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Research article

The impact of stock liquidity on corporate environmental information disclosure: Does climate risk matter?

  • From the perspective of the Chinese market microstructure, we took Chinese A-share listed companies as samples to explore the impact and mechanism of stock liquidity on the quality of corporate environmental information disclosure (EID). Our results indicated that stock liquidity has a positive impact on the quality of corporate EID. Using the stock market interconnection events of the 2014 Shanghai-Hong Kong Stock Connect and the 2016 Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and applying the Ⅳ approach, the research results remained robust after controlling for endogeneity issues. Moreover, both climate physical risk and climate transition risk positively regulated the relationship between stock liquidity and the quality of corporate EID. Further analysis revealed that the positive impact of stock liquidity on the quality of corporate EID is determined by the information effect path and governance effect path of stock liquidity, and the role of the information effect path is more important. In summary, stock liquidity has had an important feedback effect on Chinese companies' active EID behavior through two pathways: Information effect and governance effect.

    Citation: Jinyu Chen, Junqi Liu, Meng He. The impact of stock liquidity on corporate environmental information disclosure: Does climate risk matter?[J]. Quantitative Finance and Economics, 2024, 8(4): 678-704. doi: 10.3934/QFE.2024026

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  • From the perspective of the Chinese market microstructure, we took Chinese A-share listed companies as samples to explore the impact and mechanism of stock liquidity on the quality of corporate environmental information disclosure (EID). Our results indicated that stock liquidity has a positive impact on the quality of corporate EID. Using the stock market interconnection events of the 2014 Shanghai-Hong Kong Stock Connect and the 2016 Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and applying the Ⅳ approach, the research results remained robust after controlling for endogeneity issues. Moreover, both climate physical risk and climate transition risk positively regulated the relationship between stock liquidity and the quality of corporate EID. Further analysis revealed that the positive impact of stock liquidity on the quality of corporate EID is determined by the information effect path and governance effect path of stock liquidity, and the role of the information effect path is more important. In summary, stock liquidity has had an important feedback effect on Chinese companies' active EID behavior through two pathways: Information effect and governance effect.



    Let A be an Abelian variety of dimension g, and let XA be a smooth ample hypersurface in A such that the Chern class c1(X) of the divisor X is a polarization of type ¯d:=(d1,d2,,dg), so that the vector space H0(A,OA(X)) has dimension equal to the Pfaffian d:=d1dg of c1(X).

    The classical results of Lefschetz [13] say that the rational map associated to H0(A,OA(X)) is a morphism if d12, and is an embedding of A if d13.

    There have been several improvements in this direction, by work of several authors, for instance [15] showed that for d12 we have an embedding except in a very special situation, and, for progress in the case d1=1, see for instance [14], [9].

    Now, by adjunction, the canonical sheaf of X is the restriction OX(X), so a natural generalization of Lefschetz' theorems is to ask about the behaviour of the canonical systems of such hypersurfaces X. Such a question is important in birational geometry, but the results for the canonical maps can depend on the hypersurface X and not just on the polarization type only.

    We succeed in this paper to find (respectively: conjecture) simple results for general such hypersurfaces.

    Our work was motivated by a theorem obtained by the first author in a joint work with Schreyer [4] on canonical surfaces: if we have a polarization of type (1,1,2) then the image Σ of the canonical map ΦX is in general a surface of degree 12 in P3, birational to X, while for the special case where X is the pull-back of the Theta divisor of a curve of genus 3, then the canonical map has degree 2, and Σ has degree 6.

    The connection of the above result with the Lefschetz theorems is, as we already said, provided by adjunction, we have the following folklore result, a proof of which can be found for instance in [6] (a referee pointed out that the proof in the case of a principal polarization appears in 2.10 of [12], and that of course Green's proof works in general)

    Lemma 1.1. Let X be a smooth ample hypersurface of dimension n in an Abelian variety A, such that the class of X is a polarization of type ¯d:=(d1,d2,,dn+1).

    Let θ1,,θd be a basis of H0(A,OA(X)) such that X={θ1=0}.

    If z1,,zg are linear coordinates on the complex vector space V such that A is the quotient of V by a lattice Λ, A=V/Λ, then the canonical map ΦX is given by

    (θ2,,θd,θ1z1,,θ1zg).

    Hence first of all the canonical map is an embedding if H0(A,OA(X)) yields an embedding of A; secondly, since a projection of ΦX is the Gauss map of X, given by (θ1z1,,θ1zg), by a theorem of Ziv Ran [18] it follows that the canonical system |KX| is base-point-free and ΦX a finite morphism.

    This is our main result:

    Theorem 1.2. Let (A,X) be a general pair, consisting of a hypersurface X of dimension n=g1 in an Abelian variety A, such that the class of X is a polarization of type ¯d:=(d1,d2,,dg) with Pfaffian d=d1dg>1.

    Then the canonical map ΦX of X is birational onto its image Σ.

    The first observation is: the hypothesis that we take a general such pair, and not any pair, is necessary in view of the cited result of [4].

    The second observation is that the above result extends to more general situations, using a result on openness of birationality (this will be pursued elsewhere). This allows another proof of the theorem, obtained studying pull-backs of Theta divisors of hyperelliptic curves (observe that for Jacobians the Gauss map of the Theta divisor is a rational map, see [7] for a study of its degree).

    Here we use the following nice result by Olivier Debarre [8]:

    Theorem 1.3. Let ΘA be the Theta divisor of a general principally polarized Abelian variety A: then the Gauss map of Θ, ψ:ΘP:=Pg1 factors through Y:=Θ/±1, and yields a generic covering Ψ:YP, meaning that

    1. The branch divisor BP of Ψ is irreducible and reduced;

    2. The ramification divisor of Ψ, RY, maps birationally to B;

    3. the local monodromies of the covering at the general points of B are transpositions;

    4. the Galois group of Ψ (the global monodromy group of the covering Ψ) is the symmetric group SN, where N=(12g!).

    The next question to which the previous result paves the way is: when is ΦX an embedding for (A,X) general?

    An elementary application of the Severi double point formula [19] (see also [10], [2]) as an embedding obstruction, yields a necessary condition (observe that a similar argument was used by van de Ven in [20], in order to study the embeddings of Abelian varieties).

    Theorem 1.4. Let XA be a smooth ample hypersurface in an Abelian variety of dimension g, giving a polarization with Pfaffian d.

    If the canonical map ΦX is an embedding of X, then necessarily

    dg+1.

    With some optimism (hoping for a simple result), but relying on the highly non-trivial positive result of the second author [6] concerning polarizations of type (1,2,2) (here g=3, d=4), and on the result by Debarre and others [9] that this holds true for polarizations of type (1,,1,d) with d>2g, we pose the following conjecture:

    Conjecture 1. Assume that (A,X) is a general pair of a smooth ample hypersurface XA in an Abelian variety A, giving a polarization with Pfaffian d satisfying dg+1.

    Then the canonical map ΦX is an embedding of X.

    We end the paper discussing the conjecture.

    We give first a quick outline of the strategy of the proof.

    The first step 2.1 reduces to the case where the Pfaffian d of the polarization type is a prime number p.

    Step 2.2 considers the particular case where d=p and where X is the pull-back of the Theta divisor Θ of a principally polarized Abelian variety. In this case the Gauss map of X factors through Y:=Θ/±1.

    Step 2.3 shows that if g=dim(A)=2, then Step 2.2 works and the theorem is proven.

    Step 2.4, the Key Step, shows that if g3 and 2.2 does not work, then the image Σ of the canonical map lies birationally between X and Y, hence corresponds to a subgroup of the dihedral group Dp

    Step 2.5 finishes the proof, showing that, in each of the two possible cases corresponding to the subgroups of Dp, the canonical map becomes birational onto its image for a general deformation of X.

    We shall proceed by induction, basing on the following concept.

    We shall say that a polarization type ¯d:=(d1,d2,,dg) is divisible by ¯δ:=(δ1,δ2,,δg) if, for all i=1,,g, we have that δi divides di, di=riδi.

    Lemma 2.1. Assume that the polarization type ¯d is divisible by ¯δ. Then, if the main Theorem 1.2 holds true for ¯δ, then it also holds true for ¯d.

    Proof. We let (A,X) be a general pair giving a polarization of type ¯δ, so that ΦX is birational.

    There exists an étale covering AA, with kernel i(Z/ri), such that the pull back of X is a polarization of type ¯d.

    By induction, we may assume without loss of generality that all numbers ri=1, with one exception rj, which is a prime number p.

    Then we have π:XX, which is an étale quotient with group Z/p. Moreover, since the canonical divisor KX is the pull-back of KX, the composition ΦXπ factors through ΦX, and a morphism f:ΣΣ.

    Since by assumption ΦX is birational, either ΦX is birational, and there is nothing to prove, or ΦX has degree p, f:ΣΣ is birational, hence ΦX factors (birationally) through π.

    To contradict the second alternative, it suffices to show that the canonical system H0(X,OX(KX)) separates the points of a general fibre of π. Since each fibre is an orbit for the group Z/p, it suffices to show that there are at least two different eigenspaces in the vector space H0(X,OX(KX)), with respective eigenvalues 1, ζ, where ζ is a primitive p-th root of unity.

    Since then we would have as projection of the canonical map a rational map F:XP1 such that, for gZ/p,

    F(x)=(x0,x1)F(gx)=(x0,ζx1),

    thereby separating the points of a general fibre.

    Now, if there were only one non-zero eigenspace, the one for the eigenvalue 1, since we have an eigenspace decomposition

    H0(X,OX(KX))=H0(X,π(OX(KX))=H0(X,ππ(OX(KX))=
    =p1H0(X,OX(KX+iη)),

    (here η is a nontrivial divisor of p-torsion), all eigenspaces would have dimension zero, except for the case i=p. In particular we would have that H0(X,OX(KX)) and H0(X,OX(KX)) have the same dimension.

    But this is a contradiction, since the dimension h0(X,OX(KX)) equals by lemma 1.1 the sum of the Pfaffian of X with g1, and the Pfaffian of X is p-times the Pfaffian of X.

    Here, we shall consider a similar situation, assuming that X is a polarization of type (1,,1,p), and that X is the pull back of a Theta divisor ΘA via an isogeny AA with kernel Z/p.

    We define Y:=Θ/±1 and use the cited result of Debarre [8].

    We consider the Gauss map of X, f:XP:=Pg1, and observe that we have a factorization

    f=Ψϕ, ϕ:XY, Ψ:YP.

    The essential features are that:

    (i) ϕ is a Galois quotient Y=X/G, where G is the dihedral group Dp.

    (ii) Ψ is a generic map, in particular with monodromy group equal to SN, N=g!/2.

    Either the theorem is true, or, by contradiction, we have a factorization of f through ΦX:XΣ, whose degree m satisfies 2pN>m2.

    In this case X is a Z/p étale covering of a genus 2 curve C=Θ, and X/G=P1.

    That the canonical map of X is not birational means that X is hyperelliptic, and then f:XP1 factors through the quotient of the hyperelliptic involution ι, which centralizes G. If we set Σ:=X/ιP1, we see that Σ corresponds to a subgroup of order two of G: since ι centralizes G, and is not contained in Z/p, follows that G is abelian, whence p=2.

    We prove here a result which might be known (but we could not find it in [1]; a referee points out that, under the stronger assumption that A is also general, such a result is proven in [17] and in [16]).

    Lemma 2.2. The general divisor in a linear system |X| defining a polarization of type (1,2) is not hyperelliptic.

    Proof. In this case of a polarization of type (1,2), the linear system |X| on A is a pencil of genus 3 curves with 4 distinct base points, as we now show.

    We consider, as before, the inverse image D of a Theta divisor for g=2, which will be here called C, so that A=J(C).

    The curve D is hyperelliptic, being a Galois covering of P1 with group G=(Z/2)2 (a so-called bidouble cover), fibre product of two coverings respectively branched on 2,4 points (hence D=E×P1P1, where E is an elliptic curve, and C is the quotient of D by the diagonal involution). The divisor cut by H0(A,OA(X)) on X is the ramification divisor of XE, hence it consists of 4 distinct points.

    The double covering DE of an elliptic curve is also induced by the homomorphism J(D)E, with kernel isogenous to A. Therefore, moving X in the linear system |D|, all these curves are a double cover of some elliptic curve E, such that J(X) is isogenous to A×E.

    Hence E=X/σ, where σ is an involution.

    Assume now that X is hyperelliptic and denote by ι the hyperelliptic involution: since ι is central, ι and σ generate a group G(Z/2)2, and we claim that the quotient of the involution ισ yields a genus 2 curve C as quotient of X. In fact, the quotient X/GP1, hence we have a bidouble cover of P1 with branch loci of respective degrees 2,4 and the quotient C is a double covering of P1 branched in 6 points.

    Hence the hyperelliptic curves in |D| are just the degree 2 étale coverings of genus 2 curves, and are only a finite number in |D| (since J(C) is isogenous to A).

    We shall use the Grauert-Remmert [11] extension of Riemann's theorem, stating that finite coverings XY between normal varieties correspond to covering spaces X0Y0 between respective Zariski open subsets of X, resp. Y.

    Remark 1. Given a connected unramified covering XY between good spaces, we let ˜X be the universal covering of X, and we write X=H˜X, Y=Γ˜X, hence xX as x=H ˜x, yY as y=Γ ˜x, where both groups act on the left.

    (1) Then the group of covering trasformations

    G:=Aut(XY)NH/H,

    where NH is the normalizer subgroup of H in Γ.

    (2) The monodromy group Mon(XY), also called the Galois group of the covering in [8], is defined as Γ/core(H), where core(H) is the maximal normal subgroup of Γ contained in H,

    core(H)=γΓHγ=γΓ(γ1Hγ),

    which is also called the normal core of H in Γ.

    (3) The two actions of the two above groups on the fibre over Γ˜x, namely HΓ{Hγ˜x|γΓ}, commute, since G acts on the left, and Γ acts on the right (the two groups coincide exactly when H is a normal subgroup of Γ, and we have what is called a normal covering space, or a Galois covering).

    We have in fact an antihomomorphism

    ΓMon(XY)

    with kernel core(H).

    (4) Factorizations of the covering XY correspond to intermediate subgroups H lying in between, HHΓ.

    We consider the composition of finite coverings XYP.

    To simplify our notation, we consider the corresponding composition of unramified covering spaces of Zariski open sets, and the corresponding fundamental groups

    1K1H1Γ1.

    Then the monodromy group of the Gauss map of X is the quotient Γ1/core(K1).

    We shall now divide all the above groups by the normal subgroup core(K1), and obtain

    1KHΓ, Γ=Mon(X0P0).

    Since XY is Galois, and by Debarre's theorem YP is a generic covering, we have:

    ● we have a surjection of the monodromy group ΓSN:=S(HΓ) with kernel core(H), where N=|HΓ|=g!2.

    H is the inverse image of a stabilizer, hence H maps onto SN1,

    H is a maximal subgroup of Γ, since SN1 is a maximal subgroup of SN;

    H/KG:=Dp,

    Γ acts on the fibre M:=KΓ

    K:=Kcore(H) is normal in K, and K:=K/K maps isomorphically to a normal subgroup of SN1, which is a quotient of G, hence it has index at most 2p. Therefore there are only two possibilities:

    (I) K=SN1, or

    (II) K=AN1.

    We consider now the case where there is a nontrivial factorization of the Gauss map f, XΣP.

    Define ˆH to be the subgroup of the monodromy group Γ associated to Σ, so that

    1KˆHΓ,

    and set:

    H:=ˆHcore(H), H:=ˆH/H, HSN.

    Obviously we have KH: hence

    ● in case (I), where K=SN1, we have either

    (Ia) H=SN1 or

    (Ib) H=SN, while

    ● in case (II), where K=AN1, either

    (IIa) H=AN1,

    (IIb) H=AN, or

    (IIc) H=SN

    We first consider cases b) and c) where the index of H in SN is 2. Hence the index of ˆH in Γ is at most 2 times the index of H in core(H). Since KH, and core(H)/K is a quotient of H/K, we see that the index of ˆH in Γ divides 2p (in fact, in case (IIb) K=AN1, hence in this case the cardinality of core(H)/K equals p).

    Lemma 2.3. Cases (b) and (c), where the degree m of the covering ΣP divides 2p, are not possible.

    Proof. Observe in fact that m equals the index of ˆH in Γ. We have two factorizations of the Gauss map f:

    XYP, XΣP,

    hence we have that the degree of f equals

    (2p)N=m(N2pm).

    Consider now the respective ramification divisors Rf,R=RY,RΣ of the respective maps f:XP, Ψ:YP, ΣP.

    Since XY is quasi-étale (unramified in codimension 1), Rf is the inverse image of R, hence Rf maps to the branch locus B with mapping degree 2p.

    Since the branch locus is known to be irreducible, and reduced, and RΣ is non empty, it follows that XΣ is quasi-étale, and Rf is the inverse image of RΣ, so that Rf maps to the branch locus B with mapping degree (N2pm)δ, where δ is the mapping degree of RΣ to B, which is at most p.

    From the equality 2p=δN(2pm) and since N=g!/2, we see that g! divides 4p, which is absurd for g4. For g=3 it follows that p=3, and either δ=2, m=6, or δ=1, and m=3.

    To show that these special cases cannot occur, we can use several arguments.

    For the case m=3, then Σ is a nondegenerate surface of degree 3 in P4 (hence it is by the way the Segre variety P2×P1), and has a linear projection to P2 of degree 3: hence its branch locus is a curve of degree 6, contradicting that B has degree 12 (see [4], B is the dual curve of the plane quartic curve whose Jacobian is A).

    For the case m=6, we consider the normalization of the fibre product

    Z:=Σ×PY,

    so that there is a morphism of X into Z, which we claim to be birational. In fact, the degree of the map ZP is 18, and each component Zi of Z is a covering of Σ; therefore, if Z is not irreducible, there is a component Zi mapping to P with degree 6: and the conclusion is that ΣP factors through Y, which is what we wanted to happen, but assumed not to happen.

    If Z is irreducible, then X is birational to Z, hence the group G acts on Z, and trivially on Y: follows that the fibres of XΣ are G-orbits, whence Y=Σ, again a contradiction.

    Remark 2. Indeed, we know ([4]) that the monodromy group of ΘP is S4, and one could describe explicitly Γ in relation to the series of inclusions

    1KK1HΓ,

    where K1 is the subgroup associated to Θ.

    At any rate, if m=3, we can take the normalization of the fibre product W:=Θ×PΣ, and argue as before that if W is reducible, then Θ dominates Σ, which is only possible if Σ=Y.

    While, if W is irreducible, W=X and the fibres of XΣ are made of Z/3-orbits, hence again Θ dominates Σ.

    Excluded cases (b) and (c), we are left with case (a), where

    HSN1ˆHH,

    equivalently Σ lies between X and Y, hence it corresponds to an intermediate subgroup of G=Dp, either Z/p and then Σ=Θ, or Z/2, and then Σ=X/±1 for a proper choice of the origin in the Abelian variety A.

    Here, we can soon dispense of the case Σ=Θ: just using exactly the same argument we gave in lemma 2.1, that Z/p does not act on H0(X,OX(KX)) as the identity, so the fibres of XΘ are separated.

    For the case where Σ=X/(Z/2) we need to look at the vector space H0(X,OX(KX)), which is a p-dimensional representation of Dp, where we have a basis θ1,,θp of eigenvectors for the different characters of Z/p. In other words, for a generator r of Z/p, we must have

    r(θi)=ζiθi.

    If s is an element of order 2 in the dihedral group, then rs=sr1, hence

    r(s(θi))=s(r1(θi))=s(ζ1θi)=ζ1s(θi),

    hence we may assume without loss of generality that

    s(θi)=θi, iZ/p.

    It is then clear that s does not act as the identity unless we are in the special case p=2.

    In the special case p=2, we proceed as in [4]. We have a basis θ1,θ2 of even functions, i.e., such that θi(z)=θi(z), and Θ=X/(Z/2)2, where (Z/2)2 acts sending z±z+η, where η is a 2-torsion point on A. Since the partial derivatives of θ1 are invariant for zz+η, and since θ2(z+η)=θ2(z), the canonical map ΦX factors through the involution ι:XX such that

    ι(z)=z+η.

    If for a general deformation of X as a symmetric divisor the canonical map would factor through ι, then X would be ι-invariant; being symmetric, it would be (Z/2)2-invariant, hence for all deformations X would remain the pull-back of a Theta divisor. This is a contradiction, since the Kuranishi family of X has higher dimension than the Kuranishi family of a Theta divisor Θ (see [4]).

    Theorem 3.1. Let X be an ample smooth divisor in an Abelian variety A of dimension n+1.

    Assume moreover that X is not a hyperelliptic curve of genus 3 yielding a polarization of type (1,2).

    If X defines a polarization of type (m1,,mn+1), then the canonical map ΦX of X is a morphism, and it can be an embedding only if pg(X):=h0(KX)2n+2, which means that the Pfaffian d:=m1m2mn+1 satisfies the inequality

    dn+2=g+1.

    Proof. Assume the contrary, dn+1, so that X embeds in Pn+c, with codimension cn, c=d1.

    Observe that the pull back of the hyperplane class of Pn+c is the divisor class of X restricted to X, and that the degree m of X equals to the maximal self-intersection of X in A, namely m=Xn+1=d(n+1)!.

    The Severi double point formula yields see ([10], also [5])

    m2=cn(ΦTP2nTX),

    where Φ is the composition of ΦX with a linear embedding Pn+cP2n.

    By virtue of the exact sequence

    0TXTA|XOX(X)0,

    we obtain

    m^2 = [(1 + X)^{2n+2} ]_n = {2n+2 \choose n} X^{n+1} \Leftrightarrow d (n+1)! = m = {2n+2 \choose n} .

    To have a quick proof, let us also apply the double point formula to the section of X = \Phi (X) with a linear subspace of codimension (n-d+1) , which is a variety Y of dimension and codimension (d-1) inside {\mathbb{P}}^{2d-2} .

    In view of the exact sequence

    0 {\rightarrow } T_Y {\rightarrow } T_A | Y {\rightarrow } {\mathcal{O}}_Y(X)^{n-d+2} {\rightarrow } 0,

    we obtain

    m^2 = [(1+X)^{n + d +1} X^{n-d+1} ]_n = {n + d + 1 \choose d-1} X^{n+1}

    equivalently,

    d (n+1)! = m = {n + d + 1 \choose d-1} .

    Since, for d \leq n+1 , {n + d + 1 \choose d-1} \leq {2n+2 \choose n} , equality holding if and only if d = n+1 , we should have d = n+1 and moreover

    (n+1) (n+1)! = {2n+2 \choose n} \Leftrightarrow (n+2)! = {2n+2 \choose n+1} .

    We have equality for n = 1 , but then when we pass from n to n+1 the left hand side gets multiplied by (n+3) , the right hand side by \frac{(2n+4)(2n+3) }{ (n+2)^2} , which is a strictly smaller number since

    (n+3)(n+2) = n^2 + 5n + 6 > 2(2n+3) = 4n + 6.

    We are done with showing the desired assertion since we must have n = 1 , and d = 2 , and in the case n = 1 , d = 2 we have a curve in {\mathbb{P}}^2 of degree 4 and genus 3 .

    Recall Conjecture 1:

    Conjecture 2. Assume that (A,X) is a general pair of a smooth ample hypersurface X\subset A in an Abelian variety A , giving a polarization with Pfaffian d satisfying d \geq g + 1.

    Then the canonical map \Phi_X is an embedding of X .

    The first observation is that we can assume g \geq 3 , since for a curve the canonical map is an embedding if and only if it is birational onto its image, hence we may apply here our main Theorem 1.2.

    The second remark is that we have a partial result which is similar to lemma 2.1

    Lemma 4.1. Assume that the polarization type \overline{d} is divisible by \overline{ \delta} . Then, if the embedding Conjecture 1 holds true for \overline{ \delta} , and the linear system |X'| is base point free for the general element X' yielding a polarization of type \overline{ \delta} , then the embedding conjecture also holds true for \overline{d} .

    Proof. As in lemma 2.1 we reduce to the following situation: we have \pi : X {\rightarrow } X' , which is an étale quotient with group {\mathbb{Z}}/p . Moreover, since the canonical divisor K_X is the pull-back of K_{X'} , the composition \Phi_{X'} \circ \pi factors through \Phi_X , and a morphism f : \Sigma {\rightarrow } \Sigma' .

    Since by assumption \Phi_{X'} is an embedding, \Phi_X is a local embedding at each point, and it suffices to show that \Phi_X separates all the fibres.

    Recalling that

    H^0 (X, {\mathcal{O}}_X (K_X)) = \oplus_1^p H^0 (X', {\mathcal{O}}_{X'} (K_{X'} + i \eta)),

    (here \eta is a nontrivial divisor of p -torsion), this follows immediately if we know that for each point p \in X' there are two distinct eigenspaces which do not have p as a base-point.

    Under our strong assumption |K_{X'} + i \eta | contains the restriction of |X' + i \eta | to X' , but |X' + i \eta | is a translate of |X'| , so it is base-point free.

    Already in the case of surfaces ( n = 2, g = 3 ) the result is not fully established, we want d \geq 4 , and the case of a polarization of type (1,1,4) is not yet written down ([6] treats the case of a polarization of type (1,2,2) , which is quite interesting for the theory of canonical surfaces in {\mathbb{P}}^5 ).

    Were our conjecture too optimistic, then the question would arise about the exact range of validity for the statement of embedding of a general pair (X,A) .

    the first author would like to thank Edoardo Sernesi and Michael Lönne for interesting conversations. Thanks to the second referee for useful suggestions on how to improve the exposition.



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