IF 2.3 3区经济学

Journal of Economic Behavior & Organization Pub Date : 2025-04-22 DOI: 10.1016/j.jebo.2025.107002

Catarina Peralta , Pedro Mazeda Gil

引用次数: 0

Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-04-22 DOI: 10.1111/irfi.70017

Miao Yu, Ziyao San, Dan Shi, Albert Tsang

{"title":"Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates","authors":"Miao Yu, Ziyao San, Dan Shi, Albert Tsang","doi":"10.1111/irfi.70017","DOIUrl":"https://doi.org/10.1111/irfi.70017","url":null,"abstract":"<p>In this study, we investigate the informativeness of the non-financial environmental, social, and governance (ESG) information provided by various intermediaries including firms, the media, and ESG rating agencies, to financial analysts. By analyzing cross-sectional ESG data from various sources related to 56 countries, we find that ESG information plays a crucial role in shaping analyst forecasts. More importantly, we examine the interaction between internally and externally sourced information on affecting analysts. Our results suggest that while ESG information from the media attenuates the impact of firms' ESG disclosures on reducing analysts' forecast errors and dispersion, information from ESG rating agencies increases this impact. We also find that globally implemented mandatory ESG disclosure regulations significantly increase the effect of ESG information from all three sources on analysts. In countries with a stronger stakeholder orientation, financial analysts tend to derive greater relative benefits from ESG information obtained from various sources. Overall, the findings of this study support the conclusion that both externally and internally sourced ESG information is of significant value for financial analysts, and the implementation of mandatory ESG disclosure requirements in a country increases this significance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Sophistication drives higher growth than navïeté in the Ak model with hyperbolic discounting: An exhaustive numerical exploration

IF 2.1 4区经济学

Economics Letters Pub Date : 2025-04-22 DOI: 10.1016/j.econlet.2025.112311

Manuel A. Gómez

引用次数: 0

Is it advantageous to be first? Evidence from a TV comedy program 第一是否有利？来自电视喜剧节目的证据

IF 2.3 3区经济学

Journal of Economic Behavior & Organization Pub Date : 2025-04-22 DOI: 10.1016/j.jebo.2025.107009

Real Arai , Ryosuke Okazawa

引用次数: 0

Bargaining-Equilibrium equivalence

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2025-04-22 DOI: 10.1016/j.jmateco.2025.103117

Anuj Bhowmik , Sandipan Saha

{"title":"Bargaining-Equilibrium equivalence","authors":"Anuj Bhowmik , Sandipan Saha","doi":"10.1016/j.jmateco.2025.103117","DOIUrl":"10.1016/j.jmateco.2025.103117","url":null,"abstract":"<div><div>The paper tries to answer one of the more nascent questions in the literature on general equilibrium theory by investigating the equivalence between the set of club equilibrium allocations and the bargaining set for a club economy. Clubs in this framework are treated in a parallel fashion to private goods as articles of choice. Each club comprises two components: (i) the profile of the club and (ii) the club project. We define a two-step veto mechanism and introduce the bargaining set in line with Aumann et al. (1961) for such an economy. In this paper, we establish that non-club-equilibrium allocations are those against which there exists a set of agents and a price vector at which they agree to trade amongst themselves rather than consume the non-club-equilibrium allocation assigned to them and all other agents (weakly) prefer the non-club-equilibrium allocation to trading at that particular price vector. In other words, there is a Walrasian objection to any non-club equilibrium allocation. We further show that Walrasian objections are also justified, which helps us to establish our equivalence between the set of equilibrium allocations and the bargaining set for an atomless club economy.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"118 ","pages":"Article 103117"},"PeriodicalIF":1.0,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143870709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Central banks’ financial stability orientation and bank risk-taking

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-04-22 DOI: 10.1016/j.jfs.2025.101409

Christy Dwita Mariana , Arisyi F. Raz

引用次数: 0

Effects of CEO inside debt on corporate ESG behavior: role of major shareholders

IF 7.4 2区经济学

Finance Research Letters Pub Date : 2025-04-22 DOI: 10.1016/j.frl.2025.107462

Ruoyu Fan , Ziming Ren

引用次数: 0

The Determinants of Student Loan Repayment Worry 学生贷款偿还担忧的决定因素

IF 2.5 3区经济学

Journal of Consumer Affairs Pub Date : 2025-04-22 DOI: 10.1111/joca.70011

Frank M. Magwegwe

{"title":"The Determinants of Student Loan Repayment Worry","authors":"Frank M. Magwegwe","doi":"10.1111/joca.70011","DOIUrl":"https://doi.org/10.1111/joca.70011","url":null,"abstract":"<p>Millions of student loan borrowers worry about their loan repayments. Previous research has focused on student loan debt's impact on post-college outcomes, overlooking psychological aspects like repayment worry. Utilizing data from the 2021 National Financial Capability Survey (<i>n</i> = 2582), we developed and tested a theoretical model for understanding the determinants of student loan repayment worry (repayment worry) and the moderating effects of gender on the association between stressors (financial hardship and student loan delinquency) and repayment worry. Logistic regression showed that financial hardship and student loan delinquency are significant predictors of repayment worry. The coping resources we studied—financial self-efficacy, financial satisfaction, and household income—were significantly linked to lower repayment worry, except for financial capability. Notably, gender was a significant moderator of the financial hardship—repayment worry association, with males experiencing stronger effects than females, but did not moderate the student loan delinquency—repayment worry association. Implications for mitigating repayment worry are offered.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Optimal shrinkage of means in the Markowitz model 马科维茨模型中均值的最优缩减

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-22 DOI: 10.1016/j.irfa.2025.104136

Roberto Ortiz , Mauricio Contreras , Cristhian Mellado

{"title":"Optimal shrinkage of means in the Markowitz model","authors":"Roberto Ortiz , Mauricio Contreras , Cristhian Mellado","doi":"10.1016/j.irfa.2025.104136","DOIUrl":"10.1016/j.irfa.2025.104136","url":null,"abstract":"<div><div>This paper shows that portfolio optimization operates with low volatility in the portfolio weights and out-the-sample Sharpe ratio higher than the <span><math><mrow><mn>1</mn><mo>/</mo><mi>n</mi></mrow></math></span> rule by shrinking the vector of averages to its grand mean and minimizing the mean square error of the portfolio weights. It is also shown that shrinking the vector of means to its grand mean and minimizing the mean square error of the vector of means can obtain out-of-sample Sharpe ratios that exceed the <span><math><mrow><mn>1</mn><mo>/</mo><mi>n</mi></mrow></math></span> rule; however, this leads to high values of the portfolio weights’ volatilities. That is because minimizing the mean square error of the portfolio weights also optimizes the estimation error of the model’s decision variables. Therefore, this method can be part of the predict-and-optimize approach. In contrast, minimizing the mean square error of the vector of means involves incorporating the estimated values of the means to calculate the values of the decision variables (portfolio weights). That is, it minimizes the estimation error of the vector of means, not the decision variables. This method can be considered within the estimate-then-optimize approach.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104136"},"PeriodicalIF":7.5,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868011","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

Cautionary tales of fat tails

IF 1.3 3区经济学

Journal of Macroeconomics Pub Date : 2025-04-22 DOI: 10.1016/j.jmacro.2025.103679

Chetan Dave , Scott J. Dressler , Samreen Malik

引用次数: 0

经济学最新文献