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Yield drifts when issuance comes before macro news 当债券发行先于宏观新闻发布时，收益率会出现波动
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2025-01-13 DOI: 10.1016/j.jfineco.2025.103993
Dong Lou, Gabor Pinter, Semih Üslü, Danny Walker
{"title":"Yield drifts when issuance comes before macro news","authors":"Dong Lou, Gabor Pinter, Semih Üslü, Danny Walker","doi":"10.1016/j.jfineco.2025.103993","DOIUrl":"https://doi.org/10.1016/j.jfineco.2025.103993","url":null,"abstract":"UK government bond yields tend to drift upwards before scheduled news such as monetary policy announcements and labour market data releases. This effect is particularly pronounced during periods of UK bond issuance and is linked to higher term premia. Financial intermediary constraints play a role as dealers avoid accumulating inventory in pre-news windows following issuance. The composition of liquidity providers also shifts: hedge funds buy a large share of the bond issuance outside pre-news windows, but more passive investors – such as foreign central banks and pension funds – provide liquidity in pre-news windows. We outline a simple model to rationalize these findings.","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"15 1","pages":""},"PeriodicalIF":8.9,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990171","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
Research on the optimal incentive and constraint mechanisms for corporate carbon information disclosure considering different market contexts: A network-based evolutionary game analysis 不同市场环境下企业碳信息披露的最优激励约束机制研究——基于网络的演化博弈分析
IF 12.8 2区 经济学
Energy Economics Pub Date : 2025-01-13 DOI: 10.1016/j.eneco.2025.108207
Chaoping Zhu, Yixuan Su, Ruguo Fan, Ruiheng Xu, Bing Li
{"title":"Research on the optimal incentive and constraint mechanisms for corporate carbon information disclosure considering different market contexts: A network-based evolutionary game analysis","authors":"Chaoping Zhu, Yixuan Su, Ruguo Fan, Ruiheng Xu, Bing Li","doi":"10.1016/j.eneco.2025.108207","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108207","url":null,"abstract":"Corporate carbon information disclosure (CCID) is essential for facilitating a low-carbon transition in energy-intensive industries and achieving the “dual carbon” goals. However, many enterprises fail to fulfill their CCID obligations. This paper develops a complex network evolutionary game model for examining CCID in diverse market contexts and determining optimal incentive and constraint mechanisms. The findings reveal that: (1) The optimal single tax discount incentive or joint punishment constraint in a perfectly competitive market is lower than that in a monopolistically competitive market. (2) There is no notable discrepancy in the optimal single financial penalty constraints between the two market contexts. (3) The optimal combined incentive and constraint and the evolutionary time of CCID in a perfectly competitive market are less than those in a monopolistically competitive market. (4) Joint punishments reduce the optimal constraint for the complete diffusion of CCID compared to financial penalties, and combined mechanisms shorten the evolutionary time of CCID compared to the single mechanisms. This study not only identifies the optimal incentive and constraint mechanisms for CCID under single and combined scenarios, but also offers practical insights for the formulation of effective strategies to guide CCID in different market contexts.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"7 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990175","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
The effects of unilateral climate policy towards agriculture: A case study of Denmark 单边气候政策对农业的影响：以丹麦为例
IF 3.4 2区 经济学
Journal of Agricultural Economics Pub Date : 2025-01-13 DOI: 10.1111/1477-9552.12624
Peter Birch Sørensen, Ulrik Richardt Beck, Asbjørn Kehlet Berg, Simon Christiansen, Cecilie Løchte Jørgensen, Jens Sand Kirk, Louis Birk Stewart, Peter Philip Stephensen
{"title":"The effects of unilateral climate policy towards agriculture: A case study of Denmark","authors":"Peter Birch Sørensen, Ulrik Richardt Beck, Asbjørn Kehlet Berg, Simon Christiansen, Cecilie Løchte Jørgensen, Jens Sand Kirk, Louis Birk Stewart, Peter Philip Stephensen","doi":"10.1111/1477-9552.12624","DOIUrl":"https://doi.org/10.1111/1477-9552.12624","url":null,"abstract":"To meet their climate policy obligations towards the EU, some EU member states will have to adopt strict climate policies towards agriculture. Responding to this need, the Danish parliament recently decided to impose a tax on greenhouse gas (GHG) emissions from the country's livestock production. We develop a simple model of primary agriculture and its interaction with the food industry to illustrate the main economic mechanisms determining the impact of a unilateral tax on GHG emissions from domestic agriculture. To study the allocation effects of the GHG tax on agriculture and the impact on the wider economy over time, we then present a disaggregated dynamic simulation model of Danish agriculture, embedded in a large‐scale computable general equilibrium model. The model predicts that a large share of the cost increase induced by the tax will be shifted forward onto higher input prices in the food industry and ultimately onto consumers via higher food prices, but landowners will also bear a significant part of the burden through a fall in land prices. The GHG tax will induce a reallocation from animal to plant production, which would be even more pronounced in the case of a livestock‐specific tax as currently foreseen, and from conventional to organic farming. This will help to reduce the total emissions from agriculture, but the largest share of the emission cuts will stem from a fall in output, as there are still few low‐cost technical abatement possibilities in agriculture.","PeriodicalId":14994,"journal":{"name":"Journal of Agricultural Economics","volume":"36 1","pages":""},"PeriodicalIF":3.4,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142968275","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
Portfolio optimization using deep learning with risk aversion utility function 基于风险规避效用函数的深度学习组合优化
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-13 DOI: 10.1016/j.frl.2025.106761
Kenji Kubo, Kei Nakagawa
{"title":"Portfolio optimization using deep learning with risk aversion utility function","authors":"Kenji Kubo, Kei Nakagawa","doi":"10.1016/j.frl.2025.106761","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106761","url":null,"abstract":"This paper explores portfolio optimization with deep learning (DL), which can model non-linear returns that traditional methods cannot capture. While Sharpe loss addresses the risk-return trade-off in DL-based portfolio construction, it has limitations, including interpretability issues with negative PnL and biased gradients under stochastic gradient descent (SGD). We propose a new loss function based on a risk-averse utility function, which provides unbiased gradients and clear interpretation even with negative PnL. Additionally, we use DL outputs as adjustments to baseline weights, achieving improved portfolio performance. Experiments on S&P 500 data show that our method outperforms Sharpe loss-based models across several metrics, including the Sharpe ratio.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"206 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143020300","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
The scheduling role of future pricing information in electricity markets with rising deployments of energy storage: An Australian National Electricity Market case study 随着储能系统部署的增加，未来电价信息在电力市场中的调度作用：澳大利亚国家电力市场案例研究
IF 12.8 2区 经济学
Energy Economics Pub Date : 2025-01-13 DOI: 10.1016/j.eneco.2025.108191
Abhijith Prakash, Anna Bruce, Iain MacGill
{"title":"The scheduling role of future pricing information in electricity markets with rising deployments of energy storage: An Australian National Electricity Market case study","authors":"Abhijith Prakash, Anna Bruce, Iain MacGill","doi":"10.1016/j.eneco.2025.108191","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108191","url":null,"abstract":"In wholesale electricity markets, resource schedules result from market participant decisions informed by knowledge processes, which provide current and forecasted power system and market information. Ensuring that these knowledge processes and market participation rules are purpose-fit is becoming increasingly important with growing deployments of energy storage resources expected to aid in balancing high renewables power systems through energy arbitrage.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"100 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990176","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
Tax incentives, supply chain spillovers, and enterprise technological innovation 税收优惠、供应链溢出与企业技术创新
IF 8.2 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-13 DOI: 10.1016/j.irfa.2025.103930
Keyu Wu, Kaixin Zheng
{"title":"Tax incentives, supply chain spillovers, and enterprise technological innovation","authors":"Keyu Wu, Kaixin Zheng","doi":"10.1016/j.irfa.2025.103930","DOIUrl":"https://doi.org/10.1016/j.irfa.2025.103930","url":null,"abstract":"This study examines the impact of tax incentives for upstream and downstream enterprises on the technological innovation of midstream enterprises from a supply chain perspective. By constructing an econometric model to examine A-share listed companies' financial data, supply chain information, and national tax survey data spanning 2010–2022, the study reveals that tax incentives for downstream enterprises significantly propel midstream enterprises' technological innovation and upgrading. Mechanism analysis demonstrates that tax incentives enhance downstream enterprises' profitability and order volume, subsequently increasing midstream enterprises' human capital and fixed asset investment, driving technological innovation. Furthermore, midstream enterprises that are nonstate-owned and operate in industries with low-concentration ratios (i.e., highly competitive environments) are more likely to improve technological innovation capabilities in response to tax incentives for downstream enterprises.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"37 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990540","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
North Korea threat risk, Korean business groups and corporate tax avoidance 朝鲜威胁风险，韩国企业集团和企业避税
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-12 DOI: 10.1016/j.frl.2025.106791
Gun Lee, Hongmin Chun
{"title":"North Korea threat risk, Korean business groups and corporate tax avoidance","authors":"Gun Lee, Hongmin Chun","doi":"10.1016/j.frl.2025.106791","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106791","url":null,"abstract":"Using unique North Korea threat risk data, this paper investigates the impact of North Korea threat risk on corporate tax avoidance, with a particular focus on Korean business groups. Empirical results indicate that North Korea threat risk is positively associated with corporate tax avoidance, and this relationship is more pronounced among business groups. These findings suggest that Korean business groups, which are well-diversified internationally with multiple overseas operations, may have both a greater ability and incentive to engage in tax avoidance through various channels compared to non-business group firms during periods of high North Korea threat risk, driven by opportunistic motives.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"105 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143020301","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
Subsidy reduction policies in clean product promotion: Pre-announced or dynamic? 清洁产品推广中的补贴削减政策：预先宣布还是动态的？
IF 12.8 2区 经济学
Energy Economics Pub Date : 2025-01-11 DOI: 10.1016/j.eneco.2025.108182
Jing Wang, Yanfei Lan, Shuxian Xu, Hongyang Zou, Huibin Du
{"title":"Subsidy reduction policies in clean product promotion: Pre-announced or dynamic?","authors":"Jing Wang, Yanfei Lan, Shuxian Xu, Hongyang Zou, Huibin Du","doi":"10.1016/j.eneco.2025.108182","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108182","url":null,"abstract":"Governments often use purchase subsidies to promote clean products, such as rooftop solar photovoltaic systems and new energy vehicles, aiming for clean development. However, purchase subsidies increase governments’ fiscal burden and create consumer over-reliance, with consumers delaying purchases in anticipation of higher future subsidies. To reduce policy costs and lessen consumers’ delayed purchases, governments attempt to implement a subsidy reduction policy that gradually reduces subsidy levels, with two options: pre-announced subsidy reduction (PS, where future subsidy plans are pre-announced) and dynamic subsidy reduction (DS, where governments announce a downward trend but adjust subsidy levels dynamically). We employ a two-period Stackelberg game model to investigate the optimal policy for promoting clean products. Both PS and DS alleviate delayed purchases, but the government’s subsidy strategies differ. Under PS, the government adopts a consistent subsidy strategy or follows a decreasing subsidy path, which lessens fiscal costs but at the expense of total sales of clean products. In contrast, under DS, the government maintains a consistent subsidy level over two periods, which rather increases the total adoption of clean products and contradicts the intuition that dynamic subsidy setting is meant for maintaining policy flexibility. Moreover, our comprehensive comparisons reveal a policy choice dilemma: the government should choose PS to prevent delayed purchases but DS to enhance the adoption of clean products. We suggest choosing the appropriate approach based on the market penetration of clean products: PS seems more favorable when sales of clean products are sufficiently high, while the opposite is true for DS.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"31 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990177","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 geographical patterns of hierarchy in the Greek labor market network: toward a multilayer “status-polus” model 揭示希腊劳动力市场网络中等级制度的地理模式：走向多层“地位加分”模型
IF 2.9 2区 经济学
Journal of Economic Geography Pub Date : 2025-01-11 DOI: 10.1093/jeg/lbae052
Dimitrios Tsiotas, Dimitris Kallioras
{"title":"Unveiling geographical patterns of hierarchy in the Greek labor market network: toward a multilayer “status-polus” model","authors":"Dimitrios Tsiotas, Dimitris Kallioras","doi":"10.1093/jeg/lbae052","DOIUrl":"https://doi.org/10.1093/jeg/lbae052","url":null,"abstract":"This article develops a comprehensive framework for understanding labor markets’ spatial configuration and development dynamics, across multiple spatial scales. It applies to the Greek Labor Market Network and delineates five geographical zones of topological similarity, proposing a “status-polus” model capturing the coexistence between spatial development patterns, structural units, administrative scale, intermodality, and their underlying economic geography theories, by distance. The analysis reveals hierarchical structural variations, a transformation from continuous to point spatial patterns; a reduction and escalation of structural units; a U-shaped rule describing the hubs participation; and the challenges faced by insular regions to integrate this labor market.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":"76 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142962803","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
Economic performance and investments under emissions trading: Untangling the effects of a staggered regulation 排放交易下的经济表现和投资：理清交错监管的影响
IF 12.8 2区 经济学
Energy Economics Pub Date : 2025-01-11 DOI: 10.1016/j.eneco.2024.108170
Leon Bremer, Konstantin Sommer
{"title":"Economic performance and investments under emissions trading: Untangling the effects of a staggered regulation","authors":"Leon Bremer, Konstantin Sommer","doi":"10.1016/j.eneco.2024.108170","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108170","url":null,"abstract":"We study the effects of the EU Emissions Trading System on the economic performance and investments of Dutch manufacturing firms. Motivated both by sizable differences between firms that became regulated in different phases and by a gradual increase in regulatory stringency, we pay close attention to the staggered design of the ETS as well as to potential treatment effect heterogeneity. We base our estimation on recent advances in the estimation of treatment effects and make use of administrative microdata. Our results align with those of the previous literature. Even when studying the more stringent third phase and when using estimators appropriate for the staggered ETS setting, there seems to be no discernible effects of the ETS on firms’ economic performance. We also do not find any statistically significant effect on the investment behavior of regulated firms.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"9 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990178","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
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