In the context of the rapid growth of corporate green investment and the rapid dissemination of information brought about by Internet technology, it is important to explore the relationship between investor attention and corporate environmental responsibility. Unfortunately, an in-depth research on the relationship between investor attention and firms' environment, society, and governance (ESG) performance remains unexplored. The results show a mutual inhibition between investor attention and firms’ ESG performance. Each 1% increase in investor attention decreases ESG performance by 0.252%, while each 1% increase in ESG performance decreases investor attention by 2.296%. Thus, ESG performance dominates this mutual influence. Moreover, ESG performance positively affects ESG performance and investor attention of neighboring firms. Each 1% increase in ESG performance increases ESG performance and investor attention of neighboring firms by 0.371% and 0.983%, respectively. Investor attention negatively affects investor attention and ESG performance of neighboring firms. Each 1% increase in investor attention decreases ESG performance and investor attention of neighboring firms by 0.04% and 0.104%, respectively. Further research reveals significant regional and organizational heterogeneity in the relationship between investor attention and ESG performance. The findings provide theoretical and empirical insights for further improvement of the ESG system and continued strengthening of investor guidance by regulators.
We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, i.e., unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good news, potentially due to social transmission bias and short-sales constraints. We identify the information driving return predictability through content-based analysis. Abnormal relative postings also lead analysts' forecast revisions. Overall, investors' interactions on social media contain valuable geography-based private information.
As industrial automation supplants labor, there are important consequences on the labor market, especially for the vast rural population in developing countries. This study investigates how industrial automation, particularly the use of robots, affects the employment and mobility of young rural workers and the decision-making of their elderly parents in China. Using longitudinal data from rural Chinese households and a shift-share approach, we find automation in urban areas decelerates the rural-to-urban migration. This slowdown is accompanied by a reduction in rural workers' employment opportunities and an increase in their propensity to co-reside with their elderly parents in their home counties, which in turn alters their parents' financial decisions, including labor supply, savings, and family transfers. Notably, rural workers' decision to stay and co-reside with their senior parents fosters more frequent family interactions, contributing to notable improvements in the elders' mental and physical health. Our study underscores the complex effects of automation on labor mobility, family relationships, and the overall well-being of the rural populace in the face of technological advancements.
Chloride solid electrolytes (SEs) have attracted widespread attention due to their high room-temperature ionic conductivity and excellent cathode compatibility. However, the conventionally selected central metal elements (e.g., In, Y and Ta) are usually rare and heavy, inevitably causing the high cost and high density of the obtained chloride SEs. Here, by choosing abundant and light Mg and Al as central metal elements, we develop a cheap and low density Li1.2Mg0.95Al0.3Cl4 SE for high active material ratio in all solid state cathode. Partial replacement of Mg2+ by Al3+ in the framework yields vacancies and lowers the non-lithium metal ions occupancy at Mg/Li co-occupied 16d site, effectively relieving the blocking effects by Mg2+ in the pristine spinel Li2−2xMg1+xCl4. Thus, a significantly improved room-temperature conductivity of 3.08 × 10−4 S·cm−1 is achieved, two orders of magnitude higher than that of Li1.2Mg1.4Cl4. More attractively, its low density of only 1.98 g·cm−3 enables low SE mass ratio in cathodes (only 16 wt.%) with still effective electrolyte/cathode contact and lithium-ion conduction inside. When charged to potential of 4.30 V, the as-fabricated Li1.2Mg0.95Al0.3Cl4-based solid lithium battery with uncoated NCM523 cathode can be cycled for over 100 cycles with a capacity retention of 86.68% at room temperature.
Transport properties of silicate melts control magma ocean dynamics on the early terrestrial planets and rocky exoplanets. Here we calculate the viscosity (transport of momentum) of peridotite liquid at potential magma ocean conditions (0–159 GPa, 2,200–6,000 K) using ab initio molecular dynamics simulations. We find that, unlike MgSiO 3 or basaltic melts, the viscosity of the highly depolymerized peridotite liquid (a) increases monotonically with pressure without an anomalous drop and (b) is lower than those of other melts over the entire mantle pressure range. Low viscosity would promote fractional crystallization in a less polymerized magma ocean and thus contribute to mantle heterogeneity from its earliest stage. Given the compositional dependence of magma ocean properties, emphasis on multicomponent bulk silicate Earth‐like composition, instead of simple end‐members, are rendered necessary, in order to better understand high‐energy planetary accretion processes and their aftermaths.
Although tourism is often treated as one of the crucial industries for the construction of low-carbon cities (LCCs), there is no systematic evidence on whether there is a causal relationship. This research aims to explore and empirically test the causal link between LCC initiatives and inbound tourism of cities using a spatial difference-in-differences approach with balanced panel data of 59 Chinese major tourism cities from 2000 to 2017. The results show that urban tourism by foreign tourists exhibits significant spatial spillover effects. Compared to non-LCCs, the number of foreign tourists on LCCs increased by 4.7 percentage points and the average length of stay of foreign tourists increased by 3.6 percentage points. The direct impact of the LCC initiative on foreign tourists was significant, while the indirect impact was insignificant. The findings of the study not only deepen the researchon sustainable tourism behavior of inbound tourists, but also provide valuable references for cities to participate in the competition in the international tourism market through low-carbon development.
The ecological impact of microplastics (MPs) in coastal environments has been widely studied. However, the influence of small microplastics in the actual environment is often overlooked due to measurement challenges. In this study, Hangzhou Bay (HZB), China, was selected as our study area. High-throughput metagenomic sequencing and micro-Raman spectrometry were employed to analyze the microbial communities and microplastics of coastal sediment samples, respectively. We aimed to explore the ecological impact of MPs with small sizes (≤ 100 μm) in real coastal sediment environments. Our results revealed that as microplastic size decreased, the environmental behavior of MPs underwent alterations. In the coastal sediments, no significant correlations were observed between the detected MPs and the whole microbial communities, but small MPs posed potential hazards to eukaryotic communities. Moreover, these small MPs were more prone to microbial degradation and significantly affected carbon metabolism in the habitat. This study is the first to reveal the comprehensive impact of small MPs on microbial communities in a real coastal sediment environment.
In the search for high-temperature superconductivity in hydrides, a plethora of multi-hydrogen superconductors have been theoretically predicted, and some have been synthesized experimentally under ultrahigh pressures of several hundred GPa. However, the impracticality of these high-pressure methods has been a persistent issue. In response, we propose a new approach to achieve high-temperature superconductivity under ambient pressure by implanting hydrogen into lead to create a stable few-hydrogen binary perovskite, Pb4H. This approach diverges from the popular design methodology of multi-hydrogen covalent high critical temperature (Tc ) superconductors under ultrahigh pressure. By solving the anisotropic Migdal–Eliashberg equations, we demonstrate that perovskite Pb4H presents a phonon-mediated superconductivity exceeding 46 K with inclusion of spin–orbit coupling, which is six times higher than that of bulk Pb (7.22 K) and comparable to that of MgB2, the highest Tc achieved experimentally at ambient pressure under the Bardeen, Cooper, and Schrieffer framework. The high Tc can be attributed to the strong electron–phonon coupling strength of 2.45, which arises from hydrogen implantation in lead that induces several high-frequency optical phonon modes with a relatively large phonon linewidth resulting from H atom vibration. The metallic-bonding in perovskite Pb4H not only improves the structural stability but also guarantees better ductility than the widely investigated multi-hydrogen, iron-based and cuprate superconductors. These results suggest that there is potential for the exploration of new high-temperature superconductors under ambient pressure and may reignite interest in their experimental synthesis in the near future.
Phyllosphere is the largest interface between the atmosphere and terrestrial ecosystems and serves as a major sink for atmospheric microplastics (MPs). It is also a unique habitat for microbiota with diverse ecological functions. This field study investigated the characteristics of atmospheric MPs adsorbed on leaves with automatic technology, and found their abundance was 3.62 ± 1.29 items cm−2. MPs on leaves were mainly below 80 µm, and dominated by polyamide, polyethene, and rubber. MPs on leaves correlated significantly with the structure and functions of the phyllosphere bacterial community (PBC). Both the MPs abundance and size distribution (MSD) were positively correlated with the α diversity and negatively correlated with the β diversity and network complexity of PBC. PBC functions of environmental and genetic information process were negatively correlated with MPs abundance, and functions related to human diseases and cellular process were positively correlated with MSD significantly. The relative abundance of Sphingomonas was significantly correlated with the MSD, suggesting that Sphingomonas might emerge as the key genus involved in the pathogenicity of PBC mediated by MPs. These results highlighted the ecological health risks of atmospheric MPs as they can be transferred anywhere and potentially increase the pathogenicity of local phyllosphere microflora.