根据2021年5-6月的ESI检索数据显示，经金学院冯根福教授、温军教授、王全景博士生与《Emerging Markets Finance and Trade》期刊主编暨台湾实践大学张存炳教授等人合作撰写的论文“Does the shale gas boom change the natural gas price-production relationship? Evidence from the U.S. market”入选2021年ESI热点论文与高被引论文。该论文于2021年01月发表在《Energy Economics》期刊上。该刊当前影响因子为7.042，JCR 分区为1 区；根据 2016 版ABS 的SSCI 期刊指导手册，该刊在所有74 种能源经济学SSCI 期刊中排名第一位。

Title：Does the shale gas boom change the natural gas price-production relationship? Evidence from the U.S. market

Author：Gen-Fu Feng, Quan-Jing Wang, Yin Chu, Jun Wen, Chun-Ping Chang（通讯作者）

Abstract：This study investigates the relationship between natural gas price and production and analyzes whether the recent shale gas boom has changed the nexus between the two. We set up a framework to test the directions of causal links between natural gas price and two measures of natural gas production: (1) gross natural gas production (aggregate of conventional natural gas and shale gas productions) and (2) conventional natural gas production only. Based on monthly data of 16 states in the U.S. between January 2007 and December 2016, we find robust evidence of a reliable relationship between natural gas price and gross production, but no reliable cointegration between gas price and conventional natural gas production. Our results are robust when we account for potential structural breaks and cross-section dependence in the data. Our evidence denotes that the recent shale gas boom has changed the relationship between natural gas price and production in the U.S. Moreover, our study shows that the structure break in the U.S market highly correlates to shale gas and also provides some evidence on that while cross-state factors result in long-term mean reversion, state-specific factors lead to a permanent shock.

经金学院

2021年10月15日