{"title":"Multifractality and sample size influence on Bitcoin volatility patterns","authors":"Tetsuya Takaishi","doi":"10.1016/j.frl.2024.106683","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106683","url":null,"abstract":"The finite sample effect on the Hurst exponent (HE) of realized volatility time series is examined using Bitcoin data. This study finds that the HE decreases as the sampling period <mml:math altimg=\"si73.svg\" display=\"inline\"><mml:mi>Δ</mml:mi></mml:math> increases and a simple finite sample ansatz closely fits the HE data. We obtain HE values of <mml:math altimg=\"si2.svg\" display=\"inline\"><mml:mrow><mml:mi>Δ</mml:mi><mml:mo>→</mml:mo><mml:mn>0</mml:mn></mml:mrow></mml:math>, which is smaller than 1/2, indicating rough volatility. The relative error is found to be 1% for the widely used five-minute realized volatility. Performing a multifractal analysis, we find that multifractality in the realized volatility time series is smaller than that of the price-return time series.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"14 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936157","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}
Urban StudiesPub Date : 2024-12-30DOI: 10.1177/00420980241301664
Ana Muniz
{"title":"Cleaning up Los Angeles: The construction and non-resolution of a sanitation infrastructure crisis","authors":"Ana Muniz","doi":"10.1177/00420980241301664","DOIUrl":"https://doi.org/10.1177/00420980241301664","url":null,"abstract":"Focusing specifically on sanitation services in Los Angeles (LA) City, I examine (1) how various stakeholders socially construct and mobilise around breakdowns in public infrastructure and (2) how technology is used, both practically and politically, to address breakdowns. Through an archival analysis of six years of LA City Council documents and proceedings, supplemented by interviews with four key informants, I demonstrate how, in 2014 Los Angeles, media and political actors constructed a perceived crisis in trash services. In responding to claims of inadequate and biassed services, City sanitation officials blamed technological glitches and deceptive data. To address the crisis, the sanitation department developed a database to track neighbourhood cleanliness and strategically deploy sanitation workers to the areas most in need. Despite local politicians’ and sanitation officials’ presentation of technological innovation as a panacea, the database had little effect and was deactivated after three years. The failure of the database is attributed to two dynamics: first, inverted development wherein LASAN prematurely developed and deployed digital technology before a strong analogue foundation had been established to make the technology functional and efficient; and second, LASAN utilised the cleanliness indexing database as a form of mediatised stopgap technology. Although the database ultimately proved to be of little practical use, LASAN’s public relations strategy around the database effectively intervened in a political crisis and reinforced the agency’s power.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"26 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142901892","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":"Unraveling the impact of R&D investment on corporate growth: Empirical insights on intensity- and growth rate-based differences","authors":"Drini Morina, Henning Lucas, Stefanie Heiden","doi":"10.1016/j.frl.2024.106722","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106722","url":null,"abstract":"This paper examines intensity- and speed-based differences in the short-term relationship between R&D investment and corporate growth of over 2,000 high-tech firms from 2000 to 2020 using semiparametric quantile models. Although R&D investment is often assumed to be a candidate supporting the recovery of declining firms, a positive impact has yet only been revealed for high-growth firms. This study finds that this effect is only positive at high intensities, roughly above a 50 % R&D-to-sales ratio, and that the threshold is higher for declining firms, at about 130 %. These findings contribute to the understanding of the relationship and are valuable for managers as they consider R&D investments to enhance corporate growth.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"23 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936154","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":"Effects of digital media development on corporate financial behavior: Moderating role of corporate social responsibility","authors":"Fengzhan Zhu, Dan Zhang, Li Li","doi":"10.1016/j.frl.2024.106718","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106718","url":null,"abstract":"This study empirically investigates the relationship between the development of digital media and corporate financial behavior using data from A-share listed companies for 2020–2024. The results show a significant positive relationship between digital media development and corporate financial behavior, with corporate social responsibility positively moderating this relationship. Furthermore, the impact of digital media on corporate financial behavior is more pronounced in enterprises with a high concentration of ownership and in high-tech enterprises.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"55 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936156","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":"Does health insurance keep people from travelling? A heterogeneity analysis of the tourism sector","authors":"Yongfang Li, Yibo Zhang, Ying Zhang","doi":"10.1016/j.frl.2024.106719","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106719","url":null,"abstract":"This study investigates the influence of health insurance on urban residents’ tourism consumption, focusing on the heterogeneity of the factors involved. Results suggest that health insurance significantly enhances tourism consumption among urban residents, with notable variations across different income levels. These insights offer a theoretical foundation for enterprises and government agencies to craft policies that foster the healthy development of tourism consumption among urban populations.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"74 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936159","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":"Sharing CO2 abatement costs in the iron and steel sector: A shared responsibility input-output approach","authors":"Seiya Imada","doi":"10.1016/j.ecolecon.2024.108504","DOIUrl":"https://doi.org/10.1016/j.ecolecon.2024.108504","url":null,"abstract":"The Japanese iron and steel sector is central to supply chains, making its decarbonization crucial. However, technological innovation required for this is costly. Assessing CO<ce:inf loc=\"post\">2</ce:inf> emission responsibility across the supply chain is necessary for fair cost distribution. This study uses environmentally extended input–output and structural path analyses based on shared responsibility to decompose CO<ce:inf loc=\"post\">2</ce:inf> emissions in steelmaking and final goods production. A practical cost allocation strategy is proposed in this study to support decarbonization innovations in iron-making. The results show that shared responsibility redistributes CO<ce:inf loc=\"post\">2</ce:inf> emissions from the final goods to intermediate goods sectors, reducing cost burdens compared to consumption-based emissions. Specifically, the cost burden of the passenger motor car sector under shared responsibility is reduced by approximately 17 times compared with consumption-based emissions. These findings highlight the importance of quantifying each sector's CO<ce:inf loc=\"post\">2</ce:inf> responsibility under a shared responsibility for fair cost allocation.","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"20 1","pages":""},"PeriodicalIF":7.0,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142925047","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":"Executive pay disparity, internal control, and corporate social responsibility","authors":"Weixuan Hu","doi":"10.1016/j.frl.2024.106720","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106720","url":null,"abstract":"This study conducts an empirical analysis to explore the impact of executive pay disparity on corporate social responsibility performance, and examines the mediating role of corporate internal control quality. The findings reveal that executive pay disparity has a significant positive effect on social responsibility performance, particularly pronounced in state-owned and small to medium-sized enterprises. Additionally, the quality of internal controls plays a crucial mediating role between executive pay disparity and social responsibility performance. By analyzing the interactions among these variables, this paper further deepens the understanding of how to adjust executive compensation strategies to optimize social responsibility performance under different industry and market conditions.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"6 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936155","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}
Urban StudiesPub Date : 2024-12-30DOI: 10.1177/00420980241305322
Benedikt Schmid
{"title":"The spectre of growth in urban transformations: Insights from two Doughnut-oriented municipalities on the negotiation of local development pathways","authors":"Benedikt Schmid","doi":"10.1177/00420980241305322","DOIUrl":"https://doi.org/10.1177/00420980241305322","url":null,"abstract":"This paper examines the ambiguous role of economic growth in shaping urban transformations within two municipalities that are implementing the Doughnut Economics (DE) framework. Doughnut Economics proposes a radical reorientation of economic objectives, prioritising human well-being and ecological limits as the primary goals of economic activity. Adopting an ‘agnostic’ stance on growth, DE does not explicitly oppose economic growth, unlike degrowth approaches, but rather side-lines it. This paper explores the practical implications of this agnostic stance by analysing how DE principles and tools are interpreted and applied in real-world contexts. Empirical insights from two small municipalities – Tomelilla (Sweden) and Bad Nauheim (Germany) – highlight a key tension: while decentring but not rejecting growth allows for the engagement of a broad range of actors in urban transformations, the absence of a robust discussion on growth in these growth-oriented settings enables pro-growth perspectives to persist largely unchallenged. Recognising the challenges this poses for urban transformations beyond growth, the paper advocates for an open but decidedly growth-sceptical approach, replacing Doughnut Economics’ ‘growth agnosticism’ with a ‘secularisation of growth’.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"114 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142901893","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":"Multiple large shareholders, related-party transactions and accounting conservatism","authors":"Mengmeng Chen, Guoan Ye","doi":"10.1016/j.frl.2024.106714","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106714","url":null,"abstract":"Using data from A-share listed companies in this study examines the impact of multiple large shareholders on corporate accounting conservatism. Results indicate that as a corporate governance mechanism, multiple large shareholders can exercise oversight over major shareholders and significantly increase corporate accounting conservatism. The mediation effect analysis reveals that multiple large shareholders partially improve accounting conservatism by reducing controlling shareholders’ self-interested behavior. Furthermore, the moderation effect analysis finds that when external oversight mechanisms are weaker, multiple large shareholders play a stronger oversight role in corporate financial behaviors, effectively compensating for the deficiencies of external oversight.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"33 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936189","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}
Energy EconomicsPub Date : 2024-12-30DOI: 10.1016/j.eneco.2024.108172
Aviral Kumar Tiwari, Hai Hong Trinh, Diem Thi Hong Vo, Gagan Deep Sharma
{"title":"How do economies decarbonize growth under finance-energy inequality? Global evidence","authors":"Aviral Kumar Tiwari, Hai Hong Trinh, Diem Thi Hong Vo, Gagan Deep Sharma","doi":"10.1016/j.eneco.2024.108172","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108172","url":null,"abstract":"The study investigates the multidecade complexity between economic growth and carbon emissions across income groups and regions for 180 economies over the past decades. We find that the global economy has been decarbonizing its economic growth. The effects of growth on decarbonization are conditional on outcome distributions. The Paris Agreement (COP21) and renewable energy consumption (REC) are robust mechanisms toward green growth. Financial development (FD) presents its moderation to decarbonized growth. The study makes the following novel contributions to prior literature streams. First, complex GDP-CO2 nexuses are conditional on green factors and decarbonization is foremost for our global inclusive growth. Second, the friendliness of FD to the environment relies on green transition. It is worth noting that financial institutions and markets are exposed to climate risk drivers leading to our great challenge to promote green finance. Decarbonization is our global and constant efforts toward inclusive growth. Under finance-energy inequality, renewable energy capacity and finance are critical to decarbonized economic growth.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"128 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142968134","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}