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Climate policy uncertainty through production networks: Evidence from the stock market 生产网络带来的气候政策不确定性:来自股票市场的证据
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-09 DOI: 10.1016/j.econlet.2023.111405
Xiaoyang Yao, Wenjing He, Jianfeng Li, Wei Le
{"title":"Climate policy uncertainty through production networks: Evidence from the stock market","authors":"Xiaoyang Yao,&nbsp;Wenjing He,&nbsp;Jianfeng Li,&nbsp;Wei Le","doi":"10.1016/j.econlet.2023.111405","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111405","url":null,"abstract":"<div><p>This thesis provides a deeper insight into quantifying the part of the production network in explaining spillovers of climate policy uncertainty (CPU) shocks to stock returns. By introducing world input–output data into the spatial vector autoregression (SAR) model, we distinguish the direct impact of CPU and the indirect impact occurring through the production network. The results show that more than 60 % of CPU’ effect on the stock market can be explained by the spillovers induced by the production network. In addition, the indirect effect is more obvious in the long term than in the short term.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111405"},"PeriodicalIF":2.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734556","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: 1
Impact of GHG-ETS on industrial effluent discharge in the Pearl River Delta 温室气体排放体系对珠江三角洲工业废水排放的影响
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-06 DOI: 10.1016/j.econlet.2023.111397
Ho-Jyun Wong , Hongtu Deng
{"title":"Impact of GHG-ETS on industrial effluent discharge in the Pearl River Delta","authors":"Ho-Jyun Wong ,&nbsp;Hongtu Deng","doi":"10.1016/j.econlet.2023.111397","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111397","url":null,"abstract":"<div><p>Analyzes the impact of greenhouse gas emissions trading scheme (GHG-ETS) by comparing data from the two deltas in China from 2008 to 2019, it shows that implementation of the GHG-ETS significantly increases the total amount of regional industrial effluent discharge.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111397"},"PeriodicalIF":2.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49735063","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
Expectations, structural breaks and the recent surge in inflation 预期、结构性断裂以及近期通胀飙升
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-06 DOI: 10.1016/j.econlet.2023.111394
Daniel Gründler
{"title":"Expectations, structural breaks and the recent surge in inflation","authors":"Daniel Gründler","doi":"10.1016/j.econlet.2023.111394","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111394","url":null,"abstract":"<div><p>I use a switching-point VAR to detect if the transmission of inflation expectations<span> to CPI inflation has changed in the post-Covid period. I find evidence that, although inflation expectation shocks affected CPI inflation somewhat stronger after 2020, the differences to the previous regime are too small to be a driving force behind the recent incline in inflation.</span></p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111394"},"PeriodicalIF":2.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734543","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 Top Trading Cycles under trading networks 交易网络下Top交易周期的表征
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-06 DOI: 10.1016/j.econlet.2023.111383
Mustafa Oğuz Afacan
{"title":"A characterization of Top Trading Cycles under trading networks","authors":"Mustafa Oğuz Afacan","doi":"10.1016/j.econlet.2023.111383","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111383","url":null,"abstract":"<div><p>We consider an object reallocation problem within a specific class of trade restrictions. An agent can only receive the object of someone else connected to him, which is referred to as feasibility. We introduce a Network Augmented Top Trading Cycles (<span><math><mrow><mi>N</mi><mi>T</mi><mi>T</mi><mi>C</mi></mrow></math></span>) mechanism. Our main result shows that a mechanism is <span><math><mrow><mi>N</mi><mi>T</mi><mi>T</mi><mi>C</mi></mrow></math></span> if and only if it is feasible, individually rational, constrained efficient, and strategy-proof.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111383"},"PeriodicalIF":2.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734539","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: 1
On the two algorithms for estimating interactive fixed effects models in Bai (2009) 关于Bai(2009)估算交互固定效应模型的两种算法
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-06 DOI: 10.1016/j.econlet.2023.111395
Qiang Chen , Guanpeng Yan
{"title":"On the two algorithms for estimating interactive fixed effects models in Bai (2009)","authors":"Qiang Chen ,&nbsp;Guanpeng Yan","doi":"10.1016/j.econlet.2023.111395","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111395","url":null,"abstract":"<div><p>In an influential paper, <span>Bai (2009)</span> estimates the interactive fixed effects models by iterating between OLS and PCA until convergence. <span>Bai (2009)</span> proposes two algorithms, one for deriving the limiting theory, while the other for implementation. But the relation between these two algorithms has not been adequately addressed in the literature. We show that the nonlinear simultaneous equations characterizing these two algorithms have the same solutions, but the convergent paths are different in general. We conduct Monte Carlo simulations to compare the statistical and convergent properties of these two algorithms, and find patterns different from previous beliefs.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111395"},"PeriodicalIF":2.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734555","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
Some identification results in a correlated random coefficients sample selection model 一些识别结果是一个相关随机系数样本选择模型
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-05 DOI: 10.1016/j.econlet.2023.111392
Xun Zhu , Zequn Jin
{"title":"Some identification results in a correlated random coefficients sample selection model","authors":"Xun Zhu ,&nbsp;Zequn Jin","doi":"10.1016/j.econlet.2023.111392","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111392","url":null,"abstract":"<div><p>This paper studies the linear correlated random coefficients model subject to sample selection. The random coefficients can be correlated with one or more covariate components. To address the endogeneity of the covariates, we employ the control function approach, while correcting for sample selection by applying the method of local instrumental variables. We establish that, under particular regularity conditions, the average partial effects and several counterfactual parameters can be identified.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111392"},"PeriodicalIF":2.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734542","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 specification test for the composed error term in the stochastic frontier model 随机前沿模型中组成误差项的规范检验
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-05 DOI: 10.1016/j.econlet.2023.111390
Alecos Papadopoulos , Christopher F. Parmeter
{"title":"A specification test for the composed error term in the stochastic frontier model","authors":"Alecos Papadopoulos ,&nbsp;Christopher F. Parmeter","doi":"10.1016/j.econlet.2023.111390","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111390","url":null,"abstract":"<div><p>We present a simple-to-compute but powerful specification test for the distribution of the composite error term in the stochastic frontier model, that can test for noise distributions with non-zero excess kurtosis. This testing framework offers researchers the opportunity to test for a much wider array of distributional pairs than currently existing tests. This will potentially allow more robust modeling decisions in practice.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111390"},"PeriodicalIF":2.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734834","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
Testing for explosive bubbles in the presence of non-Gaussian conditions 非高斯条件下爆炸性气泡的测试
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-05 DOI: 10.1016/j.econlet.2023.111391
Hao Feng
{"title":"Testing for explosive bubbles in the presence of non-Gaussian conditions","authors":"Hao Feng","doi":"10.1016/j.econlet.2023.111391","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111391","url":null,"abstract":"<div><p>This paper considers the problem of testing explosive bubbles under non-Gaussian conditions, which are quite common in financial data. Based on the generalized sup augmented Dickey-Fuller (<span><math><mrow><mi>G</mi><mi>S</mi><mi>A</mi><mi>D</mi><mi>F</mi></mrow></math></span>) initiated by Phillips et al. (2015a), we propose a quantile-based version named <span><math><mrow><mi>Q</mi><mi>G</mi><mi>S</mi><mi>A</mi><mi>D</mi><mi>F</mi></mrow></math></span>. The asymptotic distribution of the proposed test is derived and the simulations show that the new test obtains significant power gains under the premise of controlling size distortion under non-Gaussian conditions. The application to commodity futures prices suggests that <span><math><mrow><mi>Q</mi><mi>G</mi><mi>S</mi><mi>A</mi><mi>D</mi><mi>F</mi></mrow></math></span> provides stronger evidential support for bubble behavior than the <span><math><mrow><mi>G</mi><mi>S</mi><mi>A</mi><mi>D</mi><mi>F</mi></mrow></math></span> test.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111391"},"PeriodicalIF":2.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49717012","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: 1
Climate policy uncertainty and digital transformation of enterprise—Evidence from China 气候政策不确定性与企业数字化转型——来自中国的证据
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-02 DOI: 10.1016/j.econlet.2023.111377
Yan Mo , Xiaotong Liu
{"title":"Climate policy uncertainty and digital transformation of enterprise—Evidence from China","authors":"Yan Mo ,&nbsp;Xiaotong Liu","doi":"10.1016/j.econlet.2023.111377","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111377","url":null,"abstract":"<div><p>We propose that climate policy uncertainty negatively affects the digital transformation of enterprise by using China listed firms’ data from 2010 to 2021. We find that this effect remains significant after controlling for endogeneity using climate policy uncertainty in the USA as an instrumental variable. Additionally, we consider financial constraints and free cash flows as channels through which climate policy uncertainty affects companies’ digital transformation.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"233 ","pages":"Article 111377"},"PeriodicalIF":2.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49734541","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: 1
Surviving in the marketplace: The importance of network connectivity for art dealers 在市场中生存：网络连接对艺术品经销商的重要性
IF 2 4区 经济学
Economics Letters Pub Date : 2023-10-01 DOI: 10.1016/j.econlet.2023.111312
Dakshina G. De Silva , Georgia Kosmopoulou , Rachel Pownall , Robert Press
{"title":"Surviving in the marketplace: The importance of network connectivity for art dealers","authors":"Dakshina G. De Silva ,&nbsp;Georgia Kosmopoulou ,&nbsp;Rachel Pownall ,&nbsp;Robert Press","doi":"10.1016/j.econlet.2023.111312","DOIUrl":"10.1016/j.econlet.2023.111312","url":null,"abstract":"<div><p>This paper investigates the relationship between a dealer’s network and their ability to survive in the market using a dataset of 19th-century English art transactions. We find that dealers who purchased artworks from central sellers, and thus developed high hub centralities, survived in the market longer compared to their counterparts. This effect persists even when controlling for the quantity of works purchased, suggesting that more than just higher activity was at play. The paper builds upon previous empirical work showing that art dealers use their network connections to obtain less noisy signals about artworks’ value, resulting in a competitive edge in the market. The findings have implications beyond the art market, adding to a body of literature that suggests network connections help firms long term sustainability surviving in an uncertain marketplace.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"231 ","pages":"Article 111312"},"PeriodicalIF":2.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46685453","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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