经济学最新文献

Bonds versus Equities: Information for Investment 债券与股票：投资信息

IF 8 1区经济学

Journal of Finance Pub Date : 2024-10-20 DOI: 10.1111/jofi.13396

HUIFENG CHANG, ADRIEN D'AVERNAS, ANDREA L. EISFELDT

{"title":"Bonds versus Equities: Information for Investment","authors":"HUIFENG CHANG, ADRIEN D'AVERNAS, ANDREA L. EISFELDT","doi":"10.1111/jofi.13396","DOIUrl":"https://doi.org/10.1111/jofi.13396","url":null,"abstract":"We provide a simple model of investment by a firm funded with debt and equity and empirical evidence to demonstrate that, once we control for the debt overhang problem with credit spreads, <i>asset</i> volatility is an unambiguously <i>positive</i> signal for investment, while <i>equity</i> volatility sends a mixed signal: Elevated volatility raises the option value of equity and increases investment for financially sound firms, but exacerbates debt overhang and decreases investment for firms close to default. Our study provides a simple unified understanding of the structural and empirical relationships between investment, credit spreads, equity versus asset volatility, leverage, and Tobin's <span data-altimg=\"/cms/asset/52a82e8e-829e-4729-835c-523d374be391/jofi13396-math-0001.png\"></span><mjx-container ctxtmenu_counter=\"762\" ctxtmenu_oldtabindex=\"1\" jax=\"CHTML\" role=\"application\" sre-explorer- style=\"font-size: 103%; position: relative;\" tabindex=\"0\"><mjx-math aria-hidden=\"true\" location=\"graphic/jofi13396-math-0001.png\"><mjx-semantics><mjx-mi data-semantic-annotation=\"clearspeak:simple\" data-semantic-font=\"italic\" data-semantic- data-semantic-role=\"latinletter\" data-semantic-speech=\"q\" data-semantic-type=\"identifier\"><mjx-c></mjx-c></mjx-mi></mjx-semantics></mjx-math><mjx-assistive-mml display=\"inline\" unselectable=\"on\"><math altimg=\"urn:x-wiley:00221082:media:jofi13396:jofi13396-math-0001\" display=\"inline\" location=\"graphic/jofi13396-math-0001.png\" xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mi data-semantic-=\"\" data-semantic-annotation=\"clearspeak:simple\" data-semantic-font=\"italic\" data-semantic-role=\"latinletter\" data-semantic-speech=\"q\" data-semantic-type=\"identifier\">q</mi>$q$</annotation></semantics></math></mjx-assistive-mml></mjx-container>.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":null,"pages":null},"PeriodicalIF":8.0,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142451900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mortgage Lock-In, Mobility, and Labor Reallocation 抵押锁定、流动性和劳动力重新分配

IF 8 1区经济学

Journal of Finance Pub Date : 2024-10-20 DOI: 10.1111/jofi.13398

JULIA FONSECA, LU LIU

引用次数: 0

Sexual orientation, entrepreneurship, and firm survival 性取向、创业和企业生存

IF 6.4 1区经济学

Small Business Economics Pub Date : 2024-10-19 DOI: 10.1007/s11187-024-00976-2

Mikaela Backman, Christopher S. Carpenter, Erwan Dujeancourt, Samuel Mann

{"title":"Sexual orientation, entrepreneurship, and firm survival","authors":"Mikaela Backman, Christopher S. Carpenter, Erwan Dujeancourt, Samuel Mann","doi":"10.1007/s11187-024-00976-2","DOIUrl":"https://doi.org/10.1007/s11187-024-00976-2","url":null,"abstract":"<p>We provide new evidence on sexual orientation, entrepreneurship, and firm survival using Swedish population register data linked to business registry data from 1995 to 2020. Over this period, we study over 19,000 individuals who ever entered a legal same-sex union and compare their entrepreneurship and firm level outcomes with individuals exclusively in different-sex unions. We find that sexual minority men are 7.8% <i>less</i> likely than comparable heterosexual men to be entrepreneurs, while sexual minority women are 4.8% <i>more</i> likely than comparable heterosexual women to be entrepreneurs. Both differences are statistically significant. We also provide the first evidence regarding the survival of sexual minority founded firms compared to firms founded by heterosexual individuals. Our results show that firms founded by sexual minority women fail more quickly than observably similar firms founded by heterosexual women, with no significant survival difference observed for sexual minority men. We explore the role of several external and internal factors that may explain these underlying patterns and find that lack of a ‘trapped market’ may contribute to the higher failure rate of firms founded by sexual minority women. We also find suggestive support for a role of romantic partners in explaining differences in firm survival experienced by sexual minority women compared to heterosexual women.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":null,"pages":null},"PeriodicalIF":6.4,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142449435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The implications of digital school quality information for neighbourhood and school segregation: Evidence from a natural experiment in Los Angeles 数字学校质量信息对社区和学校隔离的影响：来自洛杉矶自然实验的证据

IF 4.7 1区经济学

Urban Studies Pub Date : 2024-10-19 DOI: 10.1177/00420980241274910

Jared N Schachner, Ann Owens, Gary D Painter

{"title":"The implications of digital school quality information for neighbourhood and school segregation: Evidence from a natural experiment in Los Angeles","authors":"Jared N Schachner, Ann Owens, Gary D Painter","doi":"10.1177/00420980241274910","DOIUrl":"https://doi.org/10.1177/00420980241274910","url":null,"abstract":"A digital information explosion has transformed cities’ residential and educational markets in ways that are still being uncovered. Although urban stratification scholars have increasingly scrutinised whether emerging digital platforms disrupt or reproduce longstanding segregation patterns, direct links between one theoretically important form of digital information – school quality data – and neighbourhood and school segregation are rarely drawn. To clarify these dynamics, we leverage an exogenous digital information shock, in which the Los Angeles Times’ website revealed measures of a particularly important school quality proxy – schools’ value-added effectiveness – for nearly all elementary schools in the Los Angeles Unified School District. Results suggest that although the information shock had no detectable effects on residential sorting or neighbourhood racial segregation, it did exert modest effects on school sorting – particularly for Latino and Asian students – albeit not in ways that materially diminished school racial segregation because the racial compositions of high- and low-value-added schools were broadly similar both before and after the information shock. We conclude that the urban stratification implications of digital information may be more nuanced than often appreciated, with effects operating through mechanisms beyond residential segregation and reflecting racial heterogeneity in constraints and preferences vis-à-vis specific types of information.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":null,"pages":null},"PeriodicalIF":4.7,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142451364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A legal-economic framework of wholesale electricity markets: Assessing Australia's transition 电力批发市场的法律经济框架：评估澳大利亚的过渡

IF 9.3 2区经济学

Energy Policy Pub Date : 2024-10-18 DOI: 10.1016/j.enpol.2024.114377

引用次数: 0

The 15-minute city as paranoid urbanism: Ten critical reflections 作为偏执城市主义的 15 分钟城市：十项批判性思考

IF 6 1区经济学

Cities Pub Date : 2024-10-18 DOI: 10.1016/j.cities.2024.105497

{"title":"The 15-minute city as paranoid urbanism: Ten critical reflections","authors":"","doi":"10.1016/j.cities.2024.105497","DOIUrl":"10.1016/j.cities.2024.105497","url":null,"abstract":"<div><div>The 15-minute city has emerged as a key urban development theme in recent years, and especially since the Covid-19 pandemic. It has also become a focus point for tensions and debates over future urban trajectories, including over the role of automobility as the key technology that defines the experience of the urban. While the 15-minute city has become a widely-used concept by proponents and detractors alike, it remains vaguely defined and heavily contested. The paper makes two contributions: first, it reads plans for, and debates around, the 15-minute city as a form of post-political urbanism. Secondly, the paper introduces the concept of paranoid urbanism as a way of understanding urban tensions and conflicts linked to mistrust, fear and paranoia in the post-pandemic city. This novel concept goes to the heart of debates and tensions over the shape of the post-pandemic city, and over mechanisms of exclusion and inclusion that characterise it. The arguments presented in the paper aim to both chart areas for further research, and as provide critical pointers for policymakers and practitioners working in the area of urban development. To this end, the paper presents ten critical reflections aimed at both policy and practice, and at establishing new avenues of research on paranoid urbanism in the post-pandemic era.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":null,"pages":null},"PeriodicalIF":6.0,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Digital platforms and the reconfiguration of global production networks 数字平台与全球生产网络的重组

IF 2.9 2区经济学

Journal of Economic Geography Pub Date : 2024-10-18 DOI: 10.1093/jeg/lbae039

Philip Verfürth, Veronique Helwing-Hentschel

引用次数: 0

Dynamic speculation and efficiency in European natural gas markets during the COVID-19 and Russia-Ukraine crises COVID-19 和俄罗斯-乌克兰危机期间欧洲天然气市场的动态投机和效率

IF 10.2 2区经济学

Resources Policy Pub Date : 2024-10-18 DOI: 10.1016/j.resourpol.2024.105362

{"title":"Dynamic speculation and efficiency in European natural gas markets during the COVID-19 and Russia-Ukraine crises","authors":"","doi":"10.1016/j.resourpol.2024.105362","DOIUrl":"10.1016/j.resourpol.2024.105362","url":null,"abstract":"<div><div>Efficiency and dynamic speculation literature focused on financial and crude oil markets whereas empirical studies on natural gas markets are limited. This study examines market efficiency and dynamic speculation in major European natural gas hubs (the Zeebrugge (ZEE) hub of Belgium, Title Transfer Facility (TTF) hub of the Netherlands, and National Balancing Point (NBP) hub of the UK) during the COVID-19 pandemic and Russia-Ukraine conflict. Using the Asymmetric multifractal detrended fluctuation analysis (A-MFDFA) and the power law exponent (PLE) approach, we show that European natural gas markets exhibit an asymmetric multifractal behavior and long-memory effects, with variations observed during crises. The ZEE hub in Belgium and the NBP hub in the UK demonstrate a higher multifractality under different trends during the COVID-19 pandemic and the Russia-Ukraine conflict, respectively. Notably, the TTF hub in the Netherlands emerges as the most efficient market during all subperiods. Moreover, our results, using the PLE approach, suggest that European gas market inefficiencies during crises can be attributed to speculative strategies that create self-perpetuating dynamics and diminish market transparency, leading to heightened risk and volatility in gas prices. Our findings underscore the need for regulatory intervention to mitigate excessive speculation and enhance transparency in gas markets. Diversifying gas supplies and fortifying European gas hubs emerge as pivotal strategies to bolster resilience and stability during crises.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":null,"pages":null},"PeriodicalIF":10.2,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Investing in the future of mobility: The role of US local governments in building EV infrastructure 投资未来交通：美国地方政府在建设电动汽车基础设施中的作用

IF 9.3 2区经济学

Energy Policy Pub Date : 2024-10-18 DOI: 10.1016/j.enpol.2024.114372

引用次数: 0

Opportunity and necessity entrepreneurship: do linguistic structures matter? 创业机会与创业必要性：语言结构重要吗？

IF 6.4 1区经济学

Small Business Economics Pub Date : 2024-10-18 DOI: 10.1007/s11187-024-00972-6

Nabamita Dutta, Russell S. Sobel, Adam Stivers, Thor Lienhard

引用次数: 0