Coase's analysis of social costs, negative externalities and governance: Coase's Critique of "The Problem of Social Cost" Part 1 Coase's analysis of social costs, negative externalities and governance Coase's Critique of "The Problem of Social Cost" Xie Yongxia Summary: Coase's "The Problem of Social Cost"
The stock market has been so good recently, and many novices in the stock market are already eager to try it. Regardless of whether the current stock market has investment value or ornamental value, Xiaowei will first talk about the relevant content of opening an account before entering the stock market.
The Chinese stock market is divided into the Shanghai Stock Exchange and the Shenzhen Stock Exchange. The companies listed in Shanghai are mainly large state-owned enterprises, and the companies listed in Shenzhen are mainly small and medium-sized enterprises and the GEM. There is the simplest way to determine whether it is the SSE or the Shenzhen Stock Exchange. The SSE starts with 600 and 601, the Shenzhen Stock Exchange starts with 000, and the GEM starts with 300.
What are the fees when opening a securities account?
Account opening fee: Individual A-share accounts charge 90 yuan, but now basically no securities company will charge this 90 yuan. Account opening is free. They will extract commissions from your subsequent transactions to earn back this cost.
Commission: Charged on a proportional basis, the highest rate is three thousandths and the lowest is three thousandths. This is flexible and you need to negotiate with the securities company yourself. If not, they will usually charge a higher rate. After negotiating, they will lower it for you. Of course, the policies of securities companies in various regions are different. In short, the lower the better!
Stamp tax: It is only levied when selling stocks (that is to say, it is not charged when buying stocks). The tax rate is one thousandth (1‰), that is, a stamp tax of 1 yuan is charged for 1,000 yuan, a stamp tax of 10 yuan is charged for 10,000 yuan, and so on...
Transfer fee: For stocks listed on the Shanghai Stock Exchange, a transfer fee of 1 yuan is charged for every 1,000 shares. If the amount is less than 1 yuan, a transfer fee of 1 yuan is charged; there is no transfer fee for stocks listed on the Shenzhen Stock Exchange.
Margin: There is no margin for stock accounts because there is no leverage. Only leveraged transactions such as futures have margin.
So how much is the minimum deposit into the account?
During the account opening process, there will be a link to link the bank card. After linking, there is no charge for transferring money from your bank card to the stock account, or transferring money from the stock account to the bank card after making money. As for the minimum deposit amount, it depends on how much stock you want to buy. The minimum trading unit is one lot, which is 100 shares. If you want to buy a stock worth 1 yuan, you need a minimum of 100 yuan, and a stock worth 10 yuan requires a minimum of 1,000 yuan.
In addition, there is no annual fee for securities accounts, and fees are charged according to buying and selling operations.
Investors are betting that the Fed will restart interest rate cuts in September, nine months after the last rate cut in December 2024. Analysts said such a long period of policy stagnation could be particularly beneficial to stocks, potentially prolonging and extending the rally.
A big source of support for optimism comes from historical data. Ryan Detrick, chief market strategist at Carson Group, posted on the social platform
Although it's difficult to pinpoint the cause, Detrick said in a phone interview that investor psychology may be a factor. "As the situation stabilizes, the Fed will return to more accommodative language. To some extent, your previous concerns about policy stagnation may be alleviated, and the stock market will return to its previous bull market trajectory."
This background may explain why investors reacted strongly to Federal Reserve Chairman Jerome Powell's speech last Friday. Powell said a rate cut may be justified given growing concerns about the health of the job market.
Mike Reynolds, vice president of investment strategy at Glenmede, said Powell's statement marked a subtle but significant shift: the market's focus has shifted from "whether the Fed will cut interest rates this year" to "how many times it may cut interest rates and the pace of the rate cuts."
According to data from CME Group's FedWatch tool, traders currently see an 85% chance that the Fed will cut its key interest rate by 25 basis points in September, up from 75% a week ago; at the same time, they see an 83.9% chance that the Fed will cut interest rates at least twice in the remaining three policy meetings this year.
U.S. stocks closed higher last week, with the Dow Jones Industrial Average (DJI) hitting a new all-time closing high, rising 1.5% for the week, the S&P 500 Index (SPX) rising 0.3%, and the Nasdaq Composite Index (COMP) falling 0.6%.
Potential Variables: What factors could upset this expectation?
Nonetheless, a number of economic data may still affect the final decision before the end of the Fed's next meeting on September 17. Investors this week will welcome the July personal consumption expenditures (PCE) index - the Fed's favored inflation measure; followed by the August non-farm payrolls report in early September; and on the eve of the September meeting, the latest consumer price index (CPI) and producer price index (PPI) data will also be released.
Powell has reminded the market that the Fed will still adhere to the principle of "data dependence", but analysts said that only a truly unexpected situation may change the current trend. "For the Fed to abandon plans to cut interest rates in September, it would probably take something completely unexpected, such as an unusually strong inflation report," Reynolds said on the call.
However, Reynolds believes that this situation is "extremely unlikely" at this time. "Current labor market problems appear to be more concerning than inflation. And given that interest rates are currently at mildly restrictive levels, combined with the balance of risks, we believe the Fed needs to move rates closer to neutral."
James Ragan, director of wealth management research at DA Davidson & Co., also agreed that a rate cut in September is highly likely. "I think it is unlikely that there will be too many factors that will change the expectation of a 25 basis point interest rate cut at the September meeting. Now the focus of discussion may turn to: Will there be a 50 basis point cut? What action will be taken in October?"
If the interest rate cut is finalized, which sectors will benefit?
Analysts said the stock market rally could spread beyond broad-market technology stocks to more sectors if the Federal Reserve cuts key policy rates. Falling interest rates typically prompt investors to move further up the risk curve in search of higher returns. Steve Sosnick, chief strategist at Interactive Brokers, said: "In general, assets with greater exposure are likely to perform better after interest rate cut expectations increase."
Reynolds noted that small-cap stocks in particular could benefit - such companies typically hold more floating-rate debt and are more sensitive to changes in borrowing costs. The Russell 2000, which tracks the 2,000 smallest companies in the Russell index, rose 3.9% on Friday, outpacing the S&P 500's 1.5% gain.
Reynolds added that growth stocks generally perform better in a low interest rate environment, but current valuations of growth stocks are already at high levels, and if earnings growth cannot keep up, their upside may be limited.
Risks ahead still exist
Despite the positive sentiment, not everyone believes the market rally can continue unimpeded. Sosnick warned that the market may now be in a "hyper state."
"How long can this go on? Will other Fed officials start expressing disapproval?" he said.
Opposition has actually emerged. Cleveland Fed President Beth Hammack said last week she was reluctant to support a rate cut in September based on current data. This highlights the differences within the Fed on the "pace of easing policy."
"There are a lot of other cross-over risks in the market right now, but right now, investor sentiment is very positive," Sosnick said.
Is Xi'an International Studies University a first-tier university or a second-tier university? How many copies are they? What kind of university is Xi'an International Studies University? Is it worth it? What is Xi'an International Studies University's trump card major... I believe everyone has this series of questions before applying to Xi'an International Studies University.
This article will provide you with information about Xi'an International Studies University's enrollment batch, school level, national ranking and recognition, etc., and lead you to have a comprehensive understanding of Xi'an International Studies University!
1. Is Xi’an International Studies University a first-tier university or a second-tier university? How many copies are they?
It is reported that the 2022 College Entrance Examination of Xi'an International Studies University has enrollment in 29 provinces and cities across the country. Among them, 14 provinces are undergraduate batch enrollment, and among the 12 provinces that have merged the first and second books, they are all undergraduate batch enrollment, and there is a section in Qinghai, Shandong, and Zhejiang provinces.
Therefore, we can judge from this: Xi'an International Studies University is a university worthy of its name!
The following will show you the lowest score and ranking of Xi'an International Studies University in various provinces and cities across the country in 2022. While you can understand the detailed enrollment batches of Xi'an International Studies University in various provinces across the country, you can also take a look at the admission score of Xi'an International Studies University!
1. Xi’an International Studies University’s [Liberal Arts] recruitment data in provinces with general college entrance examinations across the country, including admission batch and other information:
2. Xi’an International Studies University’s [Science] enrollment data in the provinces with the national general college entrance examination, including enrollment batch and other information:
3. Xi'an International Studies University's recruitment data in the 3+3 new college entrance examination provinces, the admissions batches are all undergraduate batches or one-stage:
4. Recruitment data of Xi'an International Studies University in the 3+1+2 new college entrance examination provinces [preferred history], the enrollment batch is the undergraduate batch:
5. Recruitment data of Xi'an International Studies University in the 3+1+2 new college entrance examination province [Preferred Physics], the enrollment batch is the undergraduate batch:
2. Where does Xi'an International Studies University rank in the country?
Xi'an International Studies University is a public university located in Xi'an, Shaanxi Province. It currently has 14 specialty majors. Next, the editor will show you the latest ranking of Xi'an International Studies University in the country for the reference of senior high school students when choosing a school!
Ranke 2022 University Rankings: Xi'an International Studies University ranks 333rd in the country;
Ruanke’s 2022 language university rankings: Xi’an International Studies University ranks 11th in the country;
Golden Apple 2022 university rankings: Xi'an International Studies University ranks 414th in the country;
Alumni Association 2022 university rankings: Xi'an International Studies University ranks 253rd in the country;
Alumni Association 2022 Language University Ranking: Xi'an International Studies University ranks 8th in the country.
In summary, Xi'an International Studies University ranks 253-414 among all universities in the country, and ranks 8-11 among language universities nationwide. It is a university with high national recognition!
3. List of Xi’an International Studies University’s top majors
1. Xi’an International Studies University’s national-level specialty majors: English, Russian, French, translation, and tourism management;
2. Xi’an International Studies University’s provincial specialty majors: English, Russian, French, Spanish, tourism management, translation, German, accounting (ACCA direction), and Japanese.
4. Faculty of Xi’an International Studies University
The school has a total of 1,350 faculty and staff, including 1 national-level teaching team and 12 provincial-level teaching teams. Among them, there are 928 teachers, 108 professors, and 245 associate professors; 1 expert with outstanding contributions nationwide, 9 experts enjoying special government allowances from the State Council, 3 national outstanding teachers, 1 outstanding ideological and political education worker in national universities, 1 deputy director and 3 committee members of the sub-committee of the Foreign Language Steering Committee of Higher Education Institutions of the Ministry of Education, 1 expert with outstanding contributions in Shaanxi Province, 3 academic and technical leaders in key disciplines of Shaanxi Province, and 4 young and middle-aged experts with outstanding contributions in Shaanxi Province people, 2 "Three Five Talents" in Shaanxi Province, 2 New Century Excellent Talents from the Ministry of Education, 5 outstanding teachers in Shaanxi Province, 12 "Famous Teaching Teachers" in ordinary colleges and universities in Shaanxi Province, 3 people in the "Shaanxi University Humanities and Social Sciences Young Talents Support Plan", Shaanxi There is 1 provincial "Model Worker", 1 outstanding educator of Shaanxi Province, 1 "New Long March Assaulter" of Shaanxi Province, 3 "Model Models of Teachers' Morality" of Shaanxi Province, 3 "Advanced Individuals of Teachers' Morality Construction" of Shaanxi Province, and 3 "Advanced Collectives of Teachers' Morality Construction" of Shaanxi Province.
This article introduces to you information about Xi'an International Studies University's enrollment batches, national rankings and other information. We can judge that Xi'an International Studies University is a public first-class university that is very worthy of high school students to apply for. Everyone is welcome to apply for this good university located in Xi'an, Shaanxi Province!
This year, the U.S. stock market indexes have repeatedly hit new highs. The market capitalization-weighted indexes Nasdaq Index (IXIC.US) and S&P 500 Index (SPX.US) have cumulative gains of 11.11% and 9.84% respectively, reaching 21,455.55 points and 6,460.26 points, mainly due to the strong trend of the "Seven Sisters" Driven by the trend, Google (GOOG.US), Microsoft (MSFT.US), Meta (META.US), and NVIDIA (NVDA.US) all hit new highs in the second half of this year. Among them, NVIDIA has repeatedly set the highest market value in the history of global listed companies, but this does not hinder the pace of repurchases by giants. Is their aggressive repurchase activity a vote of confidence in themselves, or is it a helpless move due to lack of confidence in potential investments in the market?
NVIDIA buyback
As rational economic people, technology giants like Nvidia, which has the most professional financial analysis team, control every penny of the company very scientifically and accurately, which means that every penny of its use can bring it the greatest economic value.
See the figure below. The AI wave will begin to break out at the end of 2022, and Nvidia's stock price will also start to soar at the end of 2022. According to our estimates, from the beginning of 2023 to the present, Nvidia's stock price has increased by a cumulative 10.93 times.
According to our estimates, NVIDIA's non-accounting net profit for the 12 months ending July 27, 2025 was US$87.753 billion, which is 6.94 times higher than the company's non-accounting net profit of US$11.058 billion for the 12 months ending July 31, 2022 before the AI boom.
Its current stock price trend far outperforms its profit growth. However, Nvidia still chooses to increase repurchases and increase dividends at this time. Nvidia paid a dividend of US$488 million in the first half of fiscal year 2026, a year-on-year increase of 41.86%.
As of the end of July 2025 this year, the company has returned US$24.3 billion to shareholders through repurchases and dividends. By the end of July, the company still has a repurchase authorization of US$14.7 billion, plus an additional US$60 billion of unlimited repurchase quota, which means that there is still US$74.7 billion of repurchase authorization that can be fulfilled.
Making buyback commitments and increasing dividends may, on the one hand, reflect Nvidia's confidence in its future prospects - buying its own shares at current prices is much more cost-effective than investing in other projects on the market, and it may also mean that the company's expected future earnings growth has not yet been reflected in its current stock price.
But on the other hand, it may also be to appease shareholders. Nvidia's management also mentioned at the July quarterly results meeting that the company will seize investment opportunities in AI solutions and sovereign AI in the future, which means it will increase investment. At the same time, it faces the possibility of missing out on China's major AI market and its current valuation is overvalued. The company may increase returns to shareholders to ease shareholders' concerns about returns on capital investment.
Capital spending ramps up with buybacks
While the "Seven Sisters" are increasing capital expenditures to consolidate their AI development advantages, they are also increasing repurchase amounts and increasing dividends to please shareholders.
Cash-neutral Apple (AAPL.US) has been a big spender on repurchases, with Wind data showing its repurchases amounted to $46 billion this year. However, Cook said at the June financial quarter results conference that Apple will invest US$500 billion in the United States over the next four years to promote innovation and create jobs in cutting-edge fields such as advanced processes, chip engineering, and AI. It is unknown whether this will affect its future repurchase capabilities.
Meta and Google are also the main players in repurchases. Although the stock prices of both companies have hit new highs this year and they have continued to significantly increase capital investment in the construction of data centers, they have not been stingy with repurchases.
Meta repurchased 36 million Class A ordinary shares for US$23.16 billion in the first half of this year. By the end of June 2025, the company still has a repurchase limit of US$28.23 billion. At the same time, Meta will increase its cash dividend by 5% from the first quarter of 2025. However, it should be noted that Meta's increase in capital expenditures is far greater than its return to shareholders. In 2024, its capital expenditure will be US$39.2 billion, and it recently raised its capital expenditure budget for 2025 from US$64-72 billion to US$66-72 billion, which means an increase of at least 68%. Management expects capital expenditures in 2026 to be similar to this year. It is not difficult to understand that Meta needs to give shareholders some small favors through buybacks and increased dividends to rationalize its expansion of AI capital investment.
In the first half of 2025, Google repurchased 164 million shares at a price of US$28.564 billion. In April this year, its board of directors increased its repurchase quota by another US$70 billion. As of the end of June 2025, Google still had a repurchase quota of US$86.3 billion. Similarly, Google, like Meta, increased its quarterly cash dividend by 5% in April this year. However, it should be noted that Google has further increased its capital expenditure, raising its capital expenditure guidance for 2025 from US$75 billion to US$85 billion, and stated that capital expenditure in 2026 will further increase.
The situation is similar at Microsoft.
In fiscal year 2025, which ends in June 2025, Microsoft has repurchased 31 million shares for US$13 billion, and currently has an approved repurchase quota of US$57.3 billion. At the same time, Microsoft is also one of the companies with the highest capital expenditure budget among the "Seven Sisters", although it stated that its fiscal year 2026 resources will This expenditure will increase moderately year-on-year, but we checked the company's previous records and found that Microsoft's capital expenditures have increased exponentially in the past two years. Capital expenditures in fiscal year 2024 and fiscal year 2025 increased by 74.61% and 58.35% year-on-year, respectively, to US$55.7 billion and US$88.2 billion.
Conclusion
Therefore, technology giants represented by Nvidia are currently significantly increasing stock repurchases and cash dividends. Their deep strategic purpose is not simply shareholder returns, but to pave the way for larger-scale capital expenditures to consolidate and expand their lead in the fierce AI competition.
Through buybacks and dividends, these companies aim to:
Please and appease shareholders: When investing huge amounts of money in long-term, high-risk AI infrastructure (such as data centers, chip research and development), balance shareholders' concerns about profit dilution and long investment cycles through stable cash returns, maintaining market confidence and stock price stability.
Optimize the capital structure and support strategic investment: demonstrate its excellent cash flow management capabilities and prove to the market that the company has the strength to simultaneously "invest in the future" and "return in the present". The ample repurchase quota is more like a financial strategic reserve, ensuring that while fully betting on AI, it can still flexibly use financial tools to manage market value and offset the dilution effect.
In essence, generous repurchases are an extension of its rational economic man’s thinking: it is a necessary measure to exchange short-term profit distribution for shareholders’ long-term strategic support. The ultimate goal is to allocate capital more efficiently and without resistance in areas that can generate the greatest future value—that is, to win the dominance of AI development.
China News Service, Beijing, March 8 (Reporter Zhang Su) The Fourth Session of the 14th National People's Congress held a diplomatic-themed press conference on the 8th. Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, raised "four consecutive questions" when answering questions about China-Japan relations.
These four questions are: Taiwan affairs are China’s internal affairs. What qualifications does Japan have to intervene? If something goes wrong in China's Taiwan region, what right does Japan have to exercise its right of self-defense? Does the so-called right of collective self-defense mean that the pacifist constitution stipulates the renunciation of the right to belligerent? Where is Japan going?
Scholars interviewed by reporters from China News Service said that the Chinese Foreign Minister accurately pointed out the crux of the difficulties in Sino-Japanese relations with four interlocking rhetorical questions.
2025 marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression. In this special year, Japan has not only failed to reflect deeply on the wrong path it has taken in the past, but its current leaders have even blatantly published fallacies related to Taiwan, claiming that if something happens in Taiwan, it will constitute an "existential crisis" for Japan, and it can exercise the so-called right of collective self-defense accordingly.
Wang Guangtao, an associate researcher at the Japan Studies Center of Fudan University, said that exercising the right of self-defense is predicated on the country being attacked by an armed attack. Back then, Japanese militarists used the "existential crisis" as an excuse to launch aggression. Japan's erroneous remarks related to Taiwan reveal its intention to promote military expansion and blatantly violate the core principles of international law and the consensus between China and Japan.
The Taiwan issue is China's internal affairs and the core of China's core interests. "Foreign Minister Wang Yi's four consecutive questions not only affirmed China's position and red lines, but also echoed the international community's demands for fairness and justice, and demonstrated China's consideration of bilateral relations, peripheral security and regional situations as a responsible major country," said Wang Jiaxi, associate professor at the School of International Relations at Dalian International Studies University.
This year marks the 80th anniversary of the opening of the Tokyo Trial. 80 years ago, judges from 11 countries went through a two-and-a-half-year trial and exposed the numerous crimes of Japanese militarism with irrefutable evidence.
"The Tokyo Trial provided key support for the victim countries in Asia to expose and liquidate the crimes of Japanese militarism and colonial expansion." Wang Jiaxi said that commemorating the Tokyo Trial not only remembers that justice will be upheld and evil deeds will be punished, but also clarifies the authoritative status of the international order based on international law.
Lu Yaodong, a researcher at the Institute of Japanese Studies at the Chinese Academy of Social Sciences, said that for a long time, Japan's right-wing forces have tried to overturn the history of aggression. At the special moment of the 80th anniversary of the opening of the Tokyo Trial, China emphasizes taking history as a mirror, never forgetting the past, and reminding Japan not to forget history. This is of practical significance and is also the essence of remembering the just verdict of the Tokyo Trial.
Scholars believe that Japan must face up to and reflect on its history of aggression and take concrete actions to win the trust of its Asian neighbors and the international community.
Currently, China-Japan relations have fallen into the most severe and difficult situation since the normalization of diplomatic relations, and the responsibility lies entirely with Japan. The direction of China-Japan relations depends on Japan's choice.
At this meeting, Wang Yi pointed out, "I hope that the Japanese people can keep their eyes open and will not allow anyone to overestimate their own capabilities and make the same mistakes today." He also emphasized that China and its 1.4 billion Chinese people, which have grown stronger, will never allow anyone to stand up for colonization or overturn the verdict of aggression.
Lu Yaodong said that the Chinese Foreign Minister stated the Chinese people’s strong determination, firm will, and strong ability to defend national sovereignty and territorial integrity. Japan should take concrete actions to completely break away from militarism and show its sincerity in safeguarding the political foundation of China-Japan relations. (over)
China News Service, Hefei, March 8 (Reporter Zhao Qiang) The "Women of Science and Technology·Flowers on both sides of the Taiwan Strait" "March 8th" International Women's Day themed event was held in Hefei on the 8th. Nearly 40 female representatives from both sides of the Taiwan Strait gathered together to use science and technology as a link, to spread warmth through flower arrangements, and to express the family ties between compatriots.
The event was hosted by the Hefei Institute of Physical Sciences of the Chinese Academy of Sciences, the Anhui Taiwan Compatriots Association and the Anhui Provincial General Branch Committee of the Taiwan League. In the science and technology innovation exchange session, female representatives from both sides of the Taiwan Strait shared and talked about topics such as technological innovation and job achievements.
After retiring, Taiwan compatriot Qiu Xianglan started a new career journey in the mainland and currently serves as the principal of the primary school of Kangqiao School in Hefei Xinzhan High-tech Zone. Talking about her development in the mainland, Qiu Xianglan said: "While working in Kunshan and Hefei, I have always felt the warmth and support from all parties." She said that the transportation in the mainland is convenient, and she can return to Taiwan to visit her family every two months or so to take care of her career and family; her family will also travel to the mainland during the holidays to experience the development achievements of the mainland.
On March 8, the "Women of Science and Technology·Flowers on Both Sides" and "March 8" International Women's Day theme activities were held in Hefei. The picture shows Taiwan compatriots experiencing flower arrangement. Photo by China News Service reporter Zhao Qiang
During the ikebana experience session, female compatriots from both sides of the Taiwan Strait sat around a long table covered with a blue tablecloth, carefully pruning the branches and leaves, concentrating on conceiving the layout, and softly exchanging their experiences.
Wang Yujing, full-time vice president of the Taiwan Compatriots Association of Anhui Province, said: "Culture is the cultural context and roots of the two sides of the Taiwan Strait. Although flowers are speechless, they carry the common cultural memory of compatriots on both sides of the Taiwan Strait, and the philosophical wisdom contained in flower arrangements can bring the spiritual distance closer. Anhui is accelerating the construction of science and technology industry clusters, and Hefei's new energy vehicles, artificial intelligence and other industries are booming, creating a broad cooperation platform for compatriots on both sides of the Taiwan Strait, especially female compatriots."
Chen Ruohan, a Taiwanese compatriot who has been based in Hefei for five years, said that Hefei has strong scientific and technological innovation capabilities and strong support for the cultural and creative industries, providing sufficient development space and guarantee for compatriots on both sides of the Taiwan Strait to start and innovate. "I hope that the two sides of the Taiwan Strait can conduct more in-depth exchanges in the cultural and technological industries, so that talents from both sides of the Taiwan Strait can communicate with each other, and more Taiwanese young people will be willing to enter the mainland and understand the mainland." (End)
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