International Studies of Economics最新文献

{"title":"Estimating common impact in class action litigation: A two-step method","authors":"Yonghong An","doi":"10.1002/ise3.70017","DOIUrl":"https://doi.org/10.1002/ise3.70017","url":null,"abstract":"<p>A central question in class action litigation is all or nearly all proposed class members were injured by the alleged conduct, that is, does “common impact” exist. In this paper, we demonstrate that a two-step econometric methodology can be used to estimate customer-level overcharges, providing a basis for evaluating whether common impact exists. The estimates obtained from this methodology possess desirable properties. We also address several common misunderstandings and misinterpretations of the two-step approach in practice.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 3","pages":"226-235"},"PeriodicalIF":0.5,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70017","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144923436","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}

{"title":"Dynamic Henry George Theorem and Optimal City Sizes","authors":"Shihe Fu","doi":"10.1002/ise3.70013","DOIUrl":"https://doi.org/10.1002/ise3.70013","url":null,"abstract":"<p>The Henry George Theorem (HGT) in static models states that when a city has an optimal population size, aggregate urban differential land rents exactly cover costs of pure public goods. This paper extends the static HGT to dynamic settings. Through a series of dynamic models, the paper tentatively concludes that the HGT holds in dynamic settings in terms of present value—the present value of urban differential land rents equals the present value of public goods expenditure. In urban economies with congestion externalities or production externalities, the dynamic HGT still holds if externalities are priced correctly.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 2","pages":"211-223"},"PeriodicalIF":0.5,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714815","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}

{"title":"Introduction to the Special Issue: Cities and Economic Development","authors":"Shihe Fu,&nbsp;Junfu Zhang","doi":"10.1002/ise3.70014","DOIUrl":"https://doi.org/10.1002/ise3.70014","url":null,"abstract":"&lt;p&gt;To a great extent, economic development is urban development. As economies grow, people and firms cluster in cities to take advantage of agglomeration economies, better infrastructure, access to markets and labor, and consumption amenities. Urbanization not only drives productivity gains and enhances consumer welfare but also introduces challenges such as housing affordability, traffic congestion, pollution, and inequality. Understanding these dynamics is essential for promoting efficiency and sustainable development. The evolution of cities is therefore not only a reflection of economic progress but also a key driver of it.&lt;/p&gt;&lt;p&gt;The field that examines these dynamics—urban economics—focuses on cities and the spatial organization of economic activities. It covers a wide range of topics, including but not limited to the determinants of city size and growth, the functioning of urban housing and labor markets, transportation systems, land use, public goods provision, urban poverty, segregation, and environmental challenges. Researchers in this field investigate how individuals and firms make location decisions and how their decisions shape the economic and social structure of urban areas.&lt;/p&gt;&lt;p&gt;A defining feature of research in urban economics is its methodological diversity. Scholars employ both partial and general equilibrium models, conduct reduced-form and structural estimations, and rely on mathematical modeling as well as computer simulations. On the empirical side, quasi-experimental strategies—such as difference-in-differences, spatial regression discontinuity, and instrumental variables—are widely used to identify causality. With the growing availability of geocoded data, remote sensing imagery, granular administrative records, and online big data, researchers increasingly adopt spatial econometrics, machine learning tools, and GIS techniques to uncover complex spatial patterns and effects.&lt;/p&gt;&lt;p&gt;The field has seen remarkable growth in recent years, propelled by greater data availability, advances in computing power, and methodological innovations inspired by neighboring disciplines such as microeconometrics, labor economics, industrial organization, and international trade. These developments have enabled scholars to revisit classic theories, uncover new stylized facts, and produce sharper, policy-relevant insights.&lt;/p&gt;&lt;p&gt;What makes urban economic research especially valuable is its direct relevance to real-world challenges. The insights it generates often inform how cities are planned, governed, and improved. For example, research on housing markets informs zoning and land-use regulation; studies of transportation systems guide infrastructure investment and congestion pricing; and work on crime and inequality has implications for public safety and social policies. Several papers in this special issue—including those on fiscal transparency, pandemic-era rental markets, and crime—offer concrete evidence that can help policymakers design","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 2","pages":"136-137"},"PeriodicalIF":0.5,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714732","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}

{"title":"The Effect of Income Polarization on Crime: Evidence From Court Judicial Documents in China","authors":"Jingqi Liu,&nbsp;Chen Wang,&nbsp;Yuzhou Wang","doi":"10.1002/ise3.70012","DOIUrl":"https://doi.org/10.1002/ise3.70012","url":null,"abstract":"<p>Crime affects social stability and people's safety, and directly increases the cost of urban development. Existing literature shows that income distribution affects crime, but it mainly focuses on the effect of income inequality and poverty, with scant evidence addressing the impact of income polarization on crime. Applying data from the China Household Finance Survey (CHFS) and judicial documents from 2014 to 2018, this paper demonstrates that rising income polarization significantly increases crime in cities. The result still holds after a series of robustness checks. Heterogeneity analyses show that income polarization has a more pronounced effect on criminal activities related to violence, robbery and stealing, drug and financial fraud. Moreover, cities with a higher proportion of young and migrant populations would be more adversely affected by income polarization. Mechanism analyses indicate that income polarization exacerbates crime by increasing alienation, reducing job-seeking willingness and happiness of residents.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 2","pages":"195-210"},"PeriodicalIF":0.5,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714733","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}

{"title":"Does National Auditing Improve Local Fiscal Transparency? Evidence From China","authors":"Zhuo Chen,&nbsp;Mingzhi Hu","doi":"10.1002/ise3.70007","DOIUrl":"https://doi.org/10.1002/ise3.70007","url":null,"abstract":"<p>This paper examines whether and how national audits affect local fiscal transparency in China. Using panel data from 30 provinces between 2009 and 2018, we find that national audits significantly improve local fiscal transparency after controlling for various economic and institutional factors. The effect of national audits on fiscal transparency varies significantly by region, which is stronger and statistically significant in eastern regions and in regions with high land finance, while not significant in central-western regions or in those with low land finance. Furthermore, the positive impact is primarily driven by the disclosure and defense functions. These findings suggest that national audits are valuable for improving fiscal transparency, but their effectiveness varies depending on regional economic development and local government financing mechanisms.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 2","pages":"153-161"},"PeriodicalIF":0.5,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714731","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}

{"title":"Localized and Short-Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai","authors":"Yanpeng Jiang,&nbsp;Xiaochi Shen","doi":"10.1002/ise3.70005","DOIUrl":"https://doi.org/10.1002/ise3.70005","url":null,"abstract":"<p>This paper investigates the localized and short-term effects of COVID-19-induced lockdowns on Shanghai's rental market in the second half of 2022. Using Difference-in-Differences methodologies, we find that rental prices declined by 1.5% following the lockdowns on average, with areas characterized by a high density of companies falling by 2.0% and no significant change in suburban areas. Event-study analysis further reveals that this decline peaked at 3.0% 2 months post-lockdown. This decline was temporary with rental prices returning to pre-lockdown levels within 12 months. Robustness checks and comparisons with housing sale prices confirm the absence of significant spillover effects or structural shifts. These findings underscore the localized and temporary nature of lockdown-induced disruptions in the rental market and may be valuable to housing policymakers considering responses to short-term crises.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 2","pages":"177-194"},"PeriodicalIF":0.5,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714743","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}

{"title":"Special issue on machine learning and artificial intelligence in business and economics","authors":"Ye Luo","doi":"10.1002/ise3.106","DOIUrl":"https://doi.org/10.1002/ise3.106","url":null,"abstract":"&lt;p&gt;In academic studies, the integration of artificial intelligence (AI) and machine learning in the field of economics and finance has revolutionized research methodologies and enhanced the understanding of complex economic phenomena. Researchers can now analyze vast amounts of data more efficiently, identify patterns and trends, and develop predictive models with greater accuracy. This enables academics to delve deeper into economic theories, test hypotheses, and make more informed policy recommendations. Furthermore, the use of AI and machine learning algorithms in academic studies can lead to new insights, innovative research approaches, and interdisciplinary collaborations.&lt;/p&gt;&lt;p&gt;The leading article of this special issue, “Finance research over 40 years: What can we learn from machine learning?”, investigated on the topic distributional features of the research in finance over the past 40 years. This is the most thorough investigation on such a large field about the research topics, authorship distributions, using the method of machine learning. The authors have conducted a study applying machine learning models to analyze a data set comprising 20,185 finance articles published across 17 finance journals from 1976 to 2015. Through this analysis, they have objectively identified 38 research topics within the field. Among these topics, the financial crisis, hedge/mutual fund, social network, and culture emerged as the fastest-growing areas, while market microstructure, initial public offering, and option pricing experienced a decline in interest from 2006 to 2015. The authors also find a very interesting exponential decay rule for the number of topics that authors are covering.&lt;/p&gt;&lt;p&gt;A similar paper “Topic modeling of financial accounting research over 70 years” investigated topic distributions and time series patterns in financial accounting research in the past 70 years using machine learning methods. The author finds that The topics of mergers and acquisitions, disclosure and internal control, and political connection exhibited the most rapid expansion, whereas management control systems, earnings management, and valuation experienced the greatest contraction from 2014 to 2023. This research on topic classification itself will aid accounting investigators in bypassing superfluous efforts and fostering increased interdisciplinary research.&lt;/p&gt;&lt;p&gt;Beyond the topic modeling, there are two papers in this special issue regarding using machine learning in asset pricing. The paper “Investigating the profit performance of quantitative timing trading strategies in the Shanghai copper futures market, 2020–2022” investigates the time series signals using machine learning methods in the Shanghai copper futures market. The authors prudently conduct a reality check and advanced assessments to avoid data snooping problem. The basic conclusion of the paper demonstrates that after eliminating the data snooping bias, the time series signal within the class of ","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"19 4","pages":"470-471"},"PeriodicalIF":0.5,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.106","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143187087","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}

{"title":"Informational differences, adaptive learning, and inflation forecast bias","authors":"Qiang Chen,&nbsp;Zechen Yin","doi":"10.1002/ise3.105","DOIUrl":"https://doi.org/10.1002/ise3.105","url":null,"abstract":"<p>This work highlights a previously overlooked factor that contributes to bias in private inflation forecasts—ignorance of confidential monetary rules. Additionally, it examines how this ignorance indirectly affects policy rate settings. The model proposed reconciles biases in two key forecast sources: the inflation expectations from the Survey of Professional Forecasters and the Federal Reserve's Greenbook forecasts for the output gap. Moreover, the model investigates the impact of informational differences on monetary policy transmission and identifies clear conditions under which inflation rises following a contractionary monetary policy shock.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 3","pages":"236-259"},"PeriodicalIF":0.5,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.105","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144923536","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}

{"title":"ESG rating, corporate dividends policy, and the moderating role of corporate life cycle: Cross country study","authors":"Husam Ananzeh,&nbsp;Amin Khalifeh,&nbsp;Hamza Alqudah,&nbsp;Hassan Ali Al-Ababneh,&nbsp;Hamzeh Al Amosh","doi":"10.1002/ise3.104","DOIUrl":"https://doi.org/10.1002/ise3.104","url":null,"abstract":"<p>This article investigates the link between environmental, social, and governance performance (ESG) and dividend policy, as well as how likely the corporate life cycle might moderate this association. Using cross-country data from 2010 to 2020, the findings of this study reveal that ESG has a favorable influence on corporate dividend payments as measured by dividend payout ratio, dividend yield, and dichotomous variable. This conclusion holds true when the three ESG pillars are examined independently on dividend policy measurements. Furthermore, this analysis reveals that the firm's life cycle stage moderates the association between ESG and corporate dividend policy, exhibiting a negative moderating impact. This study specifically reveals that the relationship between ESG and dividends is stronger for firms in the early stages of their life cycle than for those in the mature stages. This relationship applies to firms operating in developed economies compared to developing economies. The study findings particularly highlight the dynamic nature of the link between ESG and dividends, underlining that this relationship is dependent on the stage of a company's life cycle. Understanding this relationship may assist stakeholders, such as investors and management, in making educated decisions about dividend expectations and sustainable practices depending on the life cycle of a firm.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 3","pages":"297-321"},"PeriodicalIF":0.5,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.104","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144923408","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}

{"title":"How much and how long? The transmission of external shocks on stock market in Chinese hospitality and tourism industry","authors":"Yuan Chen,&nbsp;Qikexin Yu,&nbsp;Peiwen Yuan,&nbsp;Yeyang Zhao","doi":"10.1002/ise3.103","DOIUrl":"https://doi.org/10.1002/ise3.103","url":null,"abstract":"<p>In this study, we employ the synthetic control method to evaluate the transmission of external shocks, taking COVID-19 as an example, on the stock market in the Chinese hospitality and tourism industry, specifically in the catering, hotel, cultural landscape, natural landscape, and travel agency sectors. We find an increasingly negative causal effect on stock returns in all five sectors within 1–2 days after the external shock occurred. However, this impact then gradually shrank, disappearing after 7 days. We also show that the short- and long-term causal effects of the external shock on stock volatility in the above sectors are positive and significant, due to the great uncertainty induced by the pandemic. We examine the sensitivity of stock market reactions and find that hotels are the most vulnerable among the five sectors in terms of the duration of the pandemic's negative impact. Finally, we report that larger firms in the catering and hotel sectors (compared to the other three sectors) show a greater increase in volatility. These findings provide valuable insights into financial market reactions to an external shock and offer implications for crisis management in the hospitality and tourism industry during such events.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"20 3","pages":"279-296"},"PeriodicalIF":0.5,"publicationDate":"2024-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144923556","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}