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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
Endogenous timing of R&D decisions with spillovers: Output versus research subsidies 具有溢出效应的研发决策的内生时机：产出补贴与研究补贴
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-29 DOI: 10.1111/boer.12440
Jiaqi Chen, Doori Kim, Sang-Ho Lee
{"title":"Endogenous timing of R&D decisions with spillovers: Output versus research subsidies","authors":"Jiaqi Chen,&nbsp;Doori Kim,&nbsp;Sang-Ho Lee","doi":"10.1111/boer.12440","DOIUrl":"10.1111/boer.12440","url":null,"abstract":"<p>This study considers an endogenous timing game of R&amp;D decisions with research spillovers and compares the effects of output and research subsidies. We show that the simultaneous-move (sequential-move) game is an equilibrium if the spillover rate is low (high) under an output subsidy while this equilibrium is socially beneficial if the spillover rate is high or low enough. Under a research subsidy, however, the simultaneous-move game is a unique equilibrium regardless of the spillover rate, which is always socially beneficial. We also show that an output subsidy in the simultaneous-move game provides higher (lower) social welfare than a research subsidy if the spillover rate is low (high). Finally, we provide the robustness of our findings and some policy-relevant discussions.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 3","pages":"631-649"},"PeriodicalIF":0.8,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139589223","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
Class size reduction, bullying, and violent behavior: Evidence from West Bank schools 缩小班级规模、欺凌和暴力行为：来自约旦河西岸学校的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-19 DOI: 10.1111/boer.12438
Sameh Hallaq
{"title":"Class size reduction, bullying, and violent behavior: Evidence from West Bank schools","authors":"Sameh Hallaq","doi":"10.1111/boer.12438","DOIUrl":"10.1111/boer.12438","url":null,"abstract":"<p>Class size is one of the predominant topics in educational policy debate, as its impact on academic performance has not always yielded consistent findings. Nevertheless, less emphasis was paid to noncognitive outcomes such as well-being and behavioral issues. This study employs rich administrative and survey data to investigate the effects of class size on students’ bullying and violent behavior as well as cognitive abilities tests. The study uses the maximum class size rule to create a regression discontinuity (RD) relation between cohort enrollment size and class size in the public and the United Nations Relief and Works Agency school system in the West Bank. Further, this study provides evidence that there is no violation of the RD assumptions resulting from discontinuities in the relationship between enrollment and students’ household background at cutoff points induced by a maximum class size rule. The findings suggest that class size reduction improves the quality of life for children by mitigating bullying and violent behavior among pupils, which might have long-term adverse effects on academic attainment. Finally, peer relationships and mental health problems are identified as potential mechanisms through which class size influences self-reported levels of bullying and violent behavior among students.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"545-595"},"PeriodicalIF":0.8,"publicationDate":"2024-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518046","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
Inflation response in a New Keynesian model with money illusion 有货币幻觉的新凯恩斯主义模型中的通胀反应
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-11 DOI: 10.1111/boer.12430
Kenichi Tamegawa
{"title":"Inflation response in a New Keynesian model with money illusion","authors":"Kenichi Tamegawa","doi":"10.1111/boer.12430","DOIUrl":"10.1111/boer.12430","url":null,"abstract":"<p>This study investigates the role of money illusion (MI) in a dynamic stochastic general equilibrium model. We introduce MI such that households, in their intertemporal optimization, erroneously recognize nominal variables as real ones. We find that first, our model could exhibit money nonneutrality in the long run; second, the Taylor principle is a sufficient condition for determinacy but not a necessary condition; third, the response to output in monetary policy rule matters for the model not to exhibit money nonneutrality in the long run; and finally, MI could flatten the slope that represents the output-inflation trade-off.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"529-544"},"PeriodicalIF":0.8,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139459810","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
Passive cross-holdings, horizontal differentiation, and welfare 被动交叉持股、横向分化和福利
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-08 DOI: 10.1111/boer.12436
Jing Fang, Jingyi Huang, Chenhang Zeng
{"title":"Passive cross-holdings, horizontal differentiation, and welfare","authors":"Jing Fang,&nbsp;Jingyi Huang,&nbsp;Chenhang Zeng","doi":"10.1111/boer.12436","DOIUrl":"10.1111/boer.12436","url":null,"abstract":"<p>We study how passive cross-holdings affect product differentiation and welfare in a Cournot duopoly. We show that increasing unilateral ownership stimulates total investments, and therefore improves social welfare. Such cross-holdings should not be controlled in view of social welfare. However, we identify an inverted-U (a negative) relationship between consumer surplus and ownership when the demand is small (large). Then a government might apply intervention thresholds for passive ownership if it uses consumer surplus as the appropriate standard for antitrust enforcement. We further consider symmetric bilateral cross-holdings and show that our results are in general robust, but increasing ownership will generate more serious competition harms than unilateral cross-holdings. Thus, special concerns need to be given to bilateral cross-holdings.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"508-528"},"PeriodicalIF":0.8,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139398381","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
Corporate social responsibility and tariff policy in a differentiated mixed duopoly 差异化混合双头垄断中的企业社会责任和关税政策
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-04 DOI: 10.1111/boer.12432
Xingtang Wang, Leonard F. S. Wang
{"title":"Corporate social responsibility and tariff policy in a differentiated mixed duopoly","authors":"Xingtang Wang,&nbsp;Leonard F. S. Wang","doi":"10.1111/boer.12432","DOIUrl":"10.1111/boer.12432","url":null,"abstract":"<p>In this paper, we assume that the domestic public firm competes in the market with a foreign private firm that cares about consumer surplus and the domestic government imposes tariffs on foreign firm. We aim to analyze the influence of the corporate social responsibility (CSR) level of foreign firm on privatization and tariff policy. It shows that if the government implements a privatization policy for the domestic public firm, the optimal degree of privatization decreases in the CSR level of foreign firm. Under the optimal privatization policy, if the product differentiation is relatively small, the equilibrium tariff increases in the CSR level; if the product differentiation is relatively large, the equilibrium tariff decreases in the CSR level; if the product differentiation is moderate, the relationship between the equilibrium tariff and CSR level is an inverted U-shape. We further consider the policy implications under sequential moves of firms.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"470-487"},"PeriodicalIF":0.8,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376460","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 information and risk: Evidence from the role of 10-K report readability 公司信息与风险：来自 10-K 报告可读性作用的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-01-04 DOI: 10.1111/boer.12435
Sang Jun Cho, Changhwan Choi, Chune Young Chung
{"title":"Firm information and risk: Evidence from the role of 10-K report readability","authors":"Sang Jun Cho,&nbsp;Changhwan Choi,&nbsp;Chune Young Chung","doi":"10.1111/boer.12435","DOIUrl":"10.1111/boer.12435","url":null,"abstract":"<p>This study uses the Plain Writing Act of 2010 as an exogenous variation in the readability of 10-K reports to establish the impact of report improvements on firm risk. We find that better readability significantly decreases total and idiosyncratic risks for US firms experiencing shocks to their readability environment during 2001–2016. The impact is stronger among firms with poorer governance, less external monitoring, and greater product market competition. The results based on supporting the causal impact of readability on firm risk are robust. Our findings suggest that more readable 10-K reports facilitate investor monitoring, inducing firms to manage risk better.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"488-507"},"PeriodicalIF":0.8,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376131","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
Predictive model averaging with parameter instability and heteroskedasticity 具有参数不稳定性和异方差性的预测模型平均法
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-12-29 DOI: 10.1111/boer.12429
Anwen Yin
{"title":"Predictive model averaging with parameter instability and heteroskedasticity","authors":"Anwen Yin","doi":"10.1111/boer.12429","DOIUrl":"10.1111/boer.12429","url":null,"abstract":"<p>This paper proposes a frequentist model averaging approach in the presence of parameter instability and heteroskedasticity. We derive optimal weights combining the stable and break specifications of a predictive model, with the weights from minimizing the leave-one-out cross-validation information criterion (CV). We characterize the asymptotic distribution of the CV and provide the analytical expressions of the feasible optimal CV weights. Our simulations and applications forecasting the US and Taiwanese GDP growth demonstrate the superior performance of the CV model averaging relative to other methods such as the Mallows averaging, the approximate Bayesian averaging, and equal weighting.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"418-442"},"PeriodicalIF":0.8,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139146590","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
Does geographic or market proximity matter? Evidence from institutional investor monitoring on earnings attributes in US cross-listed stocks 地理位置重要还是市场距离重要？机构投资者对美国交叉上市股票盈利属性的监控证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-12-29 DOI: 10.1111/boer.12433
Sanggyu Kang, Chune Young Chung, Amirhossein Fard
{"title":"Does geographic or market proximity matter? Evidence from institutional investor monitoring on earnings attributes in US cross-listed stocks","authors":"Sanggyu Kang,&nbsp;Chune Young Chung,&nbsp;Amirhossein Fard","doi":"10.1111/boer.12433","DOIUrl":"10.1111/boer.12433","url":null,"abstract":"<p>This study investigates institutional distance as a factor of investors’ monitoring of corporate earnings attributes. We analyze the US cross-listing market to determine whether institutional monitoring depends on geographic or market proximity. We find that shareholdings of non-US institutions headquartered in the same country as the investee firm are significantly and positively related to earnings quality. However, we do not find such a monitoring role in the United States, or in institutions not incorporated in the investee firm's home country. Our findings support a geographic proximity advantage over market proximity, which is more pronounced when firms’ information opacity is more severe; the results are not altered by the choice of earnings attribute variables.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 2","pages":"443-469"},"PeriodicalIF":0.8,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139064993","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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