发布求助
文献互助 智能选刊 最新文献

Economic Notes最新文献

筛选
英文 中文
Quantile Effects of Climate Policy Uncertainty, Economic Policy Uncertainty, and Interest Rates on REIT Returns: Evidence From the United States 气候政策不确定性、经济政策不确定性和利率对REIT回报的分位数效应：来自美国的证据
IF 0.8
Economic Notes Pub Date : 2025-05-28 DOI: 10.1111/ecno.70012
Provash Kumer Sarker, Xihui Haviour Chen
{"title":"Quantile Effects of Climate Policy Uncertainty, Economic Policy Uncertainty, and Interest Rates on REIT Returns: Evidence From the United States","authors":"Provash Kumer Sarker,&nbsp;Xihui Haviour Chen","doi":"10.1111/ecno.70012","DOIUrl":"https://doi.org/10.1111/ecno.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the quantile effects of climate policy uncertainty (CPU) on real estate investment trusts (REITs) returns in the United States. We use the quantile autoregressive distributed lags (QARDL) method on the monthly economic policy uncertainty (EPU), the market volatility index (VIX) and interest rates (INT) from March 2006 to April 2023. The results show that the impact coefficients of CPU, EPU and interest rates on REIT returns are significant in the short and long term. In addition, CPU demonstrates unidirectional causality with REIT returns across all quantiles, whereas REITs only show unidirectional causality with CPU in lower quantiles. Furthermore, EPU and interest rates show bidirectional causality with REIT returns across most quantiles. Policymakers and REIT investors can utilise the relationships and causality between REITs and CPU to update REIT investments, hedge against CPU and REIT stocks, construct a diversified portfolio and make informed decisions about the price movements of REITs in climate crises.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 2","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144148421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Fintech Sector as an Investment: Old Wine in a New Bottle? 金融科技行业作为一种投资：新瓶装旧酒？
IF 0.8
Economic Notes Pub Date : 2025-05-02 DOI: 10.1111/ecno.70011
Jarkko Peltomäki
{"title":"The Fintech Sector as an Investment: Old Wine in a New Bottle?","authors":"Jarkko Peltomäki","doi":"10.1111/ecno.70011","DOIUrl":"https://doi.org/10.1111/ecno.70011","url":null,"abstract":"<p>The Fintech sector is traditionally viewed as a convergence of finance and technology. This study examines its characteristics by analysing Fintech stock returns relative to traditional sector portfolios using stepwise regression. Our findings show that Fintech stocks align more closely with the business services sector than with the financial or technology sectors, challenging conventional classification. Additionally, while Fintech indexes initially generated positive alpha, this advantage diminished as the sector matured. These results offer new insights into sector benchmarking and portfolio diversification.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 2","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143896901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Modelling IRB Risk-Weighted Assets: Looking Beyond Stress Tests IRB风险加权资产建模：超越压力测试
IF 0.8
Economic Notes Pub Date : 2025-04-20 DOI: 10.1111/ecno.70010
Josef Švéda, Jiří Panoš, Vojtěch Siuda
{"title":"Modelling IRB Risk-Weighted Assets: Looking Beyond Stress Tests","authors":"Josef Švéda,&nbsp;Jiří Panoš,&nbsp;Vojtěch Siuda","doi":"10.1111/ecno.70010","DOIUrl":"https://doi.org/10.1111/ecno.70010","url":null,"abstract":"<div>\u0000 \u0000 <p>We propose an enhanced methodology for modelling forward-looking projections of banks' credit risk IRB risk-weighted assets (RWA), a critical component of regulatory capital adequacy ratios. Our approach focuses on granular modelling of the internal risk structure of banks' IRB portfolios, offering more accurate estimations compared to the traditional aggregate-level methods commonly used by many regulatory stress testing frameworks. This improvement seeks to reduce the risk of significant misestimation of RWA, which can distort solvency measures and mislead perceptions of banks' financial health. Our methodology is straightforward to replicate and applicable to various uses, including not only stress testing but also calibrations of macroprudential tools. We demonstrate the advantages of our approach over traditional methods and apply it to estimate the impact of cyclical credit parameters deterioration on RWA and the corresponding calibration of the countercyclical capital buffer (CCyB) for the Czech banking sector.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 2","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Issue Information (ECNO) 发行信息（ECNO）
IF 0.8
Economic Notes Pub Date : 2025-04-20 DOI: 10.1111/ecno.70009
{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.70009","DOIUrl":"https://doi.org/10.1111/ecno.70009","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 2","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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 Relationship Between the Dodd–Frank Act and the Cost Efficiency of US Banks 多德-弗兰克法案与美国银行成本效率的关系
IF 0.8
Economic Notes Pub Date : 2025-02-24 DOI: 10.1111/ecno.70008
Eduardo G. Minuci
{"title":"The Relationship Between the Dodd–Frank Act and the Cost Efficiency of US Banks","authors":"Eduardo G. Minuci","doi":"10.1111/ecno.70008","DOIUrl":"https://doi.org/10.1111/ecno.70008","url":null,"abstract":"<p>Motivated by the regulatory changes introduced by the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, this study investigates its impact on the cost efficiency of US banks. Using a parametric cost frontier methodology previously linked to bank failure risk, the analysis reveals a 13% average decline in cost efficiency under the new regulatory framework. The study also examines the Act's potential heterogeneous effects across banks of different sizes, revealing that while larger banks are typically more efficient, the stricter regulatory oversight imposed on them by the Dodd–Frank Act reduced the efficiency gap with smaller banks.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Risky for Businesses?—Examining the Relationship Between Crime and Firm Registrations in India 企业风险太大？——考察印度犯罪与公司注册之间的关系
IF 0.8
Economic Notes Pub Date : 2025-02-19 DOI: 10.1111/ecno.70006
Shreya Biswas, Ritika Jain
{"title":"Too Risky for Businesses?—Examining the Relationship Between Crime and Firm Registrations in India","authors":"Shreya Biswas,&nbsp;Ritika Jain","doi":"10.1111/ecno.70006","DOIUrl":"https://doi.org/10.1111/ecno.70006","url":null,"abstract":"<p>The study examines the relationship between crime and firm entry in India. Using district-level data for a decade, we find that an increase in crime is related to fewer firms registering in the district. The results are robust to estimation approaches that address the endogeneity related to crime variable. We also explore the pathways through which crime negatively affects firm entry in India. We provide suggestive evidence in favour of a fall in demand caused by the lower income of existing firms in the market as one of the reasons why crime lowers firm entry. Additionally, we show that fear of victimisation is also a possible channel that drives the negative relationship between crime and firm entry. However, we do not find any evidence that crime increases the expenses incurred by existing firms. The findings have important policy implications in terms of the importance of a stable environment for firm entry.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enhanced Transparency on Single-Name Credit Default Swaps: A Comparison Between the United States and the European Union 提高单名信用违约掉期的透明度：美国与欧盟的比较
IF 0.8
Economic Notes Pub Date : 2025-02-17 DOI: 10.1111/ecno.70007
Randy Priem
{"title":"Enhanced Transparency on Single-Name Credit Default Swaps: A Comparison Between the United States and the European Union","authors":"Randy Priem","doi":"10.1111/ecno.70007","DOIUrl":"https://doi.org/10.1111/ecno.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>The goal of this article is to examine and compare the various actions that both US and EU legislators have taken—or want to take—to enhance the transparency of single-name credit default swaps (CDSs). Legislators on both sides of the Atlantic are of the view that enhanced transparency is beneficial but their focus is different. That is, the European Union focuses on enhancing pre- and post-trade transparency, whereas US legislators want to mitigate manufactured credit events by requesting disclosure of large positions. Both legislators are of the view that transparency could lead to enhanced market discipline and quality but where European Regulators focus on market participants knowing whether a transaction could take place at a certain price or has happened at certain conditions, US legislators believe that investors should have a more complete picture on creditors’ incentives in restructuring and whether there is a concentrated exposure to a limited number of counterparties. This paper discusses the regulatory differences and explains them based on the different market contexts in both continents.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143431534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal Monetary Policy Under Inflation Targeting in Tunisia: New Keynesian Model 突尼斯通胀目标制下的最优货币政策：新凯恩斯模型
IF 0.8
Economic Notes Pub Date : 2025-01-31 DOI: 10.1111/ecno.70005
Dorra Turki, Foued Badr Gabsi
{"title":"Optimal Monetary Policy Under Inflation Targeting in Tunisia: New Keynesian Model","authors":"Dorra Turki,&nbsp;Foued Badr Gabsi","doi":"10.1111/ecno.70005","DOIUrl":"https://doi.org/10.1111/ecno.70005","url":null,"abstract":"<div>\u0000 \u0000 <p>This article analyzes monetary policy under inflation targeting in a developing economy using a hybrid new Keynesian model to determine the optimal policy rule. Firstly, we estimate the model's parameters using a Bayesian approach with data from the Tunisian economy from 2000 Q1 to 2020 Q4. Then, we solve an optimization problem to evaluate different types of monetary policy rules within the framework of two inflation-targeting regimes. The results show that a forward-looking rule with interest rate smoothing minimizes welfare loss most effectively within a strict inflation-targeting framework.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143121162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Big Moves, Small Gains: Unpacking the Size Effect in Takeovers and Other Corporate Deals 大变动，小收益：解读收购和其他公司交易中的规模效应
IF 0.8
Economic Notes Pub Date : 2025-01-10 DOI: 10.1111/ecno.70004
Antonio Roma, Costanza Consolandi
{"title":"Big Moves, Small Gains: Unpacking the Size Effect in Takeovers and Other Corporate Deals","authors":"Antonio Roma,&nbsp;Costanza Consolandi","doi":"10.1111/ecno.70004","DOIUrl":"https://doi.org/10.1111/ecno.70004","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the size effect in financial markets, focusing on how mergers, acquisitions, and other corporate transactions influence the returns of small versus large stocks. Employing a comprehensive data set of US-listed companies from 1992 to 2021, which includes 51,780 events, this research improves upon previous methodologies by integrating detailed timing information on deal announcements and completions with stock size and return data. Our analysis shows that small stocks are often the targets of transactions that significantly enhance their returns, not limited to takeovers. We find that pre-announcement returns are consistently higher for small stocks, likely due to less analyst coverage, resulting in largely unanticipated deal news. The study deepens our understanding of the size effect, suggesting that deal-related dynamics are essential for analyzing performance variations across different stock sizes and contributing to discussions on market efficiency and the valuation effects of corporate actions.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143113961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Understanding Happiness Amidst COVID-19: Exploring Relations, Religion and Trust 在COVID-19中理解幸福：探索关系，宗教和信任
IF 0.8
Economic Notes Pub Date : 2025-01-03 DOI: 10.1111/ecno.70003
Matteo A. Ruberto, Giulia Gioeli, Matteo Rizzolli, Antonello Maruotti
{"title":"Understanding Happiness Amidst COVID-19: Exploring Relations, Religion and Trust","authors":"Matteo A. Ruberto,&nbsp;Giulia Gioeli,&nbsp;Matteo Rizzolli,&nbsp;Antonello Maruotti","doi":"10.1111/ecno.70003","DOIUrl":"https://doi.org/10.1111/ecno.70003","url":null,"abstract":"<p>In recent literature, various social implications arising from the COVID-19 pandemic have been extensively deliberated upon. In this study, we introduce an ordinal random effects model designed to explore the changes in individual perceived happiness during periods of lockdown. We delve into the impact of diverse factors such as social and family relationships, spirituality, religiosity, and trust in institutions, alongside a range of demographic and economic variables. Our data set comprises responses from 1212 individuals in the United States gathered between March and April 2020. The findings reveal an anticipated decline in overall happiness during the COVID-19 crisis, particularly noticeable within specific demographic and behavioural segments: social connections, trust, and religiosity exhibit nuanced variations, contingent upon the level of spirituality and the specific institutions under consideration.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信