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Politically connected suppliers and firm financial stability 有政治关系的供应商和稳固的金融稳定
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-16 DOI: 10.1016/j.econlet.2025.112444
Ahmed W. Alam , Reza Houston
{"title":"Politically connected suppliers and firm financial stability","authors":"Ahmed W. Alam ,&nbsp;Reza Houston","doi":"10.1016/j.econlet.2025.112444","DOIUrl":"10.1016/j.econlet.2025.112444","url":null,"abstract":"<div><div>While prior studies focus on the impact of a firm’s own political connections on its financial performance, this paper examines whether and how a firm’s financial stability is affected by the political connectivity of its key suppliers. Controlling for supplier-buyer relationship strength and the focal firm’s own political connections, empirical tests reveal that politically connected supplier industries significantly impair the financial performance of a focal firm. Furthermore, a firm’s financial stability is substantially eroded by the increases in political expenditures of its major supplier industry. These outcomes are more severe for focal firms with low market power and remain robust to using a combination of matched samples, dealing with possible selection bias. Further tests indicate that capital investments and business innovations are two potential channels through which politically connected suppliers destabilize the focal firm’s financial performance.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112444"},"PeriodicalIF":2.1,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144297880","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
Efficient stable matching in school choice 择校的高效稳定匹配
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-13 DOI: 10.1016/j.econlet.2025.112422
Takuya Iimura , Ryuta Isogaya
{"title":"Efficient stable matching in school choice","authors":"Takuya Iimura ,&nbsp;Ryuta Isogaya","doi":"10.1016/j.econlet.2025.112422","DOIUrl":"10.1016/j.econlet.2025.112422","url":null,"abstract":"<div><div>We show, in the context of school choice, that when the lists of preferences and priority orderings are acyclic in the sense of Gutin et al. (2023), the outcomes of the deferred acceptance and top trading cycle algorithms coincide. This implies that the student-optimal stable matching is efficient. Furthermore, we show that if schools’ priority orderings of students are based on the sum of school-independent basic points and school-dependent additional points, and if students’ preferences align with these additional points, then the lists are acyclic. Additionally, if students can and do decline the addition of points that their preferences do not align with, then the lists become acyclic, regardless of the preference list.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112422"},"PeriodicalIF":2.1,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144297879","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 environmental regulation complement ESG Disclosure? Evidence from the emergence of pollution emission permits regime in China 环境监管是否补充了ESG信息披露？证据来自中国污染排放许可制度的出现
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-12 DOI: 10.1016/j.econlet.2025.112442
Yafei Li , James Si Zeng , Shaoxiang Jiang
{"title":"Does environmental regulation complement ESG Disclosure? Evidence from the emergence of pollution emission permits regime in China","authors":"Yafei Li ,&nbsp;James Si Zeng ,&nbsp;Shaoxiang Jiang","doi":"10.1016/j.econlet.2025.112442","DOIUrl":"10.1016/j.econlet.2025.112442","url":null,"abstract":"<div><div>Using the staggered adoption of the Pollution Emission Permit as a quasi-natural experiment, we examine whether environmental regulations and ESG disclosures can complement each other. Our findings reveal that this policy reduces pollution among Chinese listed corporations while enhancing the accuracy and quality of ESG disclosures.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112442"},"PeriodicalIF":2.1,"publicationDate":"2025-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144291022","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
Predicting stock price trends using language models to extract the sentiment from analyst reports: Evidence from IBEX 35-listed companies 使用语言模型从分析师报告中提取情绪来预测股价趋势：来自IBEX 35上市公司的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-09 DOI: 10.1016/j.econlet.2025.112404
Alejandro Moreno , Joaquín Ordieres-Meré
{"title":"Predicting stock price trends using language models to extract the sentiment from analyst reports: Evidence from IBEX 35-listed companies","authors":"Alejandro Moreno ,&nbsp;Joaquín Ordieres-Meré","doi":"10.1016/j.econlet.2025.112404","DOIUrl":"10.1016/j.econlet.2025.112404","url":null,"abstract":"<div><div>This study investigates the utility of large language models to extract sentiment from sell-side equity analysts’ reports and their potential ability to predict stock price trends, using the IBEX 35 index as a case study. The RoBERTa, FinBERT, and GPT natural language processing models are employed to analyze a corpus of analysts’ equity research reports over 2016–2022. The results indicate that the extracted sentiment can serve as a valuable tool for forecasting stock price movements, avoiding the potential bias in analyst reports when assigning a target price. This highlights the transformative potential of language models in the financial industry and their role in assisting investors in making informed investment decisions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112404"},"PeriodicalIF":2.1,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144290861","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
Global climate policy uncertainty and carbon market volatility: Aggravating or mitigating across market conditions? 全球气候政策的不确定性和碳市场波动：加剧还是减轻了整个市场状况？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-07 DOI: 10.1016/j.econlet.2025.112441
Jihong Xiao, Yudong Wang, Danyan Wen
{"title":"Global climate policy uncertainty and carbon market volatility: Aggravating or mitigating across market conditions?","authors":"Jihong Xiao,&nbsp;Yudong Wang,&nbsp;Danyan Wen","doi":"10.1016/j.econlet.2025.112441","DOIUrl":"10.1016/j.econlet.2025.112441","url":null,"abstract":"<div><div>Using quantile regression, this paper finds that lagged changes in global climate policy uncertainty (GCPU) reduce carbon market volatility during market turmoil. This mitigating effect surpasses that of the US CPU and is amplified by financial market fear.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112441"},"PeriodicalIF":2.1,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144270258","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
Revisiting the positive effects of diversity on creative teams in novel creative tasks 重新审视多样性对创意团队在新创意任务中的积极影响
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-06 DOI: 10.1016/j.econlet.2025.112412
Cortney S. Rodet
{"title":"Revisiting the positive effects of diversity on creative teams in novel creative tasks","authors":"Cortney S. Rodet","doi":"10.1016/j.econlet.2025.112412","DOIUrl":"10.1016/j.econlet.2025.112412","url":null,"abstract":"<div><div>Teamwork matters in the modern economy, and recent scholarship convincingly suggests that diversity in experience, training, and knowledge allows teams to more readily generate novel ideas in numerous forms, including patents, scientific scholarship, and laboratory experiments. Experimental research often uses the alternative uses task to observe participants engaging in divergent thinking. This study extends the study of diversity in experience, training, and knowledge to novel creative tasks, including a verb task, a business slogan task, and a hypothesis task. It also extends previous research by analyzing diversity’s effects on the originality of ideas based on latent semantic analysis and on the propensity of teams to use unique words to form creative ideas. Results indicate that, consistent with previous research, diversity in knowledge, training, and achievement outside the laboratory is associated with teams generating a greater number of ideas; however, it does not affect overall originality or uniqueness.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112412"},"PeriodicalIF":2.1,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144261850","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
International money transfers; Paradoxes and the balance-of-payments 国际汇款；悖论与国际收支平衡
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-06 DOI: 10.1016/j.econlet.2025.112436
Steven Brakman, Charles van Marrewijk
{"title":"International money transfers; Paradoxes and the balance-of-payments","authors":"Steven Brakman,&nbsp;Charles van Marrewijk","doi":"10.1016/j.econlet.2025.112436","DOIUrl":"10.1016/j.econlet.2025.112436","url":null,"abstract":"<div><div>The literature on international transfers has studied the possibility of transfer paradoxes; the donor gains and the recipient loses from a transfer. This can occur in a wide range of circumstances, including perfect competition and the absence of distortions. The literature, however, largely ignores the fact that most transfers are given in the form of money and not in real (consumption) terms. Money holdings reflect postponed consumption and requires that a time dimension enters the analysis. This aspect is ignored in the literature. We focus on money transfers in a Walrasian perfect competition model that is common in the literature. We determine whether transfer paradoxes are likely. We also study the welfare consequences of financial transfers for the donor and the recipient, and their impact on the Balance-of-Payments. We find that under normal circumstances transfer paradoxes do not occur, the donor's current account deteriorates and the recipient's current account improves.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112436"},"PeriodicalIF":2.1,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144280825","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
How do tariffs impact the US economy? 关税如何影响美国经济？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-06 DOI: 10.1016/j.econlet.2025.112406
Sujan Bandyopadhyay, Domenico Ferraro, Lorenzo Octavio Vera Bower
{"title":"How do tariffs impact the US economy?","authors":"Sujan Bandyopadhyay,&nbsp;Domenico Ferraro,&nbsp;Lorenzo Octavio Vera Bower","doi":"10.1016/j.econlet.2025.112406","DOIUrl":"10.1016/j.econlet.2025.112406","url":null,"abstract":"<div><div>This letter presents new empirical evidence on the economic impact of tariffs on the US economy using structural vector autoregressions (SVARs). A persistent increase in tariffs on imports from the rest of the world reduces real GDP growth, permanently lowering real GDP relative to the trend before the tariff increase. The magnitudes are broadly consistent with available estimates of the negative impact of increases in average personal income tax rates. The contraction in economic activity is associated with a decrease in stock market capitalization. The federal deficit in percent of GDP worsens. Inflation increases initially, but then falls below average for a few years, implying a negligible effect on the price level.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112406"},"PeriodicalIF":2.1,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144231804","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 risk attitude depend on whether risk is predetermined 对风险的态度是否取决于风险是否预先确定
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-06 DOI: 10.1016/j.econlet.2025.112418
Di Wang
{"title":"Does risk attitude depend on whether risk is predetermined","authors":"Di Wang","doi":"10.1016/j.econlet.2025.112418","DOIUrl":"10.1016/j.econlet.2025.112418","url":null,"abstract":"<div><div>We identify experimentally a decision-making phenomenon pertaining to pre-decision determination of uncertainty to be revealed after choice. Consequentially speaking, as long as the uncertainty resolution associated with a lottery is revealed only after choice, it should not matter whether this uncertainty is predetermined. We find that the pre-decision determination of risk has an impact on risk attitude. Specifically, subjects are less risk-averse under predetermined risk than under future-determined risk where uncertainty is resolved and revealed after decision-making. Based on the ideas of uncertainty perception and source preference, we offer a brief discussion on possible accounts for the non-neutrality towards predetermined uncertainty.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112418"},"PeriodicalIF":2.1,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144255086","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
Are revisions to state-level GDP data in the US well behaved? 对美国各州GDP数据的修正是否表现良好？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-06-05 DOI: 10.1016/j.econlet.2025.112407
James Mitchell, Taylor Shiroff
{"title":"Are revisions to state-level GDP data in the US well behaved?","authors":"James Mitchell,&nbsp;Taylor Shiroff","doi":"10.1016/j.econlet.2025.112407","DOIUrl":"10.1016/j.econlet.2025.112407","url":null,"abstract":"<div><div>No: Revisions to first estimates of quarterly state-level GDP growth tend to be biased, large, and/or predictable using information known at the time of the first estimate.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112407"},"PeriodicalIF":2.1,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254749","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
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