissions. This study aims at investigating the impact of carbon tax levy on carbon dioxide (CO2) abatement and industrial growth in China. To this end, the marginal...

This paper investigates the impact of energy on China's industrial sustainability by using a novel approach to estimate real total factor productivity. The growth accounting indicates that the substantial industrial reforms in China have led to productivity growth. Energy and capital are also...