经济学最新文献

{"title":"Invest to win: A study of \"Local bias jumping\" in China","authors":"Jidong Li ,&nbsp;Cheng Yuan ,&nbsp;Zhichun Huang","doi":"10.1016/j.jebo.2025.107127","DOIUrl":"10.1016/j.jebo.2025.107127","url":null,"abstract":"<div><div>We document a paradoxically positive relationship between the strong preference of local governments for local business and domestic capital inflow in China. Confronted by barriers posed by the bias of local governments towards local suppliers in procurement markets, firms strategically move through capital markets via investments. We call this phenomenon \"local bias jumping\" (LBJ). Using comprehensive datasets of procurement winners and losers, we find that the probability of local firms winning contracts is 1.44 times that of nonlocal firms. Furthermore, investing in local subsidiaries appears to provide a significant advantage in procurement competitions. Nonlocal firms with investments one to three years prior to bidding are 1.5 times more likely to win contracts than those without such investments. LBJ-driven investments flow from developed to less developed regions, promoting interregional capital mobility. Our findings underscore the dual impact of local bias in China's investment landscape, revealing its complex effects on economic development.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107127"},"PeriodicalIF":2.3,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144518338","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":"Does taken-for-granted technology challenge firm location theories? A micro-spatial analysis of knowledge-intensive business services (KIBS)","authors":"Diego Andres Cardenas Morales ,&nbsp;Jean Dubé ,&nbsp;Richard Shearmur","doi":"10.1016/j.cities.2025.106204","DOIUrl":"10.1016/j.cities.2025.106204","url":null,"abstract":"<div><div>The paper studies the location decisions of new knowledge-intensive business service (KIBS) in between 2011 and 2020 in the Montreal metropolitan area; it explores whether classical location factors and traditional KIBS locations remain important in a period when broadband and mobile communications had become ubiquitous. A multinomial logit model and a cartography of predicted location probability (by KIBS subsector) are estimated based on a micro-spatial approach. Although some dispersion patterns are observed for subsectors, classic locations such as the city centre and other suburban poles remain important foci for new establishment location. Market-related factors also explain the location decisions of new KIBS. The results suggest that new communication technologies have not fundamentally changed KIBS' location rationalities. The location of new establishments should be distinguished, however, from the locations from which their employees perform their work.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"166 ","pages":"Article 106204"},"PeriodicalIF":6.0,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144513833","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":"Which assets are safe havens? Evidence from 13 stock market downturns","authors":"Muhammad A. Cheema ,&nbsp;Michael Ryan ,&nbsp;Sirajum Munira Sarwar","doi":"10.1016/j.iref.2025.104364","DOIUrl":"10.1016/j.iref.2025.104364","url":null,"abstract":"<div><div>This study investigates the safe haven (SH) efficacy of 11 assets against 13 stock market downturns, utilizing data from the MSCI World Index, MSCI Emerging Markets Index, and stock indices of the five largest economies. Our comprehensive analysis reduces the likelihood that identified SHs reflect the idiosyncrasies of specific events or markets, enabling us to systematically document which assets serve as SHs in particular types of crises. Our findings reveal three key insights. First, the effectiveness of SH assets varies depending on the nature of the downturn. Government bonds tend to be effective SHs during downturns triggered by macroeconomic or financial market events, as these downturns are typically associated with lower inflation and interest rates. Conversely, geopolitical conflicts often diminish the SH properties of government bonds. Second, the geographical and financial proximity of the SH asset to the source of the downturn affects its efficacy. Assets from countries directly involved in or closely connected to the crisis are less likely to serve as SHs. Third, Japan's minimal involvement in geopolitical conflicts has established the Japanese Yen and Japanese government bonds as the most reliable SHs during such conflicts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104364"},"PeriodicalIF":4.8,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522878","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":"Operational efficiency and service quality of Indian electricity distribution utilities: A three-stage DEA and Malmquist Index analysis","authors":"Sufia,&nbsp;Anoop Singh,&nbsp;Shambhavi Mishra","doi":"10.1016/j.jup.2025.102001","DOIUrl":"10.1016/j.jup.2025.102001","url":null,"abstract":"<div><div>The Indian power sector has progressed through distinct phases of reform and restructuring to attract private investment and enhance both operational and financial performance. Despite two decades of reforms, the sector's financial stability remains closely tied to the performance of electricity distribution utilities. The tariff-setting framework for distribution utilities largely relies on cost-of-service regulation, incorporating performance improvement targets. However, the prudence checks for approving distribution utilities' costs often lack a benchmarking approach. Distribution utilities exhibit variability in costs, service quality, and operational efficiency. Previous studies on Indian distribution utilities have focused on operational and financial parameters while neglecting the service quality dimensions of utilities. This paper considers service quality in the form of reliability indices of Indian distribution utilities for the first time, in addition to traditional parameters. This study employs a novel three-stage data envelopment analysis (3S-DEA) approach to evaluate operational efficiency, while the Malmquist Index is implemented to analyse efficiency and technological change from 2016–17 to 2019–20. Significant differences in the performance of distribution utilities within the same state were observed. Improvements in efficiency scores are observed for the distribution utilities after considering service quality parameters. The findings highlight the importance of considering service quality parameters when evaluating the operational efficiency of distribution utilities. The results obtained from this study will be helpful for policymakers, regulators, and utility management in identifying inefficiency determinants and designing effective strategies to improve operational performance. Furthermore, such periodical benchmarking exercises could be incorporated into the review process by Indian state regulators to better incentivise or penalise utilities based on their performance.</div></div>","PeriodicalId":23554,"journal":{"name":"Utilities Policy","volume":"96 ","pages":"Article 102001"},"PeriodicalIF":3.8,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144513577","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":"Governing urban marginality in the post-COVID city: introduction to the Virtual Special Issue","authors":"Andrew Clarke ,&nbsp;Daniel Kudla ,&nbsp;Lutfun Nahar Lata","doi":"10.1016/j.cities.2025.106211","DOIUrl":"10.1016/j.cities.2025.106211","url":null,"abstract":"","PeriodicalId":48405,"journal":{"name":"Cities","volume":"166 ","pages":"Article 106211"},"PeriodicalIF":6.0,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144513835","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":"Rural social space differentiation: The construction and representation of social relations","authors":"Shanshan Wu ,&nbsp;Libang Ma ,&nbsp;Zhihao Shi ,&nbsp;Xiaoyan Chang ,&nbsp;Rui Wang ,&nbsp;Xin Li","doi":"10.1016/j.habitatint.2025.103498","DOIUrl":"10.1016/j.habitatint.2025.103498","url":null,"abstract":"<div><div>Rural social space can reveal the changes of rural social structure and the distribution of spatial resources. The difference of rural development between East and West and the long-standing dualistic divide between urban and rural areas necessitate a deeper exploration of rural social space research in China. This paper systematically explored the formation of rural social space from the perspective of rural social relations, and took Henapo Village as an example to illustrate the constructive role of rural social relations in rural social activities, as well as the external representation of these activities based on this, and explored the differentiation mechanism of rural social space. The research results indicated that within the internal construction of rural social space, the village had developed internal characteristics supporting various social activities primarily based on blood relations, supplemented by business and geographic relations. The external representation of rural social space exhibited a spatial characteristic of social activities structured as “home-administrative village/natural village-county.” The social space of Henapo Village exhibited a core-periphery layered structural characteristic, where social relations in the core layer were relatively intimate, social activities were simpler, and the activity space was more concentrated compared to the peripheral layer. The social space differentiation in Henapo Village was mainly influenced by villagers, the village committee and the natural environment, resulting in land enrolment, industry enrolment, demand enrolment and resource enrolment. The decisive driving force of the village committee, the fundamental driving force of the natural environment and the endogenous driving force of villagers worked together to promote the significant differentiation of the physical-social environment and social groups in Henapo Village. The differentiation of social relationship networks and the diversity of social activities occurred and were fed back to the key actors, resulting in the differentiation of rural social space.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"163 ","pages":"Article 103498"},"PeriodicalIF":6.5,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517853","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":"Assesment of the strategic transition from gas to electric heat pumps and policy implications for power reserve margins in South Korea","authors":"Hobyung Chae ,&nbsp;Beungyong Park ,&nbsp;Eui-Jong Kim ,&nbsp;Yujin Nam","doi":"10.1016/j.enpol.2025.114755","DOIUrl":"10.1016/j.enpol.2025.114755","url":null,"abstract":"<div><div>This study evaluates the impact of transitioning from gas heat pumps (GHPs) to electric heat pumps (EHPs) on South Korea's power reserve margin. Additionally, it examines trends in electricity supply and demand, assessing changes in reserve capacity and the effects of expanding renewable energy capacity on supply stability and reserve margins. The analysis focuses on energy consumption, operational costs, and carbon emissions of both systems to determine the feasibility and sustainability of transitioning from GHP to EHP. Simulation models applied to public and general facilities assess electricity demand changes, with an emphasis on peak power demand scenarios. Simulation results indicate that while transitioning the total installed capacity of GHPs in South Korea to EHPs increases electricity consumption by approximately 398.8 MW, the impact on the power grid remains minimal due to South Korea’s increasing renewable energy share. The study further reveals that switching to EHPs could reduce annual operational costs by 20.89 million USD, though it may lead to higher CO₂ emissions. Policy recommendations for promoting EHP adoption and strategies for managing power reserve margins are also discussed.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"206 ","pages":"Article 114755"},"PeriodicalIF":9.3,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144513920","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":"The only constant is change: Evidence on the declining role of fossil fuels and the rise of strategic metals in energy transition","authors":"Savaş Tarkun","doi":"10.1016/j.resourpol.2025.105665","DOIUrl":"10.1016/j.resourpol.2025.105665","url":null,"abstract":"<div><div>This study explores the shifting informational dynamics between fossil fuels and strategic metals in the context of global energy transition. Using a dual-frequency framework—frequency-domain Granger causality and time-frequency connectedness—we analyze daily data from 2018 to 2025, covering Brent crude oil, coal, and key strategic metals such as copper, lithium, and nickel. Our findings reveal a structural transformation: fossil fuels have become increasingly reactive, while strategic metals act as forward-looking market leaders. These metals not only represent essential inputs for green technologies but also function as systemic financial signals across time horizons. The results highlight a reconfiguration of energy-related influence networks, underscoring the growing role of resource-critical markets in shaping expectations, volatility, and long-term planning. This study contributes to a more integrated understanding of how material flows and financial signals intersect in the green transition, offering novel insights for energy policy, market design, and sustainable investment strategies.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"107 ","pages":"Article 105665"},"PeriodicalIF":10.2,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517794","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":"Australian nationwide assessment of social vulnerability in two decades through its linkage to the built environment","authors":"Siqin Wang ,&nbsp;Haiyan Liu ,&nbsp;Wenhui Cai ,&nbsp;Xiao Huang ,&nbsp;Qian Chayn Sun","doi":"10.1016/j.habitatint.2025.103495","DOIUrl":"10.1016/j.habitatint.2025.103495","url":null,"abstract":"<div><div>Evaluating social vulnerability and identifying at-risk populations are foundational to hazard risk mitigation and sustainable human settlement, yet these tasks entail distinct challenges that vary across urban-rural contexts and temporal scales. Despite Australia's escalating exposure to natural disasters, longitudinal, nationwide metrics of social vulnerability remain absent, with prior research constrained to localized or temporally fragmented analyses. Grounded in Cutter's social vulnerability framework, this study develops fine-grained, longitudinal indices of social vulnerability for urban and rural Australia across five census cycles (2001–2021). Spatial inequities, temporal trends, and associations between social vulnerability and 30 built environment indicators were analyzed using interpretable machine learning techniques. Key findings reveal that while the geographic distribution of the most vulnerable areas has remained stable over time, socioeconomic inequities of such areas have diminished whereas spatial clustering intensified. Resilient regions are characterized by enhanced access to public amenities, housing diversity, and commercial density—factors that collectively attenuate vulnerability. Furthermore, upgraded built environments attract socioeconomically advantaged populations, amplifying aggregated resilience. To our knowledge, this represents the first comprehensive, longitudinal, and spatially explicit national assessment of social vulnerability in Australia over two decades. The results elucidate critical trends in vulnerability and their interplay with built environment dynamics, offering actionable insights for place-based hazard mitigation, urban-rural sustainability, and infrastructure resilience. By bridging data gaps, this work addresses Australia's pressing need for evidence-driven policy and spatially targeted interventions to counter intensifying natural hazards and prioritize the resilience of human settlement.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"163 ","pages":"Article 103495"},"PeriodicalIF":6.5,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517854","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":"Impact of news and social media sentiments on rare earth investments","authors":"Anupam Dutta ,&nbsp;Jukka Sihvonen ,&nbsp;Donghyun Park ,&nbsp;Brian Lucey ,&nbsp;Gazi Salah Uddin","doi":"10.1016/j.resourpol.2025.105655","DOIUrl":"10.1016/j.resourpol.2025.105655","url":null,"abstract":"<div><div>In recent years, investing in rare earth metals has increased significantly due to its importance in producing renewable energy. Accordingly, a growing body of literature investigates the connectedness between rare earth equities and other financial markets, though very little is known about the volatility dynamics of this new asset class. Our study extends such scarce literature by employing the heteroscedastic auto-regressive (HAR) model to explore the volatility pattern of rare earth ETF. Later, we extend the baseline HAR process to explore the role of news and social media sentiment in volatility forecasting. Our empirical analysis uses the sentiment data provided by the Thomson Reuters MarketPsych Indices (TRMI) to examine whether investor sentiments collected from various media sources (i.e. traditional news media and social networking sites) would have a heterogeneous impact on the volatility predictions. Overall, our results indicate that both social and news media influence the realized volatility of rare earth equities. More importantly, this effect is positive suggesting that higher media sentiment causes higher volatility. We further observe that the extended HAR models, which include different sentiment measures such as <em>Buzz</em> and <em>Sentiment</em>, tend to outperform the baseline HAR model. Our analysis also concludes that the <em>Buzz</em> index has more predictive contents relative to the <em>Sentiment</em> index.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"107 ","pages":"Article 105655"},"PeriodicalIF":10.2,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514102","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}