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Thirty years of academic finance 学术金融三十年
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-06-01 DOI: 10.1111/joes.12571
David Ardia, Keven Bluteau, Mohammad-Abbas Meghani
{"title":"Thirty years of academic finance","authors":"David Ardia,&nbsp;Keven Bluteau,&nbsp;Mohammad-Abbas Meghani","doi":"10.1111/joes.12571","DOIUrl":"10.1111/joes.12571","url":null,"abstract":"<p>We study how the financial literature has evolved in scale, research team composition, and article topicality across finance-focused academic journals from 1992 to 2021. We document that the field has vastly expanded regarding outlets and published articles. Teams have become larger, and the proportion of women participating in research has increased significantly. Using the Structural Topic Model, we identify 45 topics discussed in the literature. We investigate the topic coverage of individual journals and can identify highly specialized and generalist outlets, but our analyses reveal that most journals have covered more topics over time, thus becoming more generalist. Finally, we find that articles with at least one woman author focus more on topics related to social and governance aspects of corporate finance. We also find that teams with at least one top-tier institution scholar tend to focus more on theoretical aspects of finance.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"1008-1042"},"PeriodicalIF":5.3,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12571","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80401529","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
30 years of exchange rate analysis and forecasting: A bibliometric review 汇率分析和预测 30 年：文献计量学回顾
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-31 DOI: 10.1111/joes.12572
Siran Fang, Yunjie Wei, Shouyang Wang
{"title":"30 years of exchange rate analysis and forecasting: A bibliometric review","authors":"Siran Fang,&nbsp;Yunjie Wei,&nbsp;Shouyang Wang","doi":"10.1111/joes.12572","DOIUrl":"10.1111/joes.12572","url":null,"abstract":"<p>Due to the strong nonlinearity and high complexity of foreign exchange rate data, how best to accurately analyze their trends and forecast them is regarded as a challenging research topic. While such research has developed rapidly and a large number of publications have appeared, few programmatic quantitative and qualitative overviews have been compiled in the field of exchange rate. By integrating bibliometric methods with network visualization based on CiteSpace software, this study analyzed 4999 publications of exchange rate research from the Web of Science (WoS) Core Collection database during 1992 to 2021. The study summarizes the major development in exchange rate determination since Meese-Rogoff puzzle, from New Open-Economy Macroeconomics (NOEM) and the Foreign Exchange Market Micro-Structure Hypotheses, to determination model based on relationship between exchange rate and commodity price. Through the study's statistical analysis, co-occurrence, co-citation, and co-keywords analysis, the influential authors, research institutions, countries and regions, journals, research hotspots, and future trends in the field of exchange rate are intellectually identified over the past 30 years. As a complement to existing literature, this paper provides theoretical and practical reference for researchers and practitioners in the field of exchange rate.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"973-1007"},"PeriodicalIF":5.3,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85137922","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
Racial and income-based affirmative action in higher education admissions: Lessons from the Brazilian experience 高等教育招生中基于种族和收入的平权行动：巴西的经验教训
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-14 DOI: 10.1111/joes.12564
Rodrigo Zeidan, Silvio Luiz de Almeida, Inácio Bó, Neil Lewis
{"title":"Racial and income-based affirmative action in higher education admissions: Lessons from the Brazilian experience","authors":"Rodrigo Zeidan,&nbsp;Silvio Luiz de Almeida,&nbsp;Inácio Bó,&nbsp;Neil Lewis","doi":"10.1111/joes.12564","DOIUrl":"10.1111/joes.12564","url":null,"abstract":"<p>This survey article provides insights regarding the future of affirmative action by analyzing the implementation methods and the empirical evidence on the use of placement quotas in the Brazilian higher education system. All federal universities have required income and racial-based quotas in Brazil since 2012. Affirmative action in federal universities is uniformly applied across the country, which makes evaluating its effects particularly valuable. Affirmative action improves the outcomes of targeted students. Specifically, race-based quotas raise the share of Black students in federal universities, an effect not observed with income-based quotas alone. Affirmative action has downstream positive consequences for labor market outcomes. The results suggest that income and race-based quotas beneficiaries experience substantial long-term welfare benefits. There is no evidence of mismatching or negative consequences for targeted students' peers.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"956-972"},"PeriodicalIF":5.3,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83735596","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
Noncompliant behaviors in general equilibrium: A survey 一般均衡中的不合规行为：一项调查
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-14 DOI: 10.1111/joes.12562
Chiarini Bruno, Ferrara Maria, Marzano Elisabetta
{"title":"Noncompliant behaviors in general equilibrium: A survey","authors":"Chiarini Bruno,&nbsp;Ferrara Maria,&nbsp;Marzano Elisabetta","doi":"10.1111/joes.12562","DOIUrl":"10.1111/joes.12562","url":null,"abstract":"<p>This paper reviews the literature on dynamic general equilibrium models that incorporate noncompliant behaviors. It organizes contributions according to selected dimensions that denote important pillars of the macroeconomic literature and that are relevant to explaining the nature and role of non-compliant behaviors. These pillars are business cycles, macroeconomic policies, labor markets, income inequality, and financial factors. Starting with studies from the early 2000s, when general equilibrium models first began to include noncompliant behaviors, our study provides a temporal excursus on the evolution of the phenomenon in this literature.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"931-955"},"PeriodicalIF":5.3,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90258656","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
A review of Phillips-Sul approach-based club convergence tests 基于菲利普斯-苏尔方法的俱乐部收敛测试回顾
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-11 DOI: 10.1111/joes.12563
Mateusz Tomal
{"title":"A review of Phillips-Sul approach-based club convergence tests","authors":"Mateusz Tomal","doi":"10.1111/joes.12563","DOIUrl":"10.1111/joes.12563","url":null,"abstract":"<p>The Phillips-Sul approach to testing the club convergence hypothesis has attracted considerable research interest in recent years due to its advantages over alternative methods. This paper aims to review theoretical papers that extend the Phillips-Sul approach, empirical studies that apply Phillips-Sul approach-based club convergence tests, as well as the software used to execute these methods. The review revealed that, first, the Phillips-Sul approach has seen modifications regarding the procedure of trend extraction from time series, the log <i>t</i> regression and the algorithm clustering panel units into convergence clubs. Second, the Phillips-Sul approach has been widely used not only in economics and finance but also in ecological, energy and health studies. Finally, the paper provides guidance for further development of the Phillips-Sul approach. This review is useful for researchers and practitioners investigating convergence and club convergence processes.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"899-930"},"PeriodicalIF":5.3,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74047002","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
How does liberalization affect emerging stock markets? Theories and empirical evidence 自由化如何影响新兴股票市场？理论与实证
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-07 DOI: 10.1111/joes.12561
Bao Trung Hoang, Cesario Mateus
{"title":"How does liberalization affect emerging stock markets? Theories and empirical evidence","authors":"Bao Trung Hoang,&nbsp;Cesario Mateus","doi":"10.1111/joes.12561","DOIUrl":"10.1111/joes.12561","url":null,"abstract":"<p>This paper reviews the literature that discusses how liberalization affects emerging stock markets on <i>the cost of equity, stock volatility, stock liquidity</i>, and <i>informational efficiency</i>. The survey consists of two parts, theoretical arguments and empirical evidence. Four primary mechanisms explaining the impacts are <i>risk diversification, information-sharing, friction channel</i>, and <i>market competition</i>. Our survey indicates that liberalization was evidenced to reduce the cost of equity (via risk diversification mechanism), stabilize stock volatility (mainly through risk diversification mechanism), increase stock market liquidity (in both friction channels and informational-sharing mechanisms), and improve the local market's informational efficiency (by informational-sharing mechanism). Also, we suggest some aspects of theoretical arguments that still need further examination by empirical research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"877-898"},"PeriodicalIF":5.3,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12561","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84296599","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
Wage response to corporate income taxes: A meta-regression analysis 工资对企业所得税的反应：元回归分析
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-05-07 DOI: 10.1111/joes.12557
Jonas Knaisch, Carla Pöschel
{"title":"Wage response to corporate income taxes: A meta-regression analysis","authors":"Jonas Knaisch,&nbsp;Carla Pöschel","doi":"10.1111/joes.12557","DOIUrl":"10.1111/joes.12557","url":null,"abstract":"<p>The wage elasticity to corporate income tax (CIT) is an essential parameter for assessing tax policy reforms. This paper applies meta-regression analysis to quantitatively review the growing empirical tax incidence literature that indicates a substantial shift of the tax burden onto employees. While most studies report a large wage-reducing effect of the CIT, our findings suggest that estimates with positive values are published less often than they should. After accounting for the bias, we find no significant average association between wage rates and corporate taxation. We document that the tax variable, econometric method, type of tax variation, and underlying time and country coverage of studies drive the heterogeneity among reported effects. The implied best-practice estimates suggest that the tax elasticity of wages is systematically larger for emerging countries and smaller when tax changes at the subnational level are exploited.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"852-876"},"PeriodicalIF":5.3,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12557","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135960814","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
Bank capital, lending, and regulation: A meta-analysis 银行资本、贷款和监管：元分析
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-04-29 DOI: 10.1111/joes.12560
Simona Malovaná, Martin Hodula, Josef Bajzík, Zuzana Gric
{"title":"Bank capital, lending, and regulation: A meta-analysis","authors":"Simona Malovaná,&nbsp;Martin Hodula,&nbsp;Josef Bajzík,&nbsp;Zuzana Gric","doi":"10.1111/joes.12560","DOIUrl":"10.1111/joes.12560","url":null,"abstract":"<p>We collected over 1600 estimates on the relationship between bank capital and lending and construct 40 variables to capture the context in which these estimates are obtained. Accounting for potential publication bias, we find that a 1 percentage point (pp) increase in capital (regulatory) ratio results in around 0.3 pp increase in annual credit growth, while changes to capital requirements cause a decrease of around 0.7 pp. Using Bayesian and frequentist model averaging, we show that the relationship between bank capital and lending changes over time, reflecting the post-crisis period of increasingly demanding bank capital regulation and subdued profitability. We also find that the reported estimates of semi-elasticities are significantly influenced by the empirical approach chosen by researchers. Our findings suggest that the literature fails to provide policymakers with reliable estimates of the effects of capital regulation on bank lending, and our study offers insights that could help guide future research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"823-851"},"PeriodicalIF":5.3,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81147930","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
Determinants and consequences of corporate social responsibility disclosure: A survey of extant literature 企业社会责任披露的决定因素和后果：现有文献调查
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-04-25 DOI: 10.1111/joes.12556
Waris Ali, Stelios Bekiros, Nazim Hussain, Sana Akbar Khan, Duc Khuong Nguyen
{"title":"Determinants and consequences of corporate social responsibility disclosure: A survey of extant literature","authors":"Waris Ali,&nbsp;Stelios Bekiros,&nbsp;Nazim Hussain,&nbsp;Sana Akbar Khan,&nbsp;Duc Khuong Nguyen","doi":"10.1111/joes.12556","DOIUrl":"10.1111/joes.12556","url":null,"abstract":"<p>This paper systematically analyzes and synthesizes the literature on the determinants and consequences of corporate social responsibility (CSR) disclosure. The study is unique in that it synthesizes based on the geographical setting of the original research. We analyzed 135 empirical studies published in Chartered Association of Business Schools (ABS) ranked journals from 1982 to 2020. The results reveal that various global, country-specific, market-specific, and firm-specific factors are important in determining a firm's CSR disclosure policies. These factors are consistently relevant in both developed and developing economies. Furthermore, the synthesis shows that companies achieve various CSR disclosure-related benefits in the form of a better reputation, enhanced financial performance, better access to external finances, better stakeholder management, and enhanced corporate accountability. In terms of theories, we observe a high heterogeneity among various studies examining the same empirical phenomenon. Based on the analysis and review results, we identify avenues for future research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"793-822"},"PeriodicalIF":5.3,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12556","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88605418","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
The (negative) effects of inequality on Social Capital 不平等对社会资本的(负面)影响
IF 5.3 2区 经济学
Journal of Economic Surveys Pub Date : 2023-04-25 DOI: 10.1111/joes.12558
Yilong Xu, Ginevra Marandola
{"title":"The (negative) effects of inequality on Social Capital","authors":"Yilong Xu,&nbsp;Ginevra Marandola","doi":"10.1111/joes.12558","DOIUrl":"10.1111/joes.12558","url":null,"abstract":"<p>Inequality is perhaps one of the most challenging issues of our time. Empirical literature, using observational data, indicates that higher inequality is associated with lower social capital. Oftentimes, however, the causal effects of inequality are difficult to establish based on survey and empirical observations. To this end, we review a large body of experimental literature and assess the causal effects of inequality on experimental proxies for social capital. We find compelling evidence that inequality undermines trust, discourages cooperation, and encourages unethical behaviors. The overall effect on generosity is, however, less clear.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"37 5","pages":"1562-1588"},"PeriodicalIF":5.3,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12558","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78287231","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: 1
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