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Market Size, Heterogeneity, and the Effects of Environmental Regulation 市场规模、异质性与环境规制的影响
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-06-02 DOI: 10.1111/boer.70061
Tingsi Wang, Weijie Luo
{"title":"Market Size, Heterogeneity, and the Effects of Environmental Regulation","authors":"Tingsi Wang,&nbsp;Weijie Luo","doi":"10.1111/boer.70061","DOIUrl":"https://doi.org/10.1111/boer.70061","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine how market size and firm heterogeneity shape environmental regulation effects. Stricter regulation reduces the supply of skilled labor, with stronger impacts in smaller economies. We develop a spatial model with heterogeneous firms where emissions create negative externalities. Regulation affects firm entry through productivity cutoffs and skilled labor allocation. Simulations show market size critical conditions outcomes: larger markets experience smaller productivity cutoff increases, while smaller economies face tighter regulatory binding and larger firm contractions. Firm heterogeneity further mediates these effects–more even productivity distributions mitigate impacts, while greater richness amplifies them by introducing low-productivity firms disproportionately eliminated by regulation.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"887-898"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099412","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
Entrepreneurship, Local Governance Quality, and Shadow Economy: Insights From an Emerging Economy 创业、地方治理质量与影子经济：来自新兴经济体的见解
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-04-01 DOI: 10.1111/boer.70055
Quynh Le Trinh, Cong Minh Huynh
{"title":"Entrepreneurship, Local Governance Quality, and Shadow Economy: Insights From an Emerging Economy","authors":"Quynh Le Trinh,&nbsp;Cong Minh Huynh","doi":"10.1111/boer.70055","DOIUrl":"https://doi.org/10.1111/boer.70055","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the impact of entrepreneurship on local governance quality as well as the impact of local governance quality and entrepreneurship on the shadow economy for a panel dataset of 63 provinces in Vietnam over the period of 2006–2021. Results point out the important roles of entrepreneurship and local governance in reducing the shadow economy. Remarkably, entrepreneurship reduces the shadow economy not only directly but also indirectly through the improvement of local governance. More interestingly, the indirect effect is even stronger than the direct effect. We also acknowledge and test the reverse path—better governance fosters entrepreneurship—and document heterogeneity across the six governance dimensions, with corruption control and administrative procedures exerting the strongest effects on the shadow economy. These findings highlight the importance of fostering entrepreneurial activities and strengthening governance structures at the local level to create a more transparent and formal economic environment.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"768-783"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099694","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 Electoral Outcomes of Contractions in Mortgage Credits: Evidence From Gubernatorial and House Elections 抵押贷款收缩的选举结果：来自州长和众议院选举的证据
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-04-20 DOI: 10.1111/boer.70057
Amir Tayebi
{"title":"The Electoral Outcomes of Contractions in Mortgage Credits: Evidence From Gubernatorial and House Elections","authors":"Amir Tayebi","doi":"10.1111/boer.70057","DOIUrl":"https://doi.org/10.1111/boer.70057","url":null,"abstract":"<div>\u0000 \u0000 <p>During the financial crisis of 2008, the US economy experienced a sharp contraction in mortgage credit supply. Previous research indicates that voters responded to the 2007–2008 financial crisis by punishing the incumbent party in the presidential election of 2008. To further investigate the electoral consequences of the crisis, we use an individual-level data set comprising millions of loan application outcomes to study the impact of mortgage credit contractions on the 2008 House and Gubernatorial elections. We employ a two-stage approach to estimate the effect of mortgage market conditions on election outcomes. In the first stage, we construct a measure of the change in mortgage credit supply from 2004 to 2008, controlling for demand-side factors. In the second stage, we estimate the effect of this change on the change in the challenger party's vote share. Our results indicate no statistically significant impact of mortgage credit contractions on House or Gubernatorial election outcomes. This finding suggests that voters primarily hold the president accountable for changes in mortgage credit conditions, while lower level officials are not perceived as responsible for these shifts.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"826-844"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100383","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
Private Firms' Location Choice Under Multi-Market Mixed Duopoly With Cost Differentials 考虑成本差异的多市场混合双寡头下民营企业区位选择
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-06-30 DOI: 10.1111/boer.70066
Akio Kawasaki
{"title":"Private Firms' Location Choice Under Multi-Market Mixed Duopoly With Cost Differentials","authors":"Akio Kawasaki","doi":"10.1111/boer.70066","DOIUrl":"https://doi.org/10.1111/boer.70066","url":null,"abstract":"<div>\u0000 \u0000 <p>The study examines how private firms choose between high- and low- marginal-cost regions in mixed oligopoly markets where public or semipublic firms operate in both regions. Findings show that large cost differences lead private firms to choose low-cost regions, while in the case of small differences, their choice depend on the degree of privatization. A welfare analysis shows that private firms' choices may not align with socially optimal locations when cost differences and privatization levels are moderate.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"950-967"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100698","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
Real Interest Rate Parity in Latin American Countries: Evidence From New Panel Unit Root Tests 拉丁美洲国家的实际利率平价：来自新的面板单位根检验的证据
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-02-21 DOI: 10.1111/boer.70049
Tolga Omay, Vasif Abioglu, Mübariz Hasanlı
{"title":"Real Interest Rate Parity in Latin American Countries: Evidence From New Panel Unit Root Tests","authors":"Tolga Omay,&nbsp;Vasif Abioglu,&nbsp;Mübariz Hasanlı","doi":"10.1111/boer.70049","DOIUrl":"https://doi.org/10.1111/boer.70049","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, we test the empirical validity of the real interest rate parity hypothesis for 15 Latin American countries over the period 2005–2023. To this end, we employ a battery of panel unit root tests to examine stochastic properties of the real interest rate differentials (RIDs) of the countries under consideration. The panel unit root tests that allow for both the cross-sectional dependence and the nonlinearities in the adjustment process do not reject the null of unit root for the most of these countries, suggesting that the real interest rate parity hypothesis does not hold for these countries. On the other hand, the panel unit root test that allows for smooth structural changes produces results consistent with the real interest rate parity hypothesis for 12 out of 15 Latin American countries. These findings imply that various shocks, including political, economic, and financial upheavals, can cause significant structural shifts in the RIDs of Latin American countries.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"715-727"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100391","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
Infectious Disease, Frictional Labor Market, Inexperienced Labor, and Related Government Policies 传染病、摩擦性劳动力市场、无经验劳动力及相关政府政策
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-06-19 DOI: 10.1111/boer.70064
Chia-Hui Lu
{"title":"Infectious Disease, Frictional Labor Market, Inexperienced Labor, and Related Government Policies","authors":"Chia-Hui Lu","doi":"10.1111/boer.70064","DOIUrl":"https://doi.org/10.1111/boer.70064","url":null,"abstract":"<div>\u0000 \u0000 <p>Introducing susceptible–infected–recovered epidemiology dynamics into a labor search model, this paper investigates the impact of infectious diseases and related policies, such as lockdowns and vaccinations, on people's health and related macroeconomic performance. We find that the spread of infectious disease has a negative impact, whereas vaccination policy can improve the situation. Although the lockdown policy is good for public health, it is harmful to economic productivity. When considering heterogeneous labor with inexperienced workers, this paper finds that firms are less willing to hire inexperienced workers, and the employment situation of inexperienced workers will be worse.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"916-935"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100101","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
An Unprecedented Housing Crisis in 2006–2009? Evidence From High-Dimensional Dynamic Factor Model 2006-2009年史无前例的住房危机？来自高维动态因子模型的证据
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-02-26 DOI: 10.1111/boer.70050
MeiChi Huang
{"title":"An Unprecedented Housing Crisis in 2006–2009? Evidence From High-Dimensional Dynamic Factor Model","authors":"MeiChi Huang","doi":"10.1111/boer.70050","DOIUrl":"https://doi.org/10.1111/boer.70050","url":null,"abstract":"<div>\u0000 \u0000 <p>The study investigates the unprecedented nature of the housing crisis since 2006, utilizing the high-dimensional dynamic factor model (DFM). The weakened capacities of old housing common factors in explaining state and Metropolitan Statistical Areas (MSA)-level housing markets in the post-crisis period provide supportive evidence for the unprecedented housing crisis. However, there is no evidence for instability in the disaggregate housing price and volume cycles, and the results indicate that the housing markets are hit by larger versions of old housing shocks as the crisis prevails nationwide. The predicted factors have superior performances in capturing housing prices than housing volumes in the post-crisis period, and they fail to track large post-2006 fluctuations in prices and their timings for some states and MSAs. The study sheds light on the challenge of monetary policies to stabilize the local housing markets, difficulties of risk management during the 2006–2009 crisis, and some investment diversification opportunities across disaggregate housing markets during 2011–2014.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"741-757"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100424","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
Inequality and the Size of US State Government 不平等和美国州政府的规模
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-06-24 DOI: 10.1111/boer.70062
Weijie Luo, Xiaoge Zhang
{"title":"Inequality and the Size of US State Government","authors":"Weijie Luo,&nbsp;Xiaoge Zhang","doi":"10.1111/boer.70062","DOIUrl":"https://doi.org/10.1111/boer.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>The median voter theory posits that rising income inequality should increase the demand for redistribution. Yet, empirical studies using US state-level data often reject this prediction. By accounting for labor supply responses to non-labor income, we show that inequality driven by capital income differences—measured using Panel Study of Income Dynamics data—is negatively associated with state government size. Furthermore, we find that capital income inequality significantly impacts government size in poorer states, whereas labor income inequality is the dominant factor in wealthier states.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"936-949"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100493","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
How Does Climate Policy Uncertainty Affect Corporate Environmental Performance? New Evidence From China 气候政策的不确定性如何影响企业环境绩效？来自中国的新证据
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-06-05 DOI: 10.1111/boer.70063
Changfei Nie, Susu Ye, Xuan-Hoa Nghiem
{"title":"How Does Climate Policy Uncertainty Affect Corporate Environmental Performance? New Evidence From China","authors":"Changfei Nie,&nbsp;Susu Ye,&nbsp;Xuan-Hoa Nghiem","doi":"10.1111/boer.70063","DOIUrl":"https://doi.org/10.1111/boer.70063","url":null,"abstract":"<div>\u0000 \u0000 <p>By applying fixed-effects model to China's A-share listed heavily polluting enterprises from 2008 to 2022, this study investigates the impact of climate policy uncertainty (CPU) on corporate environmental performance (EP). We find that CPU significantly reduces EP of heavily polluting enterprises through technical innovation, financing constraint, and resource allocation mechanisms. Heterogeneity analysis reveals that CPU has stronger inhibitory effects on EP for state-owned enterprises, capital-intensive enterprises, and enterprises with low digital transformation. Additionally, shocks from climate policy risks are more pronounced than those from climate physical risks. These findings provide fresh insights for scientifically addressing CPU and effectively incentivizing heavily polluting enterprises to improve EP.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"899-915"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099929","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
Universities Fostering Financially Healthy Competencies: Mitigating Domestic Bias for Optimal Decision-Making 大学培养财务健康能力：减轻最优决策的国内偏见
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-10-06 Epub Date: 2026-02-22 DOI: 10.1111/boer.70048
Marcos Álvarez-Espiño, María-Celia López-Penabad, Leandro Benito-Torres
{"title":"Universities Fostering Financially Healthy Competencies: Mitigating Domestic Bias for Optimal Decision-Making","authors":"Marcos Álvarez-Espiño,&nbsp;María-Celia López-Penabad,&nbsp;Leandro Benito-Torres","doi":"10.1111/boer.70048","DOIUrl":"https://doi.org/10.1111/boer.70048","url":null,"abstract":"<p>This study explores the relationship between financial capability and domestic bias in investment decisions among economics and business students at the University of Santiago de Compostela. Financial capability is defined as the combination of knowledge, attitudes, and behaviors that enable individuals to make informed financial decisions and manage their resources effectively. Employing a deductive approach rooted in the theory of bounded rationality and behavioral finance, a questionnaire was administered to 402 first- and fourth-year students. Structural equation modeling (SEM) tested the hypotheses, revealing that financial capability is negatively related to domestic bias. Factors such as financial knowledge, attitudes, long-term planning, price and expense analysis, and preventive behaviors significantly reduce under-diversification in portfolios, thereby benefiting investor's financial well-being. The relationship is further reinforced by the knowledge acquired during the degree program although no direct effect of academic seniority is observed. Although economics and business training may not directly lead to diversified portfolios, it helps mitigate domestic bias. The findings, situated in the Spanish context, provide implications for financial education and investor behavior.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 4","pages":"728-740"},"PeriodicalIF":1.2,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.70048","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100113","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
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