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This study uses a nonparametric causality-in-quantiles approach to investigate the causal relationship between the gold market and geopolitical risks from 4 January 2000, to 17 November 2017, using high-frequency data. The results indicated that geopolitical risks affect volatility rather than returns in the gold market. We also decompose intraday volatility into continuous and discontinuous jump components and find that geopolitical risks have stronger causality with the jump component under bear and normal market conditions. The results show, moreover, that the effects of geopolitical risks on realized volatility are asymmetric. Lastly, we divide the entire sample into four major geopolitical events (i.e. the 9/11 terrorist attacks, Irap invasion, the Russia-Ukraine crisis, and Paris attacks) and find that the effect of these events on the gold market varied by type and scope. [ABSTRACT FROM AUTHOR]

In China, offering inexpensive industrial land is a major means for local governments to participate in interregional subsidy competition, which caused regional industrial land price distortions. This article examines the effect of regional industrial land price distortions on the overinvestment of Chinese manufacturing enterprises. Chinese industrial enterprises data and land price monitoring data of 49 major cities in China between 1998 and 2007 are employed. This article has found that industrial land price distortions will significantly stimulate the overinvestment of manufacturing enterprises. Such a promoting effect varies among manufacturing enterprises of different ownership and industry attributes. Industrial land price distortions have the most significant promoting effect on the overinvestment of foreign-invested firms, followed by private firms, while state-owned enterprises are the least affected. Compared with private heavy-industry firms, industrial land price distortions have a more significant effect on the overinvestment of private light-industry firms. Compared with foreign-invested heavy-industry firms, industrial land price distortions have a more significant effect on the overinvestment of foreign-invested lightindustry firms. This study represents a positive exploration and supplement to the existing studies on the effects of subsidy competition on corporate investment behaviours and the studies on Chinese-style subsidy competition. [ABSTRACT FROM AUTHOR]

This article systematically studies investment regulation policies adopted after 1994 to prevent overcapacity in the Chinese iron and steel industry. Theoretical analysis shows that these policies have three major limitations: they cannot fundamentally govern overcapacity; they cannot be used by policymakers to make accurate predictions or formulate acceptable investment plans; they may disturb the market process and lead to negative policy results. Reviews of policy predictions show that there has always been a large difference between iron and steel industry policy forecasts and plans for investment regulation and market realities. A Hodrick-Prescott filter analysis of the effects of these policies on fixed-asset investment in the industry further reveals that the policies obstruct self-adjustment of fixed-asset investment in the market, leading to negative policy results. Policies of these types should be adopted with great caution. [ABSTRACT FROM AUTHOR]