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Political elections and market reactions: The ‘Trump effect’ on green stocks
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-03-01 DOI: 10.1016/j.econlet.2025.112261
Simona Cosma , Stefano Cosma , Luca Gambarelli , Daniela Pennetta , Giuseppe Rimo
{"title":"Political elections and market reactions: The ‘Trump effect’ on green stocks","authors":"Simona Cosma ,&nbsp;Stefano Cosma ,&nbsp;Luca Gambarelli ,&nbsp;Daniela Pennetta ,&nbsp;Giuseppe Rimo","doi":"10.1016/j.econlet.2025.112261","DOIUrl":"10.1016/j.econlet.2025.112261","url":null,"abstract":"<div><div>The election of Donald Trump as the 45th president of the United States and his sceptical positions on climate threaten the fight against climate change, potentially weakening investors’ green concerns. Through an event study approach, we aim to analyse the reaction of the U.S. stock market to the latest presidential election, exploring the investors’ reactions across sectors. We find a strong heterogeneous reaction across sectors. Moreover, we show that the worst performance in the short period is attributable to companies with better performance on environmental issues, which could mean an adjustment of investors’ assessment criteria in anticipation of President Trump's anti-climate policies, reduced transition risk for \"brown\" firms and lower benefits for firms excelling in environmental performance.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"249 ","pages":"Article 112261"},"PeriodicalIF":2.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143551532","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
Disseminating healthcare providers’ performance ratings
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-03-01 DOI: 10.1016/j.econlet.2025.112248
Vi Cao
{"title":"Disseminating healthcare providers’ performance ratings","authors":"Vi Cao","doi":"10.1016/j.econlet.2025.112248","DOIUrl":"10.1016/j.econlet.2025.112248","url":null,"abstract":"<div><div>This paper presents a theoretical model of an altruistic provider’s response to an intervention that makes his performance rating more accessible to patients. We find that the provider exerts more effort; furthermore, a low-altruism provider increases effort more than a high-altruism provider. The effect of the intervention on the social surplus is also investigated.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"249 ","pages":"Article 112248"},"PeriodicalIF":2.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528963","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
House prices and sectoral output: A cross-country analysis
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-22 DOI: 10.1016/j.econlet.2025.112238
Berrak Bahadir , Inci Gumus , Zeren Tatar Taspinar
{"title":"House prices and sectoral output: A cross-country analysis","authors":"Berrak Bahadir ,&nbsp;Inci Gumus ,&nbsp;Zeren Tatar Taspinar","doi":"10.1016/j.econlet.2025.112238","DOIUrl":"10.1016/j.econlet.2025.112238","url":null,"abstract":"<div><div>This paper empirically analyzes the medium-run impact of house price fluctuations on sectoral output dynamics. Using an unbalanced panel of 47 countries, we find that house price expansions negatively affect the tradable sector, with no significant impact on the nontradable sector. Our results further show that house price expansions lead to real exchange rate appreciation, which raises domestic costs and diminishes the country’s competitiveness in international markets. We also study the importance of exchange rate flexibility for the link between house prices and sectoral output and show that the negative impact on the tradable sector is less pronounced in countries with more flexible exchange rate regimes, highlighting the importance of the real exchange rate’s response to house price changes.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112238"},"PeriodicalIF":2.1,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474889","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
Place-based policy and spillovers in the housing market
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-21 DOI: 10.1016/j.econlet.2025.112242
Hayoung Kim
{"title":"Place-based policy and spillovers in the housing market","authors":"Hayoung Kim","doi":"10.1016/j.econlet.2025.112242","DOIUrl":"10.1016/j.econlet.2025.112242","url":null,"abstract":"<div><div>In response to soaring housing prices during the COVID-19 pandemic, some governments imposed bans on investor purchases in hot housing markets, raising concerns that such place-based regulations would shift investment demand to adjacent, non-regulated areas. This study examines a ban on rental-purpose purchases in South Korea and finds that the regulation leads to price declines in both regulated and adjacent areas, demonstrating a price spillover effect: an 8.9 % decrease in the regulated area and a 5.2 % decrease in adjacent areas. Moreover, there is no statistical evidence of demand displacement or increased transaction volumes in adjacent areas, while the investor ban is associated with a 25.6 % decline in transaction volumes within the regulated zone. These findings suggest that price spillover effects outweigh displacement effects in heated housing markets, indicating that place-based policies can effectively curb real estate price increases despite concerns about investment demand displacement.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112242"},"PeriodicalIF":2.1,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463896","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
Do institutional investor cliques prefer supply chain transparency?
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-21 DOI: 10.1016/j.econlet.2025.112246
Shi Li , Meng Li , Leyao Ma , Jing Ding
{"title":"Do institutional investor cliques prefer supply chain transparency?","authors":"Shi Li ,&nbsp;Meng Li ,&nbsp;Leyao Ma ,&nbsp;Jing Ding","doi":"10.1016/j.econlet.2025.112246","DOIUrl":"10.1016/j.econlet.2025.112246","url":null,"abstract":"<div><div>We examine the impact of supply chain transparency (SCT) on institutional investor cliques’ ownership. We find that institutional investors in cliques prefer firms with lower SCT, which reinforces their information advantage. The preference is more pronounced when the social distance among clique members is closer, aligning with the explanation that institutional investors acquire private information through social networks, leading to coordinated actions. Further, this preference is strengthened when a firm has greater market power or profitability. These results indicate that the non-financial information contained within undisclosed supply chains affects institutional investors' decision-making. We provide a fresh perspective and evidence on the formation of institutional investor cliques.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112246"},"PeriodicalIF":2.1,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487060","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 effect of an anonymous grading reform for male and female university students
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-21 DOI: 10.1016/j.econlet.2025.112241
Joakim Jansson , Björn Tyrefors
{"title":"The effect of an anonymous grading reform for male and female university students","authors":"Joakim Jansson ,&nbsp;Björn Tyrefors","doi":"10.1016/j.econlet.2025.112241","DOIUrl":"10.1016/j.econlet.2025.112241","url":null,"abstract":"<div><div>This paper leverages a university-wide anonymous grading reform and presents evidence that female university students benefit from anonymous grading. Female grades improve by around 0.035 standard deviations relative to males. The effect is driven by smaller classes and male-dominated departments.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112241"},"PeriodicalIF":2.1,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463895","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
Sticky information and price controls: Evidence from a natural experiment
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-21 DOI: 10.1016/j.econlet.2025.112245
Doron Sayag , Avichai Snir , Daniel Levy
{"title":"Sticky information and price controls: Evidence from a natural experiment","authors":"Doron Sayag ,&nbsp;Avichai Snir ,&nbsp;Daniel Levy","doi":"10.1016/j.econlet.2025.112245","DOIUrl":"10.1016/j.econlet.2025.112245","url":null,"abstract":"<div><div>We test the predictions of the sticky information model using a survey dataset by comparing shoppers’ accuracy in recalling the prices of regulated and comparable unregulated products. Because regulated product prices are capped, they are sold more than comparable unregulated products, while their prices change less frequently and vary less across stores and between brands, than the prices of comparable unregulated products. Therefore, shoppers would be expected to recall the regulated product prices more accurately. However, we find that shoppers are better at recalling the prices of unregulated products, in line with the sticky information model which predicts that shoppers will be more attentive to prices that change more frequently.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112245"},"PeriodicalIF":2.1,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487059","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
Is financial anxiety gendered? A cross-sectional analysis during the COVID-19 pandemic
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-19 DOI: 10.1016/j.econlet.2025.112237
Marvelous Kadzima , Michael Machokoto , Reon Matemane
{"title":"Is financial anxiety gendered? A cross-sectional analysis during the COVID-19 pandemic","authors":"Marvelous Kadzima ,&nbsp;Michael Machokoto ,&nbsp;Reon Matemane","doi":"10.1016/j.econlet.2025.112237","DOIUrl":"10.1016/j.econlet.2025.112237","url":null,"abstract":"<div><div>Using data from 96,169 individuals across 114 countries, we find that women experience higher financial anxiety than men, especially in less-developed countries and civil-law nations, emphasizing the need for targeted policies to reduce gendered financial inequality.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112237"},"PeriodicalIF":2.1,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487058","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
Trade liberalization by less developed countries with a large market size: Meager welfare gains?
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-17 DOI: 10.1016/j.econlet.2025.112240
Adolfo Cristóbal Campoamor
{"title":"Trade liberalization by less developed countries with a large market size: Meager welfare gains?","authors":"Adolfo Cristóbal Campoamor","doi":"10.1016/j.econlet.2025.112240","DOIUrl":"10.1016/j.econlet.2025.112240","url":null,"abstract":"<div><div>In this paper we present a one-sector Dixit-Stiglitz-Krugman model of North-South trade, in order to evaluate the welfare and convergence implications of a gradual, bilateral trade liberalization. Using the same formal setting that generated the “new trade theory” wave, we show that a technologically disadvantaged South may diverge in welfare terms with the North, provided that its population and market size were large enough. Both countries are shown to benefit from trade in absolute terms. The causality mechanism deals with a home-market effect, which reinforces the potential exports of the largest economy, and a simultaneous terms-of-trade effect, which preserves trade balance by reducing the relative prices and wage rate of the largest and poorest country.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112240"},"PeriodicalIF":2.1,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437591","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 fertility rate convergence in the United States
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-17 DOI: 10.1016/j.econlet.2025.112243
Liam Keck , Won Sung , Junsoo Lee
{"title":"Testing fertility rate convergence in the United States","authors":"Liam Keck ,&nbsp;Won Sung ,&nbsp;Junsoo Lee","doi":"10.1016/j.econlet.2025.112243","DOIUrl":"10.1016/j.econlet.2025.112243","url":null,"abstract":"<div><div>The global decline in fertility rates has increasingly captured the attention of policymakers and economists. Previous studies have examined global fertility convergence. While heterogeneous transition paths across regions within a country are observable, the literature has largely overlooked this aspect. This paper addresses whether fertility rates tend to converge within the United States, offering a focused examination of this issue.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"248 ","pages":"Article 112243"},"PeriodicalIF":2.1,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463627","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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