经济学最新文献

{"title":"‘The road to net zero runs through the resources sector’: Metallurgical coal and the changing politics of climate in Australia","authors":"Ellie Martus","doi":"10.1016/j.erss.2025.104047","DOIUrl":"10.1016/j.erss.2025.104047","url":null,"abstract":"<div><div>While thermal coal is front and centre of debates about climate change, metallurgical coal has received far less attention. This is despite its significant role in steel production and the substantial GHG emissions created during steelmaking. This analysis examines the politics of metallurgical coal in Australia, the world's largest exporter, and the extent to which this varies from our understanding of thermal coal politics. It asks how pro-metallurgical coal actors from government (state and federal) and industry discuss metallurgical coal's future in the context of climate change. Through a discourse analysis of documentary data including corporate communication, parliamentary records, and media coverage, the findings show how actors use discursive framings to advocate for continued metallurgical coal production and export. There are parallels between thermal and metallurgical coal discourses, with coal linked to the national interest, and emphasis on industry's contribution to supporting communities and providing employment. However, at the same time, actors have sought to reorient the industry around steel production. The fundamental role that steel plays in renewable energy infrastructure (e.g., wind turbines and solar panels), coupled with the present lack of economically viable alternatives to metallurgical coal in steel production, paradoxically means that metallurgical coal is central to decarbonisation – at least for now. Overall, this analysis this contributes to our understanding of the dynamic and changing nature of decarbonisation politics. It highlights the need to pay greater attention to the complexities of transition pathways, including the role that high-emission commodities like metallurgical coal may play in driving decarbonisation until low-emission technologies catch up.</div></div>","PeriodicalId":48384,"journal":{"name":"Energy Research & Social Science","volume":"124 ","pages":"Article 104047"},"PeriodicalIF":6.9,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring spatial network structures in entrepreneurial ecosystems: a network and clustering analysis of global venture funding flows","authors":"Nicolas Victor Noak, Lance Christian","doi":"10.1007/s11187-025-01029-y","DOIUrl":"https://doi.org/10.1007/s11187-025-01029-y","url":null,"abstract":"<p>This study examines the interconnectedness of entrepreneurial ecosystems (EEs) through a comprehensive geospatial network analysis of global investment flows. Addressing the critical need to explore EEs beyond their local boundaries, we investigate how EEs interact across regional, national, and international levels. Utilizing data from Crunchbase, which details 556,612 investment interactions among 5488 city-regions globally from 2000 to 2022, our analysis employs network topology analysis and hierarchical clustering to elicit similarities and differences in the financial interconnectedness. Our findings reveal significant variability in how EEs are connected, with distinct patterns emerging among clusters. We highlight the role of external linkages in shaping the structure EEs, challenging the inward-focused perspective commonly held in current literature. Notably, our research uncovers the extensive reach and complexity of EEs’ financial interactions, illustrating both concentrated and dispersed network embeddedness. The study contributes to the entrepreneurial ecosystem literature in three ways. First, we extend the analysis of EEs to consider their spatial interconnectedness and complex network structures. Second, we introduce network topology analysis as a robust method for understanding the complexities of EE connectivity. And third, through hierarchical clustering of EEs by their network metrics, we show that EE vary greatly in their relational structures. These insights not only enrich our understanding of EEs but also inform policy implications, suggesting avenues for fostering stronger, more resilient entrepreneurial environments through strategic network facilitation and international cooperation.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"34 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782378","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}

{"title":"Rules versus discretion in capital regulation","authors":"Urban Jermann ,&nbsp;Haotian Xiang","doi":"10.1016/j.jfineco.2025.104060","DOIUrl":"10.1016/j.jfineco.2025.104060","url":null,"abstract":"<div><div>We study capital regulation in a dynamic model for bank deposits. Capital regulation addresses banks’ incentive for excessive leverage that dilutes depositors, but preserves some dilution to reduce bank defaults. We show theoretically that capital regulation is subject to a time inconsistency problem. In a model with non-maturing deposits where optimal withdrawals make deposits endogenously long-term, we find commitment to have important effects on the optimal level and cyclicality of capital adequacy. Our results call for a systematic framework that limits capital regulators’ discretion.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"169 ","pages":"Article 104060"},"PeriodicalIF":10.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783417","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}

{"title":"Indirect effects of R&D subsidies: labor mobility as a channel for knowledge spillovers","authors":"Abdulaziz Reshid, Erik Hegelund, Peter Svensson","doi":"10.1007/s11187-025-01036-z","DOIUrl":"https://doi.org/10.1007/s11187-025-01036-z","url":null,"abstract":"<p>While research and development (R&amp;D) spillovers have long been a central argument for the public support of private R&amp;D activities, less is known about the existence and magnitude of innovation policy-induced spillovers. This paper presents a quasi-experimental analysis of the spillover effects of Eurostars R&amp;D subsidies granted to small- and medium-sized firms (SMEs) from 2008 to 2019. We measure spillover effects by relying on employee mobility either between established firms or into employee entrepreneurship. We employ a combination of regression discontinuity (RD) design and difference-in-differences (DiD) methods for causal identification. We find no significant difference in the rate of spinoff creation between subsidized and nonsubsidized firms. However, our findings confirm that spinoffs of subsidized firms have higher rates of survival and employment growth than their counterparts. We also find that the SMEs that hire former employees of subsidized firms perform better in terms of employment, turnover, and value added than do similar firms that hire employees from nonsubsidized firms. We discuss the implications for innovation and labor market policies.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"217 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782377","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}

{"title":"Customer data access and fintech entry: Early evidence from open banking","authors":"Tania Babina ,&nbsp;Saleem Bahaj ,&nbsp;Greg Buchak ,&nbsp;Filippo De Marco ,&nbsp;Angus Foulis ,&nbsp;Will Gornall ,&nbsp;Francesco Mazzola ,&nbsp;Tong Yu","doi":"10.1016/j.jfineco.2024.103950","DOIUrl":"10.1016/j.jfineco.2024.103950","url":null,"abstract":"<div><div>Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements when used for advice. When used for credit, OB promotes entry and competition by reducing adverse selection, but higher prices for costlier or privacy-conscious consumers partially offset these benefits.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"169 ","pages":"Article 103950"},"PeriodicalIF":10.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783418","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}

{"title":"Welfare in the volunteer’s dilemma","authors":"Marco Battaglini,&nbsp;Thomas R. Palfrey","doi":"10.1016/j.jpubeco.2025.105360","DOIUrl":"10.1016/j.jpubeco.2025.105360","url":null,"abstract":"<div><div>We study the volunteer’s dilemma with heterogeneous costs and private information. We characterize efficiency properties of equilibrium. While the probability of success – the focus of previous theoretical analysis – may be strictly <em>decreasing</em> in group size, per-capita welfare is always increasing for every possible cost, strictly for sufficiently high costs. As group size increases, the expected utility of every member, regardless of their cost, converges to the expected utility of a member with the lowest possible cost, which is the same expected utility when there is no free rider problem, i.e., with only a single player in the game who has the lowest possible cost. Convergence, however, is slower than the convergence to zero of <span><math><mrow><mn>1</mn><mo>/</mo><mi>n</mi></mrow></math></span>, so the total inefficiency diverges at infinity, even if the lowest cost is zero.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105360"},"PeriodicalIF":4.8,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777120","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}

{"title":"Corporate investments in startups: CVC unit vs. direct investment","authors":"Sungjoung Kwon ,&nbsp;Nomalia Manna","doi":"10.1016/j.jbankfin.2025.107444","DOIUrl":"10.1016/j.jbankfin.2025.107444","url":null,"abstract":"<div><div>A significant fraction of corporate investments in startups are made directly without relying on corporate venture capital (CVC) units. Moreover, most firms making investments via CVC programs also make direct investments. We show that such direct investments are utilized to flexibly respond to investment opportunities over a short period of time: (1) firms respond to a competition shock by sharply increasing direct investments; (2) firms rely on direct investments when startups are easier to evaluate in the short term; and (3) direct investments are less likely to be followed up. We find no evidence that direct investments are used to entrench managers.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107444"},"PeriodicalIF":3.6,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777710","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}

{"title":"Maker motives and entrepreneurial opportunity evaluation in academic makerspaces","authors":"Joern Block, Christian Brandstetter, Michael A. Zaggl","doi":"10.1007/s11187-025-01018-1","DOIUrl":"https://doi.org/10.1007/s11187-025-01018-1","url":null,"abstract":"<p>To stimulate entrepreneurship, many universities have established academic makerspaces. So far, we know little about this phenomenon. Specifically, we lack insights into the entrepreneurial motivations of academic makers and the types of opportunities they find appealing. Drawing on a conjoint experiment and a survey of 144 academic makers, we analyze their entrepreneurial motivations and identify key criteria that make entrepreneurial opportunities attractive for them. Our findings indicate that academic makers are primarily motivated by the desire for learning, innovation, autonomy, and problem-solving. Market potential and social impact are key criteria in making an entrepreneurial opportunity attractive. The specific criteria vary among different characteristics of the makers. Makers with entrepreneurial experience put a higher value on market potential and avoid opportunities associated with technically challenging projects. In contrast, highly experienced makers prefer working independently and are often skeptical about opportunities associated with strong intellectual property rights protection. These findings have important implications for understanding academic makers as catalysts for university-based entrepreneurship and innovation, offering valuable insights for universities seeking to promote entrepreneurship through makerspaces.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"37 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782376","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}

{"title":"Urban regeneration strategy for shrinking neighborhoods: A case study of Gyo-Byu water pipeline, Yangon","authors":"Chaw Thiri Khaing ,&nbsp;Heping Li ,&nbsp;Danjuma Abdu Yusuf ,&nbsp;Lingli Mou ,&nbsp;Syed Murtoza Mushrul Pasha","doi":"10.1016/j.habitatint.2025.103400","DOIUrl":"10.1016/j.habitatint.2025.103400","url":null,"abstract":"<div><div>In recent years, linear infrastructure has become a critical element in shaping urban neighborhoods, particularly in developing countries where neighborhoods near such infrastructure often face significant challenges, such as urban shrinkage. In Yangon, the presence of colonial-era linear infrastructure, such as the Gyo-Byu water pipeline, plays a vital role in the city's core development and contributes to the identity of the urban fabric. This study investigates the urban vulnerability faced by neighborhoods along the Gyo-Byu water pipeline, analyzing the context of shrinking neighborhoods and exploring key challenges that neighbors encounter. It employs a phenomenological approach, grounded in multi-qualitative neighborhood assessment methods, including field observation, on-the-spot interviews, focus group discussion, institutional data analysis, and spatial neighborhood mapping. Interview data was analyzed using reflexive thematic method by MAXQDA software. The study focuses on three core aspects: the relationship between linear infrastructure and neighborhood dynamics, key neighborhood problems, and local priorities and aspirations of neighborhood regeneration needs. Findings highlight that neighborhood social fragmentation and livability challenges, multidimensional barriers to business viability, neighborhood environmental degradation and lack of green infrastructure present major challenges for surrounding neighborhoods of Gyo-Byu water pipeline. Furthermore, the research found that Gyo-Byu water pipeline as neighborhood identity and dual-role linear infrastructure assets. In response, the research proposes three-approaches strategies to urban acupuncture regeneration framework that emphasizes infrastructure improvement, community development, and sustainability. This research provides valuable tools for policymakers and urban stakeholders, offering targeted strategies for revitalizing shrinking urban neighborhoods through sustainable infrastructure and community development.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"160 ","pages":"Article 103400"},"PeriodicalIF":6.5,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783553","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}

{"title":"Barcelona as a case study for the effectiveness of short-term rental market regulations","authors":"Kristóf Gyódi ,&nbsp;Joanna Mazur ,&nbsp;Agustín Cocola-Gant","doi":"10.1016/j.cities.2025.105915","DOIUrl":"10.1016/j.cities.2025.105915","url":null,"abstract":"<div><div>The objective of this paper is to analyze the effectiveness of regulatory developments in the short-term rental (STR) market, using Barcelona as a case study. We examine the evolution of regulation in Barcelona and assess the impact of major policy changes on STR supply metrics. We follow an interdisciplinary research plan to answer the research questions. First, an overview of the main policy changes and enforcement activities is presented. Second, changes in the main characteristics of the Airbnb supply are examined over the period 2015–2023. A counterfactual analysis is used to assess the overall impact of regulation. Finally, the conclusions are verified through fieldwork with stakeholders in the city of Barcelona. The results suggest that enforcement and permanent control are key to reducing the expansion of the market, as the legal instruments introduced to regulate STRs, particularly licensing, are not sufficient on their own. Additionally, a significant change in STR supply occurred following a data sharing agreement between the municipality and Airbnb. Furthermore, the counterfactual analysis suggests that in a laissez-faire scenario, the total number of STR listings on Airbnb would be almost double: 20,000 instead of the measured 10,700. We conclude by suggesting policy recommendations for other cities.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"162 ","pages":"Article 105915"},"PeriodicalIF":6.0,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776675","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}