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Carry trades and risk factors heterogeneity: Three asymmetries 套利交易与风险因素异质性：三种不对称
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-11 DOI: 10.1016/j.econlet.2025.112778
Yike Sun , Yimin Wu
{"title":"Carry trades and risk factors heterogeneity: Three asymmetries","authors":"Yike Sun ,&nbsp;Yimin Wu","doi":"10.1016/j.econlet.2025.112778","DOIUrl":"10.1016/j.econlet.2025.112778","url":null,"abstract":"<div><div>We show heterogeneity in risk factors for carry trade risk premia across country groups by decomposing global foreign exchange (FX) volatility innovations into geopolitical risk (GPR), economic policy uncertainty (EPU), and a residual FX market risk factor. Using monthly data for 40 economies (1999M1–2024M6), we orthogonalize innovations and estimate prices using a two-step Fama–MacBeth procedure. Three asymmetries emerge: GPR premia are positive but smaller in advanced economies (AEs) than in emerging and developing economies (EMDEs); EPU premia are positive in AEs and smaller, often negative, in EMDEs; the residual FX factor is priced negatively in AEs and positively in EMDEs.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"259 ","pages":"Article 112778"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145750280","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
Crisis warnings under memory-driven trust 内存驱动的信任下的危机警告
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2026-01-19 DOI: 10.1016/j.econlet.2026.112832
Michele Dell’Era
{"title":"Crisis warnings under memory-driven trust","authors":"Michele Dell’Era","doi":"10.1016/j.econlet.2026.112832","DOIUrl":"10.1016/j.econlet.2026.112832","url":null,"abstract":"<div><div>Experts issuing crisis warnings face a trade-off between fostering immediate protection and shaping public trust for future influence. We model expert crisis communication when public trust evolves through memorable communication outcomes rather than through Bayesian belief updating. Correct warnings increase trust, false alarms and missed crises reduce it, and correct silence leaves public trust unchanged. Memory-driven public trust generates communication distortions. Low-trust experts remain silent even when observing crisis signals (trust trap), while high-trust experts issue warnings even when observing no-crisis signals (trust cushion).</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"260 ","pages":"Article 112832"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023996","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
Firm support without zombification: Evidence from the COVID-19 pandemic 不僵尸化的坚定支持：来自COVID-19大流行的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2026-01-19 DOI: 10.1016/j.econlet.2026.112828
Eduard Baumöhl , Tibor Lalinský
{"title":"Firm support without zombification: Evidence from the COVID-19 pandemic","authors":"Eduard Baumöhl ,&nbsp;Tibor Lalinský","doi":"10.1016/j.econlet.2026.112828","DOIUrl":"10.1016/j.econlet.2026.112828","url":null,"abstract":"<div><div>We study zombie firm dynamics during the COVID-19 pandemic. Using detailed firm-level data and decomposing zombie flows, we find that the prevalence of zombie firms tracks aggregate activity with a lag, driven primarily by profitability rather than interest rates. Contrary to widespread concerns, generous pandemic support did not fuel zombification. Employment subsidies offered short-term liquidity but had only a marginal impact on zombie margins. Crucially, firms receiving early support were less likely to become zombies afterward and more likely to recover. Our results suggest that well-designed crisis support can stabilize firms without entrenching inefficiency.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"260 ","pages":"Article 112828"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023998","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
“Center bias” is lower in more unequal local contexts 在更不平等的地方背景下，“中心偏差”更低
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-31 DOI: 10.1016/j.econlet.2025.112799
Claudia Diehl , Felix Wolter
{"title":"“Center bias” is lower in more unequal local contexts","authors":"Claudia Diehl ,&nbsp;Felix Wolter","doi":"10.1016/j.econlet.2025.112799","DOIUrl":"10.1016/j.econlet.2025.112799","url":null,"abstract":"<div><div>We examine the relationship between local income inequality and people’s misperception that they are in the middle of the national income distribution (“center bias”). Local contexts shape perceptions of inequality by influencing the availability of opportunities for upward and downward social comparisons. Four mechanisms could link local inequality to perceptions of one’s relative income position: exposure versus segregation and contrast versus assimilation. We supplement geo-referenced survey data with context information and show that higher local inequality is associated with lower “center bias” (“exposure” mechanism). There is no clear evidence that respondents feel richer in richer contexts (“assimilation” mechanism).</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"260 ","pages":"Article 112799"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145923901","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
No effect of endowment risk on dictator giving in the lab 在实验室里，捐赠风险对独裁者捐赠没有影响
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-26 DOI: 10.1016/j.econlet.2025.112774
Mickael Beaud, Yujiang Sun, Marc Willinger
{"title":"No effect of endowment risk on dictator giving in the lab","authors":"Mickael Beaud,&nbsp;Yujiang Sun,&nbsp;Marc Willinger","doi":"10.1016/j.econlet.2025.112774","DOIUrl":"10.1016/j.econlet.2025.112774","url":null,"abstract":"<div><div>While various models of inequality aversion predict different effects of background risk on giving, empirical evidence remains mixed. This study presents a laboratory experiment using a modified dictator game to examine whether exposure to an additive, zero-mean background risk affecting endowments influences giving behavior. Our results show that such exposure does not significantly affect average donation amounts, the likelihood of giving nothing, or the tendency to split resources equally. These findings are consistent with <em>ex ante</em> inequality concerns under risk neutrality; however, overall, our experimental data do not support the behavioral predictions implied by purely <em>ex post</em> inequality aversion.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"259 ","pages":"Article 112774"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145880980","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
Information externalities in corporate governance 公司治理中的信息外部性
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-29 DOI: 10.1016/j.econlet.2025.112806
Konrad Raff
{"title":"Information externalities in corporate governance","authors":"Konrad Raff","doi":"10.1016/j.econlet.2025.112806","DOIUrl":"10.1016/j.econlet.2025.112806","url":null,"abstract":"<div><div>The model formalizes the idea that active monitoring by shareholders generates positive externalities for peer firms. Shareholders gather information to disentangle different performance factors and subsequently intervene with firm management. A cross-firm information externality arises because an intervention transmits private information about common industry conditions to peer firms. The externality has various implications: shareholders may benefit from closer monitoring at peer firms and mimic peer interventions. Monitoring choices are strategic substitutes. Externalities can provide a rationale for common ownership of informationally related firms.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"259 ","pages":"Article 112806"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145881045","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
Brand switching or behavior change: The 2023 Bud Light boycott’s impact on alcohol purchases 品牌转换或行为改变：2023年抵制百威淡啤对酒类购买的影响
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2026-01-15 DOI: 10.1016/j.econlet.2026.112822
Aljoscha Janssen
{"title":"Brand switching or behavior change: The 2023 Bud Light boycott’s impact on alcohol purchases","authors":"Aljoscha Janssen","doi":"10.1016/j.econlet.2026.112822","DOIUrl":"10.1016/j.econlet.2026.112822","url":null,"abstract":"<div><div>I study how the 2023 Bud Light boycott affected overall alcohol demand using household-level panel data and a set of difference-in-differences designs. Focusing on households that, before April 2023, regularly purchased Bud Light, I find a large drop in Bud Light volume (34%–37%), partial switching into other beer (＋70 to ＋90 ounces per month), and a net decline in total ethanol purchases of about 3–4 fl-oz per month, or roughly 5.5%–7.5% of pre-boycott intake. I detect no compensatory increase in wine or spirits. Scaled nationally, the quantity response is equivalent to roughly 150 million standard drinks per year; using CDC cost-of-illness estimates updated to 2023 dollars implies social savings of about $430 million. A back-of-the-envelope translation suggests an excise-tax equivalent near 0.34% (range 0.23%–0.63%) despite unchanged statutory prices. Identity-driven boycotts can thus reduce harmful consumption via non-price channels, complementing traditional fiscal tools.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"260 ","pages":"Article 112822"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145974728","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 interventions in hybrid information markets 混合信息市场中的政府干预
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2026-01-12 DOI: 10.1016/j.econlet.2026.112819
Yong Ma, Yiwei Yu
{"title":"Government interventions in hybrid information markets","authors":"Yong Ma,&nbsp;Yiwei Yu","doi":"10.1016/j.econlet.2026.112819","DOIUrl":"10.1016/j.econlet.2026.112819","url":null,"abstract":"<div><div>We theoretically examine the role of government intervention in mitigating the adverse market effects caused by hybrid information. Compared to purely fundamental information, hybrid information increases liquidity and trading volume but reduces market efficiency and promotes mispricing. Government interventions, such as mandatory information disclosure and trading against noise, can alleviate efficiency losses and mispricing driven by hybrid information trading; however, trading against noise results in lower liquidity and decreased trading activity. Our findings provide insights into how governments should balance short- and long-term economic policies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"260 ","pages":"Article 112819"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145974733","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
Tariff exposure and liberation day reactions: Initial evidence from corporate filings 关税风险和解放日反应：来自公司文件的初步证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-14 DOI: 10.1016/j.econlet.2025.112787
Wenyao Hu , Heng Emily Wang , Yue Han
{"title":"Tariff exposure and liberation day reactions: Initial evidence from corporate filings","authors":"Wenyao Hu ,&nbsp;Heng Emily Wang ,&nbsp;Yue Han","doi":"10.1016/j.econlet.2025.112787","DOIUrl":"10.1016/j.econlet.2025.112787","url":null,"abstract":"<div><div>This study develops a text-based measure of firm-level tariff exposure using the sections on business operations and risk factors in corporate fillings from 2024. Firms with higher tariff exposure experience significantly lower abnormal returns around the April 2, 2025 “Liberation Day” tariff announcement in the short term. Subgroup analyses show that the effect is most pronounced among firms with high leverage, strong growth and valuations, high advertising intensity, and low earnings quality. Collectively, disclosure-based tariff exposure emerges as a priced forward-looking risk, providing implications for mandated risk language disclosure, policy uncertainty, and risk channels in asset pricing.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"259 ","pages":"Article 112787"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798515","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
Reassessing poverty measurement in Europe using a cash-flow-informed residual-income framework 使用现金流信息的剩余收入框架重新评估欧洲的贫困衡量标准
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-02-01 Epub Date: 2025-12-13 DOI: 10.1016/j.econlet.2025.112786
Tomáš Želinský, Martina Mysíková
{"title":"Reassessing poverty measurement in Europe using a cash-flow-informed residual-income framework","authors":"Tomáš Želinský,&nbsp;Martina Mysíková","doi":"10.1016/j.econlet.2025.112786","DOIUrl":"10.1016/j.econlet.2025.112786","url":null,"abstract":"<div><div>We develop a cash-flow-informed residual-income (RI) framework that subtracts non-discretionary expenditures (housing costs, loan payments, transportation) from disposable income (DI) to reassess poverty in Europe. Using EU-SILC 2020 microdata and Eurostat methodology, we estimate and compare RI- and DI-based poverty rates. The RI results show higher poverty prevalence and stronger alignment with subjective hardship. Poverty-status transitions and subgroup analyses indicate mortgage holders, renters, and transport-dependent households are RI-poor but not DI-poor. Results further imply that deducting major fixed costs alters assumed household economies of scale. RI measures offer a nuanced view of economic hardship and can inform targeted policies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"259 ","pages":"Article 112786"},"PeriodicalIF":1.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798516","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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