IF 9.2 2区经济学

Energy Policy Pub Date : 2025-08-25 DOI: 10.1016/j.enpol.2025.114845

Nguyen Doan , Canh Phuc Nguyen , Thanh Dinh Su

{"title":"Does fiscal decentralization reduce energy poverty? Evidence from Vietnam","authors":"Nguyen Doan , Canh Phuc Nguyen , Thanh Dinh Su","doi":"10.1016/j.enpol.2025.114845","DOIUrl":"10.1016/j.enpol.2025.114845","url":null,"abstract":"<div><div>This study examines the impact of fiscal decentralization on energy poverty in Vietnam, a country that has experienced significant change over recent decades, with fiscal policy reform, rapid economic growth, and expansion of energy access. We use household- and provincial-level data from 2004 to 2018 and employ different model specifications, including ordinary least squares (OLS) and instrumental variable (IV) estimates and two-step system generalized method of moments (GMM) estimates. Energy poverty is measured using a set of indicators based on income, expenditure, and the quality of energy consumption, while fiscal decentralization is calculated using both narrow and broad definitions of the share of revenue of local governments to total government revenue. We find that fiscal decentralization significantly reduces energy poverty. In particular, OLS estimates show that a one standard deviation increase in fiscal decentralization leads to average decreases in the probability of energy poverty of 0.3–1.3 percentage points at the household level and 0.3 to 1.6 percentage points at the provincial level. The IV estimates are consistent, and the GMM estimates also suggest long-run effects. Strong effects are found in lower-income households in the bottom three income quantiles and poorer regions. These results underline the potential use of fiscal decentralization as a policy tool for addressing energy poverty and emphasize the need for fiscal policy reforms that include the energy sector and account for regional disparities in economic activities.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"207 ","pages":"Article 114845"},"PeriodicalIF":9.2,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893223","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

Unveiling how financial markets could intensify climate change risks 揭示金融市场如何加剧气候变化风险

IF 6.3 2区经济学

Ecological Economics Pub Date : 2025-08-25 DOI: 10.1016/j.ecolecon.2025.108773

Juan Laborda , Cristina Suárez , Alejandro Fernández , Haoran Wang , Emilio Cerdá , Liana Ricci , Sonia Quiroga

引用次数: 0

Green financial policy, technological innovation, and the dynamic effects of carbon emissions 绿色金融政策、技术创新与碳排放的动态效应

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-08-25 DOI: 10.1016/j.frl.2025.108270

Yiming Chen , Weixing Chen , GuanZhong Huang

引用次数: 0

Can energy efficiency credit guidelines boost enterprises' low-carbon technological innovation? Evidence from China 能效信用指引能否推动企业低碳技术创新？来自中国的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-25 DOI: 10.1016/j.eneco.2025.108855

Jian Jin , Su Xu , Bei Gao

{"title":"Can energy efficiency credit guidelines boost enterprises' low-carbon technological innovation? Evidence from China","authors":"Jian Jin , Su Xu , Bei Gao","doi":"10.1016/j.eneco.2025.108855","DOIUrl":"10.1016/j.eneco.2025.108855","url":null,"abstract":"<div><div>This research takes China's “Energy Efficiency Credit Guidelines (EECG)” as a quasi-natural experiment and uses the propensity score matching-difference-in-differences (PSM-DID) method to examine the impact of incentive-based energy efficiency credit policies on corporate low-carbon technological innovation. The research finds that the EECG have exerted a positive incentive effect, promoted corporate low-carbon technological innovation and showed a trend of “improving quantity and increasing quality.” Mechanism analysis shows that the EECG mainly incentivize low-carbon technological innovation by promoting financing competition among firms, inhibiting corporate financialization, attracting green investors, and strengthening firms' awareness of climate risks. Moderating effect analysis reveals that climate policy uncertainty has an inverted U-shaped moderating effect on the policy effectiveness of the EECG. Heterogeneity analysis indicates that the innovation incentive effect of energy efficiency credit is stronger in firms with executives having environmental backgrounds, technology-intensive firms, and firms located in regions with lower levels of informal financial development. Finally, the promotion of low-carbon technological innovation by the EECG further optimizes firms' ESG (environmental, social, and governance) performance.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108855"},"PeriodicalIF":14.2,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144908658","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

From noise to signals: Investor attention as a catalyst for the momentum effect in the Chinese stock market 从噪音到信号：投资者关注是中国股市动量效应的催化剂

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-08-25 DOI: 10.1016/j.gfj.2025.101175

Zhi-Yu Zhang , Chi Xie , Gang-Jin Wang , You Zhu , Xiao-Xin Li

{"title":"From noise to signals: Investor attention as a catalyst for the momentum effect in the Chinese stock market","authors":"Zhi-Yu Zhang , Chi Xie , Gang-Jin Wang , You Zhu , Xiao-Xin Li","doi":"10.1016/j.gfj.2025.101175","DOIUrl":"10.1016/j.gfj.2025.101175","url":null,"abstract":"<div><div>The momentum effect is a pricing anomaly that is widely observed in financial markets but not promised in the Chinese stock market. We explore the interaction between investor attention and momentum effects to strengthen momentum-based strategies' profitability by transforming the inherent noise of investor attention into valuable signals. Applying the conditional autoencoder (CAE) asset pricing model, we extract signals from noisy information to estimate stock returns that reflect the expected price adjustments driven by collective attention. Results yield four key conclusions. (i) The signal derived from investor attention acts as a catalyst that significantly enhances momentum strategies' performance, and the attention-based momentum (AttMOM) strategy consistently outperforms the conventional momentum (MOM) strategy in various formation periods. (ii) Although pricing anomalies, such as firm size, influence both strategies' returns, the attention-driven signal enables AttMOM to achieve higher and more stable returns. (iii) Investor attention helps AttMOM to maintain stable profits during market downturns. (iv) Investor attention reinforces the AttMOM strategy's resilience during turbulence, improving its hedging capabilities. Overall, our findings highlight the pivotal role of investor attention in boosting momentum returns, offering valuable insights for investment decision-making.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101175"},"PeriodicalIF":5.5,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144902433","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

Unveiling the drivers of portfolio equity and bond investment in the European Union: The interplay of tax havens and gravity factors 揭示欧盟股票和债券投资组合的驱动因素：避税天堂和重力因素的相互作用

IF 2.4 2区经济学

European Economic Review Pub Date : 2025-08-25 DOI: 10.1016/j.euroecorev.2025.105130

Mariam Camarero , Alejandro Muñoz , Cecilio Tamarit

{"title":"Unveiling the drivers of portfolio equity and bond investment in the European Union: The interplay of tax havens and gravity factors","authors":"Mariam Camarero , Alejandro Muñoz , Cecilio Tamarit","doi":"10.1016/j.euroecorev.2025.105130","DOIUrl":"10.1016/j.euroecorev.2025.105130","url":null,"abstract":"<div><div>This paper examines the drivers of cross-border portfolio allocation within the EU and between EU countries and the rest of the world from 2007 to 2017, using a structural asset trade gravity framework. Relying on a dataset that corrects for distortions caused by tax havens through a remapping of portfolio positions based on the nationality principle, we estimate a model in which financial frictions are captured through bilateral and multilateral resistance terms. Our results show that gravity variables perform as expected: distance reduces holdings, while economic size and historical ties promote cross-border investment. A significant EU effect emerges only for bonds, suggesting the presence of a home bias. In contrast, equity holdings appear more globally diversified and sensitive to financial frictions. Comparisons with residence-based data confirm that failing to account for tax haven intermediation weakens model fit and biases key estimates. The results are robust across estimation methods and outperform traditional gravity models for goods trade. These findings highlight the importance of adjusting for offshore financial centers when analyzing international asset flows.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105130"},"PeriodicalIF":2.4,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144906934","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

Public welfare-oriented media promotion and corporate donations: Evidence from “Touching China” 公益媒体推广与企业捐赠：来自《感动中国》的证据

IF 2.3 3区经济学

Journal of Economic Behavior & Organization Pub Date : 2025-08-25 DOI: 10.1016/j.jebo.2025.107195

Haiyan Li , Peiyan Yin , Yonghong Zhou

引用次数: 0

Can brand co-branding trigger stock price volatility? The insider effect of executive trading behavior 品牌联合品牌是否会引发股价波动？高管交易行为的内幕效应

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104589

Guobin Zhao , Wei Shao , Haroon Iqbal Maseeh , Xue Lei , Ouwen Lin , Yanzhe Yuan

{"title":"Can brand co-branding trigger stock price volatility? The insider effect of executive trading behavior","authors":"Guobin Zhao , Wei Shao , Haroon Iqbal Maseeh , Xue Lei , Ouwen Lin , Yanzhe Yuan","doi":"10.1016/j.irfa.2025.104589","DOIUrl":"10.1016/j.irfa.2025.104589","url":null,"abstract":"<div><div>Brand co-branding has emerged as a key strategy for enterprises seeking to expand market reach and enhance competitiveness, becoming a prominent feature of modern business practice. However, its actual impact on firm value remains insufficiently validated. This paper investigates the effects of brand co-branding events on stock price volatility and the underlying mechanisms, using Chinese A-share listed companies from 2015 to 2023 as the study sample. Employing difference-in-differences and triple-difference models, the analysis reveals that brand co-branding events generally trigger significant positive stock price reactions. Mechanism tests show that these events influence stock prices through two main channels: first, they increase institutional investors' attention, leading to higher institutional ownership; second, they prompt analysts to raise earnings forecasts, thereby transmitting positive market signals. Further analysis demonstrates that executive trading behavior significantly moderates the effect of co-branding where executive stock purchases prior to co-branding events serve as strong positive signals that amplify market reactions, while executive sales tend to dampen them. Cross-sectional analysis identifies distinct differences across co-branding types, with product co-branding generating significantly stronger market responses than marketing collaborations or intellectual property licensing. These findings not only validate the market relevance of brand co-branding but also highlight the critical role of executive trading behavior as an internal information signal, offering new empirical insights for corporate strategy formulation and investor decision-making.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104589"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144903846","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

Assessing the local cost of urban climate resilience: An analysis of the Financial District and Seaport Climate Resilience (FiDi) Master Plan 评估城市气候适应能力的本地成本：金融区和海港气候适应能力总体规划分析

IF 2.3 3区经济学

Papers in Regional Science Pub Date : 2025-08-25 DOI: 10.1016/j.pirs.2025.100110

Caroline Welter, Daniel Centuriao

{"title":"Assessing the local cost of urban climate resilience: An analysis of the Financial District and Seaport Climate Resilience (FiDi) Master Plan","authors":"Caroline Welter, Daniel Centuriao","doi":"10.1016/j.pirs.2025.100110","DOIUrl":"10.1016/j.pirs.2025.100110","url":null,"abstract":"<div><div>Cities worldwide face increasing challenges in adapting to the devastating effects of severe weather events, including flooding, hurricanes, and rising temperatures. New York City, severely impacted by Hurricane Sandy in 2012, has developed the Financial District and Seaport Climate Resilience Master Plan (FiDi) as part of its effort to enhance climate resilience in Lower Manhattan. This study evaluates the local economic, environmental, and fiscal impacts of implementing this plan, which represents a US$5 to US$7 billion investment over 10 to 15 years. Using a multi-regional input–output (MRIO) modeling approach, we capture the economic interactions between Lower Manhattan and other New York City boroughs, as well as spillover effects across New York State. We address the substantial uncertainties surrounding the plan’s execution by integrating the S-curve framework to simulate financial disbursement patterns over time. This framework allows for periodic cost–benefit analysis. Our results indicate that the FiDi plan might generate significant net economic benefits, though concentrated environmental impacts occur during specific implementation phases. Tax revenue effects reveal opportunities for enhanced coordination among federal, state, and local governments to support urban resilience initiatives. This research contributes to the literature by demonstrating the utility of combining MRIO modeling with the S-curve framework to address financial uncertainties and assess large-scale infrastructure projects before their implementation. It also offers a replicable framework for ex-ante simulation of the economic and environmental trade-offs of climate resilience projects in cities globally.</div></div>","PeriodicalId":51458,"journal":{"name":"Papers in Regional Science","volume":"104 5","pages":"Article 100110"},"PeriodicalIF":2.3,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144903941","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

Modeling a nonradial measure in nonconvex global technology for banking sector: Evidence from commercial banks in China 银行业非凸全球技术的非径向测度建模：来自中国商业银行的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104588

Jie Wu, Jipeng Liu, Yinghao Pan

{"title":"Modeling a nonradial measure in nonconvex global technology for banking sector: Evidence from commercial banks in China","authors":"Jie Wu, Jipeng Liu, Yinghao Pan","doi":"10.1016/j.irfa.2025.104588","DOIUrl":"10.1016/j.irfa.2025.104588","url":null,"abstract":"<div><div>This study proposes a nonconvex global slack-based directional distance function that incorporates a nondiscretionary input to improve the accuracy of bank efficiency measurement. First, the model treats fixed asset depreciation as a nondiscretionary input, thereby capturing its influence on the production possibility set. Second, the nonconvex global technology assumption is adopted to avoid infeasible input–output combinations across periods and to better reflect technological heterogeneity. Third, the global Malmquist index and its decomposition components are employed to assess efficiency changes over the sample period and identify their key drivers. The results show that the overall efficiency of the 16 sampled banks declined in the latter part of the study period, with widening disparities indicating an increasingly polarized banking sector. During the observation period, pure efficiency change exhibited a fluctuating downward trend, while scale efficiency change showed moderate improvement. These findings suggest that improving productivity in China's commercial banks requires more than internal technical adjustments. Policymakers should focus on encouraging leading banks to engage in continuous fintech and management innovation, while promoting the sector-wide adoption of proven strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104588"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907783","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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