{"title":"Investor Participation in Initial Public Offerings: A Systematic Survey of Retail and Institutional Perspectives","authors":"Abhishek Maurya, Satish Kumar","doi":"10.1111/joes.70091","DOIUrl":"https://doi.org/10.1111/joes.70091","url":null,"abstract":"<div>\u0000 \u0000 <p>This study provides a systematic survey of the academic literature examining the determinants of retail and institutional investor participation in Initial Public Offerings (IPOs). Recognizing the central role of investor demand in primary equity markets, the review synthesizes nearly three decades of research to develop an integrated understanding of how informational, institutional, regulatory, and behavioral factors shape participation decisions across diverse market settings. Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol, we analyse 47 peer-reviewed studies published between 1995 and 2025. The survey demonstrates that IPO participation is jointly influenced by market design and allocation mechanisms, underwriter reputation, regulatory environments, and firm-specific signals, alongside behavioral and cognitive biases that differentially affect retail and institutional investors. While the literature is largely grounded in information asymmetry and signaling frameworks, more recent studies increasingly incorporate behavioral finance and institutional perspectives. Despite substantial progress, research remains fragmented across methodologies, markets, and investor types, limiting cumulative knowledge. By organizing the literature around key theoretical lenses, empirical evidence, and methodological approaches, this survey identifies unresolved debates and underexplored areas, including cross-country institutional variation, investor learning dynamics, and interaction effects between retail and institutional demand globally.</p>\u0000 </div>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1971-1986"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148695775","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}
Cristina Connolly, Sandro Steinbach, Mike Vo, Xibo Wan
{"title":"Harnessing Human Mobility Data for Applied Economic Research: Current Knowledge, Challenges, and Emerging Opportunities","authors":"Cristina Connolly, Sandro Steinbach, Mike Vo, Xibo Wan","doi":"10.1111/joes.70047","DOIUrl":"https://doi.org/10.1111/joes.70047","url":null,"abstract":"<p>This paper reviews how large-scale mobility data can enhance economic analyses, highlighting its contributions to understanding travel behavior, labor markets, social interactions, and health outcomes. We discuss its advantages over traditional mobility data sources, which include real-time location information and fine spatial resolution, while addressing key empirical challenges such as measurement errors, sampling biases, and privacy concerns. Additionally, we examine how machine learning and interdisciplinary approaches can enhance the usefulness of mobility data for applied economic research. By synthesizing previous studies and identifying future directions, our review provides a roadmap for leveraging human mobility data at scale to refine economic models and inform policy decisions, underscoring the potential of human mobility data to enhance empirical research across various economic research fields.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1763-1788"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70047","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148695892","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}
{"title":"Revisiting the Health Spending-Growth Nexus","authors":"Andreas Sintos, Michael Chletsos, Eleni Xydea","doi":"10.1111/joes.70095","DOIUrl":"https://doi.org/10.1111/joes.70095","url":null,"abstract":"<p>The relationship between health spending and economic growth is shaped by multiple transmission channels, leading to inconsistencies in the empirical literature and a lack of definitive conclusions. To address this issue, we perform a meta-analysis encompassing 522 estimates from 107 studies that examine the effect of health spending on economic growth. Our analysis uncovers the presence of a negative publication bias of moderate magnitude in the literature. However, after accounting for both publication bias and methodological shortcomings in the primary studies, we find that health spending exerts a substantial positive effect on economic growth. Furthermore, our findings demonstrate that the reported estimates are shaped by various factors, including differences in how economic growth and health spending are measured, the characteristics of the data, publication attributes, and the inclusion of other growth-related variables.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"2037-2055"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70095","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696632","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}
Javed Bin Kamal, Sheena Sara Suresh Philip, Md. Lutfur Rahman, Asif ur Rashid Allis
{"title":"A Comprehensive Revisit to the Safe-Haven Assets Literature","authors":"Javed Bin Kamal, Sheena Sara Suresh Philip, Md. Lutfur Rahman, Asif ur Rashid Allis","doi":"10.1111/joes.70094","DOIUrl":"https://doi.org/10.1111/joes.70094","url":null,"abstract":"<p>A large number of studies examine the safe-haven characteristics of different asset classes. However, this paper addresses a lack of systematic literature reviews and bibliometric analyses with a sound theoretical viewpoint the safe-haven assets literature by focusing on 1305 studies published in top-tier journals during 2013–2026 from the Scopus database. We observe that safe-haven assets-related studies predominantly emerge during periods of crises and rising economic uncertainty, such as the COVID-19 crisis. We find that there are no true safe-haven assets. The ability of a particular asset to function as a safe-haven depends on the economic conditions, sources of crisis, and other factors. Finally, the paper provides directions for future research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1999-2025"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70094","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696578","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}
{"title":"Justice, Growth, and Governance: Causal Evidence on How Courts Shape Economic Outcomes and Conflict","authors":"Manuel Ramos-Maqueda, Daniel L. Chen","doi":"10.1111/joes.70085","DOIUrl":"https://doi.org/10.1111/joes.70085","url":null,"abstract":"<div>\u0000 \u0000 <p>What do courts contribute to development? This survey organizes a fast-growing empirical literature around three questions: (1) Growth–do efficient, independent courts spur investment, productivity, and credit? (2) Peace–can stronger judiciaries deter civil strife and everyday crime? (3) Governance–how do courts shape trust and curb corruption? Reviewing 150+ causal studies from Asia, Africa, and Latin America, we find cutting case duration by one year lifts manufacturing productivity 3%–5%, specialized debt tribunals slash loan delinquency 25%–30%, and post-conflict mediation programs reduce land-related violence almost 30%. Faster, impartial adjudication also deepens credit markets and lowers borrowing costs, yet gains often bypass small borrowers and fragile states where customary justice dominates. We outline four research frontiers: disentangling speed, quality, and access; mapping formal–customary linkages; exploiting court big-data to measure bias and legal uncertainty; and testing how regime type conditions judicial impact. Addressing these gaps can turn judicial reform into a high-return, inclusive development strategy.</p></div>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1789-1805"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148695838","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}
{"title":"Mapping the Research Landscape of Green Energy: A Comprehensive Bibliometric Review","authors":"Sana Thameur, Mejed Boumrifeg, Nejib Hachicha","doi":"10.1111/joes.70093","DOIUrl":"https://doi.org/10.1111/joes.70093","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper presents a comprehensive bibliometric analysis of research on green energy based on the Web of Science database up to 2024. A total of 1277 publications were identified using the keyword “green energy” in both titles and author keywords, with 90% of the output published between 2022 and 2024. The study examines publication trends by year, research areas, geographical distribution, contributing organizations, citation structures, and keyword co-occurrence networks using VOSviewer. The main research areas include connectedness and spillover volatility, technological and innovative developments, environmental sciences, ecology, and fiscal initiatives. China emerges as the leading country in terms of publication volume. Among the most influential authors, Boqiang Lin stands out for his substantial contribution to shaping the research landscape in green energy. Overall, the bibliometric evidence highlights the rapid expansion, thematic diversity, and evolving priorities within the green energy literature.</p>\u0000 </div>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1987-1998"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696521","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}
{"title":"Theorizing Data Assets as a New Production Factor in Accounting and Finance: A Systematic Analytical Framework","authors":"Luxiu Zhang, Yuhan Yuan, Yunqing Li, Chao Xing","doi":"10.1111/joes.70079","DOIUrl":"https://doi.org/10.1111/joes.70079","url":null,"abstract":"<div>\u0000 \u0000 <p>This study synthesizes the growing literature on data assets and data assetization and theorizes data as a new factor of production with direct implications for accounting and corporate finance. We clarify the conceptual distinctions among data, data resources, and data assets and integrate multiple theoretical perspectives into a unified analytical framework that links data assetization, balance sheet recognition, and corporate financing outcomes. Using China as the primary observation window, this research reviews the evolution of national policies on data as a production factor and recent accounting guidance that allows eligible data resources to be recognized as intangible assets or inventories. We then trace the full process of data assetization, from compliance assessment and valuation to financial statement presentation and subsequent financial use, including pledge-backed lending, equity contributions valued with data, and securitization. Illustrative cases reveal a rapid adoption among data-intensive service firms and more gradual progress in traditional industries. The study concludes by identifying the key constraints, including measurement standardization, cost allocation, data quality, and security compliance, and proposes a research agenda that supports more rigorous measurement frameworks and policy designs.</p>\u0000 </div>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"2088-2110"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696617","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}
Filippo di Pietro, Pilar Giráldez-Puig, Pedro R. Palos-Sánchez, Zbigniew Korzeb
{"title":"Artificial Intelligence in Climate and Sustainable Finance: A Blessing or a Curse?","authors":"Filippo di Pietro, Pilar Giráldez-Puig, Pedro R. Palos-Sánchez, Zbigniew Korzeb","doi":"10.1111/joes.70075","DOIUrl":"https://doi.org/10.1111/joes.70075","url":null,"abstract":"<p>While there are concerns regarding the sustainability of artificial intelligence (AI), it is a potential ally in the transition toward a greener future. It offers advanced tools for data analysis; risk modeling; and environmental, social, and governance (ESG) assessment. This study provides a systematic literature review and bibliometric analysis on how machine learning techniques are being applied to address climate-related financial challenges. The results reveal growing adoption of AI in areas such as emissions forecasting, green investment, and sustainability reporting. Based on the findings, there are several ongoing challenges related to data quality, interpretability, and algorithmic bias. While AI can enable a green transition, there are financial and ethical concerns that need to be addressed with robust governance, regulatory oversight, and institutional awareness to ensure that AI acts as a catalyst for financial stability and sustainable development.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1854-1873"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70075","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696570","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}
{"title":"Demographic Dynamics and International Trade: Stylized Facts and Theoretical Insights","authors":"Kumuthini Sivathas","doi":"10.1111/joes.70089","DOIUrl":"https://doi.org/10.1111/joes.70089","url":null,"abstract":"<p>Demographic change within a country has economic repercussions for other countries through international transactions. Ongoing shifts in population size and age structure across countries have important implications for international trade, operating through changes in market size, consumption preferences, and labor supply. This review is organized into two parts and delivers three main insights. First, it documents key stylized facts on global demographic change and illustrates their implications for six major trading blocs. Second, it surveys the theoretical literature analyzing how demographic dynamics shape international trade patterns. Three central conclusions emerge. First, demographic change is likely to contribute to a shift in the global economic center of gravity from the Global North towards the Global South. Second, by influencing savings behavior and labor supply across countries, demographic developments affect relative prices and production structures. Third, demographic factors generate heterogeneous demand patterns and influence international trade through market size effects and non-homothetic preferences.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"1806-1833"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70089","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696595","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}
{"title":"Mapping the Landscape of the Economics of AI Literature: Gaps and Opportunities for Research and Policy","authors":"Lucy Hampton, John Lourenze Poquiz","doi":"10.1111/joes.70081","DOIUrl":"https://doi.org/10.1111/joes.70081","url":null,"abstract":"<p>This paper investigates the evolving landscape of research on the economics of artificial intelligence (AI). Using topic modeling on a corpus of over 4,600 academic papers, we identify the dominant themes that have shaped the literature to date and highlight areas that remain relatively underexplored. In addition, we assess the extent to which current research trajectories align with policy priorities. Our findings show significant research concentration on AI applications in supply chains, labor markets, and large language models (LLMs), especially following ChatGPT's release. However, comparing these topics to national AI strategies and legislation across regions, we identify notable gaps, particularly in measuring AI-driven economic growth, effective industrial policy, and the economic impacts of risk-based AI regulations. Global AI governance, regulatory fragmentation, and the effects of privacy laws on market competition in this context are also under-studied. By mapping these trends and gaps, the study offers guidance for future research and for policymakers navigating AI's economic and regulatory landscape.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"40 4","pages":"2111-2128"},"PeriodicalIF":6.6,"publicationDate":"2026-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.70081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696342","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}