Remarkable economic growth following the opening of a country's equity market is puzzling, given that the equity market constitutes only a small fraction of the financial system in developing economies. This paper investigates the cross-market spillover effects of equity market liberalization. Leveraging the Shanghai-Hong Kong Stock Connect launch as a quasi-natural experiment, we explore how opening the equity market to foreign investors influences the cost of bond financing for firms by enhancing equity pricing efficiency. Our empirical analysis uncovers that equity market liberalization reduces the cost of bond financing for firms, particularly those with lower ex-ante pricing efficiency and weaker debt security. Furthermore, firms exhibit an increase in bond financing and investment activities following the liberalization of the equity market. These findings remain robust even after considering the impact of the reduced risk premium. Taken together, our study provides insights into how equity market liberalization can effectively decrease the cost of capital, thereby fostering economic growth in developing markets.

本次讲座将介绍AI时代的教学研究及现状，梳理人工智能技术在教育与科研领域的进展及影响。讲座将介绍多种AI工具，讲解其功能及应用场景，尤其是如何合理利用AI助力论文选题、期刊查找、文献综述写作、论文修改等以期提升科研效率。

参与方式：扫描海报二维码报名

武田泰淳与堀田善卫同为日本战后派文学的代表作家，二人文学创作的原点均植根于在上海迎来日本战败的历史体验。本次讲座基于战后初期对日宣传刊物《新生》上发表的二人的评论、随笔，结合堀田善卫上海时期的日记，探讨二者战后的小说创作之间的互文性关联，揭示在上海的战时与战败体验如何塑造了其战争反思的文学表达，进而对发源于上海的日本“战后文学”进行论证。

即将踏上中亚留学之旅？面对陌生的文化习俗是否感到忐忑不安？本讲座专为赴哈萨克斯坦、乌兹别克斯坦的准留学生打造，用“故事+攻略”模式破解文化差异难题！

你将了解到：

草原新都与丝路古城的生存智慧：为什么甩手、挠头会引发不满？见面的握手、拥抱蕴藏怎样的社交信号？

课堂内外避坑指南：如何正确尊称师长？课堂发言时“谦让”可能适得其反？揭秘中亚校园的社交法则。

讲座基于多年留学、工作、田野调查中的真实案例，融合文化人类学视角，不仅告诉你“不能做什么”，更深入解析“为什么”。现场还将分享“三步破冰法”“禁忌红绿灯清单”等实用工具，助你快速从“文化休克”过渡到“如鱼得水”，做有准备的文化探索者！

Considering the importance of corporate carbon emissions, the Supreme Court of the United States ruled against the Environmental Protection Agency (EPA) and curtailed EPA’s regulatory powers by unprecedentedly invoking the “major questions doctrine” in its judgment of West Virginia v. EPA in 2022. We find that stock prices of firms with greater exposure to climate risk increased relative to firms with lower exposure after the Supreme Court verdict. The results are more pronounced for firms subject to higher federal climate enforcement intensity prior to the court ruling. Long-term zero carbon commitment by local government and environmental consciousness of institutional investors can mitigate the effect. Overall, our findings from this landmark climate litigation suggest that climate transition risks can affect stock prices.

普希金被誉为“俄罗斯诗歌的太阳”，而他的光芒早已超越时间与疆界。在诗人诞辰226周年之际，让我们再次品读这一“永远充满生命活力和原动力、始终在时代精神中激荡向前”的文化现象，并以普希金创作中的核心意象为钥匙，开启俄罗斯文化的精神密码。

在俄罗斯民间童话的叙事机理中，人物名字不仅是人物的标识，更是文化先验的符号系统。名字不再是用来指认的工具，而是参与塑造现实的原始力量。这些“先验名字”源自历史、宗教、民俗等集体记忆，通过代际传承形成稳定的文化范式，在故事中构成隐含的意义网络。例如，“瓦西丽莎”象征智慧与坚韧，“伊凡”则代表平凡英雄的蜕变路径。俄罗斯童话中的先验名字告诉我们，每个名字都是一个微型宇宙，包含着特定的命运轨迹和象征意义。这些名字不仅激活听众对原型人物的联想，更赋予文本以超越字面的文化厚度。本次讲座将带你探索俄罗斯童话中那些深入骨髓的“先验名字”——它们是如何成为文化密码，又是怎样活跃在现代俄语中。通过生动案例，揭开童话角色背后的语言魔力，为跨文化交际提供解码钥匙。