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Initial public offering over-issuance and a firm's acquisition behavior: Evidence from China
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-04 DOI: 10.1111/irfi.70001
Nancy Huyghebaert, Ting Liu, Lihong Wang
{"title":"Initial public offering over-issuance and a firm's acquisition behavior: Evidence from China","authors":"Nancy Huyghebaert,&nbsp;Ting Liu,&nbsp;Lihong Wang","doi":"10.1111/irfi.70001","DOIUrl":"https://doi.org/10.1111/irfi.70001","url":null,"abstract":"<p>We analyze the relation between initial public offering (IPO) over-issuance and a firm's subsequent acquisition decisions. We find that newly listed firms are more likely to engage in merge &amp; acquisitions (M&amp;As) and initiate more and larger-sized M&amp;As after raising more excess cash in their IPO. Additionally, this IPO over-issuance is negatively associated with the newly listed firm's post-acquisition stock performance. Moreover, Type I (principal-agent) and Type II (principal-principal) agency problems explain those relations. The negative relation between IPO over-issuance and stock performance is exacerbated for companies that have made large and industry-diversifying M&amp;As. Further analyses reveal that acquirers who raised more excess cash in their IPO prefer to pay for their M&amp;As entirely in cash.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111578","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
Unveiling the shadows: Reassessing energy security through the lens of petro-violence and green colonialism
IF 6.9 2区 经济学
Energy Research & Social Science Pub Date : 2025-02-04 DOI: 10.1016/j.erss.2025.103951
Yiming Mao
{"title":"Unveiling the shadows: Reassessing energy security through the lens of petro-violence and green colonialism","authors":"Yiming Mao","doi":"10.1016/j.erss.2025.103951","DOIUrl":"10.1016/j.erss.2025.103951","url":null,"abstract":"<div><div>This paper offers a critical re-examination of these intertwined phenomena using a political ecology framework, challenging conventional energy security paradigms. By integrating case studies from Kenya, Morocco, and Nigeria, the study explores how both fossil fuel and renewable energy sectors contribute to socio-political and environmental injustices. Through this lens, the paper reveals the limitations of state-centric and market-driven models and advocates for a paradigm shift towards an inclusive energy security framework. This redefined framework emphasises sustainability, equity, and global cooperation, urging policymakers to reconsider energy governance structures that perpetuate these injustices. The study's findings highlight the need for policies that incorporate just transitions and energy justice, ensuring that energy transitions do not replicate the exploitative practices of the past. Ultimately, this research calls for a more equitable and sustainable global energy landscape, where the benefits and burdens of energy development are distributed more fairly.</div></div>","PeriodicalId":48384,"journal":{"name":"Energy Research & Social Science","volume":"121 ","pages":"Article 103951"},"PeriodicalIF":6.9,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143133149","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
Downside belief disagreements and financial instability: Evidence from risk factor disclosures in U.S. financial institutions’ 10-K filings
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-04 DOI: 10.1016/j.intfin.2025.102118
Rui Li , Jianping Li , Xiaoqian Zhu
{"title":"Downside belief disagreements and financial instability: Evidence from risk factor disclosures in U.S. financial institutions’ 10-K filings","authors":"Rui Li ,&nbsp;Jianping Li ,&nbsp;Xiaoqian Zhu","doi":"10.1016/j.intfin.2025.102118","DOIUrl":"10.1016/j.intfin.2025.102118","url":null,"abstract":"<div><div>At what point does the shift from a stable to an unstable financial system occur? This study develops the first measurement of downside belief disagreements by utilizing the qualitative disclosures of risk factors in U.S. financial institutions’ 10-K filings. We show that the transition into financial instability occurs with a large increase in downside belief disagreements. Notably, it is not only downside belief disagreements but also its interaction with rapid credit expansion that matters for financial stability risks. We further conduct mechanism tests and find that downside belief disagreements harm financial stability by imposing credit constraints and price reductions.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102118"},"PeriodicalIF":5.4,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183710","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
Who saves energy and why? Analysing diverse behaviours in 27 European countries
IF 6.9 2区 经济学
Energy Research & Social Science Pub Date : 2025-02-04 DOI: 10.1016/j.erss.2025.103922
John Eakins , Bernadette Power , Geraldine Ryan , Helena Strömberg , Lisa Diamond
{"title":"Who saves energy and why? Analysing diverse behaviours in 27 European countries","authors":"John Eakins ,&nbsp;Bernadette Power ,&nbsp;Geraldine Ryan ,&nbsp;Helena Strömberg ,&nbsp;Lisa Diamond","doi":"10.1016/j.erss.2025.103922","DOIUrl":"10.1016/j.erss.2025.103922","url":null,"abstract":"<div><div>This paper investigates the decision to undertake a range of energy saving actions using individual survey data. Responses to eleven different energy saving actions are examined. These actions are also grouped together under broader curtailment, efficiency and transport categories for additional insights. The final sample comprises over 20,000 responses from a Eurobarometer survey dataset across 27 European countries. Quantitative multivariate modelling is employed to examine the factors that shape the stated conservation choices. The results highlight the heterogeneity of the underlying socio-demographic and attitudinal effects. Age, gender, household composition, occupation, standard of living, accommodation status and location all influence the energy saving choice, but the effects are varied. For example, there is evidence that age has a non-linear effect which takes different forms for each energy saving action examined. The presence of children has counterbalancing effects, increasing the probability of efficiency actions, but decreasing the probability of curtailment actions. Improvements in standards of living have a positive effect on efficiency actions predominantly. In contrast, having expectations that prices will increase into the future has a positive effect on curtailment actions but a negative effect on efficiency actions. The heterogeneity in the pattern of responses highlight why energy conservation policies need a flexible approach. A one size fits all strategy is unlikely to provide enough scope to incentivise higher levels of engagement across all energy saving profile groups.</div></div>","PeriodicalId":48384,"journal":{"name":"Energy Research & Social Science","volume":"121 ","pages":"Article 103922"},"PeriodicalIF":6.9,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143133495","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}
引用次数: 0
Corrigendum to “Assessing the willingness of residential electricity consumers to adopt demand side management and distributed energy resources: A case study on the Japanese market” [Energy Pol. (137) 111169]
IF 9.3 2区 经济学
Energy Policy Pub Date : 2025-02-04 DOI: 10.1016/j.enpol.2024.114477
Nikolaos Iliopoulos , Miguel Esteban , Shogo Kudo
{"title":"Corrigendum to “Assessing the willingness of residential electricity consumers to adopt demand side management and distributed energy resources: A case study on the Japanese market” [Energy Pol. (137) 111169]","authors":"Nikolaos Iliopoulos ,&nbsp;Miguel Esteban ,&nbsp;Shogo Kudo","doi":"10.1016/j.enpol.2024.114477","DOIUrl":"10.1016/j.enpol.2024.114477","url":null,"abstract":"","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114477"},"PeriodicalIF":9.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099657","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
Reducing Food Waste Behavior for Sustainable Consumption: The Effect of Food Consumption Values on Food Waste
IF 2.5 3区 经济学
Journal of Consumer Affairs Pub Date : 2025-02-04 DOI: 10.1111/joca.70001
Hyesun Hwang, Su-Jung Nam, Yu Lim Lee
{"title":"Reducing Food Waste Behavior for Sustainable Consumption: The Effect of Food Consumption Values on Food Waste","authors":"Hyesun Hwang,&nbsp;Su-Jung Nam,&nbsp;Yu Lim Lee","doi":"10.1111/joca.70001","DOIUrl":"https://doi.org/10.1111/joca.70001","url":null,"abstract":"<div>\u0000 \u0000 <p>We examined the factors influencing food waste in Korean households. We analyzed data sourced from the Korea Rural Economic Institute using hierarchical regression to assess the impacts of individual- and household-level factors, as well as food consumption values on food waste. Results showed that the main effects of age, metropolis, apartment, monthly food expenditure, frequency of food shopping, change in food expenditure, household size, ethical value, and convenience value were statistically significant. Food waste also increased with an increase in age, metropolis, frequency of food shopping, household size, and convenience value. As ethical values decreased, food waste increased. The influence of household size was relatively the largest, and the interactive effect of household size with functional value and convenience value as moderating variables was statistically significant.</p>\u0000 </div>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Corrigendum to “Asymmetric impacts of Chinese climate policy uncertainty on Chinese asset prices” [Energy Economics Volume 133, May 2024, 107518]
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-02-04 DOI: 10.1016/j.eneco.2025.108264
Najaf Iqbal , Elie Bouri , Syed Jawad Hussain Shahzad , Naif Alsagr
{"title":"Corrigendum to “Asymmetric impacts of Chinese climate policy uncertainty on Chinese asset prices” [Energy Economics Volume 133, May 2024, 107518]","authors":"Najaf Iqbal ,&nbsp;Elie Bouri ,&nbsp;Syed Jawad Hussain Shahzad ,&nbsp;Naif Alsagr","doi":"10.1016/j.eneco.2025.108264","DOIUrl":"10.1016/j.eneco.2025.108264","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108264"},"PeriodicalIF":13.6,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143179620","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
Aviation sector decarbonization within the hydrogen economy – A UAE case study
IF 9.3 2区 经济学
Energy Policy Pub Date : 2025-02-03 DOI: 10.1016/j.enpol.2025.114520
Ghassan Zubi , Maximilian Kuhn , Sofoklis Makridis , Savio Coutinho , Stanley Dorasamy
{"title":"Aviation sector decarbonization within the hydrogen economy – A UAE case study","authors":"Ghassan Zubi ,&nbsp;Maximilian Kuhn ,&nbsp;Sofoklis Makridis ,&nbsp;Savio Coutinho ,&nbsp;Stanley Dorasamy","doi":"10.1016/j.enpol.2025.114520","DOIUrl":"10.1016/j.enpol.2025.114520","url":null,"abstract":"<div><div>The UAE aviation sector is vital for its economy and is forecast to grow substantially in the coming decades, increasing thereby fuel consumption. At the same time, the country is committed to cutting greenhouse gas emissions to mitigate climate change. Liquid green hydrogen is expected to emerge as an important aviation fuel in the future. The UAE can use its vast solar energy resources to produce cost-competitive hydrogen at scale, securing so its aviation fuel supply. This development, however, needs several decades to materialize. The PV farms needed to produce the electricity for water electrolysis need yet to be constructed. The infrastructure to produce, liquify, store and transport hydrogen is yet to unfold. Hydrogen-powered aircraft need to yet evolve from the current small scale demonstration projects to long-haul commercial airplanes. It is realistically by 2050 when hydrogen gains momentum as aviation fuel and by 2070 when it becomes market dominant. This paper details why and how liquid green hydrogen will find its way as aviation fuel in the UAE and provides the strategy and policy recommendations to facilitate this development. Furthermore, based on the lessons learned from this case study, the implications of the transition to liquid green hydrogen at global scale are highlighted.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114520"},"PeriodicalIF":9.3,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099659","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
Testing and forecasting price jumps with return moments
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-03 DOI: 10.1111/irfi.70002
Fang Zhen, Xinfeng Ruan, Jin E. Zhang
{"title":"Testing and forecasting price jumps with return moments","authors":"Fang Zhen,&nbsp;Xinfeng Ruan,&nbsp;Jin E. Zhang","doi":"10.1111/irfi.70002","DOIUrl":"https://doi.org/10.1111/irfi.70002","url":null,"abstract":"<p>We detect jumps with the cubic variation and derive its exact distribution under a generic pure-diffusion model with deterministic time-varying volatility. Our method performs well for not only high- but also low-frequency returns. We use the jump testing method to construct monthly and daily jump indicators from the daily and intraday S&amp;P 500 index returns, and find that they can be significantly and robustly predicted by VIX. Other option-implied and historical moments are either subsumed by VIX or are conditionally useful. Our results support the superior informational role played by the risk-neutral volatility in predicting future price jump events.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111323","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
The Margins of Trade
IF 6.6 1区 经济学
Econometrica Pub Date : 2025-02-03 DOI: 10.3982/ECTA17510
Ana Cecília Fieler, Jonathan Eaton
{"title":"The Margins of Trade","authors":"Ana Cecília Fieler,&nbsp;Jonathan Eaton","doi":"10.3982/ECTA17510","DOIUrl":"https://doi.org/10.3982/ECTA17510","url":null,"abstract":"<p>Welfare depends on the quantity, quality, and range of goods consumed. We use trade data, which report the quantities and prices of the individual goods that countries exchange, to learn about how the gains from trade and growth break down into these different margins. Our general equilibrium model, in which both quality and quantity contribute to consumption and to production, captures (i) how prices increase with importer and exporter per capita income, (ii) how the range of goods traded rises with importer and exporter size, and (iii) how products traveling longer distances have higher prices. Our framework can deliver a standard gravity formulation for total trade flows and for the gains from trade. We find that growth in the extensive margin contributes to about half of overall gains. Quality plays a larger role in the welfare gains from international trade than from economic growth due to selection.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"93 1","pages":"129-160"},"PeriodicalIF":6.6,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111406","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
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