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The legal and real incidence of VAT Reforms in Mexico: Distributional effects and impacts on poverty
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-10 DOI: 10.1016/j.econlet.2025.112236
Aldair Rivas , Emmanuel Chávez , Irvin Rojas , Aaron Zaragoza
{"title":"The legal and real incidence of VAT Reforms in Mexico: Distributional effects and impacts on poverty","authors":"Aldair Rivas ,&nbsp;Emmanuel Chávez ,&nbsp;Irvin Rojas ,&nbsp;Aaron Zaragoza","doi":"10.1016/j.econlet.2025.112236","DOIUrl":"10.1016/j.econlet.2025.112236","url":null,"abstract":"<div><div>This paper studies the price effects of two asymmetric value-added tax (VAT) reforms in Mexico: a 2014 VAT hike and a 2021 VAT cut implemented in the southern border region. Our estimates show that consumers pay for 25 percent of the VAT change in both reforms, but consumer incidence differs across goods. With the price effect estimates (real incidence), we determine the impact of the VAT reforms on income distribution and poverty. We compare these impacts with the full passthrough of the VAT on prices (legal incidence). Depending on the type of price incidence, the VAT is allocated differently along the income distribution, and the impacts on poverty can vary considerably.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112236"},"PeriodicalIF":2.1,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143403303","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 characterization of pairwise dictatorial approbatory social welfare functions
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-10 DOI: 10.1016/j.econlet.2025.112217
Gustavo Santos-García, José Carlos R. Alcantud
{"title":"A characterization of pairwise dictatorial approbatory social welfare functions","authors":"Gustavo Santos-García,&nbsp;José Carlos R. Alcantud","doi":"10.1016/j.econlet.2025.112217","DOIUrl":"10.1016/j.econlet.2025.112217","url":null,"abstract":"<div><div>This paper defines approbatory social welfare functions. They are the natural counterpart of Arrovian social welfare functions when the expression of preferences is accompanied by a common choice of “approved” alternatives in a consistent manner. First, we count the number of consistent preference-approval profiles (the domain of approbatory social welfare functions). Then we show that pairwise dictatorial behaviors are characterized by unanimity and independence of irrelevant alternatives, a replication of Arrow’s characterization of dictatorships for this restricted version of the preference-approval model defined by Brams and Sanver in 2009.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112217"},"PeriodicalIF":2.1,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143388282","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
Firm size and workplace diversity and inclusion
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-10 DOI: 10.1016/j.econlet.2025.112234
Christos Ntantamis , Jun Zhou
{"title":"Firm size and workplace diversity and inclusion","authors":"Christos Ntantamis ,&nbsp;Jun Zhou","doi":"10.1016/j.econlet.2025.112234","DOIUrl":"10.1016/j.econlet.2025.112234","url":null,"abstract":"<div><div>This paper examines the impact of firm size on workplace diversity and inclusion in a global setting. Using a sample of publicly listed firms from 33 countries/economies over the period from 2016 to 2022 and utilizing the newly introduced Diversity and Inclusion Scores by LSEG, we find that larger firms are more engaged in cultivating workplace diversity and inclusion. Overall, our finding aligns with the prediction from the legitimacy theory.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112234"},"PeriodicalIF":2.1,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420544","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
Cross-firm technological linkage and peer effects on investment efficiency
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-08 DOI: 10.1016/j.econlet.2025.112220
Kailin Zeng , Wen Kuang , Ebenezer Fiifi Emire Atta Mills
{"title":"Cross-firm technological linkage and peer effects on investment efficiency","authors":"Kailin Zeng ,&nbsp;Wen Kuang ,&nbsp;Ebenezer Fiifi Emire Atta Mills","doi":"10.1016/j.econlet.2025.112220","DOIUrl":"10.1016/j.econlet.2025.112220","url":null,"abstract":"<div><div>This study provides compelling and robust evidence of investment imitation arising from technological peer relationship. The documented peer effect operates through competition-based, outcome-oriented, learning-based, and market feedback channels. Mimicking investment strategies of technological peers positively influences the future performance of focal firms, especially in highly competitive markets and when these peers exhibit superior financial performance or favorable stock returns.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112220"},"PeriodicalIF":2.1,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143373065","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
Modelling oil consumption in Baumeister and Hamilton’s (2019) model of the global oil market
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-05 DOI: 10.1016/j.econlet.2025.112216
Michał Rubaszek, Karol Szafranek
{"title":"Modelling oil consumption in Baumeister and Hamilton’s (2019) model of the global oil market","authors":"Michał Rubaszek,&nbsp;Karol Szafranek","doi":"10.1016/j.econlet.2025.112216","DOIUrl":"10.1016/j.econlet.2025.112216","url":null,"abstract":"<div><div>We propose a refinement of the imprecise approximation of the oil consumption growth rate used by Baumeister and Hamilton (2019) in their model of the global oil market. Our modification involves replacing the first difference of global oil inventories by the second difference, which denotes changes in the addition to inventory stock. Accounting for our approximation and updating the sample reduces the short-run price elasticity of oil supply and the contribution of oil supply shocks to oil price fluctuations, aligning the conclusions from the Baumeister and Hamilton’s (2019) model with the consensus in the literature that the supply elasticity is close to zero and that oil demand shocks are the most important driver of oil price fluctuations.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112216"},"PeriodicalIF":2.1,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143353518","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
Quantifying speculative-bubble effects in major European soccer leagues
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-04 DOI: 10.1016/j.econlet.2025.112208
John Fry , Jane M. Binner
{"title":"Quantifying speculative-bubble effects in major European soccer leagues","authors":"John Fry ,&nbsp;Jane M. Binner","doi":"10.1016/j.econlet.2025.112208","DOIUrl":"10.1016/j.econlet.2025.112208","url":null,"abstract":"<div><div>We apply the theory of super-exponential rational bubbles to football transfer data. Refining previous qualitative approaches we model the aggregate transfer spend as a fraction of the TV income. Evidence of substantial bubble effects is found across the English, French, German and Italian leagues. This suggests long-term reductions in transfer spending relative to TV receipts. Our model predicts the existence of other signs of soccer bubbles beyond over-pricing. These include differences in the market for star players and the market for regular players and other signs of illiquidity.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112208"},"PeriodicalIF":2.1,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143295863","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
Housing market investability and stock market participation
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-04 DOI: 10.1016/j.econlet.2025.112219
Huasheng Gao , Yiqing Lü , Bin Zhao , Ning Zhu
{"title":"Housing market investability and stock market participation","authors":"Huasheng Gao ,&nbsp;Yiqing Lü ,&nbsp;Bin Zhao ,&nbsp;Ning Zhu","doi":"10.1016/j.econlet.2025.112219","DOIUrl":"10.1016/j.econlet.2025.112219","url":null,"abstract":"<div><div>We identify a causal crowding-out effect of housing market investment on stock market participation. Using a large sample of individual stock trading data and exploiting China's policy on restricting households from purchasing houses, we find a significant increase in the stock market participation among affected households compared to others. Our results are driven by the substitution channel between the housing and stock market: (1) the treatment policy indeed reduces households’ investment in housing, (2) the treatment effect is more pronounced with stricter housing purchase restrictions and higher propensity for real property investment, and (3) households’ stock turnover rate decreases.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112219"},"PeriodicalIF":2.1,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349420","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 efficient market hypothesis when time travel is possible
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-04 DOI: 10.1016/j.econlet.2025.112209
Joshua S. Gans
{"title":"The efficient market hypothesis when time travel is possible","authors":"Joshua S. Gans","doi":"10.1016/j.econlet.2025.112209","DOIUrl":"10.1016/j.econlet.2025.112209","url":null,"abstract":"<div><div>This paper extends the Efficient Markets Hypothesis (EMH) into a novel setting in which traders can travel back in time to exploit future information. We consider a fully specified trading model with risk-neutral, rational investors and a single, infinitely-lived asset. Agents can, at a fixed cost, build time machines, travel to the past, and trade using knowledge of future dividends and prices. Under a self-consistent, single-timeline theory of time travel, we show that no arbitrage opportunities can persist. In equilibrium, the asset price fully reflects not only all current and past information but also all <em>future</em> information that could have been acted upon by backward-travelling arbitrageurs. We state and prove an Extended Efficient Markets Hypothesis (EEMH), showing that time travel does not undermine but rather reinforces the no-arbitrage conditions at the heart of the EMH. We conclude by discussing the relevance of known constraints on the EMH, alternative theories of time travel and the challenges of empirically identifying time-travelling traders. <em>Journal of Economic Literature</em> Codes: G14, Z10.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112209"},"PeriodicalIF":2.1,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143295864","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
Measuring trust across countries: Inconsistencies between experiments and surveys
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-03 DOI: 10.1016/j.econlet.2025.112213
Shan Jin , Sibo Yan , Xiaomeng Zhang
{"title":"Measuring trust across countries: Inconsistencies between experiments and surveys","authors":"Shan Jin ,&nbsp;Sibo Yan ,&nbsp;Xiaomeng Zhang","doi":"10.1016/j.econlet.2025.112213","DOIUrl":"10.1016/j.econlet.2025.112213","url":null,"abstract":"<div><div>This study examines whether incentivized experiments and non-incentivized surveys yield consistent cross-country measurements of trust. Drawing on data from Johnson and Mislin (2011) meta-analysis of 151 trust games, recent 71 studies, and Falk et al (2018) Global Preferences Survey, we find notable divergences between these two approaches. To explore these differences, we conducted trust game experiments with and without incentives at universities in China and the United States. In China, the incentive condition led to markedly different outcomes, while in the U.S., differences were relatively small. Moreover, Chinese participants displayed significantly higher levels of trust in non-incentivized settings. These findings underscore that the influence of incentives on trust varies substantially across cultural contexts.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112213"},"PeriodicalIF":2.1,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175227","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
From chain to capital: Supply chain risks and working capital management
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112100
Nhan Huynh , Quynh Nga Le
{"title":"From chain to capital: Supply chain risks and working capital management","authors":"Nhan Huynh ,&nbsp;Quynh Nga Le","doi":"10.1016/j.econlet.2024.112100","DOIUrl":"10.1016/j.econlet.2024.112100","url":null,"abstract":"<div><div>This study empirically examines the influence of supply chain risks on working capital management. By employing a text-based measure of firm-specific supply chain risks and a large sample of US listed firms, this study uncovers a strong positive correlation between supply chain risk exposure and net working capital, with an increase of approximately 6 % annually. Firms strategically adjust by increasing inventory and accounts receivable while reducing accounts payable to buffer against disruptions. This adaptive response is particularly evident in firms facing financial constraints, higher international exposure, and those in high-risk sectors, offering critical insights into enhancing resilience and operational efficiency.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112100"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165728","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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