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Bank stocks and Roosevelt’s bank holiday 银行股和罗斯福的银行假日
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-11 DOI: 10.1016/j.econlet.2025.112539
Marc Weidenmier , Angela Vossmeyer , Nathan Stella , Oncel Aldanmaz
{"title":"Bank stocks and Roosevelt’s bank holiday","authors":"Marc Weidenmier ,&nbsp;Angela Vossmeyer ,&nbsp;Nathan Stella ,&nbsp;Oncel Aldanmaz","doi":"10.1016/j.econlet.2025.112539","DOIUrl":"10.1016/j.econlet.2025.112539","url":null,"abstract":"<div><div>Roosevelt’s Bank Holiday in March 1933 aimed to halt bank runs and implement licensing for banks. Using a new hand-collected daily database, we examine how bank stocks and bond markets responded to this sweeping regulation. We find that New York City banks saw significant negative abnormal returns, while Chicago banks experienced positive returns, highlighting regional differences in perceptions of the policy. Corporate bond yields fell by 1.4 percentage points, lowering interest rates. Our findings show how markets reacted differently across regions and asset classes to this critical intervention.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112539"},"PeriodicalIF":1.8,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865442","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 power of public data: How does public data shape the spatial distribution of China's AI Firms? 公共数据的力量：公共数据如何塑造中国人工智能企业的空间分布？
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-11 DOI: 10.1016/j.econlet.2025.112563
Qiang Ji , Song Nie
{"title":"The power of public data: How does public data shape the spatial distribution of China's AI Firms?","authors":"Qiang Ji ,&nbsp;Song Nie","doi":"10.1016/j.econlet.2025.112563","DOIUrl":"10.1016/j.econlet.2025.112563","url":null,"abstract":"<div><div>We consider the \"establishment of public data open platforms\" as a quasi-experiment and adopt the staggered DID method to examine the effect of public data openness on spatial distribution of AI firms. We find that public data openness significantly increases AI firm agglomeration, especially in inland, northern, and resource-based cities. This positive effect acts through improving capital allocation and increasing talent concentration. Our findings highlight the critical role of data governance reforms in shaping digital industrial geography and provide empirical evidence on the benefits of public data openness for fostering inclusive and innovative spatial development.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112563"},"PeriodicalIF":1.8,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827677","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
Conformism across games 游戏间的一致性
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-11 DOI: 10.1016/j.econlet.2025.112510
Roberto Rozzi
{"title":"Conformism across games","authors":"Roberto Rozzi","doi":"10.1016/j.econlet.2025.112510","DOIUrl":"10.1016/j.econlet.2025.112510","url":null,"abstract":"<div><div>I study a population of conformist and rational players playing 2x2 games and calculate the locally stable fraction of conformists. I evaluate the fitness of each behavioral rule in all Nash Equilibria for each population share, discounting a cognitive cost to rational players. I find that conformists outperform rational players when in the minority because, in that case, the equilibrium is such that all strategies yield the same payoff. If the cognitive cost for rational players is sufficiently large, the only locally stable population composition is one in which each behavioral rule plays a different pure strategy in equilibrium.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112510"},"PeriodicalIF":1.8,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827678","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
Sequential pricing on multisided platforms 多边平台上的顺序定价
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-11 DOI: 10.1016/j.econlet.2025.112543
Philippe Bontems , Stephen F. Hamilton , Jason Lepore
{"title":"Sequential pricing on multisided platforms","authors":"Philippe Bontems ,&nbsp;Stephen F. Hamilton ,&nbsp;Jason Lepore","doi":"10.1016/j.econlet.2025.112543","DOIUrl":"10.1016/j.econlet.2025.112543","url":null,"abstract":"<div><div>Multisided platforms have emerged as an increasingly important market structure with the rise of the digital economy. In this paper, we consider sequential price setting behavior by platforms and demonstrate sequential pricing outcomes Pareto dominate simultaneous pricing outcomes in terms of firm and industry profits. We compare policy implications and find prices are more balanced across the platform and average prices are higher under sequential pricing than under simultaneous pricing. We also demonstrate that pricing power can be considered independently on each side of the market under multihoming behavior.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112543"},"PeriodicalIF":1.8,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827676","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
Intended college major choice and the inheritance of majors 有意的大学专业选择和专业继承
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-09 DOI: 10.1016/j.econlet.2025.112558
Giorgio Brunello, Francesco Campo, Elisabetta Lodigiani, Martina Miotto, Lorenzo Rocco
{"title":"Intended college major choice and the inheritance of majors","authors":"Giorgio Brunello,&nbsp;Francesco Campo,&nbsp;Elisabetta Lodigiani,&nbsp;Martina Miotto,&nbsp;Lorenzo Rocco","doi":"10.1016/j.econlet.2025.112558","DOIUrl":"10.1016/j.econlet.2025.112558","url":null,"abstract":"<div><div>Using Italian data, we study whether the intended choice of college major by final year high school students is affected by the college major selected by family members. We find evidence of strong inter-generational persistence, especially in medicine and health professions, followed by economics and law, and STEM. Persistence is strongest when both parents have graduated in the major.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112558"},"PeriodicalIF":1.8,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858363","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
Climate concerns, salient events, and green preferences 气候问题、重大事件和绿色偏好
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-09 DOI: 10.1016/j.econlet.2025.112534
Maxime Merli , Joël Petey , Tristan Roger
{"title":"Climate concerns, salient events, and green preferences","authors":"Maxime Merli ,&nbsp;Joël Petey ,&nbsp;Tristan Roger","doi":"10.1016/j.econlet.2025.112534","DOIUrl":"10.1016/j.econlet.2025.112534","url":null,"abstract":"<div><div>This paper examines how climate concerns and climate-related events influence investor preferences for sustainable assets by analyzing the dynamics of greenium, defined as the yield discount on labeled green bonds under strict matching conditions. Using daily data from 2017 to 2023 for USD and Euro denominated bonds, and controlling for liquidity, yield curve slope, and volatility, we find that the greenium is modest on average. However, it responds significantly to shifts in climate-related attention and climate events. The latter effect is found only in European markets. Decomposing climate concerns variations into positive and negative components reveals a reversible response, raising concerns about the stability of green preferences as a long-term funding channel.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112534"},"PeriodicalIF":1.8,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852667","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
Optimizing data-driven weights in multidimensional indexes 优化多维索引中数据驱动的权重
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-09 DOI: 10.1016/j.econlet.2025.112499
Lidia Ceriani , Chiara Gigliarano , Paolo Verme
{"title":"Optimizing data-driven weights in multidimensional indexes","authors":"Lidia Ceriani ,&nbsp;Chiara Gigliarano ,&nbsp;Paolo Verme","doi":"10.1016/j.econlet.2025.112499","DOIUrl":"10.1016/j.econlet.2025.112499","url":null,"abstract":"<div><div>Multidimensional indexes are ubiquitous, and popular, but present non negligible normative choices when it comes to attributing weights to their dimensions. This paper provides a more rigorous approach to the choice of weights by defining a set of desirable properties that weighting models should meet. It shows that Bayesian Networks is the only model across statistical, econometric, and machine learning computational models that meets these properties. An example with EU-SILC data illustrates this new approach highlighting its potential for policies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112499"},"PeriodicalIF":1.8,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893903","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 new historical narrative for “Needham Puzzle” and the modern Chinese growth miracle: The perspective of keju “李约瑟之谜”与近代中国增长奇迹的新历史叙事：科举的视角
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-08 DOI: 10.1016/j.econlet.2025.112528
Xiangyu Shi
{"title":"A new historical narrative for “Needham Puzzle” and the modern Chinese growth miracle: The perspective of keju","authors":"Xiangyu Shi","doi":"10.1016/j.econlet.2025.112528","DOIUrl":"10.1016/j.econlet.2025.112528","url":null,"abstract":"<div><div>Why was China not the origin of the Industrial Revolution, but instead rose from imperial dynasties and experienced a growth miracle in the past four decades? We find that China’s imperial examination system (keju) plays a critical role in explaining the fall and rise of historical and modern/contemporary China. We find that keju significantly facilitates contemporary innovation and business creation by raising the contemporaneous level of human capital, shaping an innovative and productive culture, and fostering efficient institutions. In historical periods, keju misallocated top talents away from the scientific/technological sectors, leading to sluggish development during the Ming and Qing dynasties.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112528"},"PeriodicalIF":1.8,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827675","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
U.S. immigration policy changes and children crossing the U.S.-Mexico border alone 美国移民政策改变，儿童独自穿越美墨边境
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-08 DOI: 10.1016/j.econlet.2025.112557
Pia Orrenius , Madeline Zavodny
{"title":"U.S. immigration policy changes and children crossing the U.S.-Mexico border alone","authors":"Pia Orrenius ,&nbsp;Madeline Zavodny","doi":"10.1016/j.econlet.2025.112557","DOIUrl":"10.1016/j.econlet.2025.112557","url":null,"abstract":"<div><div>The number of child migrants illegally crossing the US-Mexico border reached record highs in 2019. After the federal government invoked Title 42 at the start of the pandemic, the US Border Patrol began expelling most border crossers back to Mexico. A court order, followed by a formal policy change by the Biden administration, exempted most unaccompanied child migrants from being expelled. We find this exemption resulted in significantly more unaccompanied child migrants, and the increase persisted after Title 42 ended.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112557"},"PeriodicalIF":1.8,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879158","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
Double machine learning for Oaxaca-Blinder decomposition 瓦哈卡-布林德分解的双机器学习
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-06 DOI: 10.1016/j.econlet.2025.112525
Minghai Mao , Antonio Raiola , Da Yang
{"title":"Double machine learning for Oaxaca-Blinder decomposition","authors":"Minghai Mao ,&nbsp;Antonio Raiola ,&nbsp;Da Yang","doi":"10.1016/j.econlet.2025.112525","DOIUrl":"10.1016/j.econlet.2025.112525","url":null,"abstract":"<div><div>We propose the double machine learning procedure to perform the Oaxaca-Blinder decomposition. The proposed procedure can provide the root-<span><math><mi>n</mi></math></span> convergence estimators under high dimensional mixed covariates. A small Monte Carlo simulation experiment is carried out for illustrations.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112525"},"PeriodicalIF":1.8,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865441","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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