Search Results (6,263)

With the rapid growth of electric vehicles (EVs) and renewable energy generation, Vehicle-to-Grid (V2G) technology has emerged as a promising approach for transforming EVs from passive charging loads into flexible distributed energy storage resources. By enabling bidirectional power exchange between EV batteries and the power grid, V2G can support renewable energy accommodation, peak shaving, demand response, ancillary services, and local grid balancing. This review provides a systematic synthesis of recent advances in V2G systems for renewable energy integration, with particular emphasis on coordinated scheduling, economic mechanisms, battery degradation, and user engagement. First, the technical foundations of V2G are introduced, including Vehicle-to-Everything operating modes, bidirectional charging architecture, aggregation mechanisms, grid-support services, and renewable accommodation pathways. Second, major scheduling strategies are reviewed, including price-based, load-based, renewable-forecast-driven, centralized, distributed, and hybrid approaches. Third, the economic feasibility of V2G is examined from the perspectives of revenue streams, pricing mechanisms, business models, battery aging costs, and compensation schemes. In addition, user participation barriers, such as range anxiety, battery lifetime concerns, loss of control, uncertain financial returns, and data privacy, are discussed. Key challenges related to communication standards, interoperability, cybersecurity, market access, policy design, and pilot-scale validation are also summarized. Finally, future development directions are identified, including AI-based scheduling, aggregator platforms, fleet-scale V2G, degradation-aware optimization, carbon-aware electricity markets, and user-centered participation mechanisms. This review highlights that large-scale V2G deployment requires the integrated coordination of technical scheduling, economic incentives, battery health protection, and user acceptance in renewable-rich power systems. Full article

This study investigates the dynamic interactions between Bitcoin, global financial indicators, and the Kazakhstan Stock Exchange (KASE) index within a VAR-based econometric framework, addressing a notable gap in the literature on emerging and shallow financial markets. While prior research predominantly focuses on developed economies, evidence suggests that cryptocurrency–stock market linkages are time-varying, crisis-sensitive, and often asymmetric. In this context, the present study examines both short-term causality structures and shock transmission mechanisms among KASE, Bitcoin (BTC), oil prices, the U.S. dollar index (DXY), and the VIX using monthly data for the period 2017M01–2026M04. Empirical findings indicate that, despite the absence of statistically significant Granger causality from individual global variables to KASE, the joint dynamics suggest a non-negligible, albeit indirect, interaction structure. Variance decomposition and impulse-response analyses further reveal that KASE dynamics are predominantly driven by its own shocks, reflecting the relatively segmented and internally driven nature of the market. Diagnostic tests confirm the robustness of the model, with no evidence of serial correlation or heteroskedasticity in residuals. These findings are consistent with the structural characteristics of the Kazakh financial system, including limited market depth, lower investor participation, and high sensitivity to domestic macroeconomic conditions. Unlike developed markets where stronger integration is observed, KASE appears only weakly connected to global financial and cryptocurrency markets. The study contributes to the literature by providing empirical evidence from a frontier market and highlights the importance of considering country-specific structural factors when evaluating financial integration. Policy implications emphasize the need to enhance market depth, transparency, and investor confidence to strengthen the responsiveness of KASE to global financial developments. Full article

Understanding the relationship between green bond issuance and environmental performance is critical as governments, financial institutions, and investors seek to accelerate the transition toward a low-carbon economy. This study analyzes the relationship between green bond issuance and carbon intensity across 165 countries from 2015 to 2022. Two-way fixed-effects models reveal a negative and statistically significant association between green bond issuance and carbon intensity (GDP- and energy-based measures). Dynamic system GMM estimations confirm this relationship after accounting for persistence and endogeneity, with coefficients remaining negative and significant, while carbon intensity displays strong inertia (autoregressive coefficients: 0.864–0.928). Robustness checks—including the exclusion of the five largest issuers and the use of alternative dependent variables—sustain these findings, indicating a moderate, gradual impact of green bond markets on lowering carbon intensity. Full article

This paper investigates a stochastic differential portfolio game between two competing investors with relative wealth preferences. The financial market consists of one risk-free asset and one risky asset, whose price dynamics follow the CEV model. We formulate this game as two utility maximization problems, where each investor aims to maximize their relative utility defined as the weighted average of the ratio between their terminal wealth and the competitor’s terminal wealth. Firstly, we derive the Hamilton–Jacobi–Bellman (HJB) equations and corresponding value functions through the dynamic programming principle. Next, we obtain the explicit solutions to equilibrium investment strategies and value functions for the non-zero-sum game under the CRRA utility framework. Finally, we conducted numerical simulations to analyze the impacts of model parameters on equilibrium strategies and provide relevant economic explanations. Full article

Background: price dynamics in financial markets exhibit scale-invariant volatility, quantized liquidity and collective behaviour that resist single-paradigm models; Multiscale Relativistic Quantum Finance (MRQF) reconciles these facets on an energy–entropy $(E,S)$ plane, but its translation into a deployable decision system has remained open. Methods: we propose MRQF-MAS, a cooperative multi-agent system (MAS) in which institutional, commercial and retail operators become first-class agents, each decomposed into signal, energy, entropy, risk and execution sub-agents that share beliefs through a horizontal cooperation layer and a shared knowledge base (SKB) of $(E,S)$ trajectories. The framework is benchmarked as a high-volatility regime classifier on 6978 daily EUR/USD reference rates published by the European Central Bank (ECB) over 1999–2026 against four baselines including Generalized Autoregressive Conditional Heteroscedasticity (GARCH)(1,1). Results: on the full official ECB EUR/USD series, MRQF-MAS attains 83.0% accuracy, precision 0.552 and Matthews correlation coefficient (MCC) 0.479 with 95% bootstrap CI [0.46, 0.51] and a one-day median detection latency, improving slightly on a rolling-volatility baseline while remaining below a GARCH(1,1) reference. Conclusions: MRQF-MAS delivers a structurally interpretable, agent-traceable regime decomposition complementary to scalar volatility estimators. Full article

We re-conceptualize corporate debt default risk (EDF) as an emergent state variable of a coupled financial system and ask how capital-market opening reshapes its equilibrium. Extending the structural credit-risk framework with three interacting subsystem channels—external financing, investment efficiency, and information disclosure—we derive a closed-form result showing that an exogenous increase in liberalization strictly reduces the system-level corporate debt default probability through three complementary channels. We then exploit the staggered roll-out of China’s Shanghai–Hong Kong and Shenzhen–Hong Kong Stock Connect (HSGT) programs as a quasi-natural experiment on a panel of 21,351 firm-year observations over 2011–2023. A difference-in-differences (DID) estimator confirms a significant stabilizing effect on the firm’s market-implied default probability that is robust to an extensive battery of identification and specification checks; mechanism regressions confirm all three model-implied channels. The stabilizing effect is further amplified in firms facing greater environmental uncertainty and greater customer concentration—precisely the regimes in which our model predicts the underlying subsystem coupling to be most fragile. Our findings recast capital-market opening as a system-level intervention that simultaneously re-balances financing, investment, and information subsystems of the financial system, with implications for financial-stability policy in emerging economies. Full article

Against the background of China’s “dual carbon” goals and the continued advancement of the green and low-carbon transformation of resource-based industries, resource-based enterprises urgently need to rely on green innovation to overcome development constraints characterized by high resource dependence, strong environmental pressures, and mounting transformation challenges. Patient capital, with its long-term orientation, stable support, and risk-sharing characteristics, can provide sustained financial backing and governance support for green innovation in resource-based enterprises; however, its underlying mechanism remains to be further explored. Drawing on patient capital theory, this study constructs a “capital–ESG–innovation” analytical framework to examine the impact of patient capital on green innovation in resource-based enterprises and its mechanism of action. Using Chinese A-share listed resource-based enterprises from 2014 to 2023 as the research sample, this study measures patient capital from two dimensions, namely stable equity and relational debt, and conducts empirical analysis through panel regression and multiple robustness tests. The results show that patient capital significantly promotes green innovation in resource-based enterprises, with both relational debt and stable equity playing positive roles. Mechanism tests reveal that ESG performance serves as an important mediating channel through which patient capital promotes green innovation. Further analysis indicates that the level of regional marketization strengthens the green innovation effect of patient capital, and this effect is more pronounced in large enterprises, enterprises subject to stronger media supervision, and enterprises whose executives have higher green cognition. This study enriches the literature on the relationship between patient capital and green innovation and provides empirical evidence for cultivating long-term capital and promoting the green and low-carbon transformation of resource-based enterprises. Full article

Carbon pricing is central to China’s low-carbon transition, and its effectiveness is tied to the carbon market’s links with commodities. This paper examines state-dependent return connectedness between China’s national carbon emission allowance (CEA) market and 20 representative commodity futures. Using daily data from July 2021 to February 2026, we combined quantile vector autoregression (QVAR) connectedness, the Baruník–Křehlík frequency decomposition, and wavelet-based coherence and quantile-based correlation methods to characterize return transmission across market states and frequencies. We obtained four findings. First, total connectedness is almost identical at the lower and upper tails (around 92%) and far higher than at the median (around 59%)—tail symmetry with median heterogeneity—and is dominated by the short-term band. Second, the CEA is largely decoupled from the commodity system under normal conditions and is drawn in only at the tails as a net receiver. Third, the two tails exhibit distinct event contexts, with downside episodes associated with external financial shocks and upside episodes associated with domestic policy expectations. Fourth, the CEA tends to precede high-emission commodities at long horizons. These results suggest that institutional and policy factors continue to play an important role in shaping CEA price dynamics, with implications for carbon market regulation and cross-market hedging. Full article

The post-COVID-19 tourism recovery exposes a structural divergence between economic resilience and environmental sustainability. Traditional tourism planning metrics consistently fail to diagnose how macroeconomic growth dynamics decouple from environmental pressures, leaving policymakers without empirical tools to identify structural vulnerabilities or prevent carbon-intensive recoupling during post-crisis transitions. This study integrates macroeconomic, environmental, and digital data across a global panel to map actionable pathways for sustainable tourism transitions. Employing a multi-stage methodology, the analysis first utilizes K-Means clustering (n = 80) to isolate the structural fixed effects of baseline destination archetypes driving a K-shaped recovery. Second, using a synchronized environmental panel (n = 41), a Decoupling Index evaluates eco-efficiency elasticity to test the alignment between tourism value recovery and aviation-induced CO₂ emissions. Third, regression analysis of an elite digital cohort (n = 18) measures dynamic exogenous catalysts, revealing that digital attractiveness, proxied by the global digital nomad market share, is a significantly stronger accelerator of recovery (β = 55.59, p = 0.019) than traditional physical air connectivity (β = −46.48, p = 0.036). Synthesizing these insights, a 2 × 2 Strategic Decision Matrix (n = 41) classifies destinations into Sustainable Leaders, Mass-Market Traps, Value Pivoters, and Vulnerable Laggards. The empirical results demonstrate that pre-pandemic structures do not deterministically dictate recovery (p > 0.05, Partial η² ≤ 0.077), yet rapid financial recovery often masks deep atmospheric vulnerabilities, with specific absolute decoupling leaders achieving exceptional value expansion alongside strict carbon contraction (e.g., Saudi Arabia, DE = −0.35; El Salvador, DE = −0.26). This framework provides a data-driven roadmap for policymakers to utilize “soft” digital infrastructure to transition from carbon-intensive, volume-dependent models toward value-optimized, low-emission ecosystems. Full article

Under the background of the steady advancement of the dual-carbon goal and the increasing improvement of the green financial system, green supply chain finance is like a bridge that closely links the capital of the financial market and the low-carbon transformation of the real economy. The following article chooses A-shares traded enterprises from 2014 to 2024 as the study sample, adopts multi-dimensional empirical methods to study the association in green supply chain finance along with corporate emission levels, and analyzes its transmission mechanisms and heterogeneity. The findings demonstrate that green supply chain finance has a substantial inhibitory impact with enterprise emission levels, a finding that remains robust across a series of tests, including parallel trend tests, placebo tests, and propensity score matching (PSM). Mechanism analysis demonstrates that green supply chain finance can indirectly reduce carbon emission intensity by improving both financing levels and supply chain stability. Looking at heterogeneity, we find that the emission-reducing effect tends to be stronger among state-owned firms, non-heavy polluters, enterprises with higher total factor productivity, and enterprises that are more financially oriented. Our theoretical value lies in clarifying the direct relationship between green supply chain finance and micro-enterprise carbon emissions, identifying two differentiated intermediary transmission paths, and defining the boundary conditions of the policy role across multiple dimensions, thereby better coordinating and promoting the digital and low-carbon transformation of enterprises. Full article

Marine ecosystem degradation may reduce state revenues, increase recovery spending, and weaken fiscal sustainability, yet Indonesia does not yet have a routine governance mechanism that links marine natural capital valuation to fiscal-risk assessment in the State Budget Financial Note. This article develops a governance design, Blue Natural Capital Value at Risk (BNC-VaR), to translate changes in marine ecosystem conditions into fiscal-exposure signals for Indonesian public finance. Ecological condition indicators, such as fish-stock status, coral-reef condition, and mangrove extent, are converted into traceable valuation parameters and then into structured outputs, including fiscal-exposure scenarios, budget-relevance notes, and medium-term fiscal-sustainability readings across revenue, expenditure, deficit, and financing channels. The design treats ecological change as affecting the fiscal position through mediated and disclosable pathways rather than automatic causal effects. It adapts Value at Risk as a risk logic for public fiscal governance rather than as a conventional market-based probabilistic measure. Using theory synthesis and a model-paper approach across six analytical stages, the study produces five design principles, four formal propositions, and a five-component institutional architecture, with the Directorate General of State Assets Management positioned as a valuation custodian. As a conceptual contribution, BNC-VaR offers an operational architecture and implementation roadmap for future empirical testing in Indonesia and other archipelagic or marine-resource-dependent fiscal systems. Full article

This study examines whether stablecoin and Bitcoin transaction volumes in Brazil are associated with domestic macroeconomic conditions. Using monthly data from August 2019 to December 2025, the analysis compares the association of domestic economic activity, proxied by the IBCBr, and the BRLUSD exchange rate with the transaction volumes of stablecoins and Bitcoin reported in the open data records of the Receita Federal do Brasil, the Brazilian Tax Administration. The empirical strategy distinguishes between long-run relationships in log levels and short-run dynamics in log differences, applies Johansen cointegration and ARDL bounds testing, and estimates an error correction model for stablecoins. Global crypto market controls are used as complementary measures to assess the contrast between the two assets. The results show that stablecoin transaction volume is positively and significantly associated with Brazilian economic activity in both long-run and short-run specifications and that this association is not explained by global stablecoin activity. The exchange rate is associated with stablecoin volume mainly through a structural long-run channel rather than immediate monthly effects. In contrast, Bitcoin transaction volume does not exhibit a robust association with domestic economic activity and is instead more strongly associated with global Bitcoin volume. The findings suggest that stablecoins may act as a domestically embedded macro-financial instrument in Brazil. This finding reflects transactional demand, liquidity management, or demand for dollar-linked assets, whereas Bitcoin behaves as a more globally oriented and comparatively detached digital asset. This distinction has important implications for policy, as stablecoins may have stronger implications for monetary transmission, digital dollarisation, and financial intermediation than Bitcoin-focused analyses indicate. Full article

Nickel has become a strategic mineral for the energy transition, yet its supply chain is increasingly shaped by a compound risk regime involving resource nationalism, processing concentration, geopolitical compliance rules, carbon-footprint requirements, and commodity-market volatility. This study develops NiChain-LLM-ABM, a large-language-model-empowered agent-based model for simulating nickel supply chain resilience under semantically rich policy shocks. The framework uses a policy semantic parsing module to transform official policy texts into structured shock parameters, a multi-agent strategy generation module to represent adaptive decisions by seven agent classes, a calibrated supply chain network module to simulate material, financial, and information flows, and a four-dimensional resilience assessment module. The model is anchored in observed nickel production, price, trade, and technology data from USGS, IEA, UN Comtrade, LME, and official legal sources, and its scenario outputs are generated through 100 Monte Carlo replications over 2025–2035. Results show that the baseline Comprehensive Resilience Index (CRI) declines from 0.620 in 2025 to 0.547 in 2035. Indonesian policy tightening causes the sharpest near-term deterioration, with CRI falling to 0.445 in 2028 and the simulated supply deficit reaching 24.5 kt Ni equivalent. A geopolitical compliance shock produces the lowest terminal resilience (CRI = 0.472 in 2035). A green-compliance scenario is disruptive in the short run but exceeds the baseline by 2035, while a coordinated policy portfolio raises the terminal CRI to 0.744, a 36.0% improvement over the baseline. Compared with a conventional rule-based ABM, the LLM-ABM reduces extreme-event backcasting error by 57%, improves policy-response fidelity by 53%, and more than doubles agent heterogeneity differentiation. The results support portfolio-based critical-mineral governance combining strategic reserves, overseas equity investment, recycling, technology substitution, and international cooperation. Full article

This study examines the impact of corporate environmental, social, and governance (ESG) practices on corporate stock prices, with a particular focus on the mediating role of board gender diversity (BGD). Using a dataset of 9543 firm-year observations from non-financial companies across 15 countries in the S&P 1200 global index between 2012 and 2020, the analysis evaluates ESG performance through the Refinitiv ESG Combined Score, which incorporates disclosures across ESG pillars and an overlay for ESG controversies. BGD is measured as the proportion of female directors on corporate boards, while stock prices are assessed using annual closing prices. The findings reveal a positive relationship between ESG performance and corporate stock prices, both at the aggregate level and across individual ESG pillars. Additionally, BGD is shown to enhance stock price performance and serves as a mediator in the ESG-stock price relationship. These results highlight the critical role of board diversity in amplifying the financial benefits of ESG practices. Further analysis suggests that the value relevance of ESG performance varies across institutional settings, with stronger effects observed in emerging/offshore markets and in the North American and European regions. The study offers important implications for companies, investors, and policymakers, emphasizing the need to integrate ESG strategies and promote gender diversity at the board level to enhance corporate valuation and long-term sustainability. Full article

This study provides a structured operational-to-financial roadmap for soil organic carbon (SOC) sequestration in mineral soils as a specific carbon-farming pathway. It integrates SOC management; Monitoring, Reporting, and Verification (MRV) execution; financial recognition; and farmer adoption barriers. A comparison of carbon farming pathways is first presented to investigate their strengths and limitations, highlighting the specific importance of SOC management in mineral soils. For high-integrity carbon accounting, SOC gains should be assessed not only for quantity, but also for additionality, permanence, uncertainty, leakage, lifecycle emissions, and transparent verification. Credible MRV frameworks operationalize this logic: monitoring quantifies SOC changes, reporting ensures transparency, and verification provides independent assurance for carbon credit issuance and financial recognition. However, MRV execution faces several challenges, including high spatial variability of SOC, slow accumulation rates, methodological uncertainty, and high costs that limit scalability and reduce trust among stakeholders. Financial incentives are available from both public and private sources, supporting long-term soil carbon stabilization, verified carbon removals, and corporate insetting projects. Yet, adoption remains constrained by uncertain payments, poor transparency, contract and permanence concerns, as well as learning and operational costs for farmers. Addressing these bottlenecks is essential for transforming mineral-soil SOC sequestration into a scalable, high-integrity climate and economic opportunity. Full article