This paper evaluates the short-term impact of the coronavirus outbreak on 21 leading stock market indices in major affected countries including Japan, Korea, Singapore, the USA, Germany, Italy, and the UK etc. The consequences of infectious disease are considerable and have been directly affecting stock markets worldwide. Using an event study method, our results indicate that the stock markets in major affected countries and areas fell quickly after the virus outbreak. Countries in Asia experienced more negative abnormal returns as compared to other countries. Further panel fixed effect regressions also support the adverse effect of COVID-19 confirmed cases on stock indices abnormal returns through an effective channel by adding up investors’ pessimistic sentiment on future returns and fears of uncertainties.

This paper established a combined dataset from 2004 to 2015 for 129 host countries and matched them with 1193 Outward Foreign Direct Investment (OFDI) events by Chinese listed firms. Four variables were designed to proxy the agglomeration effects of Chinese OFDI at both an industry and country level. Probit and FGLS estimation methods were used to analyze whether the Chinese listed firm location choices were affected by the agglomeration level. It was found that the agglomeration effect of Chinese OFDI on host country selection was obvious, as Chinese firms were often found to follow other Chinese firms and invest in host countries where Chinese investment was concentrated; however, it was also found that Chinese firms did not choose countries where there was a high concentration of non-Chinese FDI. The agglomeration effect on Chinese OFDI industry selection was also significant. Firms were found to invest in industries that already had large Chines OFDI agglomeration or high host-country industrial agglomeration. Further investigations found that the “Belt and Road” Initiative (BRI) was effective in guiding location decisions. Firms were found to invest more along the “Belt and Road” route after the BRI was launched; however, large State-owned listed firms with higher leverage but lower productivity and profitability were found to more often invest along the BRI routes.

In an attempt to ensure sustainable water resource development, this paper constructs a comprehensive scientific index evaluation system focused on the macro socio-economic-ecological environment. Inspired by the theory of dissipative structure, the sustainable development system of water resources is regarded as a complex and huge dissipative system. In order to effectively measure the coordinated development status and orderly evolution trend of the system, this paper uses the information entropy method to construct the measurement model of the water resources system and analyze its internal entropy flow changes. The empirical analysis of the water resources in China from 2007 to 2016 found that coordinated water resource subsystem development could achieve sustainable development, and that over the examined period, the sustainable water resource development system in China became more orderly and coordinated; therefore, the sustainable development aim is gradually being achieved.