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Carbon assurance, corporate capital structure, and debt maturity: Global evidence 碳保证、公司资本结构和债务期限：全球证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-12 DOI: 10.1016/j.econlet.2024.112067
Abdullah Bugshan , Faisal Alnori , Walid Bakry , Rina Datt
{"title":"Carbon assurance, corporate capital structure, and debt maturity: Global evidence","authors":"Abdullah Bugshan ,&nbsp;Faisal Alnori ,&nbsp;Walid Bakry ,&nbsp;Rina Datt","doi":"10.1016/j.econlet.2024.112067","DOIUrl":"10.1016/j.econlet.2024.112067","url":null,"abstract":"<div><div>This study used a cross-country sample of firms from 47 nations that participated in the Carbon Disclosure Project (CDP) questionnaire over the years 2011 and 2020, to examine whether the verification of carbon emissions information by an independent third party affects corporate capital structure and debt maturity decisions. Using alternative methods and robustness checks, we explore that carbon assurance importantly shapes both corporate capital structure and debt maturity. In particular, firms that are involved in independent carbon assurance have significantly higher leverage in their capital structure compared to non-assured firms. Further, assured firms have better access to long-term debt compared to non-assured firms. The outcomes of this study are attributed to the notion that the verification of carbon information increases the creditability of a firm's voluntary reporting and reduces its informational asymmetry between corporations and lenders.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112067"},"PeriodicalIF":2.1,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Technical efficiency of SO2 scrubbers with byproduct contracts 签订副产品合同的二氧化硫洗涤器的技术效率
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-07 DOI: 10.1016/j.econlet.2024.112049
Qingxin He, Jonathan M. Lee
{"title":"Technical efficiency of SO2 scrubbers with byproduct contracts","authors":"Qingxin He,&nbsp;Jonathan M. Lee","doi":"10.1016/j.econlet.2024.112049","DOIUrl":"10.1016/j.econlet.2024.112049","url":null,"abstract":"<div><div>This paper explores the impact of synthetic gypsum, a byproduct of sulfur dioxide (SO<sub>2</sub>) abatement, on the technical efficiency of SO<sub>2</sub> scrubber technology. On average SO<sub>2</sub> scrubbers are 60% efficient suggesting substantial emission reductions are possible by narrowing the efficiency gap. Gypsum marketability provides an economic incentive for improved power-plant operation of scrubbers with 8.8% average increases in technical efficiency. By contrast, we do not find any statistically significant evidence of innovative change in scrubbing technology.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112049"},"PeriodicalIF":2.1,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Beyond the Blackwell order in dichotomies 超越二分法中的布莱克韦尔顺序
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-07 DOI: 10.1016/j.econlet.2024.112042
Andrew Kosenko
{"title":"Beyond the Blackwell order in dichotomies","authors":"Andrew Kosenko","doi":"10.1016/j.econlet.2024.112042","DOIUrl":"10.1016/j.econlet.2024.112042","url":null,"abstract":"<div><div>I establish a translation invariance property of the Blackwell order for dichotomies and show that the norm of the distance from the identity matrix may be interpreted as a measure of informativeness. The better experiment is closer to the fully revealing experiment; this measure extends the Blackwell order, is complete, and prior-independent.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112042"},"PeriodicalIF":2.1,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Matching workers to firms facing budget constraints 为面临预算限制的企业选配工人
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-06 DOI: 10.1016/j.econlet.2024.112048
Amirreza Ahmadzadeh , Behrang Kamali Shahdadi
{"title":"Matching workers to firms facing budget constraints","authors":"Amirreza Ahmadzadeh ,&nbsp;Behrang Kamali Shahdadi","doi":"10.1016/j.econlet.2024.112048","DOIUrl":"10.1016/j.econlet.2024.112048","url":null,"abstract":"<div><div>We study a many-to-one matching model with salaries in which firms face budget constraints. Mongell and Roth (1986) show that when firms face a budget constraint, a stable matching may not exist. We introduce an algorithm to find a strong stable matching by changing the budget of firms such that the total budget remains the same and each firm’s budget change is bounded by the value of at most one worker for that firm.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112048"},"PeriodicalIF":2.1,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Comovement of labor supply and human capital investment in policy analysis 政策分析中劳动力供给与人力资本投资的相关性
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112056
Minhyeon Jeong , Euiyoung Jung , Chul-In Lee
{"title":"Comovement of labor supply and human capital investment in policy analysis","authors":"Minhyeon Jeong ,&nbsp;Euiyoung Jung ,&nbsp;Chul-In Lee","doi":"10.1016/j.econlet.2024.112056","DOIUrl":"10.1016/j.econlet.2024.112056","url":null,"abstract":"<div><div>Quantitative studies of human capital report the comovement of labor and human capital investment in response to policy changes, which is usually understood based on the intuition that human capital is utilized only while working: both inputs are complements in the formation of effective labor. Given the lack of (i) theoretical analysis of exact conditions and (ii) the preference-side intuition that both inputs involve disutility leading to a similar comovement, we fill the gap. The general condition for the comovement specifies the minimum extent of disutility smoothing between labor and human capital investment, and the prior intuition relaxes this condition, raising comovement possibilities. The conclusion has wide applicabilities in policy analysis.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112056"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 equilibrium strategy of insurance companies’ dividends and reinsurance games 保险公司分红与再保险博弈的均衡策略
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112040
Bo Yang , Yizhi Wang , Dingjun Yao , Yueyang Wang , Xin Xu
{"title":"The equilibrium strategy of insurance companies’ dividends and reinsurance games","authors":"Bo Yang ,&nbsp;Yizhi Wang ,&nbsp;Dingjun Yao ,&nbsp;Yueyang Wang ,&nbsp;Xin Xu","doi":"10.1016/j.econlet.2024.112040","DOIUrl":"10.1016/j.econlet.2024.112040","url":null,"abstract":"<div><div>We investigated the optimal risk management strategies of an insurance company within a two-player non-cooperative differential game framework. The key feature of this model is considering the company’s surplus as a strategic variable to make the insurance company more attractive to shareholders. In this setup, shareholders are participants who demand a share of the surplus, while managers are participants concerned with the risk management of the surplus. The objective of the shareholders is to maximize the expected discounted dividends. We address this asymmetric game under two different assumptions about the managers’ objectives: in the first scenario, the managers aim to minimize the probability of bankruptcy; in the second scenario, the managers aim to maximize the expected discounted utility derived from the surplus.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112040"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does the income elasticity of energy demand vary with the stages of economic development? 能源需求的收入弹性是否随经济发展阶段而变化？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112055
Nader AlKathiri, Abdulelah Darandary, Jeyhun I. Mikayilov
{"title":"Does the income elasticity of energy demand vary with the stages of economic development?","authors":"Nader AlKathiri,&nbsp;Abdulelah Darandary,&nbsp;Jeyhun I. Mikayilov","doi":"10.1016/j.econlet.2024.112055","DOIUrl":"10.1016/j.econlet.2024.112055","url":null,"abstract":"<div><div>This paper revisits the empirical evidence on the income elasticity of energy demand by investigating whether it varies with the level of economic development. We estimate the elasticity using mean-group type estimators for a sample of 111 countries spanning three decades. Our analysis reveals that the elasticity is not constant and tends to decline as countries become wealthier. As economies become more developed, their energy intensity falls, eventually reaching zero elasticity, indicating a decoupling between economic growth and energy demand. This finding underscores the importance of considering countries’ stages of economic development when making energy outlook projections.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112055"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Welfare measurement with income-dependent discrete choice 依赖收入的离散选择的福利衡量
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112051
P. Delle Site , K. Kilani
{"title":"Welfare measurement with income-dependent discrete choice","authors":"P. Delle Site ,&nbsp;K. Kilani","doi":"10.1016/j.econlet.2024.112051","DOIUrl":"10.1016/j.econlet.2024.112051","url":null,"abstract":"<div><div>The expectation of the random compensating variation is the welfare change measure that is used in discrete choice models. The expectation of the equivalent variation is equally founded theoretically. When choices are income independent and income enters utilities linearly, the two measures are identical. The case of income-dependent choices remains an area for exploration. The paper provides the equivalent variation counterparts of the formulas that are available for the expectation of the compensating variation.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112051"},"PeriodicalIF":2.1,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Sports betting cannibalization: Evidence from Pennsylvania 体育博彩的蚕食效应：宾夕法尼亚州的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-01 DOI: 10.1016/j.econlet.2024.112031
Joseph D. Nedved, Amir B. Ferreira Neto
{"title":"Sports betting cannibalization: Evidence from Pennsylvania","authors":"Joseph D. Nedved,&nbsp;Amir B. Ferreira Neto","doi":"10.1016/j.econlet.2024.112031","DOIUrl":"10.1016/j.econlet.2024.112031","url":null,"abstract":"<div><div>The repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018 resulted in the rapid introduction of sports betting into many U.S. markets. This study investigates the introduction of sports betting in Pennsylvania. We explore the staggered implementation of sports betting across casinos in Pennsylvania to analyze the impact of sports betting on slot gaming and table gaming. Our results show evidence that there is no short-term effect of sports betting on the revenues generated from slot gaming and tabling gaming demand, however, our results show some evidence of complementarity on the longer-term between sports betting and other gaming options.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112031"},"PeriodicalIF":2.1,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 power of clans: How social capital sheltered firms during the COVID-19 pandemic 宗族的力量:社会资本如何在COVID-19大流行期间为企业提供庇护
IF 2 4区 经济学
Economics Letters Pub Date : 2023-08-01 DOI: 10.1016/j.econlet.2023.111224
Linqing Liu , Lisi Yang , Kai Yan
{"title":"The power of clans: How social capital sheltered firms during the COVID-19 pandemic","authors":"Linqing Liu ,&nbsp;Lisi Yang ,&nbsp;Kai Yan","doi":"10.1016/j.econlet.2023.111224","DOIUrl":"10.1016/j.econlet.2023.111224","url":null,"abstract":"<div><p>Data from 3,555 Chinese listed firms show that firms in cities with greater clan strength faced smaller losses and swifter recovery following COVID-19. Clans were significantly related to individual values facilitating pandemic prevention; these ties guaranteed economic activities and sheltered firms from the shock. Our results frame social capital as a complementarity to formal institutions during crises.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"229 ","pages":"Article 111224"},"PeriodicalIF":2.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10275770/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9734844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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