Intermediary Model Research Articles

Polarized Calu-3 Cells Serve as an Intermediary Model for SARS-CoV-2 Infection.

Human nasal epithelium (HNE) organoid models of SARS-CoV-2 infection were adopted globally during the COVID-19 pandemic once it was recognized that the Vero cell line commonly used by virologists did not recapitulate human infection. However, the widespread use of HNE organoid infection models was hindered by the high cost of media and consumables, and the inherent limitation of basal cells as a scalable continuous source of cells. The human Calu-3 cell line, generated from a lung adenocarcinoma, was shown to largely recapitulate infection of the human epithelium and to preserve the SARS-CoV-2 genomic fidelity. We have previously shown that continuous cancer cell lines can polarize along the apical-basal axis when embedded in matrix and to more closely mimic infection of human cells when compared to their non-polarized, simple monolayer state. We have established and demonstrated that polarized Calu-3 cells constitute a robust SARS-CoV-2 infection model. The polarized Calu-3 cells are implemented in our respiratory virus isolation and amplification pipeline as an inexpensive, scalable, intermediary culture system to complement the HNE organoid model against which all respiratory culture models are benchmarked.

Carbon information disclosure and corporate financial performance-Empirical evidence based on heavily polluting industries in China.

Global climate change has become one of the most large-scale, widespread, and far-reaching challenges facing mankind. Against this background, China has proposed a "dual-carbon" target in 2020, which greatly demonstrates China's determination and commitment to carbon emission reduction, and the burden of realizing the "dual-carbon" target is mainly borne by heavy polluters. The burden of achieving the "dual-carbon" goal is mainly borne by the heavily polluting firms. Although this has increased the economic burden of the firms to a certain extent, carbon information disclosure reduces the degree of information asymmetry and also obtains the support of the government, which improves the financial performance of the firms. Based on the data of A-share listed companies in Shanghai and Shenzhen in the heavy pollution industry in 2013-2023, this paper analyzes the relationship between carbon information disclosure, and corporate financial performance according to signaling theory, rent-seeking theory, and sustainable development theory. It is found that enhanced corporate carbon disclosure can significantly improve corporate financial performance, and the main effect is realized through reducing debt financing costs and increasing the proportion of institutional investors' shareholding. In the heterogeneity analysis, this paper finds that the main effect is more significant in the samples of firms located in the western region and the central region. Based on existing research, this paper deepens the study of the relationship between carbon disclosure and corporate financial performance. By integrating the multiple perspectives of signaling theory, rent-seeking theory and sustainable development theory, this paper systematically analyzes how creditors, institutional investors and other stakeholders play a role in the dynamic interaction between carbon disclosure and corporate financial performance, and reveals the motives and mechanisms behind the behaviors of these stakeholders. In order to further refine the analysis path, this paper constructs an intermediary model in order to deconstruct the deep logic of the path and mechanism through which carbon disclosure indirectly affects corporate financial performance. This model not only enhances the theoretical explanatory power, but also provides a more refined analytical framework for empirical testing, which helps to reveal the "black box" mechanism of carbon disclosure's impact on corporate financial performance. In addition, in view of China's vast territory and the uneven level of economic development between regions, this paper adopts a differentiated analysis strategy, based on the economic characteristics of the regions where the heavy polluters are located, and divides the whole sample into three sub-samples for independent regression analysis. This heterogeneity test incorporates inter-regional development differences into the scope of analysis, making the research conclusions more geographically specific and policy-guiding significance. By comparing and analyzing the differences in the impact of carbon disclosure on the financial performance of enterprises in different regions, this paper provides a reference for the government to formulate differentiated carbon disclosure policies in the future, accurately promote the construction of the carbon trading market, and efficiently achieve the carbon emission reduction targets at the national level.

A160: Effects of Social Support on College Students' Exercise Behavior

Background/Purpose: Improving college students’ physical fitness and health has been a critical concern for the state and society. Existing studies have shown that exercise self-efficacy and social support are essential intrinsic and extrinsic factors influencing college students’ exercise behavior. This study is based on the theory of social support. It replaced positive psychology with exercise self-efficacy, analyzed the influence of social support on college students’ exercise behavior, and explored the mediating role of exercise self-efficacy between social support and exercise behavior. Methods: 807 college students were randomly selected for the survey using the Perceived Social Support Scale, Physical Exercise Behavior Scale, and Exercise Self-Efficacy Scale. Data were analyzed on SPSS 26.0 using descriptive statistics, Pearson’s correlation method for variable correlation, the PROCESS plug-in (version 3.1) Model 4 for mediation analysis, and the Bootstrap test. Results: (1) There was a significant positive correlation between social support, exercise behavior, and exercise self-efficacy (r = 0.114–0.193, P < 0.01); (2) Social support was able to negatively and significantly positively predict exercise behavior (β = 2.680, P < 0.01); (3) Exercise self-efficacy played a partial mediating role in the influence of social support on physical exercise behavior (β = 0.327, t = 5.200, 95% CI = [0.183, 1.122], interval does not include 0), and the mediating effect was 21.29%. Conclusion/Discussion: Exercise self-efficacy had a mediating role in the influence of social support on college students’ exercise behavior. It also suggested that school sports departments can enhance exercise self-efficacy by improving college students’ social support to further promote their participation in exercise activities. Unlike previous studies, this study replaced positive psychology with exercise self-efficacy and analyzed the partial mediating effect of exercise self-efficacy between social support and exercise behavior, suggesting that we may also have other psychological variables, such as exercise motivation. In the mediation model, this study only analyzed the overall social support. The follow-up study can divide social support into three dimensions: family support, friend support, and teacher support, and explore the specific impact path and differences. In summary, this study examined social support as an independent variable, exercise behavior as a dependent variable, and exercise self-efficacy as an intermediary variable to construct an intermediary model. Combined with the perspective of sports science and psychology, it provided a theoretical basis for guiding college students to participate in physical exercise and actively improve their physical health.

The mediating role of competence, autonomy, and relatedness in the activation and maintenance of sports participation behavior

This study aims to explore the complex and multifaceted relationship between Behavioral Activation and Behavioral Maintenance in sports participation, delving into the underlying mechanisms to provide practical insights into how individuals initiate and sustain engagement in sports activities. Utilizing a combination of convenience sampling and snowball sampling methods, 378 sports participants from over ten provinces and cities in China were selected as survey subjects, and an intermediary model concerning the activation and maintenance of sports participation behavior was constructed. Discriminant validity and mediation effect analyses were conducted using SPSS and AMOS 23.0. The results indicate that Behavioral Activation indirectly influences Behavioral Maintenance through Competence (ad = 0.39), with a 95% confidence interval [0.201, 0.642], excluding 0. Behavioral Activation also indirectly influences Behavioral Maintenance through Autonomy (be = 0.23), with a 95% confidence interval [0.109, 0.421], excluding 0. However, Behavioral Activation indirectly influences Behavioral Maintenance through Relatedness (cf. = 0.09), with a 95% confidence interval [-0.068, 0.336], which includes 0. The study reveals that both Competence and Autonomy significantly mediate the activation and maintenance of sports participation behavior among athletes. However, Relatedness does not play a significant mediating role in the activation and maintenance of sports participation behavior among the participants.

How Does the Spatial Structure of Innovation Agglomeration Affect Energy Efficiency? From the Role of Industrial Structure Upgrading

This paper employs the instrumental variable method and the intermediary model to explore the influence of monocentric and polycentric spatial structures of innovation agglomeration on energy efficiency. This paper uses data from 2010 to 2021 in China, and also panel data regression models were used. The findings indicate that the monocentric spatial structure of provincial system innovation agglomeration is primarily concentrated in northeastern and western regions of China, whereas the polycentric spatial structure is mainly distributed in eastern coastal areas. A monocentric spatial structure inhibits the enhancement of energy efficiency, but there is an environmental paradox of excessive resource agglomeration. In contrast, a polycentric spatial structure and its strengthening tendency facilitate the improvement of energy efficiency. A monocentric spatial structure has an inhibitory impact on the improvement of energy efficiency in the three sectors of agriculture, industry, and construction, while a polycentric spatial structure aids it. A monocentric spatial structure further hinders the improvement of energy efficiency by impeding the upgrading of the industrial structure, while the upgrading of the industrial structure driven by the polycentric spatial structure plays a role in enhancing energy efficiency. The policy recommendations of this paper are intended to help coordinate the pace of innovation development between cities, adjust the spatial structure of innovation agglomeration between regions, and promote the upgrading of the comprehensive industrial structure, thereby improving overall energy efficiency.

The impact of dual alliance on firm green innovation: a moderated mediation effect model

Purpose To clarify divergent conclusions on the impact of alliances on green innovation (GI), this study aims to examine the non-linear relationships between dual alliance and GI, as well as the mediation of green knowledge reconstruction (GKR) and the moderation of alliance tie strength. Design/methodology/approach Based on the theory of knowledge-based view, a moderated intermediary model is constructed by introducing GKR and alliance tie strength. The hypotheses are validated by using hierarchical regression analysis and bootstrapping method, with questionnaire survey data collected from 316 manufacturing firms in China. Findings Empirical results show that both exploratory alliance and exploitative alliance have an inverted U-shaped effect on GI, in which GKR plays a mediating role in the above relationship. Moreover, alliance tie strength weakens the intermediary role of GKR in the relationship between exploratory alliance and GI, whereas it enhances the intermediary role of GKR in the relationship between exploitative alliance and GI. Originality/value Findings reveal the non-linear effects of dual alliance on GI and clarify the inconsistent conclusions by proposing the moderated intermediary effect model. Moreover, this research reveals the mechanism of dual alliance on GI through the mediation of GKR and enriches the boundary conditions by integrating the moderating role of alliance tie strength.

An Empirical Analysis of the Impact of Urbanization and Consumption Structure Upgrading on Carbon Emissions in Fujian Province

This paper analyzes the theoretical mechanism by which urbanization and consumption structure upgrading exert an impact on carbon emissions in the context of promoting higher quality and efficiency in urbanization, advancing the transition and upgrading of consumption structure, and achieving carbon peaking and carbon neutrality (“dual carbon”) goals. By establishing an extended STIRPAT model and an intermediary model, this paper takes nine prefecture-level cities in Fujian Province from 2011 to 2021 as samples to investigate the effects of urbanization and consumption structure upgrading on carbon emission reduction in Fujian Province, revealing the interrelationship and transmission mechanism among the three. The results of this study show that: (i) The relationship between urbanization and carbon emissions in Fujian Province from 2011 to 2021 shows an inverted U-shaped curve, i.e. urbanization accelerated carbon emissions in the early stage and inhibited carbon emissions in the later stage; (ii) the regional heterogeneity analysis shows that under the current urbanization background, the upgrading of consumption structure in western and southern Fujian can significantly reduce carbon emissions, while the relationship between consumption structure upgrading and carbon emission reduction in eastern Fujian is not significant; (iii) the upgrading of consumption structure can help achieve and promote carbon emission reduction through increasing the proportions of the tertiary industry and immaterial consumption and enhancing the level of culture and education, while exerting little effect on carbon emission reduction through consumption in transportation, communication and health care.

Advantages of the Decentralized Sharing Economy - Take Ethereum Platform as an Example

In this era of rapid development of online transactions and platform economies, many companies operate as intermediaries between Party A and Party B in transactions and gain profits from every transaction. The "middleman", that is, the intermediary, mainly introduces Party A's resources in the form of a platform and allows more users to see and understand Party A's resource information. Platform users, that is, Party B, can save them from searching for the resources they want during the intermediary's promotion and introduction. time cost; however, some intermediaries take advantage of the process of transferring Party B's money to Party A as an intermediary and use some unfair means to obtain profits that exceed their original gains in the transaction as an intermediary, thus causing information between Party A and Party B. Asymmetry creates ambiguity, leading to serious problems in transactions. In this work, we will discuss the advantages of the decentralized sharing economy. Furthermore, this paper will focus on analyzing the shortcomings of intermediary operations in contemporary society from the perspective that intermediaries need to spend a lot of time and economic costs to establish credibility, the lack of intermediaries which are controlled artificially, and the friction of platform p2p transactions. Targeting the above three aspects, the paper will also explain and analyze the operating model of Ethereum to demonstrate that Ethereum is a better online transaction model that can replace the artificial intermediary model in contemporary times.

The impacts on regional “resource curse” by digital economy: Based on panel data analysis of 262 resource-based cities in China

Resource-based cities are areas with high incidence of “resource curse”, and digital economy is a pivotal force to avoid regional “resource curse” of resource-based cities. Based on panel data from 262 resource-based cities in China from 2013 to 2022, this article explores the impacts of digital economy on the social & economic development, further analyzes the direct and indirect effects by using an intermediary model, and evaluates the role of digital economy in the transformation of resource-based cities. The results shows that: 1) digital economy is conducive to alleviating “resources curse” of resource-based cities. 2) Technological investment is the optimal path to break away from the “resources curse” of resource-based cities. 3) The impact of digital economy on “resources curse” of resource-based cities has significant heterogeneity, where the improvement on the “resources curse” of growth resource-based cities is more significant. Some suggestions are giving as following: 1) accelerate the “digital infrastructure” of resource-based cities and enhance the digital supply capacity. 2) Clarify the positioning of the core industries of the digital economy and speed up the digitization of industries in resource-based cities. 3) Forming differentiated digital economy development strategies for resource-based cities to support the industrial structure adjustment and industry cultivation.

Automatic segmentation and implicit surface representation of dynamic cardiac data

Segmentation of anatomical structures on 2D images of cardiac exams is necessary for performing 3D volumetric analysis, enabling the computation of parameters for diagnosing cardiovascular disease. In this work, we present robust algorithms to automatically segment cardiac imaging data and generate a volumetric anatomical reconstruction of a patient-specific heart model by propagating active contour output within a patient stack through a self-supervised learning model. Contour initializations are automatically generated, then output segmentations on sparse image slices are transferred and merged across a stack of images within the same heart data set during the segmentation process. We demonstrate whole-heart segmentation and compare the results with ground truth manual annotations. Additionally, we provide a framework to represent segmented heart data in the form of implicit surfaces, allowing interpolation operations to generate intermediary models of heart sections and volumes throughout the cardiac cycle and to estimate ejection fraction.

The cultural intermediary model, a source of alternative views on nursing activity in palliative care

With the aim of describing the activities of nurses in mobile home palliative care teams in the Brussels Region, the study Nursing practices in palliative care in Brussels outpatient mobile teams took the cultural intermediary model as its theoretical framework. This model is based on in-depth research into the history of the nursing discipline. This article provides an overview of this European conceptual model, its integration into a descriptive study, and highlights some of its contributions.

Validating Well-Functioning Hepatic Organoids for Toxicity Evaluation.

"Organoids", three-dimensional self-organized organ-like miniature tissues, are proposed as intermediary models that bridge the gap between animal and human studies in drug development. Despite recent advancements in organoid model development, studies on toxicity using these models are limited. Therefore, in this study, we aimed to analyze the functionality and gene expression of pre- and post-differentiated human hepatic organoids derived from induced pluripotent stem cells and utilize them for toxicity assessment. First, we confirmed the functional similarity of this hepatic organoid model to the human liver through various functional assessments, such as glycogen storage, albumin and bile acid secretion, and cytochrome P450 (CYP) activity. Subsequently, utilizing these functionally validated hepatic organoids, we conducted toxicity evaluations with three hepatotoxic substances (ketoconazole, troglitazone, and tolcapone), which are well known for causing drug-induced liver injury, and three non-hepatotoxic substances (sucrose, ascorbic acid, and biotin). The organoids effectively distinguished between the toxicity levels of substances with and without hepatic toxicity. We demonstrated the potential of hepatic organoids with validated functionalities and genetic characteristics as promising models for toxicity evaluation by analyzing toxicological changes occurring in hepatoxic drug-treated organoids.

The relationship between young college students' recognition of national COVID-19 crisis governance capabilities and the improvement of national identity: the mediating role of online participation in public health critical events.

Improving the young college students' national identity is crucial for ensuring social stability and fostering development during public health critical events such as COVID-19. Young college students' recognition of national COVID-19 crisis governance capabilities can influence their national identity, and online participation in public health criticalevents may serve as a crucial role in shaping this intricate relationship. To investigate this possibility, the present study established an intermediary model to examine the impact of online participation in public health critical events on young college students' recognition of national COVID-19 crisis governance capabilities and improvement of national identity. This cross-sectional survey study employed a convenience sampling method to investigate a total of 3041 young college students in China. The correlations between study variables were analyzed using Spearman's rank correlation. The mediation model was established using PROCESS Model 4 with 5000 bootstrap samples in SPSS. The bias-corrected bootstrap method provided statistical efficacy and identification interval estimation. Young college students' recognition of national COVID-19 crisis governance capabilities (r=0.729, P<0.001) and online participation in public health critical events (r=0.609, P<0.001) were positively correlated with improvement of their national identity. The relationship between these two factors was partially mediated by online participation in public health critical events (Indirect effect estimate=0.196, P<0.001). Online participation in public health critical events played a mediating role in the association between college students' recognition of national COVID-19 crisis governance capabilities and the improvement of national identity. Our findings provide a novel intervention strategy for improving college students' national identity, which is to encourage their online participation in public health critical events.

The Impact of Family Socioeconomic Status (SES) on Adolescents' Learning Conformity: The Mediating Effect of Self-Esteem.

This study aimed to investigate the relationship between family socioeconomic status (SES) and adolescents' learning conformity and self-esteem among a sample of 15-18 year-old high school students. A survey was conducted on 339 adolescents using measures of family SES, self-esteem, and learning conformity. An intermediary effect model was constructed to examine the mediating mechanism of self-esteem in the impact of family SES on adolescents' learning conformity. In our study, we observed that male adolescents were more likely to come from families with higher socioeconomic status (SES) and exhibited relatively higher levels of self-esteem compared to female adolescents. However, this finding should be regarded as an observational outcome specific to our study sample and does not directly indicate a causal relationship between gender and family SES or self-esteem. Adolescents from rural areas were more likely to exhibit tendencies towards learning abidance and compliance. Family SES positively predicted self-esteem. The intermediary model indicated that family SES significantly positively influenced learning abidance and compliance, with self-esteem partially mediating the effects at 33.49% and 33.33%, respectively. Family SES negatively affected learning obedience, with self-esteem partially mediating the effect at 39.77%. Among the 15-18 year-old high school student population, family SES not only directly affects learning abidance, compliance, and obedience but also generates an indirect mediating effect through self-esteem.

ESG Performance and Enterprise Value in China: A Novel Approach via a Regulated Intermediary Model

ESG (environmental, social, and governance) performance increasingly influences enterprise valuation. While researchers debate about the precise nature of this influence, most assume a positive linear relationship. This study introduces a novel ESG responsibility performance metric utilizing a regulated intermediary model using representative data synthesized from leading ESG rating agencies in China. It investigates the pathways of this influence and examines the mediating effects of corporate reputation, stakeholder engagement, and regulatory compliance. The findings reveal an inverted U-shaped relationship between ESG performance and enterprise value, moderated significantly by financing constraints. These findings remain robust after accounting for potential endogeneity using instrumental variables. Heterogeneity analysis highlights that this inverted U-shaped relationship depends on the industry characteristics and ownership structures, particularly noticeable in non-polluting and non-state-owned enterprises. Moreover, enhanced ESG performance correlates with a reduced cost of equity financing, thereby augmenting enterprise value. Financial institutions might consider employing innovative financial instruments to diversify their enterprise financing channels and effectively bolster ESG-focused enterprises.

The peer effects of resident stock market participation: Evidence from 2019 CHFS.

Limited resident's participation in the stock market has become a key constraint to the capital market development. Utilizing the 2019 China Household Financial Survey (CHFS) data, our paper designs probit models to examine the peer effects of residents' stock market participation and explore the intermediary mechanisms with a multiple intermediary model. We find that: (1) Resident involvement in stock market decision-making exhibits significant peer effects. (2) Heterogeneity analysis reveals that males and rural residents display more pronounced peer effects than females and urban residents. Additionally, middle-aged residents demonstrate more potent peer effects than their younger and older counterparts, with the intensity of peer effects correlating with education levels. (3)We observe that the peer effects of market participation operate by altering economic expectations and enhancing residents' financial literacy. (4) Further investigation establishes that individuals engaging in stock market investments manifest peer effects when deciding whether to diversify their stock portfolio. This study holds reference value for analyzing the impact of social interaction on financial behaviors and regulating individuals' financial conduct.

Cooperative operation of multiple low-carbon microgrids: An optimization study addressing gaming fraud and multiple uncertainties

To achieve efficient utilization of renewable energy and facilitate the development of a more equitable and harmonious power market, an optimization study is conducted focusing on peer-to-peer (P2P) power sharing within multiple low-carbon microgrids (LCMGs). Firstly, the coordinated operation mechanism of a LCMG is proposed involving a step-type carbon trading scheme as well as flexible supply and demand. Then, an optimization model of multi-LCMG cooperative operation is formulated based on the Nash bargaining theory. The original Nash bargaining problem is equivalently transformed into a subproblem of maximizing alliance benefits and a subproblem of maximizing the benefits of power trading. In the first subproblem, a combination of opportunity constraints and robust optimization method is employed to address these multiple uncertainties from renewable generation and electricity prices. The second subproblem addresses the issue of gaming fraud among LCMGs with a third-party intermediary model applied to achieve a fraud equilibrium. Further, to solve these problems efficiently, an improved adaptive parametric alternating direction method of multipliers (AP-ADMM) algorithm is used to protect the privacy of each party. Finally, a case study was conducted to validate the efficacy of the proposed method in enhancing the stability and cost-effectiveness of cooperative optimization within multi-LCMG systems.

Abstract 7023: Application of exclusive liquid repellency for low input CUT&amp;Tag histone analyses in prostate cancer spheroids

Abstract Introduction/Background: Epigenetic alterations, including histone modifications and DNA methylation, drive treatment resistance and lethal prostate cancer. However, epigenetic assays typically require thousands of cells and are difficult to scale for patient tumor biopsies. While identifying these alterations is possible in cell lines, these analytes are more difficult to follow in clinical settings. Patient-derived organoids have emerged as viable intermediaries to investigate the changing chromatin landscape during the progression toward treatment-emergent prostate cancer. This report seeks to adapt the Cleavage Under Targets and Tagmentation (CUT&amp;Tag) assay for use on a microfluidic technology to eliminate cell loss associated with complex, multi-step epigenetic assays to facilitate analysis of low input prostate cancer spheroids. Methods: The Oil Immersed Lossless Total Analysis System (OIL-TAS) is an exclusive liquid repellency (ELR) platform that passes magnetic bead-bound analytes through immiscible phases to separate and extract analytes of interest while eliminating traditional centrifugation and wash steps that lead to sample loss. This platform enables adaptation of complex molecular assays such as CUT&amp;Tag for lossless sample manipulation. We focus on the analysis of histone modifications in rare cells utilizing antibodies for H3K27 acetylation and methylation. Comparison of LNCaP prostate cancer cell lines harvested from either 2D cell culture or 3D spheroids was performed to evaluate the sensitivity and specificity of this integrated assay. Results: The macroscale CUT&amp;Tag assay has been performed with inputs of 25,000 nuclei from LNCaP spheroids with greater yields than similar inputs from 2D LNCaP cell culture. Yield increases have also been seen when performing the assay with inputs &amp;lt;10,000 nuclei in microscale on the OIL-TAS relative to the macroscale. Utilizing the OIL-TAS platform with spheroid inputs will allow for more sensitive investigation of histone modifications. Conclusions: Integration of 3D, humanized models of tumor growth into the CUT&amp;Tag assay will enable discovery of differential epigenetic regulation within patient-derived organoids or complex co-culture studies. Establishing baseline epigenetic landscapes among these intermediary models will enable a new platform for drug testing. Utilization of the OIL-TAS platform will allow for miniaturization of the assay down to 1,000 cell inputs and enable multiparametric RNA-seq, EM-seq, and CUT&amp;Tag-seq of the same patient samples for longitudinal study. Citation Format: Zachary J. Kauffman, Kevin Koesser, Kyle T. Helzer, Jamie M. Sperger, Marina N. Sharifi, Chao Li, Erika Heninger, Xavier Hazelberg, Cole Gilsdorf, Shuang G. Zhao, Duane S. Juang, David J. Beebe, Joshua M. Lang. Application of exclusive liquid repellency for low input CUT&amp;Tag histone analyses in prostate cancer spheroids [abstract]. In: Proceedings of the American Association for Cancer Research Annual Meeting 2024; Part 1 (Regular Abstracts); 2024 Apr 5-10; San Diego, CA. Philadelphia (PA): AACR; Cancer Res 2024;84(6_Suppl):Abstract nr 7023.

The role of intermediaries in derivatives markets: Evidence from VIX options

Consistent with models of intermediaries who absorb demand pressure from end-users and respond by changing prices, net option demand is positively related to option prices in the market for VIX puts and calls. VIX and SPX option markets are integrated: market-makers absorb end-users’ net long volatility positions and net demand affects prices across markets. Net demand changes in the most liquid markets result in spillover effects between the VIX and SPX markets. A dynamic characterization of prices and net demand suggests that VIX option markets and the SPX put market are integrated, while the SPX call market is more segregated.

Research on the impact and intermediary effect of carbon emission trading policy on carbon emission efficiency in China

In this paper, the impact of the carbon emission trading policy on carbon emission efficiency is discussed based on the local data of China from 2004 to 2019, based on the natural experiment of carbon emission trading policy. The intermediary model is introduced to analyze the mediating effect of industrial structure and energy consumption structure in emission reduction. The results show that the carbon emission trading policy not only directly improves the carbon emission efficiency, but also indirectly improves the carbon emission efficiency by upgrading the industrial structure and adjusting the energy consumption structure. Finally, this paper verifies that carbon trading policy has a synergistic emission reduction effect on sulfur emission efficiency. The mechanism of the SO2 reduction is similar to that of the CO2 reduction mechanism, with direct and intermediary effects.