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New findings on the asset growth anomaly: The joint effect of profitability and financing constraints 关于资产增长异常的新发现：盈利能力和融资限制的共同影响
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112016
Kyungyeon (Rachel) Koh
{"title":"New findings on the asset growth anomaly: The joint effect of profitability and financing constraints","authors":"Kyungyeon (Rachel) Koh","doi":"10.1016/j.econlet.2024.112016","DOIUrl":"10.1016/j.econlet.2024.112016","url":null,"abstract":"<div><div>In previous studies, the asset growth anomaly is found to be driven by less profitable firms or firms with losses. However, we provide contrary evidence that the risk-adjusted return on the low-minus-high asset growth portfolio is statistically and economically significant among more profitable firms, when controlling for financing constraints. In fact, the asset growth effect is most pronounced in firms with both high profitability and high financing constraints. We present a theoretical framework demonstrating that these results are consistent with q-theory, supporting the hypothesis that the discount-rate channel underlies the asset growth effect. In our analysis, we employ the most up-to-date, machine-learning-based indices developed by Linn and Weagley (2023), to enhance accuracy of measuring financing constraints.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112016"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416150","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
“Is cash better with color?” – Do CEOs of color generate higher value of cash? "有色人种的现金价值更高吗？- 有色人种首席执行官产生的现金价值更高吗？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112007
Gajanan Ganji , Arati Kale , Devendra Kale
{"title":"“Is cash better with color?” – Do CEOs of color generate higher value of cash?","authors":"Gajanan Ganji ,&nbsp;Arati Kale ,&nbsp;Devendra Kale","doi":"10.1016/j.econlet.2024.112007","DOIUrl":"10.1016/j.econlet.2024.112007","url":null,"abstract":"<div><div>We investigate the impact of CEO ethnicity on the value of cash. We find that CEOs of color generate higher value of cash. For each dollar held, CEOs of color generate an additional $1.04 compared to white CEOs. Our results are robust to alternative proxies for CEOs of color, changes to model specifications, fixed effect choices, sub-sample analysis, and matched sample analysis. Since CEOs of color have to meet more rigorous standards, we conjecture that it is likely that CEOs of color are more skilled and/or show higher confidence since they have a higher bar to cross than white CEOs. This allows such CEOs to extract higher value of cash. Hence, they juice more value out of cash held.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112007"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416146","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
Government certified environmental labels and trade credit: Evidence from green factories 政府认证的环境标签和贸易信贷：来自绿色工厂的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112008
Panni Li , Shouyu Yao , Lin Fan , Shihao Yin , Huibin Du
{"title":"Government certified environmental labels and trade credit: Evidence from green factories","authors":"Panni Li ,&nbsp;Shouyu Yao ,&nbsp;Lin Fan ,&nbsp;Shihao Yin ,&nbsp;Huibin Du","doi":"10.1016/j.econlet.2024.112008","DOIUrl":"10.1016/j.econlet.2024.112008","url":null,"abstract":"<div><div>Using novel data from a manually collected green factory list, our results show government-certified labels significantly enhance trade credits by reducing information asymmetry. Heterogeneity analysis reveals stronger effects in highly monopolized, low-reputation markets, where green certification provides a competitive advantage.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112008"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416145","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
Regional bombs and firm investment decisions: Evidence from the Vietnam War 地区炸弹与企业投资决策：越南战争的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112012
Thu Thanh Luu , Duong Phuong Thao Pham
{"title":"Regional bombs and firm investment decisions: Evidence from the Vietnam War","authors":"Thu Thanh Luu ,&nbsp;Duong Phuong Thao Pham","doi":"10.1016/j.econlet.2024.112012","DOIUrl":"10.1016/j.econlet.2024.112012","url":null,"abstract":"<div><div>This study examines the impact of historical bomb density on the investment decisions of Vietnamese firms, particularly in infrastructure. Employing an instrumental variable approach, this study examines the causal relationship between bomb density and tangible asset investments. The findings indicate that bomb density significantly influences these investments, with infrastructure quality and literacy rates as mediating factors.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112012"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526557","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
Competition for publication-based rewards 竞争出版物奖励
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112017
Mike Felgenhauer
{"title":"Competition for publication-based rewards","authors":"Mike Felgenhauer","doi":"10.1016/j.econlet.2024.112017","DOIUrl":"10.1016/j.econlet.2024.112017","url":null,"abstract":"<div><div>This paper studies how more competition among researchers for publication-based rewards affects the quality of the publication process. Publishable results can be generated via costly informative sequential private experimentation or costly uninformative manipulation. By reducing expected rewards, competition may discourage manipulation in favor of experimentation, but not vice versa. It also reduces excessive experimentation. Both effects improve the quality of the publication process.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112017"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416148","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
Supply chain adjustments to tariff shocks: Evidence from firm trade linkages in the 2018-2019 U.S. trade war 关税冲击下的供应链调整：2018-2019 年美国贸易战中企业贸易联系的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112009
Kyle Handley , Fariha Kamal , Ryan Monarch
{"title":"Supply chain adjustments to tariff shocks: Evidence from firm trade linkages in the 2018-2019 U.S. trade war","authors":"Kyle Handley ,&nbsp;Fariha Kamal ,&nbsp;Ryan Monarch","doi":"10.1016/j.econlet.2024.112009","DOIUrl":"10.1016/j.econlet.2024.112009","url":null,"abstract":"<div><div>We use the 2018-2019 U.S. trade war to examine how supply chains adjustments to a tariff cost shock affect imports. Using confidential trade data, we show that the decline in U.S. imports of tariffed goods during the trade war was driven primarily by the exit of firms from import markets, discontinued buyer–supplier relationships, and reduced entry into importing. However, tariffed products where imports were concentrated in fewer suppliers exhibited smaller declines in import growth.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112009"},"PeriodicalIF":2.1,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416390","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
Detecting market bubbles: A generalized LPPLS neural network model 检测市场泡沫：广义 LPPLS 神经网络模型
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-04 DOI: 10.1016/j.econlet.2024.112003
Juntao Ma, Chenchen Li
{"title":"Detecting market bubbles: A generalized LPPLS neural network model","authors":"Juntao Ma,&nbsp;Chenchen Li","doi":"10.1016/j.econlet.2024.112003","DOIUrl":"10.1016/j.econlet.2024.112003","url":null,"abstract":"<div><div>To enhance bubble detection capabilities, we introduce two significant improvements to the Log-Periodic Power Law Singularity (LPPLS) model: (1) a novel fitting approach, which yields more accurate predictions of critical price distributions within a single sample window; (2) a restructured neural network approach further enhances the estimations of the probability distributions of the critical points across both time and price dimensions, and it can be fine-tuned with real-world data. The simulation and practical applications to typical asset price bubbles in cryptocurrencies, commodities, and equity indices demonstrate that our refined model, the Generalized-LPPLS Neural Network (G-LPPLS-NN), outperforms all other models we examined in terms of predictive accuracy for critical point distributions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112003"},"PeriodicalIF":2.1,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416151","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
Anti-Maintenance of Certification laws and older physician supply 反维持认证法与老年医生供应
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-03 DOI: 10.1016/j.econlet.2024.112001
Shishir Shakya , Tulasiram Nepal , Manu M. Mathew , Edward J. Timmons
{"title":"Anti-Maintenance of Certification laws and older physician supply","authors":"Shishir Shakya ,&nbsp;Tulasiram Nepal ,&nbsp;Manu M. Mathew ,&nbsp;Edward J. Timmons","doi":"10.1016/j.econlet.2024.112001","DOIUrl":"10.1016/j.econlet.2024.112001","url":null,"abstract":"<div><div>The American Board of Medical Specialties (ABMS) mandates Maintenance of Certification (MOC) exams every ten years to improve patient care and physician skills, but some states consider it expensive and burdensome and have introduced anti-MOC laws. We exploited state-level staggered adoption of anti-MOC laws and found an additional 1.4–1.9 percentage point biannual increase in older physicians aged 60+ in states with anti-MOC laws, with no effect on younger physicians under 60. Our study suggests that anti-MOC laws improve the supply of older physicians.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112001"},"PeriodicalIF":2.1,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416142","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
Intergenerational effects of affirmative action in higher education: Evidence from India 高等教育平权行动的代际效应：印度的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-10-03 DOI: 10.1016/j.econlet.2024.112010
Pragati, Sounak Thakur
{"title":"Intergenerational effects of affirmative action in higher education: Evidence from India","authors":"Pragati,&nbsp;Sounak Thakur","doi":"10.1016/j.econlet.2024.112010","DOIUrl":"10.1016/j.econlet.2024.112010","url":null,"abstract":"<div><div>We study the intergenerational effects of affirmative action in higher education on children's nutritional outcomes. Our context is India, where we exploit a policy-induced introduction of reservation of seats in higher education for the socially disadvantaged Other Backward Classes. We find that children of exposed mothers are less likely to be stunted. The effect is more pronounced for daughters. Higher levels of education and greater autonomy amongst treated mothers plausibly drive these results.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112010"},"PeriodicalIF":2.1,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432046","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
Gender differences in the added (home) worker effect 新增（家庭）工人效应的性别差异
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-30 DOI: 10.1016/j.econlet.2024.111998
Jim Been , Eduard Suari-Andreu , Daan Wisselo
{"title":"Gender differences in the added (home) worker effect","authors":"Jim Been ,&nbsp;Eduard Suari-Andreu ,&nbsp;Daan Wisselo","doi":"10.1016/j.econlet.2024.111998","DOIUrl":"10.1016/j.econlet.2024.111998","url":null,"abstract":"<div><div>This study combines the literature on home production and on the added worker effect as households’ self-insurance mechanisms against unemployment. Exploiting Dutch panel data with detailed information on time use categories and subjective job loss expectations, we estimate the causal effect of an unforeseen job loss on spouses’ time use decisions regarding paid work and home production. In the analysis we explicitly differentiate between males and females who experience sudden unemployment. We find no effect on the intensive or extensive margins of spousal labor supply or on spousal time in home production.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111998"},"PeriodicalIF":2.1,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142416141","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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