含硫原油特性及数据管理系统研究.ppt

Empirical results Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Significance Testing - Disclosure classification J-5 J-15 J-30 Industry Electricity, heat production -0.35188 -1.79045* -3.29633*** Coal Mining -0.51064 -2.13746** -2.65554*** Oil, gas exploration -0.60449 -1.10419 -1.37839 The level of disclosure High -1.1594 -2.94225*** -3.73166*** Low -0.7422 -2.07078** -2.86595*** Area East -0.72488 -1.42232 -1.82555* Middle -0.65264 -2.26227** -2.79278*** West 0.079854 -0.91877 -2.00844** Market capitalization ($ hundred million) V50 -1.52566 -3.12124*** -4.05581*** 50≤V100 0.046181 -0.82751 -1.93598 V≤100 -0.75155 -1.86563* -2.31135** J-5，J-15，J-30 stand for the J number in significance test in date [-5，5]，[-15，15]，[-30，30] * = significant at the 1% level. ** = significant at the 5% level. *** = significant at the 10% level. Empirical results Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing 不同类型政策影响的显著性检验 Significance Testing Environmental Policies J-5 J-15 J-30 Market Incentive 0.172228 -0.07932 -0.21596 Administrative Control -4.96891*** -4.72453*** -4.52595*** Legislative Control -2.13493** -1.68937* -1.10578 Disclosure -0.82069 -2.3379** -3.20149*** J-5，J-15，J-30 stand for the J number in significance test in date [-5，5]，[-15，15]，[-30，30] * = significant at the 1% level. ** = significant at the 5% level. *** = significant at the 10% level. End Thank you all Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing * * * Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Impact of Environmental Policies on the Stock Prices of Energy Companies Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Xiaol