经济学最新文献

{"title":"Organizational form and liquidity management: Evidence from open- vs. closed-end municipal bond funds","authors":"John Chalmers, Z. Jay Wang, Jingyun Yang","doi":"10.1016/j.frl.2024.106499","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106499","url":null,"abstract":"This paper studies how the organizational forms of open- and closed-end funds affect their ability to manage illiquid assets. We use a sample of municipal bond funds from 2002 to 2015 to compare the portfolio liquidity and performance of open- and closed-end funds. We find that immunity to redemption risk allows closed-end funds to hold more illiquid municipal bonds than open-end funds, and they charge higher management fees for such liquidity provision. Closed-end funds earn liquidity premiums from their illiquid holdings. They significantly underperform peer open-end funds after controlling for their exposure to liquidity risk. Highly leveraged closed-end funds are subject to systematic liquidity risk. We find that closed-end funds with higher leverage hold more liquid municipal bonds. They trade more liquid municipal bonds to reduce the potential costs at forced deleverage.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"13 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884057","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":"Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events?","authors":"F.J. Blok, F. Fuerst","doi":"10.1016/j.ecolecon.2024.108485","DOIUrl":"https://doi.org/10.1016/j.ecolecon.2024.108485","url":null,"abstract":"Natural hazard risk is captured in property prices through two principal channels: the risk to the building and the risk to its occupiers. These two effects are typically bundled up in transaction prices, thereby becoming individually unobservable. This study analyses residential rents as those should solely represent the risk to occupiers, who pay for their own losses in the case of a natural hazard event, but not for the owner's potential damage to the asset. Applying a hedonic framework to a sample of 18,339 dwellings across Switzerland, we examine the relationship between residential rents and exposure to five different climate-related natural hazards, some of which have been hitherto understudied. Strong evidence of a small rental discount of 1.4 % is found for dwellings that are subject to moderate flood hazard. Similar, albeit weaker, estimates are found for surface runoff hazard. Gravitational hazards including landslide, debris flow, and hillslope debris flow are not associated with significantly lower rents, possibly due to the small sample size. Our findings imply that not all natural hazard risk is reflected in the cost-side of the profit-equation in commercial residential real estate, but partly manifests itself in the form of reduced income, which is often less apparent.","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"1 1","pages":""},"PeriodicalIF":7.0,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869926","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":"Cryptocurrency exposure and the cost of debt","authors":"Li Gao, Yuan Shi, Yi Zheng","doi":"10.1016/j.frl.2024.106668","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106668","url":null,"abstract":"This study examines the relationship between a company's exposure to cryptocurrency and its cost of debt. Using hand-collected data on cryptocurrency holdings for U.S. firms from 2013 to 2023, we find that firms engaged in cryptocurrency incur higher effective interest costs on their debt financing. This finding supports our hypothesis that cryptocurrency represents a high-risk investment, thereby increasing a firm's overall risk. Consequently, creditors demand higher lending costs. Given that debt financing is a crucial source of external funding, our results carry significant implications for understanding the investment behavior of public companies as they explore emerging domains like cryptocurrency.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"8 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884056","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":"Market experience and agricultural technology adoption: the role of risk aversion and locus of control","authors":"Halefom Yigzaw Nigus, Pierre Mohnen, Eleonora Nillesen","doi":"10.1093/erae/jbae033","DOIUrl":"https://doi.org/10.1093/erae/jbae033","url":null,"abstract":"This study examines the relationship between market experience and the adoption of risky but profitable agricultural technologies and explores the role of demand-side barriers. Using survey and incentivized experimental data, we find that market experience is significantly associated with increased adoption of improved agricultural technologies. Furthermore, we find that market experience is linked to reduced risk aversion and a stronger internal locus of control, which, in turn, are associated with higher technology adoption. Our findings imply that policies aimed at increasing farmers’ investment in improved agricultural technologies benefit not only from providing access to these technologies but also from addressing psychological barriers.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"145 1","pages":""},"PeriodicalIF":3.4,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841573","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":"Distance-Based Agglomeration Externalities and the Survival of Logistics Firms: Evidence From a Publicly Developed Logistics Park","authors":"Nannan He,&nbsp;Ming Jian,&nbsp;Xing Fang,&nbsp;Guoqi Li,&nbsp;Sijing Liu","doi":"10.1111/grow.70009","DOIUrl":"https://doi.org/10.1111/grow.70009","url":null,"abstract":"<div>\u0000 \u0000 <p>Numerous studies have shown that agglomeration externalities play a crucial role in the survival prospects of logistics firms. However, previous studies have largely ignored the role that agglomeration externalities play at a more granular level. Therefore, this paper used Chengdu International Railway Port as a case study, constructed a distance-based agglomeration measure to explore the impact of agglomeration externalities on the survival of logistics firms located within a publicly developed logistics park (PDLP). The results show that the three types of agglomeration externalities coexist and are highly localized in the PDLP, and their effects change with distance from the logistics firm. Specifically, the specialization externalities operate within 1.5 km of the logistics firm and produce competitive effects within immediate proximity (0.5 km). Second, while diversification externalities cause significant congestion effects, interindustry knowledge spillovers arising from related diversification externalities play a key role in the 0.5 km proximity of logistics firms, and unrelated diversification externalities play a positive role in reducing the market transaction costs of logistics firms outside the 0.5 km range.</p>\u0000 </div>","PeriodicalId":47545,"journal":{"name":"Growth and Change","volume":"56 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142861828","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}

{"title":"Value for money in humanitarian assistance: How does cost efficiency vary across cash and voucher programmes?","authors":"Caitlin Tulloch,&nbsp;Kayla Hoyer,&nbsp;Joel Chrisco","doi":"10.1111/dpr.12821","DOIUrl":"https://doi.org/10.1111/dpr.12821","url":null,"abstract":"&lt;div&gt;\u0000 \u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Motivation&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;Cash and voucher assistance has become a key part of humanitarian response over the last decade as it is able to meet people's basic needs during a crisis and it has high cost efficiency relative to traditional in-kind assistance.&lt;/p&gt;\u0000 \u0000 &lt;p&gt;Donors have been introducing cost-efficiency benchmarks—set as cost-transfer ratios, the ratio of costs of delivery to the value of cash or goods provided to beneficiaries—for cash and voucher programmes. These benchmarks function as price ceilings for humanitarian agencies providing cash and voucher assistance. The welfare effects of these price ceilings, however, are unclear. They could induce greater efficiency, depending on the cost function for cash and voucher assistance programmes, but they could also have widely different consequences across contexts and could even undermine equity.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Purpose&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;We ask what determines the cost-transfer ratios of cash and voucher assistance programs? How do cost-transfer ratios vary by size of benefit delivered, local cost levels, scale of programme, and region? What do the results imply for setting cost-efficiency benchmarks and humanitarian programming?&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Approach and methods&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;We use a novel set of cost-efficiency data for 31 humanitarian cash and voucher assistance programmes to examine the variation in delivery costs for humanitarian cash and voucher programmes, and to understand what causes these delivery costs to vary. Regression analysis is used to see the impacts of different characteristics of the programmes on their cost-transfer ratios.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Findings&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;We find substantial variation in cost-transfer ratio efficiency across cash and voucher assistance programmes based on their design and context. Programme scale and local price levels explain the largest fraction of variation: larger programmes and contexts with high local prices tend to push down cost-transfer ratios.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Policy implications&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;Benchmarks for cost-efficiency should be specific to context. Global price ceilings for cash and voucher assistance are likely to undermine quality delivery in contexts where local price levels are low and programmes are small, without fully capturing possible efficiency gains in other contexts. This finding, intuitive to economists familiar with economies of scale, runs counter to views common within humanitarian agencies, where limited budgets—budgets insufficient to meet needs—are th","PeriodicalId":51478,"journal":{"name":"Development Policy Review","volume":"43 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142868703","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}

{"title":"Input Tariff Cuts and the Spatial Distribution of Skilled Labor: Evidence From China","authors":"Wenhan Liu,&nbsp;Wei Xiao,&nbsp;Zhilong Qin","doi":"10.1111/grow.70013","DOIUrl":"https://doi.org/10.1111/grow.70013","url":null,"abstract":"<div>\u0000 \u0000 <p>As China's economy advances toward high-quality development, how to promote the rational spatial distribution of skilled labor to achieve sustainable regional economic growth has become an urgent issue. This study utilizes microdata from the 2000–2015 Chinese census and tariff data from China covering the same period to empirically regress input tariff cuts on changes in the proportion of skilled labor in cities. The results show that for every 1% decrease in input tariffs, the proportion of skilled labor in cities increases by 0.78%, accounting for 15.22% of the spatial distribution of skilled labor. Mechanism analysis indicates that input tariff cuts facilitate technological progress and subsequently increase skilled labor demand. From an equilibrium perspective, increased skilled labor demand attracts skilled worker inflows, thereby increasing the proportion of skilled labor in cities. Additionally, input tariff cuts have a more significant impact on cities with low trade costs, a high historical proportion of skilled labor, and high labor market flexibility. These findings provide favorable evidence of the micro-level impact of input tariff cuts on regional skilled labor markets, offering important policy insights into how developing countries similar to China can optimize the spatial distribution of skilled labor through input tariffs.</p>\u0000 </div>","PeriodicalId":47545,"journal":{"name":"Growth and Change","volume":"56 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142861346","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}

{"title":"Changes in population literacy and numeracy in Ghana after three decades of free basic education","authors":"Pearl S. Kyei,&nbsp;Fred Mawunyo Dzanku,&nbsp;Samuel Kobina Annim","doi":"10.1111/dpr.12824","DOIUrl":"https://doi.org/10.1111/dpr.12824","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Motivation</h3>\u0000 \u0000 <p>Despite increases in school enrolment, the world is facing a global learning crisis that suggests a trade-off between the quantity and quality of education.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Purpose</h3>\u0000 \u0000 <p>This case study from Ghana examines whether there has been a long-term change in educational outcomes, measured by population literacy and numeracy rates, in the decades following the implementation of a national free compulsory basic education policy. It further determines whether there are variations by level of education in the changes over time.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Approach and methods</h3>\u0000 \u0000 <p>This study used nationally representative repeated cross-sectional data from two Ghana Living Standards Surveys (2006 and 2017) to estimate basic literacy and numeracy.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Findings</h3>\u0000 \u0000 <p>At the same level of education for the primary and lower secondary school levels, literacy and numeracy were lower in the latter period than a decade previously. These findings suggest that the expansion in gross enrolment at the primary and lower secondary school levels has been associated with a long-term decline in the quality of education.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Policy implications</h3>\u0000 \u0000 <p>Considering these findings, it is crucial to consider the long-term implications of expanding access to education on the quality of the education provided. These findings highlight the need for increased investment in quality education to complement the increase in access. This would ensure that children acquire foundational skills at the basic education level. Failure to maintain quality alongside expanded access could negatively impact workforce productivity, economic growth, and social equality.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51478,"journal":{"name":"Development Policy Review","volume":"43 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142868704","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}

{"title":"Working More to Pay the Mortgage: Household Debt, Interest Rates, and Family Labor Supply","authors":"Michał Zator","doi":"10.1111/jofi.13413","DOIUrl":"https://doi.org/10.1111/jofi.13413","url":null,"abstract":"I show that households work and earn more (less) when their floating‐rate mortgage payments quasi‐exogenously increase (decrease). The response is sizable and asymmetric: on average, households adjust their income by 35% of the change in their mortgage payment, but the response is significantly stronger following an increase in payments. While men in dual‐earner, childless households respond the most on average, the asymmetry is most pronounced for women and young workers, who respond particularly strongly to payment increases. The asymmetry of the labor supply elasticity may help explain the wide range of elasticities found in previous research.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"19 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142831920","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":"Exploring the connectedness between major volatility indexes and worldwide sustainable investments","authors":"Danyang Xu, Yang Hu, Les Oxley, Boqiang Lin, Yongda He","doi":"10.1016/j.irfa.2024.103862","DOIUrl":"https://doi.org/10.1016/j.irfa.2024.103862","url":null,"abstract":"This paper examines the dynamic connectedness between various measures of volatility indexes (e.g., Engle and Campos-Martins (2023)’s global common volatility index (COVOL), VIX, OVX, GVZ) and worldwide ESG leaders’ equity markets, using an aggregated connectedness approach for the period January 2014 to April 2023. Several novel findings are presented. First, the COVID-19 pandemic has a significant impact on the dynamic total connectedness of the system compared to other major global events. Second, the COVOL is a receiver of aggregated global ESG while VIX is a major transmitter. Third, based on the stage of economic development for each ESG market, the aggregated developed-country ESG group plays a more dominant role in the transmission channel. Fourth, based on aggregated ESG markets by region, the VIX is the primary transmitter to four regional ESGs. Last, European ESG market has low connectedness with the major volatility indexes and other regional ESGs. These findings have important and practical implications for investors and portfolio managers in formulating effective risk management strategies for ESG-related investments.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"32 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874771","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}