Clarion University of Pennsylvania

About: Clarion University of Pennsylvania is a education organization based out in Clarion, Pennsylvania, United States. It is known for research contribution in the topics: Higher education & Hydroptilidae. The organization has 329 authors who have published 516 publications receiving 11175 citations. The organization is also known as: Clarion University.

Causal Relationship between Energy Consumption and GDP Growth Revisited: A Dynamic Panel Data Approach

Abstract: This paper uses the panel data of energy consumption and GDP for 82 countries from 1972 to 2002. Based on the income levels defined by the World Bank, the data are divided into four categories: low income group, lower middle income group, upper middle income group, and high income group. We employ the GMM-SYS approach for the estimation of the panel VAR model in each of the four groups. Afterwards, the causal relationship between energy consumption and economic growth is tested and ascertained. We discover: (a) in the low income group, there exists no causal relationship between energy consumption and economic growth; (b) in the middle income groups (lower and upper middle income groups), economic growth leads energy consumption positively; (c) in the high income group countries, economic growth leads energy consumption negatively. After further in-depth analysis of energy related data, the results indicate that, in the high income group, there is a great environmental improvement as a result of more efficient energy use and reduction in the release of CO2. However, in the upper middle income group countries, after the energy crisis, the energy efficiency declines and the release of CO2 rises. Since there is no evidence indicating that energy consumption leads economic growth in any of the four income groups, a stronger energy conservation policy should be pursued in all countries.

Is Accounting Information Value Relevant in the Emerging Chinese Stock Market

Abstract: This study provides an empirical examination of whether domestic investors in the Chinese stock market perceive accounting information based on Chinese GAAP to be useful in stock valuation. The study is motivated by the market-based value relevance literature in the U.S. and by the recent development of accounting and stock markets in China. Using a sample of all listed firms in the Shanghai and Shenzhen Stock Exchanges from 1991 to 1997 with available data, we obtain evidence of value relevance of accounting information in China based on a return and a price model. Specifically, we address three research questions in this study. First, we document that accounting information is value relevant in the Chinese market according to either the pooled cross-section and time-series regressions or the year-by-year regressions. Secondly, we further examine whether value relevance changes in a predictable manner with respect to four factors including positive vs. negative earnings, firm size, earnings persistence, and percentage of public holding. Finally, this study finds that the Chinese stock market perceives accounting information to be more value relevant for firms issuing both A- and B-shares than for firms issuing only A-share. Collectively, in this study, we report fairly convincing evidence that accounting information is value relevant to investors in the Chinese market despite the young age of the market and the perception of inadequate accounting and financial reporting in China. The implications of our results are discussed in the paper.