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On licensing sequential cost-reducing innovations 关于为降低成本的连续创新发放许可证
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-19 DOI: 10.1016/j.econlet.2024.112043
Joaquín Coleff , Camilo Rubbini
{"title":"On licensing sequential cost-reducing innovations","authors":"Joaquín Coleff ,&nbsp;Camilo Rubbini","doi":"10.1016/j.econlet.2024.112043","DOIUrl":"10.1016/j.econlet.2024.112043","url":null,"abstract":"<div><div>We present a simple model of an outside innovator licensing sequential innovations and propose a channel through which the prospect of future inventions affects the current number of licenses offered. Innovators may license their inventions to more firms than the one-shot licensing model predicts.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 112043"},"PeriodicalIF":2.1,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702343","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
Climate policy uncertainty and enterprise labor outsourcing 气候政策的不确定性与企业劳务外包
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-19 DOI: 10.1016/j.econlet.2024.112066
WeiWei Li , Zhenxing Huang , Ruilei Huang , Zihao Ning
{"title":"Climate policy uncertainty and enterprise labor outsourcing","authors":"WeiWei Li ,&nbsp;Zhenxing Huang ,&nbsp;Ruilei Huang ,&nbsp;Zihao Ning","doi":"10.1016/j.econlet.2024.112066","DOIUrl":"10.1016/j.econlet.2024.112066","url":null,"abstract":"<div><div>This paper investigates the impact of climate policy uncertainty on labor outsourcing among Chinese-listed companies from 2012 to 2022. We find that increased climate policy uncertainty prompts firms to choose labor outsourcing. The results hold even after several robustness tests and controlling for endogeneity. Moreover, our cross-sectional analyses indicate that the main effect is more pronounced in non-state-owned enterprises and firms without government employment stability subsidies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 112066"},"PeriodicalIF":2.1,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702271","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
Collaborative culture, product quality, and firm performance 协作文化、产品质量和企业绩效
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-19 DOI: 10.1016/j.econlet.2024.112073
Qun Wang , Yan Zhou , Xiangfang Zhao , Yongliang Zeng
{"title":"Collaborative culture, product quality, and firm performance","authors":"Qun Wang ,&nbsp;Yan Zhou ,&nbsp;Xiangfang Zhao ,&nbsp;Yongliang Zeng","doi":"10.1016/j.econlet.2024.112073","DOIUrl":"10.1016/j.econlet.2024.112073","url":null,"abstract":"<div><div>We investigate the effect of collaborative culture on product quality using listed firms in China from 2007 to 2022. We find that collaborative culture can significantly enhance the level of corporate product quality. Heterogeneity analyses reveal that this effect is stronger for firms with higher labor intensity, those in industries with higher innovation levels, and those in regions with higher trust levels. Moreover, the positive impact of a collaborative culture on product quality contributes to improved firm performance. This study provides valuable insights from the perspective of collaborative culture to enhance a firm's competitive advantage in the product market.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 112073"},"PeriodicalIF":2.1,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702273","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
Can the “Little Giant” label enhance firms’ supply chain positions? 小巨人 "标签能否提升企业的供应链地位？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-19 DOI: 10.1016/j.econlet.2024.112064
Yuqian Zhang
{"title":"Can the “Little Giant” label enhance firms’ supply chain positions?","authors":"Yuqian Zhang","doi":"10.1016/j.econlet.2024.112064","DOIUrl":"10.1016/j.econlet.2024.112064","url":null,"abstract":"<div><div>Strong supply chain relationships are crucial for stabilizing stock prices and enhancing profitability. However, existing research on the impact of national-level innovation policies on firms’ supply chain relationships remains limited. Based on data from Chinese listed firms between 2015 and 2022, the paper employs a staggered difference-in-differences approach to analyze how the ”Specialized, Refined, Distinctive, and Innovative (SRDI) Little Giant” label affects firms’ influence within the supply chain. Our results indicate that, on average, small and medium-sized enterprises designated as SRDI Little Giant experience reductions in customer concentration and supplier concentration by 1.38% and 1.78%, respectively, compared to other firms. Furthermore, the label strengthens SMEs’ supply chain position by improving access to long-term financing.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 112064"},"PeriodicalIF":2.1,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702269","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 policy-driven preferred habitat in the Turkish Government bond market 土耳其政府债券市场上受政策驱动的首选栖息地
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-18 DOI: 10.1016/j.econlet.2024.112065
Ali İzzeddin Çelebi , Alper Tunga Demir , Ali Gencay Özbekler
{"title":"A policy-driven preferred habitat in the Turkish Government bond market","authors":"Ali İzzeddin Çelebi ,&nbsp;Alper Tunga Demir ,&nbsp;Ali Gencay Özbekler","doi":"10.1016/j.econlet.2024.112065","DOIUrl":"10.1016/j.econlet.2024.112065","url":null,"abstract":"<div><div>The pricing dynamics of government bond auctions offer valuable insights into investor behavior. By analyzing Turkish government bond re-issuances, we identify the factors influencing the disparity between primary market (auction) yields and secondary market yields, known as the auction premium. Our findings reveal that pre-auction price drift, the share of unpriced bids, and the fiscal stance are significant determinants of the auction premium. Additionally, our results show that the Securities Maintenance Practice generally leads to an increase in auction premiums. However, bonds with affected maturities exhibit a lower premium, indicating the presence of a policy-induced preferred habitat.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 112065"},"PeriodicalIF":2.1,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702270","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
Benefiting from the frightened herd: Dynamic asset allocation amid panic sentiment 从受惊的羊群中获益恐慌情绪下的动态资产配置
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-15 DOI: 10.1016/j.econlet.2024.112052
Fenglin Wu , Yongdong Shi , Xiong Xiong , Yanshuang Li , Zibing Dong
{"title":"Benefiting from the frightened herd: Dynamic asset allocation amid panic sentiment","authors":"Fenglin Wu ,&nbsp;Yongdong Shi ,&nbsp;Xiong Xiong ,&nbsp;Yanshuang Li ,&nbsp;Zibing Dong","doi":"10.1016/j.econlet.2024.112052","DOIUrl":"10.1016/j.econlet.2024.112052","url":null,"abstract":"<div><div>This paper introduces an innovative dynamic asset allocation approach to hedge against panic sentiment and demonstrates that adopting such an anti-panic strategy can be beneficial. We first develop a novel measure of panic sentiment and analyze its spillover effects across major stock markets. The strategy’s diversification advantages in mitigating panic sentiment are then evaluated. Backtesting results reveal substantial long-term excess returns over benchmarks, with risk-adjusted metrics and statistical tests confirming the robustness of these results.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112052"},"PeriodicalIF":2.1,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702791","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
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
Subsidized working capital loans and firm growth in times of crisis 危机时期的贴息流动资本贷款与企业增长
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-10 DOI: 10.1016/j.econlet.2024.112053
Álmos Telegdy
{"title":"Subsidized working capital loans and firm growth in times of crisis","authors":"Álmos Telegdy","doi":"10.1016/j.econlet.2024.112053","DOIUrl":"10.1016/j.econlet.2024.112053","url":null,"abstract":"<div><div>I estimate the effects of subsidized working capital loans on Hungarian firms during the COVID-19 pandemic with panel data and matching methods. Sales and employment rose, with sales growing in expanding sectors and employment increasing in declining ones.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112053"},"PeriodicalIF":2.1,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702788","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
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