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PurposeAims to investigate whether the level and volatility of interest rates affect the excess returns of major Asian listed property markets within a time‐varying risk framework.Design/methodology/approachA three‐factor model is employed with excess return volatility, interest rate level and interest rate volatility as its factors. The generalized autoregressive conditionally heteroskedasticity in the mean (GARCH‐M) analyzes are undertaken on monthly excess returns of property stock indexes for the period 1987‐2003.FindingsProperty stocks are generally sensitive to changes in the long‐term and short‐term interest rates and to a lesser extent, their volatility. Moreover, there are disparities in the magnitude as well as direction of sensitivities in interest rate level and volatility across the listed property markets and under different market conditions. Overall, results indicate changes in the ARCH parameter, risk premia, volatility persistence and interest rate level and volatility effects before and after the 1997 Asian financial crisis. However, these noted changes are not uniform and depend on the individual listed property markets.Originality/valueThe findings enhance investors' understanding in financial asset pricing and complement existing evidence in international real estate. With the increasing significance of property stocks as real estate investment vehicles for international investors to gain property exposure in Asia and internationally, the paper is timely and provides the basis for more advanced research in international real estate investment strategies and capital asset pricing.

The environmental situation is not optimistic. Improving the level of enterprise green development behavior can help enterprises to comply with the trend of environmental protection. However, existing studies do not explain the factors influencing enterprise green development behavior. This research collects and screens 33 empirical studies related to enterprise green development behavior from multiple authoritative data platforms, which cover 10 different countries and regions. A quantitative approach is then used to comprehensively explore the influencing factors, deeply dig into their degree of influence, and explore the moderating effect of the moderators. The results show the following: (1) corporate tangible resources, corporate intangible resources, market environment, policy and institutional environment, and public supervision have positive effects on enterprise green development behavior, and there are differences in the degree of influence; (2) corporate intangible resources have the most significant influence on enterprise green development behavior; (3) the size, region, and industry of enterprise can moderate enterprise green development behavior. This research suggests four participants: society, enterprise, market, and government. The research results are intended to provide a basis for researchers to further study enterprise green development behavior for specific industries and promote enterprise green development.

Worsening environmental problems have created more and more challenges for green development, and the government is often seen as an important guide in turning this situation around. A government generally enacts green development through green development behavior, but previous research has not revealed the mechanism of this behavior. In addition, the multi-agent interaction between the government and green development behavior also needs to be explored. Based on an integrated theoretical model, the authors of this study adopted a meta-analysis method to analyze 18 high-quality published pieces from 6 mainstream databases and described the mechanism of government green development behavior in exploring and thinking about multi-agent interactions. In addition, the authors of this study explored differences in the roles of central and local government green development behaviors and the moderating role of regional heterogeneity. The research results showed that: (1) Enterprise economic behavior, enterprise environmental behavior, enterprise social behavior, and public participation are all significantly positively affected by government green development behavior; (2) local government green development actions have stronger effects than central government actions; (3) regional heterogeneity moderates the effect of government green development behavior. Furthermore, the authors of this study propose relevant countermeasures and suggestions from the government's point of view. This research provides a theoretical and practical reference for governments to better improve their environmental systems and environmental supervision.

AbstractThe 2015 Gorkha earthquake destroyed key infrastructure in Greater Kathmandu and the surrounding earthquake‐affected areas, undermining the health status of affected households. As one of the disaster recovery policies, the Nepalese government distributed taxi permits to severely affected households through a lottery. Leveraging on this natural experimental setting, we examine the impact of the policy on their health status and access to health services. The results show that the treated households have fewer chronic and diarrhoeal diseases, and fewer doctor visits. However, we find no significant difference in the households' medical expenditure between the two groups. We also find that rural households with the taxi permits benefit more from the policy. The results of this study may provide policymakers with some insight to enhance their post‐disaster recovery strategy.