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Country-level cryptocurrency uncertainty and bank cost of capital 国家级加密货币的不确定性和银行的资本成本
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-11 DOI: 10.1016/j.econlet.2025.112614
Abu Hanifa Md. Noman , Mohammad Abdullah , Larisa Yarovaya
{"title":"Country-level cryptocurrency uncertainty and bank cost of capital","authors":"Abu Hanifa Md. Noman ,&nbsp;Mohammad Abdullah ,&nbsp;Larisa Yarovaya","doi":"10.1016/j.econlet.2025.112614","DOIUrl":"10.1016/j.econlet.2025.112614","url":null,"abstract":"<div><div>This study explores the impact of country-level cryptocurrency uncertainty on bank cost of capital, utilizing data from 63 countries over the period of 2009 to 2023. Our findings indicate that cryptocurrency uncertainty is associated with a reduction in banks’ cost of capital. This result remains robust using alternative proxies and controlling for endogeneity concerns. Additionally, we document that the impact is more pronounced for banks with low market competition, and high interest margin. These results provide valuable insights for policymakers and industry practitioners regarding the implications of cryptocurrency uncertainty on financial institutions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112614"},"PeriodicalIF":1.8,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106333","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
Mandatory pension savings and the insurance value of annuities 强制性养老金储蓄和年金的保险价值
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-11 DOI: 10.1016/j.econlet.2025.112574
Torben M. Andersen
{"title":"Mandatory pension savings and the insurance value of annuities","authors":"Torben M. Andersen","doi":"10.1016/j.econlet.2025.112574","DOIUrl":"10.1016/j.econlet.2025.112574","url":null,"abstract":"<div><div>Mandated pension schemes not only address the problem of undersaving but also typically offer annuities for the decumulation phase. These annuities perform a market maker function when, due to market failures, annuities are either unavailable or priced far from the actuarially fair benchmark. These annuities are intramarginal to the individual, and their insurance value is shown to be determined by a simple metric: the net present value of the payment flow discounted at the return on standard saving vehicles. The marginal and average values are identical, and the ex-ante value of the annuity is independent of individual preferences and survival probabilities.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112574"},"PeriodicalIF":1.8,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060885","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 reduction initiatives, firm innovation and firm value 碳减排、企业创新、企业价值
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-11 DOI: 10.1016/j.econlet.2025.112613
Albert Acheampong, Yan Wang
{"title":"Carbon reduction initiatives, firm innovation and firm value","authors":"Albert Acheampong,&nbsp;Yan Wang","doi":"10.1016/j.econlet.2025.112613","DOIUrl":"10.1016/j.econlet.2025.112613","url":null,"abstract":"<div><div>This study examines the impact of carbon reduction initiatives (CRI) on firm innovation and firm value. Using a sample of FTSE 350 non-financial firms from 2005 to 2023, we employ a novel text-mining approach to construct a CRI index and assess its relationship with firm’s R&amp;D intensity and market valuation. Our findings reveal that firms engaged in CRI exhibit higher innovation output and enhanced firm value. Further findings reveal that carbon-intensive firms realise greater valuation benefits, whereas non-carbon-intensive firms exhibit stronger innovation-driven gains. These results remain robust to several further analysis and endogeneity tests. Our study contributes to the literature on corporate sustainability by highlighting the financial and technological implications of CRI. The findings offer practical insights for corporate managers, investors, and policymakers on the strategic advantages of integrating sustainability into corporate decision-making.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112613"},"PeriodicalIF":1.8,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106330","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 aggregating preferences for redistribution 关于再分配的聚合偏好的说明
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-10 DOI: 10.1016/j.econlet.2025.112535
Daniel R. Carroll , André Victor D. Luduvice , Eric R. Young
{"title":"A note on aggregating preferences for redistribution","authors":"Daniel R. Carroll ,&nbsp;André Victor D. Luduvice ,&nbsp;Eric R. Young","doi":"10.1016/j.econlet.2025.112535","DOIUrl":"10.1016/j.econlet.2025.112535","url":null,"abstract":"<div><div>The policy predictions of standard heterogeneous agent macroeconomic models are often at odds with observed policies. We use the General Social Survey to investigate the drivers of individuals’ preferences over taxes and redistribution. We find that these preferences are more strongly associated with political identity than with economic status. We discuss the implications for quantitative macroeconomic models with endogenous policy determination.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112535"},"PeriodicalIF":1.8,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145154221","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 systemic nature of European uncertainty 欧洲不确定性的系统性本质
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-09 DOI: 10.1016/j.econlet.2025.112610
Daniel Pastorek, Svatopluk Kapounek, Peter Albrecht
{"title":"The systemic nature of European uncertainty","authors":"Daniel Pastorek,&nbsp;Svatopluk Kapounek,&nbsp;Peter Albrecht","doi":"10.1016/j.econlet.2025.112610","DOIUrl":"10.1016/j.econlet.2025.112610","url":null,"abstract":"<div><div>Our paper explores the structural nature of Economic Policy Uncertainty (EPU) in the EU, showing it is shaped by European integration rather than purely country-specific factors. Using a new European Integration Uncertainty Index, we find strong institutional and financial interdependence among member states. Uncertainty connectedness is persistently high (50–60%), with France, Germany, and the UK as key transmitters. We also identify both persistent and episodic transmitters, reflecting structural vulnerabilities and institutional linkages within the EU. These findings highlight the systemic nature of uncertainty propagation across EU countries.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112610"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046918","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
Contests with endogenous claims: Conflict dissipation 与内生主张的竞争：冲突消散
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-09 DOI: 10.1016/j.econlet.2025.112572
Daniel Cardona , Marc Claveria-Mayol , Clara Ponsatí
{"title":"Contests with endogenous claims: Conflict dissipation","authors":"Daniel Cardona ,&nbsp;Marc Claveria-Mayol ,&nbsp;Clara Ponsatí","doi":"10.1016/j.econlet.2025.112572","DOIUrl":"10.1016/j.econlet.2025.112572","url":null,"abstract":"<div><div>We examine a one-dimensional policy contest between two agents that takes place in two steps: first, agents choose policy proposals; then, they engage in a Tullock contest in which one of the proposals prevails. We show that there is a unique subgame perfect equilibrium (in undominated strategies), in which both contestants moderate their claims equally. When the contest is sufficiently competitive, proposals converge to the center, and conflict dissipates. Expected payoffs increase with the degree of competitiveness (up to an upper bound), while aggregate effort increases to a maximum and then decreases.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112572"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046781","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 analysis of spatial panel Durbin model with convex combinations of different spatial weight matrices 贝叶斯分析空间面板Durbin模型与不同空间权重矩阵的凸组合
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-09 DOI: 10.1016/j.econlet.2025.112587
Jiajia Wang
{"title":"Bayesian analysis of spatial panel Durbin model with convex combinations of different spatial weight matrices","authors":"Jiajia Wang","doi":"10.1016/j.econlet.2025.112587","DOIUrl":"10.1016/j.econlet.2025.112587","url":null,"abstract":"<div><div>This study examines the spatial panel Durbin model with convex combinations of different spatial weight matrices. These combinations are present not only in the spatial lag of the dependent variable but also in the spatial lags of the explanatory variables. Moreover, the combination coefficients in the spatially lagged dependent and explanatory variables may differ. An adaptive MCMC sampling method is used for the Bayesian estimation of this model. Additionally, this study explores model selection issues using the posterior Bayesian information criterion.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112587"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046782","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
CEO earnings: Evidence from Danish twins CEO收入：来自丹麦双胞胎的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-09 DOI: 10.1016/j.econlet.2025.112562
Martin Conyon , Juyeong Jeong , Steen Thomsen
{"title":"CEO earnings: Evidence from Danish twins","authors":"Martin Conyon ,&nbsp;Juyeong Jeong ,&nbsp;Steen Thomsen","doi":"10.1016/j.econlet.2025.112562","DOIUrl":"10.1016/j.econlet.2025.112562","url":null,"abstract":"<div><div>We estimate the CEO earnings premium using Danish twin data. Ordinary least squares indicate CEOs earn 59.5% more than comparable non-CEOs. Controlling for twin-pair and firm fixed effects, which capture shared family, genetic, and workplace factors, reduces the premium substantially to 15.9%. A series of sensitivity analyses — varying income definitions, sample restrictions, firm-size interactions, and environmental controls — confirm that this reduced premium remains robust. These results suggest that a significant portion of the CEO earnings gap is explained by unobserved background factors rather than by the causal effect of CEO status itself.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112562"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145027362","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
Betting on success: Unveiling the role of innovation and financing capability on funding decisions by human versus AI evaluators 押注成功：揭示创新和融资能力在人类与人工智能评估人员的融资决策中的作用
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-08 DOI: 10.1016/j.econlet.2025.112605
Lun Li , Yanbo Peng , Guanlin Shao , Huiyang Dai
{"title":"Betting on success: Unveiling the role of innovation and financing capability on funding decisions by human versus AI evaluators","authors":"Lun Li ,&nbsp;Yanbo Peng ,&nbsp;Guanlin Shao ,&nbsp;Huiyang Dai","doi":"10.1016/j.econlet.2025.112605","DOIUrl":"10.1016/j.econlet.2025.112605","url":null,"abstract":"<div><div>This study compares preferences of AI and human evaluators in startup funding, finding that humans prioritize startups with higher innovation capabilities whereas AI favors superior financing capabilities. External certifications can substitute for these internal capabilities, thereby weakening their predictive power.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112605"},"PeriodicalIF":1.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046783","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
Modifications of several axiomatizations of the Shapley value by weakening the efficiency axiom 弱化效率公理对Shapley值若干公理化的修正
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-03 DOI: 10.1016/j.econlet.2025.112583
Erfang Shan , Liying Kang , Jilei Shi
{"title":"Modifications of several axiomatizations of the Shapley value by weakening the efficiency axiom","authors":"Erfang Shan ,&nbsp;Liying Kang ,&nbsp;Jilei Shi","doi":"10.1016/j.econlet.2025.112583","DOIUrl":"10.1016/j.econlet.2025.112583","url":null,"abstract":"<div><div>The Shapley value is one of the most popular allocation rules for cooperative games. In this paper we modify several well-known axiomatizations of the Shapley value in the literature by relaxing the efficiency axiom to the gain-loss axiom.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112583"},"PeriodicalIF":1.8,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144989563","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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