经济学最新文献

{"title":"Known unknowns in closing firms and the earnings losses of laid off workers and early leavers","authors":"Sung-Hee Jeon,&nbsp;Yuri Ostrovsky","doi":"10.1016/j.jebo.2025.107289","DOIUrl":"10.1016/j.jebo.2025.107289","url":null,"abstract":"<div><div>We leverage a rare feature of the Canadian Employment Insurance system, which requires all employers to provide a detailed reason for every job separation that occurs in their firm, to distinguish between the earnings losses of workers permanently laid off from a closing firm and those of a broader category of workers often presumed to be affected by an impending firm closure. We highlight the role of assumptions about workers’ awareness of the impending closure and argue that a single set of assumptions imposed on all firms is unlikely to yield a meaningful estimate of the average earnings loss. Instead, we consider a range of estimates bounded by two key scenarios. Compared with tightly matched controls, the earnings losses of displaced workers range from 15.2% to 34.6% in the first post-closure year and from 7.6% to 15.0% in the fifth year. The lower bound is heavily influenced by those who leave the closing firm for reasons other than a permanent layoff.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"239 ","pages":"Article 107289"},"PeriodicalIF":2.3,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269466","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":"M&As and innovation: Evidence from acquiring private firms","authors":"Siti Farida ,&nbsp;Jana P. Fidrmuc ,&nbsp;Chendi Zhang","doi":"10.1016/j.jcorpfin.2025.102905","DOIUrl":"10.1016/j.jcorpfin.2025.102905","url":null,"abstract":"<div><div>We show that acquisitions of private targets increase the quantity, quality, and value of the acquiring firms’ patents more than acquisitions of public targets. Private-target acquisitions also foster significantly greater innovation synergies, increase the total number of inventors, and promote new collaborations among inventors. These outcomes are associated with the acquirers’ expertise in identifying innovative private targets, are more pronounced in industries with breakthrough technologies, and are not driven by targets with existing patent portfolios. We also find that the patenting increases explain away the higher announcement returns for private versus public-target acquisitions. Overall, our results underscore the role of complementary innovation capabilities in driving value creation through the integration of private targets with publicly listed acquirers.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102905"},"PeriodicalIF":5.9,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269776","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":"A systematic review of horticultural therapy and urban agriculture interventions targeting depression, anxiety, and acute stress disorder","authors":"Christopher Tate ,&nbsp;Shariq Mumtaz Hashmi ,&nbsp;Niamh O'Kane ,&nbsp;Ruth F. Hunter","doi":"10.1016/j.cities.2025.106554","DOIUrl":"10.1016/j.cities.2025.106554","url":null,"abstract":"<div><div>Mental ill-health is a major concern in urban settings, particularly in relation to conditions such as depression, anxiety and acute stress disorder. Research has demonstrated the potential for horticultural therapy (HT) interventions that draw on urban agriculture practices and methods to address this issue. However, there is a paucity of evidence to support the potential for these interventions for individuals with pre-existing diagnoses. The aim of this systematic review was to address this gap in the literature by evaluating the efficacy of HT interventions as well as the methodologies employed in each study. We searched four bibliographic databases, and identified eleven studies for inclusion in the review, and reported generally favourable results: six studies reported improvements for depressive symptoms; three found that HT interventions mitigated stress; and two studies reported a positive influence on anxiety. Over two thirds of the included studies had either moderate (<em>n</em> = 6) or high (<em>n</em> = 2) risk of bias, and there was a high degree of methodological heterogeneity. In addition, the number of studies was small, therefore the generalisability of the findings is limited. Further research is needed to establish a robust causal link between HT interventions and improved mental health outcomes among populations with pre-existing diagnoses.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"169 ","pages":"Article 106554"},"PeriodicalIF":6.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269831","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":"Understanding agricultural subsidies and factor allocation: A general equilibrium analysis","authors":"Wenbin Huang ,&nbsp;Ashok K. Mishra","doi":"10.1016/j.econmod.2025.107340","DOIUrl":"10.1016/j.econmod.2025.107340","url":null,"abstract":"<div><div>This study examines the general equilibrium effects of agricultural subsidies on factor allocation in China. We develop a multisector dynamic general-equilibrium model that incorporates labor and land market frictions and multiple subsidy types, calibrated with data from 2002 to 2021. Results indicate that subsidies generally drew labor and capital from the nonagricultural sector, creating distortions in interindustry factor markets while reducing agriculture's output share. Subsidies increased per capita agricultural capital and land area, raising labor productivity but lowering production efficiency. Policy simulations show that shifting a greater share toward machinery subsidies improves welfare and aggregate output, optimizing China's subsidy structure. Moreover, industrial technological progress, lower migration costs, and international trade alter the effectiveness of subsidies.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"153 ","pages":"Article 107340"},"PeriodicalIF":4.7,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269938","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 fine line between ESG commitment and bank performance","authors":"Dionisis Philippas, Panagiotis Tziogkidis, Manos Sfakianakis","doi":"10.1016/j.eneco.2025.108978","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108978","url":null,"abstract":"The paper explores the implications of banks committing to an environmental, social, and governance (ESG) agenda on their operations and performance. Given the resource and operational requirements needed to support ESG-related initiatives and outcomes, we assess the level of operational distortion for banks with similar ESG profiles, identifying distinct classification groups. We find that higher levels of ESG commitment are associated with higher levels of distortion in bank operations. Further analysis reveals that this distortion in operations interferes with banks' management of assets and liabilities, ultimately affecting bank performance. We show that operating expenses increase with the level of ESG commitment, without a corresponding response in shareholder returns. We also find that, despite the importance of banking in financing brown industries, dropping the Environmental pillar has a negligible effect on our analysis, raising concerns about the informational value of the pillar. We conclude that transitioning to an ESG-oriented business model for a bank requires careful planning to manage the substantial operational and financial costs, while care needs to be taken with respect to the Environmental dimension to effectively reflect the associated risks.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"2 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145314867","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":"Who gets to use the green? Exploring access, perceptions, and usage patterns in a post-colonial capital of Sub-Saharan Africa","authors":"Shafi'u Adamu ,&nbsp;Huang Yong ,&nbsp;Danjuma Abdu Yusuf ,&nbsp;Hisham Sharif Bala","doi":"10.1016/j.habitatint.2025.103615","DOIUrl":"10.1016/j.habitatint.2025.103615","url":null,"abstract":"<div><div>Urban green spaces are critical for promoting socio-ecological sustainability by enhancing public health, social well-being, and environmental quality in rapidly urbanizing cities. However, despite their importance, empirical understanding of how access, usage, and perceptions vary across socioeconomic groups in post-colonial African capitals remains limited. This study addresses this gap by investigating green space access, perceptions, and usage patterns in Abuja, Nigeria. A mixed-methods approach was adopted, combining a household survey of 421 residents across socio-spatial districts with GIS-based spatial accessibility analysis. Results show that only 4.7 % of residents live within 300 m—the World Health Organization's recommended walking distance. Survey findings further indicate that over half (51.2 %) travel more than 7 km to reach a green space, with the majority (31.8 %) visiting rarely. A prominent pattern in Abuja is the gendered and income disparity in green space usage: males were observed to be more frequent users than females (OR = 4.61, p &lt; 0.001). High-income residents enjoy privileged access through better facilities and private alternatives, while low-income residents—who depend most on public green spaces—are systematically excluded by distance, transport costs, and mobility constraints. This pattern reflects a “double burden” of disadvantage, where limited resources intersect with spatial marginalization, exposing persistent social and spatial divides rooted in the city's planning legacy. The study concludes that inequities in access and use mirror structural divides in urban development and call for inclusive policy interventions that prioritize equitable distribution and accessibility. Such measures are essential to ensure that the health, social, and environmental benefits of urban greenery are shared by all residents.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"166 ","pages":"Article 103615"},"PeriodicalIF":7.0,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267972","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":"Weak identification with bounds in a class of minimum distance models","authors":"Gregory Fletcher Cox","doi":"10.1016/j.jeconom.2025.106111","DOIUrl":"10.1016/j.jeconom.2025.106111","url":null,"abstract":"<div><div>When parameters are weakly identified, bounds on the parameters may provide a valuable source of information. Existing weak identification estimation and inference results are unable to combine weak identification with bounds. Within a class of minimum distance models, this paper proposes identification-robust inference that incorporates information from bounds when parameters are weakly identified. This paper demonstrates the value of the bounds and identification-robust inference in a simple latent factor model and a simple GARCH model. This paper also demonstrates the identification-robust inference in an empirical application, a factor model for parental investments in children.</div></div>","PeriodicalId":15629,"journal":{"name":"Journal of Econometrics","volume":"252 ","pages":"Article 106111"},"PeriodicalIF":4.0,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145266919","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":"Impacts of multi-scale built environment on transportation carbon emissions: A Guangzhou case","authors":"Rong Wu ,&nbsp;Yongli Zhang ,&nbsp;Yunnan Cai ,&nbsp;Shaojian Wang","doi":"10.1016/j.cities.2025.106573","DOIUrl":"10.1016/j.cities.2025.106573","url":null,"abstract":"<div><div>While the built environment is recognized as a key driver of transportation carbon emissions (TCE), the multi-scale mechanisms linking urban spatial structures to TCE variations across different travel purposes remain underexplored. Clarifying these relationships is critical for designing targeted low-carbon policies at appropriate spatial scales. Through the implementation of spatial analysis and regression models, this study examined the spatial distribution patterns of TCE across diverse travel purposes and temporal spans, considering multiple living circles. Encompassing 30 community samples in Guangzhou, the findings revealed that residents' TCE showed a multicentre agglomeration with hotspots converging towards the city centre across various travel purposes and time spans. High TCE levels were mainly found in commercial, premium commercial, and unit housing communities on both sides of the Pearl River. In contrast, low TCE levels were in core areas (traditional neighbourhoods) or urban peripheries (urban villages). Accessibility and public transportation significantly influenced TCE more than other built environment factors. At the community scale, a positive relationship existed between the distance to the nearest bus stop and TCE. Differences emerged based on scale and travel purpose, such as a negative significance between the number of subway stations and TCE within a 5 - and 10-minute living circle for weekend travel but not for other scales. Sociodemographic factors, including marital status, employment, education, income, homeownership, driver’s licence, and vehicle ownership significantly influenced TCE.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"169 ","pages":"Article 106573"},"PeriodicalIF":6.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269830","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":"Detecting cross-firm momentum effects via shared analyst coverage: The role of leaders","authors":"Yang-Rong Mao ,&nbsp;Huai-Long Shi ,&nbsp;Huayi Chen ,&nbsp;Yu-Lei Wan","doi":"10.1016/j.intfin.2025.102237","DOIUrl":"10.1016/j.intfin.2025.102237","url":null,"abstract":"<div><div>Cross-firm momentum effects via shared analyst coverage are well-documented in developed markets, but their robustness remains unclear in emerging markets, where information diffusion is asymmetric and analyst coverage is highly concentrated. Our work revisits this effect in an environment of extreme informational frictions — the Chinese market. We reconstruct the information transmission channel within the analyst coverage network by introducing a novel weighting scheme based on strength centrality (<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>). This measure identifies influential leader firms that command disproportionate attention from both analysts and the market. Our results demonstrate that <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-weighted connected-firm returns robustly predict cross-sectional stock returns, yielding significant and persistent profits even under a rigorous stock filter. This performance cannot be subsumed by strategies based on alternative weighting schemes or by explanations such as intra-industry cross-firm momentum and information discreteness. Further analysis reveals that the superiority of the <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based approach stems from its ability to effectively identify firms with stronger cross-period fundamental linkages. In addition, high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> stocks are characterized by higher investor attention, more efficient information processing, lower arbitrage costs, and greater international exposures. With this evidence, we further confirm a directional spillover: cross-firm momentum effects flow exclusively from these high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> leaders to low-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> laggards, and there is no reverse spillover. Our findings suggest that cross-firm momentum may be systematically underestimated in many international markets due to methodological limitations rather than economic irrelevance. The <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based framework therefore offers a portable tool for global investors and researchers operating in environments with asymmetric information.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102237"},"PeriodicalIF":6.1,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269870","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":"Measuring Crypto Literacy","authors":"Michael Jones,&nbsp;Truong Luu,&nbsp;Jack,&nbsp;Binny M. Samuel","doi":"10.1111/joca.70029","DOIUrl":"https://doi.org/10.1111/joca.70029","url":null,"abstract":"<p>We present the construction and validation of a scale for measuring cryptocurrency knowledge. As users continue to adopt digital currencies and government agencies introduce more regulatory legislation, researchers need to understand the general public's degree of literacy in this area. Measuring financial literacy has encouraged policymakers and educators to create programs that improve financial decision-making and increase financial empowerment. However, there is no similar corresponding scale to measure cryptocurrency (crypto) literacy. We address this gap by developing a robust survey instrument. The scale's development involves a rigorous process of item generation, analysis, and criterion validity. The resultant Crypto Literacy Scale (CLS) is a standardized measurement tool that contributes to ongoing efforts in financial education and regulation in the context of digital currencies and blockchain technology. We suggest several paths for future research in the emerging field of crypto literacy.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 4","pages":""},"PeriodicalIF":3.2,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70029","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145272939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}