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Trump’s tariffs: Unpacking the EU’s market reaction 特朗普的关税：解读欧盟的市场反应
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-05 DOI: 10.1016/j.econlet.2025.112380
Stefano Piserà , Andrea Paltrinieri , Simona Galletta , Flavio Pichler
{"title":"Trump’s tariffs: Unpacking the EU’s market reaction","authors":"Stefano Piserà ,&nbsp;Andrea Paltrinieri ,&nbsp;Simona Galletta ,&nbsp;Flavio Pichler","doi":"10.1016/j.econlet.2025.112380","DOIUrl":"10.1016/j.econlet.2025.112380","url":null,"abstract":"<div><div>This paper explores the effect of 26 February 2025 Trumps’ tariffs announcement against Europe. As a mean of event-study analysis, we find that the announcement led to a reduction of firms’ abnormal return (AR), raw return and cumulative abnormal return (CAR) listed on the EU STOXX 600, and that its effect changes according to firms’ operating industry and size. Our results confirm the EU market dependence from US policies, warning about its vulnerability.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112380"},"PeriodicalIF":2.1,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916923","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
Research and development fund allocation, high technology law, and firm investment choices 研发资金配置、高新技术法与企业投资选择
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-05 DOI: 10.1016/j.econlet.2025.112379
Anh Ngoc Quang Huynh
{"title":"Research and development fund allocation, high technology law, and firm investment choices","authors":"Anh Ngoc Quang Huynh","doi":"10.1016/j.econlet.2025.112379","DOIUrl":"10.1016/j.econlet.2025.112379","url":null,"abstract":"<div><div>The distance to the nearest innovation centers is used as an exogenous proxy to establish a causal relationship between research and development (R&amp;D) fund allocation and firm investment choices. Analyzing listed firms in Vietnam (2006–2022), I found that as the distance from firms to these innovation centers increases, the effect of R&amp;D on firm performance diminishes. Additionally, greater distances to innovation centers weaken the impact of R&amp;D on firms' investment in intangible assets. My findings highlight significant geographical constraints on firms’ innovation efforts. They suggest that further proximity to innovation centers could affect firms’ R&amp;D efficiency and widen their disparities in economic growth and innovation-driven productivity (Croce et al., 2012; Croce et al., 2019). Finally, the effect of Vietnam’s 2009 High Technology Law on firms’ investment choices was also examined.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112379"},"PeriodicalIF":2.1,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143929024","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 civic side of tax compliance: Evidence from Italy 税收合规的公民方面：来自意大利的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-04 DOI: 10.1016/j.econlet.2025.112346
Francesca Maria Calamunci , Federico Fabio Frattini
{"title":"The civic side of tax compliance: Evidence from Italy","authors":"Francesca Maria Calamunci ,&nbsp;Federico Fabio Frattini","doi":"10.1016/j.econlet.2025.112346","DOIUrl":"10.1016/j.econlet.2025.112346","url":null,"abstract":"<div><div>This study validates TV fee compliance as a proxy for civic capital in Italy. Using municipality-level data, we show that it strongly correlates with traditional social capital measures such as voluntary associations, referenda, and European elections turnout. The analysis confirms its reliability both at municipal and provincial levels. TV fee compliance provides a scalable, objective, and timely indicator, particularly useful for researchers to examine the socio-economic dynamics of civic capital and its implications for institutional performance and economic development.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112346"},"PeriodicalIF":2.1,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916924","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
Bayesian estimation of stochastic metafrontiers 随机元边界的贝叶斯估计
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-04 DOI: 10.1016/j.econlet.2025.112368
Ioannis Skevas
{"title":"Bayesian estimation of stochastic metafrontiers","authors":"Ioannis Skevas","doi":"10.1016/j.econlet.2025.112368","DOIUrl":"10.1016/j.econlet.2025.112368","url":null,"abstract":"<div><div>This paper presents a Bayesian method for estimating a hierarchical panel data stochastic frontier model for metafrontier analysis. It uses Bayesian simulation-based inference and user-friendly software, requiring minimal coding. Applications to simulated and real data confirm the model’s reliability.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112368"},"PeriodicalIF":2.1,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143908053","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
Local decline and populism 地方衰落和民粹主义
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-03 DOI: 10.1016/j.econlet.2025.112360
Thiemo Fetzer , Jacob Edenhofer , Prashant Garg
{"title":"Local decline and populism","authors":"Thiemo Fetzer ,&nbsp;Jacob Edenhofer ,&nbsp;Prashant Garg","doi":"10.1016/j.econlet.2025.112360","DOIUrl":"10.1016/j.econlet.2025.112360","url":null,"abstract":"<div><div>Support for right-wing populist parties is characterised by considerable regional heterogeneity and is especially concentrated in regions that have experienced economic decline. It remains unclear, however, whether the spatial externalities of local decline — including homelessness and crime — boost support for populist parties, even among those not directly affected by such decline. In this paper, we contribute to filling this gap in two ways. First, we gather novel data on a particularly visible form of local decline, high-street vacancies, that comprise 83,000 premises in England and Wales. Second, we investigate the influence of local decline on support for the right-wing populist UK Independence Party (UKIP) between 2009 and 2019. We find a significant positive association between high-street vacancy rates and UKIP support. These results enhance our understanding of how changes in the lived environment shape political preferences and behaviour, particularly in relation to right-wing populism.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112360"},"PeriodicalIF":2.1,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143908051","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
Consistent model selection for factor-augmented regressions 因子增强回归的一致性模型选择
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-02 DOI: 10.1016/j.econlet.2025.112331
Yundong Tu , Siwei Wang
{"title":"Consistent model selection for factor-augmented regressions","authors":"Yundong Tu ,&nbsp;Siwei Wang","doi":"10.1016/j.econlet.2025.112331","DOIUrl":"10.1016/j.econlet.2025.112331","url":null,"abstract":"<div><div>Factor-augmented regression (FAR) is an effective tool in forming predictions in the presence of big data sets. However, few studies have considered the selection of latent factors and observed covariates simultaneously in FAR. This paper addresses this issue and introduces a new set of information criteria for factor selection and covariate selection jointly. In particular, we demonstrate that the factor estimation error will not only influence the factor selection, but also the covariate selection in FAR. As a result, the penalty used to ensure consistent model selection should depend on both the cross-sectional dimension and the time length, to account for the effect of factor estimation error. Selection consistency is then proved under standard regularity conditions. The simulation results demonstrate the nice performance of the proposed criteria.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112331"},"PeriodicalIF":2.1,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923420","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 does opioid prevalence affect surgery decisions? 阿片类药物的流行如何影响手术决策？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-02 DOI: 10.1016/j.econlet.2025.112358
David Beheshti , Seth Neller
{"title":"How does opioid prevalence affect surgery decisions?","authors":"David Beheshti ,&nbsp;Seth Neller","doi":"10.1016/j.econlet.2025.112358","DOIUrl":"10.1016/j.econlet.2025.112358","url":null,"abstract":"<div><div>This paper studies how the prevalence of opioids affects joint physician–patient decisions over medical procedures. Following Alpert et al. (2022), we utilize variation in opioid exposure due to state policies that affected OxyContin’s marketing and market entry. Our results suggest that higher availability of opioids led to a substantial (21%) increase in the number of elective surgical discharges, such as knee replacements, hip replacements, and back surgeries. We also consider effects for non-elective surgical discharges — procedures where we expect a much smaller response to the availability of opioids — and find a statistically insignificant increase of 1%. Finally, we investigate medical discharges — procedures where no response is expected — and find no detectable effect. This increase in elective procedures is consistent with a model of physician behavior that incorporates patient pain and post-surgical well-being into surgical decisions and where decreases in the “hassle” of prescribing pain-reducing medication pushes marginal patients to undergo surgeries that they might not otherwise elect. Our results highlight an important tradeoff: while liberal opioid prescribing has led to widespread misuse and abuse, the availability of opioids may allow some patients to undergo quality-of-life improving surgeries that would otherwise be too painful.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112358"},"PeriodicalIF":2.1,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143913250","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 role of parental leave policies in mitigating child penalties: insights from Italy 育儿假政策在减轻儿童处罚方面的作用：来自意大利的见解
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-02 DOI: 10.1016/j.econlet.2025.112355
Paola Biasi , Maria De Paola
{"title":"The role of parental leave policies in mitigating child penalties: insights from Italy","authors":"Paola Biasi ,&nbsp;Maria De Paola","doi":"10.1016/j.econlet.2025.112355","DOIUrl":"10.1016/j.econlet.2025.112355","url":null,"abstract":"<div><div>This study examines child penalties for mothers and fathers in Italy by using novel administrative data. Relying on an event study approach, we find that childbirth affects mothers' earnings negatively, while fathers' earnings remain largely unaffected. However, when leave allowances are included in earnings, the child penalty for women nearly disappears in the year of childbirth and drops by more than half in the following year. Subsequently mothers’ earnings quickly return to pre-birth levels, but never catch up to fathers' earnings, which follow an upward trajectory, increasing by approximately 46 % seven years after childbirth.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112355"},"PeriodicalIF":2.1,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143931676","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
A note on factor models with latent group structures 关于潜在群结构因子模型的注解
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-02 DOI: 10.1016/j.econlet.2025.112357
Yulin Bian, Liangjun Su
{"title":"A note on factor models with latent group structures","authors":"Yulin Bian,&nbsp;Liangjun Su","doi":"10.1016/j.econlet.2025.112357","DOIUrl":"10.1016/j.econlet.2025.112357","url":null,"abstract":"<div><div>This paper studies a factor model with latent group structures. Given initial PCA estimates, we propose to apply the sequential binary segmentation algorithm (SBSA) to estimate the group structures and re-estimate the factors and loadings. In the case of unknown number of groups, we propose to estimate it via an information criterion. We establish the asymptotic properties of the proposed estimators. Simulations demonstrate that our proposed estimator outperforms some competitive approaches in finite samples.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112357"},"PeriodicalIF":2.1,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143908052","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
Bridging barriers: How COVID-19 changed racial diversity in economics seminars 弥合障碍：COVID-19如何改变经济学研讨会的种族多样性
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-02 DOI: 10.1016/j.econlet.2025.112345
Marcus Biermann
{"title":"Bridging barriers: How COVID-19 changed racial diversity in economics seminars","authors":"Marcus Biermann","doi":"10.1016/j.econlet.2025.112345","DOIUrl":"10.1016/j.econlet.2025.112345","url":null,"abstract":"<div><div>In this paper, new facts are documented on the racial distribution of seminar speakers in economics. From a sample of 270 institutions, I determined that before the COVID-19 pandemic, 82.5% of seminars were given by White speakers, 13.9% of seminars were given by Asian speakers, and 3.6% by speakers with a Hispanic-Latino or Black background. The racial distribution of speakers did not change globally. However, the share of speakers from underrepresented minorities in the United States almost doubled with the introduction of virtual seminars during the COVID-19 pandemic.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112345"},"PeriodicalIF":2.1,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903412","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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