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Green bonds and intelligent manufacturing: Evidence from listed firms in China
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112150
You Zhou , Xiaohan Li , Zhijing Wu , Jian Wu , Hui Li
{"title":"Green bonds and intelligent manufacturing: Evidence from listed firms in China","authors":"You Zhou ,&nbsp;Xiaohan Li ,&nbsp;Zhijing Wu ,&nbsp;Jian Wu ,&nbsp;Hui Li","doi":"10.1016/j.econlet.2024.112150","DOIUrl":"10.1016/j.econlet.2024.112150","url":null,"abstract":"<div><div>Manufacturing industry serves as a key contributor to economic growth, while intelligent manufacturing has critical relevance for manufacturing upgrading. We adopt a difference-in-differences method to evaluate how green bonds affect the development of intelligent manufacturing based on data representing publicly listed firms in China from 2012 to 2021. The results show that issuing green bonds increases intelligent manufacturing significantly, by 1.22 % on average, with green innovation serving as a channel for that impact. However, the effect of green bonds varies depending on nature of equity, level of pollution, and level of intelligent manufacturing. Issuing green bonds primarily enhances the intelligent manufacturing level of private-owned, non-heavily polluting, and highly intelligent enterprises. These findings indicate that promoting green bond issuance among enterprises could effectively accelerate intelligent transformation of the manufacturing industry.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112150"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166176","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
Payoff equivalence in sealed bid auctions and the dual theory of choice under risk: A correction
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112139
Oscar Volij
{"title":"Payoff equivalence in sealed bid auctions and the dual theory of choice under risk: A correction","authors":"Oscar Volij","doi":"10.1016/j.econlet.2024.112139","DOIUrl":"10.1016/j.econlet.2024.112139","url":null,"abstract":"<div><div>This note corrects a mistake in Volij (2002) “Payoff equivalence in sealed bid auctions and the dual theory of choice under risk,” Economics Letters, 76(2), 231–237. It shows the payoff equivalence of a family of auctions when risk-averse bidders behave according to Yaari’s dual theory of choice under risk.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112139"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131875","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 weaker player’s option to exit as a source of bargaining power in bilateral bargaining with fixed costs
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112090
Shinsuke Kambe
{"title":"The weaker player’s option to exit as a source of bargaining power in bilateral bargaining with fixed costs","authors":"Shinsuke Kambe","doi":"10.1016/j.econlet.2024.112090","DOIUrl":"10.1016/j.econlet.2024.112090","url":null,"abstract":"<div><div>We study the strategic value of the proposer’s option to exit in alternating-offer bargaining where players incur fixed costs per period. Despite the multiplicity of equilibria, the proposer’s option to exit unambiguously improves the bargaining outcome of the player with the higher cost when she is a proposer. When her opponent with the lower cost rejects her offer, he has to give some share to her in the next period in order to prevent her from leaving the negotiation. This effect does not arise when the cost of bargaining comes from discounting, and there are no outside options.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112090"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165725","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
Debt beliefs and public support for restrictive fiscal rules
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112104
Jaroslaw Kantorowicz , Katarzyna Metelska-Szaniawska
{"title":"Debt beliefs and public support for restrictive fiscal rules","authors":"Jaroslaw Kantorowicz ,&nbsp;Katarzyna Metelska-Szaniawska","doi":"10.1016/j.econlet.2024.112104","DOIUrl":"10.1016/j.econlet.2024.112104","url":null,"abstract":"<div><div>The public tends to underestimate the level of public debt. Can information about the actual level of indebtedness in one's own country, or elsewhere, make people more supportive of restrictive fiscal policies such as stringent fiscal rules? To answer this question, we run a set of well-powered survey experiments on quota-representative samples of respondents in Germany and Poland. We show that the mere information about the actual level of public debt in one's own country does not increase people's support for stringent fiscal rules. However, informing people about the levels of public debt abroad does have an effect. On average, people are more (less) supportive of strict fiscal rules when they are provided with the information about the low (high) level of public debt abroad.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112104"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165730","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
Bias in estimating returns to tenure: The impact of monopsony power
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112105
Andy Snell , Jonathan P. Thomas , Pedro Martins
{"title":"Bias in estimating returns to tenure: The impact of monopsony power","authors":"Andy Snell ,&nbsp;Jonathan P. Thomas ,&nbsp;Pedro Martins","doi":"10.1016/j.econlet.2024.112105","DOIUrl":"10.1016/j.econlet.2024.112105","url":null,"abstract":"<div><div>This note revisits the bias in returns to tenure estimates (RTT) that arises when firm employment and wages comove through firm-specific (FS) wage shocks — shocks to wages that likely occur in the presence of monopsony power(MP). In an earlier paper, Snell et al. (2018), found that adding firm-year fixed effects to a Mincer regression for workers in a small sample of firms in German and Portuguese panel data raised the estimated RTT schedules by about 30%. Here we re-examine the sign and magnitude of this bias using the universe of workers in Portugal. We find the bias remains negative and large. We then split the data into low and high labour market concentration firms to examine the role MP plays in these results. We find that the RTT bias arising from FS wage shocks is larger in firms with high MP than low MP. The results reinforce the need to control for FS wage shocks in RTT estimation exercises especially where comparisons across different workers in different firms are made.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112105"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165731","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
Where technology meets tax: The impact of digital tax administration on tax incentive take-up
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112118
Chao Lin, Kaili Ma, Xing Zhang
{"title":"Where technology meets tax: The impact of digital tax administration on tax incentive take-up","authors":"Chao Lin,&nbsp;Kaili Ma,&nbsp;Xing Zhang","doi":"10.1016/j.econlet.2024.112118","DOIUrl":"10.1016/j.econlet.2024.112118","url":null,"abstract":"<div><div>This study identifies the Chinese government's tax management information system (<em>Jinshui</em>) as a key factor in increasing the likelihood that high-tech enterprises (HTEs) claim the tax incentive and enhancing the effectiveness of the policy. The impact of <em>Jinshui</em> varies across different enterprise types. Information technology bridges the information gap between the government and businesses, and strengthens the regulatory capacity of administrative departments.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112118"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165738","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
Bank efficiency and liquidity creation in the Euro Area: A Bayesian approach
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112101
Antonio Fabio Forgione, Carlo Migliardo, Marco Spadaro
{"title":"Bank efficiency and liquidity creation in the Euro Area: A Bayesian approach","authors":"Antonio Fabio Forgione,&nbsp;Carlo Migliardo,&nbsp;Marco Spadaro","doi":"10.1016/j.econlet.2024.112101","DOIUrl":"10.1016/j.econlet.2024.112101","url":null,"abstract":"<div><div>This study delves into the complex relationship between bank efficiency and liquidity creation through a Bayesian stochastic frontier analysis performed on a panel of banks from the Euro Area countries over the period 2014–2022. The findings offer nuanced insights into the factors that influence liquidity creation and highlight the role of technical efficiency in facilitating this process. Effective risk management and efficient resource utilization are crucial in determining a bank’s ability to transform deposits into loans and increase overall liquidity, regardless of the bank’s characteristics of size and capital. The results suggest that policymakers should focus on promoting best practices in bank management to not only stabilize the banking sector but also extend credit to the broader economy.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112101"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165742","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 reality of consumption: Comparing self-reported and observed marginal propensity to consume
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112179
Kozo Ueda
{"title":"The reality of consumption: Comparing self-reported and observed marginal propensity to consume","authors":"Kozo Ueda","doi":"10.1016/j.econlet.2025.112179","DOIUrl":"10.1016/j.econlet.2025.112179","url":null,"abstract":"<div><div>Surveys are widely used in economic analyses. This study compares the self-reported and actual marginal propensity to consume by integrating survey with bank transaction data. The estimation results reveal no significant relationship between the two measures, casting a doubt on the use of self-reported consumption measures.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112179"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166047","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
The properness of weak stability notions
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112163
Luosai Zhang
{"title":"The properness of weak stability notions","authors":"Luosai Zhang","doi":"10.1016/j.econlet.2024.112163","DOIUrl":"10.1016/j.econlet.2024.112163","url":null,"abstract":"<div><div>Multiple weak stability notions have been proposed for two-sided matching problems, each based on a different perspective to justify the existence of certain blocking pairs. We introduce a criterion, called <em>properness</em>, to evaluate these weak stability notions. We say a notion of weak stability is proper if, whenever a matching is weakly stable, every matching that is more stable than it (admitting a subset of blocking pairs) is also weakly stable. We show that among existing notions of weak stability: the von Neumann and Morgenstern stable set, reasonable stability, <span><math><mi>α</mi></math></span>-equitability, partial stability, and the Tang-Zhang weak stability are proper, whereas the Klijn-Massó weak stability, essential stability, and priority-neutrality are not proper.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112163"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166049","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 parsimonious model for zero inflation at the zero lower bound
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112134
Yuta Takahashi, Naoki Takayama
{"title":"A parsimonious model for zero inflation at the zero lower bound","authors":"Yuta Takahashi,&nbsp;Naoki Takayama","doi":"10.1016/j.econlet.2024.112134","DOIUrl":"10.1016/j.econlet.2024.112134","url":null,"abstract":"<div><div>Standard monetary models with representative households typically predict sizable deflation at the zero lower bound of interest rates, yet Japan had experienced near-zero inflation. By replacing infinite-lived households with finite-lived ones, we offer a parsimonious resolution under reasonable parameter values.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112134"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166172","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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