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Seasonality and consumer confidence 季节性和消费者信心
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-04-12 DOI: 10.1111/boer.12449
Balázs Zélity
{"title":"Seasonality and consumer confidence","authors":"Balázs Zélity","doi":"10.1111/boer.12449","DOIUrl":"10.1111/boer.12449","url":null,"abstract":"<div>\u0000 \u0000 <p>This research empirically investigates whether consumer confidence is affected by seasonal daylight fluctuations. Cross-country panel regressions are run with two different datasets. It is found that both solar elevation and sunlight duration positively affect consumer confidence. The presence of country and year-by-month fixed effects as well as controls for the business cycle help rule out alternative explanations. A one standard deviation increase in solar elevation or sunlight duration is associated with a 0.03–0.04 <i>SD</i> increase in consumer confidence.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"813-821"},"PeriodicalIF":0.8,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140580739","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 ratchet effect and the probability of proceeding to the next stage: An experiment 棘轮效应和进入下一阶段的概率：一项实验
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-04-10 DOI: 10.1111/boer.12448
Shigeo Morita, Tomoharu Mori
{"title":"The ratchet effect and the probability of proceeding to the next stage: An experiment","authors":"Shigeo Morita,&nbsp;Tomoharu Mori","doi":"10.1111/boer.12448","DOIUrl":"10.1111/boer.12448","url":null,"abstract":"<p>The ratchet effect is an economic phenomenon where agents strategically restrict their efforts to conceal information on their characteristics under the dynamic setting. This study experimentally examines the effect of the probability of proceeding to the next stage on ratcheting behavior. We find evidence that if the probability is smaller than 1, the ratchet effect is mitigated.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"797-812"},"PeriodicalIF":0.8,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140580347","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 impact of mainstream financial press attention on stock pricing efficiency in the China stock market 主流财经媒体关注度对中国股市股票定价效率的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-04-04 DOI: 10.1111/boer.12445
Haiyuan Yin, Xiangmiao Hu
{"title":"The impact of mainstream financial press attention on stock pricing efficiency in the China stock market","authors":"Haiyuan Yin,&nbsp;Xiangmiao Hu","doi":"10.1111/boer.12445","DOIUrl":"10.1111/boer.12445","url":null,"abstract":"<p>As the pivotal figure of information transmission in the capital market, the mainstream financial press has a significant impact on the operation of the stock market. Based on the mainstream financial press, this study obtains the news reports of 945 China A-share listed companies in 2010–2019 and analyzes the relationship between the attention of the mainstream financial press and the efficiency of stock pricing. Further, we explore the mediating effect of corporate governance in this correlation. The empirical results show that the more reports on listed companies from the mainstream financial press the lower the delay level of the stock price of listed companies. At the same time, the characteristics information of the stock price increases, the higher the stock pricing efficiency. The attitude of press reports of listed companies also has an impact on the efficiency of stock pricing. The improvement of pricing efficiency will be achieved through neutral reporting. Mainstream financial press reports indirectly improve the efficiency of stock pricing by reducing the agency costs of the two types, and corporate governance plays a significant intermediary role in it. Finally, compared with market-oriented media, the effect of policy-oriented mainstream financial press on pricing efficiency is more significant.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"773-796"},"PeriodicalIF":0.8,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140743006","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
Self-serving attribution and managerial investment decision 自我服务归因与管理投资决策
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-04-02 DOI: 10.1111/boer.12444
Chune Young Chung, Changhwan Choi, Amirhossein Fard
{"title":"Self-serving attribution and managerial investment decision","authors":"Chune Young Chung,&nbsp;Changhwan Choi,&nbsp;Amirhossein Fard","doi":"10.1111/boer.12444","DOIUrl":"10.1111/boer.12444","url":null,"abstract":"<p>This study examines whether managerial overconfidence coupled with self-attribution bias distorts the investment decisions of firms. To this end, we investigate the impact of overconfidence on asymmetric investment cash flow sensitivity (ICS). We find that managerial overconfidence affects ICS in a downward-sticky direction, which is reinforced by overconfidence coupled with managerial self-attribution. The results for both unconstrained and constrained firms are qualitatively consistent with those for the overall sample; however, the constrained subsample provides slightly weaker results. Thus, our findings indicate that managerial overconfidence and self-attribution to recent successes may induce managers to make excessive investment commitments.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"749-772"},"PeriodicalIF":0.8,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12444","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140580354","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
Does digital transformation crowd out the employment of lower skill labor? 数字化转型是否会挤占低技能劳动力的就业？
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-03-31 DOI: 10.1111/boer.12446
Ying Wu, Yuanyue Deng
{"title":"Does digital transformation crowd out the employment of lower skill labor?","authors":"Ying Wu,&nbsp;Yuanyue Deng","doi":"10.1111/boer.12446","DOIUrl":"https://doi.org/10.1111/boer.12446","url":null,"abstract":"<p>This paper investigates the effect of digital transformation on the employment of low-skilled labor. Using a large sample of Chinese listed firms for the 2008–2021 period, we find that digital transformation reduces the employment of low-skilled labor. This result is robust to a battery of sensitivity tests and is attenuated for firms located in regions with higher unemployment rates and for small enterprises. Mechanism tests show that digital transformation affects the employment of low-skilled labor through the wage effect channel and the substitution effect channel. The paper deepens our understanding of the economic effect of digital transformation on the labor market.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"726-748"},"PeriodicalIF":0.8,"publicationDate":"2024-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141565704","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 nexus of ESG requirements and industry concentration 环境、社会和治理要求与行业集中度的关系
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-02-16 DOI: 10.1111/boer.12442
Yenpo Tai, Mei-Yu Lee, Chu-Ping Lo, Su-Ying Hsu
{"title":"The nexus of ESG requirements and industry concentration","authors":"Yenpo Tai,&nbsp;Mei-Yu Lee,&nbsp;Chu-Ping Lo,&nbsp;Su-Ying Hsu","doi":"10.1111/boer.12442","DOIUrl":"10.1111/boer.12442","url":null,"abstract":"<p>This paper examines the environmental, social, and governance (ESG) requirements for an industry in an <i>n</i>-oligopolistic model and investigates the relationship between the degree of industry concentration and the degree of ESG requirements. It is shown that the factors influencing the degree of ESG requirements include the number of firms, the elasticity of market demand, and the market concentration ratio. In the case of linear market demand, the degree of requirements is negatively affected by firm number only, regardless of the elasticity of market demand or market concentration ratio. In addition, the degree of ESG requirements is positively (negatively) related to the industry profit/concentration, when market demand is convex (concave). This paper demonstrates that the degree of ESG requirements is sensitive to firm number, market demand, and market concentration ratio and serves as a pragmatic reference for the government.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"713-725"},"PeriodicalIF":0.8,"publicationDate":"2024-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139910878","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 relationship between the Big Five personality traits and earnings: Evidence from a meta-analysis 五大人格特质与收入之间的关系：来自荟萃分析的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-02-07 DOI: 10.1111/boer.12437
Melchior Vella
{"title":"The relationship between the Big Five personality traits and earnings: Evidence from a meta-analysis","authors":"Melchior Vella","doi":"10.1111/boer.12437","DOIUrl":"10.1111/boer.12437","url":null,"abstract":"<p>This meta-analysis examines the relationship between the Big Five personality traits and earnings. The results reveal that openness to experience, conscientiousness, and extraversion exhibit positive correlations with earnings, whereas agreeableness and neuroticism are inversely correlated with earnings. Overall, personality has a modest-to-small effect on earnings, with variations in results depending on econometric models used. Accounting for publication bias, socioeconomic background, and cognitive ability in models affects effect sizes. The findings also underscore the potential for omitted variable bias in the reported personality effects on earnings when relevant factors are omitted from the earnings equation.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"685-712"},"PeriodicalIF":0.8,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12437","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139764290","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
A theory of entry dissuasion 入境劝阻理论
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-02-05 DOI: 10.1111/boer.12441
Domenico Buccella, Luciano Fanti
{"title":"A theory of entry dissuasion","authors":"Domenico Buccella,&nbsp;Luciano Fanti","doi":"10.1111/boer.12441","DOIUrl":"10.1111/boer.12441","url":null,"abstract":"<p>In an industry with homogeneous goods, this note compares the standard incumbent's strategic capacity choice versus the incumbent's pre-emptive payment (profit) transfer (PPT) strategy (i.e., pre-entry acquisition). It is shown that via the transfer option, the incumbent holds its monopoly position “dissuading” the potential competitor entry for a range of fixed costs larger than under strategic capacity. Moreover, in that range, at least one firm is better off under PPT, while the other is indifferent between PPT and capacity choice. That is, in contestable markets, the incumbent can keep its dominant position in an easier way than standard models predict.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"666-684"},"PeriodicalIF":0.8,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139764127","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
Multiple regimes in the preferences for redistribution 再分配偏好的多重制度
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-02-02 DOI: 10.1111/boer.12443
Andros Kourtellos, Kyriakos Petrou
{"title":"Multiple regimes in the preferences for redistribution","authors":"Andros Kourtellos,&nbsp;Kyriakos Petrou","doi":"10.1111/boer.12443","DOIUrl":"10.1111/boer.12443","url":null,"abstract":"<p>This paper provides novel evidence of nonlinearities in the formation of preferences for redistribution by uncovering evidence of multiple regimes consistent with the presence of multiple equilibria and multiple steady states. Using threshold regressions that account for the endogeneity of the threshold variable, countries are classified into three groups that share common characteristics. Finally, our analysis reveals substantial evidence of parameter heterogeneity in the coefficient estimates of threshold regressions.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"650-665"},"PeriodicalIF":0.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12443","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139680114","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
ECB monetary policy communication events: Do they move euro area yields? 欧洲央行货币政策沟通活动：它们会影响欧元区收益率吗？
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-29 DOI: 10.1111/boer.12439
Linas Jurkšas, Rokas Kaminskas, Deimantė Vasiliauskaitė
{"title":"ECB monetary policy communication events: Do they move euro area yields?","authors":"Linas Jurkšas,&nbsp;Rokas Kaminskas,&nbsp;Deimantė Vasiliauskaitė","doi":"10.1111/boer.12439","DOIUrl":"10.1111/boer.12439","url":null,"abstract":"<p>This study aims to determine and compare the impact of four different types of European Central Bank (ECB) monetary policy communication events on euro area sovereign yields on an intraday basis since 2014. Our paper distinguishes it from similar studies in that we analyze a broad range of ECB communication types. The results reveal that ECB decisions and press conferences have the most substantial intraday impact on normalized sovereign yields while the impact of speeches and accounts appears to be much weaker. Countries with the highest debt levels (such as Italy, Spain, and France) experienced the most robust changes in fiscal costs, while the period encompassing the economic shock induced by the Covid-19 pandemic shows weaker effects.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"596-625"},"PeriodicalIF":0.8,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139589399","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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