Search

Carbon emission trading has been actively applied in many countries, and its operational effect has received widespread attention. However, previous studies mostly focused on single environmental effect, and the investigation of the comprehensive environmental effect needs to be further supplemented. Based on this, this paper explores the comprehensive environmental effect of carbon emission trading with eco-efficiency as the starting point. First, this paper measures eco-efficiency using the super-efficient minimum distance to strong efficient frontier (MinDS) model with undesirable outputs. Second, this paper uses the propensity score matching difference in difference (PSM-DID) model to quantify the effect of carbon emission trading on eco-efficiency. Finally, this paper examines the mediating mechanism of the effect of carbon emission trading on eco-efficiency based on the mediating effect model. The results show that carbon emission trading can improve the level of urban eco-efficiency. Energy savings and increased efficiency effectively mediate the promoting effect of carbon emission trading on eco-efficiency. The mediating push effect of R&D innovation and industrial structure restructuring has not yet appeared. This paper can not only provide policy basis for the improvement of carbon emission trading market but also provide reference for the construction of carbon emission trading market in developing countries. [ABSTRACT FROM AUTHOR]

Green technology innovation meets the dual expectation of innovative development and green development perspectives. Under the canonical demand-pull and policy-push theories, a long-term mechanism for green technology innovation could be formed through upstream policy push and downstream demand-pull. Leveraging China's regional carbon emission trading scheme pilots as a quasi-natural experiment, this paper examines the policy-push and demand-pull effects on innovation in renewable energy patents. The data pertain to the city-level renewable energy patents from 2000 to 2020. Based upon the triple difference-in-difference method, results suggest that both policy-push and demand-pull factors exert positive effects on innovation. This paper further explores the practical and theoretical implications of green technology innovation under the new development perspective. [ABSTRACT FROM AUTHOR]

Renewable Portfolio Standards (RPS) and carbon emission trading (CET) system are the top-level system design of China's energy low-carbon transformation, which have great strategic significance for realizing the "carbon peak in 2030 and carbon neutrality in 2060". At present, China's tradable green certificates market and CET market are still in the initial stage. The implementation single system may have diverse trials and errors in its initial stage, and the market activity and transaction frequency are low. Therefore, this paper aims to explore whether the synergistic effect between the two systems can effectively promote China's energy low-carbon transformation. This paper establishes the system dynamic model of the synergistic effect between the RPS and CET in China's electricity market to reveal the influence mechanism and the synergistic effect. The results show that: (1) There is a positive synergistic effect between the RPS and CET, which will change with the institutional parameters. (2) The simultaneous implementation of the RPS and CET can effectively stimulate market vitality and promote the development of the renewable energy industry. (3) Higher quota and lower benchmark price can optimize power source structure, and improve social welfare and institutional performance. [ABSTRACT FROM AUTHOR]

Fossil-based natural resources are carbon-intensive, and over-reliance on them often leads to persistent high carbon emissions at national or regional levels, resulting in the carbon curse. Based on the panel data of 114 resource-based cities in China from 2007 to 2020, this paper examines the carbon curse and solutions for these cities from the perspectives of total and intensity of carbon emissions. The results show that: Firstly, due to the different stages of urban development, resource endowment, degree of resource dependence, and policy background, there is a heterogeneity of carbon curse in China's resource-based cities. Secondly, the carbon emission trading policy can effectively mitigate the carbon curse in China's resource-based cities, and the robustness tests demonstrate the validity of this finding. Thirdly, under the carbon emission trading policy, industrial structure upgrading and digital transformation can play a secondary moderating role in resolving the carbon curse in resource-based cities, further strengthening the inhibitory effect of the carbon emission trading scheme on the carbon curse. In contrast, green technology innovation exhibits no enhancement in the impact of the policy. These findings contribute to the existing research on the carbon curse, offering valuable insights and policy implications for effectively addressing this challenge. [ABSTRACT FROM AUTHOR]

This paper uses green innovation and environmental pollution as the mediating variables to construct a mediating effect model to investigate whether China's carbon emission trading policy can improve regional eco-efficiency by reducing regional environmental pollution and stimulating green innovation. This study is based on panel data from 30 provinces and municipalities directly under China's central government and autonomous regions from 2003 to 2019. The eco-efficiency of these provinces is measured using the super-efficiency DEA model and the difference-in-difference method (DID). The results show that (1) China's emission trading policy significantly improves regional ecological efficiency and the per capita GDP. The improvement can effectively improve regional ecological efficiency. (2) The mediating effect of green innovation and environmental pollution is significant. That is, China's carbon emission trading policy further improves regional ecological efficiency by stimulating more green innovation and reducing the synergy brought by environmental pollution. (3) There are differences in the feedback of this impact mechanism between different regions: It shows the characteristics of the western region being more significant than the eastern region. The central region has no significant effect. The research conclusion can provide a policy reference for the subsequent unified promotion of the construction of a carbon emission trading market nationwide and a theoretical basis for helping to achieve the "dual carbon" goal. [ABSTRACT FROM AUTHOR]

Can China's carbon trading policy promote regional green total factor productivity? What are the specific influencing processes and mechanisms between the two? In this paper, we construct an indicator framework for China's green total factor productivity from the perspective of green development, which comprehensively considers various inputs and outputs. This paper uses a more scientific Super-EBM model considering the mixed distance to accurately measure the regional green total factor productivity in China. The static and dynamic effects and multiple mediating effects of carbon trading policy on green total factor productivity were studied by using DID model combined with stepwise regression method. The robustness of the results was tested by parallel trend test and placebo test. The mediating effects of total energy consumption, energy consumption structure, technological innovation and the moderating effects of financial development level and intellectual property protection degree are studied. The results show that carbon trading policy significantly improves China's regional green total factor productivity. The effect of carbon trading policy on green total factor productivity in pilot areas increased to decreased; Total energy consumption and energy consumption structure have a partial intermediary effect on the relationship between carbon emission trading policy and regional green total factor productivity in China, while technological innovation has a masking effect. Regional financial development level and intellectual property protection intensity play a moderating role in the relationship between carbon emission trading policy and regional total factor productivity. Based on the above conclusions, some suggestions are put forward for the improvement of China's carbon trading policy system. [ABSTRACT FROM AUTHOR]

Improving the carbon emission efficiency in the power industry is a crucial step to achieve China's "double carbon" goal. Carbon emission trading (CET) is an important tool for carbon emission reduction in the power industry. This paper collects data on the power industry of 30 provinces in China from 2005 to 2020 and applies an undesirable super-efficiency epsilon-based measure (EBM) model to measure the total-factor carbon emission efficiency of the power industry (CEEP). A spatial difference-in-differences (SDID) model is constructed to analyze the spatial spillover effects of China's CET on CEEP. Then, a spatial mediating effect model is employed to explore the influence mechanism of CET. The results show that (1) during the sample period, CEEP shows a trend of fluctuating growth, and the overall level of CEEP is still relatively low; (2) CET has a significant promotion effect on CEEP, resulting in an average increase of 6.02% in the efficiency value of the pilot areas; (3) the spatial spillover effect test proves that CET not only improves the CEEP in the pilot areas, but also promotes the improvement of CEEP in the adjacent areas; and (4) the influence mechanism test shows that CET can improve CEEP by reducing energy intensity, promoting technological progress, and upgrading industrial structure. This study provides a new perspective for the measurement of CEEP and expands the research on the emission reduction effect of CET in the power industry. Finally, based on the research results, this study proposes targeted suggestions to provide reference for the government to formulate emission reduction policies. [ABSTRACT FROM AUTHOR]

In the context of green economy development, efforts and measurements aimed to balance the relationship between the economy and environment have been vigorously promoted. Among these regulations, the policy of China's carbon emissions trading (CET) pilot, one of the market-based environmental regulations, is favorable for China to take a path that can trigger both improvement of environmental quality and optimization of economic structure. In this paper, we adopt the slacks-based measure and data envelopment analysis (SBM-DEA) model considering the undesired output and the Luenberger function to measure and decompose the green total factor productivity (GTFP) and verify the policy effect of CET on environment, economy and productivity through difference-in-differences (DID) approach. The results showed are as follows: (1) the policy of CET has promoted the reduction of carbon emission, whereas its impact on the industrial output is not significant. (2) We show that in the short turn, the CET policy does not immediately contribute to improvement of GTFP, whereas its effect on technological progress decomposed of GTFP is positive. The results indicate that CET regulation has produced environmental dividend and improved the technological progress, but there is no Porter effect. Overall, our results provide actual evidence for deepening the nationwide carbon emission trading system. [ABSTRACT FROM AUTHOR]

This study investigates the impact of China's carbon emission trading (CET) framework on the green development of the construction sector, a topic that has been underexplored. Utilizing annual data from 107 publicly listed construction companies from 2007 to 2022, we apply green total factor productivity (GTFP) as a metric for green development. Our findings reveal that GTFP increased by 0.36 during this period. Using the Difference-in-Differences (DID) methodology, we account for factors such as market dimensions, ownership structure, financial stability, geographical location, and state financial aid. The interaction term coefficient in our model is 0.0089, significant at the 1% level, indicating that CET implementation has significantly improved GTFP in construction enterprises. Heterogeneity analysis further shows that the CET's impact is more pronounced in large-scale, state-owned, highly indebted enterprises, those located in the eastern region, and those receiving government subsidies, with coefficients of 0.112, 0.0108, 0.0092, 0.0133, and 0.0099, respectively, all significant at the 1% level. These results underscore the importance of unified market development and tailored governance strategies. The study concludes with policy recommendations and calls for further research to explore CET's nuanced impacts across different sectors and regions. [ABSTRACT FROM AUTHOR]

As the primary source sector of carbon emissions, the power industry's green innovation is an indispensable component of China's low-carbon transformation. This paper took China's Carbon Emission Trading Scheme as a quasi-natural experience and adopted the synthetic control method to evaluate the impact of Carbon Emission Trading Scheme pilot policy on power industry's green innovation based on the provincial industrial level data. Furthermore, this paper examined the impact mechanisms of Carbon Emission Trading Scheme on the power industry's green innovation through policy comparison, moderating and mediating effect analyses. The research findings show that: 1) there is heterogeneity in Carbon Emission Trading Scheme's effectiveness in inducing green innovation in China, the power industry only in Beijing and Guangdong has been significantly promoted, while other pilots have not; 2) the success of Beijing and Guangdong can be attributed to distinctive features of their carbon market and power industry, including the refined quota accounting mechanism, the application of paid quota allocation, the larger enterprise scale and more research and development investment; 3) enterprise scale and research and development investment have positive moderating effect and mediating effect in the promotional effect of the Carbon Emission Trading Scheme on green innovation respectively. Finally, some policy recommendations are put forward to promote the power industry's green innovation and carbon market construction. • Evaluate the impact of China's CETS on the power industry's green innovation in each pilot. • The CETS effects among pilots are heterogeneous, only significant in Beijing and Guangdong. • Rational CETS mechanism design could improve the power industry's green innovation. • Enterprise scale and R&D investment positively moderate and mediate the CETS effect. [ABSTRACT FROM AUTHOR]

• Technical-economic evaluation was conducted for various PV tracking systems. • Analysis was performed on six different latitude regions in China. • Several tracking systems have better economic viability than fixed-tilt systems. • Introduction of carbon trading increases investment viability of tracking systems. Renewable energy generation plays a crucial role in mitigating global climate change and achieving carbon peak and carbon neutrality targets. Photovoltaic (PV) power is an important component of renewable energy generation. With China's commitment to meet its dual carbon targets on time, the application of PV tracking systems, which significantly increase the amount of PV power generated, has become a trend for the future. However, the suitability of PV tracking systems varies significantly between regions. This paper aims to assess and compare the technical and economic performance of PV systems using different PV tracking systems in six different latitude regions in China under the consideration of carbon trading. By utilizing the PVsyst software, the monthly/yearly unit electricity generation of different tracking systems in each region is calculated. Furthermore, the technical and economic performance of these systems is assessed by computing the levelized cost of electricity (LCOE), net present value (NPV), and discounted payback period (DPP) with and without carbon benefits, taking into account sensitivity analyses. The results indicate that the dual-axis tracking (DAT) system achieves the highest electricity generation, providing a gain of 17.94 %–31.52 % compared to the fixed-tilt (FT) system. The horizontal axis tracking North-South (HATNS) system and the tilted-axis tracking (TAT) system are probably the most economically viable systems in areas with high radiation levels, with NPV values 2.02 %–25.55 % and 6.44 %–19.45 % higher, respectively, compared to the FT system. The introduction of carbon benefits significantly increases the economic viability of all tracking systems. [ABSTRACT FROM AUTHOR]

The carbon emission trading scheme (CETS) has been gradually introduced in China to control carbon emissions and boost economic and social development. The existing literature has evaluated the market potential of pilot CETSs or a certain industry, yet no study has focused on the industrial sectors to be covered in the national CETS to analyze trading flexibility and the sector inclusion sequence. This study presents an analytical framework for estimating market potential (i.e., potential gains and carbon emission reduction potential) and industrial sector inclusion sequences for China's national CETS using by-production models. Three simulation scenarios (i.e., no-trading scenario, power sector trading scenario, and multiple-industry trading scenario) and two trading modes (i.e., contemporary and intertemporal trading mode) are simultaneously considered. The novel evidences are: (i) There would be 39.93% (27.7 trillion CNY), 65.26% (273.0 trillion CNY) and 159.42% (666.7 trillion CNY) national aggregated potential gains of CETS in intertemporal power sector trading scenario, contemporary multiple-industry trading scenario and intertemporal multiple-industry trading scenario, and they would help save 3.60%, 5.18% and 6.05% of CO 2 emissions reduction, respectively. (ii) CO 2 emission permits would transfer from nonmetal minerals, ferrous metals, and electricity, to paper making, non-ferrous metals, petrochemicals, and chemicals under the intertemporal multiple-industry trading simulation. (iii) Based on the principle of potential gain maximization, it is recommended that the sector of smelting and processing of non-ferrous metals should to be included as the next sector in national CETS. The results show that national CETS has great market potential for achieving China's joint carbon control and economic growth goals. [ABSTRACT FROM AUTHOR]

The carbon emission trading markets represent an emerging domain within China. The primary objective of this study is to explore whether carbon price volatility influences stock market volatility among companies subject to these emission trading regulations. Employing daily returns data from 293 publicly traded companies regulated by these emission trading markets, this study encompasses the national carbon market and eight pilot regional carbon markets spanning from August 2013 to October 2023. The results demonstrate that volatility in regional carbon prices positively impacts the stock volatility of companies in the corresponding emission trading region, indicating a volatility spillover effect. Moreover, this spillover effect is more pronounced in sectors marked by lesser carbon intensity than those with greater carbon intensity. The volatility transmission is more pronounced in coastal areas than in inland regions. However, no notable distinctions in volatility transmission are discerned between the periods before and throughout the COVID-19 pandemic. Vector autoregression analyses substantiate that lagged carbon price fluctuations possess limited predictive capacity for contemporaneous equity market volatility and vice versa. The robustness of these outcomes is fortified by applying the E-GARCH model, which accounts for the volatility clustering phenomenon. As the first investigation into the volatility spillover effect between China's emission trading market and corresponding stock markets, this study offers valuable insights into the investment strategies of retail investors, the formulation of carbon regulations by policymakers, and the carbon emission strategies of corporate managers. [ABSTRACT FROM AUTHOR]

Green and low carbon transition is a broad and profound economic and social systematic change. Green innovation is a critical way to promote energy saving and emission reduction. Has China continuously promoted a carbon emission trading policy to significantly promote green innovation cooperation? Taking the implementation of the carbon emission trading pilot policy as a "quasi-natural experiment," this study answers this question by exploring the impact of the policy on green innovation cooperation. Based on data on 274 cities from 2008 to 2020, the multi-time difference-in-differences model is used to evaluate the impact of the policy on green innovation cooperation. The results reveal that the carbon emission trading pilot policy significantly improved inter- and intra-city green innovation cooperation through the upgrading effect of industrial structure and the coverage effect of digital finance compared with the non-pilot cities at the city level. In addition, there are significant differences in the policy effects among cities with different degrees of openness to the outside world and command-and-control environmental regulation. [ABSTRACT FROM AUTHOR]

Renewable Portfolio Standards (RPS) and Carbon Emission Trading (CET) are the policy instrument for China to achieve the low-carbon energy transition. Changes in policy combinations will affect the equilibrium state of the interactive system and bring uncertain risks to the expected effects of policy implementation. Given the assumption that the power users undertake RPS assessment and the CET market is extended to industries in addition to the power generation industry, this paper first constructs a game model in the context of RPS and CET where groups of power users and thermal power manufacturers jointly participate. Then, with China's provincial market data, it analyzed the evolution process of group strategy under different policy parameters and described the characteristics of the transition between the stable and unstable states of the system. Finally, a dynamic and differentiated mechanism design for policy parameters is proposed to restrain system oscillations. The simulation results reveal the interaction between market players' strategies, and a quantitative framework for analyzing system stability under different policy parameter combinations is proposed, which can provide an analysis framework for China to implement RPS and CET and deliver a relevant analysis basis for setting policy parameters. • Analyzing the interactive impact of RPS and CET markets on power users. • Construct an evolutionary game framework. • The process between stable and unstable states is characterized. • Dynamic penalty mechanisms can make the system stable. [ABSTRACT FROM AUTHOR]

To fulfill the goals of sustainable development and emission reduction, China has established the consumption side renewable portfolio standards (RPS) and domestic nationwide carbon emission trading (CET) scheme. However, there are intricate interrelationships between the two mechanisms as they overlap in policy goals and implementation measures, which might lead to policy synergy or policy ineffectiveness. Therefore, investigating the coupling effects in the context of policy coexistence is imperative for policy optimization and realization of the policy objectives. In this study, a simulation model cooperating the electricity market, the excess consumption trading market, the tradeable green certificates (TGC) market and the CET market, based on the system dynamics (SD) methodology is proposed. The paper comprehensively investigated the complex relationship between the four markets and conducted experiments with different scenario settings in RPS quota goal and carbon quota goal. The results illustrate that: (1) Both mechanisms can facilitate the expansion of renewable electricity and improve the power supply structure. (2) The quota goals of the two policies should be reasonably set as they contain both the abovementioned overlapping effects, as well as conflicts in the effects on the total electricity supply and electricity price. (3) The consumption side RPS is conductive for market absorption of renewable electricity with a proper higher RPS quota goal. (4) The TGC market is oversupplied, and the price keep decreasing under the consumption side RPS, more demand incentive mechanisms are required for TGC market. • Implementation mechanism and effects of the consumption side RPS are investigated. • Policy coordination between the consumption side RPS and CET in China are examined. • The effects of consumption side RPS and CET have both overlaps and conflicts. • Ratio of renewable electricity consumption is positively correlated with RPS quota goal. [ABSTRACT FROM AUTHOR]

Carbon emission trading (CET) is a major institutional innovation to limit carbon dioxide emissions, which has a significant effect and influence. There are two unpaid quota allocation methods in CET, benchmark-based Vs. grandfathering. It appears meaningful to examine which allocation method can make more profit and less emission with the implementation of electricity marketization reform. Defining the allocation of the initial quota is also one of the basic points of CET. Accordingly, this paper developed a system dynamics model with different scenarios to simulate and evaluate the allocation methods with different unpaid quotas in the context of electricity reform(EMR). The results show that the grandfathering method allocation can vitalize the CET market and reduce more carbon emissions per unit, which is better than the benchmark-based method in terms of revenue, profit, investment space, and power generation. Setting a 10% unpaid quota is a benefit for steady transition. In the long term, the market on-grid price gradually shows an advantage in efficiency and liquidity. • Researched the impact of allocation methods on carbon emission trading. • Constructed a different scenarios analysis by the SD method. • The grandfathering allocation method is better than the benchmark-based. • Setting 10% unpaid quota is benefit for steady transition. • The market on-grid price takes advantage in efficiency and liquidity. [ABSTRACT FROM AUTHOR]

Using a carbon emission trading pilot policy in China, we construct a DID method to investigate the effect of carbon emission trading on corporate financial behaviour. We find that enterprises in the pilot areas get less bank loans after the 'pilot policy', which indicates that carbon emissions trading has a negative impact on debt financing. Additional analysis shows that the negative influence is more significant in state-owned enterprises. Our study provides a more complete picture of the microeconomic impact of carbon emissions trading, and improves our understanding of the role and significance of corporate 'carbon assets' in the capital market. [ABSTRACT FROM AUTHOR]

To estimate the comprehensive impact of China's carbon trading policy launched in 2013 on carbon emissions, this paper conducts a quasi-natural experiment with the combination of difference-in-differences method (DID) and spatial DURBIN model (SDM), further analyzes the mechanism from the perspective of energy use, energy structure and energy efficiency. The empirical results show that, (1) The CET has reduced the carbon emissions in pilots since 2013 significantly. Carbon emissions in neighbouring regions of pilots are also reduced, which proves the existence of spatial spillover effects from CET. Compared with the direct part, the spatial spillover effect accounts for smaller proportion. Both the results of robustness and endogenous analysis support above conclusion. (2) The effect of CET on carbon emissions continues to increase over the long term, while the spatial spillover effect gradually decreases as distance increases. (3) The CET also contributes to the decline of carbon intensity. (4) The decline of fossil energy use is the main path to reduce carbon emissions, while the transformation of energy structure seriously hinders the CET to achieve carbon emission reduction in the long term. • The CET has spatial spillover effect on carbon emissions. • The spatial spillover effect of CET decays with distance. • The decline of fossil energy use driven by CET reduces carbon emissions. • The energy structure driven by CET hinders the carbon emission reduction. [ABSTRACT FROM AUTHOR]

Piloted in 2013, the Carbon Emission Trading (CET) policy is the most practical tool for emission reduction in China, however, midstream firms increase capital investment to cope with compliance costs, resulting in more expensive intermediate commodities that may hurt export benefits of industrial chain terminal. Based on the A-shared listed firms of Chinese metal industrial chain during 2008–2018, this paper applies the difference-in-difference model to explore the effects of CET on chain reactions of corporate activities. After a set of robustness tests, the results show that midstream firms accelerate capital deepening in response to CET and become more capital-intensive, but gain losses of outputs both in revenue and in quantity, accompanying cost pass-through to downstream firms, which are all contributed by the external pressure imposed by stakeholders and internal incentive from senior managers. Then, affected by price fluctuation in markets of production factors and carbon-intensive commodities, CET increases the cleanliness standards of midstream firms and promote their export benefits immediately, and cost pass-through generates more expensive intermediate products and results in export contraction of downstream firms, but precision machine manufacturing has seen export growth, as their products are more sensitive to technological breakthroughs than material costs. [Display omitted] • Midstream firms conduct capital deepening and become more capital-intensive. • Compliance costs transfer to downstream firms along metal industrial chain. • Export benefits increase in midstream firms but decrease in downstream firms. • Corporate activities are driven by internal incentive and external pressure. • Export benefits of downstream firms in precision machinery manufacturing increase. [ABSTRACT FROM AUTHOR]

As an important tool to control CO2 emission, carbon emission trading (CET) has been highlighted in prior studies for its positive effects on firms. However, we are concerned about the role of the CET in corporate financing. Through a quasi-natural experiment from China's CET pilot, regarded as the start-up stage of China's emission trading system, we investigate the manufacturing corporate financing (i.e., debt and commercial credit financing). The results show that the firms in China's CET market have less debt financing. Additionally, in the heterogeneity analysis, we found that (1) the CET is negatively related to corporate financing when their financing constraints are weak, whereas it only reduces long-term debt for the firms with strong financing constraints. (2) The impact of the CET on corporate financing is not significant for the firms located in first-tier cities in China, but in other cities, the CET negatively influences firms' long-term debt and contributes to commercial credit financing. (3) The CET only plays a negative role in long-term debt and a positive role in commercial credit financing for firms in high energy-consuming industries. This study enlightens the government to improve the emission trading system and increase financing support to manufacturing firms in the CET market. [ABSTRACT FROM AUTHOR]

In 2020, China proposed the goal of achieving carbon emission peaks by 2030 and carbon neutrality by 2060. For China, whose energy consumption structure has long been dominated by fossil energy, carbon trading and new energy are crucial for the realization of the emission target. By establishing a connectedness network model, this paper studies the static and dynamic spillovers between the Hubei carbon trading market, new energy stock market, crude oil market, coal market, and natural gas market in China, and draws the following conclusions: (1) the static spillover index of the carbon–energy–stock system is 3.57% and the dynamic spillover index fluctuates between 7.67% and 22.62%, indicating that the spillover effect of the system is low; (2) for the whole system, whether from a static or dynamic perspective, the carbon market always plays the role of net information receiver, while new energy is the net information transmitter; (3) the new energy stock market and the coal market always act as net information transmitters to the carbon market; and (4) the spillover effect of the system is asymmetric, wherein the system is more sensitive to negative information about price returns, and this asymmetry is much greater when the system is active. [ABSTRACT FROM AUTHOR]