发布求助
文献互助 智能选刊 最新文献

Quarterly Review of Economics and Finance最新文献

筛选
英文 中文
Factors and quantile differences influencing funding volumes of successful crowdfunding campaigns on reward-based platforms in developed, developing, and emerging crowdfunding markets 在发达、发展中和新兴众筹市场中，影响奖励型平台上成功众筹活动融资量的因素和分位数差异
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-10-26 DOI: 10.1016/j.qref.2025.102070
Jauling Tseng
{"title":"Factors and quantile differences influencing funding volumes of successful crowdfunding campaigns on reward-based platforms in developed, developing, and emerging crowdfunding markets","authors":"Jauling Tseng","doi":"10.1016/j.qref.2025.102070","DOIUrl":"10.1016/j.qref.2025.102070","url":null,"abstract":"<div><div>This study investigates the influence and quantile differences of key variables on crowdfunding campaign fundraising volumes by using data from 73,146 campaigns across major global platforms in developed, developing, and emerging crowdfunding markets from 2012 to 2017. The results indicate that campaigns with lower funding targets, longer financing periods, more social media followers, backers, photos, and comments, more frequent updates and past successful experiences, and fewer past failure experiences are significantly more likely to succeed. Additionally, campaigns with longer financing periods, more social media followers, backers, comments, frequent updates, and past successful experiences, and fewer past failure experiences are likely to raise higher fundraising volumes. Moreover, campaigns in developed crowdfunding markets are significantly more likely to succeed and raise large volumes of funds compared with those in developing markets, whereas those in emerging markets are more likely to succeed but raise lower volumes of funds than those in developing markets. Finally, for campaigns in the highest 90th quantile of successful funding volumes, improvements in campaign variables lead to greater marginal increases in funding volumes compared with those in the lowest 10th quantile, highlighting substantial quantile differences and unequal effects across funding levels. This study provides insights that can guide start-ups and policymakers in developing effective crowdfunding strategies and policies, thereby promoting the healthy development of crowdfunding markets and improving financial inclusion.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102070"},"PeriodicalIF":3.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145525840","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
Local government responses to procurement centralization: Evidence from Italy 地方政府对采购集中的反应：来自意大利的证据
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-04 DOI: 10.1016/j.qref.2025.102012
Lorenzo Castellani , Francesco Decarolis , Gabriele Rovigatti
{"title":"Local government responses to procurement centralization: Evidence from Italy","authors":"Lorenzo Castellani ,&nbsp;Francesco Decarolis ,&nbsp;Gabriele Rovigatti","doi":"10.1016/j.qref.2025.102012","DOIUrl":"10.1016/j.qref.2025.102012","url":null,"abstract":"<div><div>This paper analyzes how local public authorities in Italy responded to recent procurement centralization reforms. Using detailed data on all Italian public contracts awarded between 2015 and 2017, we document three types of strategic behavior aimed at retaining local autonomy. First, authorities anticipating the reforms accelerated purchases to avoid central oversight. Second, they manipulated contract values to remain below monetary thresholds. Third, when required to centralize, they often chose the least centralized forms of coordination. These findings highlight how institutional design and local incentives can blunt the intended effects of centralization policies, offering broader lessons for procurement reform across the EU.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102012"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313076","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
Demand aggregation and payment risk effects on pooled procurement: Evidence from the public healthcare sector 需求聚合和支付风险对集中采购的影响：来自公共医疗保健部门的证据
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-05-31 DOI: 10.1016/j.qref.2025.102011
Klenio Barbosa , Eduardo Fiuza
{"title":"Demand aggregation and payment risk effects on pooled procurement: Evidence from the public healthcare sector","authors":"Klenio Barbosa ,&nbsp;Eduardo Fiuza","doi":"10.1016/j.qref.2025.102011","DOIUrl":"10.1016/j.qref.2025.102011","url":null,"abstract":"<div><div>This paper empirically investigates the impact of pooled procurement arrangements on acquisition prices of pharmaceuticals and health products. Pooled procurement involves a collaborative agreement among organizations aiming to procure products from suppliers jointly. Pooled arrangements can decrease acquisition prices by aggregating demand but may raise the price paid by buyers with lower payment risk when they jointly acquire products with high-risk ones. We examine these two different channels through which pooled procurement affects prices in the context of public health procurement in Brazil. We find that pooled procurement allows public entities to obtain lower prices. However, we also find evidence that the price paid by low payment risk buyers increases when they associate with high payment risk buyers in pooled arrangements. These two results together indicate that pooled procurement must be properly designed to achieve its potential gains for buyers, which can lead to suboptimal creation of bulk procurement arrangements.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102011"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144231462","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
Credit risk identification with Hawkes processes: Theory and evidence 霍克斯过程的信用风险识别：理论与证据
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-18 DOI: 10.1016/j.qref.2025.102027
Sha Lin , Xuanmeng Lin , Xin-Jiang He
{"title":"Credit risk identification with Hawkes processes: Theory and evidence","authors":"Sha Lin ,&nbsp;Xuanmeng Lin ,&nbsp;Xin-Jiang He","doi":"10.1016/j.qref.2025.102027","DOIUrl":"10.1016/j.qref.2025.102027","url":null,"abstract":"<div><div>This study utilizes the Hawkes process as an alternative to the Poisson distribution assumption in the jump-diffusion KMV (JD-KMV) model, thereby enhancing the assumption of the expected asset jump size and deriving the Hawkes jump-diffusion KMV (HJD-KMV) model. Subsequently, a regression analysis is conducted on the default distance calculated by the model using bond spreads as a proxy variable for credit risk. The findings reveal that the enhanced jump frequency assumption in the HJD-KMV model enriches its representation of asset information, leading to an improved ability in identifying credit risk. In terms of heterogeneity research, we find that the enhancement of the jump frequency assumption consistently grants the HJD-KMV model superior capacity in identifying credit risk. Moreover, relaxing rigid payment structures proves beneficial to the model's ability in identifying credit risk, while the implementation of financial \"deleveraging\" policies and the occurrence of epidemics tend to diminish the model's effectiveness in credit risk identification.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102027"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514218","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
The equity premium and the disconnect between uncertainty and volatility: A global perspective 股票溢价与不确定性与波动性之间的脱节：全球视角
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-23 DOI: 10.1016/j.qref.2025.102010
Bradley Paye , Carolina Magda da Silva Roma , Marcelo Fernandes
{"title":"The equity premium and the disconnect between uncertainty and volatility: A global perspective","authors":"Bradley Paye ,&nbsp;Carolina Magda da Silva Roma ,&nbsp;Marcelo Fernandes","doi":"10.1016/j.qref.2025.102010","DOIUrl":"10.1016/j.qref.2025.102010","url":null,"abstract":"<div><div>We construct measures of the time-varying degree of disconnection between uncertainty and volatility for various international equity markets. We show that a strong global component drives the disconnect processes across countries. Building upon prior work focused on the US equity market, we provide an international perspective that confirms and strengthens evidence linking time-variation in the equity premium with uncertainty. Predictability appears to be driven almost exclusively by common (global) variance and uncertainty, consistent with the predictions of benchmark international asset pricing models featuring integrated markets.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102010"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634028","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
Do influencers pay? Evidence from the Internet celebrity economy in China 网红付钱吗？来自中国网红经济的证据
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-07-04 DOI: 10.1016/j.qref.2025.102030
Xiaohui Chen , Paul Moon Sub Choi , Sang-Joon Kim , Jangwook Lee , Seung-Hee Kim
{"title":"Do influencers pay? Evidence from the Internet celebrity economy in China","authors":"Xiaohui Chen ,&nbsp;Paul Moon Sub Choi ,&nbsp;Sang-Joon Kim ,&nbsp;Jangwook Lee ,&nbsp;Seung-Hee Kim","doi":"10.1016/j.qref.2025.102030","DOIUrl":"10.1016/j.qref.2025.102030","url":null,"abstract":"<div><div>The Internet celebrity (“Wanghong”) economy is a business model that leverages the purchasing power of social media users through online traffic. Since 2016, China has witnessed the rise of the Wanghong economy, characterized by listed firms’ engagement in livestreaming and Wanghong-based commerce. In this study, we find distinctive patterns in short- versus long-term market responses. Investor attention positively affects short-term cumulative abnormal returns upon firms’ initial involvement in Wanghong activities, reflecting sentiment-induced price buoyancy. However, initially overreacted, positive buy-and-hold abnormal returns reverse over 7- to 12-month holding periods. While the Wanghong effect on revenue growth is marginal, long-term returns are in line with firm profitability, suggesting market valuations ultimately revert to fundamentals. In sum, there is a discernible dynamic shift from short-term emotional reactions to long-term rational adjustments in the Wanghong economy.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102030"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587595","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
Geopolitical risk and bond market dynamics: Assessing the impact of threats and realized events 地缘政治风险和债券市场动态：评估威胁和已实现事件的影响
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-07-12 DOI: 10.1016/j.qref.2025.102032
Adnan Aslam , Mohammad Khaleq Newaz
{"title":"Geopolitical risk and bond market dynamics: Assessing the impact of threats and realized events","authors":"Adnan Aslam ,&nbsp;Mohammad Khaleq Newaz","doi":"10.1016/j.qref.2025.102032","DOIUrl":"10.1016/j.qref.2025.102032","url":null,"abstract":"<div><div>This study examines the impact of geopolitical risk on global bond markets, with a focus on distinguishing between geopolitical threats and realized geopolitical events. Using daily data, the study applies a multi-method framework comprising the time-varying parameter vector autoregression connectedness framework, wavelet quantile correlation, and cross-quantilogram analysis to investigate dynamic spillovers, asymmetric relationships, and lead-lag dependencies between geopolitical risk categories and bond markets. Our findings show that bond markets exhibit pronounced sensitivity to geopolitical shocks, with threat-based risks exerting a more persistent and widespread impact than realized geopolitical events. Sovereign and corporate bonds emerge as particularly vulnerable, whereas alternative fixed-income instruments such as sukuk and municipal bonds demonstrate greater resilience. Although bonds are often viewed as long-term safe-haven assets, their short-term hedging effectiveness varies considerably across segments and risk types. Notably, sukuk consistently serve as a reliable safe-haven during periods of elevated geopolitical threat. Our results underline the complexity of geopolitical risk effects, illustrating the importance of distinguishing between geopolitical threats and realized geopolitical events for understanding investor behaviour, risk premiums, and asset pricing dynamics. This study contributes to the literature by offering new insights into the resilience of different bond segments to geopolitical shocks and providing valuable implications for portfolio diversification, risk management, and investment strategies during periods of heightened geopolitical uncertainty.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102032"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653559","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
Local environmental organizations and employee directors on the board 当地环保组织和董事会的雇员董事
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-07-28 DOI: 10.1016/j.qref.2025.102034
Chune Young Chung , Irfan Haider Shakri
{"title":"Local environmental organizations and employee directors on the board","authors":"Chune Young Chung ,&nbsp;Irfan Haider Shakri","doi":"10.1016/j.qref.2025.102034","DOIUrl":"10.1016/j.qref.2025.102034","url":null,"abstract":"<div><div>This research explores the impact of local non-governmental environmental organizations on board structures. Our results indicate that the intensity of such local organizations relates positively to the number of employee directors on the board. This finding suggests that a firm’s long-term orientation, influenced by local stakeholders, contributes to the development of sustainable board structures. We also analyze whether firms’ internal and external factors affect these organizations. The results show that the positive impact is stronger when local societies and corporate governance prioritize long-term goals. Thus, our findings align with social movement theory, suggesting that social initiatives motivate firms to enhance their social and environmental practices, ultimately fostering a long-term-oriented board structure.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102034"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772795","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
Optimal taxation, minimum wage constraint in a model of capital-skill complementarity 资本-技能互补性模型中的最优税收、最低工资约束
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-08-30 DOI: 10.1016/j.qref.2025.102036
Yunmin Chen , Dongmeng Ren
{"title":"Optimal taxation, minimum wage constraint in a model of capital-skill complementarity","authors":"Yunmin Chen ,&nbsp;Dongmeng Ren","doi":"10.1016/j.qref.2025.102036","DOIUrl":"10.1016/j.qref.2025.102036","url":null,"abstract":"<div><div>We propose a competitive equilibrium model incorporating taxation and minimum wage constraints in the presence of capital-skill complementarity. The paper mainly addresses how exogenous minimum wage constraints (MWC) impact the optimal progressivity of labor income tax and optimal capital income tax rate. We find the following two results for a steady-state optimal taxes with a binding MWC in an economy with risk averse agents: (i) The capital tax rate is positive, (ii) The labor tax schedule is less progressive in the presence of the MWC than in its absence.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102036"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932136","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
Fortune favors the green: Role of green investment in mitigating climate risk and the moderating role of ESG performance 《财富青睐绿色：绿色投资在缓解气候风险中的作用和ESG绩效的调节作用
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-20 DOI: 10.1016/j.qref.2025.102028
Mustafa Raza Rabbani , Madiha Kiran , Oguzhan Cepni , Muhammad Abubakr Naeem
{"title":"Fortune favors the green: Role of green investment in mitigating climate risk and the moderating role of ESG performance","authors":"Mustafa Raza Rabbani ,&nbsp;Madiha Kiran ,&nbsp;Oguzhan Cepni ,&nbsp;Muhammad Abubakr Naeem","doi":"10.1016/j.qref.2025.102028","DOIUrl":"10.1016/j.qref.2025.102028","url":null,"abstract":"<div><div>The global firms are feeling pressure to urgently address the climate concerns and transition towards sustainable green practices. There is an immediate concern from the regulators, investors, governments, and consumers about addressing this pressing issue. Against this backdrop, this study investigates the role of green investments in mitigating climate risk with the moderating role of ESG performance. The study employs panel data from 4375 non-financial firms across 74 countries from 2002 to 2023 to ensure robust inference by using the OLS, GMM, and heterogeneity tests. The findings indicate that green investment significantly reduces climate risk exposure, with ESG performance amplifying this effect. Simultaneously, a high ESG score signals long-term risk management and corporate responsibility, strengthening investor confidence and stakeholder trust. This synergy enhances a firm’s resilience to regulatory and environmental shocks and improves its market valuation and credibility. These insights offer valuable guidance to institutional investors, regulators, and policymakers aiming to align capital allocation with global climate commitments and the Sustainable Development Goals (SDGs). Encouraging green investment and ESG integration can serve as a dual-purpose strategy, mitigating climate risk while fostering sustainable, inclusive economic growth<strong>.</strong> This research contributes to the discourse on sustainable finance by highlighting the role of responsible investment in promoting resilience against climate risk.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102028"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366893","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
首页 上一页 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
小红书