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Environmental preferences and sector valuations 环境偏好和行业估值
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-07-20 DOI: 10.1007/s10290-024-00537-5
Tristan Jourde, Arthur Stalla-Bourdillon
{"title":"Environmental preferences and sector valuations","authors":"Tristan Jourde, Arthur Stalla-Bourdillon","doi":"10.1007/s10290-024-00537-5","DOIUrl":"https://doi.org/10.1007/s10290-024-00537-5","url":null,"abstract":"<p>This paper examines the dynamic nature of pro-environmental preferences through an analysis of sector valuations in global equity markets from 2018 to 2023. We classify companies into three groups based on their business activities: green (e.g., renewables), neutral, and brown (e.g., fossil energy). We then run panel regressions to test whether being in the green or brown sectoral category affects stock valuations. We find that investors value sector affiliation, positively for green and negatively for brown, even after controlling for other firm-level financial and extra-financial characteristics. The effect is sizeable, as we report a 24% overvaluation of companies in green sectors and a 12% undervaluation of companies in brown sectors on average compared to the rest of the market. In addition, companies in green sectors have come under increased investor scrutiny since 2018 and appear increasingly overvalued relative to the rest of the market, suggesting that pro-environmental preferences have become more prevalent among investors.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141745231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 analytical framework for assessing climate transition risks: an application to France 评估气候过渡风险的分析框架：在法国的应用
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-07-17 DOI: 10.1007/s10290-024-00540-w
Thomas Allen, Stéphane Dées, Carlos Mateo Caicedo Graciano, Laurent Clerc, Annabelle de Gaye, Noëmie Lisack, Fulvio Pegoraro, Marie Rabaté
{"title":"An analytical framework for assessing climate transition risks: an application to France","authors":"Thomas Allen, Stéphane Dées, Carlos Mateo Caicedo Graciano, Laurent Clerc, Annabelle de Gaye, Noëmie Lisack, Fulvio Pegoraro, Marie Rabaté","doi":"10.1007/s10290-024-00540-w","DOIUrl":"https://doi.org/10.1007/s10290-024-00540-w","url":null,"abstract":"<p>This paper proposes an analytical framework to quantify the impacts of climate transition narratives on a consistent set of macroeconomic, sectoral and financial variables required for financial risk assessment. Focusing on transition risks, our set-up relies on a suite of models, calibrated on the high-level reference scenarios of the Network for Greening the Financial System (NGFS). Its modular structure and variable coverage ensure a comprehensive assessment of the financial implications of disorderly transition scenarios to a low-carbon economy, from the identification of climate-sensitive sectors to the quantification of the impacts on financial metrics. An application to France evaluates the impacts on financial markets and credit risk parameters. Results indicate that the sectoral disruptions associated with a disorderly transition to a low-carbon economy can be substantial and translate in material financial risks. The study offers further grounds for encouraging policy-makers and financial institutions to support and prepare for an early and orderly transition.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141722340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Functional shocks to inflation expectations and real interest rates and their macroeconomic effects 通货膨胀预期和实际利率的功能性冲击及其宏观经济影响
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-06-22 DOI: 10.1007/s10290-024-00538-4
Christina Anderl, Guglielmo Maria Caporale
{"title":"Functional shocks to inflation expectations and real interest rates and their macroeconomic effects","authors":"Christina Anderl, Guglielmo Maria Caporale","doi":"10.1007/s10290-024-00538-4","DOIUrl":"https://doi.org/10.1007/s10290-024-00538-4","url":null,"abstract":"<p>This paper applies a recently developed method (Inoue and Rossi, 2021) to estimate functional inflation expectations and <i>ex-ante</i> real interest rate shocks, and then examines their macroeconomic effects in the context of a Functional Vector Autoregressive model with exogenous variables (Functional VARX). Monthly data from January 1998 to May 2023 for the US, the UK and the euro area are used for the analysis. The estimated impulse responses show significant effects of the functional shocks on both inflation and output. In addition, threshold functional local projections indicate that the effects are nonlinear and depend on central bank credibility. Further, inflation expectations shocks have similar effects to supply (demand) ones when they are driven by long-term (short-term) changes. In the presence of an inverted (steepening) real interest rate term structure, the effects are inflationary (deflationary) and expansionary (recessionary). Finally, the responses of inflation, output and the policy rate are driven primarily by the slope and curvature factors of the term structure shocks, which contain important information not captured by traditional scalar shocks.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141501968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Managers’ country-specific experience and outward foreign direct investment: China and cross-countries’ evidence 管理者的国别经验与对外直接投资：中国和跨国证据
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-06-09 DOI: 10.1007/s10290-024-00545-5
Hongzhong Fan, Yang Hu, Kui Wang, Jing Zhou, Feng Hu
{"title":"Managers’ country-specific experience and outward foreign direct investment: China and cross-countries’ evidence","authors":"Hongzhong Fan, Yang Hu, Kui Wang, Jing Zhou, Feng Hu","doi":"10.1007/s10290-024-00545-5","DOIUrl":"https://doi.org/10.1007/s10290-024-00545-5","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141367367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Energy abundance, the geographical distribution of manufacturing, and international trade 能源丰富、制造业的地理分布和国际贸易
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-06-09 DOI: 10.1007/s10290-024-00544-6
Robert J. R. Elliott, Puyang Sun, Tong Zhu
{"title":"Energy abundance, the geographical distribution of manufacturing, and international trade","authors":"Robert J. R. Elliott, Puyang Sun, Tong Zhu","doi":"10.1007/s10290-024-00544-6","DOIUrl":"https://doi.org/10.1007/s10290-024-00544-6","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141366842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Appropriation and comparative advantage 拨款和比较优势
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-06-02 DOI: 10.1007/s10290-024-00542-8
Jiancai Pi, Shuxi Duan
{"title":"Appropriation and comparative advantage","authors":"Jiancai Pi, Shuxi Duan","doi":"10.1007/s10290-024-00542-8","DOIUrl":"https://doi.org/10.1007/s10290-024-00542-8","url":null,"abstract":"<p>This paper analyzes how appropriation impacts comparative advantage through the general equilibrium approach. We find that appropriation can always reshape comparative advantage for both economies with strong and weak appropriation under different economic backgrounds. Specifically, whether the economy with stronger or weaker control on appropriation gains comparative advantage in the labor-intensive or capital-intensive product depends on the type of appropriation. More importantly, controlling on appropriation can make it feasible that a capital-intensive economy obtains comparative advantage in the labor-intensive product, which is against the prediction by the Heckscher-Ohlin theorem and may be helpful to explain the Leontief’s paradox. We also examine the welfare effect of controlling on appropriation and the relationship between appropriation and the optimal tariff.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141258791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Assessing climate-related disclosures of European banks through text mining 通过文本挖掘评估欧洲银行披露的气候相关信息
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-05-24 DOI: 10.1007/s10290-024-00531-x
Angel Ivan Moreno, Teresa Caminero
{"title":"Assessing climate-related disclosures of European banks through text mining","authors":"Angel Ivan Moreno, Teresa Caminero","doi":"10.1007/s10290-024-00531-x","DOIUrl":"https://doi.org/10.1007/s10290-024-00531-x","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141099891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 sustainable finance creates impact: transmission mechanisms to the real economy 可持续金融如何产生影响：向实体经济的传导机制
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-05-23 DOI: 10.1007/s10290-024-00541-9
Ben Caldecott, Alex Clark, Elizabeth Harnett, Felicia Liu
{"title":"How sustainable finance creates impact: transmission mechanisms to the real economy","authors":"Ben Caldecott, Alex Clark, Elizabeth Harnett, Felicia Liu","doi":"10.1007/s10290-024-00541-9","DOIUrl":"https://doi.org/10.1007/s10290-024-00541-9","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141105433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Sectoral credit sensitivity to carbon price with value chain effects 具有价值链效应的部门信贷对碳价格的敏感性
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-05-23 DOI: 10.1007/s10290-024-00543-7
Edouard Pineau, Elizabeth Zuñiga
{"title":"Sectoral credit sensitivity to carbon price with value chain effects","authors":"Edouard Pineau, Elizabeth Zuñiga","doi":"10.1007/s10290-024-00543-7","DOIUrl":"https://doi.org/10.1007/s10290-024-00543-7","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141106001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Will you take my (s)crap? Waste havens in the global plastic waste trade 你愿意接受我的垃圾吗？全球塑料垃圾贸易中的垃圾天堂
IF 1.7 3区 经济学
Review of World Economics Pub Date : 2024-05-23 DOI: 10.1007/s10290-024-00534-8
Pukitta Chunsuttiwat, Ian Coxhead
{"title":"Will you take my (s)crap? Waste havens in the global plastic waste trade","authors":"Pukitta Chunsuttiwat, Ian Coxhead","doi":"10.1007/s10290-024-00534-8","DOIUrl":"https://doi.org/10.1007/s10290-024-00534-8","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141106182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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