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Institutional openness and analyst competition in China's capital market: Evidence of information acquisition advantages 中国资本市场的制度开放与分析师竞争：信息获取优势的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-25 DOI: 10.1016/j.econmod.2024.106895
{"title":"Institutional openness and analyst competition in China's capital market: Evidence of information acquisition advantages","authors":"","doi":"10.1016/j.econmod.2024.106895","DOIUrl":"10.1016/j.econmod.2024.106895","url":null,"abstract":"<div><div>The factors driving analyst competition have emerged as a critical research topic while firm characteristics and external environments affect analyst competition. However, the impact of institutional openness is underexplored in the current literature. Based on a quasi–natural experiment of the Administrative Measures for Foreign-Invested Brokerage Firms, we examined the effects of institutional openness on analyst competition using a difference–in–differences model (DID). Our research illustrates that greater institutional openness improves analyst competition through information acquisition advantages. The positive impact of institutional openness on analyst competition was more pronounced in brokerage firms with shorter establishment times and companies with less investor attention. Finally, analyst competition caused by institutional openness enhanced the market information transmission efficiency. The findings provide essential contributions to understanding the institutional openness effect and characteristics of the analyst industry.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Information acquisition and financial advice 信息获取和财务咨询
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-21 DOI: 10.1016/j.econmod.2024.106891
{"title":"Information acquisition and financial advice","authors":"","doi":"10.1016/j.econmod.2024.106891","DOIUrl":"10.1016/j.econmod.2024.106891","url":null,"abstract":"<div><div>This study analyzes the incentives for investors to delegate investment decisions to biased financial advisors who can acquire information about multiple risky asset characteristics. We show that the investor limits the amount of wealth a financial advisor can invest on her behalf to prevent unprofitable investment. This cap decreases as the conflict of interest between the investor and advisor widens and may be lower for a better-informed advisor. Although the investor always prefers a better-informed advisor, the advisor may choose to acquire less information to induce the investor to impose a higher cap. Reducing the conflict of interests between the investor and the advisor may not improve financial decisions, as it may discourage the advisor from acquiring more information. Our findings provide implications for policymakers seeking to regulate the delegated portfolio management industry, favoring better investment decisions.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 human capital and market structure in a monetary Schumpeterian model 熊彼特货币模型中的内生人力资本和市场结构
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-21 DOI: 10.1016/j.econmod.2024.106889
{"title":"Endogenous human capital and market structure in a monetary Schumpeterian model","authors":"","doi":"10.1016/j.econmod.2024.106889","DOIUrl":"10.1016/j.econmod.2024.106889","url":null,"abstract":"<div><div>This study incorporates endogenous human capital into a monetary Schumpeterian model with endogenous market structure. We find that endogenous human capital leads to continuous entry of firms, sustaining horizontal innovation and making it a twin engine of long-run growth with vertical innovation. Moreover, an increase in the nominal interest rate has no immediate effect on growth, whereas it has a negative effect on long-run growth. This is because the return to vertical innovation (the incumbents) is proportional to firm size (i.e., human capital per firm), a state variable that adjusts slowly. A higher nominal interest rate decreases labor supply for human capital accumulation, reducing the growth rate of human capital and immediately lowering the return to entry. The relatively higher return to incumbents increases the growth rate of vertical innovation, thus offsetting the decrease in human capital growth rate. Firm size decreases in the long run, reducing the growth rate of vertical innovation and equilibrium total growth and welfare. We calibrate the model to the U.S. economy and find that the negative effects of nominal interest rate on growth and welfare are small and increasing during the transition due to endogenous human capital and market structure and substantial in the steady state.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142318639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Partial privatization and the degree of corporate social responsibility of private investors 部分私有化与私人投资者的企业社会责任程度
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-20 DOI: 10.1016/j.econmod.2024.106892
{"title":"Partial privatization and the degree of corporate social responsibility of private investors","authors":"","doi":"10.1016/j.econmod.2024.106892","DOIUrl":"10.1016/j.econmod.2024.106892","url":null,"abstract":"<div><div>A significant issue for study is what type of private investor governments should sell public firms to: those who care about corporate social responsibility (CSR) or those who are profit-maximizers. To analyze this issue we measure CSR concern through consumer surplus and consider a market in which a private and a public firm compete. We find that the decision taken by the government crucially depends on the social concern of the rival private firm. When that firm cares about CSR, selling part of the public firm to socially concerned private investors is no worse than selling to profit-maximizing investors. However, when the private firm maximizes profits the opposite result is obtained. In addition, from a social welfare viewpoint, when social concern is not high it is desirable for all private investors to engage in CSR. Otherwise, it is preferable for them not to care about society.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142318640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 restricting private school enrollment increase the public school housing premium? Evidence from the Chengdu real estate market 限制民办学校招生是否会提高公办学校住房溢价？来自成都房地产市场的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-20 DOI: 10.1016/j.econmod.2024.106890
{"title":"Does restricting private school enrollment increase the public school housing premium? Evidence from the Chengdu real estate market","authors":"","doi":"10.1016/j.econmod.2024.106890","DOIUrl":"10.1016/j.econmod.2024.106890","url":null,"abstract":"<div><div>Despite a growing body of literature demonstrating the role of private schools in narrowing the housing premium associated with high-quality public schools, there is little evidence on how policy shocks that limit access to private schools affect this premium. Using 21,364 observations of house transaction data from 2017 to 2021, this paper examines the impact of one policy limiting private schools’ autonomy in enrolling students on the public school housing premium in Chengdu, China. My findings reveal that when private schools lose the right to select students, the housing premium associated with high-quality public schools increases significantly. The escalation in high-quality school housing premium is attributed to the growing uncertainty regarding the accessibility of private schools as alternative options. The policy effect on housing premium remains robust at school district boundaries. My conclusion implies that policy-makers should pay attention to the positive role of private schools in promoting educational equity.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142312970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Licensing of a cost-reducing innovation in a Stackelberg-differentiated duopoly 斯塔克尔伯格差异化二元垄断中降低成本创新的许可证制度
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-18 DOI: 10.1016/j.econmod.2024.106893
{"title":"Licensing of a cost-reducing innovation in a Stackelberg-differentiated duopoly","authors":"","doi":"10.1016/j.econmod.2024.106893","DOIUrl":"10.1016/j.econmod.2024.106893","url":null,"abstract":"<div><div>This study investigates the licensing of a cost-reducing innovation by a firm to its direct competitor in a Stackelberg-differentiated duopoly. We find that the licensor's market position coupled with the product's nature and innovation size play an important role in framing the licensing agreement and its welfare impact. When acting as the market leader in determining output, the licensor offers its competitor a pure ad valorem royalty contract if the products are close substitutes for each other or if the innovation is sufficiently large in the case of distant substitutes; otherwise, a per-unit royalty combined with a fixed fee is preferred. However, if the licensor acts as a follower in the product market, the licence comprises a per-unit royalty, sometimes combined with a fixed payment. Compared with the pre-licensing context, licensing by a market follower is never welfare-reducing, whereas licensing by a market leader is only welfare-reducing when products are extremely close substitutes. Optimal licensing with complementary products is also studied, which could result in a per-unit subsidy.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 local government debt management affect cross-border M&As? Evidence from China 地方政府债务管理会影响跨国并购吗？来自中国的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-16 DOI: 10.1016/j.econmod.2024.106886
{"title":"Does local government debt management affect cross-border M&As? Evidence from China","authors":"","doi":"10.1016/j.econmod.2024.106886","DOIUrl":"10.1016/j.econmod.2024.106886","url":null,"abstract":"<div><p>The rapid expansion of government debt exacerbates systemic risks and tightens the credit transmission channels of monetary policy, posing a severe threat to the healthy development of firms. Existing literature mainly examines the impact of government debt on corporate financing behavior, innovation, and total output. Using data from a sample of Chinese A-share listed firms covering the period from 2001 to 2022, we investigate the impact of local government debt management on corporate cross-border mergers and acquisitions (M&amp;As). Our analysis reveals that effective local government debt management promotes cross-border M&amp;As by alleviating corporate financing constraints, intensifying market competition, and enhancing corporate risk-taking capacity. The findings offer fresh insights into achieving the dual objectives of risk prevention and stable growth through local government debt management and provide significant implications for boosting the high-quality development of the real economy.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Robust estimation of the range-based GARCH model: Forecasting volatility, value at risk and expected shortfall of cryptocurrencies 基于范围的 GARCH 模型的稳健估算：预测加密货币的波动率、风险价值和预期缺口
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-14 DOI: 10.1016/j.econmod.2024.106887
{"title":"Robust estimation of the range-based GARCH model: Forecasting volatility, value at risk and expected shortfall of cryptocurrencies","authors":"","doi":"10.1016/j.econmod.2024.106887","DOIUrl":"10.1016/j.econmod.2024.106887","url":null,"abstract":"<div><div>Traditional volatility models do not work well when volatility changes rapidly and in the presence of outliers. Therefore, two lines of improvements have been developed separately in the existing literature. Range-based models benefit from efficient volatility estimates based on low and high prices, while robust methods deal with outliers. We propose a range-based GARCH model with a bounded M-estimator, which combines these two improvements with a third new improvement: a modified robust method, which adds elasticity in treating the outliers. We apply this model to Bitcoin, Ethereum Classic, Ethereum, and Litecoin and find that it forecasts variances, value at risk, and expected shortfall more accurately than the standard GARCH model, the standard range-based GARCH model, and the GARCH model with the robust estimation. Utilization of high and low prices joined with a novel treatment of outliers makes our model perform well during extreme periods when traditional volatility models fail.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Regional aggregation bias in the global computable general equilibrium model: Issues in assessing the economic impact of climate change and trade liberalization 全球可计算一般均衡模型中的区域汇总偏差：评估气候变化和贸易自由化经济影响的问题
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-10 DOI: 10.1016/j.econmod.2024.106885
{"title":"Regional aggregation bias in the global computable general equilibrium model: Issues in assessing the economic impact of climate change and trade liberalization","authors":"","doi":"10.1016/j.econmod.2024.106885","DOIUrl":"10.1016/j.econmod.2024.106885","url":null,"abstract":"<div><p>This study examined the bias introduced by regional aggregation (RA) when assessing the effect of climate change and trade liberalization through computational experiments. The analysis used global computable general equilibrium models with different pre-aggregation levels, based on the GTAP10 database. The bias was quantified by comparing the effects between large-scale and aggregated models. The results revealed that RA bias comprised over 35% of estimated effects related to climate change and global trade liberalization; it reversed the change direction in the simulation and deviated changes beyond the variation range observed in the sensitivity analysis; and it increased in developing countries where the proportions of imports were high. Much RA bias is artificially created by aggregating countries with different initial shocks, which then spreads to other countries through a pseudo-trade structure. Therefore, adopting a disaggregated global model is crucial to improve the accuracy of climate change assessments with diverse shocks worldwide.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Dutch auction dynamics in non-fungible token (NFT) markets 不可兑换代币（NFT）市场的荷兰式拍卖动态
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-07 DOI: 10.1016/j.econmod.2024.106882
{"title":"Dutch auction dynamics in non-fungible token (NFT) markets","authors":"","doi":"10.1016/j.econmod.2024.106882","DOIUrl":"10.1016/j.econmod.2024.106882","url":null,"abstract":"<div><p>Non-fungible tokens (NFTs) rose to prominence as a wide-scale implementation of blockchain technology to support the emergence of crypto-asset markets. These nascent digital markets raise questions about the behaviours of investors in the digital economy and their appetite for risk. Using 28,919 auction listings, 4937 sales, and 30,197 Telegram messages, we conduct a field study on the bidding and selling behaviours of NFT investors in a Dutch auction system. We reveal risk-seeking behaviours in our sample of Dutch auction sales. We document that time pressures and value propositions significantly influence NFT investors: fast clock speeds and greater price separations induce underbidding behaviours and are associated with low value retention for sellers. These results are confirmed using a matched-pairs analysis. Our study raises further questions on the risk preferences of investors in emergent digital marketplaces. We propose value maximisation strategies for marketplace developers and participants, while drawing attention to the presence of potentially exploitable biases and heuristics amongst participants, courtesy of bidding incentivisation schemes significantly altering how investors value NFTs.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0264999324002396/pdfft?md5=40a69870d59d3c099d9cbb14a1a7a055&pid=1-s2.0-S0264999324002396-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142228974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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