经济学最新文献

{"title":"Does flood risk affect the implied cost of equity capital?","authors":"Fujun Lai ,&nbsp;Xianli Cheng ,&nbsp;An Li ,&nbsp;Deping Xiong ,&nbsp;Yunzhong Li","doi":"10.1016/j.frl.2024.106452","DOIUrl":"10.1016/j.frl.2024.106452","url":null,"abstract":"<div><div>Utilizing monthly city level precipitation data across China from 2006 to 2019, this paper constructs an objective flood risk index and investigates the impact of flood risk on the implied cost of equity capital for A-share listed companies. First, our study finds a positive correlation between the flood risk and the implied cost of equity capital and this result holds when we use instrumental variables for flood risk. Second, empirical results reveal that flood risk influences the implied cost of equity capital through two channels: physical risk premium and investor sentiment. Third, we discover that companies with higher ESG (Environmental, Social, and Governance) ratings, higher information disclosure quality and better city infrastructure, are capable of mitigating the adverse impact of flood risk on their implied cost of equity capital. These findings have important implications for investors, policymakers, and corporate stakeholders in understanding and mitigating the financial risks associated with climate change in a rapidly developing economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106452"},"PeriodicalIF":7.4,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660393","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":"Acknowledgement of Reviewers","authors":"","doi":"10.1111/dpr.12817","DOIUrl":"https://doi.org/10.1111/dpr.12817","url":null,"abstract":"","PeriodicalId":51478,"journal":{"name":"Development Policy Review","volume":"42 6","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142642199","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":"Regulatory effects of environmental protection tax law on corporate practices in China","authors":"Dan Xu ,&nbsp;Cuihua Wu","doi":"10.1016/j.frl.2024.106469","DOIUrl":"10.1016/j.frl.2024.106469","url":null,"abstract":"<div><div>This study focuses on the regulatory effects of China's Environmental Protection Tax Law (EPTL) on corporate practices. Furthermore, it examines the impact of this tax law on firm financial performance mediated by firm environmental, social, and governance (ESG) performance and firm innovation. Our findings indicate that the EPTL positively influences financial outcomes, with ESG and innovation as critical intermediaries. Recommendations include refining the EPTL by providing increased incentives for firms to adopt ESG practices and invest in innovation, fostering a stronger alignment between environmental legal frameworks and corporate behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106469"},"PeriodicalIF":7.4,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660394","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":"Connected, complex, and carbonized: The country archetypes of the petrochemicals sector","authors":"Ella T. Jennings ,&nbsp;Penny J. Hamlin ,&nbsp;Chris Hamlin ,&nbsp;Jonathan M. Cullen","doi":"10.1016/j.erss.2024.103826","DOIUrl":"10.1016/j.erss.2024.103826","url":null,"abstract":"<div><div>The petrochemicals sector is known to be “hard-to-decarbonise” due to its innate requirement for fossil fuels for feedstocks, high greenhouse gas emissions, and highly interconnected and complex supply chains. The sector's complexity makes it difficult to decipher how, when, and where to intervene. Every country has a different level of embroilment in the petrochemicals sector, further complicating the solution space, with no one-fits-all policy recommendation. This research examines the structure of the petrochemicals sector to categorize countries into groups which will respond similarly to different decarbonization solutions. The Country Archetypes of the Petrochemicals Sector (CAP) model categorizes 152 countries within a three-dimensional grid, with eight archetypes established at the corners. The characteristics of each archetype, and their implications for decarbonization strategies are discussed. The CAP model can facilitate region-specific recommendations for decarbonization options and investments to have the most success in reducing Greenhouse Gas emissions.</div></div>","PeriodicalId":48384,"journal":{"name":"Energy Research & Social Science","volume":"118 ","pages":"Article 103826"},"PeriodicalIF":6.9,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Uncovering the sources of gender earnings gaps among teachers: The role of compensation off the salary schedule","authors":"Diana Quintero ,&nbsp;Michael Hansen ,&nbsp;Nicolas Zerbino","doi":"10.1016/j.econedurev.2024.102602","DOIUrl":"10.1016/j.econedurev.2024.102602","url":null,"abstract":"<div><div>This paper examines teacher earnings to provide empirical evidence on the sources and the extent of gender gaps in the teaching profession. Using data from two waves of the National Teacher and Principal Survey, we show that on average male teachers have a small advantage of over $700 in base pay (1.3 % of the sample average) compared to female teachers with similar characteristics and in similar contexts. Men also significantly outearn women, all else equal, on three of four different types of school-based supplemental compensation, raising the adjusted earnings gap to 7.2 % of total school earnings. Teachers’ participation in extra duties and the likelihood of earning compensation for them differ by gender. Male teachers are both more likely to perform extra duties and receive compensation for those activities than female teachers, and the earnings gap increases when schools have a male principal. Our results provide insight into teacher compensation and have implications on practices that could promote more equitable pay.</div></div>","PeriodicalId":48261,"journal":{"name":"Economics of Education Review","volume":"103 ","pages":"Article 102602"},"PeriodicalIF":1.8,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142652582","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}

{"title":"Unregulated development of planned settlements: From plan to reality in Laulane, Maputo, Mozambique","authors":"Johan Mottelson ,&nbsp;Paul Jenkins","doi":"10.1016/j.habitatint.2024.103214","DOIUrl":"10.1016/j.habitatint.2024.103214","url":null,"abstract":"<div><div>This paper focuses on unregulated development of planned urban areas, using the Laulane neighbourhood in Maputo, Mozambique as a case study. The neighbourhood was established in the 1980s via a simplified form of urban planning and subsequently developed without enforcement of planning regulations. The study combines quantitative and qualitative analysis of street and plot structures of the original plan and recent satellite imagery of the neighbourhood to investigate the long-term urban development dynamics. The findings highlight that the neighbourhood retained a high proportion of public space and high access porosity compared to recently studied unplanned settlements in the same city. As such, the study argues that minimal urban planning can enhance mobility and increase feasibility of investments in infrastructure even if subsequent development is unregulated by the state. With this background, the study discusses the mechanisms that made the plan successful despite the limited local institutional capacity, including community participation as well as establishment of adequate space for mobility systems and land reserves for future urban development. Finally, the study argues that such measures are increasingly relevant for supporting sustainable urban development in contexts characterized by rapid urbanisation and constrained state capacity to administer the urban development, particularly in sub-Saharan Africa.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"154 ","pages":"Article 103214"},"PeriodicalIF":6.5,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysis of critical raw materials policy for electrical and electronic equipment: Planning for a truly circular economy","authors":"N.A. Vafeas ,&nbsp;P. Slezak ,&nbsp;M.W. Hitzman","doi":"10.1016/j.resourpol.2024.105380","DOIUrl":"10.1016/j.resourpol.2024.105380","url":null,"abstract":"<div><div>The European Union's objectives under the Green and Digital transitions, are contingent on the decarbonisation of essential sectors such as energy, transportation, and communications. At present, the EU does not have sufficient identified mineral resources, nor processing capacity, to supply many of its strategically defined materials. The success of these objectives hinges on the EU's ability to secure a stable and consistent supply of critical raw materials (CRM). Using a systematic three-part assessment of mandated and non-mandated EU policies, European Commission communications, and a review of CRM, the findings reveal that despite efforts to enhance local supply and diversify foreign sources of CRM, there is a lack of cross-sector coherence across social, economic, and technical aspects of recycling. This is further exacerbated by inefficient retention of waste-hosted critical raw materials. Failure to adopt integrative policy measures may result in the EU's continued dependency on undiversified foreign sources for its supply of critical raw materials, thereby compromising its strategic autonomy as well as the goals of the Green and Digital transitions. Improved design of electrical and electronic equipment and processing of waste from these products could conceivably provide a mechanism for a continuous and retained supply of critical raw materials, culminating in a potentially significant resource stream for the Union. The EU can improve resource efficiency, reduce its dependence on imports, and facilitate a truly circular economy by adopting a comprehensive and symbiotic policy framework that quantifies material resources in waste and that recognises the product design stage as an integral facet of the product recycling stage, herein referred to as “forwardcycling”.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105380"},"PeriodicalIF":10.2,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658052","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":"Decoding the stock market dynamics in the banking sector: Short versus long-term insights","authors":"Barbara Čeryová,&nbsp;Peter Árendáš","doi":"10.1016/j.najef.2024.102311","DOIUrl":"10.1016/j.najef.2024.102311","url":null,"abstract":"<div><div>The severity of extreme fluctuations and crises within the global banking sector is escalating. Conventional models, operating on a single time scale, may misinterpret any shift as a change in the long-term trend, distorting market insights. To address this issue, the present paper introduces a hierarchical structure into the standard hidden Markov model, enabling the differentiation of short and long-term trends within the U.S. banking industry. Using NASDAQ Bank stock market index data from January 1, 2007, to July 31, 2023 at two different frequencies, we construct and evaluate different calibrations of the hierarchical hidden Markov model. Results reveal two long-term regimes: turbulent periods with high volatility, instability, and negative returns, and prevalent stable markets. Within each of them, two distinct states representing short-term trends are identified, exhibiting significant differences in persistence, likelihood, expected returns, and risk profiles. The results show that an investor should carefully differentiate between regimes on both hierarchies to make informed investment decisions.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102311"},"PeriodicalIF":3.8,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658405","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":"Perceptions of injustices in the struggle for scarce critical lands: Farmer-herder conflict and violence escalation in the Benue-Nasarawa borderland","authors":"Cletus Famous Nwankwo","doi":"10.1016/j.worlddev.2024.106824","DOIUrl":"10.1016/j.worlddev.2024.106824","url":null,"abstract":"<div><div>Studies on farmer-herder conflicts in Africa have concentrated on how scarcity of resources, marginalization, ethno-religious and political factors and institutional and governance failures have engendered the conflicts. Little attention is paid to how perceptions of injustices contribute to the escalation of the conflicts and violence. Thus, this paper examines the escalation of farmer-herder conflict and violence in the Benue-Nasarawa borderland in Nigeria from the perspective of<!--> <!-->natural resource scarcity and perceptions of injustices. The study uses interviews and field observations for data collection. It uses a political ecology approach to clarify the material interests underlying the conflict stemming from grievances regarding crop damage and cattle killings. The political ecology approach helps to analyze how the acquisition and privatization of wetlands by agro-industrial projects increased the resource competition between pastoralists and farmers, resulting in more crop damage by herders’ cattle and cattle theft/killings by farmers. Then, it uses relative deprivation theory and social injustice perspectives to explore how the perceptions of injustices about managing the disagreement concerning crop damage by herders’ cattle and cattle theft/killings by farmers following increased resource competition escalate the conflict. It argues that state intervention, notably the anti-open grazing law, amplifies the perceptions of procedural and restorative injustices, prompting violent responses from pastoralists and counter-attacks from farmers. Contrary to the political ecology perspective that often attributes the conflict to state policies marginalizing pastoralists, I argue that material interests are at the heart of the conflict, with perceptions of injustices escalating it into violence. The paper suggests that the analysis of the conflicts can be improved by incorporating political ecology, social justice and relative deprivation perspectives, which arguably improves the understanding of how resource scarcity leads to conflict intensification and escalation of violence.</div></div>","PeriodicalId":48463,"journal":{"name":"World Development","volume":"186 ","pages":"Article 106824"},"PeriodicalIF":5.4,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142655146","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":"Breaking the bag habit: Testing interventions to reduce plastic bag demand","authors":"Armenak Antinyan ,&nbsp;Luca Corazzini","doi":"10.1016/j.ecolecon.2024.108454","DOIUrl":"10.1016/j.ecolecon.2024.108454","url":null,"abstract":"<div><div>In a natural field experiment conducted in a big grocery chain in Armenia, we test the impact of demand-side behavioral (an environmental nudge) and conventional (financial bonus scheme) policies to curb the purchase of single-use plastic bags. We find that both interventions are effective to reduce the demand for single-use plastic bags. Furthermore, the financial bonus scheme is more powerful than the environmental nudge. However, the financial bonus scheme backfires in the sense that it reduces the visits to the grocery chain resulting in less money spent by an average customer unlike the environmental nudge. We also study, whether customers use the reusable bags received for free and how to motivate them to do so. The findings suggest a strong correlation between reusable bag usage and shopping frequency. While many customers use the bag only once, the more frequent the shopping behavior the higher the usage of the reusable bags. Lastly, financial incentives matter for reusable bag usage.</div></div>","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"228 ","pages":"Article 108454"},"PeriodicalIF":6.6,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142643100","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}