{"title":"A review on ESG investing: Investors’ expectations, beliefs and perceptions","authors":"Roman Kräussl, Tobi Oladiran, Denitsa Stefanova","doi":"10.1111/joes.12599","DOIUrl":"https://doi.org/10.1111/joes.12599","url":null,"abstract":"This study examines the recent literature on the expectations, beliefs and perceptions of investors who incorporate Environmental, Social, Governance (ESG) considerations in investment decisions with the aim to generate superior performance or make a societal impact. Through the lens of equilibrium models of agents with heterogeneous tastes for ESG investments, green assets are expected to generate lower returns in the long run compared to their non-ESG counterparts. However, in the short run, ESG investments can outperform non-ESG investments through various channels. Empirically, results for the relative performance to ESG investment are mixed. We find strong empirical evidence in the literature that investors have a preference for ESG and that their actions can generate positive social impact through engagement. The shift towards more sustainable policies in firms is motivated by the increased market values and the lower cost of capital of green firms driven by investors’ choices.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"24 1","pages":""},"PeriodicalIF":5.3,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539470","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}
Zuzana Irsova, Hristos Doucouliagos, Tomas Havranek, T. D. Stanley
{"title":"Meta-analysis of social science research: A practitioner's guide","authors":"Zuzana Irsova, Hristos Doucouliagos, Tomas Havranek, T. D. Stanley","doi":"10.1111/joes.12595","DOIUrl":"10.1111/joes.12595","url":null,"abstract":"<p>This article provides concise, nontechnical, step-by-step guidelines on how to conduct a modern meta-analysis, especially in social sciences. We treat publication bias, <i>p-</i>hacking, and systematic heterogeneity as phenomena meta-analysts must always confront. To this end, we provide concrete methodological recommendations. Meta-analysis methods have advanced notably over the last few years. Yet many meta-analyses still rely on outdated approaches, some ignoring publication bias and systematic heterogeneity. While limitations persist, recently developed techniques allow robust inference even in the face of formidable problems in the underlying empirical literature. The purpose of this paper is to summarize the state of the art in a way accessible to aspiring meta-analysts in any field. We also discuss how meta-analysts can use advances in artificial intelligence to work more efficiently.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 5","pages":"1547-1566"},"PeriodicalIF":5.9,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12595","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539455","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}
Zuzana Irsova, Hristos Doucouliagos, Tomas Havranek, T. D. Stanley
{"title":"Meta-analysis of social science research: A practitioner's guide","authors":"Zuzana Irsova, Hristos Doucouliagos, Tomas Havranek, T. D. Stanley","doi":"10.1111/joes.12595","DOIUrl":"https://doi.org/10.1111/joes.12595","url":null,"abstract":"This article provides concise, nontechnical, step-by-step guidelines on how to conduct a modern meta-analysis, especially in social sciences. We treat publication bias, <i>p-</i>hacking, and systematic heterogeneity as phenomena meta-analysts must always confront. To this end, we provide concrete methodological recommendations. Meta-analysis methods have advanced notably over the last few years. Yet many meta-analyses still rely on outdated approaches, some ignoring publication bias and systematic heterogeneity. While limitations persist, recently developed techniques allow robust inference even in the face of formidable problems in the underlying empirical literature. The purpose of this paper is to summarize the state of the art in a way accessible to aspiring meta-analysts in any field. We also discuss how meta-analysts can use advances in artificial intelligence to work more efficiently.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"24 1","pages":""},"PeriodicalIF":5.3,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539482","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":"e-Commerce platforms and self-preferencing","authors":"Federico Etro","doi":"10.1111/joes.12594","DOIUrl":"10.1111/joes.12594","url":null,"abstract":"<p>I review the literature on eCommerce platforms with particular emphasis on the antitrust debate on Amazon. The business model of hybrid marketplaces is based on monetization through fees on third party sellers hosted on the platform and direct margins on own products. Recent theoretical and empirical work on endogenous marketplace structures has analyzed the welfare impact of the dual mode and of recommendation algorithms that have been associated with self-preferencing strategies. The trade offs are complex and one cannot easily conclude that Amazon entry is biased to expropriate third party sellers or that a ban on dual mode, self-preferencing or copycatting would benefit consumers.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 4","pages":"1516-1543"},"PeriodicalIF":5.9,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12594","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539454","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":"e-Commerce platforms and self-preferencing","authors":"Federico Etro","doi":"10.1111/joes.12594","DOIUrl":"https://doi.org/10.1111/joes.12594","url":null,"abstract":"I review the literature on eCommerce platforms with particular emphasis on the antitrust debate on Amazon. The business model of hybrid marketplaces is based on monetization through fees on third party sellers hosted on the platform and direct margins on own products. Recent theoretical and empirical work on endogenous marketplace structures has analyzed the welfare impact of the dual mode and of recommendation algorithms that have been associated with self-preferencing strategies. The trade offs are complex and one cannot easily conclude that Amazon entry is biased to expropriate third party sellers or that a ban on dual mode, self-preferencing or copycatting would benefit consumers.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"8 1","pages":""},"PeriodicalIF":5.3,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539481","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}
Roberto Arturo Agudelo Aguirre, Alberto Antonio Agudelo Aguirre
{"title":"Behavioral finance: Evolution from the classical theory and remarks","authors":"Roberto Arturo Agudelo Aguirre, Alberto Antonio Agudelo Aguirre","doi":"10.1111/joes.12593","DOIUrl":"10.1111/joes.12593","url":null,"abstract":"<p>Behavioral finance has emerged from the divergences observed to explain and address the traditional theories of finance and serves as supplement to classical finance by introducing behavioral aspects to decision-making. This study provides academics with a comprehensible and complete synopsis of the evolution of behavioral finance, as well as critical insight is provided. The synopsis was based on the search for publications in Web of Science (<i>WoS</i>) and <i>Scopus</i> and the use of R, Gephi and <i>Tree of Science -ToS-</i> software, using citation analysis, graphos and classification analysis. The results showed psychological aspects, investment in stocks and cognitive biases with the highest visibility. A tree-like structure of hierarchization was developed by ToS. The clusters of publications with the greatest literary contribution were analyzed and the publications with the greatest visibility in each cluster identified. This study provides insights into the current trend in finance towards better understanding of the essential factors in the investor´s decision making.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 2","pages":"452-475"},"PeriodicalIF":5.3,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539453","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}
Roberto Arturo Agudelo Aguirre, Alberto Antonio Agudelo Aguirre
{"title":"Behavioral finance: Evolution from the classical theory and remarks","authors":"Roberto Arturo Agudelo Aguirre, Alberto Antonio Agudelo Aguirre","doi":"10.1111/joes.12593","DOIUrl":"https://doi.org/10.1111/joes.12593","url":null,"abstract":"Behavioral finance has emerged from the divergences observed to explain and address the traditional theories of finance and serves as supplement to classical finance by introducing behavioral aspects to decision-making. This study provides academics with a comprehensible and complete synopsis of the evolution of behavioral finance, as well as critical insight is provided. The synopsis was based on the search for publications in Web of Science (<i>WoS</i>) and <i>Scopus</i> and the use of R, Gephi and <i>Tree of Science -ToS-</i> software, using citation analysis, graphos and classification analysis. The results showed psychological aspects, investment in stocks and cognitive biases with the highest visibility. A tree-like structure of hierarchization was developed by ToS. The clusters of publications with the greatest literary contribution were analyzed and the publications with the greatest visibility in each cluster identified. This study provides insights into the current trend in finance towards better understanding of the essential factors in the investor´s decision making.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"9 1","pages":""},"PeriodicalIF":5.3,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539480","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":"The long‐run evolution of global real wages","authors":"Pim de Zwart","doi":"10.1111/joes.12592","DOIUrl":"https://doi.org/10.1111/joes.12592","url":null,"abstract":"Abstract This article reviews the literature on comparative real wages in history that has emerged over the past two decades. Research has shown that unskilled men's real wages were higher in England and the Low Countries than in other parts of Europe and Asia from about 1720. Yet 18th‐ and 19th‐century real wages were even higher in the northern American colonies than they were in the European leaders, while those in Latin America were somewhere in the middle of the global wage ladder. This comparative picture is drawn on the basis of unskilled male day wages and various recent contributions focused on specific countries and time periods noting the variation in wage levels and trends for different groups of workers across urban and rural areas and labor contracts, varying days of labor per year, and the crucial and changing contributions of other family members. The latest research also highlights new ways to compute comparative cost‐of‐living indices. Building new datasets to take these issues into account in a new global comparative picture of long‐run real wages is a major area for future research.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"131 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136351303","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":"Non-Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities","authors":"Roman Kräussl, Alessandro Tugnetti","doi":"10.1111/joes.12597","DOIUrl":"10.1111/joes.12597","url":null,"abstract":"<p>This paper provides a review of the development of the non-fungible tokens (NFTs) market, with a particular focus on its pricing determinants, its current applications, and its future opportunities. We investigate the current state of the NFT markets and highlight the perception and expectations of investors toward these products. We summarize and compare the financial and econometric models that have been used in the literature for the pricing of non-fungible tokens with a special focus on their predictive performance. We design a framework that can help to understand the price formation of NFTs. We further aim to shed light on the value-creating determinants of NFTs in order to better understand investors’ behavior on the blockchain.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 2","pages":"555-574"},"PeriodicalIF":5.3,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135340865","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":"Subsidizing housing with deductions","authors":"Maxence Valentin","doi":"10.1111/joes.12596","DOIUrl":"10.1111/joes.12596","url":null,"abstract":"<p>Many governments subsidize owner-occupied housing by allowing households to deduct housing expenses from their taxable incomes. While these deductions provide considerable financial benefits to homeowners, they also have significant downstream consequences. This article synthesizes a large body of literature that assesses these implications on various aspects of the housing market, including mortgage demand, interest rates, tenure decisions, homeownership rates, housing prices, and welfare. The findings in the literature collectively emphasize the distortive impact of these fiscal deductions on housing consumption and investment, with a growing consensus regarding the deductions' regressivity and negative effects on homeownership rates and welfare.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 4","pages":"1490-1515"},"PeriodicalIF":5.9,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135539603","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}